Encore Capital (ECPG) 10-Q 2 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 26, 2020
Cover [Abstract]
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001084961
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		31,344,685

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 169,983	$ 192,335
Investment in receivable portfolios, net	3,265,992	3,283,984
Deferred court costs, net	0	100,172
Property and equipment, net	120,125	120,051
Other assets	309,296	329,223
Goodwill	866,657	884,185
Total assets	4,732,053	4,909,950
Liabilities:
Accounts payable and accrued liabilities	221,837	223,911
Borrowings	3,252,101	3,513,197
Other liabilities	130,859	147,436
Total liabilities	3,604,797	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
Common stock, $0.01 par value, 75,000 shares authorized, 31,345 and 31,097 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	313	311
Additional paid-in capital	227,113	222,590
Accumulated earnings	1,018,348	888,058
Accumulated other comprehensive loss	(121,098)	(88,766)
Total Encore Capital Group, Inc. stockholders’ equity	1,124,676	1,022,193
Noncontrolling interest	2,580	3,213
Total equity	1,127,256	1,025,406
Total liabilities and equity	4,732,053	4,909,950
Variable Interest Entity
Assets
Cash and cash equivalents	238	34
Investment in receivable portfolios, net	528,481	539,596
Other assets	4,773	4,759
Liabilities:
Borrowings	$ 452,299	$ 464,092

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Sep. 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)	31,345,000	31,097,000
Common stock outstanding (shares)	31,345,000	31,097,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Revenue from receivable portfolios	$ 342,489	$ 316,217	$ 1,035,141	$ 939,870
Changes in expected current and future recoveries	30,451	0	(2,203)	0
Servicing revenue	29,787	31,060	82,417	97,399
Other revenues	949	144	3,435	673
Total revenues	403,676	347,421	1,118,790	1,037,942
Allowance reversals on receivable portfolios, net	0	8,515	0	11,945
Total revenues, adjusted by net allowances	403,676	355,936	1,118,790	1,049,887
Operating expenses
Salaries and employee benefits	95,979	96,638	279,944	284,699
Cost of legal collections	60,383	48,971	164,018	149,446
General and administrative expenses	53,459	38,168	113,954	110,335
Other operating expenses	28,088	25,753	83,527	84,913
Collection agency commissions	12,703	17,343	36,562	46,905
Depreciation and amortization	10,609	10,000	31,436	29,736
Goodwill impairment	0	10,718	0	10,718
Total operating expenses	261,221	247,591	709,441	716,752
Income from operations	142,455	108,345	409,349	333,135
Other expense
Interest expense	(67,962)	(54,365)	(172,951)	(173,245)
Other income (expense)	361	(11,546)	(1,211)	(15,766)
Total other expense	(67,601)	(65,911)	(174,162)	(189,011)
Income before income taxes	74,854	42,434	235,187	144,124
Provision for income taxes	(19,747)	(3,021)	(59,875)	(18,447)
Net income	55,107	39,413	175,312	125,677
Net income attributable to noncontrolling interest	(457)	(544)	(784)	(893)
Net income attributable to Encore Capital Group, Inc. stockholders	$ 54,650	$ 38,869	$ 174,528	$ 124,784
Earnings per share attributable to Encore Capital Group, Inc.:
Basic (USD per share)	$ 1.74	$ 1.24	$ 5.56	$ 3.99
Diluted (USD per share)	$ 1.72	$ 1.23	$ 5.51	$ 3.97
Weighted average shares outstanding:
Basic (shares)	31,484	31,338	31,402	31,242
Diluted (shares)	31,826	31,657	31,672	31,459

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 55,107	$ 39,413	$ 175,312	$ 125,677
Change in unrealized gain (loss) on derivative instruments:
Unrealized gain (loss) on derivative instruments	118	(799)	(3,985)	(6,561)
Income tax effect	7	169	1,120	1,190
Unrealized gain (loss) on derivative instruments, net of tax	125	(630)	(2,865)	(5,371)
Change in foreign currency translation:
Unrealized gain (loss) on foreign currency translation	30,982	(31,864)	(32,088)	(33,129)
Removal of other comprehensive loss in connection with divestiture	0	3,814	2,632	3,814
Unrealized gain (loss) on foreign currency translation, net of divestiture	30,982	(28,050)	(29,456)	(29,315)
Other comprehensive income (loss), net of tax:	31,107	(28,680)	(32,321)	(34,686)
Comprehensive income	86,214	10,733	142,991	90,991
Comprehensive loss (income) attributable to noncontrolling interest:
Net income attributable to noncontrolling interest	(457)	(544)	(784)	(893)
Unrealized gain on foreign currency translation	(15)	(51)	(11)	(485)
Comprehensive income attributable to noncontrolling interest:	(472)	(595)	(795)	(1,378)
Comprehensive income attributable to Encore Capital Group, Inc. stockholders	$ 85,742	$ 10,138	$ 142,196	$ 89,613

