Encore Capital (ECPG) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 29, 2020
Cover [Abstract]
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001084961
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	000-26489
Entity Registrant Name	ENCORE CAPITAL GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	48-1090909
Entity Address, Address Line One	350 Camino De La Reina
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92108
City Area Code	877
Local Phone Number	445 - 4581
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	ECPG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,338,800

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 293,800	$ 293,800	$ 192,335
Investment in receivable portfolios, net	3,201,241	3,201,241	3,283,984
Deferred court costs, net	0	0	100,172
Property and equipment, net	117,873	117,873	120,051
Other assets	289,916	289,916	329,223
Goodwill	838,024	838,024	884,185
Total assets	4,740,854	4,740,854	4,909,950
Liabilities:
Accounts payable and accrued liabilities	218,471	218,471	223,911
Borrowings	3,353,730	3,353,730	3,513,197
Other liabilities	126,266	126,266	147,436
Total liabilities	3,698,467	3,698,467	3,884,544
Commitments and Contingencies
Equity:
Convertible preferred stock, $0.01 par value, 5,000 shares authorized, no shares issued and outstanding	0	0	0
Common stock, $0.01 par value, 75,000 shares authorized, 31,288 and 31,097 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	313	313	311
Additional paid-in capital	227,030	227,030	222,590
Accumulated earnings	963,698	963,698	888,058
Accumulated other comprehensive loss	(152,190)	(152,190)	(88,766)
Total Encore Capital Group, Inc. stockholders’ equity	1,038,851	1,038,851	1,022,193
Noncontrolling interest	3,536	3,536	3,213
Total equity	1,042,387	1,042,387	1,025,406
Total liabilities and equity	4,740,854	4,740,854	4,909,950
Amortized cost	519,363	1,254,670
Variable Interest Entity
Assets
Cash and cash equivalents	15	15	34
Investment in receivable portfolios, net	516,019	516,019	539,596
Other assets	4,836	4,836	4,759
Liabilities:
Borrowings	433,976	433,976	464,092
Other liabilities	$ 3	$ 3	$ 0

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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)	75,000,000	75,000,000
Common stock issued (shares)	31,288,000	31,097,000
Common stock outstanding (shares)	31,288,000	31,097,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Revenue from receivable portfolios	$ 335,287	$ 312,495	$ 692,652	$ 623,653
Changes in expected current and future recoveries	66,007	0	(32,654)	0
Servicing revenue	23,950	32,316	52,630	66,339
Other revenues	789	0	2,486	529
Total revenues	426,033	344,811	715,114	690,521
Allowance reversals on receivable portfolios, net	0	2,063	0	3,430
Total revenues, adjusted by net allowances	426,033	346,874	715,114	693,951
Operating expenses
Salaries and employee benefits	90,867	96,227	183,965	188,061
Cost of legal collections	37,356	51,448	103,635	100,475
Other operating expenses	28,275	29,546	55,439	59,160
Collection agency commissions	10,683	13,560	23,859	29,562
General and administrative expenses	28,618	32,620	60,495	72,167
Depreciation and amortization	10,542	9,741	20,827	19,736
Total operating expenses	206,341	233,142	448,220	469,161
Income from operations	219,692	113,732	266,894	224,790
Other expense
Interest expense	(50,327)	(63,913)	(104,989)	(118,880)
Other expense	(3,011)	(1,244)	(1,572)	(4,220)
Total other expense	(53,338)	(65,157)	(106,561)	(123,100)
Income before income taxes	166,354	48,575	160,333	101,690
Provision for income taxes	(35,570)	(11,753)	(40,128)	(15,426)
Net income	130,784	36,822	120,205	86,264
Net income attributable to noncontrolling interest	(452)	(161)	(327)	(349)
Net income attributable to Encore Capital Group, Inc. stockholders	$ 130,332	$ 36,661	$ 119,878	$ 85,915
Earnings per share attributable to Encore Capital Group, Inc.:
Basic (USD per share)	$ 4.15	$ 1.17	$ 3.82	$ 2.75
Diluted (USD per share)	$ 4.13	$ 1.17	$ 3.79	$ 2.74
Weighted average shares outstanding:
Basic (shares)	31,413	31,225	31,361	31,193
Diluted (shares)	31,560	31,426	31,628	31,372

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 130,784	$ 36,822	$ 120,205	$ 86,264
Change in unrealized gain (loss) on derivative instruments:
Unrealized gain (loss) on derivative instruments	948	(3,560)	(4,103)	(5,762)
Income tax effect	(384)	849	1,113	1,021
Unrealized gain (loss) on derivative instruments, net of tax	564	(2,711)	(2,990)	(4,741)
Change in foreign currency translation:
Unrealized loss on foreign currency translation	(2,032)	(8,845)	(63,070)	(1,265)
Removal of other comprehensive loss in connection with divestiture	2,632	0	2,632	0
Unrealized gain (loss) on foreign currency translation, net of divestiture	600	(8,845)	(60,438)	(1,265)
Other comprehensive income (loss), net of tax:	1,164	(11,556)	(63,428)	(6,006)
Comprehensive income	131,948	25,266	56,777	80,258
Comprehensive loss (income) attributable to noncontrolling interest:
Net income attributable to noncontrolling interest	(452)	(161)	(327)	(349)
Unrealized loss (gain) on foreign currency translation	1	(7)	4	(434)
Comprehensive income attributable to noncontrolling interest:	(451)	(168)	(323)	(783)
Comprehensive income attributable to Encore Capital Group, Inc. stockholders	$ 131,497	$ 25,098	$ 56,454	$ 79,475

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period Of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Accumulated Earnings	Accumulated EarningsCumulative Effect, Period Of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Noncontrolling Interest
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)	86,264				85,915			349
Other comprehensive income, net of tax	(6,006)						(6,440)	434
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)			96
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(1,428)		$ 1	(1,429)
Stock-based compensation	5,407			5,407
Other	(968)			(968)
Balance at end of period (shares) at Jun. 30, 2019			30,980
Balance at end of period at Jun. 30, 2019	902,957		$ 310	211,508	806,104		(117,427)	2,462
Balance at beginning of period (shares) at Mar. 31, 2019			30,967
Balance at beginning of period at Mar. 31, 2019	874,557		$ 310	208,374	769,443		(105,864)	2,294
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	36,822				36,661			161
Other comprehensive income, net of tax	(11,556)						(11,563)	7
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)			13
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	521			521
Stock-based compensation	3,581			3,581
Other	(968)			(968)
Balance at end of period (shares) at Jun. 30, 2019			30,980
Balance at end of period at Jun. 30, 2019	902,957		$ 310	211,508	806,104		(117,427)	2,462
Balance at beginning of period (shares) at Dec. 31, 2019			31,097
Balance at beginning of period at Dec. 31, 2019	1,025,406	$ (44,238)	$ 311	222,590	888,058	$ (44,238)	(88,766)	3,213
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	120,205				119,878			327
Other comprehensive income, net of tax	(66,060)						(66,056)	(4)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)			191
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(4,863)		$ 2	(4,865)
Stock-based compensation	9,305			9,305
Other	2,632						2,632
Balance at end of period (shares) at Jun. 30, 2020			31,288
Balance at end of period at Jun. 30, 2020	1,042,387		$ 313	227,030	963,698		(152,190)	3,536
Balance at beginning of period (shares) at Mar. 31, 2020			31,234
Balance at beginning of period at Mar. 31, 2020	905,811		$ 312	222,403	833,366		(153,355)	3,085
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	130,784				130,332			452
Other comprehensive income, net of tax	(1,468)						(1,467)	(1)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)			54
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(150)		$ 1	(151)
Stock-based compensation	4,778			4,778
Other	2,632						2,632
Balance at end of period (shares) at Jun. 30, 2020			31,288
Balance at end of period at Jun. 30, 2020	$ 1,042,387		$ 313	$ 227,030	$ 963,698		$ (152,190)	$ 3,536

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities:
Net income	$ 120,205	$ 86,264
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,827	19,736
Other non-cash interest expense, net	12,127	16,233
Stock-based compensation expense	9,305	5,407
Deferred income taxes	(17,101)	23,977
Changes in expected current and future recoveries	32,654	0
Allowance reversals on receivable portfolios, net	0	(3,430)
Other, net	4,923	17,323
Changes in operating assets and liabilities
Deferred court costs and other assets	11,917	23,739
Prepaid income tax and income taxes payable	41,748	(36,569)
Accounts payable, accrued liabilities and other liabilities	(26,890)	(43,860)
Net cash provided by operating activities	209,715	108,820
Investing activities:
Purchases of receivable portfolios, net of put-backs	(350,658)	(499,937)
Collections applied to investment in receivable portfolios, net	342,842	405,081
Purchases of property and equipment	(13,028)	(17,480)
Other, net	9,831	(3,352)
Net cash used in investing activities	(11,013)	(115,688)
Financing activities:
Proceeds from credit facilities	279,070	322,857
Repayment of credit facilities	(315,622)	(276,188)
Proceeds from senior secured notes	0	460,512
Repayment of senior secured notes	(32,500)	(460,455)
Repayment of other debt	14,882	17,410
Other, net	(3,634)	(1,738)
Net cash (used in) provided by financing activities	(87,568)	27,578
Net increase in cash and cash equivalents	111,134	20,710
Effect of exchange rate changes on cash and cash equivalents	(9,669)	(9,563)
Cash and cash equivalents, beginning of period	192,335	157,418
Cash and cash equivalents, end of period	293,800	168,565
Supplemental disclosure of cash information:
Cash paid for interest	88,363	92,053
Cash paid for taxes, net of refunds	$ 16,292	$ 24,112

