Encore Capital (ECPG) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 29, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	ECPG
Entity Registrant Name	ENCORE CAPITAL GROUP INC
Entity Central Index Key	1,084,961
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		25,273,825

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 175,220	$ 124,163
Investment in receivable portfolios, net	2,323,224	2,143,560
Receivables secured by property tax liens, net	297,592	259,432
Property and equipment, net	63,042	66,969
Deferred court costs, net	74,054	60,412
Other assets	229,697	197,666
Goodwill	940,181	897,933
Total assets	4,103,010	3,750,135
Liabilities:
Accounts payable and accrued liabilities	239,151	231,967
Debt	3,116,444	2,773,554
Other liabilities	87,735	79,675
Total liabilities	$ 3,443,330	$ 3,085,196
Commitments and contingencies
Redeemable noncontrolling interest	$ 26,934	$ 28,885
Redeemable equity component of convertible senior notes	6,881	9,073
Equity:
Convertible preferred stock, $.01 par value, 5,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.01 par value, 50,000 shares authorized, 25,274 shares and 25,794 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	253	258
Additional paid-in capital	106,454	125,310
Accumulated earnings	544,477	498,354
Accumulated other comprehensive loss	(29,279)	(922)
Total Encore Capital Group, Inc. stockholders’ equity	621,905	623,000
Noncontrolling interest	3,960	3,981
Total equity	625,865	626,981
Total liabilities, redeemable equity and equity	4,103,010	3,750,135
Variable Interest Entities [Member]
Assets
Cash and cash equivalents	69,463	44,996
Investment in receivable portfolios, net	1,194,341	993,462
Receivables secured by property tax liens, net	88,206	108,535
Property and equipment, net	18,524	15,957
Deferred court costs, net	32,244	17,317
Other assets	43,733	80,264
Goodwill	715,877	671,434
Liabilities:
Accounts payable and accrued liabilities	105,904	137,201
Debt	1,773,831	1,556,956
Other liabilities	$ 21,411	$ 8,724

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible preferred stock, shares authorized	5,000,000	5,000,000
Convertible preferred stock, shares issued	0	0
Convertible preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	25,274,000	25,794,000
Common stock, shares outstanding	25,274,000	25,794,000

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Revenue from receivable portfolios, net	$ 265,523	$ 251,785	$ 799,934	$ 737,584
Other revenues	14,558	13,445	42,080	38,943
Net interest income	7,715	8,052	21,801	19,691
Total revenues	287,796	273,282	863,815	796,218
Operating expenses
Salaries and employee benefits	64,976	61,175	200,269	183,667
Cost of legal collections	58,760	53,742	170,834	153,596
Other operating expenses	23,953	22,061	72,202	72,196
Collection agency commissions	9,381	9,517	28,532	25,275
General and administrative expenses	88,002	35,532	159,780	110,508
Depreciation and amortization	8,235	6,933	24,669	19,879
Total operating expenses	253,307	188,960	656,286	565,121
Income from operations	34,489	84,322	207,529	231,097
Other (expense) income
Interest expense	(47,816)	(43,498)	(136,369)	(124,678)
Other (expense) income	(924)	(532)	1,588	(192)
Total other expense	(48,740)	(44,030)	(134,781)	(124,870)
(Loss) income before income taxes	(14,251)	40,292	72,748	106,227
Benefit (provision) for income taxes	4,887	(10,154)	(26,960)	(35,906)
Net (loss) income	(9,364)	30,138	45,788	70,321
Net (income) loss attributable to noncontrolling interest	(1,595)	197	335	6,755
Net (loss) income attributable to Encore Capital Group, Inc. stockholders	$ (10,959)	$ 30,335	$ 46,123	$ 77,076
(Loss) earnings per share attributable to Encore Capital Group, Inc.:
Basic (in dollars per share)	$ (0.43)	$ 1.17	$ 1.79	$ 2.99
Diluted (in dollars per share)	$ (0.43)	$ 1.11	$ 1.71	$ 2.79
Weighted average shares outstanding:
Basic (in shares)	25,450	25,879	25,800	25,811
Diluted (in shares)	25,450	27,332	26,912	27,622

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (9,364)	$ 30,138	$ 45,788	$ 70,321
Other comprehensive (loss) income, net of tax:
Unrealized (loss) income on derivative instruments	(373)	(134)	(24)	2,095
Unrealized loss on foreign currency translation	(14,110)	(7,529)	(28,333)	(4,016)
Other comprehensive loss, net of tax	(14,483)	(7,663)	(28,357)	(1,921)
Comprehensive (loss) income	(23,847)	22,475	17,431	68,400
Comprehensive loss (income) attributable to noncontrolling interest:
Net (income) loss	(1,595)	197	335	6,755
Unrealized loss on foreign currency translation	2,308	1,372	3,196	902
Comprehensive loss attributable to noncontrolling interests	713	1,569	3,531	7,657
Comprehensive (loss) income attributable to Encore Capital Group, Inc. stockholders	$ (23,134)	$ 24,044	$ 20,962	$ 76,057

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net income	$ 45,788	$ 70,321
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24,669	19,879
Non-cash interest expense, net	27,455	20,989
Stock-based compensation expense	17,259	13,560
Deferred income taxes	(257)	(11,863)
Excess tax benefit from stock-based payment arrangements	(1,705)	(11,422)
Reversal of allowances on receivable portfolios, net	(3,958)	(12,455)
Changes in operating assets and liabilities
Deferred court costs and other assets	(41,354)	(16,498)
Prepaid income tax and income taxes payable	(45,776)	2,402
Accounts payable, accrued liabilities and other liabilities	41,260	23,850
Net cash provided by operating activities	63,381	98,763
Investing activities:
Cash paid for acquisitions, net of cash acquired	(236,214)	(495,519)
Purchases of receivable portfolios, net of put-backs	(549,957)	(666,470)
Collections applied to investment in receivable portfolios, net	488,174	488,086
Originations and purchases of receivables secured by tax liens	(167,739)	(108,739)
Collections applied to receivables secured by tax liens	123,407	93,986
Purchases of property and equipment	(15,754)	(13,598)
Other, net	3,178	(1,987)
Net cash used in investing activities	(354,905)	(704,241)
Financing activities:
Payment of loan costs	(7,316)	(15,271)
Proceeds from credit facilities	903,319	993,449
Repayment of credit facilities	(466,745)	(878,883)
Proceeds from senior secured notes	0	288,645
Repayment of senior secured notes	(11,250)	(11,250)
Proceeds from issuance of convertible senior notes	0	161,000
Proceeds from issuance of securitized notes	0	134,000
Repayment of securitized notes	(32,324)	(20,599)
Repayment of preferred equity certificates, net	0	702
Purchases of convertible hedge instruments	0	(33,576)
Repurchase of common stock	(33,185)	(16,815)
Taxes paid related to net share settlement of equity awards	(6,050)	(19,356)
Excess tax benefit from stock-based payment arrangements	1,705	11,422
Other, net	(2,299)	987
Net cash provided by financing activities	345,855	593,051
Net increase in cash and cash equivalents	54,331	(12,427)
Effect of exchange rate changes on cash and cash equivalents	(3,274)	1,654
Cash and cash equivalents, beginning of period	124,163	126,213
Cash and cash equivalents, end of period	175,220	115,440
Supplemental disclosures of cash flow information:
Cash paid for interest	114,731	120,125
Cash paid for income taxes, net	72,306	54,452
Supplemental schedule of non-cash investing and financing activities:
Fixed assets acquired through capital lease	$ 1,290	$ 6,852

Ownership, Description of Busin

Ownership, Description of Business, and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Ownership, Description of Business, and Summary of Significant Accounting Policies	Ownership, Description of Business, and Summary of Significant Accounting Policies Encore Capital Group, Inc. (“Encore”), through its subsidiaries (collectively with Encore, the “Company”), is an international specialty finance company providing debt recovery solutions for consumers and property owners across a broad range of financial assets. The Company purchases portfolios of defaulted consumer receivables at deep discounts to face value and manages them by working with individuals as they repay their obligations and work toward financial recovery. Defaulted receivables are consumers’ unpaid financial commitments to credit originators, including banks, credit unions, consumer finance companies, commercial retailers, and telecommunication companies. Defaulted receivables may also include receivables subject to bankruptcy proceedings. Encore, through certain subsidiaries, is a market leader in portfolio purchasing and recovery in the United States, including Puerto Rico. Encore’s subsidiary, Janus Holdings Luxembourg S.a.r.l. (“Janus Holdings”), through its indirectly held U.K.-based subsidiary Cabot Credit Management Limited and its subsidiaries (collectively, “Cabot”), is a market leader in credit management services in the United Kingdom, historically specializing in portfolios consisting of higher balance, semi-performing accounts. Cabot’s acquisition of Marlin Financial Group Limited (“Marlin”) in February 2014, provides Cabot with substantial litigation-enhanced collection capabilities for non-performing accounts, and Cabot continued to expand in the United Kingdom with its acquisition of Hillesden Securities Ltd and its subsidiaries (“dlc”) in June 2015. Encore’s majority-owned subsidiary, Grove Holdings (“Grove”), is a U.K.-based leading specialty investment firm focused on consumer non-performing loans, including insolvencies (in particular, individual voluntary arrangements, or “IVAs”) in the United Kingdom and bank and non-bank receivables in Spain. Encore’s majority-owned subsidiary, Refinancia S.A. (“Refinancia”), through its subsidiaries, is a market leader in debt collection and management in Colombia and Peru. In addition, through Encore’s subsidiary, Propel Acquisition, LLC and its subsidiaries (collectively, “Propel”), the Company assists property owners who are delinquent on their property taxes by structuring affordable monthly payment plans and purchases delinquent tax liens directly from selected taxing authorities. In October 2015, the Company completed the acquisition of a controlling stake in Baycorp Holdings Pty Limited (“Baycorp”), one of Australasia's leading debt resolution specialists. The acquisition of Baycorp expands the Company’s operations into Australia and New Zealand and its global reach into 13 countries. Portfolio Purchasing and Recovery United States The Company purchases receivable portfolios based on robust, account-level valuation methods and employs a suite of proprietary statistical and behavioral models across the full extent of its operations. These methods and models allow the Company to value portfolios accurately (and limit the risk of overpaying), avoid buying portfolios that are incompatible with its methods or goals and precisely align the accounts it purchases with its operational channels to maximize future collections. As a result, the Company has been able to realize significant returns from the receivables it acquires. The Company maintains strong relationships with many of the largest financial service providers in the United States. The Company uses insights discovered during its purchasing process to build account collection strategies. The Company’s proprietary consumer-level collectability analysis is the primary determinant of whether an account will be actively serviced post-purchase. The Company continuously refines this analysis to determine the most effective collection strategy to pursue for each account it owns. After its preliminary analysis, the Company seeks to collect on only a fraction of the accounts it purchases, through one or more of its collection channels. The channel identification process is analogous to a funneling system, where the Company first differentiates those consumers who it believes are not able to pay from those who are able to pay. Consumers who the Company believes are financially incapable of making any payments, facing extenuating circumstances or hardships (such as medical issues), serving in the military, or currently receiving social security as their only source of income are excluded from the next step of its collection process and are designated as inactive. The remaining pool of accounts in the funnel then receives further evaluation. At that point, the Company analyzes and determines a consumer’s perceived willingness to pay. Based on that analysis, the Company will pursue collections through letters and/or phone calls to its consumers. Despite its efforts to reach consumers and work out a settlement option, only a small number of consumers who are contacted choose to engage with the Company. Those who do are often offered deep discounts on their obligations, or are presented with payment plans that are better suited to meet their daily cash flow needs. The majority of contacted consumers, however, do not respond to the Company’s calls or letters, and therefore the Company must then make the difficult decision whether or not to pursue collections through legal means. The Company continually monitors applicable changes to laws governing statutes of limitations and disclosures to consumers. The Company maintains policies, system controls, and processes designed to ensure that accounts past the applicable statute of limitations do not get placed into legal collections. Additionally, in written and verbal communications with consumers, the Company provides disclosures to the consumer that the account is past its applicable statute of limitations and, therefore, the Company will not pursue collections through legal means. Europe Cabot: Through Cabot, portfolio receivables are purchased using a proprietary pricing model. This model allows Cabot to value portfolios with a high degree of accuracy and quantify portfolio performance in order to maximize future collections. As a result, Cabot has been able to realize significant returns from the assets it has acquired. Cabot maintains strong relationships with many of the largest financial service providers in the United Kingdom. Cabot also uses insights discovered during its purchasing process to build account-level collection strategies. Cabot’s proprietary consumer-level collectability analysis is a determinant of how an account will be serviced post-purchase. Cabot continuously refines this analysis to determine the most effective customer engagement strategy to pursue for each account it owns to ensure that customers are treated fairly and the most suitable engagement and collection strategy for each individual customer is deployed. Cabot has concentrated on buying high-balance financial services debt, both paying and non-paying. Cabot establishes contact with consumers, in order to convey payment arrangements and gauge the willingness of these consumers to continue to pay. Consumers who Cabot believes are financially incapable of making any payments, those having negative disposable income, or those experiencing hardships, are managed outside of normal collection routines. The remaining pool of accounts then receives further evaluation. Cabot analyzes and estimates a consumer’s perceived willingness to pay. Based on that analysis, Cabot tries to engage with customers through letters and/or phone calls. Where contact is made and consumers indicate a willingness to pay, a patient approach of forbearance is applied using regulatory protocols within the United Kingdom to assess affordability and ensure that plans are fair and balanced and therefore, sustainable. Where consumers cannot be located or refuse to engage in a constructive dialogue, Cabot will pass these accounts through a litigation scorecard and rule set in order to assess suitability for legal action. Through Cabot’s Marlin subsidiary, Cabot has a competitive advantage in the use of litigation-enhanced collections for non-paying accounts. Grove: Grove, through its subsidiaries and affiliates, is a leading specialty investment firm focused on consumer non-performing loans, including insolvencies (in particular, IVAs) in the United Kingdom and bank and non-bank receivables in Spain. Grove purchases portfolio receivables using a proprietary pricing model. This model allows Grove to value portfolios with a high degree of accuracy and quantify portfolio performance in order to maximize future collections. Latin America Refinancia is a market leader in debt collection and management in Colombia and Peru. In addition to purchasing defaulted receivables, Refinancia offers portfolio management services to banks for non-performing loans. Refinancia also specializes in non-traditional niches in Colombia, including providing financial solutions to individuals who have previously defaulted on their credit obligations, payment plan guarantee and factoring services through merchants and loan guarantee services to financial institutions. Beginning in December 2014 the Company began investing in non-performing secured residential mortgages in Latin America. Tax Lien Business Propel’s principal business is the acquisition and servicing of tax liens on residential and commercial real property. These liens take priority over most other liens, including mortgage liens. By funding unpaid property taxes, Propel provides state and local taxing authorities and governments with much needed tax revenue. To the extent permitted by local law, Propel works directly with property owners to structure affordable payment plans designed to allow them to keep their property while paying their property tax obligation over time. In such cases, Propel pays their tax lien obligation to the taxing authority, and the property owner pays Propel at a lower interest rate or over a longer period of time than the taxing authority would ordinarily permit. Propel also purchases tax liens directly from taxing authorities in various states. In many cases, these tax liens continue to be serviced by the taxing authority. When the taxing authority receives payment for the outstanding taxes, it pays Propel the outstanding balance of the lien plus interest, which is established by statute, negotiated at the time of the purchase, or determined by the bid Propel submitted to acquire the tax lien. Propel maintains a foreclosure rate of less than 0.5% . Financial Statement Preparation and Presentation The accompanying interim condensed consolidated financial statements have been prepared by the Company, without audit, in accordance with the instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnotes necessary for a fair presentation of its consolidated financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair presentation of the Company’s consolidated financial position, results of operations, and cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s financial statements and the accompanying notes. Actual results could materially differ from those estimates. Basis of Consolidation The condensed consolidated financial statements have been prepared in conformity with GAAP, and reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company also consolidates VIEs, for which it is the primary beneficiary. The primary beneficiary has both (a) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance, and (b) either the obligation to absorb losses or the right to receive benefits. Refer to Note 11 , “Variable Interest Entities,” for further details. All intercompany transactions and balances have been eliminated in consolidation. On August 6, 2014, the Company acquired all of the outstanding equity interests of Atlantic Credit & Finance, Inc. (the “Atlantic Acquisition”), on February 7, 2014, Cabot completed the acquisition of Marlin (“the Marlin Acquisition”) and on June 1, 2015, Cabot completed the acquisition of dlc (the “dlc Acquisition”). The condensed consolidated financial statements include the results of operations of subsidiaries from mergers and acquisitions, since the date of the respective acquisitions. Translation of Foreign Currencies The financial statements of certain of the Company’s foreign subsidiaries are measured using their local currency as the functional currency. Assets and liabilities of foreign operations are translated into U.S. dollars using period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates in effect during each period. The resulting translation adjustments are recorded as a component of other comprehensive income or loss. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation adjustments and recorded within other comprehensive income or loss. Transaction gains and losses are included in other income or expense. Reclassifications Certain reclassifications have been made to the condensed consolidated financial statements to conform to the current year’s presentation. Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, “Amendments to the Consolidation Analysis.” This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (1) Modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; (2) Eliminate the presumption that a general partner should consolidate a limited partnership; (3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. ASU No. 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. This standard is not expected to have a significant impact to the Company’s financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”. This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU is effective beginning January 1, 2016, with early adoption permitted, and shall be applied retrospectively. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and footnotes disclosures. In August 2015, the FASB issued ASU No. 2015-15, “Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements — Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting” (“ASU 2015-15”), which clarifies the treatment of debt issuance costs from line-of-credit arrangements after the adoption of ASU 2015-03. In particular, ASU 2015-15 clarifies that the SEC would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 is effective immediately for both public business entities and non-public entities. The Company believes the adoption of ASU 2015-15 will not have a material effect on its consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”). ASU 2015-16 eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. ASU 2015-16 is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for any interim and annual financial statements that have not yet been issued. ASU 2015-16 is applied prospectively to adjustments to provisional amounts that occur after the effective date, i.e., ASU 2015-16 applies to open measurement periods, regardless of the acquisition date. The Company early adopted this standard in the third quarter of 2015. The adoption of this guidance did not have a material impact on its consolidated financial statements and footnotes disclosures.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings or loss per share is calculated by dividing net earnings or loss attributable to Encore by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, restricted stock, and the dilutive effect of the convertible senior notes. In computing the diluted net loss per share, dilutive potential common shares are excluded from the diluted loss per share calculation because of their anti-dilutive effect. On April 24, 2014, the Company’s Board of Directors approved a $50.0 million share repurchase program. In May 2014, the Company repurchased 400,000 shares of its common stock for approximately $16.8 million . In May 2015, the Company repurchased 839,295 shares of common stock for approximately $33.2 million , which represented the remaining amount allowed under the share repurchase program. On August 12, 2015, the Company’s Board of Directors approved a new $50.0 million share repurchase program. Repurchases under this program are expected to be made with cash on hand and may be made from time to time, subject to market conditions and other factors, in the open market, through private transactions, block transactions, or other methods as determined by the Company’s management and Board of Directors, and in accordance with market conditions, other corporate considerations, and applicable regulatory requirements. The program does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company’s discretion. A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands) : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Weighted average common shares outstanding—basic 25,450 25,879 25,800 25,811 Dilutive effect of stock-based awards — 410 265 684 Dilutive effect of convertible senior notes — 1,043 847 1,118 Dilutive effect of warrants — — — 9 Weighted average common shares outstanding—diluted 25,450 27,332 26,912 27,622 Due to a one-time charge resulting from a settlement with the Consumer Finance Protection Bureau (“CFPB”), discussed in detail in Note 13, “Commitments and Contingencies,” the Company incurred a net loss during the three months ended September 30, 2015, therefore the dilutive potential common shares are excluded from the diluted loss per share calculation during this period because of their anti-dilutive effect. There were no anti-dilutive employee stock options outstanding during the nine months ended September 30, 2015 or the three and nine months ended September 30, 2014. The Company has the following convertible senior notes outstanding: $115.0 million convertible senior notes due 2017 at a conversion price equivalent to approximately $31.56 per share of the Company’s common stock (the “2017 Convertible Notes”), $172.5 million convertible senior notes due 2020 at a conversion price equivalent to approximately $45.72 per share of the Company’s common stock (the “2020 Convertible Notes”), and $161.0 million convertible senior notes due 2021 at a conversion price equivalent to approximately $59.39 per share of the Company’s common stock (the “2021 Convertible Notes”). In the event of conversion, the 2017 Convertible Notes are convertible into cash up to the aggregate principal amount and permit the excess conversion premium to be settled in cash or shares of the Company’s common stock. For the 2020 Convertible Notes and 2021 Convertible Notes, the Company has the option to pay cash, issue shares of common stock or any combination thereof for the aggregate amount due upon conversion. The Company’s intent is to settle the principal amount of the 2020 and 2021 Convertible Notes in cash upon conversion. As a result, upon conversion of all the convertible senior notes, only the amounts payable in excess of the principal amounts are considered in diluted earnings per share under the treasury stock method. Diluted earnings per share during the periods presented above included the effect of the common shares issuable upon conversion of certain of the convertible senior notes, because the average stock price exceeded the conversion price of these notes. However, as described in Note 10 , “Debt—Encore Convertible Notes,” and further described below, the Company entered into certain hedge transactions that have the effect of increasing the effective conversion price of the 2017 Convertible Notes to $60.00 , the 2020 Convertible Notes to $61.55 , and the 2021 Convertible Notes to $83.14 . On January 2, 2014, the 2017 Convertible Notes became convertible as certain conditions for conversion were met in the immediately preceding calendar quarter as defined in the applicable indenture. However, none of the 2017 Convertible Notes have been converted.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Business Combinations	Business Combinations dlc Acquisition On June 1, 2015, Cabot acquired dlc, a U.K.-based acquirer and collector of non-performing unsecured consumer debt for approximately £180.6 million (approximately $274.7 million ). The dlc Acquisition was financed with borrowings under Cabot’s existing revolving credit facility and under Cabot’s new senior secured bridge facility. Refer to Note 10 , “Debt” for further details of Cabot’s revolving credit facility and senior secured bridge facility. The dlc Acquisition was accounted for using the acquisition method of accounting and, accordingly, the tangible and intangible assets acquired and liabilities assumed were recorded at their estimated fair values as of the date of the acquisition. Fair value measurements have been applied based on assumptions that market participants would use in the pricing of the respective assets and liabilities. As of the date of this Quarterly Report on Form 10-Q, the Company is still finalizing the allocation of the purchase price. The initial purchase price allocation presented below was based on the preliminary assessment of assets acquired and liabilities assumed, which is subject to change based on the final valuation study that is expected to be completed by the fourth quarter of 2015. The components of the preliminary purchase price allocation for the dlc Acquisition were as follows (in thousands) : Purchase price: Cash paid at acquisition $ 268,391 Deferred consideration 6,306 Total purchase price $ 274,697 Allocation of purchase price: Cash $ 30,518 Investment in receivable portfolios 215,988 Deferred court costs 760 Property and equipment 1,327 Other assets 2,384 Liabilities assumed (44,335 ) Identifiable intangible assets 3,670 Goodwill 64,385 Total net assets acquired $ 274,697 The goodwill recognized is primarily attributable to synergies that are expected to be achieved by combining dlc and Cabot's existing contingent collections operations. The entire goodwill of $64.4 million related to the dlc Acquisition is not deductible for income tax purposes. Total acquisition and integration costs related to the dlc Acquisition were approximately $0.1 million and $2.8 million for the three and nine months ended September 30, 2015, respectively, and have been expensed in the accompanying condensed consolidated statements of operations within general and administrative expenses. The amount of revenue and net income attributable to Encore included in the Company’s consolidated statement of operations for the three months ended September 30, 2015 related to dlc was $11.7 million and $2.3 million , respectively. The amount of revenue and net income attributable to Encore included in the Company’s consolidated statement of operations for the nine months ended September 30, 2015 related to dlc was $16.1 million and $3.8 million , respectively. Other Acquisitions In addition to the dlc Acquisition discussed above, the Company, through its subsidiaries, completed certain other acquisitions in 2015. These acquisitions were immaterial to the Company’s financial statements individually and in the aggregate. Refer to Note 3, “Business Combinations” as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, for a complete description of the Company’s acquisition activities in 2014.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The authoritative guidance for fair value measurements defines fair value as the price that would be received upon sale of an asset or the price paid to transfer a liability, in an orderly transaction between market participants at the measurement date ( i.e., the “exit price”). The guidance utilizes a fair value hierarchy that prioritizes the inputs used in valuation techniques to measure fair value into three broad levels. The following is a brief description of each level: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs, including inputs that reflect the reporting entity’s own assumptions. Financial Instruments Required To Be Carried At Fair Value Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands) : Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts $ — $ 715 $ — $ 715 Liabilities Foreign currency exchange contracts — (1,010 ) — (1,010 ) Temporary Equity Redeemable noncontrolling interests — — (26,934 ) (26,934 ) Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts $ — $ 768 $ — $ 768 Liabilities Foreign currency exchange contracts — (1,037 ) — (1,037 ) Temporary Equity Redeemable noncontrolling interests — — (28,885 ) (28,885 ) Foreign Currency Exchange Contracts: The Company uses foreign currency exchange contracts to minimize its exposure to fluctuations in 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 foreign currency exchange rates, and forward and spot prices for currencies. Redeemable Noncontrolling Interests: Some minority shareholders in certain subsidiaries of the Company have the right, at certain times, to require the Company to acquire their ownership interest in those entities at fair value and, in some cases, to force a sale of the subsidiary if the Company chooses not to purchase their interests at fair value. The noncontrolling interests subject to these arrangements are included in temporary equity as redeemable noncontrolling interests, and are adjusted to their estimated redemption amounts each reporting period with a corresponding adjustment to additional paid-in capital. Future reductions in the carrying amounts are subject to a “floor” amount that is equal to the fair value of the redeemable noncontrolling interests at the time they were originally recorded. The recorded value of the redeemable noncontrolling interests cannot go below the floor level. These adjustments do not affect the calculation of earnings per share. The components of the change in the redeemable noncontrolling interests for the periods ended September 30, 2015 and December 31, 2014 are presented in the following table (in thousands) : Amount Balance at December 31, 2013 $ 26,564 Initial redeemable noncontrolling interest related to business combinations 4,997 Net loss attributable to redeemable noncontrolling interests (4,513 ) Adjustment of the redeemable noncontrolling interests to fair value 5,730 Effect of foreign currency translation attributable to redeemable noncontrolling interests (3,893 ) Balance at December 31, 2014 28,885 Net loss attributable to redeemable noncontrolling interests (316 ) Adjustment of the redeemable noncontrolling interests to fair value 1,323 Effect of foreign currency translation attributable to redeemable noncontrolling interests (2,958 ) Balance at September 30, 2015 $ 26,934 Financial Instruments Not Required To Be Carried At Fair Value Investment in Receivable Portfolios: The Company records its investment in receivable portfolios at cost, which represents a significant discount from the contractual receivable balances due. The Company computes the fair value of its investment in receivable portfolios by discounting the estimated future cash flows generated by its proprietary forecasting models. The key inputs include the estimated future gross cash flow, average cost to collect, and discount rate. In accordance with authoritative guidance related to fair value measurements, the Company estimates the average cost to collect and discount rates based on its estimate of what a market participant might use in valuing these portfolios. The determination of such inputs requires significant judgment, including assessing the assumed market participant’s cost structure, its determination of whether to include fixed costs in its valuation, its collection strategies, and determining the appropriate weighted average cost of capital. The Company evaluates the use of these key inputs on an ongoing basis and refines the data as it continues to obtain better information from market participants in the debt recovery and purchasing business. In the Company’s current analysis, the estimated blended market participant cost to collect and discount rate is approximately 50.3% and 12.0% , respectively, for United States portfolios, and approximately 30.0% and 13.4% , respectively, for Europe portfolios. Using this method, the fair value of investment in receivable portfolios approximates the carrying value as of September 30, 2015 and December 31, 2014 . A 100 basis point fluctuation in the cost to collect and discount rate used would result in an increase or decrease in the fair value of United States and Europe portfolios by approximately $41.2 million and $57.5 million , respectively, as of September 30, 2015 . This fair value calculation does not represent, and should not be construed to represent, the underlying value of the Company or the amount which could be realized if its investment in receivable portfolios were sold. The carrying value of the investment in receivable portfolios was $2.3 billion and $2.1 billion as of September 30, 2015 and December 31, 2014 , respectively. Deferred Court Costs: The Company capitalizes deferred court costs and provides a reserve for those costs that it believes will ultimately be uncollectible. The carrying value of net deferred court costs approximates fair value. Receivables Secured By Property Tax Liens: The fair value of receivables secured by property tax liens is estimated by discounting the future cash flows of the portfolio using a discount rate equivalent to the current rate at which similar portfolios would be originated. For tax liens purchased directly from taxing authorities, the fair value is estimated by discounting the expected future cash flows of the portfolio using a discount rate equivalent to the interest rate expected when acquiring these tax liens. The carrying value of receivables secured by property tax liens approximates fair value. Additionally, the carrying value of the related interest receivable also approximates fair value. Debt: Encore’s senior secured notes and borrowings under its revolving credit and term loan facilities are carried at historical amounts, adjusted for additional borrowings less principal repayments, which approximate fair value. Encore’s convertible senior notes are carried at historical cost, adjusted for the debt discount. The carrying value of the convertible senior notes was $448.5 million less debt discount of $44.3 million as of September 30, 2015 , and $448.5 million less debt discount of $51.2 million as of December 31, 2014 , respectively. The fair value estimate for these convertible senior notes, which incorporates quoted market prices, was approximately $451.9 million and $507.4 million as of September 30, 2015 and December 31, 2014 , respectively. Propel’s borrowings under its revolving credit facilities, term loan facility, and securitized notes are carried at historical amounts, adjusted for additional borrowings less principal repayments, which approximate fair value. The carrying value of the Cabot and Marlin senior secured notes was $1.1 billion , including debt premium of $57.4 million and $1.1 billion , including debt premium of $67.3 million , as of September 30, 2015 and December 31, 2014 , respectively. The fair value estimate for these senior notes, which incorporates quoted market prices, approximated the carrying value as of September 30, 2015 and December 31, 2014 , respectively. Cabot’s borrowings under its senior revolving credit facility and senior secured bridge loan facility, entered into in June 2015 in connection with the dlc Acquisition, are carried at historical amounts, adjusted for additional borrowings less principal repayments, which approximates fair value. The Company’s preferred equity certificates are legal obligations to the noncontrolling shareholders of two of its subsidiaries, Janus Holdings and Cabot Holdings. They are carried at the face amount, plus any accrued interest. The Company determined, at the time of the acquisition of a controlling interest in Cabot (the “Cabot Acquisition”) and at September 30, 2015 , that the carrying value of these preferred equity certificates approximates fair value.