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Adjustment	Common Stock	Additional Paid-In Capital	Accumulated Earnings	Accumulated EarningsAdjustment	Accumulated Other Comprehensive (Loss) Income	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	125,677				124,784			893
Other comprehensive (loss) income, net of tax	(38,500)						(38,985)	485
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)			175
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(3,694)		$ 2	(3,696)
Stock-based compensation	9,412			9,412
Exchangeable notes hedge transactions	1,792			1,792
Issuance of exchangeable notes	6,776			6,776
Other	2,846			(968)			3,814
Balance at end of period (shares) at Sep. 30, 2019			31,059
Balance at end of period at Sep. 30, 2019	923,997		$ 311	221,814	844,973		(146,158)	3,057
Balance at beginning of period (shares) at Jun. 30, 2019			30,980
Balance at beginning of period at Jun. 30, 2019	902,957		$ 310	211,508	806,104		(117,427)	2,462
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,413				38,869			544
Other comprehensive (loss) income, net of tax	(32,494)						(32,545)	51
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)			79
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(2,266)		$ 1	(2,267)
Stock-based compensation	4,005			4,005
Issuance of exchangeable notes	6,776			6,776
Exchangeable notes hedge transactions	1,792			1,792
Other	3,814						3,814
Balance at end of period (shares) at Sep. 30, 2019			31,059
Balance at end of period at Sep. 30, 2019	923,997		$ 311	221,814	844,973		(146,158)	3,057
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	175,312				174,528			784
Other comprehensive (loss) income, net of tax	(34,953)						(34,964)	11
Purchase of noncontrolling interest	(3,624)			(2,196)				(1,428)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)			248
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(6,468)		$ 2	(6,470)
Stock-based compensation	13,189			13,189
Other	2,632						2,632
Balance at end of period (shares) at Sep. 30, 2020			31,345
Balance at end of period at Sep. 30, 2020	1,127,256		$ 313	227,113	1,018,348		(121,098)	2,580
Balance at beginning of period (shares) at Jun. 30, 2020			31,288
Balance at beginning of period at Jun. 30, 2020	1,042,387		$ 313	227,030	963,698		(152,190)	3,536
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55,107				54,650			457
Other comprehensive (loss) income, net of tax	31,107						31,092	15
Purchase of noncontrolling interest	(3,624)			(2,196)				(1,428)
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (shares)			57
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(1,605)		$ 0	(1,605)
Stock-based compensation	3,884			3,884
Balance at end of period (shares) at Sep. 30, 2020			31,345
Balance at end of period at Sep. 30, 2020	$ 1,127,256		$ 313	$ 227,113	$ 1,018,348		$ (121,098)	$ 2,580

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net income	$ 175,312	$ 125,677
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	31,436	29,736
Expense related to financing	19,791	3,496
Other non-cash interest expense, net	22,725	24,049
Stock-based compensation expense	13,189	9,412
Deferred income taxes	(15,070)	5,012
Goodwill impairment	0	10,718
Changes in expected current and future recoveries	2,203	0
Allowance reversals on receivable portfolios, net	0	(11,945)
Other, net	24,469	20,218
Changes in operating assets and liabilities
Deferred court costs and other assets	14,267	45,415
Prepaid income tax and income taxes payable	(11,226)	(21,240)
Accounts payable, accrued liabilities and other liabilities	(27,114)	(43,602)
Net cash provided by operating activities	249,982	196,946
Investing activities:
Purchases of receivable portfolios, net of put-backs	(517,959)	(757,101)
Collections applied to investment in receivable portfolios, net	540,101	588,259
Purchases of property and equipment	(22,658)	(30,712)
Other, net	8,091	1,596
Net cash provided by (used in) investing activities	7,575	(197,958)
Financing activities:
Payment of loan and debt refinancing costs	(48,676)	(8,777)
Proceeds from credit facilities	1,695,914	481,105
Repayment of credit facilities	(2,051,764)	(440,992)
Proceeds from senior secured notes	410,820	460,512
Repayment of senior secured notes	(152,430)	(460,455)
Proceeds from issuance of convertible and exchangeable senior notes	0	100,000
Repayment of convertible senior notes	(89,355)	(84,600)
Other, net	(32,400)	(15,480)
Net cash (used in) provided by financing activities	(267,891)	31,313
Net (decrease) increase in cash and cash equivalents	(10,334)	30,301
Effect of exchange rate changes on cash and cash equivalents	(12,018)	(1,042)
Cash and cash equivalents, beginning of period	192,335	157,418
Cash and cash equivalents, end of period	169,983	186,677
Supplemental disclosure of cash information:
Cash paid for interest	148,059	131,873
Cash paid for taxes, net of refunds	$ 87,154	$ 31,419