Ownership, Description of Busin

Ownership, Description of Business, and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
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. The Company also has investments and operations in Latin America and Asia-Pacific, which the Company refers to as “LAAP.” In August 2019, the Company completed the sale of Baycorp, which represented the Company’s investments and operations in Australia and New Zealand. COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a global pandemic, which continues to spread throughout the United States and around the world. The COVID-19 outbreak and resulting containment measures implemented by governments around the world, as well as increased business uncertainty, have impacted the Company. The circumstances around the COVID-19 pandemic are rapidly evolving and will continue to impact the Company’s business and its estimation of expected recoveries in future periods. The Company will continue to closely monitor the COVID-19 situation and update its assumptions accordingly. 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, 2019. 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. The inputs into the judgments and estimates consider the economic implications of the COVID-19 pandemic on the Company’s critical and significant accounting estimates. 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 and are reclassified to earnings upon the substantial sale or liquidation of investments in foreign operations. Reclassifications Certain immaterial reclassifications have been made to the consolidated financial statements to conform to the current year’s presentation. Recently Adopted Accounting Pronouncement On January 1, 2020, the Company adopted the new accounting standard for Financial Instruments - Credit Losses (“CECL”). CECL introduces a new impairment approach for credit loss recognition based on current expected lifetime losses rather than incurred losses. CECL applies to all financial assets carried at amortized costs, including the Company’s investment in receivable portfolios, which are defined as purchased credit deteriorated (“PCD”) financial assets under CECL. The adoption of CECL represents a significant change from the previous U.S. GAAP guidance relating to purchased credit impaired assets and resulted in changes to the Company’s accounting for its investment in receivable portfolios and the related income from the receivable portfolios. As part of the adoption of CECL, the Company changed its accounting methodology for its court costs spent in its legal collection channel effective January 1, 2020. Previously, the Company capitalized its upfront court costs spent in its consolidated financial statements (“Deferred Court Costs”) and provided a reserve for those costs that it believed would ultimately be uncollectible. Effective January 1, 2020, the Company expenses all of its court costs as incurred. All expected cash flows, including all the expected collections from the legal channel, are included in the measurement of the negative allowance, or investment in receivable portfolios, at a discounted value. Upon transition, an adjustment was made to retained earnings to reflect the net change from an undiscounted to discounted value prior to writing-off uncollectible receivables and establishing a balance for discounted value of future recoveries of amounts expected to be collected. The Company has not adjusted prior period comparative information and will continue to disclose prior period financial information in accordance with the previous accounting guidance. The following table summarizes the cumulative effects of adopting the CECL guidance on the Company’s consolidated statements of financial condition at January 1, 2020 ( in thousands ): Balance as of December 31, 2019 Adjustment Opening Balance as of January 1, 2020 Assets Investment in receivable portfolios, net $ 3,283,984 $ 44,166 $ 3,328,150 Deferred court costs, net 100,172 (100,172) — Liabilities Other liabilities (for deferred tax liabilities) 147,436 (11,768) 135,668 Equity Accumulated earnings 888,058 (44,238) 843,820 Recent Accounting Pronouncements Not Yet Effective In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). The ASU provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate (e.g., LIBOR) reform if certain criteria are met, for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The ASU is effective as of March 12, 2020 through December 31, 2022. We will evaluate transactions or contract modifications occurring as a result of reference rate reform and determine whether to apply the optional guidance on an ongoing basis. The ASU is currently not expected to have a material impact on our consolidated financial statements. With the exception of the updated standard discussed above, there have been no recent accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2020, 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. Accounting Policy Update As a result of the adoption of CECL, the Company revised its following accounting policies effective January 1, 2020: Investment in Receivable Portfolios The Company purchases portfolios of loans that have experienced significant deterioration of credit quality since origination from banks and other financial institutions. These financial assets are defined as PCD assets under CECL. Under the PCD accounting model, the purchased assets are grossed-up to their face value with an offsetting allowance and noncredit discount allocated to the individual receivables as the unit of account is at the individual loan level. Since each loan is deeply delinquent and deemed uncollectible at the individual loan level, the Company applies its charge-off policy and fully writes-off the amortized costs ( i.e. , face value net of noncredit discount) of the individual receivables immediately after purchasing the portfolio. The Company then records a negative allowance that represents the present value of all expected future recoveries for pools of receivables that share similar risk characteristics using a discounted cash flow approach, which ultimately equals the amount paid for a portfolio purchase and presented as “Investment in receivable portfolios, net” in the Company’s consolidated statements of financial condition. The discount rate is an effective interest rate (or “purchase EIR”) based on the purchase price of the portfolio and the expected future cash flows at the time of purchase. The amount of the negative allowance ( i.e., investment in receivable portfolios) will not exceed the total amortized cost basis of the loans written-off. Receivable portfolio purchases are aggregated into pools based on similar risk characteristics. Examples of risk characteristics include financial asset type, collateral type, size, interest rate, date of origination, term, and geographic location. The Company’s static pools are typically grouped into credit card, purchased consumer bankruptcy, and mortgage portfolios. The Company further groups these static pools by geographic location. Once a pool is established, the portfolios will remain in the designated pool unless the underlying risk characteristics change. The purchase EIR of a pool will not change over the life of the pool even if expected future cash flows change. Revenue is recognized for each static pool over the economic life of the pool. The Company makes significant assumptions in determining the economic life of a pool, including the reasonable and supportable economic forecast period based on asset type and geography, which considers the availability of forward-looking scenarios and their respective time horizons. In general, the Company forecasts recoveries over one or two years prior to reverting to historical averages at an estimate-level over the remaining life using various methodologies depending on the asset type and geography. The speed at which forecasts revert varies based on the spread between the forecast period and historical data. In addition, estimated recoveries include a qualitative component. The Company continues to evaluate the reasonable economic life of a pool and reversion method each reporting period. Revenue primarily includes two components: (1) accretion of the discount on the negative allowance due to the passage of time, and (2) changes in expected cash flows, which includes (a) the current period variances between actual cash collected and expected cash recoveries and (b) the present value change of expected future recoveries. The Company measures expected future recoveries based on historical experience, current conditions, and reasonable and supportable forecasts. Factors that may change the expected future recoveries may include both internal as well as external factors. Internal factors include operational performance, such as capacity and the productivity of our collection staff. External factors that may have an impact on our collections include new laws or regulations, new interpretations of existing laws or regulations, and macroeconomic conditions. The Company elected not to maintain its previously formed pool groups with amortized costs at transition. Certain pools already fully recovered their cost basis and became zero basis portfolios (“ZBA”) prior to the transition. The Company did not establish a negative allowance from ZBA pools as the Company elected the Transition Resource Group for Credit Losses’ practical expedient to retain the integrity of its legacy pools. All subsequent collections to the ZBA pools are recognized as ZBA revenue, which is included in revenue from receivable portfolios in the Company’s consolidated statements of operations. See “Note 5: Investment in Receivable Portfolios, Net” for further discussion of investment in receivable portfolios. Deferred Court Costs The Company pursues legal collections using a network of attorneys that specialize in collection matters and through its internal legal channel. The Company generally pursues collections through legal means only when it believes a consumer has sufficient assets to repay their indebtedness but has, to date, been unwilling to pay. In order to pursue legal collections, the Company is required to pay certain upfront costs to the applicable courts that are recoverable from the consumer. Effective January 1, 2020, the Company expenses all of its court costs as incurred and no longer capitalizes such costs as Deferred Court Costs. All expected cash flows, including all the expected collections from the legal channel, are included in the measurement of the negative allowance, or investment in receivable portfolios, at a discounted value.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net earnings attributable to Encore by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, non-vested share awards, 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 Six Months Ended 2020 2019 2020 2019 Net income attributable to Encore Capital Group, Inc. stockholders $ 130,332 $ 36,661 $ 119,878 $ 85,915 Total weighted-average basic shares outstanding 31,413 31,225 31,361 31,193 Dilutive effect of stock-based awards 147 201 267 179 Total weighted-average dilutive shares outstanding 31,560 31,426 31,628 31,372 Basic earnings per share $ 4.15 $ 1.17 $ 3.82 $ 2.75 Diluted earnings per share $ 4.13 $ 1.17 $ 3.79 $ 2.74 Anti-dilutive employee stock options outstanding were approximately 164,000 and 89,000 during the three and six months ended June 30, 2020, respectively. Anti-dilutive employee stock options outstanding were approximately 13,000 and 115,000 during each of the three and six months ended June 30, 2019, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received upon sale of an asset or the price paid to transfer a liability, in an orderly transaction between market participants at the measurement date ( i.e., the “exit price”). The Company uses a fair value hierarchy that prioritizes the inputs used in valuation techniques to measure fair value into three broad levels. The following is a brief description of each level: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs, including inputs that reflect the reporting entity’s own assumptions. Financial Instruments Required To Be Carried At Fair Value Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands) : Fair Value Measurements as of June 30, 2020 Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts $ — $ 476 $ — $ 476 Interest rate cap contracts — 1,416 — 1,416 Liabilities Interest rate swap agreements — (13,280) — (13,280) Contingent consideration — — (27) (27) Fair Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts $ — $ 1,473 $ — $ 1,473 Interest rate cap contracts — 2,460 — 2,460 Liabilities Interest rate swap agreements — (9,116) — (9,116) Contingent consideration — — (66) (66) 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 six months ended June 30, 2020 and year ended December 31, 2019 (in thousands) : Amount Balance as of December 31, 2018 $ 6,198 Change in fair value of contingent consideration (2,300) Payment of contingent consideration (3,686) Effect of foreign currency translation (146) Balance as of December 31, 2019 66 Payment of contingent consideration (35) Effect of foreign currency translation (4) Balance as of June 30, 2020 $ 27 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 3 measurements. The fair value estimate of the assets held for sale was approximately $40.7 million and $46.7 million as of June 30, 2020 and December 31, 2019, respectively. Financial Instruments Not Required To Be Carried At Fair Value The table below summarizes fair value estimates for the Company's financial instruments that are not required to be carried at fair value. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company. The carrying amounts in the following table are included in the consolidated statements of financial condition as of June 30, 2020 and December 31, 2019 (in thousands) : June 30, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets Investment in receivable portfolios, net $ 3,201,241 $ 3,682,533 $ 3,283,984 $ 3,464,050 Deferred court costs — — 100,172 100,172 Financial Liabilities Encore convertible notes and exchangeable notes (1) 648,686 663,418 642,547 693,708 Cabot senior secured notes (2) 1,083,932 1,076,682 1,127,435 1,170,945 _______________________ (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. (2) Carrying amount represents historical cost, adjusted for any related debt discount or debt premium. Investment in Receivable Portfolios: The fair value of investment in receivable portfolios is measured using Level 3 inputs by discounting the estimated future cash flows generated by its proprietary forecasting models. The key inputs include the estimated future gross cash flow, average cost to collect, and discount rate. The determination of such inputs requires significant judgment, including assessing the assumed market participant’s cost structure, its determination of whether to include fixed costs in its valuation, its collection strategies, and determining the appropriate weighted average cost of capital. The Company evaluates the use of these key inputs on an ongoing basis and refines the data as it continues to obtain better information from market participants in the debt recovery and purchasing business. Deferred Court Costs: Effective January 1, 2020, the Company no longer carries Deferred Court Costs as a result of its change in accounting policy. The fair value estimate for Deferred Court Costs as of December 31, 2019 involved Level 3 inputs as there was little observable market data available and management was required to use significant judgment in its estimates. Borrowings: 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. The Company’s borrowings also include finance lease liabilities for which the carrying value approximates fair value.

Derivatives and Hedging Instrum

Derivatives and Hedging Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Instruments	Derivatives and Hedging Instruments The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. Certain of the Company’s derivative financial instruments qualify for hedge accounting treatment under the authoritative guidance for derivatives and hedging. The following table summarizes the fair value of derivative instruments as included in the Company’s consolidated statements of financial condition (in thousands) : June 30, 2020 December 31, 2019 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate cap contracts Other assets $ 1,416 Other assets $ 2,460 Foreign currency exchange contracts Other assets — Other assets 443 Interest rate swap agreements Other liabilities (13,280) Other liabilities (9,116) Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other assets 476 Other assets 1,030 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 may enter into derivative financial instruments, principally foreign currency forward contracts with financial counterparties. The Company adjusts the level and use of derivatives as soon as practicable after learning that an exposure has changed and reviews all exposures and derivative positions on an ongoing basis. Certain of the Company’s foreign currency forward contracts were designated as cash flow hedging instruments and qualified for hedge accounting treatment. Gains and losses arising from such contracts were 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 were subsequently reclassified into earnings in the same period in which the underlying transactions affected the Company’s earnings. If all or a portion of the forecasted transaction was cancelled, the accumulated gains or losses in OCI would be reclassified into earnings. As of June 30, 2020, the Company had no outstanding forward contracts that were designated as cash flow hedging instruments. No gains or losses were reclassified from OCI into earnings as a result of forecasted transactions that failed to occur during the six months ended June 30, 2020 and 2019. The Company may periodically enter into interest rate swap agreements to reduce its exposure to fluctuations in interest rates on variable interest rate debt and their impact on earnings and cash flows. Under the swap agreements, the Company receives floating interest rate payments and makes interest payments based on fixed interest rates. The Company designates its interest rate swap instruments as cash flow hedges. As of June 30, 2020, there were four interest rate swap agreements outstanding with a total notional amount of $324.0 million. Previously, the Company held two interest rate cap contracts (the “2018 Caps”) that hedged the risk of GBP-LIBOR interest rate fluctuations for the Cabot Securitisation Senior Facility interest payments. In February 2020, the Company settled the 2018 Caps and ceased the hedge relationship, which resulted in the reclassification of the associated other comprehensive loss balance to interest expense for approximately $2.5 million during the first quarter of 2020. As of June 30, 2020, the Company held two interest rate cap contracts with a notional amount of approximately $883.3 million that are used to manage its risk related to interest rate fluctuations on the Company’s variable interest rate bearing debt. The interest rate cap hedging the fluctuations in three-month EURIBOR for the Cabot 2024 Floating Rate Notes (“2019 Cap”) has a notional amount of €400.0 million (approximately $449.3 million) and matures in 2024. The interest rate cap hedging the fluctuations in sterling overnight index average (“SONIA”) for the Cabot Securitisation UK Ltd senior facility agreement (“2020 Cap”) has a notional amount of £350.0 million (approximately $434.0 million) and matures in 2023. The 2019 Cap is structured as a series of European call options (“Caplets”) such that if exercised, the Company will receive a payment equal to 3-months EURIBOR on a notional amount equal to the hedged notional amount net of a fixed strike price. The 2020 Cap is also structured as a series of Caplets such that if exercised, the Company will receive a payment equal to SONIA 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 SONIA or EURIBOR exceeds the strike price of the Caplets. The Company expects the hedge relationships to be highly effective and designates the 2019 Cap and 2020 Cap as cash flow hedge instruments. The following tables summarize the effects of derivatives in cash flow hedging relationships designated as hedging instruments in the Company’s consolidated financial statements (in thousands) : Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from OCI into Income (Loss) Gain (Loss) Reclassified from OCI into Income (Loss) Three Months Ended June 30, Three Months Ended June 30, 2020 2019 2020 2019 Foreign currency exchange contracts $ 48 $ 456 Salaries and employee benefits $ (78) $ 80 Foreign currency exchange contracts 1 69 General and administrative expenses (6) 13 Interest rate swap agreements (558) (4,296) Interest expense (2,012) (444) Interest rate cap contracts (735) (140) Interest expense (96) — Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from OCI into Income (Loss) Gain (Loss) Reclassified from OCI into Income (Loss) Six Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Foreign currency exchange contracts $ (341) $ 1,391 Salaries and employee benefits $ 49 $ (15) Foreign currency exchange contracts (44) (9) General and administrative expenses 11 (71) Interest rate swap agreements (7,265) (6,382) Interest expense (3,100) (864) Interest rate cap contracts (2,131) (1,712) Interest expense (2,638) — Derivatives Not Designated as Hedging Instruments The Company enters into currency exchange forward contracts to reduce the effects of currency exchange rate fluctuations between the British Pound and Euro. These derivative contracts generally mature within one The following table summarizes the effects of derivatives in cash flow hedging relationships not designated as hedging instruments in the Company’s consolidated statements of operations (in thousands) : Amount of Gain Recognized in Income Three Months Ended Six Months Ended Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Income on Derivative 2020 2019 2020 2019 Foreign currency exchange contracts Other expense $ 2,028 $ 173 $ 3,971 $ 173