Derivatives and Hedging Instrum

Derivatives and Hedging Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Instruments	Derivatives and Hedging Instruments The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. Certain of the Company’s derivative financial instruments qualify for hedge accounting treatment under the authoritative guidance for derivatives and hedging. Foreign Currency Exchange Contracts The Company has operations in foreign countries, which exposes the Company to foreign currency exchange rate fluctuations due to transactions denominated in foreign currencies. To mitigate this risk, the Company enters into derivative financial instruments, principally Indian rupee forward contracts, which are designated as cash flow hedges, to mitigate fluctuations in the cash payments of future forecasted transactions. The Company adjusts the level and use of derivatives as soon as practicable after learning that an exposure has changed and reviews all exposures and derivative positions on an ongoing basis. Gains and losses on cash flow hedges are recorded in other comprehensive income (“OCI”) until the hedged transaction is recorded in the consolidated financial statements. Once the underlying transaction is recorded in the consolidated financial statements, the Company reclassifies OCI on the derivative into earnings. If all or a portion of the forecasted transaction is cancelled, this would render all or a portion of the cash flow hedge ineffective and the Company would reclassify the ineffective portion of the hedge into earnings. The Company generally does not experience ineffectiveness of the hedge relationship and the accompanying consolidated financial statements do not include any such gains or losses. As of September 30, 2015 , the total notional amount of the forward contracts to buy Indian rupees in exchange for U.S. dollars was $43.8 million . All of these outstanding contracts qualified for hedge accounting treatment. The Company estimates that approximately $0.5 million of net derivative gain included in OCI will be reclassified into earnings within the next 12 months. No gains or losses were reclassified from OCI into earnings as a result of forecasted transactions that failed to occur during the nine months ended September 30, 2015 and 2014 . The Company does not enter into derivative instruments for trading or speculative purposes. The following table summarizes the fair value of derivative instruments as recorded in the Company’s condensed consolidated statements of financial condition (in thousands) : September 30, 2015 December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Foreign currency exchange contracts Other liabilities $ (1,010 ) Other liabilities $ (1,037 ) Foreign currency exchange contracts Other assets 715 Other assets 768 The following table summarizes the effects of derivatives in cash flow hedging relationships on the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (in thousands) : Gain or (Loss) Location of Gain Gain or (Loss) Location of Amount of Three Months Ended Three Months Ended Three Months Ended 2015 2014 2015 2014 2015 2014 Foreign currency exchange contracts $ (670 ) $ (429 ) Salaries and $ (153 ) $ (243 ) Other (expense) $ — $ — Foreign currency exchange contracts (126 ) (79 ) General and (28 ) (46 ) Other (expense) — — Gain or (Loss) Recognized in OCI- Effective Portion Location of Gain or (Loss) Reclassified from OCI into Income - Effective Portion Gain or (Loss) Reclassified from OCI into Income - Effective Portion Location of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing Nine Months Ended Nine Months Ended Nine Months Ended 2015 2014 2015 2014 2015 2014 Foreign currency exchange contracts $ (593 ) $ 2,215 Salaries and $ (468 ) $ (818 ) Other (expense) $ — $ — Foreign currency exchange contracts 24 242 General and (75 ) (143 ) Other (expense) — —

Investment in Receivable Portfo

Investment in Receivable Portfolios, Net	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Investment in Receivable Portfolios, Net	Investment in Receivable Portfolios, Net In accordance with the authoritative guidance for loans and debt securities acquired with deteriorated credit quality, discrete receivable portfolio purchases during the same fiscal quarter are aggregated into pools based on common risk characteristics. Common risk characteristics include risk ratings (e.g. FICO or similar scores), financial asset type, collateral type, size, interest rate, date of origination, term, and geographic location. The Company’s static pools are typically grouped into credit card and telecom, purchased consumer bankruptcy, and mortgage portfolios. We further group these static pools by geographic region or location. Once a static pool is established, the portfolios are permanently assigned to the pool. The discount (i.e., the difference between the cost of each static pool and the related aggregate contractual receivable balance) is not recorded because the Company expects to collect a relatively small percentage of each static pool’s contractual receivable balance. As a result, receivable portfolios are recorded at cost at the time of acquisition. The purchase cost of the portfolios includes certain fees paid to third parties incurred in connection with the direct acquisition of the receivable portfolios. In compliance with the authoritative guidance, the Company accounts for its investments in receivable portfolios using either the interest method or the cost recovery method. The interest method applies an internal rate of return (“IRR”) to the cost basis of the pool, which remains unchanged throughout the life of the pool, unless there is an increase in subsequent expected cash flows. Subsequent increases in expected cash flows are recognized prospectively through an upward adjustment of the pool’s IRR over its remaining life. Subsequent decreases in expected cash flows do not change the IRR, but are recognized as an allowance to the cost basis of the pool, and are reflected in the consolidated statements of operations as a reduction in revenue, with a corresponding valuation allowance, offsetting the investment in receivable portfolios in the consolidated statements of financial condition. The Company utilizes its proprietary forecasting models to continuously evaluate the economic life of each pool. During the quarter ended September 30, 2014, the Company revised the forecasting methodology it uses to value and calculate IRRs on its portfolios in the United States by extending the collection forecasts from 84 or 96 months to 120 months. This change was made as a result of the Company experiencing collections beyond 84 or 96 months and an increased confidence in its ability to forecast future cash collections to 120 months. Extending the collection forecast did not result in a material increase to any quarterly pool group’s IRR or revenue for the quarter. The Company has historically included collections to 120 months in its estimated remaining collection disclosures and when evaluating the economic returns of its portfolio purchases. The Company accounts for each static pool as a unit for the economic life of the pool (similar to one loan) for recognition of revenue from receivable portfolios, for collections applied to the cost basis of receivable portfolios, and for provision for loss or allowance. Revenue from receivable portfolios is accrued based on each pool’s IRR applied to each pool’s adjusted cost basis. The cost basis of each pool is increased by revenue earned and portfolio allowance reversals and decreased by gross collections and portfolio allowances. If the amount and timing of future cash collections on a pool of receivables are not reasonably estimable, the Company accounts for such portfolios on the cost recovery method as Cost Recovery Portfolios. The accounts in these portfolios have different risk characteristics than those included in other portfolios acquired during the same quarter, or the necessary information was not available to estimate future cash flows and, accordingly, they were not aggregated with other portfolios. Under the cost recovery method of accounting, no revenue is recognized until the purchase price of a Cost Recovery Portfolio has been fully recovered. Accretable yield represents the amount of revenue the Company expects to generate over the remaining life of its existing investment in receivable portfolios based on estimated future cash flows. Total accretable yield is the difference between future estimated collections and the current carrying value of a portfolio. All estimated cash flows on portfolios where the cost basis has been fully recovered are classified as zero basis cash flows. The following table summarizes the Company’s accretable yield and an estimate of zero basis future cash flows at the beginning and end of the period presented (in thousands) : Accretable Yield Estimate of Zero Basis Cash Flows Total (7) December 31, 2014 $ 2,993,321 $ 66,392 $ 3,059,713 Revenue recognized, net (1) (248,539 ) (15,571 ) (264,110 ) Net additions on existing portfolios (2) 120,729 39,607 160,336 Additions for current purchases, net (2) 85,692 — 85,692 Balance at March 31, 2015 2,951,203 90,428 3,041,631 Revenue recognized, net (1) (243,425 ) (26,876 ) (270,301 ) Net additions on existing portfolios (2) 91,294 74,586 165,880 Additions for current purchases, net (2), (3) 395,032 — 395,032 Balance at June 30, 2015 3,194,104 138,138 3,332,242 Revenue recognized, net (1) (233,680 ) (31,843 ) (265,523 ) Net additions on existing portfolios (2), (4) (3,548 ) 117,918 114,370 Additions for current purchases, net (2) 149,255 — 149,255 Balance at September 30, 2015 $ 3,106,131 $ 224,213 $ 3,330,344 Accretable Yield Estimate of Zero Basis Cash Flows Total (7) Balance at December 31, 2013 $ 2,391,471 $ 8,465 $ 2,399,936 Revenue recognized, net (1) (231,057 ) (6,511 ) (237,568 ) Net additions on existing portfolios (2) 92,325 8,555 100,880 Additions for current purchases, net (2), (5) 591,205 — 591,205 Balance at March 31, 2014 2,843,944 10,509 2,854,453 Revenue recognized, net (1) (241,523 ) (6,708 ) (248,231 ) Net additions on existing portfolios (2) 80,582 6,135 86,717 Additions for current purchases, net (2) 218,047 — 218,047 Balance at June 30, 2014 2,901,050 9,936 2,910,986 Revenue recognized, net (1) (244,561 ) (7,224 ) (251,785 ) Net additions on existing portfolios (2) 161,622 54,184 215,806 Additions for current purchases, net (2), (6) 179,604 — 179,604 Balance at September 30, 2014 $ 2,997,715 $ 56,896 $ 3,054,611 ________________________ (1) Revenue recognized on Zero Basis Portfolios includes portfolio allowances and reversals. (2) Includes effect of foreign currency translation. (3) Includes $216.0 million of portfolios acquired in connection with the dlc Acquisition. (4) Includes impact of CFPB settlement of approximately $22.2 million . (5) Includes $208.5 million of portfolios acquired in connection with the Marlin Acquisition. (6) Includes $105.4 million of portfolios acquired in connection with the Atlantic Acquisition. (7) Estimated remaining collections and accretable yield include anticipated collections beyond the 120 month collection forecast for United States portfolios. During the three months ended September 30, 2015 , the Company purchased receivable portfolios with a face value of $2.1 billion for $187.2 million , or a purchase cost of 9.0% of face value. The estimated future collections at acquisition for all portfolios purchased during the quarter amounted to $336.4 million . During the three months ended September 30, 2014 , the Company purchased receivable portfolios with a face value of $4.0 billion for $299.5 million , or a purchase cost of 7.5% of face value. Purchases of charged-off credit card portfolios during the three months ended September 30, 2014 , include $105.4 million of portfolios acquired in connection with the Atlantic Acquisition. The estimated future collections at acquisition for all portfolios purchased during the quarter amounted to $606.3 million . During the nine months ended September 30, 2015 , the Company purchased receivable portfolios with a face value of $8.7 billion for $731.1 million , or a purchase cost of 8.4% of face value. Purchases of charged-off credit card portfolios during the nine months ended September 30, 2015 , include $216.0 million of portfolios acquired in connection with the dlc Acquisition. The estimated future collections at acquisition for all portfolios purchased during the period amounted to $1.3 billion . During the nine months ended September 30, 2014 , the Company purchased receivable portfolios with a face value of $11.3 billion for $992.8 million , or a purchase cost of 8.8% of face value. Purchases of charged-off credit card portfolios during the nine months ended September 30, 2014 , include $208.5 million of portfolios acquired in connection with the Marlin Acquisition and $105.4 million of portfolios acquired in connection with the Atlantic Acquisition. The estimated future collections at acquisition for all portfolios purchased during the period amounted to $2.0 billion . All collections realized after the net book value of a portfolio has been fully recovered (“Zero Basis Portfolios”) are recorded as revenue (“Zero Basis Revenue”). During the three months ended September 30, 2015 and 2014 , Zero Basis Revenue was approximately $31.8 million and $7.2 million , respectively. During the nine months ended September 30, 2015 and 2014 , Zero Basis Revenue was approximately $74.3 million and $20.4 million , respectively. The following tables summarize the changes in the balance of the investment in receivable portfolios during the following periods ( in thousands, except percentag es): Three Months Ended September 30, 2015 Accrual Basis Portfolios Cost Recovery Portfolios Zero Basis Portfolios Total Balance, beginning of period $ 2,343,864 $ 7,903 $ — $ 2,351,767 Purchases of receivable portfolios 187,180 — — 187,180 Gross collections (1) (388,822 ) (1,126 ) (31,805 ) (421,753 ) Put-backs and Recalls (2) (5,677 ) (1 ) (37 ) (5,715 ) Foreign currency adjustments (52,505 ) (1,273 ) — (53,778 ) Revenue recognized 240,039 — 28,745 268,784 Portfolio (allowance) reversals, net (3) (6,358 ) — 3,097 (3,261 ) Balance, end of period $ 2,317,721 $ 5,503 $ — $ 2,323,224 Revenue as a percentage of collections (4) 61.7 % 0.0 % 90.4 % 63.7 % Three Months Ended September 30, 2014 Accrual Basis Portfolios Cost Recovery Portfolios Zero Basis Portfolios Total Balance, beginning of period $ 1,978,493 $ 9,492 $ — $ 1,987,985 Purchases of receivable portfolios (5) 297,800 1,709 — 299,509 Transfer of portfolios (11,519 ) 11,519 — — Gross collections (1) (395,945 ) (4,056 ) (7,219 ) (407,220 ) Put-backs and Recalls (2) (1,530 ) (9 ) (5 ) (1,544 ) Foreign currency adjustments (55,869 ) (1,414 ) — (57,283 ) Revenue recognized 241,502 — 4,480 245,982 Portfolio allowance reversals, net 3,059 — 2,744 5,803 Balance, end of period $ 2,055,991 $ 17,241 $ — $ 2,073,232 Revenue as a percentage of collections (4) 61.0 % 0.0 % 62.1 % 60.4 % Nine Months Ended September 30, 2015 Accrual Basis Portfolios Cost Recovery Portfolios Zero Basis Portfolios Total Balance, beginning of period $ 2,131,084 $ 12,476 $ — $ 2,143,560 Purchases of receivable portfolios (6) 731,114 — — 731,114 Gross collections (1) (1,205,717 ) (4,351 ) (74,080 ) (1,284,148 ) Put-backs and Recalls (2) (9,652 ) (20 ) (229 ) (9,901 ) Foreign currency adjustments (54,753 ) (2,602 ) 20 (57,335 ) Revenue recognized 731,196 — 64,780 795,976 Portfolio (allowance) reversals, net (3) (5,551 ) — 9,509 3,958 Balance, end of period $ 2,317,721 $ 5,503 $ — $ 2,323,224 Revenue as a percentage of collections (4) 60.6 % 0.0 % 87.4 % 62.0 % Nine Months Ended September 30, 2014 Accrual Basis Portfolios Cost Recovery Portfolios Zero Basis Portfolios Total Balance, beginning of period $ 1,585,587 $ 4,662 $ — $ 1,590,249 Purchases of receivable portfolios (5), (7) 991,127 1,709 — 992,836 Transfer of portfolios (18,682 ) 18,682 — — Gross collections (1) (1,186,431 ) (6,305 ) (20,438 ) (1,213,174 ) Put-backs and Recalls (2) (10,353 ) (412 ) (5 ) (10,770 ) Foreign currency adjustments (22,398 ) (1,095 ) — (23,493 ) Revenue recognized 713,656 — 11,473 725,129 Portfolio allowance reversals, net 3,485 — 8,970 12,455 Balance, end of period $ 2,055,991 $ 17,241 $ — $ 2,073,232 Revenue as a percentage of collections (4) 60.2 % 0.0 % 56.1 % 59.8 % ________________________ (1) Does not include amounts collected on behalf of others. (2) Put-backs represent accounts that are returned to the seller in accordance with the respective purchase agreement (“Put-Backs”). Recalls represent accounts that are recalled by the seller in accordance with the respective purchase agreement (“Recalls”). (3) Portfolio allowance reversal, net includes a portfolio allowance of $8.3 million related to the CFPB settlement as discussed in Note 13, “Commitments and Contingencies.” (4) Revenue as a percentage of collections excludes the effects of net portfolio allowances or net portfolio allowance reversals. (5) Includes $105.4 million acquired in connection with the Atlantic Acquisition in August 2014. (6) Includes $216.0 million acquired in connection with the dlc Acquisition in June 2015. (7) Includes $208.5 million acquired in connection with the Marlin Acquisition in February 2014. The following table summarizes the change in the valuation allowance for investment in receivable portfolios during the periods presented (in thousands) : Valuation Allowance Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period $ 68,454 $ 86,428 $ 75,673 $ 93,080 Provision for portfolio allowances 8,322 — 8,322 — Reversal of prior allowances (5,061 ) (5,803 ) (12,280 ) (12,455 ) Balance at end of period $ 71,715 $ 80,625 $ 71,715 $ 80,625