Ownership, Description of Busin

Ownership, Description of Business, and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 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 August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt — Debt with Conversion and Other Options (“Subtopic 470-20”) and Derivatives and Hedging — Contracts in Entity’s Own Equity (“Subtopic 815-40”): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The ASU simplifies the accounting for convertible instruments by removing certain models in Subtopic 470-20 and revises the guidance in Subtopic 815-40 to simplify the accounting for contracts in an entity’s own equity. The ASU also amends the guidance to improve the consistency of earnings per share calculations, which requires the if-converted method be used for convertible instruments. ASU 2020-06 is effective for reporting periods beginning after December 15, 2021 with early adoption permitted for reporting periods beginning after December 15, 2020. The amendment is to be adopted through either a modified retrospective or fully retrospective method of transition. Under ASU 2020-06, the Company’s convertible and exchangeable notes will no longer be bifurcated to a debt component and an equity component, instead, they will be carried as a single liability. The interest expense recognized on the convertible and exchangeable notes will be based on coupon rates, rather than higher effective interest rates. As a result, the Company will recognize lower interest expense. Additionally, the if-converted method will not substantially change the dilutive effect for convertible instruments that require net share settlement, only in-the-money shares will be included in the dilutive effect. Based on the preliminary assessment, the Company believes that ASU 2020-06 will have a significant impact on its consolidated financial statements and is in the process of determining the adoption approach and whether or not to early adopt. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. 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 standards discussed above, there have been no recent accounting pronouncements or changes in accounting pronouncements during the nine months ended September 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 annually. 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	9 Months Ended
	Sep. 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 Nine Months Ended 2020 2019 2020 2019 Net income attributable to Encore Capital Group, Inc. stockholders $ 54,650 $ 38,869 $ 174,528 $ 124,784 Total weighted-average basic shares outstanding 31,484 31,338 31,402 31,242 Dilutive effect of stock-based awards 342 319 270 217 Total weighted-average dilutive shares outstanding 31,826 31,657 31,672 31,459 Basic earnings per share $ 1.74 $ 1.24 $ 5.56 $ 3.99 Diluted earnings per share $ 1.72 $ 1.23 $ 5.51 $ 3.97 Anti-dilutive employee stock options outstanding were approximately 13,000 and 64,000 during the three and nine months ended September 30, 2020, respectively. Anti-dilutive employee stock options outstanding were approximately 13,000 and 81,000 during the three and nine months ended September 30, 2019, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 September 30, 2020 Level 1 Level 2 Level 3 Total Assets Interest rate cap contracts $ — $ 854 $ — $ 854 Liabilities Interest rate swap agreements — (6,625) — (6,625) Cross-currency swap agreements — (6,686) — (6,686) Contingent consideration — — (2,655) (2,655) 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 nine months ended September 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 Issuance of contingent consideration in connection with acquisition 2,653 Payment of contingent consideration (35) Effect of foreign currency translation (29) Balance as of September 30, 2020 $ 2,655 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 September 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 September 30, 2020 and December 31, 2019 (in thousands) : September 30, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets Investment in receivable portfolios, net $ 3,265,992 $ 3,729,831 $ 3,283,984 $ 3,464,050 Deferred court costs — — 100,172 100,172 Financial Liabilities Convertible notes and exchangeable notes (1) 561,714 625,410 642,547 693,708 Senior secured notes (2) 1,536,351 1,547,920 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 the Company’s proprietary forecasting models. The key inputs include the estimated future gross cash flow, average cost to collect, and discount rate. The determination of such inputs requires significant judgment, including assessing the assumed market participant’s cost structure, its determination of whether to include fixed costs in its valuation, its collection strategies, and determining the appropriate weighted average cost of capital. The Company evaluates the use of these key inputs on an ongoing basis and refines the data as it continues to obtain better information from market participants in the debt recovery and purchasing business. 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 Company’s convertible notes, exchangeable notes and senior secured notes are carried at historical cost, adjusted for the debt discount. The fair value estimate for the convertible and exchangeable notes incorporates quoted market prices using Level 2 inputs. The fair value of the senior secured notes is estimated using widely accepted valuation techniques, including discounted cash flow analyses using available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Accordingly, the Company used Level 2 inputs for these debt instrument fair value estimates. The carrying value of the Company’s senior secured revolving credit facility agreement approximates fair value due to the short-term nature of the interest rate period. 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	9 Months Ended
	Sep. 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) : September 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 $ 854 Other assets $ 2,460 Foreign currency exchange contracts Other assets — Other assets 443 Interest rate swap agreements Other liabilities (6,625) Other liabilities (9,116) Cross-currency swap agreements Other liabilities (6,686) Other liabilities — Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other assets — 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. The Company held certain foreign currency forward contracts designated as cash flow hedging instruments that matured in June 2020. As of September 30, 2020, the Company had no outstanding forward contracts that were designated as cash flow hedging instruments. No gains or losses were reclassified from other comprehensive income into earnings as a result of forecasted transactions that failed to occur during the nine months ended September 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. Previously, the Company held four interest rate swap agreements that hedged the risk of USD-LIBOR interest rate fluctuations for the Encore revolving credit facility and term loan facility. As part of the financing transactions completed in September 2020, the Company settled two of the interest rate swap agreements. As of September 30, 2020, there were two interest rate swap agreements outstanding with a total notional amount of $200.2 million. The Company expects to reclassify approximately $9.1 million of net derivative loss from OCI into earnings relating to interest rate swaps within the next 12 months. In connection with the financing transactions discussed above, the Company entered into cross-currency swap agreements, which are used to manage foreign currency exchange risk by converting fixed-rate Euro-denominated borrowings including periodic interest payments and the payment of principal at maturity to fixed-rate USD debt and are accounted for as cash flow hedges. As of September 30, 2020, there were four cross-currency swap agreements outstanding with a total notional amount of €350.0 million (approximately $410.4 million). The Company expects to reclassify approximately $4.6 million of net derivative loss from OCI into earnings relating to cross-currency swaps within the next 12 months. 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 September 30, 2020, the Company held two interest rate cap contracts with a notional amount of approximately $921.3 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 $469.0 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 $452.3 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 Company expects to reclassify approximately $0.4 million of net derivative loss from OCI into earnings relating to interest rate caps within the next 12 months. 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 Gain (Loss) Reclassified from OCI into Income Three Months Ended September 30, Three Months Ended September 30, 2020 2019 2020 2019 Foreign currency exchange contracts $ — $ (323) Salaries and employee benefits $ — $ 198 Foreign currency exchange contracts — (48) General and administrative expenses — 27 Interest rate swap agreements (140) (800) Interest expense (2,458) (742) Interest rate cap contracts (624) (145) Interest expense (103) — Cross-currency swap agreements (6,779) — Interest expense / Other income (expense) (5,100) — Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from OCI into Income Gain (Loss) Reclassified from OCI into Income Nine Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Foreign currency exchange contracts $ (341) $ 1,068 Salaries and employee benefits $ 49 $ 183 Foreign currency exchange contracts (44) (57) General and administrative expenses 11 (44) Interest rate swap agreements (7,405) (7,182) Interest expense (5,558) (1,606) Interest rate cap contracts (2,755) (1,857) Interest expense (2,741) — Cross-currency swap agreements (6,779) — Interest expense / Other income (expense) (5,100) — 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 (Loss) Recognized in Income Three Months Ended Nine Months Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative 2020 2019 2020 2019 Foreign currency exchange contracts Other income (expense) $ (407) $ (436) $ 3,564 $ (263)