Investment in Receivable Portfo

Investment in Receivable Portfolios, Net	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Investment in Receivable Portfolios, Net	Investment in Receivable Portfolios, Net As discussed in “Note 1: Ownership, Description of Business, and Summary of Significant Accounting Policies”, effective January 1, 2020, the Company accounts for its investment in receivable portfolios as PCD assets under CECL and changed its accounting policy for reimbursable court costs. As a result, the Company wrote-off the previous Deferred Court Costs balance that represented an undiscounted value of recoverable historic spend as a result of a loss-rate methodology, and established a discounted value of expected future recoveries of these reimbursable court costs, which is included in the beginning balance of the investment in receivable portfolios. The table below illustrates the Company’s transition approach for its investment in receivable portfolios as of January 1, 2020 ( in thousands ): Amount Investment in receivable portfolios prior to transition $ 3,283,984 Initial transitioned deferred court costs 44,166 3,328,150 Allowance for credit losses 79,028,043 Amortized cost 82,356,193 Noncredit discount 132,533,142 Face value 214,889,335 Write-off of amortized cost (82,356,193) Write-off of noncredit discount (132,533,142) Negative allowance 3,328,150 Initial negative allowance from transition $ 3,328,150 The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented ( in thousands ): Three Months Ended Six Months Ended Purchase price $ 147,939 $ 362,052 Allowance for credit losses 371,424 892,618 Amortized cost 519,363 1,254,670 Noncredit discount 786,512 1,754,227 Face value 1,305,875 3,008,897 Write-off of amortized cost (519,363) (1,254,670) Write-off of noncredit discount (786,512) (1,754,227) Negative allowance 147,939 362,052 Negative allowance for expected recoveries - current period purchases $ 147,939 $ 362,052 The following table summarizes the changes in the balance of the investment in receivable portfolios during the periods presented ( in thousands ): Three Months Ended Six Months Ended 2020 2019 2020 2019 Balance, beginning of period $ 3,166,018 $ 3,211,587 $ 3,328,150 $ 3,137,893 Purchases of receivable portfolios 147,939 242,697 362,052 505,032 Deconsolidation of receivable portfolios (1) (2,822) — (2,822) — Put-backs and Recalls (6,326) (1,395) (11,394) (5,095) Disposals and transfers to assets held for sale (1,182) (2,327) (2,713) (5,916) Cash collections (508,215) (514,881) (1,035,494) (1,028,734) Revenue from receivable portfolios 335,287 312,495 692,652 623,653 Changes to expected current period recoveries 108,572 — 118,887 — Changes to expected future period recoveries (42,565) — (151,541) — Portfolios allowance reversal, net — 2,063 — 3,430 Foreign currency adjustments 4,535 (25,671) (96,536) (5,695) Balance, end of period $ 3,201,241 $ 3,224,568 $ 3,201,241 $ 3,224,568 Revenue as a percentage of collections 66.0 % 60.7 % 66.9 % 60.6 % _______________________ (1) Deconsolidation of receivable portfolios as a result of the Company’s divestiture of its investment in Brazil. During the three months ended March 31, 2020, the Company reassessed its future forecasts of expected recoveries of receivable portfolios based on its best estimate of the potential impacts arising from the COVID-19 pandemic and recorded a provision for credit loss adjustment of $109.0 million. Based on the best information available to the Company at that time, the Company estimated that certain near-term future recoveries in 2020 would be delayed but that the majority of the portion of delayed collections would be recovered in 2021 and most of the remainder of those expected collections would be recovered in subsequent periods. During the three months ended June 30, 2020, the Company’s collections performance was significantly stronger than expected, which resulted in an over-performance against the updated forecast by $108.6 million. While the Company now has additional information with respect to the impact on collections of the COVID-19 pandemic, the future outlook remains uncertain, and will continue to evolve depending on future developments, including the duration and spread of the pandemic and related actions taken by governments. When reassessing the future forecasts of expected lifetime recoveries in the second quarter, management considered historical and current collection performance, uncertainty in economic forecasts in the geographies in which the Company operates, and believes that most of the over-performance during the three months ended June 30, 2020 was a pull-forward of future expected recoveries rather than increased lifetime recoveries. As a result, the current period over-performance reduced estimated remaining collections (“ERC”), which in turn, when discounted to present value, resulted in a provision for credit loss adjustment of approximately $42.6 million during the three months ended June 30, 2020. The circumstances around this pandemic are evolving rapidly and will continue to impact the Company’s business and its estimation of expected recoveries in future periods. The Company will continue to closely monitor the COVID-19 situation and update its assumptions accordingly. Accretable yield represented the amount of revenue on purchased receivable portfolios the Company expected to recognize over the remaining life of its existing portfolios. The following table summarizes the change in accretable yield under the previous accounting guidance during the periods presented (in thousands) : Balance as of December 31, 2018 $ 4,026,206 Revenue from receivable portfolios (311,158) Allowance reversals on receivable portfolios, net (1,367) Additions on existing portfolios, net 38,313 Additions for current purchases 285,637 Effect of foreign currency translation 26,461 Balance as of March 31, 2019 4,064,092 Revenue from receivable portfolios (312,495) Allowance reversals on receivable portfolios, net (2,063) Additions on existing portfolios, net 145,359 Additions for current purchases 277,556 Effect of foreign currency translation (46,526) Balance as of June 30, 2019 $ 4,125,923 The following table summarizes the change in the valuation allowance for investment in receivable portfolios as accounted for under the previous accounting guidance during the periods presented (in thousands) : Three Months Ended Six Months Ended Balance as of beginning of period $ 59,428 $ 60,631 Provision for portfolio allowances 1,089 3,715 Reversal of prior allowances (3,152) (7,145) Effect of foreign currency translation (161) 3 Balance as of end of period $ 57,204 $ 57,204

Deferred Court Costs, Net

Deferred Court Costs, Net	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Court Costs, Net	Deferred Court Costs, Net As discussed in “Note 1: Ownership, Description of Business, and Summary of Significant Accounting Policies”, effective January 1, 2020 and as part of the adoption of CECL, the Company changed its method of accounting for court costs spent in its legal collection channel. The Company now expenses all of its court costs as incurred and includes all expected recoveries, including the recoveries from the legal channel, in the measurement of the investment in receivable portfolios at a discounted value. As a result, the Company no longer carries Deferred Court Costs. Net deferred court costs under the previous accounting method consisted of the following as of the date presented (in thousands) : December 31, 2019 Court costs advanced $ 891,207 Court costs recovered (369,043) Court costs reserve (421,992) Deferred court costs, net $ 100,172 A roll-forward of the Company’s court cost reserve as accounted for under the previous accounting method is as follows (in thousands) : Three Months Ended Six Months Ended Balance as of beginning of period $ (399,991) $ (396,460) Provision for court costs (23,635) (39,348) Charge-offs 13,476 27,255 Effect of foreign currency translation 1,838 241 Balance as of end of period $ (408,312) $ (408,312)

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following (in thousands) : June 30, December 31, Operating lease right-of-use assets $ 70,597 $ 75,254 Identifiable intangible assets, net 44,636 51,371 Assets held for sale 40,743 46,717 Deferred tax assets 32,555 24,134 Service fee receivables 21,027 27,705 Prepaid expenses 20,779 22,272 Other financial receivables 12,194 17,308 Other 47,385 64,462 Total $ 289,916 $ 329,223

