Encore Capital (ECPG) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 01, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	ECPG
Entity Registrant Name	ENCORE CAPITAL GROUP INC
Entity Central Index Key	0001084961
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Emerging Growth Company	false
Small Business	false
Entity Common Stock, Shares Outstanding		30,966,649

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 167,096	$ 157,418
Investment in receivable portfolios, net	3,211,587	3,137,893
Deferred court costs, net	96,207	95,918
Property and equipment, net	117,371	115,518
Other assets	338,462	257,002
Goodwill	882,884	868,126
Total assets	4,813,607	4,631,875
Liabilities:
Accounts payable and accrued liabilities	195,686	287,945
Debt, net	3,592,906	3,490,633
Other liabilities	150,458	33,609
Total liabilities	3,939,050	3,812,187
Commitments and contingencies
Equity:
Convertible preferred stock, $0.01 par value, 5,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value, 50,000 shares authorized, 30,967 shares and 30,884 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	310	309
Additional paid-in capital	208,374	208,498
Accumulated earnings	769,443	720,189
Accumulated other comprehensive loss	(105,864)	(110,987)
Total Encore Capital Group, Inc. stockholders’ equity	872,263	818,009
Noncontrolling interest	2,294	1,679
Total equity	874,557	819,688
Total liabilities and equity	4,813,607	4,631,875
Variable Interest Entities
Assets
Cash and cash equivalents	53	448
Investment in receivable portfolios, net	521,971	501,489
Other assets	10,367	9,563
Liabilities:
Accounts payable and accrued liabilities	4,661	4,556
Debt, net	456,204	445,837
Other liabilities	$ 46	$ 46

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Convertible preferred stock authorized (shares)	5,000,000	5,000,000
Convertible preferred stock issued (shares)	0	0
Convertible preferred stock outstanding (shares)	0	0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock authorized (shares)	50,000,000	50,000,000
Common stock issued (shares)	30,967,000	30,884,000
Common stock outstanding (shares)	30,967,000	30,884,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Revenue from receivable portfolios	$ 311,158	$ 281,009
Other revenues	34,552	35,968
Total revenues	345,710	316,977
Allowance reversals on receivable portfolios, net	1,367	9,811
Total revenues, adjusted by net allowances	347,077	326,788
Operating expenses
Salaries and employee benefits	91,834	89,259
Cost of legal collections	49,027	53,855
Other operating expenses	29,614	33,748
Collection agency commissions	16,002	11,754
General and administrative expenses	39,547	39,284
Depreciation and amortization	9,995	10,436
Total operating expenses	236,019	238,336
Income from operations	111,058	88,452
Other (expense) income
Interest expense	(54,967)	(57,462)
Other (expense) income	(2,976)	2,193
Total other expense	(57,943)	(55,269)
Income from operations before income taxes	53,115	33,183
Provision for income taxes	(3,673)	(9,470)
Net income	49,442	23,713
Net income attributable to noncontrolling interest	(188)	(1,886)
Net income attributable to Encore Capital Group, Inc. stockholders	$ 49,254	$ 21,827
Earnings Per Share, Basic and Diluted [Abstract]
Basic (USD per share)	$ 1.58	$ 0.84
Diluted (USD per share)	$ 1.57	$ 0.83
Weighted average shares outstanding:
Basic (shares)	31,201	26,056
Diluted (shares)	31,359	26,416

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 49,442	$ 23,713
Change in unrealized gains/losses on derivative instruments:
Unrealized loss on derivative instruments	(2,202)	(669)
Income tax effect	172	(160)
Unrealized loss on derivative instruments, net of tax	(2,030)	(829)
Change in foreign currency translation:
Unrealized gain on foreign currency translation	7,580	18,505
Other comprehensive income, net of tax	5,550	17,676
Comprehensive income	54,992	41,389
Comprehensive income attributable to noncontrolling interest:
Net income	(188)	(1,886)
Unrealized gain on foreign currency translation	(427)	(1,783)
Comprehensive income attributable to noncontrolling interest	(615)	(3,669)
Comprehensive income attributable to Encore Capital Group, Inc. stockholders	$ 54,377	$ 37,720

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Balance at beginning of period (shares) at Dec. 31, 2017		25,801
Balance at beginning of period at Dec. 31, 2017	$ 571,933	$ 258	$ 42,646	$ 616,314	$ (77,356)	$ (9,929)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	22,529			21,827		702
Other comprehensive (loss) gain, net of tax	16,063				15,893	170
Change in fair value of redeemable noncontrolling interest	(12,011)			(12,011)
Purchase of noncontrolling interest	3,424		3,424
Issuance of share-based awards, net of shares withheld for employee taxes (shares)		111
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(2,350)	$ 1	(2,351)
Stock-based compensation	2,276		2,276
Other	(89)		(89)
Balance at end of period (shares) at Mar. 31, 2018		25,912
Balance at end of period at Mar. 31, 2018	601,775	$ 259	45,906	626,130	(61,463)	(9,057)
Balance at beginning of period (shares) at Dec. 31, 2018		30,884
Balance at beginning of period at Dec. 31, 2018	819,688	$ 309	208,498	720,189	(110,987)	1,679
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	49,442			49,254		188
Other comprehensive (loss) gain, net of tax	5,550				5,123	427
Issuance of share-based awards, net of shares withheld for employee taxes (shares)		83
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(1,949)	$ 1	(1,950)
Stock-based compensation	1,826		1,826
Balance at end of period (shares) at Mar. 31, 2019		30,967
Balance at end of period at Mar. 31, 2019	$ 874,557	$ 310	$ 208,374	$ 769,443	$ (105,864)	$ 2,294

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities:
Net income	$ 49,442	$ 23,713
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,995	10,436
Other non-cash interest expense, net	6,629	11,597
Stock-based compensation expense	1,826	2,276
Deferred income taxes	19,682	5,071
Allowance reversals on receivable portfolios, net	(1,367)	(9,811)
Other, net	4,081	1,342
Changes in operating assets and liabilities
Deferred court costs and other assets	18,725	(5,811)
Prepaid income tax and income taxes payable	(30,247)	(2,245)
Accounts payable, accrued liabilities and other liabilities	(67,775)	(35,539)
Net cash provided by operating activities	10,991	1,029
Investing activities:
Purchases of receivable portfolios, net of put-backs	(258,635)	(280,909)
Collections applied to investment in receivable portfolios, net	201,328	206,402
Purchases of property and equipment	(10,227)	(11,220)
Other, net	(1,980)	1,239
Net cash used in investing activities	(69,514)	(84,488)
Financing activities:
Proceeds from credit facilities	196,263	177,449
Repayment of credit facilities	(119,854)	(87,356)
Taxes paid related to net share settlement of equity awards	(1,950)	(2,571)
Other, net	(2,912)	(2,884)
Net cash provided by financing activities	71,547	84,638
Net increase in cash and cash equivalents	13,024	1,179
Effect of exchange rate changes on cash and cash equivalents	(3,346)	3,820
Cash and cash equivalents, beginning of period	157,418	212,139
Cash and cash equivalents, end of period	$ 167,096	$ 217,138

Ownership, Description of Busin

Ownership, Description of Business, and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Ownership, Description of Business, and Summary of Significant Accounting Policies	Ownership, Description of Business, and Summary of Significant Accounting Policies Encore Capital Group, Inc. (“Encore”), through its subsidiaries (collectively with Encore, the “Company”), is an international specialty finance company providing debt recovery solutions and other related services for consumers across a broad range of financial assets. The Company purchases portfolios of defaulted consumer receivables at deep discounts to face value and manages them by working with individuals as they repay their obligations and work toward financial recovery. Defaulted receivables are consumers’ unpaid financial commitments to credit originators, including banks, credit unions, consumer finance companies and commercial retailers. Defaulted receivables may also include receivables subject to bankruptcy proceedings. The Company also provides debt servicing and other portfolio management services to credit originators for non-performing loans. Through Midland Credit Management, Inc. and its domestic affiliates (collectively, “MCM”), the Company is a market leader in portfolio purchasing and recovery in the United States. Through Cabot Credit Management Limited (“CCM”) and its subsidiaries and European affiliates (collectively, “Cabot”) the Company is one of the largest credit management services providers in Europe and a market leader in the United Kingdom and Ireland. These are the Company’s primary operations. Financial Statement Preparation and Presentation The accompanying interim 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 statements 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 statements. These 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, 2018 . 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 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 variable interest entities for which it is the primary beneficiary. The primary beneficiary has both (1) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance, and (2) either the obligation to absorb losses or the right to receive benefits. Refer to Note 9 , “Variable Interest Entities,” for further details. All intercompany transactions and balances have been eliminated in consolidation. Translation of Foreign Currencies The financial statements of certain of the Company’s foreign subsidiaries are measured using their local currency as the functional currency. Assets and liabilities of foreign operations are translated into U.S. dollars using period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates in effect during each period. The resulting translation adjustments are recorded as a component of other comprehensive income or loss. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation adjustments and recorded within other comprehensive income or loss. Translation gains or losses are the material components of accumulated other comprehensive income or loss. Transaction gains and losses are included in other income or expense. Reclassifications Certain immaterial reclassifications have been made to the consolidated financial statements to conform to the current year’s presentation. Change in Accounting Principle The Company adopted Accounting Standard Codification 842 - Leases (“Topic 842”) as of January 1, 2019, using the transition method in accordance with ASU 2018-11, Leases: Targeted Improvements issued in July 2018. Under Topic 842, lessees are required to recognize assets and liabilities on the balance sheet for most leases and provide enhanced disclosures. Leases will continue to be classified as either finance or operating leases. The adoption of this new standard resulted in the recording of lease assets and lease liabilities for the Company’s operating leases of approximately $89.1 million and $102.7 million , respectively, as of January 1, 2019. The difference between the leased assets and lease liabilities primarily represents lease incentives. All periods prior to January 1, 2019 were presented in accordance with the previous lease accounting standard, and no retrospective adjustments were made to the comparative periods presented. The accounting for finance leases remains substantially unchanged. The adoption of this new standard did not materially impact the Company’s consolidated statements of operations or cash flows, or the Company’s compliance with debt covenants. Refer to Note 11 “Leases” for detailed information on the Company’s leases. Recent Accounting Pronouncements Other than the adoption of the standard discussed above, there have been no new accounting pronouncements made effective during the three months ended March 31, 2019 that have significance, or potential significance, to the Company’s consolidated financial statements. Recent Accounting Pronouncements Not Yet Effective In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 applies a current expected credit loss model which is a new impairment model based on expected losses rather than incurred losses. Under this model, an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost. The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The expected credit losses, and subsequent adjustments to such losses, will be recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated balance sheet at the amount expected to be collected. ASU 2016-13 eliminates the current accounting model for loans and debt securities acquired with deteriorated credit quality under ASC 310-30, which provides authoritative guidance for the accounting of the Company’s investment in receivable portfolios. ASU 2016-13 is effective for reporting periods beginning after December 15, 2019. The guidance will be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period in which ASU 2016-13 is adopted. However, the FASB has determined that financial assets for which the guidance in Subtopic 310-30, Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality, has previously been applied should prospectively apply the guidance in ASU 2016-13 for purchased financial assets with credit deterioration. On April 25, 2019, the FASB issued ASU 2019-04 which amended and clarified application of the new standard. The Company is in the process of determining the effects the adoption of ASU 2016-13, as amended by ASU 2019-04, will have on its consolidated financial statements. The Company expects that the new standard could have a significant impact on how it measures and records income recognized on its receivable portfolios. The Company is evaluating the impact of this pronouncement and is in the process of developing its accounting policy. Additionally, the Company has established a project management team and is researching software resources that can assist with the implementation. With the exception of the standard discussed above, there have been no other recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2019 , as compared to the recent accounting pronouncements described in our Annual Report, that have significance, or potential significance, to the Company’s consolidated financial statements.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share are calculated by dividing net earnings attributable to Encore by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, restricted stock, and the dilutive effect of the convertible and exchangeable senior notes, if applicable. A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands, except per share amounts) : Three Months Ended March 31, 2019 2018 Net income attributable to Encore Capital Group, Inc. stockholders $ 49,254 $ 21,827 Total weighted-average basic shares outstanding 31,201 26,056 Dilutive effect of stock-based awards 158 360 Total effect of dilutive securities 31,359 26,416 Basic earnings per share $ 1.58 $ 0.84 Diluted earnings per share $ 1.57 $ 0.83 Anti-dilutive employee stock options outstanding were approximately 217,000 and 13,000 during the three months ended March 31, 2019 and 2018 , respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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 $ — $ 837 $ — $ 837 Interest rate cap contracts — 451 — 451 Liabilities Foreign currency exchange contracts — (38 ) — (38 ) Interest rate swap agreements — (6,967 ) — (6,967 ) Contingent consideration — — (6,257 ) (6,257 ) Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets Interest rate cap contracts $ — $ 2,023 $ — $ 2,023 Liabilities Foreign currency exchange contracts — (237 ) — (237 ) Interest rate swap agreements — (4,881 ) — (4,881 ) Contingent consideration — — (6,198 ) (6,198 ) Derivative Contracts: The Company uses derivative instruments to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. Fair values of these derivative instruments are estimated using industry standard valuation models. These models project future cash flows and discount the future amounts to a present value using market-based observable inputs, including interest rate curves, foreign currency exchange rates, and forward and spot prices for currencies. Contingent Consideration: The Company carries certain contingent liabilities resulting from its mergers and acquisition activities. Certain sellers of the Company’s acquired entities could earn additional earn-out payments in cash based on the entities’ subsequent operating performance. The Company recorded the acquisition date fair values of these contingent liabilities, based on the likelihood of contingent earn-out payments, as part of the consideration transferred. The earn-out payments are subsequently remeasured to fair value at each reporting date based on actual and forecasted operating performance. The following table provides a roll forward of the fair value of contingent consideration for the three months ended March 31, 2019 and year ended December 31, 2018 (in thousands) : Amount Balance at December 31, 2017 $ 10,612 Issuance of contingent consideration in connection with acquisition 1,728 Change in fair value of contingent consideration (5,664 ) Payment of contingent consideration (271 ) Effect of foreign currency translation (207 ) Balance at December 31, 2018 6,198 Payment of contingent consideration (85 ) Effect of foreign currency translation 144 Balance at March 31, 2019 $ 6,257 Non-Recurring Fair Value Measurement: Certain assets are measured at fair value on a nonrecurring basis. These assets include real estate-owned assets classified as held for sale at the lower of their carrying value or fair value less cost to sell. The fair value of the assets held for sale and estimated selling expenses were determined at the time of initial recognition using Level 2 measurements. The fair value estimate of the assets held for sale was approximately $31.1 million and $26.7 million as of March 31, 2019 and December 31, 2018 , respectively. Financial Instruments Not Required To Be Carried At Fair Value In accordance with the disclosure requirements of ASC Topic 825, Financial Instruments, the table below summarizes fair value estimates for the Company's financial instruments that are not required to be carried at fair value. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company. The carrying amounts in the following table are recorded in the consolidated statements of financial condition at March 31, 2019 and December 31, 2018 (in thousands) : March 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets Investment in receivable portfolios $ 3,211,587 $ 3,413,480 $ 3,137,893 $ 3,525,861 Deferred court costs 96,207 96,207 95,918 95,918 Financial Liabilities Encore convertible notes and exchangeable notes (1) 622,761 600,558 619,639 553,744 Cabot senior secured notes 1,119,265 1,103,966 1,109,922 1,036,905 ________________________ (1) Carrying amount represents the portion of the convertible and exchangeable notes classified as debt, while estimated fair value pertains to the face amount of the notes. Investment in Receivable Portfolios: The Company records its investment in receivable portfolios at cost, which represents a significant discount from the contractual receivable balances due. The Company computes the fair value of its investment in receivable portfolios using Level 3 inputs by discounting the estimated future cash flows generated by its proprietary forecasting models. The key inputs include the estimated future gross cash flow, average cost to collect, and discount rate. In accordance with authoritative guidance related to fair value measurements, the Company estimates the average cost to collect and discount rates based on its estimate of what a market participant might use in valuing these portfolios. The determination of such inputs requires significant judgment, including assessing the assumed market participant’s cost structure, its determination of whether to include fixed costs in its valuation, its collection strategies, and determining the appropriate weighted average cost of capital. The Company evaluates the use of these key inputs on an ongoing basis and refines the data as it continues to obtain better information from market participants in the debt recovery and purchasing business. In the Company’s current analysis, the fair value of investment in receivable portfolios was approximately $3,413.5 million and $3,525.9 million as of March 31, 2019 and December 31, 2018 , respectively, as compared to the carrying value of $3,211.6 million and $3,137.9 million as of March 31, 2019 and December 31, 2018 , respectively. A 100 basis point increase in the cost to collect and discount rate used would result in a decrease in the fair value of U.S. and European portfolios by approximately $49.9 million and $71.5 million , respectively, as of March 31, 2019 . This fair value calculation does not represent, and should not be construed to represent, the underlying value of the Company or the amount which could be realized if its investment in receivable portfolios were sold. Deferred Court Costs: The Company capitalizes deferred court costs and provides a reserve for those costs that it believes will ultimately be uncollectible. The carrying value of net deferred court costs was $96.2 million and $95.9 million as of March 31, 2019 and December 31, 2018 , respectively, and approximated fair value. Debt: The majority of the Company’s borrowings are carried at historical amounts, adjusted for additional borrowings less principal repayments, which approximate fair value. These borrowings include Encore’s senior secured notes and borrowings under its revolving credit and term loan facilities and Cabot’s borrowings under its revolving credit facility. The carrying value of the Company’s revolving credit and term loan facilities approximates fair value due to the short-term nature of the interest rate periods. The fair value of the Company’s senior secured notes was estimated using widely accepted valuation techniques, including discounted cash flow analyses using available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Accordingly, the Company used Level 2 inputs for these debt instrument fair value estimates. Encore’s convertible notes and exchangeable notes are carried at historical cost, adjusted for the debt discount. The carrying value of the convertible notes and exchangeable notes was $622.8 million and $619.6 million , net of the debt discount of $33.2 million and $36.4 million as of March 31, 2019 and December 31, 2018 , respectively. The fair value estimate for these convertible notes and exchangeable notes, which incorporates quoted market prices using Level 2 inputs, was approximately $600.6 million and $553.7 million as of March 31, 2019 and December 31, 2018 , respectively. Cabot’s senior secured notes are carried at historical cost, adjusted for the debt discount. The carrying value of Cabot’s senior secured notes was $1,119.3 million and $1,109.9 million , net of the debt discount of $1.4 million and $1.5 million as of March 31, 2019 and December 31, 2018 , respectively. The fair value estimate for these senior notes, which incorporates quoted market prices using Level 2 inputs, was $1,104.0 million and $1,036.9 million as of March 31, 2019 and December 31, 2018 , respectively.