Deferred Court Costs, Net

Deferred Court Costs, Net	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Court Costs, Net	Deferred Court Costs, Net The Company pursues legal collections using a network of attorneys that specialize in collection matters and through its internal legal channel. The Company generally pursues collections through legal means only when it believes a consumer has sufficient assets to repay their indebtedness but has, to date, been unwilling to pay. In order to pursue legal collections the Company is required to pay certain upfront costs to the applicable courts which are recoverable from the consumer (“Deferred Court Costs”). The Company capitalizes Deferred Court Costs in its consolidated financial statements and provides a reserve for those costs that it believes will ultimately be uncollectible. The Company determines the reserve based on its analysis of court costs that have been advanced and those that have been recovered. The Company writes off any Deferred Court Cost not recovered within five years of placement. Collections received from debtors are first applied against related court costs with the balance applied to the debtors’ account balance. Deferred Court Costs for the five-year deferral period consist of the following as of the dates presented (in thousands) : September 30, December 31, Court costs advanced $ 615,002 $ 546,271 Court costs recovered (232,028 ) (206,287 ) Court costs reserve (308,920 ) (279,572 ) $ 74,054 $ 60,412 A roll forward of the Company’s court cost reserve is as follows (in thousands) : Court Cost Reserve Three Months Ended Nine Months Ended 2015 2014 2015 2014 Balance at beginning of period $ (298,955 ) $ (243,832 ) $ (279,572 ) $ (210,889 ) Provision for court costs (22,434 ) (18,127 ) (59,897 ) (51,038 ) Net down of reserve after 60 months 11,924 — 30,284 — Effect of foreign currency translation 545 178 265 146 Balance at end of period $ (308,920 ) $ (261,781 ) $ (308,920 ) $ (261,781 )

Receivables Secured by Property

Receivables Secured by Property Tax Liens, Net	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Receivables Secured by Property Tax Liens, Net	Receivables Secured by Property Tax Liens, Net Propel’s receivables are secured by property tax liens. Repayment of the property tax liens is generally dependent on the property owner but can also come through payments from other lien holders or, in less than 0.5% of cases, from foreclosure on the properties. Propel records receivables secured by property tax liens at their outstanding principal balances, adjusted for, if any, charge-offs, allowance for losses, deferred fees or costs, and unamortized premiums or discounts. Interest income is reported on the interest method and includes amortization of net deferred fees and costs over the term of the agreements. Propel accrues interest on all past due receivables secured by tax liens as the receivables are collateralized by tax liens that are in a priority position over most other liens on the properties. If there is doubt about the ultimate collection of the accrued interest on a specific account, it would be placed on non-accrual basis and, at that time, all accrued interest would be reversed. Receivables secured by property tax liens that have been placed on a non-accrual basis were $0.7 million and zero as of September 30, 2015 and December 31, 2014, respectively. The typical redemption period for receivables secured by property tax liens is less than 84 months. On May 6, 2014, Propel, through its subsidiaries, completed the securitization of a pool of approximately $141.5 million in receivables secured by property tax liens on real property located in the State of Texas. In connection with the securitization, investors purchased approximately $134.0 million in aggregate principal amount of 1.44% notes collateralized by these property tax liens. The special purpose entity that is used for the securitization is consolidated by the Company as a VIE. The receivables recognized as a result of consolidating the VIE do not represent assets that can be used to satisfy claims against the Company’s general assets. At September 30, 2015 , the Company had approximately $297.6 million in receivables secured by property tax liens, of which $88.2 million was carried at the VIE.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following (in thousands) : September 30, December 31, Prepaid income taxes $ 40,611 $ — Debt issuance costs, net of amortization 36,415 38,504 Prepaid expenses 33,141 21,427 Interest receivable 20,525 12,187 Identifiable intangible assets, net 19,511 21,564 Deferred tax assets 14,604 33,716 Service fee receivables 10,688 7,864 Other financial receivables 9,382 7,467 Receivable from seller 6,987 7,357 Security deposits 4,334 3,617 Recoverable legal fees 2,794 2,905 Funds held in escrow — 16,889 Other 30,705 24,169 $ 229,697 $ 197,666