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Borrowings	Borrowings The Company is in compliance in all material respects with all covenants under its financing arrangements as of June 30, 2020. The components of the Company’s consolidated borrowings were as follows (in thousands) : June 30, December 31, Encore revolving credit facility $ 528,000 $ 492,000 Encore term loan facility 164,033 171,677 Encore senior secured notes 276,250 308,750 Encore convertible notes and exchangeable notes 672,855 672,855 Less: debt discount (24,169) (30,308) Cabot senior secured notes 1,085,279 1,129,039 Less: debt discount (1,347) (1,604) Cabot senior revolving credit facility 203,349 285,749 Cabot securitisation senior facilities 433,976 464,092 Other 43,984 54,151 Finance lease liabilities 9,021 8,121 3,391,231 3,554,522 Less: debt issuance costs, net of amortization (37,501) (41,325) Total $ 3,353,730 $ 3,513,197 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”). The total commitment for the Revolving Credit Facility is $884.2 million and matures in December 2021. The Term Loan Facility matures in December 2021 and the principal amortizes $15.3 million in 2020 with the remaining principal due in 2021. Provisions of the Restated Credit Agreement as of June 30, 2020 include, but are not limited to: • A Revolving Credit Facility 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 (a) the per annum rate which the administrative agent publicly announces from time to time as its prime lending rate, (b) the federal funds effective rate from time to time, plus 0.5% per annum, (c) reserved adjusted LIBOR determined on a daily basis for a one month interest period, plus 1.0% per annum and (d) zero; • A Term Loan Facility 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; • 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 and permitted indebtedness after July 9, 2015, subject to compliance with certain covenants and available borrowing capacity; • 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. As of June 30, 2020, the outstanding balance under the Revolving Credit Facility was $528.0 million, which bore a weighted average interest rate of 3.52% and 5.47% for the three months ended June 30, 2020 and 2019, respectively, and 4.01% and 5.48% for the six months ended June 30, 2020 and 2019, respectively. Available capacity under the Revolving Credit Facility, after taking into account borrowing base and applicable debt covenants, was $356.2 million as of June 30, 2020. As of June 30, 2020, the outstanding balance under the Term Loan Facility was $164.0 million. On July 9, 2020, the Company entered into an amendment to the Restated Credit Agreement. Refer to “Note 14: Subsequent Events” for additional details of this amendment. 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, require quarterly principal payments of $16.3 million. As of June 30, 2020, $276.3 million of the Senior Secured Notes remained outstanding. The covenants and material terms in the purchase agreement for the Senior Secured Notes are substantially similar to those in the Restated Credit Agreement. Encore Convertible Notes and Exchangeable Notes The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible and exchangeable senior notes (the “Convertible Notes” or “Exchangeable Notes,” as applicable) ($ in thousands) : June 30, December 31, Maturity Date Interest Rate 2020 Convertible Notes (1) $ 89,355 $ 89,355 Jul 1, 2020 3.000 % 2021 Convertible Notes 161,000 161,000 Mar 15, 2021 2.875 % 2022 Convertible Notes 150,000 150,000 Mar 15, 2022 3.250 % Exchangeable Notes 172,500 172,500 Sep 1, 2023 4.500 % 2025 Convertible Notes 100,000 100,000 Oct 1, 2025 3.250 % $ 672,855 $ 672,855 _______________________ (1) The 2020 Convertible Notes matured on July 1, 2020 and the Company repaid the outstanding principal in cash. The Exchangeable Notes were issued by Encore Capital Europe Finance Limited (“Encore Finance”), a 100% owned finance subsidiary of Encore, and are fully and unconditionally guaranteed by Encore. Unless otherwise indicated in connection with a particular offering of debt securities, Encore will fully and unconditionally guarantee any debt securities issued by Encore Finance. Amounts related to Encore Finance are included in the consolidated financial statements of Encore subsequent to April 30, 2018, the date of 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 June 30, 2020 are listed below: 2020 Convertible Notes 2021 Convertible Notes 2022 Convertible Notes 2023 Exchangeable Notes 2025 Convertible Notes Initial conversion or exchange price $ 45.72 $ 59.39 $ 45.57 $ 44.62 $ 40.00 Closing stock price at date of issuance $ 33.35 $ 47.51 $ 35.05 $ 36.45 $ 32.00 Closing stock price date Jun 24, 2013 Mar 5, 2014 Feb 27, 2017 Jul 20, 2018 Sep 4, 2019 Conversion or exchange rate (shares per $1,000 principal amount) 21.8718 16.8386 21.9467 22.4090 25.0000 Conversion or exchange date Jan 1, 2020 Sep 15, 2020 Sep 15, 2021 Mar 1, 2023 Jul 1, 2025 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. The debt and equity components, the issuance costs related to the equity component, the stated interest rate, and the effective interest rate for each of the Convertible Notes and Exchangeable Notes at the time of the original offering are listed below (in thousands, except percentages) : 2020 Convertible Notes (1) 2021 Convertible Notes 2022 Convertible Notes 2023 Exchangeable Notes 2025 Convertible Notes Debt component $ 140,247 $ 143,645 $ 137,266 $ 157,971 $ 91,024 Equity component $ 32,253 $ 17,355 $ 12,734 $ 14,009 $ 8,976 Equity issuance cost $ 1,106 $ 581 $ 398 $ — $ 224 Stated interest rate 3.000 % 2.875 % 3.250 % 4.500 % 3.250 % Effective interest rate 6.350 % 4.700 % 5.200 % 6.500 % 5.000 % ________________________ (1) The Company repurchased approximately $83.1 million aggregate principal amount of its 2020 Convertible Notes in August 2019 and paid-off the remaining $89.4 million 2020 Convertible Notes in cash when they matured on July 1, 2020. The balances of the liability and equity components of all the Convertible Notes and Exchangeable Notes outstanding were as follows (in thousands) : June 30, December 31, Liability component—principal amount $ 672,855 $ 672,855 Unamortized debt discount (24,169) (30,308) Liability component—net carrying amount $ 648,686 $ 642,547 Equity component $ 83,127 $ 83,127 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest expense—stated coupon rate $ 5,799 $ 5,571 $ 11,598 $ 10,908 Interest expense—amortization of debt discount 3,095 3,244 6,139 6,365 Interest expense—Convertible Notes and Exchangeable Notes $ 8,894 $ 8,815 $ 17,737 $ 17,273 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 or the 2025 Convertible Notes. The details of the hedge program 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 The following table provides a summary of the Cabot senior secured notes ($ in thousands) : June 30, December 31, Maturity Date Interest Rate Floating rate senior secured notes due 2024 $ 449,296 $ 448,921 Jun 1, 2024 EURIBOR +6.375% Senior secured notes due 2023 635,983 680,118 Oct 1, 2023 7.500 % $ 1,085,279 $ 1,129,039 Cabot Senior Revolving Credit Facility Cabot Financial (UK) Limited (“Cabot Financial UK”) has an amended and restated senior secured revolving credit facility agreement (as amended and restated, the “Cabot Credit Facility”). As of June 30, 2020, the Cabot Credit Facility provided for a total committed facility of £375.0 million that expires in September 2023 and included the following key provisions: • Interest at LIBOR (or EURIBOR for any loan drawn in euro) plus 3.00% per annum; • 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; and • Additional restrictions and covenants which limit, among other things, the payment of dividends and the incurrence of additional indebtedness and liens. As of June 30, 2020, the outstanding borrowings under the Cabot Credit Facility were £164.0 million (approximately $203.3 million). The weighted average interest rate was 3.15% and 3.36% for the three months ended June 30, 2020 and 2019, respectively, and 3.36% for the six months ended June 30, 2020 and 2019. Available capacity under the Cabot Credit Facility, after taking into account borrowing base and applicable debt covenants, was £211.0 million (approximately $261.6 million) as of June 30, 2020. Cabot Securitisation Senior Facility Cabot’s wholly owned subsidiary Cabot Securitisation UK Ltd (“Cabot Securitisation”) has a senior facility for a committed amount of £350.0 million (as amended, the “Cabot Securitisation Senior Facility”). The Cabot Securitisation Senior Facility matures in March 2025. Funds drawn under the Cabot Securitisation Senior Facility bear interest at a rate per annum equal to SONIA plus a margin of 3.06% plus, for periods after March 15, 2023, a step-up margin ranging from zero to 1.00%. As of June 30, 2020, the outstanding borrowings under the Cabot Securitisation Senior Facility were £350.0 million (approximately $434.0 million). The obligations of Cabot Securitisation under the Cabot Securitisation Senior Facility are secured by first ranking security interests over all of Cabot Securitisation’s property, assets and rights (including receivables purchased from Cabot Financial UK from time to time), the book value of which was approximately £408.5 million (approximately $506.5 million) as of June 30, 2020. The weighted average interest rate was 3.14% and 3.33% for the three and six months ended June 30, 2020 and 3.75% for the three and six months ended June 30, 2019. Cabot Securitisation is a securitized financing vehicle and is a VIE for consolidation purposes. Refer to “Note 9: Variable Interest Entities”, for further details.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2020
Variable Interest Entity, Measure of Activity [Abstract]
Variable Interest Entities	Variable Interest EntitiesA 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.á 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 June 30, 2020, 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. The Company has the power to direct the activities of the VIEs which includes but is not limited to the ability to exercise discretion in the servicing of the financial assets. 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	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax expense of $35.6 million and $11.8 million during the three months ended June 30, 2020 and 2019, respectively, and income tax expense of $40.1 million and $15.4 million during the six months ended June 30, 2020 and 2019, respectively. The effective tax rates for the respective periods are shown below: Three Months Ended Six Months Ended 2020 2019 2020 2019 Federal provision 21.0 % 21.0 % 21.0 % 21.0 % State provision 2.5 % 3.6 % 3.2 % 3.0 % Foreign income taxed at different rates (0.4) % (3.8) % (0.3) % (2.3) % Change in valuation allowance (1) (0.2) % 2.6 % 2.3 % 2.2 % Tax benefit from divestiture of foreign investment (1.8) % — % (1.9) % — % Change in tax accounting method — % — % — % (8.9) % Other 0.3 % 0.8 % 0.7 % 0.2 % Effective tax rate 21.4 % 24.2 % 25.0 % 15.2 % ________________________ (1) Attributable to losses incurred at certain foreign subsidiaries with cumulative operating losses for tax purposes. The Company utilized the discrete effective tax rate method (“discrete method”) for recording income taxes for the three and six months ended June 30, 2020. The Company believes the use of the discrete method is more appropriate than the application of the estimated annual effective tax rate (“AETR”) method due to uncertainty in estimating annual pre-tax earnings primarily due to the ongoing COVID-19 pandemic. The Company will re-evaluate the use of the discrete method each quarter until it is deemed appropriate to return to the AETR method. The Company’s subsidiary in Costa Rica is operating under a 100% tax holiday through December 31, 2026. The impact of the tax holiday in Costa Rica for the three and six months ended June 30, 2020 and 2019, was immaterial. The Company had gross unrecognized tax benefits, inclusive of penalties and interest, of $8.2 million as of June 30, 2020. These unrecognized tax benefits, if recognized, would result in a net tax benefit of $7.6 million as of June 30, 2020. There was no material change in gross unrecognized tax benefits from December 31, 2019. The Company has not provided for applicable income or withholding taxes on the undistributed earnings from continuing operations for certain of its subsidiaries operating outside of the United States. Undistributed net income of these subsidiaries as of June 30, 2020 was approximately $153.1 million. Such undistributed earnings are considered permanently reinvested. The Company does not provide deferred taxes on translation adjustments on unremitted earnings under the indefinite reversal exemption. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practical due to the complexities of a hypothetical calculation. Subsidiaries operating outside of the United States for which the Company does

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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. As of June 30, 2020, 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, 2019. In certain legal proceedings, the Company may have recourse to insurance or third-party contractual indemnities to cover all or portions of its litigation expenses, judgments, or settlements. The Company records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability. The Company continuously assesses the potential liability related to its pending litigation and regulatory matters and revises its estimates when additional information becomes available. The Company’s legal costs are recorded to expense as incurred. As of June 30, 2020, the Company has no material reserves for legal matters. Purchase Commitments

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic InformationThe 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 by geographic area in which the Company operates (in thousands) : Three Months Ended Six Months Ended 2020 2019 2020 2019 Total revenues (1) : United States $ 286,767 $ 199,388 $ 494,985 $ 388,760 International Europe (2) 135,490 130,919 211,455 266,195 Other geographies 3,776 16,567 8,674 38,996 139,266 147,486 220,129 305,191 Total $ 426,033 $ 346,874 $ 715,114 $ 693,951 ________________________ (1) Total revenues for periods in 2019 are adjusted by net allowances. Total revenues are attributed to countries based on consumer location. (2) Based on the financial information that is used to produce the general-purpose financial statements, providing further geographic information is impracticable.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets Goodwill is tested for impairment at the reporting unit level annually and in interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and involves the use of significant estimates and assumptions. The Company performs its annual goodwill impairment testing in the fourth quarter of each year. During the impairment testing in 2019, both of the Company’s two reporting units had fair values substantially in excess of their carrying values. In addition to the annual impairment test, the Company is required to assess whether a triggering event has occurred which would require interim impairment testing. During the first quarter of 2020, the Company concluded that an interim quantitative impairment test was not required. During the second quarter of 2020, the Company updated its consideration of the current and expected future economic and market conditions surrounding the COVID-19 pandemic and its impact on each of the reporting units. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2019 impairment test. The Company determined that there were no impairment indicators for either of the reporting units as of June 30, 2020. Therefore, an interim quantitative impairment test was not performed. 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): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Balance, beginning of period $ 839,301 $ 882,884 $ 884,185 $ 868,126 Effect of foreign currency translation (1,277) (17,357) (46,161) (2,599) Balance, end of period $ 838,024 $ 865,527 $ 838,024 $ 865,527 The Company’s acquired intangible assets are summarized as follows (in thousands) : As of June 30, 2020 As of December 31, 2019 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 60,802 $ (17,301) $ 43,501 $ 67,897 $ (18,191) $ 49,706 Developed technologies 4,301 (3,866) 435 4,734 (4,124) 610 Trade name and other 5,260 (4,560) 700 6,299 (5,244) 1,055 Total intangible assets $ 70,363 $ (25,727) $ 44,636 $ 78,930 $ (27,559) $ 51,371

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 1, 2020, the Company’s 2020 Convertible Notes matured and the Company repaid the outstanding principal of $89.4 million in cash. On July 9, 2020, the Company entered into an amendment to the Restated Credit Agreement, which provided for, among other things: • a $243.2 million increase in commitments under the revolving credit facility from $884.2 million to $1,127.4 million, • a $24.8 million increase in the term loan facility from $164.0 million outstanding to $188.8 million outstanding, • an extension of the maturity date from December 2021 to July 2023 for portions of the Senior Secured Credit Facilities as detailed below, • an accordion feature that allows the Company to increase the Senior Secured Credit Facilities by an additional $250.0 million, and • a London Interbank Offered Rate (“LIBOR”) floor of 0.75% for the new and extended portions of the Senior Secured Credit Facilities maturing in July 2023.