Investment in Receivable Portfo

Investment in Receivable Portfolios, Net	9 Months Ended
	Sep. 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 Nine Months Ended Purchase price $ 170,131 $ 532,183 Allowance for credit losses 507,907 1,400,525 Amortized cost 678,038 1,932,708 Noncredit discount 1,104,695 2,858,922 Face value 1,782,733 4,791,630 Write-off of amortized cost (678,038) (1,932,708) Write-off of noncredit discount (1,104,695) (2,858,922) Negative allowance 170,131 532,183 Negative allowance for expected recoveries - current period purchases $ 170,131 $ 532,183 The following table summarizes the changes in the balance of the investment in receivable portfolios during the periods presented ( in thousands ): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Balance, beginning of period $ 3,201,241 $ 3,224,568 $ 3,328,150 $ 3,137,893 Purchases of receivable portfolios 170,131 259,910 532,183 764,942 Deconsolidation of receivable portfolios (1) — (51,935) (2,822) (51,935) Put-backs and Recalls (2,830) (2,746) (14,224) (7,841) Disposals and transfers to assets held for sale (3,560) (1,765) (6,273) (7,681) Cash collections (539,748) (499,395) (1,575,242) (1,528,129) Revenue from receivable portfolios 342,489 316,217 1,035,141 939,870 Changes in expected current period recoveries 78,268 — 197,155 — Changes in expected future period recoveries (47,817) — (199,358) — Portfolios allowance reversal, net — 8,515 — 11,945 Foreign currency adjustments 67,818 (65,202) (28,718) (70,897) Balance, end of period $ 3,265,992 $ 3,188,167 $ 3,265,992 $ 3,188,167 Revenue as a percentage of collections 63.5 % 63.3 % 65.7 % 61.5 % _______________________ (1) Deconsolidation of receivable portfolios as a result of the Company’s divestiture of its investment in Brazil for the nine months ended September 30, 2020 and as a result of the Baycorp Transaction for the three and nine months ended September 30, 2019. Changes in expected current period recoveries represent over and under-performance in the reporting period. Collections during the three and nine months ended September 30, 2020 significantly outperformed the projected cash flows. The Company believes the collection over-performance was largely driven by the reduced near-term expected recoveries as a result of adjustments made to the projected cash flow forecast during the first quarter of 2020 associated with the COVID-19 pandemic. The over-performance was also a result of sustained improvements in portfolio collections driven by liquidation improvement initiatives. While the Company now has additional information with respect to the impact on collections of the COVID-19 pandemic, the future outlook remains uncertain, and will continue to evolve depending on future developments, including the duration and spread of the pandemic and related actions taken by governments. When reassessing the future forecasts of expected lifetime recoveries during the three months ended September 30, 2020, management considered historical and current collection performance, uncertainty in economic forecasts in the geographies in which we operate, and believes that the operational disruption as a result of the COVID-19 pandemic has, for the near term, been resolved through a combination of social distancing in the workplace and working remotely. However, the macroeconomic driven consumer distress is still present and will likely continue to impact the Company’s collections performance in the near future. As a result, the Company has updated its forecast, resulting in a reduction of total estimated remaining collections which in turn, when discounted to present value, resulted in a provision for credit loss adjustment of approximately $47.8 million and $199.4 million during the three and nine months ended September 30, 2020, respectively. 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 Revenue from receivable portfolios (316,217) Allowance reversals on receivable portfolios, net (8,515) Additions on existing portfolios, net 93,527 Additions for current purchases 288,547 Effect of foreign currency translation (73,810) Balance as of September 30, 2019 $ 4,109,455 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 Nine Months Ended Balance as of beginning of period $ 57,204 $ 60,631 Provision for portfolio allowances 1,120 4,835 Reversal of prior allowances (9,635) (16,780) Baycorp Transaction (1,036) (1,036) Effect of foreign currency translation (554) (551) Balance as of end of period $ 47,099 $ 47,099