Derivatives and Hedging Instrum

Derivatives and Hedging Instruments	3 Months Ended
	Mar. 31, 2019
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. The Company’s derivative financial instruments qualify for hedge accounting treatment under the authoritative guidance for derivatives and hedging. The following table summarizes the fair value of derivative instruments as recorded in the Company’s consolidated statements of financial condition (in thousands) : March 31, 2019 December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency exchange contracts Other assets $ 837 Other assets $ — Interest rate cap contracts Other assets 451 Other assets 2,023 Foreign currency exchange contracts Other liabilities (38 ) Other liabilities (237 ) Interest rate swap agreements Other liabilities (6,967 ) Other liabilities (4,881 ) Derivatives Designated as Hedging Instruments The Company has operations in foreign countries which expose the Company to foreign currency exchange rate fluctuations due to transactions denominated in foreign currencies. To mitigate a portion of this risk, the Company enters into derivative financial instruments, principally foreign currency forward contracts with financial counterparties. The Company adjusts the level and use of derivatives as soon as practicable after learning that an exposure has changed and reviews all exposures and derivative positions on an ongoing basis. The Company’s foreign currency forward contracts are designated as cash flow hedging instruments and qualify for hedge accounting treatment. Gains and losses arising from such contracts are recorded as a component of accumulated other comprehensive income (“OCI”) as gains and losses on derivative instruments, net of income taxes. The hedging gains and losses in OCI are subsequently reclassified into earnings in the same period in which the underlying transactions affect the Company’s earnings. If all or a portion of the forecasted transaction is cancelled, the accumulated gains or losses in OCI would be reclassified into earnings. As of March 31, 2019 , the total notional amount of the forward contracts that were designated as cash flow hedging instruments was $37.4 million . 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 three months ended March 31, 2019 and 2018 . The Company may periodically enter into interest rate swap agreements to reduce its exposure to fluctuations in interest rates on variable interest rate debt and their impact on earnings and cash flows. Under the swap agreements, the Company receives floating interest rate payments and makes interest payments based on fixed interest rates. In accordance with authoritative guidance relating to derivatives and hedging transactions, the Company designates its interest rate swap instruments as cash flow hedges. As of March 31, 2019 , there were six interest rate swap agreements outstanding with a total notional amount of $368.3 million . As of March 31, 2019 , the Company also held two interest rate cap contracts (the “2018 Caps”) with a notional amount of £350.0 million (approximately $456.2 million ) that are used to manage its risk related to interest rate fluctuations on the Company’s variable interest rate debt. The 2018 Caps mature in 2021 and are structured as a series of European call options (“Caplets”) such that if exercised, the Company will receive a payment equal to 3-months GBP-LIBOR on a notional amount equal to the hedged notional amount net of a fixed strike price. Each interest rate reset date, the Company will elect to exercise the Caplet or let it expire. The potential cash flows from each Caplet are expected to offset any variability in the cash flows of the interest payments to the extent GBP-LIBOR exceeds the strike price of the Caplets. The Company expects the hedge relationship to be highly effective and designates the 2018 Caps as cash flow hedge instruments. The following table summarizes the effects of derivatives in cash flow hedging relationships designated as hedging instruments on the Company’s consolidated statements of operations for the three months ended March 31, 2019 and 2018 (in thousands) : Derivatives Designated as Hedging Instruments Gain (Loss) Location of Gain (Loss) Reclassified from Gain (Loss) Reclassified from OCI into Income Three Months Ended Three Months Ended March 31, 2019 2018 2019 2018 Foreign currency exchange contracts $ 935 $ (107 ) Salaries and employee benefits $ (95 ) $ 549 Foreign currency exchange contracts (78 ) — General and administrative expenses (84 ) — Interest rate swap agreements (2,086 ) 9 Interest expense (420 ) — Interest rate cap contracts (1,572 ) — Interest expense — — Derivatives Not Designated as Hedging Instruments Beginning in 2016 and through the first quarter of 2018, the Company held currency exchange forward contracts to reduce the effect of currency exchange rate fluctuations between the British Pound and Euro. These derivative contracts matured within one to three months and were not designated as hedge instruments for accounting purposes. The gains or losses on these derivative contracts were recognized in other income or expense based on fair value changes. The Company recognized a loss of $0.8 million on these derivative contracts during the three months ended March 31, 2018. As of March 31, 2019 , the Company does not have any derivative contracts that are not designated as hedging instruments for accounting purposes. The Company continues to monitor the level of exposure of the foreign currency exchange risk and may enter into additional short-term forward contracts on an ongoing basis.

Investment in Receivable Portfo

Investment in Receivable Portfolios, Net	3 Months Ended
	Mar. 31, 2019
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, purchased consumer bankruptcy, and mortgage portfolios. The Company further groups these static pools by geographic region or location. Portfolios acquired in business combinations are also grouped into these pools. During any fiscal quarter in which the Company has an acquisition of an entity that has portfolio, the entire historical portfolio of the acquired company is aggregated into the pool groups for that quarter, based on common characteristics, resulting in pools for that quarter that may consist of several different vintages of portfolio. Once a static pool is established, the portfolios are permanently assigned to the pool. The discount (i.e. the difference between the cost of each static pool and the related aggregate contractual receivable balance) is not recorded because the Company expects to collect a relatively small percentage of each static pool’s contractual receivable balance. As a result, receivable portfolios are recorded at cost at the time of acquisition. The 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 a significant increase in subsequent expected cash flows. Subsequent increases in expected cash flows are recognized prospectively through an upward adjustment of the pool’s IRR over its remaining life. Subsequent decreases in expected cash flows do not change the IRR but are recognized as an allowance to the cost basis of the pool, and are reflected in the consolidated statements of operations as a reduction in revenue, with a corresponding valuation allowance, offsetting the investment in receivable portfolios in the consolidated statements of financial condition. Due to the discounting of future cashflows using monthly IRRs, an allowance charge could still result even if substantially higher collections occurring later in the collection curve offset lower collections in the near term. The Company accounts for each static pool as a unit for the economic life of the pool (similar to one loan) for recognition of revenue from receivable portfolios, for collections applied to the cost basis of receivable portfolios and for provision for loss or allowance. Revenue from receivable portfolios is accrued based on each pool’s IRR applied to each pool’s adjusted cost basis. The cost basis of each pool is increased by revenue earned and portfolio allowance reversals and decreased by gross collections and portfolio allowances. If the amount and timing of future cash collections on a pool of receivables are not reasonably estimable, the Company accounts for such portfolios on the cost recovery method as Cost Recovery Portfolios. The accounts in these portfolios have different risk characteristics than those included in other portfolios acquired during the same quarter, or the necessary information was not available to estimate future cash flows and, accordingly, they were not aggregated with other portfolios. Under the cost recovery method of accounting, no revenue is recognized until the carrying value of a Cost Recovery Portfolio has been fully recovered. Accretable yield represents the amount of revenue the Company expects to generate over the remaining life of its existing investment in receivable portfolios based on estimated future cash flows. Total accretable yield is the difference between future estimated collections and the current carrying value of a portfolio. All estimated cash flows on portfolios where the cost basis has been fully recovered are classified as zero basis cash flows. The following table summarizes the Company’s accretable yield and an estimate of zero basis future cash flows at the beginning and end of the period presented (in thousands) : Accretable Yield Estimate of Zero Basis Cash Flows Total Balance at December 31, 2018 $ 3,773,171 $ 253,035 $ 4,026,206 Revenue from receivable portfolios (285,255 ) (25,903 ) (311,158 ) Allowance (reversals) on receivable portfolios, net 900 (2,267 ) (1,367 ) Additions (reductions) on existing portfolios, net 38,512 (199 ) 38,313 Additions for current purchases 285,637 — 285,637 Effect of foreign currency translation 26,244 217 26,461 Balance at March 31, 2019 $ 3,839,209 $ 224,883 $ 4,064,092 Accretable Yield Estimate of Zero Basis Cash Flows Total Balance at December 31, 2017 $ 3,695,069 $ 369,632 $ 4,064,701 Revenue from receivable portfolios (249,821 ) (31,188 ) (281,009 ) Allowance reversals on receivable portfolios, net (8,082 ) (1,729 ) (9,811 ) Reductions on existing portfolios, net (24,945 ) (39,529 ) (64,474 ) Additions for current purchases 285,172 — 285,172 Effect of foreign currency translation 57,577 643 58,220 Balance at March 31, 2018 $ 3,754,970 $ 297,829 $ 4,052,799 During the three months ended March 31, 2019 , the Company purchased receivable portfolios with a face value of $1.7 billion for $262.3 million , or a purchase price of 15.1% of face value. The estimated future collections at acquisition for all portfolios purchased during the three months ended March 31, 2019 amounted to $548.0 million . During the three months ended March 31, 2018 , the Company purchased receivable portfolios with a face value of $1.8 billion for $276.8 million , or a purchase price of 15.4% of face value. The estimated future collections at acquisition for all portfolios purchased during the three months ended March 31, 2018 amounted to $556.2 million . All collections realized after the net book value of a portfolio has been fully recovered (“Zero Basis Portfolios”) are recorded as revenue (“Zero Basis Revenue”). During the three months ended March 31, 2019 and 2018 , Zero Basis Revenue was approximately $25.9 million and $31.2 million , respectively. During the three months ended March 31, 2019 and 2018 , allowance reversals on Zero Basis Portfolios were $2.3 million and $1.7 million , respectively. The following tables summarize the changes in the balance of the investment in receivable portfolios during the following periods ( in thousands, except percentages ): Three Months Ended March 31, 2019 Accrual Basis Portfolios Cost Recovery Portfolios Zero Basis Portfolios Total Balance, beginning of period $ 3,129,502 $ 8,391 $ — $ 3,137,893 Purchases of receivable portfolios 262,335 — — 262,335 Disposals or transfers to assets held for sale (3,145 ) (444 ) — (3,589 ) Gross collections (1) (485,598 ) (91 ) (28,164 ) (513,853 ) Put-Backs and Recalls (2) (3,694 ) — (6 ) (3,700 ) Foreign currency adjustments 20,137 (161 ) — 19,976 Revenue recognized 285,255 — 25,903 311,158 Portfolio (allowance) reversals, net (900 ) — 2,267 1,367 Balance, end of period $ 3,203,892 $ 7,695 $ — $ 3,211,587 Revenue as a percentage of collections (3) 58.7 % — % 92.0 % 60.6 % Three Months Ended March 31, 2018 Accrual Basis Portfolios Cost Recovery Portfolios Zero Basis Portfolios Total Balance, beginning of period $ 2,879,170 $ 11,443 $ — $ 2,890,613 Purchases of receivable portfolios 276,762 — — 276,762 Disposals or transfers to assets held for sale (3,072 ) — — (3,072 ) Gross collections (1) (455,143 ) (1,171 ) (32,788 ) (489,102 ) Put-Backs and Recalls (2) (3,691 ) — (129 ) (3,820 ) Foreign currency adjustments 61,590 350 — 61,940 Revenue recognized 249,821 — 31,188 281,009 Portfolio allowance reversals, net 8,082 — 1,729 9,811 Balance, end of period $ 3,013,519 $ 10,622 $ — $ 3,024,141 Revenue as a percentage of collections (3) 54.9 % — % 95.1 % 57.5 % ________________________ (1) Does not include amounts collected on behalf of others. (2) Put-backs (“Put-Backs”) and recalls (“Recalls”) represent ineligible accounts that are returned by us or recalled by the seller pursuant to specific guidelines as set forth in the respective purchase agreements. (3) Revenue as a percentage of collections excludes the effect of net portfolio allowances or net portfolio allowance reversals. The following table summarizes the change in the valuation allowance for investment in receivable portfolios during the periods presented (in thousands) : Valuation Allowance Three Months Ended March 31, 2019 2018 Balance at beginning of period $ 60,631 $ 102,576 Provision for portfolio allowances 2,626 940 Reversal of prior allowances (3,993 ) (10,751 ) Effect of foreign currency translation 164 1,552 Balance at end of period $ 59,428 $ 94,317

Deferred Court Costs, Net

Deferred Court Costs, Net	3 Months Ended
	Mar. 31, 2019
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 that are recoverable from the consumer (“Deferred Court Costs”). The Company capitalizes Deferred Court Costs in its consolidated financial statements and provides a reserve for those costs that it believes will ultimately be uncollectible. The Company determines the reserve based on an estimated court cost recovery rate established based on its analysis of historical court costs recovery data. The Company estimates deferral periods for Deferred Court Costs based on jurisdiction and nature of litigation and writes off any Deferred Court Costs not recovered within the respective deferral period. Collections received from debtors are first applied against related court costs with the balance applied to the debtors’ account balance. Deferred Court Costs for the deferral period consist of the following as of the dates presented (in thousands) : March 31, December 31, Court costs advanced $ 840,721 $ 828,713 Court costs recovered (344,523 ) (336,335 ) Court costs reserve (399,991 ) (396,460 ) Deferred court costs $ 96,207 $ 95,918 A roll forward of the Company’s court cost reserve is as follows (in thousands) : Court Cost Reserve Three Months Ended 2019 2018 Balance at beginning of period $ (396,460 ) $ (364,015 ) Provision for court costs (15,713 ) (25,067 ) Net down of reserve after deferral period 13,779 12,952 Effect of foreign currency translation (1,597 ) (2,060 ) Balance at end of period $ (399,991 ) $ (378,190 )

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following (in thousands) : March 31, December 31, Operating lease right-of-use asset $ 91,045 $ — Identifiable intangible assets, net 59,383 60,581 Service fee receivables 35,841 28,035 Assets held for sale 31,088 26,664 Other financial receivables 26,691 47,363 Prepaid expenses 22,379 24,989 Income tax receivable 11,773 — Deferred tax assets 10,849 24,910 Other 49,413 44,460 Total $ 338,462 $ 257,002