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt The Company is in compliance with all covenants under its financing arrangements. The components of the Company’s consolidated debt and capital lease obligations were as follows (in thousands) : September 30, December 31, Encore revolving credit facility $ 576,000 $ 505,000 Encore term loan facility 140,141 146,023 Encore senior secured notes 32,500 43,750 Encore convertible notes 448,500 448,500 Less: Debt discount (44,255 ) (51,202 ) Propel facilities 154,460 84,229 Propel securitized notes 71,923 104,247 Cabot senior secured notes 1,045,143 1,076,952 Add: Debt premium 57,387 67,259 Cabot senior revolving credit facility 242,751 86,368 Cabot senior secured bridge facility 136,323 — Preferred equity certificates 220,304 208,312 Capital lease obligations 10,574 15,331 Other 24,693 38,785 $ 3,116,444 $ 2,773,554 Encore Revolving Credit Facility and Term Loan Facility On July 9, 2015, Encore amended its revolving credit facility and term loan facility pursuant to Amendment No. 2 to the Second Amended and Restated Credit Agreement (as amended, the “Restated Credit Agreement”). The Restated Credit Agreement includes a revolving credit facility of $692.6 million (the “Revolving Credit Facility”), a term loan facility of $153.8 million (the “Term Loan Facility”, and together with the Revolving Credit Facility, the “Senior Secured Credit Facilities”), and an accordion feature that allows the Company to increase the Revolving Credit Facility by an additional $250.0 million . Including the accordion feature, the maximum amount that can be borrowed under the Restated Credit Agreement is $1.1 billion . The Restated Credit Agreement expires in February 2019 , except with respect to two subtranches of the Term Loan Facility of $60.0 million and $6.3 million , maturing in February 2017 and November 2017 , respectively. Provisions of the Restated Credit Agreement include, but are not limited to: • The Revolving Credit Facility of $692.6 million , with interest at a floating rate equal to, at the Company’s option, either: (1) reserve adjusted London Interbank Offered Rate (“LIBOR”), plus a spread that ranges from 250 to 300 basis points depending on the Company’s cash flow leverage ratio; or (2) alternate base rate, plus a spread that ranges from 150 to 200 basis points depending on the Company’s cash flow leverage ratio. “Alternate base rate,” as defined in the Restated Credit Agreement, means the highest of (i) the per annum rate which the administrative agent publicly announces from time to time as its prime lending rate, (ii) the federal funds effective rate from time to time, plus 0.5% per annum or (iii) reserved adjusted LIBOR determined on a daily basis for a one month interest period, plus 1.0% per annum; • An $87.5 million five -year term loan, with interest at a floating rate equal to, at the Company’s option, either: (1) reserve adjusted LIBOR, plus a spread that ranges from 250 to 300 basis points , depending on the Company’s cash flow leverage ratio; or (2) alternate base rate, plus a spread that ranges from 150 to 200 basis points , depending on the Company’s cash flow leverage ratio. Principal amortizes $4.4 million in 2015, $6.6 million in 2016, $8.8 million in 2017, and $8.8 million in 2018 with the remaining principal due at the end of the term; • A $60.0 million term loan maturing on February 28, 2017 , with interest at a floating rate equal to, at the Company’s option, either: (1) reserve adjusted LIBOR, plus a spread that ranges from 200 to 250 basis points , depending on the Company’s cash flow leverage ratio; or (2) alternate base rate, plus a spread that ranges from 100 to 150 basis points , depending on the Company’s cash flow leverage ratio. Principal amortizes $3.0 million in 2015, and $4.5 million in 2016 with the remaining principal due at the end of the term; • A $6.3 million term loan maturing on November 3, 2017 , with interest at a floating rate equal to, at the Company’s option, either: (1) reserve adjusted LIBOR, plus a spread that ranges from 250 to 300 basis points , depending on the Company’s cash flow leverage ratio; or (2) alternate base rate, plus a spread that ranges from 150 to 200 basis points , depending on the Company’s cash flow leverage ratio. Principal amortizes $0.5 million in 2015, $0.6 million in 2016 and $0.5 million in 2017 with the remaining principal due at the end of the term; • A borrowing base equal to (1) the lesser of (i) 30% — 35% (depending on the Company’s trailing 12-month cost per dollar collected) of all eligible non-bankruptcy estimated remaining collections, currently 33% , plus 55% of eligible estimated remaining collections for consumer receivables subject to bankruptcy, and (ii) the product of the net book value of all receivable portfolios acquired on or after January 1, 2005 multiplied by 95% , minus (2) the sum of the aggregate principal amount outstanding of Encore’s Senior Secured Notes (as defined below) plus the aggregate principal amount outstanding under the term loans; • a maximum cash flow leverage ratio permitted of 2.50 :1.00; • a maximum cash flow secured leverage ratio of 2.00 :1.00; • The allowance of additional unsecured or subordinated indebtedness not to exceed $1.1 billion ; • Restrictions and covenants, which limit the payment of dividends and the incurrence of additional indebtedness and liens, among other limitations; • Repurchases of up to $150.0 million of Encore’s common stock after July 9, 2015, subject to compliance with certain covenants and available borrowing capacity; • A change of control definition that excludes acquisitions of stock by Red Mountain Capital Partners LLC, JCF FPK I, LP and their respective affiliates of up to 50% of the outstanding shares of Encore’s voting stock; • Events of default which, upon occurrence, may permit the lenders to terminate the facility and declare all amounts outstanding to be immediately due and payable; • A pre-approved acquisition limit of $225.0 million per fiscal year; • A basket to allow for investments not to exceed the greater of (1) 200% of the consolidated net worth of the Company and its restricted subsidiaries and (2) an unlimited amount such that after giving effect to the making of any investment, the cash flow leverage ratio is less than 1.25 :1:00; and • Collateralization by all assets of the Company, other than the assets of certain Propel entities, certain foreign subsidiaries and all unrestricted subsidiaries as defined in the Restated Credit Agreement. At September 30, 2015 , the outstanding balance under the Restated Credit Agreement was $716.1 million . The weighted average interest rate was 3.25% and 2.95% for the three months ended September 30, 2015 and 2014 , respectively, and 3.12% and 2.92% for the nine months ended September 30, 2015 and 2014 , respectively. Encore Senior Secured Notes In 2010 and 2011 Encore entered into an aggregate of $75.0 million in senior secured notes with certain affiliates of Prudential Capital Group (the “Senior Secured Notes”). $25.0 million of the Senior Secured Notes bear an annual interest rate of 7.375% , mature in 2018 and require quarterly principal payments of $1.25 million . Prior to May 2013, these notes required quarterly payments of interest only. The remaining $50.0 million of Senior Secured Notes bear an annual interest rate of 7.75% , mature in 2017 and require quarterly principal payments of $2.5 million . Prior to December 2012 these notes required quarterly interest only payments. As of September 30, 2015 , $12.5 million of the 7.375% Senior Secured Notes and $20.0 million of the 7.75% Senior Secured Notes, for an aggregate of $32.5 million , remained outstanding. The Senior Secured Notes are guaranteed in full by certain of Encore’s subsidiaries. Similar to, and pari passu with, the Senior Secured Credit Facilities, the Senior Secured Notes are collateralized by the same collateral as our Revolving Credit Facility. The Senior Secured Notes may be accelerated and become automatically and immediately due and payable upon certain events of default, including certain events related to insolvency, bankruptcy, or liquidation. Additionally, the Senior Secured Notes may be accelerated at the election of the holder or holders of a majority in principal amount of the Senior Secured Notes upon certain events of default by Encore, including the breach of affirmative covenants regarding guarantors, collateral, most favored lender treatment, minimum revolving credit facility commitment or the breach of any negative covenant. If Encore prepays the Senior Secured Notes at any time for any reason, payment will be at the higher of par or the present value of the remaining scheduled payments of principal and interest on the portion being prepaid. The discount rate used to determine the present value is 50 basis points over the then current Treasury Rate corresponding to the remaining average life of the senior secured notes. The covenants are substantially similar to those in the Restated Credit Agreement. Prudential Capital Group and the administrative agent for the lenders of the Restated Credit Agreement have an intercreditor agreement related to their pro rata rights to the collateral, actionable default, powers and duties and remedies, among other topics. The terms of the Senior Secured Notes were amended in connection with the Restated Credit Agreement in order to properly align certain provisions between the two agreements. Encore Convertible Notes In November and December 2012, Encore sold $115.0 million aggregate principal amount of 3.0% 2017 Convertible Notes that mature on November 27, 2017 in private placement transactions. In June and July 2013, Encore sold $172.5 million aggregate principal amount of 3.0% 2020 Convertible Notes that mature on July 1, 2020 in private placement transactions. In March 2014, Encore sold $161.0 million aggregate principal amount of 2.875% 2021 Convertible Notes that mature on March 15, 2021 in private placement transactions. The interest on these unsecured convertible senior notes (collectively, the “Convertible Notes”), is payable semi-annually. Prior to the close of business on the business day immediately preceding their respective conversion date (listed below), holders may convert their Convertible Notes under certain circumstances set forth in the applicable Convertible Notes indentures. On or after their respective conversion dates until the close of business on the scheduled trading day immediately preceding their respective maturity date, holders may convert their Convertible Notes at any time. Certain key terms related to the convertible features for each of the Convertible Notes as of September 30, 2015 are listed below. 2017 Convertible Notes 2020 Convertible Notes 2021 Convertible Notes Initial conversion price $ 31.56 $ 45.72 $ 59.39 Closing stock price at date of issuance $ 25.66 $ 33.35 $ 47.51 Closing stock price date November 27, 2012 June 24, 2013 March 5, 2014 Conversion rate (shares per $1,000 principal amount) 31.6832 21.8718 16.8386 Conversion date (1) May 27, 2017 January 1, 2020 September 15, 2020 _______________________ (1) 2017 Convertible Notes became convertible on January 2, 2014, as certain early conversion events were satisfied. Refer to “Conversion and Earnings Per Share Impact” section below for further details. In the event of conversion, the 2017 Convertible Notes are convertible into cash up to the aggregate principal amount of the notes. The excess conversion premium may be settled in cash or shares of the Company’s common stock at the discretion of the Company. In the event of conversion, holders of the Company’s 2020 and 2021 Convertible Notes will receive cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The Company’s current intent is to settle conversions through combination settlement ( i.e., convertible into cash up to the aggregate principal amount, and shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, for the remainder). As a result, and in accordance with authoritative guidance related to derivatives and hedging and earnings per share, only the conversion spread is included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion spread has a dilutive effect when, during any quarter, the average share price of the Company’s common stock exceeds the initial conversion prices listed in the above table. Authoritative guidance related to debt with conversion and other options requires that issuers of convertible debt instruments that, upon conversion, may be settled fully or partially in cash, must separately account for the liability and equity components in a manner that will reflect the entity’s nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. Additionally, debt issuance costs are required to be allocated in proportion to the allocation of the liability and equity components and accounted for as debt issuance costs and equity issuance costs, respectively. The debt and equity components, the issuance costs related to the equity component, the stated interest rate, and the effective interest rate for each of the Convertible Notes are listed below (in thousands, except percentages) : 2017 Convertible Notes 2020 Convertible Notes 2021 Convertible Notes Debt component $ 100,298 $ 140,271 $ 143,604 Equity component $ 14,702 $ 32,229 $ 17,396 Equity issuance cost $ 788 $ 1,113 $ 575 Stated interest rate 3.000 % 3.000 % 2.875 % Effective interest rate 6.000 % 6.350 % 4.700 % The balances of the liability and equity components of all of the Convertible Notes outstanding were as follows (in thousands) : September 30, December 31, Liability component—principal amount $ 448,500 $ 448,500 Unamortized debt discount (44,255 ) (51,202 ) Liability component—net carrying amount $ 404,245 $ 397,298 Equity component $ 57,428 $ 55,236 The debt discount is being amortized into interest expense over the remaining life of the convertible notes using the effective interest rates. Interest expense related to the convertible notes was as follows (in thousands) : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest expense—stated coupon rate $ 3,315 $ 3,316 $ 9,915 $ 9,080 Interest expense—amortization of debt discount 2,359 2,228 6,947 6,164 Total interest expense—convertible notes $ 5,674 $ 5,544 $ 16,862 $ 15,244 Convertible Notes Hedge Transactions In order to reduce the risk related to the potential dilution and/or the potential cash payments the Company is required to make in the event that the market price of the Company’s common stock becomes greater than the conversion price of the Convertible Notes, the Company maintains a hedge program that increases the effective conversion price for each of the Convertible Notes. All of the hedge instruments related to the Convertible Notes have been determined to be indexed to the Company’s own stock and meet the criteria for equity classification. In accordance with authoritative guidance, the Company recorded the cost of the hedge instruments as a reduction in additional paid-in capital, and will not recognize subsequent changes in fair value of these financial instruments in its consolidated financial statements. The initial hedge instruments the Company entered into in connection with its issuance of the 2017 Convertible Notes had an effective conversion price of $44.19 . On December 16, 2013, the Company entered into amendments to the hedge instruments to further increase the effective conversion price from $44.19 to $60.00 . All other terms and settlement provisions of the hedge instruments remained unchanged. The transaction was completed in February 2014. The Company paid approximately $27.9 million in total consideration for amending the hedge instruments. The Company recorded the payment as a reduction of equity in the consolidated statements of financial condition. The details of the hedge program for each of the Convertible Notes are listed below (in thousands, except conversion price) : 2017 Convertible Notes 2020 Convertible Notes 2021 Convertible Notes Cost of the hedge transaction(s) $ 50,595 $ 18,113 $ 19,545 Initial conversion price $ 31.56 $ 45.72 $ 59.39 Effective conversion price $ 60.00 $ 61.55 $ 83.14 Conversion and Earnings Per Share Impact During the quarter ending December 31, 2013, the closing price of the Company’s common stock exceeded 130% of the conversion price of the 2017 Convertible Notes for more than 20 trading days during a 30 consecutive trading day period, thereby satisfying one of the early conversion events. As a result, the 2017 Convertible Notes became convertible on demand effective January 2, 2014, and the holders were notified that they could elect to submit their 2017 Convertible Notes for conversion. The carrying value of the 2017 Convertible Notes continues to be reported as debt as the Company intends to draw on the Revolving Credit Facility or use cash on hand to settle the principal amount of any such conversions in cash. No gain or loss was recognized when the debt became convertible. The estimated fair value of the 2017 Convertible Notes was approximately $144.5 million as of September 30, 2015 . In addition, upon becoming convertible, a portion of the equity component that was recorded at the time of the issuance of the 2017 Convertible Notes was considered redeemable and that portion of the equity was reclassified to temporary equity in the Company’s condensed consolidated statements of financial condition. Such amount was determined based on the cash consideration to be paid upon conversion and the carrying amount of the debt. Upon conversion, the holders of the 2017 Convertible Notes will be paid in cash for the principal amount and issued shares or a combination of cash and shares for the remaining value of the 2017 Convertible Notes. As a result, the Company reclassified $6.9 million of the equity component to temporary equity as of September 30, 2015 . If a conversion event takes place, this temporary equity balance will be recalculated based on the difference between the 2017 Convertible Notes principal and the debt carrying value. If the 2017 Convertible Notes are settled, an amount equal to the fair value of the liability component, immediately prior to the settlement, will be deducted from the fair value of the total settlement consideration transferred and allocated to the liability component. Any difference between the amount allocated to the liability and the net carrying amount of the 2017 Convertible Notes (including any unamortized debt issue costs and discount) will be recognized in earnings as a gain or loss on debt extinguishment. Any remaining consideration is allocated to the reacquisition of the equity component and will be recognized as a reduction in stockholders’ equity. None of the 2017 Convertible Notes were converted during the three and nine months ended September 30, 2015 and 2014. In accordance with authoritative guidance related to derivatives and hedging and earnings per share calculation, only the conversion spread of the Convertible Notes is included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion spread has a dilutive effect when the average share price of the Company’s common stock during any quarter exceeds the respective conversion price of each of the Convertible Notes. See Note 2 , “Earnings (Loss) Per Share” for additional information. Propel Facilities Propel Facility I On May 8, 2015, Propel amended its syndicated loan facility (as amended, the “Propel Facility I”). The Propel Facility I is an $80.0 million facility, with a $20.0 million uncommitted accordion feature, used to originate or purchase tax lien assets. The Propel Facility I expires in May 2018 and includes the following key provisions: • Interest at Propel’s option, at either: (1) LIBOR, plus a spread that ranges from 270 to 320 basis points , depending on Propel’s cash flow leverage ratio; or (2) the greater of (a) the rate publicly announced from time to time by Texas Capital Bank, National Association, as its prime rate, (b) the sum of the federal funds rate for such day plus 50 basis points, or (c) one month LIBOR plus 100 basis points; • A borrowing base of 90% of the face value of the tax lien assets; • Interest payable monthly; principal and interest due at maturity; • Restrictions and covenants, which limit, among other things, the payment of dividends and the incurrence of additional indebtedness and liens; and • Events of default which, upon occurrence, may permit the lenders to terminate the Propel Facility I and declare all amounts outstanding to be immediately due and payable. The Propel Facility I is primarily collateralized by the tax liens in Texas and requires Propel to maintain various financial covenants, including a minimum interest coverage ratio and a maximum cash flow leverage ratio. At September 30, 2015 , the outstanding balance on the Propel Facility I was $63.0 million . The weighted average interest rate was 2.71% and 3.15% for the three months ended September 30, 2015 and 2014 , respectively, and 3.02% and 3.34% for the nine months ended September 30, 2015 and 2014 , respectively. Propel Facility II On May 15, 2013, the Company, through affiliates of Propel, entered into a $100.0 million revolving credit facility (as amended, the “Propel Facility II”). The Propel Facility II is used to purchase tax liens from taxing authorities in various states and expires on May 10, 2019. On April 3, 2015 and October 26, 2015, the Propel Facility II was amended to, among other things, modify the interest rate and permit additional tax lien assets to be included in the borrowing base. The Propel Facility II includes the following key provisions: • Propel can draw up to $150.0 million through May 15, 2017; • The committed amount can be drawn on a revolving basis until May 15, 2017 (unless terminated earlier in accordance with the terms of the facility). During the following two years, until the May 10, 2019 expiration date, no additional draws are permitted, and all proceeds from the tax liens are used to repay any amounts outstanding under the facility. So long as no events or default have occurred, Propel may extend the expiration date for additional one year periods. • Prior to the expiration of the facility, interest at a per annum floating rate equal to LIBOR plus 2.25% ; • Following the expiration of the facility, or upon the occurrence of an event of default, interest at 400 basis points plus the greater of (i) a per annum floating rate equal to LIBOR plus 2.25% , or (ii) Prime Rate, which is defined in the agreement as the rate most recently announced by the lender at its branch in San Francisco, California, from time to time as its prime commercial rate for United States dollar-denominated loans made in the United States; • Proceeds from the tax liens are applied to pay interest, principal and other obligations incurred in connection with the Propel Facility II on a monthly basis as defined in the agreement; • Special purpose entity covenants designed to protect the bankruptcy-remoteness of the borrowers and additional restrictions and covenants, which limit, among other things, the payment of certain dividends, the occurrence of additional indebtedness and liens and use of the collections proceeds from the certain tax liens; and • Events of default which, upon occurrence, may permit the lender to terminate the Propel Facility II and declare all amounts outstanding to be immediately due and payable. The Propel Facility II is collateralized by the tax liens acquired under the Propel Facility II. At September 30, 2015 , the outstanding balance on the Propel Facility II was $91.5 million . The weighted average interest rate was 2.40% and 3.94% for the three months ended September 30, 2015 and 2014 , respectively, and 2.43% and 3.80% the nine months ended September 30, 2015 and 2014 , respectively. Propel Term Loan Facility On May 2, 2014, the Company, through affiliates of Propel, entered into a $31.9 million term loan facility (the “Propel Term Loan Facility”). The Propel Term Loan Facility was entered into to fund the acquisition of a portfolio of tax liens and other assets in a transaction valued at approximately $43.0 million . The Propel Term Loan Facility has a fixed 5.5% interest rate and matures in October 2016. In July 2015, Propel paid off the outstanding balance on the term loan. As a result, at September 30, 2015 , there was no amount outstanding on the Propel Term Loan Facility. Propel Securitized Notes On May 6, 2014, Propel, through its affiliates, completed the securitization of a pool of approximately $141.5 million in payment agreements and contracts relating to unpaid real property taxes, assessments, and other charges secured by liens on real property located in the State of Texas (the “Securitized Texas Tax Liens”). In connection with the securitization, investors purchased, in a private placement, approximately $134.0 million in aggregate principal amount of 1.44% notes collateralized by the Securitized Texas Tax Liens (the “Propel Securitized Notes”), due May 15, 2029. The payment agreements and contracts will continue to be serviced by Propel. The Propel Securitized Notes are payable solely from the collateral and represent non-recourse obligations of the consolidated securitization entity PFS Tax Lien Trust 2014-1, a Delaware statutory trust and an affiliate of Propel. Interest accrues monthly at the rate of 1.44% per annum. Principal and interest on the Propel Securitized Notes are payable on the 15 th day of each calendar month. Propel used the net proceeds to pay down borrowings under the Propel Facility I, pay certain expenses incurred in connection with the issuance of the Propel Securitized Notes and fund certain reserves. The Propel Securitized Notes are guaranteed on a limited basis by Encore. At September 30, 2015 , the outstanding balance on the Propel Securitized Notes was $71.9 million and the balance of the collateral was $88.2 million . Cabot Senior Secured Notes On September 20, 2012, Cabot Financial (Luxembourg) S.A. (“Cabot Financial”), an indirect subsidiary of Janus Holdings, issued £265.0 million (approximately $438.4 million ) in aggregate principal amount of 10.375% Senior Secured Notes due 2019 (the “Cabot 2019 Notes”). Interest on the Cabot 2019 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year. On August 2, 2013, Cabot Financial issued £100 million (approximately $151.7 million ) in aggregate principal amount of 8.375% Senior Secured Notes due 2020 (the “Cabot 2020 Notes”). Interest on the Cabot 2020 Notes is payable semi-annually, in arrears, on February 1 and August 1 of each year. Of the proceeds from the issuance of the Cabot 2020 Notes, approximately £75.0 million (approximately $113.8 million ) was used to repay all amounts outstanding under the senior credit facilities of Cabot Financial (UK) Limited (“Cabot Financial UK”), an indirect subsidiary of Janus Holdings, and £25.0 million (approximately $37.9 million ) was used to partially repay a portion of the J Bridge preferred equity certificates (the “J Bridge PECs”) to an affiliate of J.C. Flowers & Co. LLC (“J.C. Flowers”), discussed in further detail below. On March 27, 2014, Cabot Financial issued £175.0 million (approximately $291.8 million ) in aggregate principal amount of 6.500% Senior Secured Notes due 2021 (the “Cabot 2021 Notes” and, together with the Cabot 2019 Notes and the Cabot 2020 Notes, the “Cabot Notes”). Interest on the Cabot 2021 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year, beginning on October 1, 2014. The total debt issuance cost associated with the Cabot 2021 Notes was approximately $7.5 million . Approximately £105.0 million (approximately $174.8 million ) of the proceeds from the issuance of the Cabot 2021 Notes was used to repay all amounts outstanding under senior secured bridge facilities that Cabot Financial UK entered into in connection with the Marlin Acquisition. The Cabot Notes are fully and unconditionally guaranteed on a senior secured basis by certain indirect subsidiaries of the Company. The Cabot Notes are secured by a first ranking security interest in all the outstanding shares of Cabot Financial and certain guarantors and substantially all the assets of Cabot Financial and certain guarantors. The guarantees provided in respect of the Cabot Notes are pari passu with each such guarantee given in respect of the Marlin Bonds and the Cabot Credit Facility described below. On July 25, 2013, Marlin Intermediate Holdings plc, a subsidiary of Marlin, issued £150.0 million (approximately $246.5 million ) in aggregate principal amount of 10.5% Senior Secured Notes due 2020 (the “Marlin Bonds”). Interest on the Marlin Bonds is payable semi-annually, in arrears, on February 1 and August 1 of each year. Cabot assumed the Marlin Bonds as a result of the Marlin Acquisition. The carrying value of the Marlin Bonds was adjusted to approximately $284.2 million to reflect the fair value of the Marlin Bonds at the time of acquisition. The Marlin Bonds are fully and unconditionally guaranteed on a senior secured basis by certain indirect subsidiaries of the Company. The guarantees provided in respect of the Marlin Bonds are pari passu with each such guarantee given in respect of the Cabot Notes and the Cabot Credit Facility. Interest expense related to the Cabot Notes and Marlin Bonds was as follows (in thousands) : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest expense—stated coupon rate $ 24,394 $ 26,239 $ 72,395 $ 72,099 Interest income—accretion of debt premium (2,771 ) (2,760 ) (7,978 ) (7,565 ) Total interest expense—Cabot Notes and Marlin Bonds $ 21,623 $ 23,479 $ 64,417 $ 64,534 At September 30, 2015 , the outstanding balance on the Cabot Notes and Marlin Bonds was $1.0 billion . Cabot Senior Revolving Credit Facility On September 20, 2012, Cabot Financial UK entered into an agreement for a senior committed revolving credit facility of £50.0 million (approximately $82.7 million ) (the “Cabot Credit Agreement”). This agreement was amended and restated on June 28, 2013 to increase the size of the revolving credit facility to £85.0 million (approximately $140.6 million ) and again on February 5, 2015 to increase the size of the revolving credit facility to £195.0 million (approximately $298.1 million ) (the “Cabot Credit Facility”). The Cabot Credit Facility also includes an uncommitted accordion provision which will allow the facility to be increased by an additional £55.0 million , subject to obtaining the requisite commitments and compliance with the terms of Cabot Financial UK’s other indebtedness, among other conditions precedent. Loan fees associated with the amendment to the Cabot Credit Facility were approximately £2.7 million (approximately $4.1 million ) and capitalized as debt issuance costs. The Cabot Credit Facility has a five -year term expiring in September 2017 , and includes the following key provisions: • Interest at LIBOR (or EURIBOR for any loan drawn in euro) plus 3.5% ; • A restrictive covenant that limits the loan to value ratio to 0.75 ; • A restrictive covenant that limits the super senior loan (i.e. the Cabot Credit Facility and any super priority hedging liabilities) to value ratio to 0.25 ; • Additional restrictions and covenants which limit, among other things, the payment of dividends and the incurrence of additional indebtedness and liens; and • Events of default which, upon occurrence, may permit the lenders to terminate the Cabot Credit Facility and declare all amounts outstanding to be immediately due and payable. The Cabot Credit Facility is unconditionally guaranteed by certain indirect subsidiaries of the Company. The Cabot Credit Facility is secured by first ranking security interests in all the outstanding shares of Cabot Financial UK and certain guarantors and substantially all the assets of Cabot Financial UK and certain guarantors. Pursuant to the terms of intercreditor agreements entered into with respect to the relative positions of the Cabot Notes, the Marlin Bonds and the Cabot Credit Facility, any liabilities in respect of obligations under the Cabot Credit Facility that are secured by assets that also secure the Cabot Notes and the Marlin Bonds will receive prior