Deferred Court Costs, Net

Deferred Court Costs, Net	9 Months Ended
	Sep. 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 Nine Months Ended Balance as of beginning of period $ (408,312) $ (396,460) Provision for court costs (20,866) (60,214) Charge-offs 13,679 40,934 Effect of foreign currency translation 2,113 2,354 Balance as of end of period $ (413,386) $ (413,386)

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following (in thousands) : September 30, December 31, Operating lease right-of-use assets $ 72,587 $ 75,254 Identifiable intangible assets, net 44,617 51,371 Assets held for sale 40,740 46,717 Deferred tax assets 31,689 24,134 Service fee receivables 26,434 27,705 Income tax deposit 19,254 5,822 Prepaid expenses 19,149 22,272 Other financial receivables 14,529 17,308 Other 40,297 58,640 Total $ 309,296 $ 329,223

Borrowings

Borrowings	9 Months Ended
	Sep. 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 September 30, 2020. The components of the Company’s consolidated borrowings were as follows (in thousands) : September 30, December 31, Global senior secured revolving credit facility $ 585,227 $ — Encore revolving credit facility — 492,000 Encore term loan facility — 171,677 Encore private placement notes 156,320 308,750 Senior secured notes 1,542,205 1,129,039 Convertible notes and exchangeable notes 583,500 672,855 Cabot senior revolving credit facility — 285,749 Cabot securitisation senior facility 452,299 464,092 Other 30,574 54,151 Finance lease liabilities 8,487 8,121 3,358,612 3,586,434 Less: debt discount and issuance costs, net of amortization (106,511) (73,237) Total $ 3,252,101 $ 3,513,197 In September 2020 the Company entered into various transactions, agreements and amendments related to its borrowings including (collectively, the “Financing Transactions”): • an amended multi-currency revolving credit facility that formerly supported only Cabot that now supports the operations of all operating units; • an issuance of €350.0 million (approximately $410.8 million) in 4.875% senior secured notes due 2025; and • an amendment to the terms of the existing Senior Secured Notes (defined below). Following the Financing Transactions, Encore is the parent of the restricted group for the Global Senior Facility, the Senior Secured Notes and the Private Placement Notes, each of which is now guaranteed by the same group of material Encore subsidiaries and secured by the same collateral, which represents substantially all of the assets of those subsidiaries. In connection with the Financing Transactions, Encore repaid and terminated the Encore Senior Secured Credit Facilities (defined below) and prepaid a portion of its Encore Private Placement Notes (defined below). The total fees paid to the lenders and third-party costs incurred relating to the Financing Transactions were approximately $49.7 million, a portion of which were capitalized as debt issuance costs. Additionally, certain of the unamortized debt issuance costs prior to the Financing Transaction were written-off. The Company recorded a pre-tax expense of approximately $24.6 million (approximately $18.9 million net of tax) relating to the Financing Transactions, $17.7 million of which was included in interest expense and $6.9 million was included in general and administrative expense in the Company’s consolidated statements of operations during the three and nine months ended September 30, 2020. Global Senior Secured Revolving Credit Facility The Company has entered into a multi-currency senior secured revolving credit facility agreement (as amended and restated, the “Global Senior Facility”). In previous periods, the Company referred to this facility as the Cabot Credit Facility. As of September 30, 2020, the Global Senior Facility provided for a total committed facility of $1,050.0 million that matures in September 2024 and included the following key provisions: • Interest at LIBOR (or EURIBOR for any loan drawn in euro) plus 2.50% per annum, with a LIBOR (or EURIBOR) floor of 0.75%; • A restrictive covenant that limits the LTV Ratio (defined in the Global Senior Facility) to 0.75 in the event that the Global Senior Facility is more than 20% utilized; • A restrictive covenant that limits the SSRCF Ratio (defined in the Global Senior Facility) to 0.275; • A restrictive covenant that requires the Company to maintain a Fixed Charge Coverage Ratio (as defined in the Global Senior Facility) of at least 2.0; • Additional restrictions and covenants which limit, among other things, the payment of dividends and the incurrence of additional indebtedness and liens; and • Standard events of default which, upon occurrence, may permit the lenders to terminate the Global Senior Facility and declare all amounts outstanding to be immediately due and payable. The Global Senior Facility is secured by substantially all of the assets of the Company and the guarantors. Pursuant to the terms of an intercreditor agreement entered into with respect to the relative positions of (1) the Global Senior Facility, any super priority hedging liabilities and the Encore Private Placement Notes (collectively, “Super Senior Liabilities”) and (2) the Senior Secured Notes, Super Senior Liabilities that are secured by assets that also secure the Senior Secured Notes will receive priority with respect to any proceeds received upon any enforcement action over any such assets. As of September 30, 2020, the outstanding borrowings under the Global Senior Facility were $585.2 million. Since the completion of the Financing Transactions, the weighted average interest rate of the Global Senior Facility was 3.25%. The weighted average interest rate of the previous Cabot Credit