Debt, Net

Debt, Net	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt, Net	Debt, Net The Company is in compliance with all covenants under its financing arrangements as of March 31, 2019 . The components of the Company’s consolidated debt and capital lease obligations were as follows (in thousands) : March 31, December 31, Encore revolving credit facility $ 500,000 $ 429,000 Encore term loan facility 183,142 195,056 Encore senior secured notes 325,000 325,000 Encore convertible notes and exchangeable notes 656,000 656,000 Less: debt discount (33,239 ) (36,361 ) Cabot senior secured notes 1,120,657 1,111,399 Less: debt discount (1,392 ) (1,477 ) Cabot senior revolving credit facility 319,760 298,005 Cabot securitisation senior facilities 456,204 445,837 Other credit facilities 43,794 43,354 Other 61,583 64,566 Finance lease liabilities 5,904 7,563 3,637,413 3,537,942 Less: debt issuance costs, net of amortization (44,507 ) (47,309 ) Total $ 3,592,906 $ 3,490,633 Encore Revolving Credit Facility and Term Loan Facility The Company has a revolving credit facility (the “Revolving Credit Facility”) and term loan facility (the “Term Loan Facility”, and together with the Revolving Credit Facility, the “Senior Secured Credit Facilities”) pursuant to a Third Amended and Restated Credit Agreement dated December 20, 2016 (as amended, the “Restated Credit Agreement”). Provisions of the Restated Credit Agreement as of March 31, 2019 include, but are not limited to: • Revolving Credit Facility commitments of $884.2 million that expire in December 2021 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 cash flow leverage ratio of Encore and its restricted subsidiaries as defined in the Restated Credit Agreement; or (2) alternate base rate, plus a spread that ranges from 150 to 200 basis points, depending on the cash flow leverage ratio of Encore and its restricted subsidiaries. “Alternate base rate,” as defined in the Restated Credit Agreement, means the highest of (i) the per annum rate which the administrative agent publicly announces from time to time as its prime lending rate, (ii) the federal funds effective rate from time to time, plus 0.5% per annum, (iii) reserved adjusted LIBOR determined on a daily basis for a one month interest period, plus 1.0% per annum and (iv) zero; • A $194.6 million term loan maturing in December 2021, with interest at a floating rate equal to, at the Company’s option, either: (1) reserve adjusted LIBOR, plus a spread that ranges from 250 to 300 basis points, depending on the cash flow leverage ratio of Encore and its restricted subsidiaries; or (2) alternate base rate, plus a spread that ranges from 150 to 200 basis points, depending on the cash flow leverage ratio of Encore and its restricted subsidiaries. Principal amortizes $15.3 million in each of 2019 and 2020 with the remaining principal due in 2021; • A borrowing base under the Revolving Credit Facility equal to 35% of all eligible non-bankruptcy estimated remaining collections plus 55% of eligible estimated remaining collections for consumer receivables subject to bankruptcy; • A maximum cash flow leverage ratio permitted of 3.00 :1.00; • A maximum cash flow first-lien leverage ratio of 2.00 :1.00; • A minimum interest coverage ratio of 1.75 :1.00; • The allowance of indebtedness in the form of senior secured notes not to exceed $350.0 million ; • The allowance of additional unsecured or subordinated indebtedness not to exceed $1.1 billion , including junior lien indebtedness not to exceed $400.0 million ; • Restrictions and covenants, which limit the payment of dividends and the incurrence of additional indebtedness and liens, among other limitations; • Repurchases of up to $150.0 million of Encore’s common stock after July 9, 2015, subject to compliance with certain covenants and available borrowing capacity; • A change of control definition, that excludes acquisitions of stock by Red Mountain Capital Partners LLC, JCF FPK I, LP and their respective affiliates of up to 50% of the outstanding shares of Encore’s voting stock; • Events of default which, upon occurrence, may permit the lenders to terminate the facility and declare all amounts outstanding to be immediately due and payable; • A pre-approved acquisition limit of $225.0 million per fiscal year; • A basket to allow for investments not to exceed the greater of (1) 200% of the consolidated net worth of Encore and its restricted subsidiaries; and (2) an unlimited amount such that after giving effect to the making of any investment, the cash flow leverage ratio is less than 1.25 :1:00; • A basket to allow for investments in persons organized under the laws of Canada in the amount of $50.0 million ; • Collateralization by all assets of the Company, other than the assets of certain foreign subsidiaries and all unrestricted subsidiaries as defined in the Restated Credit Agreement. At March 31, 2019 , the outstanding balance under the Revolving Credit Facility was $500.0 million , which bore a weighted average interest rate of 5.50% and 4.62% for the three months ended March 31, 2019 and 2018 , respectively. Available capacity under the Revolving Credit Facility, after taking into account borrowing base and applicable debt covenants, was $138.8 million as of March 31, 2019 . At March 31, 2019 , the outstanding balance under the Term Loan Facility was $183.1 million . Encore Senior Secured Notes In August 2017, Encore entered into $325.0 million in senior secured notes with a group of insurance companies (the “Senior Secured Notes”). The Senior Secured Notes bear an annual interest rate of 5.625% , mature in 2024 and beginning in November 2019 will require quarterly principal payments of $16.3 million . As of March 31, 2019 , $325.0 million of the Senior Secured Notes remained outstanding. The Senior Secured Notes are guaranteed in full by certain of Encore’s subsidiaries. The Senior Secured Notes are pari passu with, and are collateralized by the same collateral as, the Senior Secured Credit Facilities. The Senior Secured Notes may be accelerated and become automatically and immediately due and payable upon certain events of default, including certain events related to insolvency, bankruptcy, or liquidation. Additionally, any series of the Senior Secured Notes may be accelerated at the election of the holder or holders of a majority in principal amount of such series of Senior Secured Notes upon certain events of default by Encore, including the breach of affirmative covenants regarding guarantors, collateral, minimum revolving credit facility commitment or the breach of any negative covenant. Encore may prepay the Senior Secured Notes at any time for any reason. If Encore prepays the Senior Secured Notes, payment will be at the higher of par or the present value of the remaining scheduled payments of principal and interest on the portion being prepaid. The discount rate used to determine the present value is 50 basis points over the then current Treasury Rate corresponding to the remaining average life of the Senior Secured Notes. The covenants and material terms in the purchase agreement for the Senior Secured Notes are substantially similar to those in the Restated Credit Agreement. The holders of the Senior Secured Notes and the administrative agent for the lenders of the Restated Credit Agreement have an intercreditor agreement related to their pro rata rights to the collateral, actionable default, powers and duties and remedies, among other topics. Encore Convertible Notes and Exchangeable Notes In June and July 2013, Encore issued $172.5 million aggregate principal amount of 3.000% 2020 Convertible Notes that mature on July 1, 2020 in private placement transactions (the “2020 Convertible Notes”). In March 2014, Encore issued $161.0 million aggregate principal amount of 2.875% 2021 Convertible Notes that mature on March 15, 2021 in private placement transactions (the “2021 Convertible Notes”). In March 2017, Encore issued $150.0 million aggregate principal amount of 3.250% 2022 Convertible Senior Notes that mature on March 15, 2022 in private placement transactions (the “2022 Convertible Notes” and together with the 2020 Convertible Notes and the 2021 Convertible Notes, the “Convertible Notes”). The interest on the Convertible Notes is payable semi-annually. In July 2018, Encore Finance (defined below), a 100% owned finance subsidiary of Encore, issued $172.5 million aggregate principal amount of exchangeable senior notes due 2023 (the “Exchangeable Notes”) which are fully and unconditionally guaranteed by Encore. The Exchangeable Notes mature on September 1, 2023 and bear interest at a rate of 4.500% per year, payable semiannually in arrears on March 1 and September 1 of each year, beginning on March 1, 2019. Unless otherwise indicated in connection with a particular offering of debt securities, Encore will fully and unconditionally guarantee any debt securities issued by Encore Capital Europe Finance Limited (“Encore Finance”), a 100% owned finance subsidiary of Encore. Amounts related to Encore Finance are included in the consolidated financial statements of Encore subsequent to April 30, 2018 , the date of the incorporation of Encore Finance. Prior to the close of business on the business day immediately preceding their respective conversion or exchange date (listed below), holders may convert or exchange their Convertible Notes or Exchangeable Notes under certain circumstances set forth in the applicable indentures. On or after their respective conversion or exchange dates until the close of business on the scheduled trading day immediately preceding their respective maturity date, holders may convert or exchange their notes at any time. Certain key terms related to the convertible and exchangeable features as of March 31, 2019 are listed below. 2020 Convertible Notes 2021 Convertible Notes 2022 Convertible Notes 2023 Exchangeable Notes Initial conversion or exchange price $ 45.72 $ 59.39 $ 45.57 $ 44.62 Closing stock price at date of issuance $ 33.35 $ 47.51 $ 35.05 $ 36.45 Closing stock price date June 24, 2013 March 5, 2014 February 27, 2017 July 20, 2018 Conversion or exchange rate (shares per $1,000 principal amount) 21.8718 16.8386 21.9467 22.4090 Conversion or exchange date January 1, 2020 September 15, 2020 September 15, 2021 March 1, 2023 In the event of conversion or exchange, holders of the Company’s Convertible Notes or Exchangeable Notes will receive cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The Company’s current intent is to settle conversions and exchanges through combination settlement ( i.e., convertible or exchangeable into cash up to the aggregate principal amount, and shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election and subject to certain restrictions contained in each of the indentures governing the Convertible Notes and Exchangeable Notes, for the remainder). As a result, and in accordance with authoritative guidance related to derivatives and hedging and earnings per share, only the conversion or exchange spread is included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion or exchange spread has a dilutive effect when, during any quarter, the average share price of the Company’s common stock exceeds the initial conversion or exchange prices listed in the above table. Authoritative guidance requires that issuers of convertible or exchangeable debt instruments which, upon conversion or exchange, may be settled fully or partially in cash, must separately account for the liability and equity components in a manner that will reflect the entity’s nonconvertible or nonexchangeable debt borrowing rate when interest cost is recognized in subsequent periods. Additionally, debt issuance costs are required to be allocated in proportion to the allocation of the liability and equity components and accounted for as debt issuance costs and equity issuance costs, respectively. As discussed above, upon exchange of the Exchangeable Notes, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The debt and equity components, the issuance costs related to the equity component, the stated interest rate, and the effective interest rate for each of the Convertible Notes and Exchangeable Notes are listed below (in thousands, except percentages) : 2020 Convertible Notes 2021 Convertible Notes 2022 Convertible Notes 2023 Exchangeable Notes Debt component $ 140,247 $ 143,645 $ 137,266 $ 157,971 Equity component $ 32,253 $ 17,355 $ 12,734 $ 14,009 Equity issuance cost $ 1,106 $ 581 $ 398 $ — Stated interest rate 3.000 % 2.875 % 3.250 % 4.500 % Effective interest rate 6.350 % 4.700 % 5.200 % 6.500 % The balances of the liability and equity components of all the Convertible Notes and Exchangeable Notes outstanding were as follows (in thousands) : March 31, December 31, Liability component—principal amount $ 656,000 $ 656,000 Unamortized debt discount (33,239 ) (36,361 ) Liability component—net carrying amount $ 622,761 $ 619,639 Equity component $ 76,351 $ 76,351 The debt discount is being amortized into interest expense over the remaining life of the Convertible Notes and Exchangeable Notes using the effective interest rates. Interest expense related to the Convertible Notes and Exchangeable Notes was as follows (in thousands) : Three Months Ended 2019 2018 Interest expense—stated coupon rate $ 5,337 $ 3,642 Interest expense—amortization of debt discount 3,121 2,428 Total interest expense—Convertible Notes and Exchangeable Notes $ 8,458 $ 6,070 Hedge Transactions In order to reduce the risk related to the potential dilution and/or the potential cash payments the Company may be required to make in the event that the market price of the Company’s common stock becomes greater than the conversion or exchange prices of the Convertible Notes and the Exchangeable Notes, the Company maintains a hedge program that increases the effective conversion or exchange price for the 2020 Convertible Notes, the 2021 Convertible Notes and the Exchangeable Notes. The Company did not hedge the 2022 Convertible Notes. The details of the hedge program for each of the Convertible Notes and Exchangeable Notes are listed below (in thousands, except conversion price) : 2020 Convertible Notes 2021 Convertible Notes 2023 Exchangeable Notes Cost of the hedge transaction(s) $ 18,113 $ 19,545 $ 17,785 Initial conversion or exchange price $ 45.72 $ 59.39 $ 44.62 Effective conversion or exchange price $ 61.55 $ 83.14 $ 62.48 Cabot Senior Secured Notes In March 2014, Cabot Financial (Luxembourg) S.A. (“Cabot Financial”) issued £175.0 million (approximately $291.8 million ) in aggregate principal amount of 6.500% Senior Secured Notes due 2021 (the “Cabot 2021 Notes”). Interest on the Cabot 2021 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year. In July 2018, Cabot Financial completed an exchange offer for a portion of these outstanding notes, as further discussed below. In October 2016, Cabot Financial issued £350.0 million (approximately $442.6 million ) in aggregate principal amount of 7.500% Senior Secured Notes due 2023 (the “Cabot 2023 Notes”). Interest on the Cabot 2023 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year. The Cabot 2023 Notes were issued at a price equal to 100% of their face value. In July 2018, Cabot Financial completed an exchange offer whereby certain holders of Senior Secured Notes due 2020 (the “Cabot 2020 Notes”) and holders of the Cabot 2021 Notes exchanged their notes for additional Cabot 2023 Notes (the “Exchange Notes”). Pursuant to the exchange offer, Cabot Financial exchanged £32.2 million (approximately $42.4 million ) in aggregate principal amount of the Cabot 2020 Notes and £95.0 million (approximately $125.2 million ) in aggregate principal amount of the Cabot 2021 Notes, at a premium, for a total of £128.4 million (approximately $169.2 million ) aggregate principal amount of the Exchange Notes. In July 2018, Cabot Financial also issued £34.5 million (approximately $45.5 million ) aggregate principal amount of 7.500% additional notes (the “Additional Notes”) at 99.0% plus accrued interest from and including April 1, 2018. Both the Exchange Notes and the Additional Notes were issued as additional notes under the indenture entered into by Cabot Financial, among others, dated October 6, 2016, governing the Cabot 2023 Notes and are part of the same series as the currently outstanding £350.0 million 7.500% Cabot 2023 Notes issued under that indenture. The Cabot 2021 Notes and the Cabot 2023 Notes (together the “Cabot Notes”) are fully and unconditionally guaranteed on a senior secured basis by the following indirect subsidiaries of the Company: CCM, Cabot Financial Limited, and all material subsidiaries of Cabot Financial Limited (other than Cabot Financial and Marlin Intermediate Holdings plc). The Cabot Notes are secured by a first ranking security interest in all the outstanding shares of Cabot Financial and the guarantors (other than CCM and Marlin Midway Limited) and substantially all the assets of Cabot Financial and the guarantors (other than CCM). Subject to the Intercreditor Agreement described below under “Cabot Senior Revolving Credit Facility”, the guarantees provided in respect of the Cabot Notes are pari passu with each such guarantee given in respect of the Cabot Floating Rate Notes, Marlin Bonds and the Cabot Credit Facility described below. In November 2015, Cabot Financial (Luxembourg) II S.A. (“Cabot Financial II”), an indirect subsidiary of Encore, issued €310.0 million (approximately $332.2 million ) in aggregate principal amount of Senior Secured Floating Rate Notes due 2021 (the “Cabot Floating Rate Notes”). The Cabot Floating Rate Notes were issued at a 1% , or €3.1 million (approximately $3.4 million ), original issue discount, which is being amortized over the life of the notes and included as interest expense in the Company’s consolidated statements of operations. The Cabot Floating Rate Notes bear interest at a rate equal to three-month EURIBOR plus 5.875% per annum, reset quarterly. Interest on the Cabot Floating Rate Notes is payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year. The Cabot Floating Rate Notes will mature on November 15, 2021. The Cabot Floating Rate Notes are fully and unconditionally guaranteed on a senior secured basis by the following indirect subsidiaries of the Company: CCM, Cabot Financial Limited and all material subsidiaries of Cabot Financial Limited (other than Cabot Financial II and Marlin Intermediate Holdings plc). The Cabot Floating Rate Notes are secured by a first-ranking security interest in all the outstanding shares of Cabot Financial II and the guarantors (other than CCM and Marlin Midway Limited) and substantially all the assets of Cabot Financial II and the guarantors (other than CCM). Interest expense related to the Cabot senior secured notes was as follows (in thousands) : Three Months Ended 2019 2018 Interest expense—stated coupon rate $ 23,655 $ 21,600 Interest expense—amortization of debt discount 119 (116 ) Total interest expense—Cabot senior secured notes $ 23,774 $ 21,484 At March 31, 2019 , the outstanding balance of the Cabot senior secured notes was $1.1 billion . Cabot Senior Revolving Credit Facilities On December 12, 2017, Cabot Financial (UK) Limited (“Cabot Financial UK”) entered into an amended and restated senior secured revolving credit facility agreement (as amended and restated, the “Cabot Credit Facility”). As of March 31, 2019 , the Cabot Credit Facility provides for a total committed facility of £385.0 million of which £375.0 million expires in September 2022 and £10.0 million that expires in September 2021, and included the following key provisions: • Interest at LIBOR (or EURIBOR for any loan drawn in euro) plus 3.00% per annum, which may decrease to 2.75% upon certain specified conditions; • A restrictive covenant that limits the loan to value ratio to 0.75 in the event that the Cabot Credit Facility is more than 20% utilized; • A restrictive covenant that limits the super senior loan (i.e. the Cabot Credit Facility and any super priority hedging liabilities) to value ratio to 0.275 in the event that the Cabot Credit Facility is more than 20% utilized; • Additional restrictions and covenants which limit, among other things, the payment of dividends and the incurrence of additional indebtedness and liens; and • Events of default which, upon occurrence, may permit the lenders to terminate the Cabot Credit Facility and declare all amounts outstanding to be immediately due and payable. The Cabot Credit Facility is unconditionally guaranteed by the following indirect subsidiaries of the Company: CCM, Cabot Financial Limited, and all material subsidiaries of Cabot Financial Limited. The Cabot Credit Facility is secured by first ranking security interests in all the outstanding shares of Cabot Financial UK and the guarantors (other than CCM) and substantially all the assets of Cabot Financial UK and the guarantors (other than CCM). Pursuant to the terms of intercreditor agreements entered into with respect to the relative positions of the Cabot Notes, the Cabot Floating Rate Notes, and the Cabot Credit Facility, any liabilities in respect of obligations under the Cabot Credit Facility that are secured by assets that also secure the Cabot Notes, the Cabot Floating Rate Notes will receive priority with respect to any proceeds received upon any enforcement action over any such assets. At March 31, 2019 , the outstanding borrowings under the Cabot Credit Facilities were approximately $319.8 million . The weighted average interest rate was 3.37% and 3.75% for the three months ended March 31, 2019 and 2018 , respectively. Available capacity under the Cabot Credit Facility, after taking into account borrowing base and applicable debt covenants, was £139.8 million (approximately $182.2 million ) as of March 31, 2019 . Cabot Securitisation Senior Facility Cabot’s wholly owned subsidiary Cabot Securitisation UK Ltd (“Cabot Securitisation”) entered into a senior facility agreement (the “Senior Facility Agreement”) for a committed amount of £300.0 million , of which £300.0 million was drawn as of March 31, 2019 . The Senior Facility Agreement matures in September 2023. The obligations of Cabot Securitisation under the Senior Facility Agreement are secured by first ranking security interests over all of Cabot Securitisation’s property, assets and rights (including receivables purchased from Cabot Financial UK from time to time), the book value of which was approximately £332.7 million (approximately $433.7 million ) as of March 31, 2019 . Funds drawn under the Senior Facility Agreement will bear interest at a rate per annum equal to LIBOR plus a margin of 2.85% . In November 2018, Cabot’s wholly owned subsidiary Cabot Securitisation UK II Ltd (“Cabot Securitisation II”) entered into a new non-recourse asset backed senior facility of £50.0 million , with a maturity date in September 2023. The facility is secured by first ranking security interests over all of Cabot Securitisation II’s property, assets and rights (including receivables purchased from Cabot Financial UK from time to time), the book value of which was approximately £55.9 million (approximately $72.8 million ) as of March 31, 2019 . Funds drawn under this facility will bear interest at a rate per annum equal to LIBOR plus a margin of 4.075% . At March 31, 2019 , the outstanding borrowings under the Cabot Securitisation Senior Facility were approximately $456.2 million . The weighted average interest rate was 3.76% and 3.35% for the three months ended March 31, 2019 and 2018 , respectively. Cabot Securitisation and Cabot Securitisation II are securitized financing vehicles and are VIEs for consolidation purposes. Refer to Note 9 , “Variable Interest Entities,” for further details. Finance Lease Liabilities The Company has finance lease liabilities primarily for computer equipment. As of March 31, 2019 , the Company’s finance lease liabilities were approximately $5.9 million . These finance lease liabilities require monthly, quarterly or annual payments through 2023 and have implicit interest rates that range from 3.0% to approximately 5.7% .