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2015
Variable Interest Entities Disclosure [Abstract]
Variable Interest Entities	Variable Interest Entities A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb losses, or the right to receive the expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company’s VIEs include its subsidiary Janus Holdings and its special purpose entity used for the Propel securitization. Janus Holdings is the immediate parent company of Cabot. The Company has determined that Janus Holdings is a VIE and the Company is the primary beneficiary of the VIE. The key activities that affect Cabot’s economic performance include, but are not limited to, operational budgets and purchasing decisions. Through its control of the board of directors of Janus Holdings, the Company controls the key operating activities at Cabot. Propel used a special purpose entity to issue asset-backed securities to investors. The Company has determined that it is a VIE and Propel is the primary beneficiary of the VIE. Propel has the power to direct the activities of the VIE because it has the ability to exercise discretion in the servicing of the financial assets and to add assets to revolving structures. Assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the consolidated VIEs. The Company evaluates its relationships with the VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended September 30, 2015 and 2014 , the Company recorded an income tax benefit of $4.9 million and a tax provision of $10.2 million , respectively. During the nine months ended September 30, 2015 , and 2014 , the Company recorded income tax provisions of $27.0 million and $35.9 million , respectively. The Company incurred a net loss and therefore recorded an income tax benefit during the three months ended September 30, 2015. The net loss was due to a one-time charge resulting from a settlement with the CFPB. The $10.0 million civil monetary penalty component of the CFPB settlement is not deductible for income tax purposes. Refer to Note 13, “Commitments and Contingencies,” for further discussion of the CFPB settlement. The effective tax rates for the respective periods are shown below: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Federal (benefit) provision (35.0 )% 35.0 % 35.0 % 35.0 % State (benefit) provision (4.4 )% 3.8 % 4.4 % 3.8 % International benefit (1) (23.4 )% (8.7 )% (8.8 )% (5.0 )% Permanent items (2) 1.7 % 5.7 % 1.0 % 4.1 % Tax effect of CFPB / regulatory charges 27.6 % 0.0 % 5.4 % 0.0 % Other (3) (0.8 )% (10.6 )% 0.1 % (4.0 )% Effective rate (34.3 )% 25.2 % 37.1 % 33.9 % ________________________ (1) Relates primarily to lower tax rates on income attributable to international operations. (2) Represents a provision for nondeductible items. (3) Includes the effect of discrete items and reserves taken for a certain tax position adopted by the Company. The Company’s subsidiary in Costa Rica is operating under a 100% tax holiday through December 31, 2018 and a 50% tax holiday for the subsequent four years. The impact of the tax holiday in Costa Rica for the three and nine months ended September 30, 2015 was immaterial. The Company had gross unrecognized tax benefits, inclusive of penalties and interest, of $48.0 million and $44.4 million at September 30, 2015 and December 31, 2014, respectively, that, if recognized, would result in a net tax benefit of $16.0 million and $12.7 million as of September 30, 2015 and December 31, 2014, respectively. The increase in gross unrecognized tax benefits was due to an unrecognized tax benefit of $3.6 million associated with certain business combinations, which is included in “Other liabilities” in the Company’s condensed consolidated statements of financial condition. During the three and nine months ended September 30, 2015 , the Company did not provide for U.S. income taxes or foreign withholding taxes on the quarterly undistributed earnings from operations of its subsidiaries operating outside of the United States. Undistributed pre-tax income of these subsidiaries during the three and nine months ended September 30, 2015 , was approximately $9.8 million and $18.3 million , respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Regulatory The Company is involved in disputes, legal actions, regulatory investigations, inquiries, and other actions from time to time in the ordinary course of business. The Company, along with others in its industry, is routinely subject to legal actions based on the Fair Debt Collection Practices Act (“FDCPA”), comparable state statutes, the Telephone Consumer Protection Act (“TCPA”), state and federal unfair competition statutes, and common law causes of action. The violations of law investigated or alleged in these actions often include claims that the Company lacks specified licenses to conduct its business, attempts to collect debts on which the statute of limitations has run, has made inaccurate or unsupported assertions of fact in support of its collection actions and/or has acted improperly in connection with its efforts to contact consumers. Such litigation and regulatory actions could involve potential compensatory or punitive damage claims, fines, sanctions, injunctive relief, or changes in business practices. Many continue on for some length of time and involve substantial investigation, litigation, negotiation, and other expense and effort before a result is achieved, and during the process the Company often cannot determine the substance or timing of any eventual outcome. On September 9, 2015, the Company entered into a consent order (the “Consent Order”) with the CFPB in which it settled allegations arising from its practices between 2011 and 2015. The Consent Order includes obligations on the Company to, among other things: (1) follow certain specified operational requirements, substantially all of which are already part of the Company’s current operations; (2) submit to the CFPB for review a comprehensive plan designed to ensure that its debt collection practices comply with all applicable federal consumer financial laws and the terms of the Consent Order; (3) pay redress to certain specified groups of consumers; and (4) pay a civil monetary penalty. The Company will continue to cooperate and engage with the CFPB and work to ensure compliance with the Consent Order. In addition, the Company is subject to ancillary state attorney general investigations related to similar debt collection practices. The Company incurred a one-time, after-tax charge of approximately $43 million in the third quarter of 2015. The Company believes this charge will cover all related impacts of the Consent Order, including civil monetary penalties, restitution, any such ancillary state regulatory matters, legal expenses and portfolio allowance charges on several pool groups due to the impact on the Company’s current estimated remaining collections related to its existing receivable portfolios. The Company anticipates that after this one-time charge, any future earnings impact will be immaterial. Except as described above and in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, at September 30, 2015 , there have been no material developments in any of the legal proceedings disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. In certain legal proceedings, the Company may have recourse to insurance or third party contractual indemnities to cover all or portions of its litigation expenses, judgments, or settlements. In accordance with authoritative guidance, the Company records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability. The Company continuously assesses the potential liability related to its pending litigation and regulatory matters and revises its estimates when additional information becomes available. As of September 30, 2015 , other than reserves for the CFPB and ancillary state regulatory matters discussed above, the Company has no material reserves for legal matters. Additionally, based on the current status of litigation and regulatory matters, either the estimate of exposure is immaterial to the Company’s financial statements or an estimate cannot yet be determined. The Company’s legal costs are recorded to expense as incurred. Purchase Commitments In the normal course of business, the Company enters into forward flow purchase agreements and other purchase commitment agreements. As of September 30, 2015 , the Company has entered into agreements to purchase receivable portfolios with a face value of approximately $1.0 billion for a purchase price of approximately $148.6 million . Most purchase commitments do not extend past one year.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information The Company conducts business through several operating segments that meet the aggregation criteria under authoritative guidance related to segment reporting. The Company has determined that it has two reportable segments: portfolio purchasing and recovery and tax lien business. The Company’s management relies on internal management reporting processes that provide segment revenue, segment operating income, and segment asset information in order to make financial decisions and allocate resources. The operating results from the Company’s tax lien business segment are immaterial to the Company’s total consolidated operating results. However, total assets from the tax lien business segment are significant as compared to the Company’s total consolidated assets. As a result, in accordance with authoritative guidance on segment reporting, the Company’s tax lien business segment is determined to be a reportable segment. Segment operating income includes income from operations before depreciation, amortization of intangible assets, and stock-based compensation expense. The following table provides a reconciliation of revenue and segment operating income by reportable segment to consolidated results and was derived from the segments’ internal financial information as used for corporate management purposes (in thousands) : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenues: Portfolio purchasing and recovery $ 278,914 $ 264,800 $ 839,358 $ 775,476 Tax lien business 8,882 8,482 24,457 20,742 $ 287,796 $ 273,282 $ 863,815 $ 796,218 Operating income: Portfolio purchasing and recovery $ 43,929 $ 91,470 $ 239,234 $ 256,756 Tax lien business 3,951 3,794 10,223 7,780 47,880 95,264 249,457 264,536 Depreciation and amortization (8,235 ) (6,933 ) (24,669 ) (19,879 ) Stock-based compensation (5,156 ) (4,009 ) (17,259 ) (13,560 ) Other expense (48,740 ) (44,030 ) (134,781 ) (124,870 ) (Loss) income before income taxes $ (14,251 ) $ 40,292 $ 72,748 $ 106,227 Additionally, assets are allocated to operating segments for management review. As of September 30, 2015 , total segment assets were $3.7 billion and $411.2 million for the portfolio purchasing and recovery segment and tax lien business segment, respectively. The following table presents information about geographic areas in which the Company operates (in thousands) : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenues (1) : Domestic $ 179,059 $ 189,857 $ 560,376 $ 560,982 International 108,737 83,425 303,439 235,236 $ 287,796 $ 273,282 $ 863,815 $ 796,218 ________________________ (1) Revenues are attributed to countries based on location of customer.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets In accordance with authoritative guidance, goodwill is tested at the reporting unit level annually for impairment and in interim periods if certain events occur that indicate the fair value of a reporting unit may be below its carrying value. Goodwill was allocable to reporting units included in the Company’s reportable segments, as follows (in thousands): Portfolio Purchasing and Recovery Tax Lien Business Total Balance, December 31, 2014 $ 848,656 $ 49,277 $ 897,933 Goodwill acquired 64,534 — 64,534 Goodwill adjustment (1) 2,410 — 2,410 Effect of foreign currency translation (24,696 ) — (24,696 ) Balance, September 30, 2015 $ 890,904 $ 49,277 $ 940,181 ______________________ (1) During the first quarter of 2015, the Company completed the valuation study related to the Atlantic Acquisition. Based on the valuation study, the Company has determined that there were additional tax related obligations assumed at the time of the Atlantic Acquisition of approximately $2.4 million . As a result, the goodwill balance was increased by approximately $2.4 million . The Company’s acquired intangible assets are summarized as follows (in thousands) : As of September 30, 2015 As of December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 5,816 $ (1,114 ) $ 4,702 $ 5,437 $ (743 ) $ 4,694 Developed technologies 8,260 (3,412 ) 4,848 8,353 (2,194 ) 6,159 Trade name and other 11,501 (3,502 ) 7,999 10,458 (1,709 ) 8,749 Other intangibles—indefinite lived 1,962 — 1,962 1,962 — 1,962 Total intangible assets $ 27,539 $ (8,028 ) $ 19,511 $ 26,210 $ (4,646 ) $ 21,564

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisitions In October 2015, the Company completed the acquisition of a controlling stake in Baycorp, one of Australasia's leading debt resolution specialists. The acquisition of Baycorp expands the Company’s operations into Australia and New Zealand and its global reach into 13 countries. Also in October 2015, the Company, through its subsidiaries, completed the acquisitions of two providers of credit management services in Spain. These acquisitions provide the Company with the ability to purchase and service debt portfolios in Spain. Cabot Senior Secured Floating Rate Notes On November 4, 2015, Cabot Credit Management Limited (“CCM”) announced that its 100% indirectly owned subsidiary Cabot Financial (Luxembourg) II S.A. (“Cabot Financial II”) had priced an offering of €310 million (approximately $339 million ) aggregate principal amount of Senior Secured Floating Rate Notes due 2021 (the “Notes”) with a coupon of three-month EURIBOR plus 5.875% in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States to certain non-U.S. persons pursuant to Regulation S under the Securities Act of 1933, as amended (the “Offering”). The Notes will be guaranteed on a senior secured basis by CCM, Cabot Financial Limited and all material subsidiaries of Cabot Financial Limited (other than Marlin Intermediate Holdings plc and Cabot Financial II). The Issuer expects that the net proceeds of the Offering, if completed, will be used to repay in full all amounts outstanding under the 2015 Senior Secured Bridge Facility and to partially repay drawings on the Cabot Credit Facility.

Ownership, Description of Bus23

Ownership, Description of Business, and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Portfolio Purchasing and Recovery	Portfolio Purchasing and Recovery United States The Company purchases receivable portfolios based on robust, account-level valuation methods and employs a suite of proprietary statistical and behavioral models across the full extent of its operations. These methods and models allow the Company to value portfolios accurately (and limit the risk of overpaying), avoid buying portfolios that are incompatible with its methods or goals and precisely align the accounts it purchases with its operational channels to maximize future collections. As a result, the Company has been able to realize significant returns from the receivables it acquires. The Company maintains strong relationships with many of the largest financial service providers in the United States. The Company uses insights discovered during its purchasing process to build account collection strategies. The Company’s proprietary consumer-level collectability analysis is the primary determinant of whether an account will be actively serviced post-purchase. The Company continuously refines this analysis to determine the most effective collection strategy to pursue for each account it owns. After its preliminary analysis, the Company seeks to collect on only a fraction of the accounts it purchases, through one or more of its collection channels. The channel identification process is analogous to a funneling system, where the Company first differentiates those consumers who it believes are not able to pay from those who are able to pay. Consumers who the Company believes are financially incapable of making any payments, facing extenuating circumstances or hardships (such as medical issues), serving in the military, or currently receiving social security as their only source of income are excluded from the next step of its collection process and are designated as inactive. The remaining pool of accounts in the funnel then receives further evaluation. At that point, the Company analyzes and determines a consumer’s perceived willingness to pay. Based on that analysis, the Company will pursue collections through letters and/or phone calls to its consumers. Despite its efforts to reach consumers and work out a settlement option, only a small number of consumers who are contacted choose to engage with the Company. Those who do are often offered deep discounts on their obligations, or are presented with payment plans that are better suited to meet their daily cash flow needs. The majority of contacted consumers, however, do not respond to the Company’s calls or letters, and therefore the Company must then make the difficult decision whether or not to pursue collections through legal means. The Company continually monitors applicable changes to laws governing statutes of limitations and disclosures to consumers. The Company maintains policies, system controls, and processes designed to ensure that accounts past the applicable statute of limitations do not get placed into legal collections. Additionally, in written and verbal communications with consumers, the Company provides disclosures to the consumer that the account is past its applicable statute of limitations and, therefore, the Company will not pursue collections through legal means. Europe Cabot: Through Cabot, portfolio receivables are purchased using a proprietary pricing model. This model allows Cabot to value portfolios with a high degree of accuracy and quantify portfolio performance in order to maximize future collections. As a result, Cabot has been able to realize significant returns from the assets it has acquired. Cabot maintains strong relationships with many of the largest financial service providers in the United Kingdom. Cabot also uses insights discovered during its purchasing process to build account-level collection strategies. Cabot’s proprietary consumer-level collectability analysis is a determinant of how an account will be serviced post-purchase. Cabot continuously refines this analysis to determine the most effective customer engagement strategy to pursue for each account it owns to ensure that customers are treated fairly and the most suitable engagement and collection strategy for each individual customer is deployed. Cabot has concentrated on buying high-balance financial services debt, both paying and non-paying. Cabot establishes contact with consumers, in order to convey payment arrangements and gauge the willingness of these consumers to continue to pay. Consumers who Cabot believes are financially incapable of making any payments, those having negative disposable income, or those experiencing hardships, are managed outside of normal collection routines. The remaining pool of accounts then receives further evaluation. Cabot analyzes and estimates a consumer’s perceived willingness to pay. Based on that analysis, Cabot tries to engage with customers through letters and/or phone calls. Where contact is made and consumers indicate a willingness to pay, a patient approach of forbearance is applied using regulatory protocols within the United Kingdom to assess affordability and ensure that plans are fair and balanced and therefore, sustainable. Where consumers cannot be located or refuse to engage in a constructive dialogue, Cabot will pass these accounts through a litigation scorecard and rule set in order to assess suitability for legal action. Through Cabot’s Marlin subsidiary, Cabot has a competitive advantage in the use of litigation-enhanced collections for non-paying accounts. Grove: Grove, through its subsidiaries and affiliates, is a leading specialty investment firm focused on consumer non-performing loans, including insolvencies (in particular, IVAs) in the United Kingdom and bank and non-bank receivables in Spain. Grove purchases portfolio receivables using a proprietary pricing model. This model allows Grove to value portfolios with a high degree of accuracy and quantify portfolio performance in order to maximize future collections. Latin America Refinancia is a market leader in debt collection and management in Colombia and Peru. In addition to purchasing defaulted receivables, Refinancia offers portfolio management services to banks for non-performing loans. Refinancia also specializes in non-traditional niches in Colombia, including providing financial solutions to individuals who have previously defaulted on their credit obligations, payment plan guarantee and factoring services through merchants and loan guarantee services to financial institutions. Beginning in December 2014 the Company began investing in non-performing secured residential mortgages in Latin America.
Tax Lien Business	Tax Lien Business Propel’s principal business is the acquisition and servicing of tax liens on residential and commercial real property. These liens take priority over most other liens, including mortgage liens. By funding unpaid property taxes, Propel provides state and local taxing authorities and governments with much needed tax revenue. To the extent permitted by local law, Propel works directly with property owners to structure affordable payment plans designed to allow them to keep their property while paying their property tax obligation over time. In such cases, Propel pays their tax lien obligation to the taxing authority, and the property owner pays Propel at a lower interest rate or over a longer period of time than the taxing authority would ordinarily permit. Propel also purchases tax liens directly from taxing authorities in various states. In many cases, these tax liens continue to be serviced by the taxing authority. When the taxing authority receives payment for the outstanding taxes, it pays Propel the outstanding balance of the lien plus interest, which is established by statute, negotiated at the time of the purchase, or determined by the bid Propel submitted to acquire the tax lien. Propel maintains a foreclosure rate of less than 0.5% .
Basis of Accounting	The accompanying interim condensed consolidated financial statements have been prepared by the Company, without audit, in accordance with the instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnotes necessary for a fair presentation of its consolidated financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States (“GAAP”).
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s financial statements and the accompanying notes. Actual results could materially differ from those estimates.
Basis of Consolidation	Basis of Consolidation The condensed consolidated financial statements have been prepared in conformity with GAAP, and reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company also consolidates VIEs, for which it is the primary beneficiary. The primary beneficiary has both (a) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance, and (b) either the obligation to absorb losses or the right to receive benefits. Refer to Note 11 , “Variable Interest Entities,” for further details. All intercompany transactions and balances have been eliminated in consolidation. On August 6, 2014, the Company acquired all of the outstanding equity interests of Atlantic Credit & Finance, Inc. (the “Atlantic Acquisition”), on February 7, 2014, Cabot completed the acquisition of Marlin (“the Marlin Acquisition”) and on June 1, 2015, Cabot completed the acquisition of dlc (the “dlc Acquisition”). The condensed consolidated financial statements include the results of operations of subsidiaries from mergers and acquisitions, since the date of the respective acquisitions.
Translation of Foreign Currencies	Translation of Foreign Currencies The financial statements of certain of the Company’s foreign subsidiaries are measured using their local currency as the functional currency. Assets and liabilities of foreign operations are translated into U.S. dollars using period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates in effect during each period. The resulting translation adjustments are recorded as a component of other comprehensive income or loss. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation adjustments and recorded within other comprehensive income or loss. Transaction gains and losses are included in other income or expense.
Reclassifications	Reclassifications Certain reclassifications have been made to the condensed consolidated financial statements to conform to the current year’s presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, “Amendments to the Consolidation Analysis.” This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (1) Modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; (2) Eliminate the presumption that a general partner should consolidate a limited partnership; (3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. ASU No. 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. This standard is not expected to have a significant impact to the Company’s financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”. This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU is effective beginning January 1, 2016, with early adoption permitted, and shall be applied retrospectively. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and footnotes disclosures. In August 2015, the FASB issued ASU No. 2015-15, “Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements — Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting” (“ASU 2015-15”), which clarifies the treatment of debt issuance costs from line-of-credit arrangements after the adoption of ASU 2015-03. In particular, ASU 2015-15 clarifies that the SEC would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 is effective immediately for both public business entities and non-public entities. The Company believes the adoption of ASU 2015-15 will not have a material effect on its consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”). ASU 2015-16 eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. ASU 2015-16 is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for any interim and annual financial statements that have not yet been issued. ASU 2015-16 is applied prospectively to adjustments to provisional amounts that occur after the effective date, i.e., ASU 2015-16 applies to open measurement periods, regardless of the acquisition date. The Company early adopted this standard in the third quarter of 2015. The adoption of this guidance did not have a material impact on its consolidated financial statements and footnotes disclosures.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares	A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands) : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Weighted average common shares outstanding—basic 25,450 25,879 25,800 25,811 Dilutive effect of stock-based awards — 410 265 684 Dilutive effect of convertible senior notes — 1,043 847 1,118 Dilutive effect of warrants — — — 9 Weighted average common shares outstanding—diluted 25,450 27,332 26,912 27,622

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2015
Hillesden Securities Ltd (dlc) [Member]
Business Acquisition [Line Items]
Schedule of Components of Purchase Price Allocation	The components of the preliminary purchase price allocation for the dlc Acquisition were as follows (in thousands) : Purchase price: Cash paid at acquisition $ 268,391 Deferred consideration 6,306 Total purchase price $ 274,697 Allocation of purchase price: Cash $ 30,518 Investment in receivable portfolios 215,988 Deferred court costs 760 Property and equipment 1,327 Other assets 2,384 Liabilities assumed (44,335 ) Identifiable intangible assets 3,670 Goodwill 64,385 Total net assets acquired $ 274,697

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands) : Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts $ — $ 715 $ — $ 715 Liabilities Foreign currency exchange contracts — (1,010 ) — (1,010 ) Temporary Equity Redeemable noncontrolling interests — — (26,934 ) (26,934 ) Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts $ — $ 768 $ — $ 768 Liabilities Foreign currency exchange contracts — (1,037 ) — (1,037 ) Temporary Equity Redeemable noncontrolling interests — — (28,885 ) (28,885 )
Change in Redeemable Noncontrolling Interests	The components of the change in the redeemable noncontrolling interests for the periods ended September 30, 2015 and December 31, 2014 are presented in the following table (in thousands) : Amount Balance at December 31, 2013 $ 26,564 Initial redeemable noncontrolling interest related to business combinations 4,997 Net loss attributable to redeemable noncontrolling interests (4,513 ) Adjustment of the redeemable noncontrolling interests to fair value 5,730 Effect of foreign currency translation attributable to redeemable noncontrolling interests (3,893 ) Balance at December 31, 2014 28,885 Net loss attributable to redeemable noncontrolling interests (316 ) Adjustment of the redeemable noncontrolling interests to fair value 1,323 Effect of foreign currency translation attributable to redeemable noncontrolling interests (2,958 ) Balance at September 30, 2015 $ 26,934

Derivatives and Hedging Instr27

Derivatives and Hedging Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Derivative Instruments as Recorded on Company's Consolidated Statements of Financial Condition	The following table summarizes the fair value of derivative instruments as recorded in the Company’s condensed consolidated statements of financial condition (in thousands) : September 30, 2015 December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Foreign currency exchange contracts Other liabilities $ (1,010 ) Other liabilities $ (1,037 ) Foreign currency exchange contracts Other assets 715 Other assets 768
Summary of Effects of Derivatives in Cash Flow Hedging Relationships in Company's Statements of Income	The following table summarizes the effects of derivatives in cash flow hedging relationships on the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (in thousands) : Gain or (Loss) Location of Gain Gain or (Loss) Location of Amount of Three Months Ended Three Months Ended Three Months Ended 2015 2014 2015 2014 2015 2014 Foreign currency exchange contracts $ (670 ) $ (429 ) Salaries and $ (153 ) $ (243 ) Other (expense) $ — $ — Foreign currency exchange contracts (126 ) (79 ) General and (28 ) (46 ) Other (expense) — — Gain or (Loss) Recognized in OCI- Effective Portion Location of Gain or (Loss) Reclassified from OCI into Income - Effective Portion Gain or (Loss) Reclassified from OCI into Income - Effective Portion Location of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing Nine Months Ended Nine Months Ended Nine Months Ended 2015 2014 2015 2014 2015 2014 Foreign currency exchange contracts $ (593 ) $ 2,215 Salaries and $ (468 ) $ (818 ) Other (expense) $ — $ — Foreign currency exchange contracts 24 242 General and (75 ) (143 ) Other (expense) — —