Ownership, Description of Bus_2

Ownership, Description of Business, and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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, 2019. 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. The inputs into the judgments and estimates consider the economic implications of the COVID-19 pandemic on the Company’s critical and significant accounting estimates. 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 and are reclassified to earnings upon the substantial sale or liquidation of investments in foreign operations.
Reclassifications	Certain immaterial reclassifications have been made to the consolidated financial statements to conform to the current year’s presentation.
Recently Adopted Accounting Pronouncement and Recent Accounting Pronouncements Not Yet Effective	Recently Adopted Accounting Pronouncement On January 1, 2020, the Company adopted the new accounting standard for Financial Instruments - Credit Losses (“CECL”). CECL introduces a new impairment approach for credit loss recognition based on current expected lifetime losses rather than incurred losses. CECL applies to all financial assets carried at amortized costs, including the Company’s investment in receivable portfolios, which are defined as purchased credit deteriorated (“PCD”) financial assets under CECL. The adoption of CECL represents a significant change from the previous U.S. GAAP guidance relating to purchased credit impaired assets and resulted in changes to the Company’s accounting for its investment in receivable portfolios and the related income from the receivable portfolios. As part of the adoption of CECL, the Company changed its accounting methodology for its court costs spent in its legal collection channel effective January 1, 2020. Previously, the Company capitalized its upfront court costs spent in its consolidated financial statements (“Deferred Court Costs”) and provided a reserve for those costs that it believed would ultimately be uncollectible. Effective January 1, 2020, the Company expenses all of its court costs as incurred. All expected cash flows, including all the expected collections from the legal channel, are included in the measurement of the negative allowance, or investment in receivable portfolios, at a discounted value. Upon transition, an adjustment was made to retained earnings to reflect the net change from an undiscounted to discounted value prior to writing-off uncollectible receivables and establishing a balance for discounted value of future recoveries of amounts expected to be collected. The Company has not adjusted prior period comparative information and will continue to disclose prior period financial information in accordance with the previous accounting guidance. The following table summarizes the cumulative effects of adopting the CECL guidance on the Company’s consolidated statements of financial condition at January 1, 2020 ( in thousands ): Balance as of December 31, 2019 Adjustment Opening Balance as of January 1, 2020 Assets Investment in receivable portfolios, net $ 3,283,984 $ 44,166 $ 3,328,150 Deferred court costs, net 100,172 (100,172) — Liabilities Other liabilities (for deferred tax liabilities) 147,436 (11,768) 135,668 Equity Accumulated earnings 888,058 (44,238) 843,820 Recent Accounting Pronouncements Not Yet Effective In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). The ASU provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate (e.g., LIBOR) reform if certain criteria are met, for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The ASU is effective as of March 12, 2020 through December 31, 2022. We will evaluate transactions or contract modifications occurring as a result of reference rate reform and determine whether to apply the optional guidance on an ongoing basis. The ASU is currently not expected to have a material impact on our consolidated financial statements.
Investment in Receivable Portfolios, Net	Investment in Receivable Portfolios The Company purchases portfolios of loans that have experienced significant deterioration of credit quality since origination from banks and other financial institutions. These financial assets are defined as PCD assets under CECL. Under the PCD accounting model, the purchased assets are grossed-up to their face value with an offsetting allowance and noncredit discount allocated to the individual receivables as the unit of account is at the individual loan level. Since each loan is deeply delinquent and deemed uncollectible at the individual loan level, the Company applies its charge-off policy and fully writes-off the amortized costs ( i.e. , face value net of noncredit discount) of the individual receivables immediately after purchasing the portfolio. The Company then records a negative allowance that represents the present value of all expected future recoveries for pools of receivables that share similar risk characteristics using a discounted cash flow approach, which ultimately equals the amount paid for a portfolio purchase and presented as “Investment in receivable portfolios, net” in the Company’s consolidated statements of financial condition. The discount rate is an effective interest rate (or “purchase EIR”) based on the purchase price of the portfolio and the expected future cash flows at the time of purchase. The amount of the negative allowance ( i.e., investment in receivable portfolios) will not exceed the total amortized cost basis of the loans written-off. Receivable portfolio purchases are aggregated into pools based on similar risk characteristics. Examples of risk characteristics include financial asset type, collateral type, size, interest rate, date of origination, term, and geographic location. The Company’s static pools are typically grouped into credit card, purchased consumer bankruptcy, and mortgage portfolios. The Company further groups these static pools by geographic location. Once a pool is established, the portfolios will remain in the designated pool unless the underlying risk characteristics change. The purchase EIR of a pool will not change over the life of the pool even if expected future cash flows change. Revenue is recognized for each static pool over the economic life of the pool. The Company makes significant assumptions in determining the economic life of a pool, including the reasonable and supportable economic forecast period based on asset type and geography, which considers the availability of forward-looking scenarios and their respective time horizons. In general, the Company forecasts recoveries over one or two years prior to reverting to historical averages at an estimate-level over the remaining life using various methodologies depending on the asset type and geography. The speed at which forecasts revert varies based on the spread between the forecast period and historical data. In addition, estimated recoveries include a qualitative component. The Company continues to evaluate the reasonable economic life of a pool and reversion method each reporting period. Revenue primarily includes two components: (1) accretion of the discount on the negative allowance due to the passage of time, and (2) changes in expected cash flows, which includes (a) the current period variances between actual cash collected and expected cash recoveries and (b) the present value change of expected future recoveries. The Company measures expected future recoveries based on historical experience, current conditions, and reasonable and supportable forecasts. Factors that may change the expected future recoveries may include both internal as well as external factors. Internal factors include operational performance, such as capacity and the productivity of our collection staff. External factors that may have an impact on our collections include new laws or regulations, new interpretations of existing laws or regulations, and macroeconomic conditions.
Deferred Court Costs	Deferred Court Costs The Company pursues legal collections using a network of attorneys that specialize in collection matters and through its internal legal channel. The Company generally pursues collections through legal means only when it believes a consumer has sufficient assets to repay their indebtedness but has, to date, been unwilling to pay. In order to pursue legal collections, the Company is required to pay certain upfront costs to the applicable courts that are recoverable from the consumer. Effective January 1, 2020, the Company expenses all of its court costs as incurred and no longer capitalizes such costs as Deferred Court Costs. All expected cash flows, including all the expected collections from the legal channel, are included in the measurement of the negative allowance, or investment in receivable portfolios, at a discounted value.
Earnings Per Share	Basic earnings per share is calculated by dividing net earnings attributable to Encore by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, non-vested share awards, and the dilutive effect of the convertible and exchangeable senior notes, if applicable.
Fair Value Measurements	Fair value is defined as the price that would be received upon sale of an asset or the price paid to transfer a liability, in an orderly transaction between market participants at the measurement date ( i.e., the “exit price”). The Company uses a fair value hierarchy that prioritizes the inputs used in valuation techniques to measure fair value into three broad levels. The following is a brief description of each level: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs, including inputs that reflect the reporting entity’s own assumptions.
Derivatives	The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. Certain of the Company’s derivative financial instruments qualify for hedge accounting treatment under the authoritative guidance for derivatives and hedging.The 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 may enter into derivative financial instruments, principally foreign currency forward contracts with financial counterparties. The Company adjusts the level and use of derivatives as soon as practicable after learning that an exposure has changed and reviews all exposures and derivative positions on an ongoing basis.Certain of the Company’s foreign currency forward contracts were designated as cash flow hedging instruments and qualified for hedge accounting treatment. Gains and losses arising from such contracts were 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 were subsequently reclassified into earnings in the same period in which the underlying transactions affected the Company’s earnings. If all or a portion of the forecasted transaction was cancelled, the accumulated gains or losses in OCI would be reclassified into earnings.
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.á 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 June 30, 2020, 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. The Company has the power to direct the activities of the VIEs which includes but is not limited to the ability to exercise discretion in the servicing of the financial assets. 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	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.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.

Ownership, Description of Bus_3

Ownership, Description of Business, and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following table summarizes the cumulative effects of adopting the CECL guidance on the Company’s consolidated statements of financial condition at January 1, 2020 ( in thousands ): Balance as of December 31, 2019 Adjustment Opening Balance as of January 1, 2020 Assets Investment in receivable portfolios, net $ 3,283,984 $ 44,166 $ 3,328,150 Deferred court costs, net 100,172 (100,172) — Liabilities Other liabilities (for deferred tax liabilities) 147,436 (11,768) 135,668 Equity Accumulated earnings 888,058 (44,238) 843,820

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
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 Six Months Ended 2020 2019 2020 2019 Net income attributable to Encore Capital Group, Inc. stockholders $ 130,332 $ 36,661 $ 119,878 $ 85,915 Total weighted-average basic shares outstanding 31,413 31,225 31,361 31,193 Dilutive effect of stock-based awards 147 201 267 179 Total weighted-average dilutive shares outstanding 31,560 31,426 31,628 31,372 Basic earnings per share $ 4.15 $ 1.17 $ 3.82 $ 2.75 Diluted earnings per share $ 4.13 $ 1.17 $ 3.79 $ 2.74

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts $ — $ 476 $ — $ 476 Interest rate cap contracts — 1,416 — 1,416 Liabilities Interest rate swap agreements — (13,280) — (13,280) Contingent consideration — — (27) (27) Fair Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts $ — $ 1,473 $ — $ 1,473 Interest rate cap contracts — 2,460 — 2,460 Liabilities Interest rate swap agreements — (9,116) — (9,116) Contingent consideration — — (66) (66)
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 six months ended June 30, 2020 and year ended December 31, 2019 (in thousands) : Amount Balance as of December 31, 2018 $ 6,198 Change in fair value of contingent consideration (2,300) Payment of contingent consideration (3,686) Effect of foreign currency translation (146) Balance as of December 31, 2019 66 Payment of contingent consideration (35) Effect of foreign currency translation (4) Balance as of June 30, 2020 $ 27
Schedule of Financial Instruments Not Required to be Carried at Fair Value	The carrying amounts in the following table are included in the consolidated statements of financial condition as of June 30, 2020 and December 31, 2019 (in thousands) : June 30, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets Investment in receivable portfolios, net $ 3,201,241 $ 3,682,533 $ 3,283,984 $ 3,464,050 Deferred court costs — — 100,172 100,172 Financial Liabilities Encore convertible notes and exchangeable notes (1) 648,686 663,418 642,547 693,708 Cabot senior secured notes (2) 1,083,932 1,076,682 1,127,435 1,170,945 _______________________ (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. (2) Carrying amount represents historical cost, adjusted for any related debt discount or debt premium.

Derivatives and Hedging Instr_2

Derivatives and Hedging Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
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 included in the Company’s consolidated statements of financial condition (in thousands) : June 30, 2020 December 31, 2019 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate cap contracts Other assets $ 1,416 Other assets $ 2,460 Foreign currency exchange contracts Other assets — Other assets 443 Interest rate swap agreements Other liabilities (13,280) Other liabilities (9,116) Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other assets 476 Other assets 1,030
Effects of Derivatives in Cash Flow Hedging Relationships	The following tables summarize the effects of derivatives in cash flow hedging relationships designated as hedging instruments in the Company’s consolidated financial statements (in thousands) : Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from OCI into Income (Loss) Gain (Loss) Reclassified from OCI into Income (Loss) Three Months Ended June 30, Three Months Ended June 30, 2020 2019 2020 2019 Foreign currency exchange contracts $ 48 $ 456 Salaries and employee benefits $ (78) $ 80 Foreign currency exchange contracts 1 69 General and administrative expenses (6) 13 Interest rate swap agreements (558) (4,296) Interest expense (2,012) (444) Interest rate cap contracts (735) (140) Interest expense (96) — Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from OCI into Income (Loss) Gain (Loss) Reclassified from OCI into Income (Loss) Six Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Foreign currency exchange contracts $ (341) $ 1,391 Salaries and employee benefits $ 49 $ (15) Foreign currency exchange contracts (44) (9) General and administrative expenses 11 (71) Interest rate swap agreements (7,265) (6,382) Interest expense (3,100) (864) Interest rate cap contracts (2,131) (1,712) Interest expense (2,638) — The following table summarizes the effects of derivatives in cash flow hedging relationships not designated as hedging instruments in the Company’s consolidated statements of operations (in thousands) : Amount of Gain Recognized in Income Three Months Ended Six Months Ended Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Income on Derivative 2020 2019 2020 2019 Foreign currency exchange contracts Other expense $ 2,028 $ 173 $ 3,971 $ 173

Investment in Receivable Port_2

Investment in Receivable Portfolios, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Receivable Portfolios	The table below illustrates the Company’s transition approach for its investment in receivable portfolios as of January 1, 2020 ( in thousands ): Amount Investment in receivable portfolios prior to transition $ 3,283,984 Initial transitioned deferred court costs 44,166 3,328,150 Allowance for credit losses 79,028,043 Amortized cost 82,356,193 Noncredit discount 132,533,142 Face value 214,889,335 Write-off of amortized cost (82,356,193) Write-off of noncredit discount (132,533,142) Negative allowance 3,328,150 Initial negative allowance from transition $ 3,328,150 The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented ( in thousands ): Three Months Ended Six Months Ended Purchase price $ 147,939 $ 362,052 Allowance for credit losses 371,424 892,618 Amortized cost 519,363 1,254,670 Noncredit discount 786,512 1,754,227 Face value 1,305,875 3,008,897 Write-off of amortized cost (519,363) (1,254,670) Write-off of noncredit discount (786,512) (1,754,227) Negative allowance 147,939 362,052 Negative allowance for expected recoveries - current period purchases $ 147,939 $ 362,052
Schedule of Investment in Receivable Portfolios	The following table summarizes the changes in the balance of the investment in receivable portfolios during the periods presented ( in thousands ): Three Months Ended Six Months Ended 2020 2019 2020 2019 Balance, beginning of period $ 3,166,018 $ 3,211,587 $ 3,328,150 $ 3,137,893 Purchases of receivable portfolios 147,939 242,697 362,052 505,032 Deconsolidation of receivable portfolios (1) (2,822) — (2,822) — Put-backs and Recalls (6,326) (1,395) (11,394) (5,095) Disposals and transfers to assets held for sale (1,182) (2,327) (2,713) (5,916) Cash collections (508,215) (514,881) (1,035,494) (1,028,734) Revenue from receivable portfolios 335,287 312,495 692,652 623,653 Changes to expected current period recoveries 108,572 — 118,887 — Changes to expected future period recoveries (42,565) — (151,541) — Portfolios allowance reversal, net — 2,063 — 3,430 Foreign currency adjustments 4,535 (25,671) (96,536) (5,695) Balance, end of period $ 3,201,241 $ 3,224,568 $ 3,201,241 $ 3,224,568 Revenue as a percentage of collections 66.0 % 60.7 % 66.9 % 60.6 % _______________________ (1) Deconsolidation of receivable portfolios as a result of the Company’s divestiture of its investment in Brazil.
Schedule of Accretable Yield and an Estimate of Zero Basis Future Cash Flows	The following table summarizes the change in accretable yield under the previous accounting guidance during the periods presented (in thousands) : Balance as of December 31, 2018 $ 4,026,206 Revenue from receivable portfolios (311,158) Allowance reversals on receivable portfolios, net (1,367) Additions on existing portfolios, net 38,313 Additions for current purchases 285,637 Effect of foreign currency translation 26,461 Balance as of March 31, 2019 4,064,092 Revenue from receivable portfolios (312,495) Allowance reversals on receivable portfolios, net (2,063) Additions on existing portfolios, net 145,359 Additions for current purchases 277,556 Effect of foreign currency translation (46,526) Balance as of June 30, 2019 $ 4,125,923
Schedule of Valuation Allowance for Investment in Receivable Portfolios	The following table summarizes the change in the valuation allowance for investment in receivable portfolios as accounted for under the previous accounting guidance during the periods presented (in thousands) : Three Months Ended Six Months Ended Balance as of beginning of period $ 59,428 $ 60,631 Provision for portfolio allowances 1,089 3,715 Reversal of prior allowances (3,152) (7,145) Effect of foreign currency translation (161) 3 Balance as of end of period $ 57,204 $ 57,204