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2019
Variable Interest Entity, Measure of Activity [Abstract]
Variable Interest Entities	Variable Interest Entities A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb expected losses, or the right to receive expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. A reconsideration event is significant if it changes the design of the entity or the entity’s equity investment at risk. Prior to the purchase of all of the outstanding equity of CCM not owned by the Company, CCM’s indirect holding Company Janus Holdings S.a r.l. (“Janus Holdings”) was a VIE. Upon completion of the Cabot Transaction on July 24, 2018 and the subsequent change in organizational structure, Janus Holdings no longer qualified as a VIE and CCM is consolidated via the voting interest model. As of March 31, 2019 , the Company’s VIEs include certain securitized financing vehicles and other immaterial special purpose entities that were created to purchase receivable portfolios in certain geographies. The Company is the primary beneficiary of these VIEs. Most assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the VIE.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was $3.7 million and $9.5 million during the three months ended March 31, 2019 and 2018 , respectively. The decrease in income tax expense for the three months ended March 31, 2019 as compared to the corresponding period in 2018 was primarily due to the recording of a tax benefit of approximately $9.1 million related to a tax accounting method change for revenue reporting approved by the Internal Revenue Service (“IRS”) during the three months ended March 31, 2019 . The effective tax rates for the respective periods are shown below: Three Months Ended 2019 2018 Federal provision 21.0 % 21.0 % State provision 2.5 % 1.4 % Change in valuation allowance 1.9 % 14.2 % Foreign income taxed at different rates (1) (0.9 )% (7.2 )% Change in tax accounting method (2) (17.1 )% — % Other (0.5 )% (0.9 )% Effective rate 6.9 % 28.5 % ________________________ (1) Relates primarily to lower tax rates attributable to international operations. (2) During the first quarter of 2019, the Company received IRS approval for a tax accounting method change related to revenue reporting. The revised tax accounting method more closely aligns with the Company’s book accounting method for revenue reporting. In accordance with the authoritative guidance for income taxes, each interim period is considered an integral part of the annual period and tax expense or benefit is measured using an estimated annual effective income tax rate. The estimated annual effective tax rate for the full year is applied to the respective interim period, taking into account year-to-date amounts and projected amounts for the year. Since the Company operates in foreign countries with varying tax rates, the magnitude of the impact of the results the international operations has on the Company’s quarterly effective tax rate is dependent on the level of income or loss from the international operations in the period. The Company’s subsidiary in Costa Rica is operating under a 100% tax holiday through December 31, 2026 and a 50% tax holiday for the subsequent four years. The impact of the tax holiday in Costa Rica for the three months ended March 31, 2019 and 2018 , was immaterial. The Company had gross unrecognized tax benefits, inclusive of penalties and interest, of $19.9 million at March 31, 2019 . These unrecognized tax benefits, if recognized, would result in a net tax benefit of $13.0 million as of March 31, 2019 . There were no material changes in gross unrecognized tax benefits from December 31, 2018 . Of the $167.1 million of cash and cash equivalents as of March 31, 2019 , $127.5 million was held outside of the United States. Following the enactment of the Tax Reform Act and the associated transition tax, in general, repatriation of cash to the United States can be completed with no incremental U.S. tax. However, repatriation of cash could subject the Company to non-U.S. jurisdictional taxes on distributions. The Company maintains non-U.S. funds in its foreign operations to (1) provide adequate working capital, (2) satisfy various regulatory requirements, and (3) take advantage of business expansion opportunities as they arise. The non-U.S. jurisdictional taxes applicable to foreign earnings are not readily determinable or practicable. The Company continues to evaluate the impact of the Tax Reform Act on its election to indefinitely reinvest certain of its non-U.S. earnings. As of March 31, 2019 , management believes that it has sufficient liquidity to satisfy its cash needs, including its cash needs in the United States.

Leases (Notes)

Leases (Notes)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases Effective January 1, 2019, the Company adopted Topic 842 using the modified retrospective method. As such, the Company recognized operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated statements of financial condition. Prior period financial statements were not adjusted under the new standard and therefore, those amounts are not presented below. The Company elected not to apply the recognition requirements to short-term leases, not to separate non-lease components from lease components, and elected the transition provisions available for existing contracts, which allowed the Company to carryforward its historical assessments of (1) whether contracts are or contain a lease, (2) lease classification, and (3) initial direct costs. ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company’s lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets also include any advance lease payments made and are net of any lease incentives. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The majority of the Company’s leases are for corporate offices, various facilities and information technology equipment. The components of lease expense for the three months ended March 31, 2019 were as follows (in thousands) : Three Months Ended March 31, 2019 Operating lease costs (1) $ 4,778 Finance lease costs Amortization of right-of-use assets 437 Interest on lease liabilities 174 Total lease costs $ 5,389 ________________________ (1) Operating lease expenses are included in general and administrative expenses in the Company’s consolidated statements of operations. The following table provides supplemental consolidated balance sheet information related to leases as of March 31, 2019 (in thousands) : Classification March 31, Assets Operating lease right-of-use assets Other assets $ 91,045 Finance lease right-of-use assets Property and equipment, net 5,074 Total lease right-of-use assets $ 96,119 Liabilities Operating lease liabilities Other liabilities $ 106,010 Finance lease liabilities Debt, net 5,904 Total lease liabilities $ 111,914 Supplemental lease information is summarized below (in thousands, except rate and lease term) : Three Months Ended March 31, 2019 Right-of-use assets obtained in exchange for new operating lease obligations $ 109,597 Right-of-use assets obtained in exchange for new finance lease obligations — Cash paid for amounts included in the measurement of lease liabilities Operating leases - operating cash flows 4,189 Finance leases - operating cash flows 174 Finance leases - financing cash flows 418 March 31, Weighted-average remaining lease term (in years) Operating leases 8.3 Finance leases 3.7 Weighted-average discount rate Operating leases (1) 5.6 % Finance leases 4.4 % ________________________ (1) Upon adoption of the new lease standard, discount rates used for existing operating leases were established at January 1, 2019. Minimum future payments on noncancelable operating leases as of March 31, 2019 are summarized as follows ( in thousands ): Finance Leases Operating Leases Total 2019 (1) $ 1,356 $ 11,917 $ 13,273 2020 1,808 17,688 19,496 2021 1,650 17,787 19,437 2022 1,419 16,252 17,671 2023 156 14,558 14,714 Thereafter — 60,862 60,862 Total undiscounted lease payments 6,389 139,064 145,453 Less: imputed interest (485 ) (33,054 ) (33,539 ) Lease obligations under operating leases $ 5,904 $ 106,010 $ 111,914 ________________________ (1) 2019 amount consists of nine months data from April 1, 2019 to December 31, 2019 . As previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and under the previous lease accounting standard, minimum future payments on noncancelable operating leases as of December 31, 2018 are summarized as follows ( in thousands ): Finance Leases Operating Leases Total 2019 $ 2,507 $ 16,538 $ 19,045 2020 1,983 13,850 15,833 2021 1,844 13,044 14,888 2022 1,630 11,737 13,367 2023 204 9,741 9,945 Thereafter — 37,997 37,997 Total minimal leases payments 8,168 $ 102,907 $ 111,075 Less: Interest (605 ) Present value of minimal lease payments $ 7,563
Leases	Leases Effective January 1, 2019, the Company adopted Topic 842 using the modified retrospective method. As such, the Company recognized operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated statements of financial condition. Prior period financial statements were not adjusted under the new standard and therefore, those amounts are not presented below. The Company elected not to apply the recognition requirements to short-term leases, not to separate non-lease components from lease components, and elected the transition provisions available for existing contracts, which allowed the Company to carryforward its historical assessments of (1) whether contracts are or contain a lease, (2) lease classification, and (3) initial direct costs. ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company’s lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets also include any advance lease payments made and are net of any lease incentives. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The majority of the Company’s leases are for corporate offices, various facilities and information technology equipment. The components of lease expense for the three months ended March 31, 2019 were as follows (in thousands) : Three Months Ended March 31, 2019 Operating lease costs (1) $ 4,778 Finance lease costs Amortization of right-of-use assets 437 Interest on lease liabilities 174 Total lease costs $ 5,389 ________________________ (1) Operating lease expenses are included in general and administrative expenses in the Company’s consolidated statements of operations. The following table provides supplemental consolidated balance sheet information related to leases as of March 31, 2019 (in thousands) : Classification March 31, Assets Operating lease right-of-use assets Other assets $ 91,045 Finance lease right-of-use assets Property and equipment, net 5,074 Total lease right-of-use assets $ 96,119 Liabilities Operating lease liabilities Other liabilities $ 106,010 Finance lease liabilities Debt, net 5,904 Total lease liabilities $ 111,914 Supplemental lease information is summarized below (in thousands, except rate and lease term) : Three Months Ended March 31, 2019 Right-of-use assets obtained in exchange for new operating lease obligations $ 109,597 Right-of-use assets obtained in exchange for new finance lease obligations — Cash paid for amounts included in the measurement of lease liabilities Operating leases - operating cash flows 4,189 Finance leases - operating cash flows 174 Finance leases - financing cash flows 418 March 31, Weighted-average remaining lease term (in years) Operating leases 8.3 Finance leases 3.7 Weighted-average discount rate Operating leases (1) 5.6 % Finance leases 4.4 % ________________________ (1) Upon adoption of the new lease standard, discount rates used for existing operating leases were established at January 1, 2019. Minimum future payments on noncancelable operating leases as of March 31, 2019 are summarized as follows ( in thousands ): Finance Leases Operating Leases Total 2019 (1) $ 1,356 $ 11,917 $ 13,273 2020 1,808 17,688 19,496 2021 1,650 17,787 19,437 2022 1,419 16,252 17,671 2023 156 14,558 14,714 Thereafter — 60,862 60,862 Total undiscounted lease payments 6,389 139,064 145,453 Less: imputed interest (485 ) (33,054 ) (33,539 ) Lease obligations under operating leases $ 5,904 $ 106,010 $ 111,914 ________________________ (1) 2019 amount consists of nine months data from April 1, 2019 to December 31, 2019 . As previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and under the previous lease accounting standard, minimum future payments on noncancelable operating leases as of December 31, 2018 are summarized as follows ( in thousands ): Finance Leases Operating Leases Total 2019 $ 2,507 $ 16,538 $ 19,045 2020 1,983 13,850 15,833 2021 1,844 13,044 14,888 2022 1,630 11,737 13,367 2023 204 9,741 9,945 Thereafter — 37,997 37,997 Total minimal leases payments 8,168 $ 102,907 $ 111,075 Less: Interest (605 ) Present value of minimal lease payments $ 7,563

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Regulatory The Company is involved in disputes, legal actions, regulatory investigations, inquiries, and other actions from time to time in the ordinary course of business. The Company, along with others in its industry, is routinely subject to legal actions based on the Fair Debt Collection Practices Act (“FDCPA”), comparable state statutes, the Telephone Consumer Protection Act (“TCPA”), state and federal unfair competition statutes, and common law causes of action. The violations of law investigated or alleged in these actions often include claims that the Company lacks specified licenses to conduct its business, attempts to collect debts on which the statute of limitations has run, has made inaccurate or unsupported assertions of fact in support of its collection actions and/or has acted improperly in connection with its efforts to contact consumers. Such litigation and regulatory actions could involve potential compensatory or punitive damage claims, fines, sanctions, injunctive relief, or changes in business practices. Many continue on for some length of time and involve substantial investigation, litigation, negotiation, and other expense and effort before a result is achieved, and during the process the Company often cannot determine the substance or timing of any eventual outcome. At March 31, 2019 , there were no material developments in any of the legal proceedings disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 . In certain legal proceedings, the Company may have recourse to insurance or third party contractual indemnities to cover all or portions of its litigation expenses, judgments, or settlements. In accordance with authoritative guidance, the Company records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability. The Company continuously assesses the potential liability related to its pending litigation and regulatory matters and revises its estimates when additional information becomes available. The Company’s legal costs are recorded to expense as incurred. As of March 31, 2019 , the Company has no material reserves for legal matters. Purchase Commitments In the normal course of business, the Company enters into forward flow purchase agreements and other purchase commitment agreements. As of March 31, 2019 , the Company has entered into agreements to purchase receivable portfolios with a face value of approximately $2.8 billion for a purchase price of approximately $358.0 million . Most purchase commitments do not extend past one year .