Investment in Receivable Port28

Investment in Receivable Portfolios, Net (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Summary of Accretable Yield and an Estimate of Zero Basis Future Cash Flows	The following table summarizes the Company’s accretable yield and an estimate of zero basis future cash flows at the beginning and end of the period presented (in thousands) : Accretable Yield Estimate of Zero Basis Cash Flows Total (7) December 31, 2014 $ 2,993,321 $ 66,392 $ 3,059,713 Revenue recognized, net (1) (248,539 ) (15,571 ) (264,110 ) Net additions on existing portfolios (2) 120,729 39,607 160,336 Additions for current purchases, net (2) 85,692 — 85,692 Balance at March 31, 2015 2,951,203 90,428 3,041,631 Revenue recognized, net (1) (243,425 ) (26,876 ) (270,301 ) Net additions on existing portfolios (2) 91,294 74,586 165,880 Additions for current purchases, net (2), (3) 395,032 — 395,032 Balance at June 30, 2015 3,194,104 138,138 3,332,242 Revenue recognized, net (1) (233,680 ) (31,843 ) (265,523 ) Net additions on existing portfolios (2), (4) (3,548 ) 117,918 114,370 Additions for current purchases, net (2) 149,255 — 149,255 Balance at September 30, 2015 $ 3,106,131 $ 224,213 $ 3,330,344 Accretable Yield Estimate of Zero Basis Cash Flows Total (7) Balance at December 31, 2013 $ 2,391,471 $ 8,465 $ 2,399,936 Revenue recognized, net (1) (231,057 ) (6,511 ) (237,568 ) Net additions on existing portfolios (2) 92,325 8,555 100,880 Additions for current purchases, net (2), (5) 591,205 — 591,205 Balance at March 31, 2014 2,843,944 10,509 2,854,453 Revenue recognized, net (1) (241,523 ) (6,708 ) (248,231 ) Net additions on existing portfolios (2) 80,582 6,135 86,717 Additions for current purchases, net (2) 218,047 — 218,047 Balance at June 30, 2014 2,901,050 9,936 2,910,986 Revenue recognized, net (1) (244,561 ) (7,224 ) (251,785 ) Net additions on existing portfolios (2) 161,622 54,184 215,806 Additions for current purchases, net (2), (6) 179,604 — 179,604 Balance at September 30, 2014 $ 2,997,715 $ 56,896 $ 3,054,611 ________________________ (1) Revenue recognized on Zero Basis Portfolios includes portfolio allowances and reversals. (2) Includes effect of foreign currency translation. (3) Includes $216.0 million of portfolios acquired in connection with the dlc Acquisition. (4) Includes impact of CFPB settlement of approximately $22.2 million . (5) Includes $208.5 million of portfolios acquired in connection with the Marlin Acquisition. (6) Includes $105.4 million of portfolios acquired in connection with the Atlantic Acquisition. (7) Estimated remaining collections and accretable yield include anticipated collections beyond the 120 month collection forecast for United States portfolios.
Summary of Changes in Balance of the Investment in Receivable Portfolios	The following tables summarize the changes in the balance of the investment in receivable portfolios during the following periods ( in thousands, except percentag es): Three Months Ended September 30, 2015 Accrual Basis Portfolios Cost Recovery Portfolios Zero Basis Portfolios Total Balance, beginning of period $ 2,343,864 $ 7,903 $ — $ 2,351,767 Purchases of receivable portfolios 187,180 — — 187,180 Gross collections (1) (388,822 ) (1,126 ) (31,805 ) (421,753 ) Put-backs and Recalls (2) (5,677 ) (1 ) (37 ) (5,715 ) Foreign currency adjustments (52,505 ) (1,273 ) — (53,778 ) Revenue recognized 240,039 — 28,745 268,784 Portfolio (allowance) reversals, net (3) (6,358 ) — 3,097 (3,261 ) Balance, end of period $ 2,317,721 $ 5,503 $ — $ 2,323,224 Revenue as a percentage of collections (4) 61.7 % 0.0 % 90.4 % 63.7 % Three Months Ended September 30, 2014 Accrual Basis Portfolios Cost Recovery Portfolios Zero Basis Portfolios Total Balance, beginning of period $ 1,978,493 $ 9,492 $ — $ 1,987,985 Purchases of receivable portfolios (5) 297,800 1,709 — 299,509 Transfer of portfolios (11,519 ) 11,519 — — Gross collections (1) (395,945 ) (4,056 ) (7,219 ) (407,220 ) Put-backs and Recalls (2) (1,530 ) (9 ) (5 ) (1,544 ) Foreign currency adjustments (55,869 ) (1,414 ) — (57,283 ) Revenue recognized 241,502 — 4,480 245,982 Portfolio allowance reversals, net 3,059 — 2,744 5,803 Balance, end of period $ 2,055,991 $ 17,241 $ — $ 2,073,232 Revenue as a percentage of collections (4) 61.0 % 0.0 % 62.1 % 60.4 % Nine Months Ended September 30, 2015 Accrual Basis Portfolios Cost Recovery Portfolios Zero Basis Portfolios Total Balance, beginning of period $ 2,131,084 $ 12,476 $ — $ 2,143,560 Purchases of receivable portfolios (6) 731,114 — — 731,114 Gross collections (1) (1,205,717 ) (4,351 ) (74,080 ) (1,284,148 ) Put-backs and Recalls (2) (9,652 ) (20 ) (229 ) (9,901 ) Foreign currency adjustments (54,753 ) (2,602 ) 20 (57,335 ) Revenue recognized 731,196 — 64,780 795,976 Portfolio (allowance) reversals, net (3) (5,551 ) — 9,509 3,958 Balance, end of period $ 2,317,721 $ 5,503 $ — $ 2,323,224 Revenue as a percentage of collections (4) 60.6 % 0.0 % 87.4 % 62.0 % Nine Months Ended September 30, 2014 Accrual Basis Portfolios Cost Recovery Portfolios Zero Basis Portfolios Total Balance, beginning of period $ 1,585,587 $ 4,662 $ — $ 1,590,249 Purchases of receivable portfolios (5), (7) 991,127 1,709 — 992,836 Transfer of portfolios (18,682 ) 18,682 — — Gross collections (1) (1,186,431 ) (6,305 ) (20,438 ) (1,213,174 ) Put-backs and Recalls (2) (10,353 ) (412 ) (5 ) (10,770 ) Foreign currency adjustments (22,398 ) (1,095 ) — (23,493 ) Revenue recognized 713,656 — 11,473 725,129 Portfolio allowance reversals, net 3,485 — 8,970 12,455 Balance, end of period $ 2,055,991 $ 17,241 $ — $ 2,073,232 Revenue as a percentage of collections (4) 60.2 % 0.0 % 56.1 % 59.8 % ________________________ (1) Does not include amounts collected on behalf of others. (2) Put-backs represent accounts that are returned to the seller in accordance with the respective purchase agreement (“Put-Backs”). Recalls represent accounts that are recalled by the seller in accordance with the respective purchase agreement (“Recalls”). (3) Portfolio allowance reversal, net includes a portfolio allowance of $8.3 million related to the CFPB settlement as discussed in Note 13, “Commitments and Contingencies.” (4) Revenue as a percentage of collections excludes the effects of net portfolio allowances or net portfolio allowance reversals. (5) Includes $105.4 million acquired in connection with the Atlantic Acquisition in August 2014. (6) Includes $216.0 million acquired in connection with the dlc Acquisition in June 2015. (7) Includes $208.5 million acquired in connection with the Marlin Acquisition in February 2014.
Summary of Change in the Valuation Allowance for Investment in Receivable Portfolios	The following table summarizes the change in the valuation allowance for investment in receivable portfolios during the periods presented (in thousands) : Valuation Allowance Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period $ 68,454 $ 86,428 $ 75,673 $ 93,080 Provision for portfolio allowances 8,322 — 8,322 — Reversal of prior allowances (5,061 ) (5,803 ) (12,280 ) (12,455 ) Balance at end of period $ 71,715 $ 80,625 $ 71,715 $ 80,625

Deferred Court Costs, Net (Tabl

Deferred Court Costs, Net (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Court Costs	Deferred Court Costs for the five-year deferral period consist of the following as of the dates presented (in thousands) : September 30, December 31, Court costs advanced $ 615,002 $ 546,271 Court costs recovered (232,028 ) (206,287 ) Court costs reserve (308,920 ) (279,572 ) $ 74,054 $ 60,412
Schedule of Court Cost Reserve	A roll forward of the Company’s court cost reserve is as follows (in thousands) : Court Cost Reserve Three Months Ended Nine Months Ended 2015 2014 2015 2014 Balance at beginning of period $ (298,955 ) $ (243,832 ) $ (279,572 ) $ (210,889 ) Provision for court costs (22,434 ) (18,127 ) (59,897 ) (51,038 ) Net down of reserve after 60 months 11,924 — 30,284 — Effect of foreign currency translation 545 178 265 146 Balance at end of period $ (308,920 ) $ (261,781 ) $ (308,920 ) $ (261,781 )

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Components of Other Assets	Other assets consist of the following (in thousands) : September 30, December 31, Prepaid income taxes $ 40,611 $ — Debt issuance costs, net of amortization 36,415 38,504 Prepaid expenses 33,141 21,427 Interest receivable 20,525 12,187 Identifiable intangible assets, net 19,511 21,564 Deferred tax assets 14,604 33,716 Service fee receivables 10,688 7,864 Other financial receivables 9,382 7,467 Receivable from seller 6,987 7,357 Security deposits 4,334 3,617 Recoverable legal fees 2,794 2,905 Funds held in escrow — 16,889 Other 30,705 24,169 $ 229,697 $ 197,666

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Instrument [Line Items]
Schedule of Obligation Under Borrowings	The Company is in compliance with all covenants under its financing arrangements. The components of the Company’s consolidated debt and capital lease obligations were as follows (in thousands) : September 30, December 31, Encore revolving credit facility $ 576,000 $ 505,000 Encore term loan facility 140,141 146,023 Encore senior secured notes 32,500 43,750 Encore convertible notes 448,500 448,500 Less: Debt discount (44,255 ) (51,202 ) Propel facilities 154,460 84,229 Propel securitized notes 71,923 104,247 Cabot senior secured notes 1,045,143 1,076,952 Add: Debt premium 57,387 67,259 Cabot senior revolving credit facility 242,751 86,368 Cabot senior secured bridge facility 136,323 — Preferred equity certificates 220,304 208,312 Capital lease obligations 10,574 15,331 Other 24,693 38,785 $ 3,116,444 $ 2,773,554
Schedule of Convertible Notes - Interest Rates, Hedging, Liability and Equity Components	The balances of the liability and equity components of all of the Convertible Notes outstanding were as follows (in thousands) : September 30, December 31, Liability component—principal amount $ 448,500 $ 448,500 Unamortized debt discount (44,255 ) (51,202 ) Liability component—net carrying amount $ 404,245 $ 397,298 Equity component $ 57,428 $ 55,236 The debt and equity components, the issuance costs related to the equity component, the stated interest rate, and the effective interest rate for each of the Convertible Notes are listed below (in thousands, except percentages) : 2017 Convertible Notes 2020 Convertible Notes 2021 Convertible Notes Debt component $ 100,298 $ 140,271 $ 143,604 Equity component $ 14,702 $ 32,229 $ 17,396 Equity issuance cost $ 788 $ 1,113 $ 575 Stated interest rate 3.000 % 3.000 % 2.875 % Effective interest rate 6.000 % 6.350 % 4.700 % Certain key terms related to the convertible features for each of the Convertible Notes as of September 30, 2015 are listed below. 2017 Convertible Notes 2020 Convertible Notes 2021 Convertible Notes Initial conversion price $ 31.56 $ 45.72 $ 59.39 Closing stock price at date of issuance $ 25.66 $ 33.35 $ 47.51 Closing stock price date November 27, 2012 June 24, 2013 March 5, 2014 Conversion rate (shares per $1,000 principal amount) 31.6832 21.8718 16.8386 Conversion date (1) May 27, 2017 January 1, 2020 September 15, 2020 _______________________ (1) 2017 Convertible Notes became convertible on January 2, 2014, as certain early conversion events were satisfied. Refer to “Conversion and Earnings Per Share Impact” section below for further details. The details of the hedge program for each of the Convertible Notes are listed below (in thousands, except conversion price) : 2017 Convertible Notes 2020 Convertible Notes 2021 Convertible Notes Cost of the hedge transaction(s) $ 50,595 $ 18,113 $ 19,545 Initial conversion price $ 31.56 $ 45.72 $ 59.39 Effective conversion price $ 60.00 $ 61.55 $ 83.14
Cabot and Marlin Acquisitions [Member]
Debt Instrument [Line Items]
Interest Expense	Interest expense related to the Cabot Notes and Marlin Bonds was as follows (in thousands) : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest expense—stated coupon rate $ 24,394 $ 26,239 $ 72,395 $ 72,099 Interest income—accretion of debt premium (2,771 ) (2,760 ) (7,978 ) (7,565 ) Total interest expense—Cabot Notes and Marlin Bonds $ 21,623 $ 23,479 $ 64,417 $ 64,534
Convertible Notes [Member]
Debt Instrument [Line Items]
Interest Expense	Interest expense related to the convertible notes was as follows (in thousands) : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest expense—stated coupon rate $ 3,315 $ 3,316 $ 9,915 $ 9,080 Interest expense—amortization of debt discount 2,359 2,228 6,947 6,164 Total interest expense—convertible notes $ 5,674 $ 5,544 $ 16,862 $ 15,244

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of Effective Tax Rates	The effective tax rates for the respective periods are shown below: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Federal (benefit) provision (35.0 )% 35.0 % 35.0 % 35.0 % State (benefit) provision (4.4 )% 3.8 % 4.4 % 3.8 % International benefit (1) (23.4 )% (8.7 )% (8.8 )% (5.0 )% Permanent items (2) 1.7 % 5.7 % 1.0 % 4.1 % Tax effect of CFPB / regulatory charges 27.6 % 0.0 % 5.4 % 0.0 % Other (3) (0.8 )% (10.6 )% 0.1 % (4.0 )% Effective rate (34.3 )% 25.2 % 37.1 % 33.9 % ________________________ (1) Relates primarily to lower tax rates on income attributable to international operations. (2) Represents a provision for nondeductible items. (3) Includes the effect of discrete items and reserves taken for a certain tax position adopted by the Company.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Reconciliation of Revenue and Operating Income from Segments to Consolidated	The following table provides a reconciliation of revenue and segment operating income by reportable segment to consolidated results and was derived from the segments’ internal financial information as used for corporate management purposes (in thousands) : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenues: Portfolio purchasing and recovery $ 278,914 $ 264,800 $ 839,358 $ 775,476 Tax lien business 8,882 8,482 24,457 20,742 $ 287,796 $ 273,282 $ 863,815 $ 796,218 Operating income: Portfolio purchasing and recovery $ 43,929 $ 91,470 $ 239,234 $ 256,756 Tax lien business 3,951 3,794 10,223 7,780 47,880 95,264 249,457 264,536 Depreciation and amortization (8,235 ) (6,933 ) (24,669 ) (19,879 ) Stock-based compensation (5,156 ) (4,009 ) (17,259 ) (13,560 ) Other expense (48,740 ) (44,030 ) (134,781 ) (124,870 ) (Loss) income before income taxes $ (14,251 ) $ 40,292 $ 72,748 $ 106,227
Schedule of Geographical Areas of Which Company Operates	The following table presents information about geographic areas in which the Company operates (in thousands) : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenues (1) : Domestic $ 179,059 $ 189,857 $ 560,376 $ 560,982 International 108,737 83,425 303,439 235,236 $ 287,796 $ 273,282 $ 863,815 $ 796,218 ________________________ (1) Revenues are attributed to countries based on location of customer.

Goodwill and Identifiable Int34

Goodwill and Identifiable Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Reportable Segments by Reporting Units	Goodwill was allocable to reporting units included in the Company’s reportable segments, as follows (in thousands): Portfolio Purchasing and Recovery Tax Lien Business Total Balance, December 31, 2014 $ 848,656 $ 49,277 $ 897,933 Goodwill acquired 64,534 — 64,534 Goodwill adjustment (1) 2,410 — 2,410 Effect of foreign currency translation (24,696 ) — (24,696 ) Balance, September 30, 2015 $ 890,904 $ 49,277 $ 940,181 ______________________ (1) During the first quarter of 2015, the Company completed the valuation study related to the Atlantic Acquisition. Based on the valuation study, the Company has determined that there were additional tax related obligations assumed at the time of the Atlantic Acquisition of approximately $2.4 million . As a result, the goodwill balance was increased by approximately $2.4 million .
Summary of Acquired Intangible Assets	The Company’s acquired intangible assets are summarized as follows (in thousands) : As of September 30, 2015 As of December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 5,816 $ (1,114 ) $ 4,702 $ 5,437 $ (743 ) $ 4,694 Developed technologies 8,260 (3,412 ) 4,848 8,353 (2,194 ) 6,159 Trade name and other 11,501 (3,502 ) 7,999 10,458 (1,709 ) 8,749 Other intangibles—indefinite lived 1,962 — 1,962 1,962 — 1,962 Total intangible assets $ 27,539 $ (8,028 ) $ 19,511 $ 26,210 $ (4,646 ) $ 21,564

Ownership, Description of Bus35

Ownership, Description of Business, and Summary of Significant Accounting Policies - Additional Information (Detail) - country	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Tax Liens, Real Estate [Abstract]
Property tax liens, collections from foreclosure, percentage of properties (less than)	0.50%
Subsequent event [Member]
Subsequent Event [Line Items]
Number of countries in which Company operates		13

Earnings (Loss) Per Share - Rec

Earnings (Loss) Per Share - Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Weighted average common shares outstanding—basic (in shares)	25,450	25,879	25,800	25,811
Dilutive effect of stock-based awards (in shares)	0	410	265	684
Dilutive effect of convertible senior notes (in shares)	0	1,043	847	1,118
Dilutive effect of warrants (in shares)	0	0	0	9
Weighted average common shares outstanding—diluted (in shares)	25,450	27,332	26,912	27,622

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended	9 Months Ended
	May. 31, 2015	May. 31, 2014	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Aug. 12, 2015	Apr. 24, 2014	Mar. 05, 2014	Jun. 24, 2013	Nov. 27, 2012
Equity, Treasury Stock, Stock Repurchase Program [Line Items]
Stock repurchase program, amount authorized						$ 50,000,000	$ 50,000,000
Stock repurchased during period (shares)	839,295	400,000
Stock repurchased during period (value)	$ 33,200,000	$ 16,800,000
Dilutive and Anti-dilutive Securities [Abstract]
Anti-dilutive securities, employee stock options excluded from EPS			0	0	0
2017 Convertible Senior Notes [Member]
Dilutive and Anti-dilutive Securities [Abstract]
Debt component				$ 115,000,000
Conversion price (in dollars per share)				$ 31.56						$ 31.56
2017 Convertible Senior Notes [Member] | Adjusted Debt Conversion Rate Following Hedge Transactions [Member]
Dilutive and Anti-dilutive Securities [Abstract]
Conversion price (in dollars per share)				$ 60
2020 Convertible Senior Notes [Member]
Dilutive and Anti-dilutive Securities [Abstract]
Debt component				$ 172,500,000
Conversion price (in dollars per share)				$ 45.72					$ 45.72
2020 Convertible Senior Notes [Member] | Adjusted Debt Conversion Rate Following Hedge Transactions [Member]
Dilutive and Anti-dilutive Securities [Abstract]
Conversion price (in dollars per share)				$ 61.55
2021 Convertible Senior Notes [Member]
Dilutive and Anti-dilutive Securities [Abstract]
Debt component				$ 161,000,000
Conversion price (in dollars per share)				$ 59.39				$ 59.39
2021 Convertible Senior Notes [Member] | Adjusted Debt Conversion Rate Following Hedge Transactions [Member]
Dilutive and Anti-dilutive Securities [Abstract]
Conversion price (in dollars per share)				$ 83.14

Business Combinations - Compone

Business Combinations - Components of Purchase Price Allocation (Detail) $ in Thousands, £ in Millions	Jun. 01, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 01, 2015GBP (£)	Dec. 31, 2014USD ($)
Allocation of purchase price:
Goodwill		$ 940,181	$ 940,181		$ 897,933
Hillesden Securities Ltd (dlc) [Member]
Business Acquisition [Line Items]
Cash paid at acquisition	$ 268,391
Deferred consideration	6,306
Total purchase price	274,697
Allocation of purchase price:
Cash	30,518
Investment in receivable portfolios	215,988
Deferred court costs	760
Property and equipment	1,327
Other assets	2,384
Liabilities assumed	(44,335)
Identifiable intangible assets	3,670
Goodwill	64,385
Total net assets acquired	$ 274,697			£ 180.6
Acquisition and integration costs		100	2,800
Revenue of acquiree recognized since acquisition date		11,700	16,100
Net income of acquiree recognized since acquisition date		$ 2,300	$ 3,800