Deferred Court Costs, Net (Tabl

Deferred Court Costs, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Court Costs	Net deferred court costs under the previous accounting method consisted of the following as of the date presented (in thousands) : December 31, 2019 Court costs advanced $ 891,207 Court costs recovered (369,043) Court costs reserve (421,992) Deferred court costs, net $ 100,172
Schedule of Court Cost Reserve	A roll-forward of the Company’s court cost reserve as accounted for under the previous accounting method is as follows (in thousands) : Three Months Ended Six Months Ended Balance as of beginning of period $ (399,991) $ (396,460) Provision for court costs (23,635) (39,348) Charge-offs 13,476 27,255 Effect of foreign currency translation 1,838 241 Balance as of end of period $ (408,312) $ (408,312)

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Components of Other Assets	Other assets consist of the following (in thousands) : June 30, December 31, Operating lease right-of-use assets $ 70,597 $ 75,254 Identifiable intangible assets, net 44,636 51,371 Assets held for sale 40,743 46,717 Deferred tax assets 32,555 24,134 Service fee receivables 21,027 27,705 Prepaid expenses 20,779 22,272 Other financial receivables 12,194 17,308 Other 47,385 64,462 Total $ 289,916 $ 329,223

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Consolidated Debt and Capital Lease Obligations	The components of the Company’s consolidated borrowings were as follows (in thousands) : June 30, December 31, Encore revolving credit facility $ 528,000 $ 492,000 Encore term loan facility 164,033 171,677 Encore senior secured notes 276,250 308,750 Encore convertible notes and exchangeable notes 672,855 672,855 Less: debt discount (24,169) (30,308) Cabot senior secured notes 1,085,279 1,129,039 Less: debt discount (1,347) (1,604) Cabot senior revolving credit facility 203,349 285,749 Cabot securitisation senior facilities 433,976 464,092 Other 43,984 54,151 Finance lease liabilities 9,021 8,121 3,391,231 3,554,522 Less: debt issuance costs, net of amortization (37,501) (41,325) Total $ 3,353,730 $ 3,513,197
Schedule of Notes	The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible and exchangeable senior notes (the “Convertible Notes” or “Exchangeable Notes,” as applicable) ($ in thousands) : June 30, December 31, Maturity Date Interest Rate 2020 Convertible Notes (1) $ 89,355 $ 89,355 Jul 1, 2020 3.000 % 2021 Convertible Notes 161,000 161,000 Mar 15, 2021 2.875 % 2022 Convertible Notes 150,000 150,000 Mar 15, 2022 3.250 % Exchangeable Notes 172,500 172,500 Sep 1, 2023 4.500 % 2025 Convertible Notes 100,000 100,000 Oct 1, 2025 3.250 % $ 672,855 $ 672,855 The following table provides a summary of the Cabot senior secured notes ($ in thousands) : June 30, December 31, Maturity Date Interest Rate Floating rate senior secured notes due 2024 $ 449,296 $ 448,921 Jun 1, 2024 EURIBOR +6.375% Senior secured notes due 2023 635,983 680,118 Oct 1, 2023 7.500 % $ 1,085,279 $ 1,129,039
Schedule of Hedge Program for Convertible Notes	Certain key terms related to the convertible and exchangeable features as of June 30, 2020 are listed below: 2020 Convertible Notes 2021 Convertible Notes 2022 Convertible Notes 2023 Exchangeable Notes 2025 Convertible Notes Initial conversion or exchange price $ 45.72 $ 59.39 $ 45.57 $ 44.62 $ 40.00 Closing stock price at date of issuance $ 33.35 $ 47.51 $ 35.05 $ 36.45 $ 32.00 Closing stock price date Jun 24, 2013 Mar 5, 2014 Feb 27, 2017 Jul 20, 2018 Sep 4, 2019 Conversion or exchange rate (shares per $1,000 principal amount) 21.8718 16.8386 21.9467 22.4090 25.0000 Conversion or exchange date Jan 1, 2020 Sep 15, 2020 Sep 15, 2021 Mar 1, 2023 Jul 1, 2025 The details of the hedge program 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 at the time of the original offering are listed below (in thousands, except percentages) : 2020 Convertible Notes (1) 2021 Convertible Notes 2022 Convertible Notes 2023 Exchangeable Notes 2025 Convertible Notes Debt component $ 140,247 $ 143,645 $ 137,266 $ 157,971 $ 91,024 Equity component $ 32,253 $ 17,355 $ 12,734 $ 14,009 $ 8,976 Equity issuance cost $ 1,106 $ 581 $ 398 $ — $ 224 Stated interest rate 3.000 % 2.875 % 3.250 % 4.500 % 3.250 % Effective interest rate 6.350 % 4.700 % 5.200 % 6.500 % 5.000 % ________________________ (1) The Company repurchased approximately $83.1 million aggregate principal amount of its 2020 Convertible Notes in August 2019 and paid-off the remaining $89.4 million 2020 Convertible Notes in cash when they matured on July 1, 2020. The balances of the liability and equity components of all the Convertible Notes and Exchangeable Notes outstanding were as follows (in thousands) : June 30, December 31, Liability component—principal amount $ 672,855 $ 672,855 Unamortized debt discount (24,169) (30,308) Liability component—net carrying amount $ 648,686 $ 642,547 Equity component $ 83,127 $ 83,127
Schedule of Interest Expense	Interest expense related to the Convertible Notes and Exchangeable Notes was as follows (in thousands) : Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest expense—stated coupon rate $ 5,799 $ 5,571 $ 11,598 $ 10,908 Interest expense—amortization of debt discount 3,095 3,244 6,139 6,365 Interest expense—Convertible Notes and Exchangeable Notes $ 8,894 $ 8,815 $ 17,737 $ 17,273

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of Effective Tax Rates	The effective tax rates for the respective periods are shown below: Three Months Ended Six Months Ended 2020 2019 2020 2019 Federal provision 21.0 % 21.0 % 21.0 % 21.0 % State provision 2.5 % 3.6 % 3.2 % 3.0 % Foreign income taxed at different rates (0.4) % (3.8) % (0.3) % (2.3) % Change in valuation allowance (1) (0.2) % 2.6 % 2.3 % 2.2 % Tax benefit from divestiture of foreign investment (1.8) % — % (1.9) % — % Change in tax accounting method — % — % — % (8.9) % Other 0.3 % 0.8 % 0.7 % 0.2 % Effective tax rate 21.4 % 24.2 % 25.0 % 15.2 % ________________________

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2020
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 by geographic area in which the Company operates (in thousands) : Three Months Ended Six Months Ended 2020 2019 2020 2019 Total revenues (1) : United States $ 286,767 $ 199,388 $ 494,985 $ 388,760 International Europe (2) 135,490 130,919 211,455 266,195 Other geographies 3,776 16,567 8,674 38,996 139,266 147,486 220,129 305,191 Total $ 426,033 $ 346,874 $ 715,114 $ 693,951 ________________________ (1) Total revenues for periods in 2019 are adjusted by net allowances. Total revenues are attributed to countries based on consumer location. (2) Based on the financial information that is used to produce the general-purpose financial statements, providing further geographic information is impracticable.

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
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): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Balance, beginning of period $ 839,301 $ 882,884 $ 884,185 $ 868,126 Effect of foreign currency translation (1,277) (17,357) (46,161) (2,599) Balance, end of period $ 838,024 $ 865,527 $ 838,024 $ 865,527
Schedule of Acquired Intangible Assets	The Company’s acquired intangible assets are summarized as follows (in thousands) : As of June 30, 2020 As of December 31, 2019 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 60,802 $ (17,301) $ 43,501 $ 67,897 $ (18,191) $ 49,706 Developed technologies 4,301 (3,866) 435 4,734 (4,124) 610 Trade name and other 5,260 (4,560) 700 6,299 (5,244) 1,055 Total intangible assets $ 70,363 $ (25,727) $ 44,636 $ 78,930 $ (27,559) $ 51,371

Ownership, Description of Bus_4

Ownership, Description of Business, and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment in receivable portfolios, carrying value	$ 3,201,241		$ 3,328,150	$ 3,283,984	$ 3,224,568	$ 3,211,587	$ 3,137,893
Deferred court costs, net	0			100,172
Other liabilities	126,266			147,436
Accumulated earnings	$ 963,698			888,058
Cumulative Effect, Period Of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment in receivable portfolios, carrying value		$ 3,166,018	3,328,150	$ 3,328,150
Deferred court costs, net			0
Other liabilities			135,668
Accumulated earnings			843,820
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment in receivable portfolios, carrying value			44,166
Deferred court costs, net			(100,172)
Other liabilities			(11,768)
Accumulated earnings			$ (44,238)

Earnings Per Share - Summary (D

Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income attributable to Encore Capital Group, Inc. stockholders	$ 130,332	$ 36,661	$ 119,878	$ 85,915
Total weighted-average basic shares outstanding (shares)	31,413	31,225	31,361	31,193
Dilutive effect of stock-based awards (shares)	147	201	267	179
Total weighted-average dilutive shares outstanding (shares)	31,560	31,426	31,628	31,372
Basic (loss) earnings per share (USD per share)	$ 4.15	$ 1.17	$ 3.82	$ 2.75
Diluted (loss) earnings per share (USD per share)	$ 4.13	$ 1.17	$ 3.79	$ 2.74
Antidilutive securities excluded from computation of earnings per share (shares)	164	13	89	115

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Liabilities
Contingent consideration	$ (27)	$ (66)
Foreign currency exchange contracts
Assets
Foreign currency exchange contracts	476	1,473
Interest rate cap contracts
Assets
Interest rate derivatives	1,416	2,460
Interest rate swap agreements
Liabilities
Interest rate swap agreements	(13,280)	(9,116)
Level 1
Liabilities
Contingent consideration	0	0
Level 1 | Foreign currency exchange contracts
Assets
Foreign currency exchange contracts	0	0
Level 1 | Interest rate cap contracts
Assets
Interest rate derivatives	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	476	1,473
Level 2 | Interest rate cap contracts
Assets
Interest rate derivatives	1,416	2,460
Level 2 | Interest rate swap agreements
Liabilities
Interest rate swap agreements	(13,280)	(9,116)
Level 3
Liabilities
Contingent consideration	(27)	(66)
Level 3 | Foreign currency exchange contracts
Assets
Foreign currency exchange contracts	0	0
Level 3 | Interest rate cap contracts
Assets
Interest rate derivatives	0	0
Level 3 | Interest rate swap agreements
Liabilities
Interest rate swap agreements	$ 0	$ 0

Fair Value Measurements - Conti

Fair Value Measurements - Contingent Consideration Roll Forward (Details) - Contingent Consideration - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 66	$ 6,198
Change in fair value of contingent consideration		(2,300)
Payment of contingent consideration	(35)	(3,686)
Effect of foreign currency translation	(4)	(146)
Balance at end of period	$ 27	$ 66

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Assets held for sale	$ 40,743	$ 46,717

Fair Value Measurements - Fin_2

Fair Value Measurements - Financial Instruments Not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Financial Assets
Investment in receivable portfolios, carrying value	$ 3,201,241	$ 3,328,150	$ 3,283,984	$ 3,224,568	$ 3,211,587	$ 3,137,893
Deferred court costs, net	0		100,172
Financial Liabilities
Convertible senior notes, carrying value	672,855		672,855
Senior secured notes, carrying value	276,250		308,750
Senior Notes
Financial Liabilities
Convertible senior notes, carrying value	648,686		642,547
Secured Debt
Financial Liabilities
Senior secured notes, carrying value	1,085,279		1,129,039
Cabot Senior Secured Notes | Senior Notes
Financial Liabilities
Senior secured notes, carrying value	1,085,279		1,129,039
Cabot Senior Secured Notes | Secured Debt
Financial Liabilities
Senior secured notes, carrying value	1,083,932		1,127,435
Fair Value
Financial Assets
Deferred court costs, net	0		100,172
Fair Value | Senior Notes
Financial Liabilities
Convertible senior notes, fair value	663,418		693,708
Fair Value | Cabot Senior Secured Notes | Secured Debt
Financial Liabilities
Senior secured notes, fair value	1,076,682		1,170,945
Fair Value | Certain Loans Acquired in Transfer Not Accounted for as Debt Securities
Financial Assets
Investment in receivable portfolios, fair value	$ 3,682,533		$ 3,464,050