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information The Company conducts business through several operating segments that have similar economic and other qualitative characteristics and have been aggregated in accordance with authoritative guidance into one reportable segment, portfolio purchasing and recovery. Since the Company operates in one reportable segment, all required segment information can be found in the consolidated financial statements. The Company has operations in the United States, Europe and other foreign countries. The following table presents the Company’s total revenues, adjusted by net allowances by geographic areas in which the Company operates (in thousands) : Three Months Ended 2019 2018 Revenues, adjusted by net allowances (1) : United States $ 189,372 $ 171,944 International Europe (2) 135,276 130,614 Other geographies 22,429 24,230 157,705 154,844 Total $ 347,077 $ 326,788 ________________________ (1) Revenues, adjusted by net allowances, are attributed to countries based on consumer location. Revenues primarily include portfolio revenues and fee-based income earned on accounts collected on behalf of others. (2) Based on the financial information that is used to produce the general-purpose financial statements, providing further geographic information is impracticable.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets In accordance with authoritative guidance, goodwill is tested for impairment at the reporting unit level annually and in interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and involves the use of significant estimates and assumptions. The annual goodwill testing date for the reporting units that are included in the portfolio purchasing and recovery reportable segment is October 1st. There have been no events or circumstances during the three months ended March 31, 2019 that have required the Company to perform an interim assessment of goodwill carried at these reporting units. Management continues to evaluate and monitor all key factors impacting the carrying value of the Company’s recorded goodwill and long-lived assets. Adverse changes in the Company’s actual or expected operating results, market capitalization, business climate, economic factors or other negative events that may be outside the control of management could result in a material non-cash impairment charge in the future. The Company’s goodwill is attributable to reporting units included in its portfolio purchasing and recovery segment. The following table summarizes the activity in the Company’s goodwill balance (in thousands): Total Balance, December 31, 2018 $ 868,126 Effect of foreign currency translation 14,758 Balance, March 31, 2019 $ 882,884 The Company’s acquired intangible assets are summarized as follows (in thousands) : As of March 31, 2019 As of December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 68,767 $ (13,309 ) $ 55,458 $ 73,458 $ (17,025 ) $ 56,433 Developed technologies 6,752 (5,870 ) 882 7,461 (6,446 ) 1,015 Trade name and other 8,079 (5,036 ) 3,043 8,346 (5,213 ) 3,133 Total intangible assets $ 83,598 $ (24,215 ) $ 59,383 $ 89,265 $ (28,684 ) $ 60,581

Ownership, Description of Bus_2

Ownership, Description of Business, and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	The accompanying interim 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 statements 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 statements. These 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, 2018 . Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s financial statements and the accompanying notes. Actual results could materially differ from those estimates.
Basis of Consolidation	The 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 variable interest entities for which it is the primary beneficiary. The primary beneficiary has both (1) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance, and (2) either the obligation to absorb losses or the right to receive benefits. Refer to Note 9 , “Variable Interest Entities,” for further details. All intercompany transactions and balances have been eliminated in consolidation.
Translation of Foreign Currencies	The financial statements of certain of the Company’s foreign subsidiaries are measured using their local currency as the functional currency. Assets and liabilities of foreign operations are translated into U.S. dollars using period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates in effect during each period. The resulting translation adjustments are recorded as a component of other comprehensive income or loss. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation adjustments and recorded within other comprehensive income or loss. Translation gains or losses are the material components of accumulated other comprehensive income or loss. Transaction gains and losses are included in other income or expense.
Reclassifications	Certain immaterial reclassifications have been made to the consolidated financial statements to conform to the current year’s presentation.
Change in Accounting Principle and Recent Accounting Pronouncements	The Company adopted Accounting Standard Codification 842 - Leases (“Topic 842”) as of January 1, 2019, using the transition method in accordance with ASU 2018-11, Leases: Targeted Improvements issued in July 2018. Under Topic 842, lessees are required to recognize assets and liabilities on the balance sheet for most leases and provide enhanced disclosures. Leases will continue to be classified as either finance or operating leases. The adoption of this new standard resulted in the recording of lease assets and lease liabilities for the Company’s operating leases of approximately $89.1 million and $102.7 million , respectively, as of January 1, 2019. The difference between the leased assets and lease liabilities primarily represents lease incentives. All periods prior to January 1, 2019 were presented in accordance with the previous lease accounting standard, and no retrospective adjustments were made to the comparative periods presented. The accounting for finance leases remains substantially unchanged. The adoption of this new standard did not materially impact the Company’s consolidated statements of operations or cash flows, or the Company’s compliance with debt covenants. Refer to Note 11 “Leases” for detailed information on the Company’s leases. Recent Accounting Pronouncements Other than the adoption of the standard discussed above, there have been no new accounting pronouncements made effective during the three months ended March 31, 2019 that have significance, or potential significance, to the Company’s consolidated financial statements. Recent Accounting Pronouncements Not Yet Effective In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 applies a current expected credit loss model which is a new impairment model based on expected losses rather than incurred losses. Under this model, an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost. The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The expected credit losses, and subsequent adjustments to such losses, will be recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated balance sheet at the amount expected to be collected. ASU 2016-13 eliminates the current accounting model for loans and debt securities acquired with deteriorated credit quality under ASC 310-30, which provides authoritative guidance for the accounting of the Company’s investment in receivable portfolios. ASU 2016-13 is effective for reporting periods beginning after December 15, 2019. The guidance will be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period in which ASU 2016-13 is adopted. However, the FASB has determined that financial assets for which the guidance in Subtopic 310-30, Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality, has previously been applied should prospectively apply the guidance in ASU 2016-13 for purchased financial assets with credit deterioration. On April 25, 2019, the FASB issued ASU 2019-04 which amended and clarified application of the new standard. The Company is in the process of determining the effects the adoption of ASU 2016-13, as amended by ASU 2019-04, will have on its consolidated financial statements. The Company expects that the new standard could have a significant impact on how it measures and records income recognized on its receivable portfolios. The Company is evaluating the impact of this pronouncement and is in the process of developing its accounting policy. Additionally, the Company has established a project management team and is researching software resources that can assist with the implementation. With the exception of the standard discussed above, there have been no other recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2019 , as compared to the recent accounting pronouncements described in our Annual Report, that have significance, or potential significance, to the Company’s consolidated financial statements.
Earnings Per Share	Basic earnings per share are calculated by dividing net earnings attributable to Encore by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, restricted stock, and the dilutive effect of the convertible and exchangeable senior notes, if applicable.
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.
Derivatives	The Company has operations in foreign countries which expose the Company to foreign currency exchange rate fluctuations due to transactions denominated in foreign currencies. To mitigate a portion of this risk, the Company enters into derivative financial instruments, principally foreign currency forward contracts with financial counterparties. The Company adjusts the level and use of derivatives as soon as practicable after learning that an exposure has changed and reviews all exposures and derivative positions on an ongoing basis. The Company’s foreign currency forward contracts are designated as cash flow hedging instruments and qualify for hedge accounting treatment. Gains and losses arising from such contracts are recorded as a component of accumulated other comprehensive income (“OCI”) as gains and losses on derivative instruments, net of income taxes. The hedging gains and losses in OCI are subsequently reclassified into earnings in the same period in which the underlying transactions affect the Company’s earnings. If all or a portion of the forecasted transaction is cancelled, the accumulated gains or losses in OCI would be reclassified into earnings. The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. The Company’s derivative financial instruments qualify for hedge accounting treatment under the authoritative guidance for derivatives and hedging.
Investment in Receivable Portfolios, Net	In accordance with the authoritative guidance for loans and debt securities acquired with deteriorated credit quality, discrete receivable portfolio purchases during the same fiscal quarter are aggregated into pools based on common risk characteristics. Common risk characteristics include risk ratings (e.g. FICO or similar scores), financial asset type, collateral type, size, interest rate, date of origination, term, and geographic location. The Company’s static pools are typically grouped into credit card, purchased consumer bankruptcy, and mortgage portfolios. The Company further groups these static pools by geographic region or location. Portfolios acquired in business combinations are also grouped into these pools. During any fiscal quarter in which the Company has an acquisition of an entity that has portfolio, the entire historical portfolio of the acquired company is aggregated into the pool groups for that quarter, based on common characteristics, resulting in pools for that quarter that may consist of several different vintages of portfolio. Once a static pool is established, the portfolios are permanently assigned to the pool. The discount (i.e. the difference between the cost of each static pool and the related aggregate contractual receivable balance) is not recorded because the Company expects to collect a relatively small percentage of each static pool’s contractual receivable balance. As a result, receivable portfolios are recorded at cost at the time of acquisition. The 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 a significant increase in subsequent expected cash flows. Subsequent increases in expected cash flows are recognized prospectively through an upward adjustment of the pool’s IRR over its remaining life. Subsequent decreases in expected cash flows do not change the IRR but are recognized as an allowance to the cost basis of the pool, and are reflected in the consolidated statements of operations as a reduction in revenue, with a corresponding valuation allowance, offsetting the investment in receivable portfolios in the consolidated statements of financial condition. Due to the discounting of future cashflows using monthly IRRs, an allowance charge could still result even if substantially higher collections occurring later in the collection curve offset lower collections in the near term. The Company accounts for each static pool as a unit for the economic life of the pool (similar to one loan) for recognition of revenue from receivable portfolios, for collections applied to the cost basis of receivable portfolios and for provision for loss or allowance. Revenue from receivable portfolios is accrued based on each pool’s IRR applied to each pool’s adjusted cost basis. The cost basis of each pool is increased by revenue earned and portfolio allowance reversals and decreased by gross collections and portfolio allowances. If the amount and timing of future cash collections on a pool of receivables are not reasonably estimable, the Company accounts for such portfolios on the cost recovery method as Cost Recovery Portfolios. The accounts in these portfolios have different risk characteristics than those included in other portfolios acquired during the same quarter, or the necessary information was not available to estimate future cash flows and, accordingly, they were not aggregated with other portfolios. Under the cost recovery method of accounting, no revenue is recognized until the carrying value of a Cost Recovery Portfolio has been fully recovered. Accretable yield represents the amount of revenue the Company expects to generate over the remaining life of its existing investment in receivable portfolios based on estimated future cash flows. Total accretable yield is the difference between future estimated collections and the current carrying value of a portfolio. All estimated cash flows on portfolios where the cost basis has been fully recovered are classified as zero basis cash flows.
Variable Interest Entities	A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb expected losses, or the right to receive expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. A reconsideration event is significant if it changes the design of the entity or the entity’s equity investment at risk. Prior to the purchase of all of the outstanding equity of CCM not owned by the Company, CCM’s indirect holding Company Janus Holdings S.a r.l. (“Janus Holdings”) was a VIE. Upon completion of the Cabot Transaction on July 24, 2018 and the subsequent change in organizational structure, Janus Holdings no longer qualified as a VIE and CCM is consolidated via the voting interest model. As of March 31, 2019 , the Company’s VIEs include certain securitized financing vehicles and other immaterial special purpose entities that were created to purchase receivable portfolios in certain geographies. The Company is the primary beneficiary of these VIEs. Most assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the VIE.
Segment Reporting	The Company conducts business through several operating segments that have similar economic and other qualitative characteristics and have been aggregated in accordance with authoritative guidance into one reportable segment, portfolio purchasing and recovery. Since the Company operates in one reportable segment, all required segment information can be found in the consolidated financial statements.
Goodwill	In accordance with authoritative guidance, goodwill is tested for impairment at the reporting unit level annually and in interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and involves the use of significant estimates and assumptions. The annual goodwill testing date for the reporting units that are included in the portfolio purchasing and recovery reportable segment is October 1st. There have been no events or circumstances during the three months ended March 31, 2019 that have required the Company to perform an interim assessment of goodwill carried at these reporting units. Management continues to evaluate and monitor all key factors impacting the carrying value of the Company’s recorded goodwill and long-lived assets. Adverse changes in the Company’s actual or expected operating results, market capitalization, business climate, economic factors or other negative events that may be outside the control of management could result in a material non-cash impairment charge in the future.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of 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, except per share amounts) : Three Months Ended March 31, 2019 2018 Net income attributable to Encore Capital Group, Inc. stockholders $ 49,254 $ 21,827 Total weighted-average basic shares outstanding 31,201 26,056 Dilutive effect of stock-based awards 158 360 Total effect of dilutive securities 31,359 26,416 Basic earnings per share $ 1.58 $ 0.84 Diluted earnings per share $ 1.57 $ 0.83

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule 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 $ — $ 837 $ — $ 837 Interest rate cap contracts — 451 — 451 Liabilities Foreign currency exchange contracts — (38 ) — (38 ) Interest rate swap agreements — (6,967 ) — (6,967 ) Contingent consideration — — (6,257 ) (6,257 ) Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets Interest rate cap contracts $ — $ 2,023 $ — $ 2,023 Liabilities Foreign currency exchange contracts — (237 ) — (237 ) Interest rate swap agreements — (4,881 ) — (4,881 ) Contingent consideration — — (6,198 ) (6,198 )
Schedule of Roll forward of the Fair Value of Contingent Consideration	The following table provides a roll forward of the fair value of contingent consideration for the three months ended March 31, 2019 and year ended December 31, 2018 (in thousands) : Amount Balance at December 31, 2017 $ 10,612 Issuance of contingent consideration in connection with acquisition 1,728 Change in fair value of contingent consideration (5,664 ) Payment of contingent consideration (271 ) Effect of foreign currency translation (207 ) Balance at December 31, 2018 6,198 Payment of contingent consideration (85 ) Effect of foreign currency translation 144 Balance at March 31, 2019 $ 6,257
Schedule Of Financial Instruments Not Required To Be Carried At Fair Value	The carrying amounts in the following table are recorded in the consolidated statements of financial condition at March 31, 2019 and December 31, 2018 (in thousands) : March 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets Investment in receivable portfolios $ 3,211,587 $ 3,413,480 $ 3,137,893 $ 3,525,861 Deferred court costs 96,207 96,207 95,918 95,918 Financial Liabilities Encore convertible notes and exchangeable notes (1) 622,761 600,558 619,639 553,744 Cabot senior secured notes 1,119,265 1,103,966 1,109,922 1,036,905 ________________________ (1) Carrying amount represents the portion of the convertible and exchangeable notes classified as debt, while estimated fair value pertains to the face amount of the notes.