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Temporary Equity
Redeemable noncontrolling interests	$ (26,934)	$ (28,885)
Foreign Exchange Contract [Member] | Other Assets [Member]
Assets
Foreign currency exchange contracts	715	768
Foreign Exchange Contract [Member] | Other Liabilities [Member]
Liabilities
Foreign currency exchange contracts	(1,010)	(1,037)
Level 1 [Member]
Temporary Equity
Redeemable noncontrolling interests	0	0
Level 1 [Member] | Foreign Exchange Contract [Member] | Other Assets [Member]
Assets
Foreign currency exchange contracts	0	0
Level 1 [Member] | Foreign Exchange Contract [Member] | Other Liabilities [Member]
Liabilities
Foreign currency exchange contracts	0	0
Level 2 [Member]
Temporary Equity
Redeemable noncontrolling interests	0	0
Level 2 [Member] | Foreign Exchange Contract [Member] | Other Assets [Member]
Assets
Foreign currency exchange contracts	715	768
Level 2 [Member] | Foreign Exchange Contract [Member] | Other Liabilities [Member]
Liabilities
Foreign currency exchange contracts	(1,010)	(1,037)
Level 3 [Member]
Temporary Equity
Redeemable noncontrolling interests	(26,934)	(28,885)
Level 3 [Member] | Foreign Exchange Contract [Member] | Other Assets [Member]
Assets
Foreign currency exchange contracts	0	0
Level 3 [Member] | Foreign Exchange Contract [Member] | Other Liabilities [Member]
Liabilities
Foreign currency exchange contracts	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Change in Redeemable Noncontrolling Interests (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Redeemable Noncontrolling Interests [Roll Forward]
Balance at beginning of period	$ 28,885	$ 26,564
Initial redeemable noncontrolling interest related to business combinations		4,997
Net loss attributable to redeemable noncontrolling interests	(316)	(4,513)
Adjustment of the redeemable noncontrolling interests to fair value	1,323	5,730
Effect of foreign currency translation attributable to redeemable noncontrolling interests	(2,958)	(3,893)
Balance at end of period	$ 26,934	$ 28,885

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)subsidiary	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2013USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fluctuation in cost to collect rate	1.00%		1.00%
Fluctuation in discount rate	1.00%		1.00%
Carrying value of investment in receivable portfolios	$ 2,323,224	$ 2,351,767	$ 2,143,560	$ 2,073,232	$ 1,987,985	$ 1,590,249
Convertible senior notes, carrying value	448,500		448,500
Unamortized debt discount	44,255		51,202
Fair value estimate of convertible senior notes incorporates quoted market prices	451,900		507,400
Senior secured notes, carrying value	32,500		43,750
Senior secured notes, debt premium	$ 57,387		67,259
Number of subsidiaries | subsidiary	2
Cabot and Marlin Acquisitions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, carrying value	$ 1,100,000		1,100,000
Senior secured notes, debt premium	$ 57,400		$ 67,300
United States [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market participant cost to collect	50.30%
Discount rate	12.00%
Increase or decrease of the fair value (100 basis points)	$ 41,200
Europe [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market participant cost to collect	30.00%
Discount rate	13.40%
Increase or decrease of the fair value (100 basis points)	$ 57,500

Derivatives and Hedging Instr42

Derivatives and Hedging Instruments - Additional Information (Detail) - Forward Contracts [Member] - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Derivative [Line Items]
Derivative instrument, notional amount	$ 43,800,000
Net derivative gain included in OCI expected to be reclassified into earnings	500,000
Gains or losses were reclassified from OCI into earnings	$ 0	$ 0

Derivatives and Hedging Instr43

Derivatives and Hedging Instruments - Summary of Fair Value of Derivative Instruments as Recorded in Company's Consolidated Statements of Financial Condition (Detail) - Fair Value, Measurements, Recurring [Member] - Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other Liabilities [Member]
Derivative [Line Items]
Foreign currency exchange contracts, liabilities	$ (1,010)	$ (1,037)
Other Assets [Member]
Derivative [Line Items]
Foreign currency exchange contracts, assets	715	768
Fair Value, Inputs, Level 2 [Member] | Other Liabilities [Member]
Derivative [Line Items]
Foreign currency exchange contracts, liabilities	(1,010)	(1,037)
Fair Value, Inputs, Level 2 [Member] | Other Assets [Member]
Derivative [Line Items]
Foreign currency exchange contracts, assets	$ 715	$ 768

Derivatives and Hedging Instr44

Derivatives and Hedging Instruments - Summary of Effects of Derivatives on Cash Flow Hedging Relationships in Company's Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Foreign Currency Exchange Contracts 1 [Member]
Derivative [Line Items]
Gain or (Loss) Recognized in OCI- Effective Portion	$ (670)	$ (429)	$ (593)	$ 2,215
Foreign Currency Exchange Contracts 1 [Member] | Salaries and Employee Benefits [Member]
Derivative [Line Items]
Gain or (Loss) Reclassified from OCI into Income - Effective Portion	(153)	(243)	(468)	(818)
Foreign Currency Exchange Contracts 1 [Member] | Other (expense) income [Member]
Derivative [Line Items]
Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing	0	0	0	0
Foreign Currency Exchange Contracts 2 [Member]
Derivative [Line Items]
Gain or (Loss) Recognized in OCI- Effective Portion	(126)	(79)	24	242
Foreign Currency Exchange Contracts 2 [Member] | General and Administrative Expenses [Member]
Derivative [Line Items]
Gain or (Loss) Reclassified from OCI into Income - Effective Portion	(28)	(46)	(75)	(143)
Foreign Currency Exchange Contracts 2 [Member] | Other (expense) income [Member]
Derivative [Line Items]
Amount of Gain or (Loss) Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing	$ 0	$ 0	$ 0	$ 0

Investment in Receivable Port45

Investment in Receivable Portfolios, Net - Additional Information (Detail) - USD ($)	3 Months Ended						6 Months Ended	9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
Collection forecast estimated on receivable portfolios				120 months				120 months
Income recognized under cost recovery method								$ 0
Purchase price of receivable portfolios	$ 187,180,000			$ 299,509,000				731,114,000	$ 992,836,000
Face value of receivable portfolios	$ 2,100,000,000			$ 4,000,000,000				$ 8,700,000,000	$ 11,300,000,000
Purchase cost as a percentage of face value	9.00%			7.50%				8.40%	8.80%
Estimated future collections at acquisition for receivable portfolios	$ 336,400,000			$ 606,300,000				$ 1,300,000,000	$ 2,000,000,000
Revenue recognized, net	265,523,000	$ 270,301,000	$ 264,110,000	251,785,000	$ 248,231,000	$ 237,568,000		799,934,000	737,584,000
Portfolio allowance	71,715,000	68,454,000		80,625,000	86,428,000		$ 86,428,000	71,715,000	80,625,000	$ 75,673,000	$ 93,080,000
Estimate of Zero Basis Cash Flows [Member]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
Revenue recognized, net	31,843,000	$ 26,876,000	$ 15,571,000	$ 7,224,000	$ 6,708,000	$ 6,511,000		74,300,000	$ 20,400,000
Consent order, Consumer Finance Protection Bureau [Member]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
CFPB settlement of future cash flows	22,200,000							22,200,000
Portfolio allowance	8,300,000							8,300,000
Hillesden Securities Ltd (dlc) [Member]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
Investment in receivable portfolios	216,000,000							216,000,000
Marlin [Member]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
Investment in receivable portfolios	208,500,000							208,500,000
Atlantic Credit and Finance, Inc. [Member]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
Investment in receivable portfolios	$ 105,400,000							$ 105,400,000
Minimum [Member]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
Collection forecast estimated on receivable portfolios							84 months
Maximum [Member]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net [Line Items]
Collection forecast estimated on receivable portfolios							96 months

Investment in Receivable Port46

Investment in Receivable Portfolios, Net - Summary of Accretable Yield and an Estimate of Zero Basis Future Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	$ 3,332,242	$ 3,041,631	$ 3,059,713	$ 2,910,986	$ 2,854,453	$ 2,399,936	$ 3,059,713	$ 2,399,936
Revenue recognized, net	(265,523)	(270,301)	(264,110)	(251,785)	(248,231)	(237,568)	(799,934)	(737,584)
Net additions on existing portfolios	114,370	165,880	160,336	215,806	86,717	100,880
Additions for current purchases, net	149,255	395,032	85,692	179,604	218,047	591,205
Balance at end of period	3,330,344	3,332,242	3,041,631	3,054,611	2,910,986	2,854,453	3,330,344	3,054,611
Accretable Yield [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	3,194,104	2,951,203	2,993,321	2,901,050	2,843,944	2,391,471	2,993,321	2,391,471
Revenue recognized, net	(233,680)	(243,425)	(248,539)	(244,561)	(241,523)	(231,057)
Net additions on existing portfolios	(3,548)	91,294	120,729	161,622	80,582	92,325
Additions for current purchases, net	149,255	395,032	85,692	179,604	218,047	591,205
Balance at end of period	3,106,131	3,194,104	2,951,203	2,997,715	2,901,050	2,843,944	3,106,131	2,997,715
Estimate of Zero Basis Cash Flows [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	138,138	90,428	66,392	9,936	10,509	8,465	66,392	8,465
Revenue recognized, net	(31,843)	(26,876)	(15,571)	(7,224)	(6,708)	(6,511)	(74,300)	(20,400)
Net additions on existing portfolios	117,918	74,586	39,607	54,184	6,135	8,555
Additions for current purchases, net	0	0	0	0	0	0
Balance at end of period	$ 224,213	$ 138,138	$ 90,428	$ 56,896	$ 9,936	$ 10,509	$ 224,213	$ 56,896

Investment in Receivable Port47

Investment in Receivable Portfolios, Net - Summary of Changes in Balance of Investment in Receivable Portfolios (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 2,351,767	$ 1,987,985	$ 2,143,560	$ 1,590,249
Purchases of receivable portfolios	187,180	299,509	731,114	992,836
Transfer of portfolios		0		0
Gross collections	(421,753)	(407,220)	(1,284,148)	(1,213,174)
Put-backs and Recalls	(5,715)	(1,544)	(9,901)	(10,770)
Foreign currency adjustments	(53,778)	(57,283)	(57,335)	(23,493)
Revenue recognized	268,784	245,982	795,976	725,129
Portfolio (allowance) reversals, net	(3,261)	5,803	3,958	12,455
Balance, end of period	$ 2,323,224	$ 2,073,232	$ 2,323,224	$ 2,073,232
Revenue as a percentage of collections	63.70%	60.40%	62.00%	59.80%
Portfolio allowance	$ 71,715	$ 80,625	$ 71,715	$ 80,625	$ 68,454	$ 75,673	$ 86,428	$ 93,080
Consent order, Consumer Finance Protection Bureau [Member]
Investment in Receivables Portfolio [Roll Forward]
Portfolio allowance	8,300		8,300
Hillesden Securities Ltd (dlc) [Member]
Investment in Receivables Portfolio [Roll Forward]
Investment in receivable portfolios	216,000		216,000
Marlin [Member]
Investment in Receivables Portfolio [Roll Forward]
Investment in receivable portfolios	208,500		208,500
Atlantic Credit and Finance, Inc. [Member]
Investment in Receivables Portfolio [Roll Forward]
Investment in receivable portfolios	105,400		105,400
Accrual Basis Portfolios [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	2,343,864	1,978,493	2,131,084	1,585,587
Purchases of receivable portfolios	187,180	297,800	731,114	991,127
Transfer of portfolios		(11,519)		(18,682)
Gross collections	(388,822)	(395,945)	(1,205,717)	(1,186,431)
Put-backs and Recalls	(5,677)	(1,530)	(9,652)	(10,353)
Foreign currency adjustments	(52,505)	(55,869)	(54,753)	(22,398)
Revenue recognized	240,039	241,502	731,196	713,656
Portfolio (allowance) reversals, net	(6,358)	3,059	(5,551)	3,485
Balance, end of period	$ 2,317,721	$ 2,055,991	$ 2,317,721	$ 2,055,991
Revenue as a percentage of collections	61.70%	61.00%	60.60%	60.20%
Cost Recovery Portfolios [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 7,903	$ 9,492	$ 12,476	$ 4,662
Purchases of receivable portfolios	0	1,709	0	1,709
Transfer of portfolios		11,519		18,682
Gross collections	(1,126)	(4,056)	(4,351)	(6,305)
Put-backs and Recalls	(1)	(9)	(20)	(412)
Foreign currency adjustments	(1,273)	(1,414)	(2,602)	(1,095)
Revenue recognized	0	0	0	0
Portfolio (allowance) reversals, net	0	0	0	0
Balance, end of period	$ 5,503	$ 17,241	$ 5,503	$ 17,241
Revenue as a percentage of collections	0.00%	0.00%	0.00%	0.00%
Zero Basis Portfolios [Member]
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 0	$ 0	$ 0	$ 0
Purchases of receivable portfolios	0	0	0	0
Transfer of portfolios		0		0
Gross collections	(31,805)	(7,219)	(74,080)	(20,438)
Put-backs and Recalls	(37)	(5)	(229)	(5)
Foreign currency adjustments	0	0	20	0
Revenue recognized	28,745	4,480	64,780	11,473
Portfolio (allowance) reversals, net	3,097	2,744	9,509	8,970
Balance, end of period	$ 0	$ 0	$ 0	$ 0
Revenue as a percentage of collections	90.40%	62.10%	87.40%	56.10%

Investment in Receivable Port48

Investment in Receivable Portfolios, Net - Summary of Change in Valuation Allowance for Investment in Receivable Portfolios (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Valuation Allowance for Investment in Receivable Portfolios [Roll Forward]
Balance at beginning of period	$ 68,454	$ 86,428	$ 75,673	$ 93,080
Provision for portfolio allowances	8,322	0	8,322	0
Reversal of prior allowances	(5,061)	(5,803)	(12,280)	(12,455)
Balance at end of period	$ 71,715	$ 80,625	$ 71,715	$ 80,625

Deferred Court Costs, Net - Sch

Deferred Court Costs, Net - Schedule of Deferred Court Costs (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred court costs, not recovered, term prior to write off	5 years
Court costs advanced	$ 615,002		$ 546,271
Court costs recovered	(232,028)		(206,287)
Court costs reserve	(308,920)	$ (298,955)	(279,572)	$ (261,781)	$ (243,832)	$ (210,889)
Deferred court costs, net	$ 74,054		$ 60,412

Deferred Court Costs, Net - S50

Deferred Court Costs, Net - Schedule of Court Cost Reserve (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets [Roll Forward]
Balance at beginning of period	$ (298,955)	$ (243,832)	$ (279,572)	$ (210,889)
Provision for court costs	(22,434)	(18,127)	(59,897)	(51,038)
Net down of reserve after 60 months	11,924	0	30,284	0
Effect of foreign currency translation	545	178	265	146
Balance at end of period	$ (308,920)	$ (261,781)	$ (308,920)	$ (261,781)

Receivables Secured by Proper51

Receivables Secured by Property Tax Liens, Net (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	May. 06, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables secured by property tax liens, non-accrual basis	$ 700,000	$ 0
Property tax liens, collections from foreclosure, percentage of properties (less than)	0.50%
Receivables secured by tax liens, typical redemption period	84 months
Receivables secured by property tax liens, net	$ 297,592,000	259,432,000
Variable Interest Entities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables secured by property tax liens, net	$ 88,206,000	$ 108,535,000
Texas [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables secured by property tax liens, net			$ 141,500,000
Receivable secured by property tax liens, principal amount			$ 134,000,000
Debt instrument, stated interest rate			1.44%

Other Assets - Components of Ot

Other Assets - Components of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid income taxes	$ 40,611	$ 0
Debt issuance costs, net of amortization	36,415	38,504
Prepaid expenses	33,141	21,427
Interest receivable	20,525	12,187
Identifiable intangible assets, net	19,511	21,564
Deferred tax assets	14,604	33,716
Service fee receivables	10,688	7,864
Other financial receivables	9,382	7,467
Receivable from seller	6,987	7,357
Security deposits	4,334	3,617
Recoverable legal fees	2,794	2,905
Funds held in escrow	0	16,889
Other	30,705	24,169
Total other assets	$ 229,697	$ 197,666

Debt - Components of Debt (Deta

Debt - Components of Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Revolving credit facility	$ 576,000	$ 505,000
Encore term loan facility	140,141	146,023
Senior secured notes	32,500	43,750
Encore convertible notes	448,500	448,500
Less: Debt discount	(44,255)	(51,202)
Add: Debt premium	57,387	67,259
Preferred equity certificates	220,304	208,312
Capital lease obligations	10,574	15,331
Debt and capital lease obligations, total	3,116,444	2,773,554
Other [Member]
Debt Instrument [Line Items]
Other	24,693	38,785
Cabot Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility	242,751	86,368
Propel facilities [Member]
Debt Instrument [Line Items]
Revolving credit facility	154,460	84,229
Propel securitized notes [Member]
Debt Instrument [Line Items]
Senior secured notes	71,923	104,247
Cabot Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior secured notes	1,045,143	1,076,952
Cabot Senior Secured Notes [Member] | Senior Secured Bridge Facility [Member]
Debt Instrument [Line Items]
Senior secured notes	$ 136,323	$ 0

Debt - Encore Revolving Credit

Debt - Encore Revolving Credit Facility and Term Loan Facility (Detail)	Jul. 09, 2015USD ($)subtranche	Sep. 30, 2015USD ($)	Sep. 30, 2014	Sep. 30, 2015USD ($)	Sep. 30, 2014	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Term loan facility		$ 140,141,000		$ 140,141,000		$ 146,023,000
Percentage to be added to base rate for alternate base rate (percent)	0.50%
Percentage to be added to adjusted base rate for alternate base rate (percent)	1.00%
Borrowing base as percentage of eligible estimated collection range start (percent)	30.00%
Borrowing base as percentage of eligible estimated collection range end (percent)	35.00%
Percentage of eligible estimated remaining collections (percent)	33.00%
Eligible estimated remaining collections for consumer receivables (percent)	55.00%
Percentage of multiplying factor (percent)	95.00%
Maximum cash flow leverage ratio	250.00%
Maximum cash flow secured leverage ratio	200.00%
Allowance of additional unsecured indebtedness	$ 1,100,000,000
Company's repurchases, common stock	$ 150,000,000
Percentage of acquisitions excluded	50.00%
Acquisition limit	$ 225,000,000
Credit facility, provision, investments not to exceed maximum percentage of consolidated net worth (percent)	200.00%
Amount outstanding		$ 716,100,000		$ 716,100,000
Weighted average interest rate (percent)		3.25%	2.95%	3.12%	2.92%
Minimum [Member]
Debt Instrument [Line Items]
Maximum cash flow leverage ratio	125.00%
Term Loan [Member]
Debt Instrument [Line Items]
Term loan facility	$ 153,800,000
Term Loan Subtranche One [Member]
Debt Instrument [Line Items]
Term loan facility	$ 60,000,000
Line of credit facility expiration date	Feb. 28, 2017
Principal amount amortized, 2015	$ 3,000,000
Principal amount amortized, 2016	$ 4,500,000
Term Loan Subtranche One [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Term Loan Subtranche One [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Term Loan Subtranche One [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Term Loan Subtranche One [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Term loan Subtranche Two [Member]
Debt Instrument [Line Items]
Term loan facility	$ 6,300,000
Line of credit facility expiration date	Nov. 3, 2017
Principal amount amortized, 2015	$ 500,000
Principal amount amortized, 2016	600,000
Principal amount amortized, 2017	$ 500,000
Term loan Subtranche Two [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Term loan Subtranche Two [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Term loan Subtranche Two [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Term loan Subtranche Two [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Term Loan One [Member]
Debt Instrument [Line Items]
Term loan facility	$ 87,500,000
Debt instrument, term	5 years
Principal amount amortized, 2015	$ 4,400,000
Principal amount amortized, 2016	6,600,000
Principal amount amortized, 2017	8,800,000
Principal amount amortized, 2018	$ 8,800,000
Term Loan One [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Term Loan One [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Term Loan One [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Term Loan One [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility	$ 692,600,000
Additional line of revolving credit facility	$ 250,000,000
Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity including accordion agreement after amendment	$ 1,100,000,000
Line of credit facility expiration date	Feb. 28, 2019
Debt Instrument, number of subtranches | subtranche	2

Debt - Encore Senior Secured No

Debt - Encore Senior Secured Notes (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)agreement	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Securitized notes	$ 32,500,000	$ 43,750,000
Basis spread over the current Treasury Rate (percent)	0.50%
Number of agreements | agreement	2
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior secured notes, aggregate amount	$ 75,000,000
2011 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior secured notes, aggregate amount	$ 25,000,000
Debt instrument, stated interest rate	7.375%
Senior secured notes, periodic principal repayment	$ 1,250,000
Securitized notes	12,500,000
2010 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior secured notes, aggregate amount	$ 50,000,000
Debt instrument, stated interest rate	7.75%
Senior secured notes, periodic principal repayment	$ 2,500,000
Securitized notes	$ 20,000,000