Facility was 3.06% and 3.30% for the three and nine months ended September 30, 2020, respectively, and 3.71% and 3.47% for the three and nine months ended September 30, 2019, respectively. The weighted average interest rate of the previous Encore Revolving Credit Facility was 3.63% and 3.90% for the three and nine months ended September 30, 2020, respectively, and 5.25% and 5.40% for the three and nine months ended September 30, 2019, respectively. Available capacity under the Global Senior Facility was $464.8 million as of September 30, 2020. Encore Revolving Credit Facility and Term Loan Facility The Company had a revolving credit facility (the “Revolving Credit Facility”) and term loan facility (the “Term Loan Facility,” and together with the Revolving Credit Facility, the “Encore Senior Secured Credit Facilities”) pursuant to a Third Amended and Restated Credit Agreement dated December 20, 2016 (as amended, the “Restated Credit Agreement”) that was previously used to support the Company’s domestic operations. In connection with the Financing Transactions on September 24, 2020, the Company repaid the Encore Senior Secured Credit Facilities and terminated the Restated Credit Agreement. Encore Private Placement Notes In August 2017, Encore entered into $325.0 million in senior secured notes with a group of insurance companies (the “Encore Private Placement Notes”). In September 2020, as part of the Financing Transactions, the Company prepaid approximately $103.7 million of the Encore Private Placement Notes and made a $10.4 million make-whole payment to the holders of notes that were prepaid. As of September 30, 2020, $156.3 million of the Encore Private Placement Notes remained outstanding. The Encore Private Placement Notes bear an annual interest rate of 5.625%, mature in August 2024 and require quarterly principal payments of $9.8 million. The covenants and material terms for the Encore Private Placement Notes are substantially similar to those for the Global Senior Facility. Senior Secured Notes The following table provides a summary of the Senior Secured Notes ($ in thousands) : September 30, December 31, Maturity Date Interest Rate Cabot 2023 Notes $ 662,836 $ 680,118 Oct 1, 2023 7.500 % Cabot 2024 Floating Rate Notes 468,997 448,921 Jun 1, 2024 EURIBOR +6.375% Encore 2025 Notes 410,372 — Oct 15, 2025 4.875 % $ 1,542,205 $ 1,129,039 Cabot Financial (Luxembourg) S.A. (“Cabot Financial”) has issued £512.9 million (approximately $651.3 million) in aggregate principal amount of 7.500% Senior Secured Notes due 2023 (the “Cabot 2023 Notes”). Interest on the Cabot 2023 Notes is payable semi-annually, in arrears, on April 1 and October 1 of each year. Cabot Financial (Luxembourg) II S.A. (“Cabot Financial II”), an indirect subsidiary of Encore, has issued €400.0 million (approximately $452.0 million) in aggregate principal amount of Senior Secured Floating Rate Notes due 2024 (the “Cabot 2024 Floating Rate Notes”). The Cabot 2024 Floating Rate Notes bear interest at a rate equal to the sum of (i) three-month EURIBOR (subject to a 0% floor) plus (ii) 6.375%, reset quarterly. Interest is payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year. In September 2020, Encore issued €350.0 million (approximately $410.8 million) in aggregate principal amount of 4.875% Senior Secured Notes due 2025 at an issue price of 98.889% (the “Encore 2025 Notes” and together with the Cabot 2023 Notes and the Cabot 2024 Floating Rate Notes, the “Senior Secured Notes”). Interest on the Encore 2025 Notes is payable semi-annually, in arrears, on April 15 and October 15 of each year, commencing on April 15, 2021. The Senior Secured Notes are secured by the same collateral as the Global Senior Facility and the Encore Private Placement Notes. The guarantees provided in respect of the Senior Secured Notes are pari passu with each such guarantee given in respect of the Global Senior Facility and Encore Private Placement Notes. Subject to the intercreditor agreement described above under “Global Senior Secured Revolving Credit Facility,” Super Senior Liabilities that are secured by assets that also secure the Senior Secured Notes will receive priority with respect to any proceeds received upon any enforcement action over any such assets. Convertible Notes and Exchangeable Notes The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible and exchangeable senior notes (the “Convertible Notes” or “Exchangeable Notes,” as applicable) ($ in thousands) : September 30, December 31, Maturity Date Interest Rate 2020 Convertible Notes (1) $ — $ 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 % 2023 Exchangeable Notes 172,500 172,500 Sep 1, 2023 4.500 % 2025 Convertible Notes 100,000 100,000 Oct 1, 2025 3.250 % $ 583,500 $ 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 free 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 free conversion or exchange dates until the close of business on the second scheduled trading day immediately preceding their respective maturity date, holders may convert or exchange their notes at any time. Certain key terms related to the convertible and exchangeable features as of September 30, 2020 are listed below: 2021 Convertible Notes 2022 Convertible Notes 2023 Exchangeable Notes 2025 Convertible Notes Initial conversion or exchange price $ 59.39 $ 45.57 $ 44.62 $ 40.00 Closing stock price at date of issuance $ 47.51 $ 35.05 $ 36.45 $ 32.00 Closing stock price date Mar 5, 2014 Feb 27, 2017 Jul 20, 2018 Sep 4, 2019 Conversion or exchange rate (shares per $1,000 principal amount) 16.8386 21.9467 22.4090 25.0000 Free conversion or exchange date 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 with a minimum specified