Derivatives and Hedging Instr_2

Derivatives and Hedging Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments	The following table summarizes the fair value of derivative instruments as recorded in the Company’s consolidated statements of financial condition (in thousands) : March 31, 2019 December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency exchange contracts Other assets $ 837 Other assets $ — Interest rate cap contracts Other assets 451 Other assets 2,023 Foreign currency exchange contracts Other liabilities (38 ) Other liabilities (237 ) Interest rate swap agreements Other liabilities (6,967 ) Other liabilities (4,881 )
Schedule of Effects of Derivatives in Cash Flow Hedging	The following table summarizes the effects of derivatives in cash flow hedging relationships designated as hedging instruments on the Company’s consolidated statements of operations for the three months ended March 31, 2019 and 2018 (in thousands) : Derivatives Designated as Hedging Instruments Gain (Loss) Location of Gain (Loss) Reclassified from Gain (Loss) Reclassified from OCI into Income Three Months Ended Three Months Ended March 31, 2019 2018 2019 2018 Foreign currency exchange contracts $ 935 $ (107 ) Salaries and employee benefits $ (95 ) $ 549 Foreign currency exchange contracts (78 ) — General and administrative expenses (84 ) — Interest rate swap agreements (2,086 ) 9 Interest expense (420 ) — Interest rate cap contracts (1,572 ) — Interest expense — —

Investment in Receivable Port_2

Investment in Receivable Portfolios, Net (Tables)	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Schedule of Accretable Yield and an Estimate of Zero Basis Future Cash Flows	The following table summarizes the Company’s accretable yield and an estimate of zero basis future cash flows at the beginning and end of the period presented (in thousands) : Accretable Yield Estimate of Zero Basis Cash Flows Total Balance at December 31, 2018 $ 3,773,171 $ 253,035 $ 4,026,206 Revenue from receivable portfolios (285,255 ) (25,903 ) (311,158 ) Allowance (reversals) on receivable portfolios, net 900 (2,267 ) (1,367 ) Additions (reductions) on existing portfolios, net 38,512 (199 ) 38,313 Additions for current purchases 285,637 — 285,637 Effect of foreign currency translation 26,244 217 26,461 Balance at March 31, 2019 $ 3,839,209 $ 224,883 $ 4,064,092 Accretable Yield Estimate of Zero Basis Cash Flows Total Balance at December 31, 2017 $ 3,695,069 $ 369,632 $ 4,064,701 Revenue from receivable portfolios (249,821 ) (31,188 ) (281,009 ) Allowance reversals on receivable portfolios, net (8,082 ) (1,729 ) (9,811 ) Reductions on existing portfolios, net (24,945 ) (39,529 ) (64,474 ) Additions for current purchases 285,172 — 285,172 Effect of foreign currency translation 57,577 643 58,220 Balance at March 31, 2018 $ 3,754,970 $ 297,829 $ 4,052,799
Schedule of Investment in Receivable Portfolios	The following tables summarize the changes in the balance of the investment in receivable portfolios during the following periods ( in thousands, except percentages ): Three Months Ended March 31, 2019 Accrual Basis Portfolios Cost Recovery Portfolios Zero Basis Portfolios Total Balance, beginning of period $ 3,129,502 $ 8,391 $ — $ 3,137,893 Purchases of receivable portfolios 262,335 — — 262,335 Disposals or transfers to assets held for sale (3,145 ) (444 ) — (3,589 ) Gross collections (1) (485,598 ) (91 ) (28,164 ) (513,853 ) Put-Backs and Recalls (2) (3,694 ) — (6 ) (3,700 ) Foreign currency adjustments 20,137 (161 ) — 19,976 Revenue recognized 285,255 — 25,903 311,158 Portfolio (allowance) reversals, net (900 ) — 2,267 1,367 Balance, end of period $ 3,203,892 $ 7,695 $ — $ 3,211,587 Revenue as a percentage of collections (3) 58.7 % — % 92.0 % 60.6 % Three Months Ended March 31, 2018 Accrual Basis Portfolios Cost Recovery Portfolios Zero Basis Portfolios Total Balance, beginning of period $ 2,879,170 $ 11,443 $ — $ 2,890,613 Purchases of receivable portfolios 276,762 — — 276,762 Disposals or transfers to assets held for sale (3,072 ) — — (3,072 ) Gross collections (1) (455,143 ) (1,171 ) (32,788 ) (489,102 ) Put-Backs and Recalls (2) (3,691 ) — (129 ) (3,820 ) Foreign currency adjustments 61,590 350 — 61,940 Revenue recognized 249,821 — 31,188 281,009 Portfolio allowance reversals, net 8,082 — 1,729 9,811 Balance, end of period $ 3,013,519 $ 10,622 $ — $ 3,024,141 Revenue as a percentage of collections (3) 54.9 % — % 95.1 % 57.5 % ________________________ (1) Does not include amounts collected on behalf of others. (2) Put-backs (“Put-Backs”) and recalls (“Recalls”) represent ineligible accounts that are returned by us or recalled by the seller pursuant to specific guidelines as set forth in the respective purchase agreements. (3) Revenue as a percentage of collections excludes the effect of net portfolio allowances or net portfolio allowance reversals.
Schedule of 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 March 31, 2019 2018 Balance at beginning of period $ 60,631 $ 102,576 Provision for portfolio allowances 2,626 940 Reversal of prior allowances (3,993 ) (10,751 ) Effect of foreign currency translation 164 1,552 Balance at end of period $ 59,428 $ 94,317

Deferred Court Costs, Net (Tabl

Deferred Court Costs, Net (Tables)	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Court Costs	Deferred Court Costs for the deferral period consist of the following as of the dates presented (in thousands) : March 31, December 31, Court costs advanced $ 840,721 $ 828,713 Court costs recovered (344,523 ) (336,335 ) Court costs reserve (399,991 ) (396,460 ) Deferred court costs $ 96,207 $ 95,918
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 2019 2018 Balance at beginning of period $ (396,460 ) $ (364,015 ) Provision for court costs (15,713 ) (25,067 ) Net down of reserve after deferral period 13,779 12,952 Effect of foreign currency translation (1,597 ) (2,060 ) Balance at end of period $ (399,991 ) $ (378,190 )

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Components of Other Assets	Other assets consist of the following (in thousands) : March 31, December 31, Operating lease right-of-use asset $ 91,045 $ — Identifiable intangible assets, net 59,383 60,581 Service fee receivables 35,841 28,035 Assets held for sale 31,088 26,664 Other financial receivables 26,691 47,363 Prepaid expenses 22,379 24,989 Income tax receivable 11,773 — Deferred tax assets 10,849 24,910 Other 49,413 44,460 Total $ 338,462 $ 257,002

Debt, Net (Tables)

Debt, Net (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Consolidated Debt and Capital Lease Obligations	The Company is in compliance with all covenants under its financing arrangements as of March 31, 2019 . The components of the Company’s consolidated debt and capital lease obligations were as follows (in thousands) : March 31, December 31, Encore revolving credit facility $ 500,000 $ 429,000 Encore term loan facility 183,142 195,056 Encore senior secured notes 325,000 325,000 Encore convertible notes and exchangeable notes 656,000 656,000 Less: debt discount (33,239 ) (36,361 ) Cabot senior secured notes 1,120,657 1,111,399 Less: debt discount (1,392 ) (1,477 ) Cabot senior revolving credit facility 319,760 298,005 Cabot securitisation senior facilities 456,204 445,837 Other credit facilities 43,794 43,354 Other 61,583 64,566 Finance lease liabilities 5,904 7,563 3,637,413 3,537,942 Less: debt issuance costs, net of amortization (44,507 ) (47,309 ) Total $ 3,592,906 $ 3,490,633
Schedule of Hedge Program for Convertible Notes	Certain key terms related to the convertible and exchangeable features as of March 31, 2019 are listed below. 2020 Convertible Notes 2021 Convertible Notes 2022 Convertible Notes 2023 Exchangeable Notes Initial conversion or exchange price $ 45.72 $ 59.39 $ 45.57 $ 44.62 Closing stock price at date of issuance $ 33.35 $ 47.51 $ 35.05 $ 36.45 Closing stock price date June 24, 2013 March 5, 2014 February 27, 2017 July 20, 2018 Conversion or exchange rate (shares per $1,000 principal amount) 21.8718 16.8386 21.9467 22.4090 Conversion or exchange date January 1, 2020 September 15, 2020 September 15, 2021 March 1, 2023 The details of the hedge program for each of the Convertible Notes and Exchangeable Notes are listed below (in thousands, except conversion price) : 2020 Convertible Notes 2021 Convertible Notes 2023 Exchangeable Notes Cost of the hedge transaction(s) $ 18,113 $ 19,545 $ 17,785 Initial conversion or exchange price $ 45.72 $ 59.39 $ 44.62 Effective conversion or exchange price $ 61.55 $ 83.14 $ 62.48
Schedule of Balances of the Liability and Equity Components	The debt and equity components, the issuance costs related to the equity component, the stated interest rate, and the effective interest rate for each of the Convertible Notes and Exchangeable Notes are listed below (in thousands, except percentages) : 2020 Convertible Notes 2021 Convertible Notes 2022 Convertible Notes 2023 Exchangeable Notes Debt component $ 140,247 $ 143,645 $ 137,266 $ 157,971 Equity component $ 32,253 $ 17,355 $ 12,734 $ 14,009 Equity issuance cost $ 1,106 $ 581 $ 398 $ — Stated interest rate 3.000 % 2.875 % 3.250 % 4.500 % Effective interest rate 6.350 % 4.700 % 5.200 % 6.500 % The balances of the liability and equity components of all the Convertible Notes and Exchangeable Notes outstanding were as follows (in thousands) : March 31, December 31, Liability component—principal amount $ 656,000 $ 656,000 Unamortized debt discount (33,239 ) (36,361 ) Liability component—net carrying amount $ 622,761 $ 619,639 Equity component $ 76,351 $ 76,351
Schedule of Interest Expense	The debt discount is being amortized into interest expense over the remaining life of the Convertible Notes and Exchangeable Notes using the effective interest rates. Interest expense related to the Convertible Notes and Exchangeable Notes was as follows (in thousands) : Three Months Ended 2019 2018 Interest expense—stated coupon rate $ 5,337 $ 3,642 Interest expense—amortization of debt discount 3,121 2,428 Total interest expense—Convertible Notes and Exchangeable Notes $ 8,458 $ 6,070 Interest expense related to the Cabot senior secured notes was as follows (in thousands) : Three Months Ended 2019 2018 Interest expense—stated coupon rate $ 23,655 $ 21,600 Interest expense—amortization of debt discount 119 (116 ) Total interest expense—Cabot senior secured notes $ 23,774 $ 21,484

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Effective Tax Rates	The effective tax rates for the respective periods are shown below: Three Months Ended 2019 2018 Federal provision 21.0 % 21.0 % State provision 2.5 % 1.4 % Change in valuation allowance 1.9 % 14.2 % Foreign income taxed at different rates (1) (0.9 )% (7.2 )% Change in tax accounting method (2) (17.1 )% — % Other (0.5 )% (0.9 )% Effective rate 6.9 % 28.5 % ________________________ (1) Relates primarily to lower tax rates attributable to international operations. (2) During the first quarter of 2019, the Company received IRS approval for a tax accounting method change related to revenue reporting. The revised tax accounting method more closely aligns with the Company’s book accounting method for revenue reporting.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease Cost	Supplemental lease information is summarized below (in thousands, except rate and lease term) : Three Months Ended March 31, 2019 Right-of-use assets obtained in exchange for new operating lease obligations $ 109,597 Right-of-use assets obtained in exchange for new finance lease obligations — Cash paid for amounts included in the measurement of lease liabilities Operating leases - operating cash flows 4,189 Finance leases - operating cash flows 174 Finance leases - financing cash flows 418 The components of lease expense for the three months ended March 31, 2019 were as follows (in thousands) : Three Months Ended March 31, 2019 Operating lease costs (1) $ 4,778 Finance lease costs Amortization of right-of-use assets 437 Interest on lease liabilities 174 Total lease costs $ 5,389 ________________________ (1) Operating lease expenses are included in general and administrative expenses in the Company’s consolidated statements of operations.
Supplemental Balance Sheet Information	The following table provides supplemental consolidated balance sheet information related to leases as of March 31, 2019 (in thousands) : Classification March 31, Assets Operating lease right-of-use assets Other assets $ 91,045 Finance lease right-of-use assets Property and equipment, net 5,074 Total lease right-of-use assets $ 96,119 Liabilities Operating lease liabilities Other liabilities $ 106,010 Finance lease liabilities Debt, net 5,904 Total lease liabilities $ 111,914 March 31, Weighted-average remaining lease term (in years) Operating leases 8.3 Finance leases 3.7 Weighted-average discount rate Operating leases (1) 5.6 % Finance leases 4.4 % ________________________ (1) Upon adoption of the new lease standard, discount rates used for existing operating leases were established at January 1, 2019.
Minimum Future Payments on Noncancelable Operating Leases	Minimum future payments on noncancelable operating leases as of March 31, 2019 are summarized as follows ( in thousands ): Finance Leases Operating Leases Total 2019 (1) $ 1,356 $ 11,917 $ 13,273 2020 1,808 17,688 19,496 2021 1,650 17,787 19,437 2022 1,419 16,252 17,671 2023 156 14,558 14,714 Thereafter — 60,862 60,862 Total undiscounted lease payments 6,389 139,064 145,453 Less: imputed interest (485 ) (33,054 ) (33,539 ) Lease obligations under operating leases $ 5,904 $ 106,010 $ 111,914 ________________________ (1) 2019 amount consists of nine months data from April 1, 2019 to December 31, 2019 .
Operating Lease Payments as of Prior Year End	As previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and under the previous lease accounting standard, minimum future payments on noncancelable operating leases as of December 31, 2018 are summarized as follows ( in thousands ): Finance Leases Operating Leases Total 2019 $ 2,507 $ 16,538 $ 19,045 2020 1,983 13,850 15,833 2021 1,844 13,044 14,888 2022 1,630 11,737 13,367 2023 204 9,741 9,945 Thereafter — 37,997 37,997 Total minimal leases payments 8,168 $ 102,907 $ 111,075 Less: Interest (605 ) Present value of minimal lease payments $ 7,563
Capital Lease Payments as of Prior Year End	As previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and under the previous lease accounting standard, minimum future payments on noncancelable operating leases as of December 31, 2018 are summarized as follows ( in thousands ): Finance Leases Operating Leases Total 2019 $ 2,507 $ 16,538 $ 19,045 2020 1,983 13,850 15,833 2021 1,844 13,044 14,888 2022 1,630 11,737 13,367 2023 204 9,741 9,945 Thereafter — 37,997 37,997 Total minimal leases payments 8,168 $ 102,907 $ 111,075 Less: Interest (605 ) Present value of minimal lease payments $ 7,563

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of Geographical Areas of Operations	The Company has operations in the United States, Europe and other foreign countries. The following table presents the Company’s total revenues, adjusted by net allowances by geographic areas in which the Company operates (in thousands) : Three Months Ended 2019 2018 Revenues, adjusted by net allowances (1) : United States $ 189,372 $ 171,944 International Europe (2) 135,276 130,614 Other geographies 22,429 24,230 157,705 154,844 Total $ 347,077 $ 326,788 ________________________ (1) Revenues, adjusted by net allowances, are attributed to countries based on consumer location. Revenues primarily include portfolio revenues and fee-based income earned on accounts collected on behalf of others. (2) Based on the financial information that is used to produce the general-purpose financial statements, providing further geographic information is impracticable.