Derivatives and Hedging Instr_3

Derivatives and Hedging Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Interest rate cap contracts
Derivative [Line Items]
Interest rate derivative - assets	$ 1,416	$ 2,460
Foreign currency exchange contracts
Derivative [Line Items]
Foreign currency exchange contracts - assets	476	1,473
Interest rate swap agreements
Derivative [Line Items]
Interest rate swap agreements - liabilities	(13,280)	(9,116)
Derivatives Designated as Hedging Instruments | Interest rate cap contracts | Other assets
Derivative [Line Items]
Interest rate derivative - assets	1,416	2,460
Derivatives Designated as Hedging Instruments | Foreign currency exchange contracts | Other assets
Derivative [Line Items]
Foreign currency exchange contracts - assets	0	443
Derivatives Designated as Hedging Instruments | Interest rate swap agreements | Other liabilities
Derivative [Line Items]
Interest rate swap agreements - liabilities	(13,280)	(9,116)
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other assets
Derivative [Line Items]
Foreign currency exchange contracts - assets	$ 476	$ 1,030

Derivatives and Hedging Instr_4

Derivatives and Hedging Instruments - Narrative (Details)	3 Months Ended	6 Months Ended
	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)instrument	Jun. 30, 2019USD ($)	Jun. 30, 2020GBP (£)instrument
Reclassification out of Accumulated Other Comprehensive Income
Derivative [Line Items]
Loss reclassified from OCI into income (loss)	$ 2,500,000
Forward contracts
Derivative [Line Items]
Gains or losses were reclassified from OCI into earnings		$ 0	$ 0
Interest rate swap agreements | Cash Flow Hedging
Derivative [Line Items]
Derivative instrument, notional amount		$ 324,000,000
Number of interest rate derivative held | instrument		4		4
Interest rate cap contracts | The 2019 Cap
Derivative [Line Items]
Derivative instrument, notional amount		$ 434,000,000		£ 400,000,000
Interest rate cap contracts | Cash Flow Hedging
Derivative [Line Items]
Derivative instrument, notional amount		$ 883,300,000
Number of interest rate derivative held | instrument		2		2
Interest rate cap contracts | Cash Flow Hedging | 2018 Caps
Derivative [Line Items]
Number of interest rate derivative held | instrument		2		2
Interest rate cap contracts | Cash Flow Hedging | The 2020 Caps
Derivative [Line Items]
Derivative instrument, notional amount		$ 449,300,000		£ 350,000,000
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 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ 564	$ (2,711)	$ (2,990)	$ (4,741)
Foreign currency exchange contracts | Cash Flow Hedging | Other expense
Derivative [Line Items]
Amount of Gain Recognized in Income	2,028	173	3,971	173
Derivatives Designated as Hedging Instruments | Foreign currency exchange contracts | Cash Flow Hedging | Salaries and employee benefits
Derivative [Line Items]
Gain (Loss) Recognized in OCI	48	456	(341)	1,391
Gain (Loss) Reclassified from OCI into Income (Loss)	(78)	80	49	(15)
Derivatives Designated as Hedging Instruments | Foreign currency exchange contracts | Cash Flow Hedging | General and administrative expenses
Derivative [Line Items]
Gain (Loss) Recognized in OCI	1	69	(44)	(9)
Gain (Loss) Reclassified from OCI into Income (Loss)	(6)	13	11	(71)
Derivatives Designated as Hedging Instruments | Interest rate swap agreements | Cash Flow Hedging | Interest expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(558)	(4,296)	(7,265)	(6,382)
Gain (Loss) Reclassified from OCI into Income (Loss)	(2,012)	(444)	(3,100)	(864)
Derivatives Designated as Hedging Instruments | Interest rate cap contracts | Cash Flow Hedging | Interest expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(735)	(140)	(2,131)	(1,712)
Gain (Loss) Reclassified from OCI into Income (Loss)	$ (96)	$ 0	$ (2,638)	$ 0

Investment in Receivable Port_3

Investment in Receivable Portfolios, Net - Transition Approach (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Financing Receivable, Impaired [Line Items]
Investment in receivable portfolios, carrying value	$ 3,328,150	$ 3,201,241	$ 3,201,241	$ 3,283,984	$ 3,224,568	$ 3,211,587	$ 3,137,893
Allowance for credit losses	79,028,043	371,424	892,618
Amortized cost	82,356,193
Noncredit discount	132,533,142	786,512	1,754,227
Face value	214,889,335	1,305,875	3,008,897
Write-off of amortized cost	(82,356,193)	(519,363)	(1,254,670)
Write-off of noncredit discount	(132,533,142)	(786,512)	(1,754,227)
Negative allowance	3,328,150	$ 147,939	$ 362,052
Investment In Receivable Portfolios, Net
Financing Receivable, Impaired [Line Items]
Investment in receivable portfolios, carrying value	3,328,150
Accounting Standards Update 2016-13
Financing Receivable, Impaired [Line Items]
Initial transitioned deferred court costs	$ 44,166

Investment in Receivable Port_4

Investment in Receivable Portfolios, Net - Establishment of Negative Allowance (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Receivables [Abstract]
Purchase price		$ 147,939		$ 362,052
Allowance for credit losses	$ 79,028,043	371,424		892,618
Amortized cost		519,363		1,254,670
Noncredit discount	132,533,142	786,512		1,754,227
Face value	214,889,335	1,305,875		3,008,897
Write-off of amortized cost	(82,356,193)	(519,363)		(1,254,670)
Write-off of noncredit discount	(132,533,142)	(786,512)		(1,754,227)
Negative allowance	$ 3,328,150	147,939		362,052
Negative allowance for expected recoveries - current period purchases		$ 147,939	$ 242,697	$ 362,052	$ 505,032

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				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period		$ 3,283,984	$ 3,211,587	$ 3,137,893	$ 3,283,984	$ 3,137,893
Negative allowance for expected recoveries - current period purchases	$ 147,939		242,697		362,052	505,032
Deconsolidation of receivable portfolios	(2,822)		0		(2,822)	0
Put-backs and Recalls	(6,326)		(1,395)		(11,394)	(5,095)
Disposals and transfers to assets held for sale	(1,182)		(2,327)		(2,713)	(5,916)
Cash collections	(508,215)		(514,881)		(1,035,494)	(1,028,734)
Revenue from receivable portfolios	335,287		312,495	311,158	692,652	623,653
Changes to expected current period recoveries	108,572		0		118,887	0
Changes to expected future period recoveries	(42,565)		0		(151,541)	0
Portfolios allowance reversal, net	0		2,063	1,367	0	3,430
Foreign currency adjustments	4,535		(25,671)		(96,536)	(5,695)
Balance, end of period	3,201,241		$ 3,224,568	$ 3,211,587	$ 3,201,241	$ 3,224,568
Adjustment to allowance for credit loss	(42,600)	109,000
Collections above expectation	$ 108,600
Revenue as a percentage of collections	66.00%		60.70%		66.90%	60.60%
Cumulative Effect, Period Of Adoption, Adjusted Balance
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 3,166,018	3,328,150			$ 3,328,150
Balance, end of period		$ 3,166,018

Investment in Receivable Port_6

Investment in Receivable Portfolios, Net - Accretable Yield and an Estimate of Zero Basis Future Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period		$ 4,064,092	$ 4,026,206		$ 4,026,206
Revenue from receivable portfolios	$ (335,287)	(312,495)	(311,158)	$ (692,652)	(623,653)
Allowance reversals on receivable portfolios, net	$ 0	(2,063)	(1,367)	$ 0	(3,430)
Additions on existing portfolios, net		145,359	38,313
Additions for current purchases		277,556	285,637
Effect of foreign currency translation		(46,526)	26,461
Balance at end of period		$ 4,125,923	$ 4,064,092		$ 4,125,923

Investment in Receivable Port_7

Investment in Receivable Portfolios, Net - Change in the Valuation Allowance for Investment in Receivable Portfolios (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning of period	$ 59,428	$ 60,631
Provision for portfolio allowances	1,089	3,715
Reversal of prior allowances	(3,152)	(7,145)
Effect of foreign currency translation	(161)	3
Balance as of end of period	$ 57,204	$ 57,204

Deferred Court Costs, Net - Sum

Deferred Court Costs, Net - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Court costs advanced		$ 891,207
Court costs recovered		(369,043)
Court costs reserve		(421,992)	$ (408,312)	$ (399,991)	$ (396,460)
Deferred court costs, net	$ 0	$ 100,172

Deferred Court Costs, Net - Cou

Deferred Court Costs, Net - Court Cost Reserve (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets [Roll Forward]
Balance as of beginning of period	$ (399,991)	$ (396,460)
Provision for court costs	(23,635)	(39,348)
Charge-offs	13,476	27,255
Effect of foreign currency translation	1,838	241
Balance as of end of period	$ (408,312)	$ (408,312)

Other Assets - Summary (Details

Other Assets - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating lease right-of-use assets	$ 70,597	$ 75,254
Identifiable intangible assets, net	44,636	51,371
Assets held for sale	40,743	46,717
Deferred tax assets	32,555	24,134
Service fee receivables	21,027	27,705
Prepaid expenses	20,779	22,272
Other financial receivables	12,194	17,308
Other	47,385	64,462
Total	$ 289,916	$ 329,223

Borrowings - Consolidated Debt

Borrowings - Consolidated Debt and Capital Lease Obligations (Details) $ in Thousands, £ in Millions	Jun. 30, 2020USD ($)	Jun. 30, 2020GBP (£)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Senior secured notes	$ 276,250		$ 308,750
Encore convertible notes and exchangeable notes	672,855		672,855
Less: debt discount	(24,169)		(30,308)
Finance lease liabilities	9,021		8,121
Debt and capital lease obligations, gross	3,391,231		3,554,522
Less: debt issuance costs, net of amortization	(37,501)		(41,325)
Total	3,353,730		3,513,197
Other Debt Obligations
Debt Instrument [Line Items]
Other	43,984		54,151
Cabot securitisation senior facilities
Debt Instrument [Line Items]
Revolving credit facility	434,000	£ 350	464,092
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	528,000		492,000
Cabot credit facility
Debt Instrument [Line Items]
Revolving credit facility	203,349	£ 164	285,749
Term Loan
Debt Instrument [Line Items]
Encore term loan facility	164,033		171,677
Senior Notes
Debt Instrument [Line Items]
Encore convertible notes and exchangeable notes	648,686		642,547
Less: debt discount	(24,169)		(30,308)
Senior Notes | Cabot senior secured notes
Debt Instrument [Line Items]
Senior secured notes	1,085,279		1,129,039
Less: debt discount	$ (1,347)		$ (1,604)

Borrowings - Encore Revolving C

Borrowings - Encore Revolving Credit Facility and Term Loan Facility - Narrative (Details) - USD ($)	Jul. 09, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jul. 08, 2020	Dec. 31, 2019
Restated Credit Agreement
Debt Instrument [Line Items]
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		$ 350,000,000
Allowance of additional unsecured indebtedness (not to exceed)		1,100,000,000		1,100,000,000
Company's repurchases, common stock (up to)				150,000,000
Acquisition limit		225,000,000		$ 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		$ 50,000,000
Minimum | Restated Credit Agreement
Debt Instrument [Line Items]
Maximum cash flow leverage ratio				125.00%
Term Loan
Debt Instrument [Line Items]
Encore term loan facility		164,033,000		$ 164,033,000			$ 171,677,000
Term Loan | Restated Credit Agreement
Debt Instrument [Line Items]
Encore term loan facility		164,000,000		164,000,000
Junior Lien Portion | Restated Credit Agreement
Debt Instrument [Line Items]
Allowance of additional unsecured indebtedness (not to exceed)		400,000,000		400,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility		528,000,000		528,000,000			492,000,000
Revolving Credit Facility | Restated Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		884,200,000		$ 884,200,000
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%
Revolving credit facility		$ 528,000,000		$ 528,000,000
Weighted average interest rate (as a percent)		3.52%	5.47%	4.01%	5.48%
Current borrowing capacity		$ 356,200,000		$ 356,200,000
Revolving Credit Facility | Restated Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 884,200,000
Revolving Credit Facility | Amended Restated Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,127,400,000
Increase in borrowing capacity	243,200,000
Revolving Credit Facility | Non-Extended Revolving Commitments | Subsequent Event
Debt Instrument [Line Items]
Revolving credit facility	138,100,000
Revolving Credit Facility | Minimum | Restated Credit Agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.50%
Revolving Credit Facility | Minimum | Restated Credit Agreement | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				1.50%
Revolving Credit Facility | Maximum | Restated Credit Agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				3.00%
Revolving Credit Facility | Maximum | Restated Credit Agreement | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.00%
Term Loan One | Restated Credit Agreement
Debt Instrument [Line Items]
Principal amortization, 2020							$ 15,300,000
Term Loan One | Restated Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 164,000,000
Term Loan One | Amended Restated Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	188,800,000
Increase in borrowing capacity	24,800,000
Term Loan One | Non-Extended Term Loans | Subsequent Event
Debt Instrument [Line Items]
Revolving credit facility	8,100,000
Term Loan One | Minimum | Restated Credit Agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.50%
Term Loan One | Minimum | Restated Credit Agreement | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				1.50%
Term Loan One | Maximum | Restated Credit Agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				3.00%
Term Loan One | Maximum | Restated Credit Agreement | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.00%
Senior Secured Credit Facilities | Amended Restated Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Accordion feature	$ 250,000,000