dollar amount of $1,000 per $1,000 principal amount of notes (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, 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. On October 29, 2020, the Company entered into supplemental indentures for the Convertible Notes and Exchangeable Notes so that in the event of conversion or exchange, the notes are convertible or exchangeable into cash up to the aggregate principal amount of the notes and the excess conversion premium, if any, may be settled in cash or shares of the Company’s common stock at the Company’s election and subject to certain restrictions contained in each of the indentures governing the Convertible Notes and Exchangeable Notes. Refer to “Item 5: Other Information” for additional details of these supplemental indentures. The debt and equity components, the issuance costs related to the equity component, the stated interest rate, and the effective interest rate for each of the Convertible Notes and Exchangeable Notes at the time of the original offering are listed below (in thousands, except percentages) : 2021 Convertible Notes 2022 Convertible Notes 2023 Exchangeable Notes 2025 Convertible Notes Debt component $ 143,645 $ 137,266 $ 157,971 $ 91,024 Equity component $ 17,355 $ 12,734 $ 14,009 $ 8,976 Equity issuance cost $ 581 $ 398 $ — $ 224 Stated interest rate 2.875 % 3.250 % 4.500 % 3.250 % Effective interest rate 4.700 % 5.200 % 6.500 % 5.000 % The balances of the liability and equity components of all the Convertible Notes and Exchangeable Notes outstanding were as follows (in thousands) : September 30, December 31, Liability component—principal amount $ 583,500 $ 672,855 Unamortized debt discount (21,786) (30,308) Liability component—net carrying amount $ 561,714 $ 642,547 Equity component $ 53,074 $ 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest expense—stated coupon rate $ 5,130 $ 6,754 $ 16,728 $ 17,662 Interest expense—amortization of debt discount 2,382 3,405 8,521 9,770 Interest expense—Convertible Notes and Exchangeable Notes $ 7,512 $ 10,159 $ 25,249 $ 27,432 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 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 or exchange price) : 2021 Convertible Notes 2023 Exchangeable Notes Cost of the hedge transaction(s) $ 19,545 $ 17,785 Initial conversion or exchange price $ 59.39 $ 44.62 Effective conversion or exchange price $ 83.14 $ 62.48 Cabot Securitisation Senior Facility Cabot Securitisation UK Ltd (“Cabot Securitisation”), an indirect subsidiary of Encore, has a senior facility for a committed amount of £350.0 million (as amended, the “Cabot Securitisation Senior Facility”). 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 September 30, 2020, the outstanding borrowings under the Cabot Securitisation Senior Facility were £350.0 million (approximately $452.3 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 £401.2 million (approximately $518.5 million) as of September 30, 2020. The weighted average interest rate was 3.12% and 3.28% for the three and nine months ended September 30, 2020 and 3.75% and 3.74% for the three and nine months ended September 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	9 Months Ended
	Sep. 30, 2020
Variable Interest Entity, Measure of Activity [Abstract]
Variable Interest Entities	Variable Interest Entities A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb expected losses, or the right to receive expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary. As of September 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. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax expense of $19.7 million and $3.0 million during the three months ended September 30, 2020 and 2019, respectively, and income tax expense of $59.9 million and $18.4 million during the nine months ended September 30, 2020 and 2019, respectively. The effective tax rates for the respective periods are shown below: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Federal provision 21.0 % 21.0 % 21.0 % 21.0 % State provision 2.7 % 5.3 % 3.0 % 3.7 % Tax benefit relating to Baycorp Transaction — % (29.1) % — % (8.6) % Tax effect of CFPB settlement fees (1) 4.2 % — % 1.3 % — % Audit assessment — % 8.9 % — % 2.6 % Change in valuation allowance (2) 2.0 % 1.9 % 2.2 % 2.1 % Tax benefit from divestiture of foreign investment — % — % (1.3) % — % Change in tax accounting method — % — % — % (6.3) % Tax rate change (3.5) % — % (1.1) % — % Other — % (0.9) % 0.4 % (1.7) % Effective tax rate 26.4 % 7.1 % 25.5 % 12.8 % ________________________ (1) Non-deductible expense for tax purposes, refer to “Note 14: Subsequent Event.” (2) 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 nine months ended September 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 nine months ended September 30, 2020 and 2019, was immaterial. The Company had gross unrecognized tax benefits, inclusive of penalties and interest, of $8.2 million as of September 30, 2020. These unrecognized tax benefits, if recognized, would result in a net tax benefit of $7.6 million as of September 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 September 30, 2020 was approximately $180.5 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 not consider under the indefinite reversal exemption have no material undistributed earnings or outside basis differences and therefore no U.S. taxes have been provided. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law in response to the COVID-19 pandemic. The CARES Act contains several corporate income tax provisions, including modifications to the limitation on business interest expense and net operating loss regulations, and provides for a payment delay