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Activity in the Goodwill Balance	The Company’s goodwill is attributable to reporting units included in its portfolio purchasing and recovery segment. The following table summarizes the activity in the Company’s goodwill balance (in thousands): Total Balance, December 31, 2018 $ 868,126 Effect of foreign currency translation 14,758 Balance, March 31, 2019 $ 882,884
Schedule of Acquired Intangible Assets	The Company’s acquired intangible assets are summarized as follows (in thousands) : As of March 31, 2019 As of December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 68,767 $ (13,309 ) $ 55,458 $ 73,458 $ (17,025 ) $ 56,433 Developed technologies 6,752 (5,870 ) 882 7,461 (6,446 ) 1,015 Trade name and other 8,079 (5,036 ) 3,043 8,346 (5,213 ) 3,133 Total intangible assets $ 83,598 $ (24,215 ) $ 59,383 $ 89,265 $ (28,684 ) $ 60,581

Ownership, Description of Bus_3

Ownership, Description of Business, and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset	$ 91,045
Operating lease liability	$ 106,010
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset		$ 89,100
Operating lease liability		$ 102,700

Earnings Per Share - Summary (D

Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income attributable to Encore Capital Group, Inc. stockholders	$ 49,254	$ 21,827
Total weighted-average basic shares outstanding (shares)	31,201	26,056
Dilutive effect of stock-based awards (shares)	158	360
Total effect of dilutive securities (shares)	31,359	26,416
Basic (USD per share)	$ 1.58	$ 0.84
Diluted (USD per share)	$ 1.57	$ 0.83
Antidilutive securities excluded from computation of earnings per share (shares)	217	13

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Liabilities
Contingent consideration	$ (6,257)	$ (6,198)
Foreign currency exchange contracts
Assets
Foreign currency exchange contracts	837
Liabilities
Foreign currency exchange contracts	(38)	(237)
Interest rate cap contracts
Assets
Interest rate cap contracts	451	2,023
Interest rate swap agreements
Liabilities
Interest rate swap agreements	(6,967)	(4,881)
Level 1
Liabilities
Contingent consideration	0	0
Level 1 | Foreign currency exchange contracts
Assets
Foreign currency exchange contracts	0
Liabilities
Foreign currency exchange contracts	0	0
Level 1 | Interest rate cap contracts
Assets
Interest rate cap contracts	0	0
Level 1 | Interest rate swap agreements
Liabilities
Interest rate swap agreements	0	0
Level 2
Liabilities
Contingent consideration	0	0
Level 2 | Foreign currency exchange contracts
Assets
Foreign currency exchange contracts	837
Liabilities
Foreign currency exchange contracts	(38)	(237)
Level 2 | Interest rate cap contracts
Assets
Interest rate cap contracts	451	2,023
Level 2 | Interest rate swap agreements
Liabilities
Interest rate swap agreements	(6,967)	(4,881)
Level 3
Liabilities
Contingent consideration	(6,257)	(6,198)
Level 3 | Foreign currency exchange contracts
Assets
Foreign currency exchange contracts	0
Liabilities
Foreign currency exchange contracts	0	0
Level 3 | Interest rate cap contracts
Assets
Interest rate cap contracts	0	0
Level 3 | Interest rate swap agreements
Liabilities
Interest rate swap agreements	$ 0	$ 0

- Contingent Consideration Roll

- Contingent Consideration Roll Forward (Details) - Contingent Consideration - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 6,198	$ 10,612
Issuance of contingent consideration in connection with acquisition		1,728
Change in fair value of contingent consideration		(5,664)
Payment of contingent consideration	(85)	(271)
Effect of foreign currency translation	144	(207)
Balance at end of period	$ 6,257	$ 6,198

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets held for sale	$ 31,088	$ 26,664
Investment in receivable portfolios, carrying value	$ 3,211,587	3,137,893	$ 3,024,141	$ 2,890,613
Fair value inputs, fluctuation in cost to collect and discount rate	1.00%
Deferred court costs, net	$ 96,207	95,918
Convertible senior notes, carrying value	656,000	656,000
Debt discount	(33,239)	(36,361)
Senior secured notes, carrying value	325,000	325,000
Term Loan Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible senior notes, carrying value	622,761	619,639
Debt discount	(33,239)	(36,361)
Term Loan Facility | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value estimate of convertible senior notes incorporates quoted market prices	600,558	553,744
United States
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Increase or decrease of the fair value (100 basis points)	49,900
Europe
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Increase or decrease of the fair value (100 basis points)	71,500
Fair Value | Certain Loans Acquired in Transfer Not Accounted for as Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of investment receivable portfolios	3,413,480	3,525,861
Cabot Senior Secured Notes | Term Loan Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt discount	(1,392)	(1,477)
Senior secured notes, carrying value	1,120,657	1,111,399
Cabot Senior Secured Notes | Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, carrying value	1,119,265	1,109,922
Cabot Senior Secured Notes | Secured Debt | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of senior notes	$ 1,103,966	$ 1,036,905

Fair Value Measurements - Fin_2

Fair Value Measurements - Financial Instruments Not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Financial Assets
Investment in receivable portfolios, carrying value	$ 3,211,587	$ 3,137,893	$ 3,024,141	$ 2,890,613
Deferred court costs, net	96,207	95,918
Financial Liabilities
Convertible senior notes, carrying value	656,000	656,000
Senior secured notes, carrying value	325,000	325,000
Senior Notes
Financial Liabilities
Convertible senior notes, carrying value	622,761	619,639
Level 2 | Senior Notes
Financial Liabilities
Convertible senior notes, fair value	600,558	553,744
Cabot Senior Secured Notes | Senior Notes
Financial Liabilities
Senior secured notes, carrying value	1,120,657	1,111,399
Cabot Senior Secured Notes | Secured Debt
Financial Liabilities
Senior secured notes, carrying value	1,119,265	1,109,922
Cabot Senior Secured Notes | Level 2 | Secured Debt
Financial Liabilities
Senior secured notes, fair value	1,103,966	1,036,905
Fair Value | Certain Loans Acquired in Transfer Not Accounted for as Debt Securities
Financial Assets
Investment in receivable portfolios, fair value	$ 3,413,480	$ 3,525,861

Derivatives and Hedging Instr_3

Derivatives and Hedging Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Foreign currency exchange contracts
Derivative [Line Items]
Foreign currency exchange contracts - assets	$ 837
Foreign currency exchange contracts - liabilities	(38)	$ (237)
Interest rate cap contracts
Derivative [Line Items]
Interest rate derivative - assets	451	2,023
Interest rate swap agreements
Derivative [Line Items]
Interest rate derivative - liabilities	(6,967)	(4,881)
Derivatives Designated as Hedging Instruments | Foreign currency exchange contracts | Other assets
Derivative [Line Items]
Foreign currency exchange contracts - assets	837	0
Derivatives Designated as Hedging Instruments | Foreign currency exchange contracts | Other liabilities
Derivative [Line Items]
Foreign currency exchange contracts - liabilities	(38)	(237)
Derivatives Designated as Hedging Instruments | Interest rate cap contracts | Other assets
Derivative [Line Items]
Interest rate derivative - assets	451	2,023
Derivatives Designated as Hedging Instruments | Interest rate swap agreements | Other liabilities
Derivative [Line Items]
Interest rate derivative - liabilities	$ (6,967)	$ (4,881)

Derivatives and Hedging Instr_4

Derivatives and Hedging Instruments - Narrative (Details) £ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018instrument	Mar. 31, 2019GBP (£)
Not Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Loss on derivative contracts		$ 800,000
Forward contracts
Derivative [Line Items]
Net derivative gain (loss) included in OCI expected to be reclassified into earnings	$ 500,000
Gains or losses were reclassified from OCI into earnings	0	$ 0
Forward contracts | Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Derivative instrument, notional amount	37,400,000
Interest rate swap agreements | Cash Flow Hedging
Derivative [Line Items]
Derivative instrument, notional amount	368,300,000
Number of interest rate derivative held | instrument			6
Interest rate cap contracts
Derivative [Line Items]
Derivative instrument, notional amount	$ 456,200,000			£ 350
Interest rate cap contracts | Cash Flow Hedging
Derivative [Line Items]
Number of interest rate derivative held | instrument			2
Minimum | Not Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Term of contract (years)			1 month
Maximum | Not Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Term of contract (years)			3 months

Derivatives and Hedging Instr_5

Derivatives and Hedging Instruments - Effects of Derivatives Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ (2,030)	$ (829)
Foreign currency exchange contracts | Cash Flow Hedging | Salaries and employee benefits
Derivative [Line Items]
Gain (Loss) Recognized in OCI	935	(107)
Gain (Loss) Reclassified from OCI into Income	(95)	549
Foreign currency exchange contracts | Cash Flow Hedging | General and administrative expenses
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(78)	0
Gain (Loss) Reclassified from OCI into Income	(84)	0
Interest rate swap agreements | Cash Flow Hedging | Interest expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(2,086)	9
Gain (Loss) Reclassified from OCI into Income	(420)	0
Interest rate cap contracts | Cash Flow Hedging | Interest expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(1,572)	0
Gain (Loss) Reclassified from OCI into Income	$ 0	$ 0

Investment in Receivable Port_3

Investment in Receivable Portfolios, Net - Accretable Yield and an Estimate of Zero Basis Future Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	$ 4,026,206	$ 4,064,701
Revenue from receivable portfolios	(311,158)	(281,009)
Allowance (reversals) on receivable portfolios, net	(1,367)	(9,811)
Reductions on existing portfolios, net		(64,474)
Additions (reductions) on existing portfolios, net	38,313
Additions for current purchases	285,637	285,172
Effect of foreign currency translation	26,461	58,220
Balance at end of period	4,064,092	4,052,799
Accretable Yield
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	3,773,171	3,695,069
Revenue from receivable portfolios	(285,255)	(249,821)
Allowance (reversals) on receivable portfolios, net	900	(8,082)
Reductions on existing portfolios, net		(24,945)
Additions (reductions) on existing portfolios, net	38,512
Additions for current purchases	285,637	285,172
Effect of foreign currency translation	26,244	57,577
Balance at end of period	3,839,209	3,754,970
Estimate of Zero Basis Cash Flows
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period	253,035	369,632
Revenue from receivable portfolios	(25,903)	(31,188)
Allowance (reversals) on receivable portfolios, net	(2,267)	(1,729)
Reductions on existing portfolios, net		(39,529)
Additions (reductions) on existing portfolios, net	(199)
Additions for current purchases	0	0
Effect of foreign currency translation	217	643
Balance at end of period	$ 224,883	$ 297,829

Investment in Receivable Port_4

Investment in Receivable Portfolios, Net - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Face value of receivable portfolios	$ 1,732,977,424	$ 1,799,804,000
Purchases of receivable portfolios	$ 262,335,000	$ 276,762,000
Face value on purchase cost (as a percent)	15.10%	15.40%
Estimated future collections at acquisition for receivable portfolios	$ 548,000,000	$ 556,200,000
Revenue recognized	311,158,000	281,009,000
Allowance reversals on receivable portfolios, net	1,367,000	9,811,000
Estimate of Zero Basis Cash Flows
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Revenue recognized	25,903,000	31,188,000
Allowance reversals on receivable portfolios, net	2,267,000	1,729,000
Zero Basis Portfolios
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Purchases of receivable portfolios	0	0
Revenue recognized	25,903,000	31,188,000
Allowance reversals on receivable portfolios, net	$ 2,267,000	$ 1,729,000

Investment in Receivable Port_5

Investment in Receivable Portfolios, Net - Change in the Balance of the Investment in Receivable Portfolios (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 3,137,893	$ 2,890,613
Purchases of receivable portfolios	262,335	276,762
Disposals or transfers to assets held for sale	(3,589)	(3,072)
Gross collections	(513,853)	(489,102)
Put-Backs and Recalls	(3,700)	(3,820)
Foreign currency adjustments	19,976	61,940
Revenue recognized	311,158	281,009
Portfolio (allowance) reversals, net	1,367	9,811
Balance, end of period	$ 3,211,587	$ 3,024,141
Revenue as a percentage of collections	60.60%	57.50%
Accrual Basis Portfolios
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 3,129,502	$ 2,879,170
Purchases of receivable portfolios	262,335	276,762
Disposals or transfers to assets held for sale	(3,145)	(3,072)
Gross collections	(485,598)	(455,143)
Put-Backs and Recalls	(3,694)	(3,691)
Foreign currency adjustments	20,137	61,590
Revenue recognized	285,255	249,821
Portfolio (allowance) reversals, net	(900)	8,082
Balance, end of period	$ 3,203,892	$ 3,013,519
Revenue as a percentage of collections	58.70%	54.90%
Cost Recovery Portfolios
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 8,391	$ 11,443
Purchases of receivable portfolios	0	0
Disposals or transfers to assets held for sale	(444)	0
Gross collections	(91)	(1,171)
Put-Backs and Recalls	0	0
Foreign currency adjustments	(161)	350
Revenue recognized	0	0
Portfolio (allowance) reversals, net	0	0
Balance, end of period	$ 7,695	$ 10,622
Revenue as a percentage of collections	0.00%	0.00%
Zero Basis Portfolios
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 0	$ 0
Purchases of receivable portfolios	0	0
Disposals or transfers to assets held for sale	0	0
Gross collections	(28,164)	(32,788)
Put-Backs and Recalls	(6)	(129)
Foreign currency adjustments	0	0
Revenue recognized	25,903	31,188
Portfolio (allowance) reversals, net	2,267	1,729
Balance, end of period	$ 0	$ 0
Revenue as a percentage of collections	92.00%	95.10%

- Change in the Valuation Allow

- Change in the Valuation Allowance for Investment in Receivable Portfolios (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Valuation Allowance
Balance at beginning of period	$ 60,631	$ 102,576
Provision for portfolio allowances	2,626	940
Reversal of prior allowances	(3,993)	(10,751)
Effect of foreign currency translation	164	1,552
Balance at end of period	$ 59,428	$ 94,317

Deferred Court Costs, Net - Sum

Deferred Court Costs, Net - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Court costs advanced	$ 840,721	$ 828,713
Court costs recovered	(344,523)	(336,335)
Court costs reserve	(399,991)	(396,460)	$ (378,190)	$ (364,015)
Deferred court costs	$ 96,207	$ 95,918

Deferred Court Costs, Net - Cou

Deferred Court Costs, Net - Court Cost Reserve (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets [Roll Forward]
Balance at beginning of period	$ (396,460)	$ (364,015)
Provision for court costs	(15,713)	(25,067)
Net down of reserve after deferral period	13,779	12,952
Effect of foreign currency translation	(1,597)	(2,060)
Balance at end of period	$ (399,991)	$ (378,190)

Other Assets - Summary (Details

Other Assets - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating lease right-of-use asset	$ 91,045
Identifiable intangible assets, net	59,383	$ 60,581
Service fee receivables	35,841	28,035
Assets held for sale	31,088	26,664
Other financial receivables	26,691	47,363
Prepaid expenses	22,379	24,989
Income tax receivable	11,773	0
Deferred tax assets	10,849	24,910
Other	49,413	44,460
Total	$ 338,462	$ 257,002

Debt, Net - Consolidated Debt a

Debt, Net - Consolidated Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Senior secured notes	$ 325,000	$ 325,000
Encore convertible notes and exchangeable notes	656,000	656,000
Less: debt discount	(33,239)	(36,361)
Finance lease liabilities	5,904
Finance lease liabilities		7,563
Debt and capital lease obligations, gross	3,637,413	3,537,942
Less: debt issuance costs, net of amortization	(44,507)	(47,309)
Total	3,592,906	3,490,633
Other
Debt Instrument [Line Items]
Other	61,583	64,566
Cabot securitisation senior facilities
Debt Instrument [Line Items]
Revolving credit facility	456,204	445,837
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	500,000	429,000
Cabot credit facility
Debt Instrument [Line Items]
Revolving credit facility	319,760	298,005
Other Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	43,794	43,354
Term Loan
Debt Instrument [Line Items]
Encore term loan facility	183,142	195,056
Term Loan Facility
Debt Instrument [Line Items]
Encore convertible notes and exchangeable notes	622,761	619,639
Less: debt discount	(33,239)	(36,361)
Term Loan Facility | Cabot senior secured notes
Debt Instrument [Line Items]
Senior secured notes	1,120,657	1,111,399
Less: debt discount	$ (1,392)	$ (1,477)

Debt, Net - Encore Revolving Cr

Debt, Net - Encore Revolving Credit Facility and Term Loan Facility - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Percentage to be added to base rate for alternate base rate (as a percent)	0.50%
Percentage to be added to adjusted base rate for alternate base rate (as a percent)	1.00%
Borrowing base as percentage of eligible estimated collection range end (as a percent)	35.00%
Eligible estimated remaining collections for consumer receivables (as a percent)	55.00%
Maximum cash flow leverage ratio	300.00%
Maximum cash flow secured leverage ratio	200.00%
Minimum interest coverage ratio	175.00%
Maximum senior secured notes	$ 350,000,000
Allowance of additional unsecured indebtedness (not to exceed)	1,100,000,000
Company's repurchases, common stock (up to)	$ 150,000,000
Maximum acquisitions excluded (as a percent)	50.00%
Acquisition limit	$ 225,000,000
Credit facility, provision, investments not to exceed maximum percentage of consolidated net worth (as a percent)	200.00%
Basket allowed for investments under laws of Canada	$ 50,000,000
Minimum
Debt Instrument [Line Items]
Maximum cash flow leverage ratio	125.00%
Term Loan
Debt Instrument [Line Items]
Term loan facility	$ 183,142,000		$ 195,056,000
Term Loan One
Debt Instrument [Line Items]
Term loan facility	194,600,000
Principal amortization, 2019	15,300,000
Principal amortization, 2020	15,300,000
Junior Lien Portion
Debt Instrument [Line Items]
Allowance of additional unsecured indebtedness (not to exceed)	400,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	$ 500,000,000		$ 429,000,000
Weighted average interest rate (as a percent)	5.50%	4.62%
Revolving Credit Facility | Restated Credit Agreement
Debt Instrument [Line Items]
Current borrowing capacity	$ 138,800,000
Revolving Credit Facility One
Debt Instrument [Line Items]
Revolving credit facility	$ 884,200,000
LIBOR | Term Loan One | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
LIBOR | Term Loan One | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.00%
LIBOR | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
LIBOR | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.00%
Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%
Base Rate | Term Loan One | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Base Rate | Term Loan One | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%