Debt - Encore Convertible Notes

Debt - Encore Convertible Notes (Details) $ / shares in Units, $ in Millions	Mar. 05, 2014$ / shares	Jun. 24, 2013$ / shares	Nov. 27, 2012$ / shares	Sep. 30, 2015$ / shares	Mar. 31, 2014USD ($)	Jul. 31, 2013USD ($)	Dec. 31, 2012USD ($)
2017 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate				3.00%
Initial conversion price (in dollars per share)			$ 31.56	$ 31.56
Closing stock price at date of issuance (in dollars per share)			$ 25.66
Conversion rate (shares per $1,000 principal amount)			31.6832
2020 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate				3.00%
Initial conversion price (in dollars per share)		$ 45.72		$ 45.72
Closing stock price at date of issuance (in dollars per share)		$ 33.35
Conversion rate (shares per $1,000 principal amount)		21.8718
2021 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate				2.875%
Initial conversion price (in dollars per share)	$ 59.39			$ 59.39
Closing stock price at date of issuance (in dollars per share)	$ 47.51
Conversion rate (shares per $1,000 principal amount)	16.8386
Convertible Notes [Member] | 2017 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount | $							$ 115
Debt instrument, stated interest rate							3.00%
Convertible Notes [Member] | 2020 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount | $						$ 172.5
Debt instrument, stated interest rate						3.00%
Convertible Notes [Member] | 2021 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount | $					$ 161
Debt instrument, stated interest rate					2.875%

Debt - Debt and Equity Componen

Debt - Debt and Equity Components and Issuance Costs of Convertible Notes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Equity component	$ 57,428	$ 55,236
2017 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt component	100,298
Equity component	14,702
Equity issuance cost	$ 788
Stated interest rate	3.00%
Effective interest rate (percent)	6.00%
2020 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt component	$ 140,271
Equity component	32,229
Equity issuance cost	$ 1,113
Stated interest rate	3.00%
Effective interest rate (percent)	6.35%
2021 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt component	$ 143,604
Equity component	17,396
Equity issuance cost	$ 575
Stated interest rate	2.875%
Effective interest rate (percent)	4.70%

Debt - Balances of Liability an

Debt - Balances of Liability and Equity Components (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Liability component—principal amount	$ 448,500	$ 448,500
Unamortized debt discount	(44,255)	(51,202)
Liability component—net carrying amount	404,245	397,298
Equity component	$ 57,428	$ 55,236

Debt - Interest Expense (Detail

Debt - Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Convertible Notes [Member]
Debt Instrument [Line Items]
Interest expense—stated coupon rate	$ 3,315	$ 3,316	$ 9,915	$ 9,080
Interest expense—amortization of debt discount	2,359	2,228	6,947	6,164
Total interest expense—convertible notes	5,674	5,544	16,862	15,244
Cabot and Marlin Acquisitions [Member]
Debt Instrument [Line Items]
Interest expense—stated coupon rate	24,394	26,239	72,395	72,099
Interest expense—amortization of debt discount	(2,771)	(2,760)	(7,978)	(7,565)
Total interest expense—convertible notes	$ 21,623	$ 23,479	$ 64,417	$ 64,534

Debt - Convertible Notes Hedge

Debt - Convertible Notes Hedge Transactions, Conversion and EPS Impact (Details) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Feb. 28, 2014USD ($)	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014shares	Dec. 31, 2013d	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014shares	Mar. 05, 2014$ / shares	Dec. 16, 2013$ / shares	Jun. 24, 2013$ / shares	Nov. 27, 2012$ / shares
Debt Instrument [Line Items]
Reclassifications of equity to temporary equity, debt conversion					$ 6,900
Dilutive effect of convertible senior notes (in shares) | shares		0	1,043		847	1,118
2017 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares		$ 31.56			$ 31.56					$ 31.56
Cost of the hedge transaction(s)					$ 50,595
Convertible debt, threshold of stock price trigger				130.00%
Convertible debt, threshold trading days | d				20
Convertible debt, threshold consecutive trading days				30 days
Convertible notes, fair value		$ 144,500			$ 144,500
2020 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares		$ 45.72			$ 45.72				$ 45.72
Cost of the hedge transaction(s)					$ 18,113
2021 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares		59.39			$ 59.39		$ 59.39
Cost of the hedge transaction(s)					$ 19,545
Hedging of Convertible Debt Instrument [Member] | 2017 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares		60			$ 60			$ 60		$ 44.19
Cost of the hedge transaction(s)	$ 27,900
Hedging of Convertible Debt Instrument [Member] | 2020 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares		61.55			61.55
Hedging of Convertible Debt Instrument [Member] | 2021 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares		$ 83.14			$ 83.14

Debt - Propel Facilities (Detai

Debt - Propel Facilities (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	May. 06, 2014	May. 02, 2014	May. 15, 2013
Debt Instrument [Line Items]
Credit facility, outstanding amount	$ 576,000,000		$ 576,000,000		$ 505,000,000
Weighted average interest rate (percent)	3.25%	2.95%	3.12%	2.92%
Receivables secured by property tax liens, net	$ 297,592,000		$ 297,592,000		259,432,000
Term loan facility	140,141,000		140,141,000		146,023,000
Securitized notes	32,500,000		32,500,000		43,750,000
Texas [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate						1.44%
Receivables secured by property tax liens, net						$ 141,500,000
Receivable secured by property tax liens, principal amount						$ 134,000,000
Propel Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate							5.50%
Term loan facility, outstanding	0		0
Convertible senior notes sold							$ 31,900,000
Receivables secured by property tax liens, net							$ 43,000,000
Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, collateral amount	88,200,000		88,200,000
Propel Facility I [Member]
Debt Instrument [Line Items]
Revolving credit facility	$ 80,000,000		$ 80,000,000
Borrowing base of the face value of the tax lien collateralized notes (percent)	90.00%		90.00%
Credit facility, outstanding amount	$ 63,000,000		$ 63,000,000
Weighted average interest rate (percent)	2.71%	3.15%	3.02%	3.34%
Propel Facility I [Member] | Federal funds rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Propel Facility I [Member] | One month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Propel Facility I [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			2.70%
Propel Facility I [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			3.20%
Propel Facility I [Member] | Accordion feature [Member]
Debt Instrument [Line Items]
Revolving credit facility	$ 20,000,000		$ 20,000,000
Propel Facility II, Amended [Member]
Debt Instrument [Line Items]
Revolving credit facility	150,000,000		150,000,000					$ 100,000,000
Additional draws	$ 0		$ 0
Debt instrument, extension period			1 year
Propel Facility II, Amended [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Propel Facility II, Amended [Member] | LIBOR [Member] | Following Expiration Date [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Debt instrument, stated interest rate	4.00%		4.00%
Propel Facility II [Member]
Debt Instrument [Line Items]
Credit facility, outstanding amount	$ 91,500,000		$ 91,500,000
Weighted average interest rate (percent)	2.40%	3.94%	2.43%	3.80%
Propel securitized notes [Member]
Debt Instrument [Line Items]
Securitized notes	$ 71,923,000		$ 71,923,000		$ 104,247,000

Debt - Cabot Senior Secured Not

Debt - Cabot Senior Secured Notes (Detail) $ in Thousands	Mar. 27, 2014USD ($)	Mar. 27, 2014GBP (£)	Sep. 30, 2015USD ($)	Sep. 30, 2015GBP (£)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Mar. 27, 2014GBP (£)	Aug. 02, 2013USD ($)	Aug. 02, 2013GBP (£)	Jul. 25, 2013USD ($)	Jul. 25, 2013GBP (£)	Sep. 20, 2012USD ($)	Sep. 20, 2012GBP (£)
Debt Instrument [Line Items]
Senior secured notes			$ 32,500			$ 43,750
Repayment of senior credit facility			466,745		$ 878,883
Repayment of preferred equity certificates, net			0		$ 702
Cabot Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior secured notes			1,045,143			$ 1,076,952
Cabot Corporation [Member]
Debt Instrument [Line Items]
Repayment of senior credit facility			113,800	£ 75,000,000
Cabot 2019 Notes [Member]
Debt Instrument [Line Items]
Senior secured notes												$ 438,400	£ 265,000,000
Debt instrument, stated interest rate												10.375%	10.375%
Cabot 2020 Notes [Member]
Debt Instrument [Line Items]
Senior secured notes								$ 151,700	£ 100,000,000
Debt instrument, stated interest rate								8.375%	8.375%
J Bridge PECs [Member]
Debt Instrument [Line Items]
Repayment of preferred equity certificates, net			$ 37,900	£ 25,000,000
Cabot 2021 Notes [Member]
Debt Instrument [Line Items]
Senior secured notes	$ 291,800						£ 175,000,000
Debt instrument, stated interest rate	6.50%						6.50%
Repayment of senior credit facility	$ 174,800	£ 105,000,000
Debt issuance cost	$ 7,500
Senior Secured Notes Due 2020 [Member] | Marlin Acquisition [Member]
Debt Instrument [Line Items]
Senior secured notes										$ 246,500	£ 150,000,000
Debt instrument, stated interest rate										10.50%	10.50%
Long-term debt, fair value										$ 284,200

Debt - Cabot Senior Revolving C

Debt - Cabot Senior Revolving Credit Facility and Senior Secured Bridge Facility (Detail) $ in Thousands	Jun. 01, 2015USD ($)	Feb. 05, 2015USD ($)	Feb. 05, 2015GBP (£)	Sep. 30, 2015USD ($)	Sep. 30, 2014	Sep. 30, 2015USD ($)	Sep. 30, 2014	Jun. 01, 2015GBP (£)	Feb. 05, 2015GBP (£)	Dec. 31, 2014USD ($)	Jun. 28, 2013USD ($)	Jun. 28, 2013GBP (£)	Sep. 20, 2012USD ($)	Sep. 20, 2012GBP (£)
Debt Instrument [Line Items]
Credit facility, outstanding amount				$ 576,000		$ 576,000				$ 505,000
Weighted average interest rate (percent)				3.25%	2.95%	3.12%	2.92%
Debt instrument, stated interest rate, minimum						0.00%
Senior secured notes				$ 32,500		$ 32,500				43,750
Cabot Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior secured notes				1,045,143		$ 1,045,143				1,076,952
Cabot Credit Agreement [Member]
Debt Instrument [Line Items]
Revolving credit facility													$ 82,700	£ 50,000,000
Cabot Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility		$ 298,100							£ 195,000,000		$ 140,600	£ 85,000,000
Line of credit facility, increase to maximum borrowing capacity, accordion provision | £									£ 55,000,000
Debt issuance cost		$ 4,100	£ 2,700,000
Debt instrument, term						5 years
Line of credit facility expiration date						Sep. 1, 2017
Basis spread on variable rate						3.50%
Maximum loan to value ratio						0.75%
Credit facility, outstanding amount				$ 242,751		$ 242,751				86,368
Weighted average interest rate (percent)				3.89%	4.55%	3.87%	4.36%
Cabot Credit Facility [Member] | Super Senior Loan [Member]
Debt Instrument [Line Items]
Maximum loan to value ratio						25.00%
Senior Secured Bridge Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility | £								£ 90,000,000
Debt issuance cost	$ 1,400
Debt instrument, term	1 year
Debt instrument, stated interest rate, minimum	1.00%
Senior Secured Bridge Facility [Member] | Cabot Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior secured notes				$ 136,323		$ 136,323				$ 0
Senior Secured Bridge Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	6.00%
Step up in basis spread on variable rate (percent)	0.50%
Increased basis spread on variable rate, interval period	3 months

Debt - Preferred Equity Certifi

Debt - Preferred Equity Certificates and Capital Lease Obligations (Details) $ in Thousands	Jul. 01, 2013USD ($)shares	Jul. 01, 2013GBP (£)shares	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Jul. 01, 2013GBP (£)
Debt Instrument [Line Items]
Preferred equity certificates | $			$ 220,304	$ 208,312
Capital lease obligations | $			$ 10,574	$ 15,331
Debt instrument, stated interest rate, minimum			0.00%
Debt instrument, stated interest rate, maximum			11.00%
Preferred Equity Certificate [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate			12.00%
Common Class A [Member]
Debt Instrument [Line Items]
Business combination number of shares still held by minority interest	100	100
Cabot Holdings [Member] | Common Class A [Member] | J C Flowers And Company Limited Liability Company [Member]
Debt Instrument [Line Items]
Business acquisition, number of shares acquired	100	100
Cabot Acquisition [Member]
Debt Instrument [Line Items]
Business acquisition, equity interest	50.10%				50.10%
Janus Holdings [Member]
Debt Instrument [Line Items]
Business combination, consideration transferred	$ 175,000	£ 115,100,000
Noncontrolling interest, ownership percentage	49.90%				49.90%
Janus Holdings [Member] | Common Class E [Member]
Debt Instrument [Line Items]
Business acquisition, number of shares acquired	3,498,563	3,498,563
Janus Holdings [Member] | E Bridge Preferred Equity Certificates [Member]
Debt Instrument [Line Items]
Business acquisition, face value	$ 15,500				£ 10,218,574
Janus Holdings [Member] | E Preferred Equity Certificates [Member]
Debt Instrument [Line Items]
Business acquisition, face value	$ 147,100				96,729,661
Janus Holdings [Member] | Cabot Holdings [Member] | Common Class J [Member] | J C Flowers And Company Limited Liability Company [Member]
Debt Instrument [Line Items]
Business combination number of shares still held by minority interest	3,484,597	3,484,597
Janus Holdings [Member] | Cabot Holdings [Member] | J Bridge PECs [Member] | J C Flowers And Company Limited Liability Company [Member]
Debt Instrument [Line Items]
Business acquisition, face value	$ 15,500				10,177,781
Janus Holdings [Member] | Cabot Holdings [Member] | J Preferred Equity Certificates [Member] | J C Flowers And Company Limited Liability Company [Member]
Debt Instrument [Line Items]
Equity certificates with a face value	$ 146,500				£ 96,343,515
Janus Holdings [Member] | Cabot Credit Management [Member]
Debt Instrument [Line Items]
Business acquisition, equity interest	50.10%				50.10%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 09, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Income Tax Contingency [Line Items]
Provision for income taxes, benefit (expense)		$ 4,887	$ (10,154)	$ (26,960)	$ (35,906)
Unrecognized tax benefit		48,000		48,000		$ 44,400
Net tax benefit from unrecognized tax benefits, if recognized		16,000		16,000		$ 12,700
Undistributed earnings, pre-tax		$ 9,800		18,300
Other business combinations [Member]
Income Tax Contingency [Line Items]
Unrecognized tax benefits, increase resulting from acquisition				$ 3,600
Costa Rica [Member] | Tax holiday through December 31, 2018 [Member]
Income Tax Contingency [Line Items]
Holiday tax rate				100.00%
Costa Rica [Member] | Subsequent four years from December 31, 2018 [Member]
Income Tax Contingency [Line Items]
Holiday tax rate				50.00%
Income tax holiday, term				4 years
Consent order, Consumer Finance Protection Bureau [Member]
Income Tax Contingency [Line Items]
Settlement of allegations, civil monetary penalty	$ (10,000)

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rates (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Federal (benefit) provision	(35.00%)	35.00%	35.00%	35.00%
State (benefit) provision	(4.40%)	3.80%	4.40%	3.80%
International benefit	(23.40%)	(8.70%)	(8.80%)	(5.00%)
Permanent items	1.70%	5.70%	1.00%	4.10%
Tax effect of CFPB / regulatory charges	27.60%	0.00%	5.40%	0.00%
Other	(0.80%)	(10.60%)	0.10%	(4.00%)
Effective rate	(34.30%)	25.20%	37.10%	33.90%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Loss Contingencies [Line Items]
Material reserves for litigation	$ 0	$ 0
Purchase price of receivable portfolios		1,000,000,000
Purchase price	148,600,000	$ 148,600,000
Consent order, Consumer Finance Protection Bureau [Member]
Loss Contingencies [Line Items]
Settlement of allegations, expense	$ 43,000,000

Segment Information - Additiona

Segment Information - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)Segment	Dec. 31, 2014USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments | Segment	2
Assets	$ 4,103,010	$ 3,750,135
Portfolio Purchasing and Recovery [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,700,000
Tax Lien Transfer [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 411,200

Segment Information - Reconcili

Segment Information - Reconciliation of Revenue and Operating Income from Segments to Consolidated (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 287,796	$ 273,282	$ 863,815	$ 796,218
Depreciation and amortization	(8,235)	(6,933)	(24,669)	(19,879)
Other expense	(48,740)	(44,030)	(134,781)	(124,870)
(Loss) income before income taxes	(14,251)	40,292	72,748	106,227
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	287,796	273,282	863,815	796,218
Operating income loss before depreciation and amortization	47,880	95,264	249,457	264,536
Operating Segments [Member] | Portfolio Purchasing and Recovery [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	278,914	264,800	839,358	775,476
Operating income loss before depreciation and amortization	43,929	91,470	239,234	256,756
Operating Segments [Member] | Tax Lien Transfer [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	8,882	8,482	24,457	20,742
Operating income loss before depreciation and amortization	3,951	3,794	10,223	7,780
Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization	(8,235)	(6,933)	(24,669)	(19,879)
Stock-based compensation	(5,156)	(4,009)	(17,259)	(13,560)
Other expense	(48,740)	(44,030)	(134,781)	(124,870)
(Loss) income before income taxes	$ (14,251)	$ 40,292	$ 72,748	$ 106,227

Segment Information - Schedule

Segment Information - Schedule of Geographical Areas of Which Company Operates (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Revenues	$ 287,796	$ 273,282	$ 863,815	$ 796,218
Domestic [Member]
Segment Reporting Information [Line Items]
Revenues	179,059	189,857	560,376	560,982
International [Member]
Segment Reporting Information [Line Items]
Revenues	$ 108,737	$ 83,425	$ 303,439	$ 235,236

Goodwill and Identifiable Int71

Goodwill and Identifiable Intangible Assets - Schedule of Reportable Segments by Reporting Units (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2015	Sep. 30, 2015
Goodwill [Roll Forward]
Balance at beginning of period	$ 897,933	$ 897,933
Goodwill acquired		64,534
Goodwill adjustment		2,410
Effect of foreign currency translation		(24,696)
Balance at end of period		940,181
Portfolio Purchasing and Recovery [Member]
Goodwill [Roll Forward]
Balance at beginning of period	848,656	848,656
Goodwill acquired		64,534
Goodwill adjustment		2,410
Effect of foreign currency translation		(24,696)
Balance at end of period		890,904
Portfolio Purchasing and Recovery [Member] | Atlantic Credit and Finance, Inc. [Member]
Goodwill [Roll Forward]
Goodwill adjustment	2,400
Goodwill, increase during period	2,400
Tax Lien Transfer [Member]
Goodwill [Roll Forward]
Balance at beginning of period	$ 49,277	49,277
Goodwill acquired		0
Goodwill adjustment		0
Effect of foreign currency translation		0
Balance at end of period		$ 49,277

Goodwill and Identifiable Int72

Goodwill and Identifiable Intangible Assets - Summary of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization, finite-lived intangibles	$ (8,028)	$ (4,646)
Other intangibles—indefinite lived	1,962	1,962
Gross Carrying Amount, Total intangible assets	27,539	26,210
Net Carrying Amount, Total intangible assets	19,511	21,564
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, finite-lived intangibles	5,816	5,437
Accumulated Amortization, finite-lived intangibles	(1,114)	(743)
Net Carrying Amount, finite-lived intangibles	4,702	4,694
Developed technologies [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, finite-lived intangibles	8,260	8,353
Accumulated Amortization, finite-lived intangibles	(3,412)	(2,194)
Net Carrying Amount, finite-lived intangibles	4,848	6,159
Trade name and other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, finite-lived intangibles	11,501	10,458
Accumulated Amortization, finite-lived intangibles	(3,502)	(1,709)
Net Carrying Amount, finite-lived intangibles	$ 7,999	$ 8,749

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Thousands	Nov. 04, 2015USD ($)	Oct. 31, 2015countryacquisition	Nov. 04, 2015GBP (£)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Subsequent Event [Line Items]
Senior secured notes				$ 32,500	$ 43,750
Subsequent event [Member]
Subsequent Event [Line Items]
Number of countries in which Company operates | country		13
Subsequent event [Member] | Cabot Senior Secured Fixed Rate Notes, due 2021 [Member]
Subsequent Event [Line Items]
Senior secured notes	$ 339,000		£ 310,000,000
Subsequent event [Member] | Cabot Senior Secured Fixed Rate Notes, due 2021 [Member] | Euribor [Member]
Subsequent Event [Line Items]
Basis spread on variable rate	5.875%
Subsequent event [Member] | Providers of credit management services [Member] | Spain [Member]
Subsequent Event [Line Items]
Number of business acquisitions | acquisition		2