Borrowings - Encore Senior Secu

Borrowings - Encore Senior Secured Notes - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Aug. 31, 2017
Debt Instrument [Line Items]
Debt issued	$ 672,855,000	$ 672,855,000
Senior secured notes	$ 276,250,000	$ 308,750,000
2017 Senior Secured Notes | Term Loan Facility
Debt Instrument [Line Items]
Debt issued			$ 325,000,000
Stated interest rate (as a percent)	5.625%
Senior secured notes, periodic principal repayment	$ 16,300,000

Borrowings - Encore Convertible

Borrowings - Encore Convertible Notes and Exchangeable Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Sep. 30, 2019USD ($)	Jun. 30, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Debt issued | $		$ 672,855	$ 672,855
Convertible Notes | 2020 Convertible Notes(1)
Debt Instrument [Line Items]
Debt issued | $		$ 89,355	89,355
Stated interest rate (as a percent)		3.00%
Extinguishment of debt | $	$ 83,100
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)		0.0218718
Convertible Notes | 2021 Convertible Notes
Debt Instrument [Line Items]
Debt issued | $		$ 161,000	161,000
Stated interest rate (as a percent)		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)		0.0168386
Convertible Notes | 2022 Convertible Notes
Debt Instrument [Line Items]
Debt issued | $		$ 150,000	150,000
Stated interest rate (as a percent)		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)		0.0219467
Convertible Notes | 2023 Exchangeable Notes
Debt Instrument [Line Items]
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)		0.022409
Convertible Notes | 2025 Convertible Notes
Debt Instrument [Line Items]
Debt issued | $		$ 100,000	100,000
Stated interest rate (as a percent)		3.25%
Initial conversion price (USD per share)		$ 40
Closing stock price at date of issuance (in dollars per share)		$ 32
Conversion rate (shares per $1,000 principal amount)		0.025
Term Loan Facility | 2023 Exchangeable Notes
Debt Instrument [Line Items]
Debt issued | $		$ 172,500	$ 172,500
Stated interest rate (as a percent)		4.50%
Initial conversion price (USD per share)		$ 44.62

Borrowings - Debt and Equity Co

Borrowings - Debt and Equity Components and Issuance Costs of Convertible Notes (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Equity component		$ 83,127	$ 83,127
Debt issued		672,855	672,855
2020 Convertible Notes(1) | 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%
Effective interest rate (as a percent)		6.35%
Extinguishment of debt	$ 83,100
Debt issued		$ 89,355	89,355
2021 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt component		143,645
Equity component		17,355
Equity issuance cost		$ 581
Stated interest rate (as a percent)		2.875%
Effective interest rate (as a percent)		4.70%
Debt issued		$ 161,000	161,000
2022 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt component		137,266
Equity component		12,734
Equity issuance cost		$ 398
Stated interest rate (as a percent)		3.25%
Effective interest rate (as a percent)		5.20%
Debt issued		$ 150,000	150,000
2023 Exchangeable Notes | Term Loan Facility
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 issued		$ 172,500	172,500
2025 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt component		91,024
Equity component		8,976
Equity issuance cost		$ 224
Stated interest rate (as a percent)		3.25%
Effective interest rate (as a percent)		5.00%
Debt issued		$ 100,000	$ 100,000

Borrowings - Balances of Liabil

Borrowings - Balances of Liability and Equity Components (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Liability component—principal amount	$ 672,855	$ 672,855
Unamortized debt discount	(24,169)	(30,308)
Liability component—net carrying amount	648,686	642,547
Equity component	$ 83,127	$ 83,127

Borrowings - Interest Expense (

Borrowings - Interest Expense (Details) - Convertible Notes And Senior Notes - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Interest expense—stated coupon rate	$ 5,799	$ 5,571	$ 11,598	$ 10,908
Interest expense—amortization of debt discount	3,095	3,244	6,139	6,365
Total interest expense	$ 8,894	$ 8,815	$ 17,737	$ 17,273

Borrowings - Conversion and EPS

Borrowings - Conversion and EPS Impact of Convertible Notes Hedging Transactions (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)$ / shares
2020 Convertible Notes(1) | Convertible Notes
Debt Instrument [Line Items]
Cost of the hedge transaction(s) | $	$ 18,113
Conversion price (USD per share)	$ 45.72
2020 Convertible Notes(1) | Hedging of Convertible Debt Instrument | Convertible Notes
Debt Instrument [Line Items]
Conversion price (USD per share)	$ 61.55
2021 Convertible Notes | 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 | Convertible Notes
Debt Instrument [Line Items]
Conversion price (USD per share)	83.14
2023 Exchangeable Notes | Convertible Notes
Debt Instrument [Line Items]
Conversion price (USD per share)	$ 44.62
2023 Exchangeable Notes | Term Loan Facility
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 | Term Loan Facility
Debt Instrument [Line Items]
Conversion price (USD per share)	$ 62.48

Borrowings - Cabot Senior Secur

Borrowings - Cabot Senior Secured Notes - Table and Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Senior secured notes	$ 276,250	$ 308,750
Debt issued	672,855	672,855
Secured Debt
Debt Instrument [Line Items]
Senior secured notes	1,085,279	1,129,039
Floating rate senior secured notes due 2024 | Secured Debt
Debt Instrument [Line Items]
Senior secured notes	449,296	448,921
Senior secured notes due 2023 | Secured Debt
Debt Instrument [Line Items]
Senior secured notes	$ 635,983	$ 680,118
Stated interest rate (as a percent)	7.50%
Euro Interbank Offered Rate (EURIBOR) | Floating rate senior secured notes due 2024 | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	6.375%

Borrowings - Cabot Senior Revol

Borrowings - Cabot Senior Revolving Credit Facility - Narrative (Details) - Cabot credit facility $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019	Jun. 30, 2020USD ($)	Jun. 30, 2020GBP (£)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Revolving credit facility				£ 375,000,000
Maximum loan to value ratio			75.00%
Credit facility, outstanding amount	$ 203,349		$ 203,349	164,000,000	$ 285,749
Weighted average interest rate (as a percent)	3.15%	3.36%	3.36%
Remaining borrowing capacity	$ 261,600		$ 261,600	£ 211,000,000
Secured Debt | Cabot Credit Agreement, Tranche with Expiration in September 2022 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			3.00%
Senior Loans
Debt Instrument [Line Items]
Maximum loan to value ratio			27.50%

Borrowings - Cabot Securitisati

Borrowings - Cabot Securitisation Senior Facility (Details) $ in Thousands	Feb. 18, 2020	Jun. 30, 2020USD ($)	Jun. 30, 2019	Jun. 30, 2020USD ($)	Jun. 30, 2020GBP (£)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Book value | $		$ 4,740,854		$ 4,740,854		$ 4,909,950
Cabot securitisation senior facilities
Debt Instrument [Line Items]
Facility agreement, borrowing capacity | £					£ 350,000,000
Credit facility, outstanding amount		434,000		434,000	350,000,000	$ 464,092
Book value		$ 506,500		$ 506,500	£ 408,500,000
Weighted average interest rate (as a percent)		3.14%	3.75%	3.33%
Cabot securitisation senior facilities | Sterling Overnight Index Average (SONIA) | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.06%
Cabot securitisation senior facilities | Minimum | Sterling Overnight Index Average (SONIA) | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.00%
Cabot securitisation senior facilities | Maximum | Sterling Overnight Index Average (SONIA) | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%

Borrowings - Finance Lease Liab

Borrowings - Finance Lease Liabilities - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Finance lease liabilities	$ 9,021	$ 8,121

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Contingency [Line Items]
Provision for income taxes	$ (35,570)	$ (11,753)	$ (40,128)	$ (15,426)
(Loss) income before income taxes	166,354	$ 48,575	160,333	$ 101,690
Unrecognized tax benefit	8,200		8,200
Net tax benefit from unrecognized tax benefits, if recognized	7,600		7,600
Undistributed earnings of foreign subsidiaries	$ 153,100		$ 153,100
Costa Rica | Tax holiday through December 31, 2026
Income Tax Contingency [Line Items]
Holiday tax rate			100.00%

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rates (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Federal provision (as a percent)	21.00%	21.00%	21.00%	21.00%
State provision (as a percent)	2.50%	3.60%	3.20%	3.00%
International provision (benefit) (as a percent)	(0.40%)	(3.80%)	(0.30%)	(2.30%)
Change in valuation allowance (as a percent)	(0.20%)	2.60%	2.30%	2.20%
Tax benefit from divestiture of foreign investment (as a percent)	(1.80%)	0.00%	(1.90%)	0.00%
Change in tax accounting method (as a percent)	0.00%	0.00%	0.00%	(8.90%)
Other (as a percent)	0.30%	0.80%	0.70%	0.20%
Effective rate (as a percent)	21.40%	24.20%	25.00%	15.20%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	6 Months Ended
	Jun. 30, 2020USD ($)
Long-term Purchase Commitment [Line Items]
Material reserves for litigation	$ 0
Purchase price of receivable portfolios	2,300,000,000
Purchase price	$ 276,300,000

Segment and Geographic Inform_3

Segment and Geographic Information - Summary (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Segment	Jun. 30, 2019USD ($)
Segment Reporting [Abstract]
Number of reportable segments | Segment			1
Segment Reporting Information [Line Items]
Revenues	$ 426,033	$ 346,874	$ 715,114	$ 693,951
United States
Segment Reporting Information [Line Items]
Revenues	286,767	199,388	494,985	388,760
International
Segment Reporting Information [Line Items]
Revenues	139,266	147,486	220,129	305,191
Europe
Segment Reporting Information [Line Items]
Revenues	135,490	130,919	211,455	266,195
Other geographies
Segment Reporting Information [Line Items]
Revenues	$ 3,776	$ 16,567	$ 8,674	$ 38,996

Goodwill and Identifiable Int_3

Goodwill and Identifiable Intangible Assets - Activity in Goodwill Balance (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)reporting_unit	Jun. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units | reporting_unit			2
Goodwill [Roll Forward]
Balance at beginning of period	$ 839,301	$ 882,884	$ 884,185	$ 868,126
Effect of foreign currency translation	(1,277)	(17,357)	(46,161)	(2,599)
Balance at end of period	$ 838,024	$ 865,527	$ 838,024	$ 865,527

Goodwill and Identifiable Int_4

Goodwill and Identifiable Intangible Assets - Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 70,363	$ 78,930
Accumulated Amortization	(25,727)	(27,559)
Net Carrying Amount	44,636	51,371
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	60,802	67,897
Accumulated Amortization	(17,301)	(18,191)
Net Carrying Amount	43,501	49,706
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,301	4,734
Accumulated Amortization	(3,866)	(4,124)
Net Carrying Amount	435	610
Trade name and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,260	6,299
Accumulated Amortization	(4,560)	(5,244)
Net Carrying Amount	$ 700	$ 1,055

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jul. 09, 2020	Jul. 08, 2020	Jul. 01, 2020	Jun. 30, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Debt issued				$ 672,855,000	$ 672,855,000
Revolving Credit Facility
Subsequent Event [Line Items]
Revolving credit facility				528,000,000	492,000,000
Subsequent Event | Senior Secured Credit Facilities | Minimum | LIBOR
Subsequent Event [Line Items]
Effective interest rate (as a percent)	0.75%
2020 Convertible Notes(1) | Convertible Notes
Subsequent Event [Line Items]
Debt issued				$ 89,355,000	$ 89,355,000
Effective interest rate (as a percent)				6.35%
2020 Convertible Notes(1) | Convertible Notes | Subsequent Event
Subsequent Event [Line Items]
Debt issued			$ 89,400,000
Amended Restated Credit Agreement | Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Increase in borrowing capacity	$ 243,200,000
Revolving credit facility	1,127,400,000
Amended Restated Credit Agreement | Subsequent Event | Term Loan One
Subsequent Event [Line Items]
Increase in borrowing capacity	24,800,000
Revolving credit facility	188,800,000
Amended Restated Credit Agreement | Subsequent Event | Senior Secured Credit Facilities
Subsequent Event [Line Items]
Accordion feature	250,000,000
Restated Credit Agreement | Revolving Credit Facility
Subsequent Event [Line Items]
Revolving credit facility				$ 884,200,000
Revolving credit facility				$ 528,000,000
Restated Credit Agreement | Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Revolving credit facility		$ 884,200,000
Restated Credit Agreement | Subsequent Event | Term Loan One
Subsequent Event [Line Items]
Revolving credit facility		$ 164,000,000
Non-Extended Revolving Commitments | Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Revolving credit facility	138,100,000
Non-Extended Term Loans | Subsequent Event | Term Loan One
Subsequent Event [Line Items]
Revolving credit facility	$ 8,100,000