Debt, Net - Encore Senior Secur

Debt, Net - Encore Senior Secured Notes - Narrative (Details) - Term Loan Facility - USD ($)	3 Months Ended
	Mar. 31, 2019	Aug. 31, 2017
Debt Instrument [Line Items]
Basis spread over the current Treasury Rate (as a percent)	0.50%
2017 Senior Secured Notes
Debt Instrument [Line Items]
Debt issued	$ 325,000,000	$ 325,000,000
Stated interest rate (as a percent)	5.625%
Senior secured notes, periodic principal repayment	$ 16,300,000

Debt, Net - Convertible Notes (

Debt, Net - Convertible Notes (Details)	3 Months Ended
	Mar. 31, 2019$ / shares	Jul. 20, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2014USD ($)	Jul. 31, 2013USD ($)
Convertible Notes | 2020 Convertible Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.00%				3.00%
Initial conversion price (USD per share)	$ 45.72
Closing stock price at date of issuance (in dollars per share)	$ 33.35
Conversion rate (shares per $1,000 principal amount)	0.0219
Convertible Notes | 2021 Convertible Notes
Debt Instrument [Line Items]
Debt issued | $				$ 161,000,000
Stated interest rate (as a percent)	2.875%			2.875%
Initial conversion price (USD per share)	$ 59.39
Closing stock price at date of issuance (in dollars per share)	$ 47.51
Conversion rate (shares per $1,000 principal amount)	0.0168
Convertible Notes | 2022 Convertible Notes
Debt Instrument [Line Items]
Debt issued | $			$ 150,000,000
Stated interest rate (as a percent)	3.25%		3.25%
Initial conversion price (USD per share)	$ 45.57
Closing stock price at date of issuance (in dollars per share)	$ 35.05
Conversion rate (shares per $1,000 principal amount)	0.0219
Convertible Notes | 2023 Exchangeable Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.50%
Initial conversion price (USD per share)	$ 44.62
Closing stock price at date of issuance (in dollars per share)	$ 36.45
Conversion rate (shares per $1,000 principal amount)	0.0224
Encore Finance | Convertible Notes | 2020 Convertible Notes
Debt Instrument [Line Items]
Debt issued | $					$ 172,500,000
Encore Finance | Term Loan Facility | 2023 Exchangeable Notes
Debt Instrument [Line Items]
Debt issued | $		$ 172,500,000
Stated interest rate (as a percent)		4.50%
Subsidiaries | Encore Finance
Debt Instrument [Line Items]
Ownership interest (as a percent)		100.00%

Debt, Net - Debt and Equity Com

Debt, Net - Debt and Equity Components and Issuance Costs of Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2017	Mar. 31, 2014	Jul. 31, 2013
Debt Instrument [Line Items]
Equity component	$ 76,351	$ 76,351
2020 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt component	140,247
Equity component	32,253
Equity issuance cost	$ 1,106
Stated interest rate (as a percent)	3.00%				3.00%
Effective interest rate (as a percent)	6.35%
2021 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt component	$ 143,645
Equity component	17,355
Equity issuance cost	$ 581
Stated interest rate (as a percent)	2.875%			2.875%
Effective interest rate (as a percent)	4.70%
2022 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt component	$ 137,266
Equity component	12,734
Equity issuance cost	$ 398
Stated interest rate (as a percent)	3.25%		3.25%
Effective interest rate (as a percent)	5.20%
2023 Exchangeable Notes | Convertible Notes
Debt Instrument [Line Items]
Debt component	$ 157,971
Equity component	14,009
Equity issuance cost	$ 0
Stated interest rate (as a percent)	4.50%
Effective interest rate (as a percent)	6.50%

Debt, Net - Balances of Liabili

Debt, Net - Balances of Liability and Equity Components (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Liability component—principal amount	$ 656,000	$ 656,000
Unamortized debt discount	(33,239)	(36,361)
Liability component—net carrying amount	622,761	619,639
Equity component	$ 76,351	$ 76,351

Debt, Net - Interest Expense (D

Debt, Net - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Convertible Notes
Debt Instrument [Line Items]
Interest expense—stated coupon rate	$ 5,337	$ 3,642
Interest expense—amortization of debt discount	3,121	2,428
Total interest expense—Convertible Notes and Exchangeable Notes	8,458	6,070
Cabot senior secured notes | Senior Notes
Debt Instrument [Line Items]
Total interest expense—Convertible Notes and Exchangeable Notes	23,774	21,484
Interest expense | Cabot senior secured notes | Senior Notes
Debt Instrument [Line Items]
Interest expense—stated coupon rate	23,655	21,600
Interest expense—amortization of debt discount	$ 119	$ (116)

Debt, Net - Conversion and EPS

Debt, Net - Conversion and EPS Impact of Convertible Notes Hedging Transactions (Details) - Convertible Notes $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)$ / shares
2020 Convertible Notes
Debt Instrument [Line Items]
Cost of the hedge transaction(s) | $	$ 18,113
Conversion price (USD per share)	$ 45.72
2020 Convertible Notes | Hedging of Convertible Debt Instrument
Debt Instrument [Line Items]
Conversion price (USD per share)	$ 61.55
2021 Convertible Notes
Debt Instrument [Line Items]
Cost of the hedge transaction(s) | $	$ 19,545
Conversion price (USD per share)	$ 59.39
2021 Convertible Notes | Hedging of Convertible Debt Instrument
Debt Instrument [Line Items]
Conversion price (USD per share)	$ 83.14
2023 Exchangeable Notes
Debt Instrument [Line Items]
Cost of the hedge transaction(s) | $	$ 17,785
Conversion price (USD per share)	$ 44.62
2023 Exchangeable Notes | Hedging of Convertible Debt Instrument
Debt Instrument [Line Items]
Conversion price (USD per share)	$ 62.48

Debt, Net - Cabot Senior Secure

Debt, Net - Cabot Senior Secured Notes - Narrative (Details) $ in Thousands	Jul. 18, 2018USD ($)	Jul. 18, 2018GBP (£)	Oct. 06, 2016USD ($)	Nov. 11, 2015USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jul. 18, 2018GBP (£)	Oct. 06, 2016GBP (£)	Nov. 11, 2015EUR (€)	Mar. 27, 2014USD ($)	Mar. 27, 2014GBP (£)
Debt Instrument [Line Items]
Senior secured notes					$ 325,000	$ 325,000
Unamortized discount					33,239	36,361
Term Loan Facility
Debt Instrument [Line Items]
Unamortized discount					$ 33,239	$ 36,361
Cabot 2020 Notes | Term Loan Facility
Debt Instrument [Line Items]
Extinguishment of debt	$ 42,400	£ 32,200,000
Existing Cabot 2021 Notes | Term Loan Facility
Debt Instrument [Line Items]
Senior secured notes										$ 291,800	£ 175,000,000
Stated interest rate (as a percent)										6.50%	6.50%
Extinguishment of debt	125,200	95,000,000
Cabot 2023 Notes | Term Loan Facility
Debt Instrument [Line Items]
Senior secured notes			$ 442,600					£ 350,000,000
Stated interest rate (as a percent)			7.50%					7.50%
Face value issued (as a percent)			100.00%
Exchange Notes | Term Loan Facility
Debt Instrument [Line Items]
If-converted value in excess of principal	$ 169,200	£ 128,400,000
Additional Notes | Term Loan Facility
Debt Instrument [Line Items]
Face value issued (as a percent)	99.00%	99.00%
Debt issued	$ 45,500						£ 34,500,000
Original Cabot 2023 Notes | Term Loan Facility
Debt Instrument [Line Items]
Stated interest rate (as a percent)			7.50%					7.50%
Debt issued | £								£ 350,000,000
Senior Secured Cabot Floating Rate Notes | Secured Debt
Debt Instrument [Line Items]
Senior secured notes				$ 332,200					€ 310,000,000
Discount rate (as a percent)				1.00%
Unamortized discount				$ 3,400					€ 3,100,000
Senior Secured Cabot Floating Rate Notes | Secured Debt | Three-Month EURIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				5.875%
Encore Finance | Additional Notes | Term Loan Facility
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.50%						7.50%

Debt, Net - Cabot Senior Revolv

Debt, Net - Cabot Senior Revolving Credit Facility - Narrative (Details) - Cabot credit facility $ in Thousands	Nov. 11, 2015	Mar. 31, 2019USD ($)	Mar. 31, 2018	Dec. 31, 2018USD ($)	Mar. 31, 2019GBP (£)	Dec. 31, 2018GBP (£)	Sep. 30, 2018GBP (£)
Debt Instrument [Line Items]
Revolving credit facility						£ 385,000,000
Maximum loan to value ratio				0.75%
Credit facility, outstanding amount | $		$ 319,760		$ 298,005
Weighted average interest rate (as a percent)		3.37%	3.75%
Remaining borrowing capacity		$ 182,200			£ 139,800,000
LIBOR
Debt Instrument [Line Items]
Alternate basis spread on variable rate	2.75%
Secured Debt | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				3.00%
Loan-to-value credit facility utilization trigger (more than)				20.00%
Secured Debt | Cabot Credit Agreement, Tranche with Expiration in September 2022
Debt Instrument [Line Items]
Revolving credit facility						£ 375,000,000
Secured Debt | Tranche with Expiration in September 2021
Debt Instrument [Line Items]
Revolving credit facility							£ 10,000,000
Senior Loans
Debt Instrument [Line Items]
Maximum loan to value ratio				27.50%
Loan-to-value credit facility utilization trigger (more than)				20.00%

Debt, Net - Cabot Securitisatio

Debt, Net - Cabot Securitisation Senior Facility (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018	Mar. 31, 2019GBP (£)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Book value | $	$ 4,813,607			$ 4,631,875
Cabot securitisation senior facilities
Debt Instrument [Line Items]
Facility agreement, borrowing capacity | £			£ 300,000,000
Current borrowing capacity | £			300,000,000
Book value	433,700		332,700,000
Credit facility, outstanding amount | $	$ 456,204			$ 445,837
Weighted average interest rate (as a percent)	3.76%	3.35%
Cabot securitisation senior facilities | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.85%
Cabot Securitisation Non-Recourse Asset-Backed Senior Facility
Debt Instrument [Line Items]
Book value	$ 72,800		£ 55,900,000

Debt, Net - Preferred Equity Ce

Debt, Net - Preferred Equity Certificates and Finance Lease Liabilities - Narrative (Details) $ in Thousands	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
Finance lease liabilities	$ 5,904
Implicit interest rate (as a percent)	4.40%
Minimum
Debt Instrument [Line Items]
Implicit interest rate (as a percent)	3.00%
Maximum
Debt Instrument [Line Items]
Implicit interest rate (as a percent)	5.70%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Tax Contingency [Line Items]
Income tax expense	$ 3,673	$ 9,470
Tax benefit from change in tax accounting method	9,100
Unrecognized tax benefit	19,900
Net tax benefit from unrecognized tax benefits, if recognized	13,000
Cash and cash equivalents	$ 167,096		$ 157,418
Costa Rica | Tax holiday through December 31, 2018
Income Tax Contingency [Line Items]
Holiday tax rate	100.00%
Costa Rica | Tax holiday for the subsequent 4 years
Income Tax Contingency [Line Items]
Holiday tax rate	50.00%
Income tax holiday, term	4 years
International
Income Tax Contingency [Line Items]
Cash and cash equivalents	$ 127,500

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rates (Details)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Federal provision (as a percent)	21.00%	21.00%
State provision (as a percent)	2.50%	1.40%
Change in valuation allowance (as a percent)	1.90%	14.20%
International provision (benefit) (as a percent)	(0.90%)	(7.20%)
Change in tax accounting method (as a percent)	(17.10%)	0.00%
Other (as a percent)	(0.50%)	(0.90%)
Effective rate (as a percent)	6.90%	28.50%

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease costs	$ 4,778
Amortization of right-of-use assets	437
Interest on lease liabilities	174
Total lease costs	$ 5,389

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease right-of-use assets	$ 91,045
Finance lease right-of-use assets	5,074
Total lease right-of-use assets	96,119
Operating lease liability	106,010
Finance lease liabilities	5,904
Total lease liabilities	$ 111,914

Leases - Operating Information

Leases - Operating Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Right-of-use assets obtained in exchange for new operating lease obligations	$ 109,597
Right-of-use assets obtained in exchange for new finance lease obligations	0
Operating leases - operating cash flows	4,189
Finance leases - operating cash flows	174
Finance leases - financing cash flows	$ 418
Operating leases, weighted-average remaining lease term (in years)	8 years 3 months 8 days
Finance leases, weighted-average remaining lease term (in years)	3 years 7 months 26 days
Operating leases, weighted-average discount rate (percent)	5.60%
Finance leases, weighted-average discount rate (percent)	4.40%

Leases - Schedule of Lease Paym

Leases - Schedule of Lease Payments (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating Lease Liabilities, Payments Due [Abstract]
2019	$ 11,917
2020	17,688
2021	17,787
2022	16,252
2023	14,558
Thereafter	60,862
Total undiscounted lease payments	139,064
Less: imputed interest	(33,054)
Lease obligations under operating leases	106,010
Finance Lease Liabilities, Payments, Due [Abstract]
2019	1,356
2020	1,808
2021	1,650
2022	1,419
2023	156
Thereafter	0
Total undiscounted lease payments	6,389
Less: imputed interest	(485)
Lease obligations under operating leases	5,904
2019	13,273
2020	19,496
2021	19,437
2022	17,671
2023	14,714
Thereafter	60,862
Total undiscounted lease payments	145,453
Less: imputed interest	33,539
Total lease liabilities	$ 111,914

Leases - Schedule of Lease Pa_2

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

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Long-term Purchase Commitment [Line Items]
Material reserves for litigation	$ 0
Purchase price of receivable portfolios	2,800,000,000
Purchase price	$ 358,000,000
Maximum
Long-term Purchase Commitment [Line Items]
Purchase commitment term (years)	1 year

Segment and Geographic Inform_3

Segment and Geographic Information - Summary (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Segment	Mar. 31, 2018USD ($)
Segment Reporting [Abstract]
Number of reportable segments | Segment	1
Segment Reporting Information [Line Items]
Revenues	$ 347,077	$ 326,788
United States
Segment Reporting Information [Line Items]
Revenues	189,372	171,944
International
Segment Reporting Information [Line Items]
Revenues	157,705	154,844
Europe
Segment Reporting Information [Line Items]
Revenues	135,276	130,614
Other geographies
Segment Reporting Information [Line Items]
Revenues	$ 22,429	$ 24,230

Goodwill and Identifiable Int_3

Goodwill and Identifiable Intangible Assets - Activity in Goodwill Balance (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 868,126
Effect of foreign currency translation	14,758
Balance at end of period	$ 882,884

Goodwill and Identifiable Int_4

Goodwill and Identifiable Intangible Assets - Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 83,598	$ 89,265
Accumulated Amortization	(24,215)	(28,684)
Net Carrying Amount	59,383	60,581
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	68,767	73,458
Accumulated Amortization	(13,309)	(17,025)
Net Carrying Amount	55,458	56,433
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,752	7,461
Accumulated Amortization	(5,870)	(6,446)
Net Carrying Amount	882	1,015
Trade name and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,079	8,346
Accumulated Amortization	(5,036)	(5,213)
Net Carrying Amount	$ 3,043	$ 3,133