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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. In September 2015, the Company entered into a consent order (the “2015 Consent Order”) with the Consumer Financial Protection Bureau (the “CFPB”) in which the Company settled allegations arising from its practices between 2011 and 2015. On September 8, 2020, a suit captioned Bureau of Consumer Financial Protection v. Encore Capital Group, Inc. et al. was filed in the United States District Court for the Southern District of California. In the suit, the CFPB alleged that the Company did not perfectly adhere to certain operational provisions of the 2015 Consent Order, leading to alleged violations of federal consumer financial law. On October 15, 2020, the parties entered into a stipulated judgment (“Stipulated Judgment”) to resolve the lawsuit. The Company recorded an after-tax charge of $15.0 million for the three and nine months ended September 30, 2020 as a result of the Stipulated Judgment. Refer to “Note 14: Subsequent Event” for further details regarding the Stipulated Judgment. Other than as discussed above, as of September 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 September 30, 2020, other than the charge recorded for the Stipulated Judgement, the Company has no material reserves for legal matters. Purchase Commitments

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Sep. 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 Nine Months Ended 2020 2019 2020 2019 Total revenues (1) : United States $ 256,212 $ 211,193 $ 751,197 $ 599,953 International Europe (2) 142,495 130,868 353,950 397,063 Other geographies 4,969 13,875 13,643 52,871 147,464 144,743 367,593 449,934 Total $ 403,676 $ 355,936 $ 1,118,790 $ 1,049,887 ________________________ (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	9 Months Ended
	Sep. 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 three months ended September 30, 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. Additionally, 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 September 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Balance, beginning of period $ 838,024 $ 865,527 $ 884,185 $ 868,126 Goodwill impairment — (10,718) — (10,718) Effect of foreign currency translation 28,633 (23,260) (17,528) (25,859) Balance, end of period $ 866,657 $ 831,549 $ 866,657 $ 831,549 The Company’s acquired intangible assets are summarized as follows (in thousands) : As of September 30, 2020 As of December 31, 2019 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 63,388 $ (19,801) $ 43,587 $ 67,897 $ (18,191) $ 49,706 Developed technologies 4,487 (4,125) 362 4,734 (4,124) 610 Trade name and other 5,437 (4,769) 668 6,299 (5,244) 1,055 Total intangible assets $ 73,312 $ (28,695) $ 44,617 $ 78,930 $ (27,559) $ 51,371

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In September 2015, the Company entered into a consent order (the “2015 Consent Order”) with the Consumer Financial Protection Bureau (the “CFPB”) in which the Company settled allegations arising from its practices between 2011 and 2015. On September 8, 2020, a suit captioned Bureau of Consumer Financial Protection v. Encore Capital Group, Inc. et al. was filed in the United States District Court for the Southern District of California. In the suit, the CFPB alleged that the Company did not perfectly adhere to certain operational provisions of the 2015 Consent Order, leading to alleged violations of federal consumer financial law. On October 15, 2020, the parties entered into a stipulated judgment (“Stipulated Judgment”) to resolve the lawsuit. The Stipulated Judgment includes obligations on the Company to, among other things: (1) continue to follow a narrow subset of the operational requirements contained in the 2015 Consent Order, all of which have long been part of the Company’s routine practices; (2) pay a $15.0 million civil monetary penalty; and (3) provide redress of approximately $9,000 to 14 affected consumers, which is in addition to approximately $70,000 of redress that the Company had previously voluntarily provided. Under the Stipulated Judgment, the Company neither admits nor denies the allegations in the CFPB’s suit. In connection with the Stipulated Judgment the CFPB has formally terminated the 2015 Consent Order.

Ownership, Description of Bus_2

Ownership, Description of Business, and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 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 August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt — Debt with Conversion and Other Options (“Subtopic 470-20”) and Derivatives and Hedging — Contracts in Entity’s Own Equity (“Subtopic 815-40”): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The ASU simplifies the accounting for convertible instruments by removing certain models in Subtopic 470-20 and revises the guidance in Subtopic 815-40 to simplify the accounting for contracts in an entity’s own equity. The ASU also amends the guidance to improve the consistency of earnings per share calculations, which requires the if-converted method be used for convertible instruments. ASU 2020-06 is effective for reporting periods beginning after December 15, 2021 with early adoption permitted for reporting periods beginning after December 15, 2020. The amendment is to be adopted through either a modified retrospective or fully retrospective method of transition. Under ASU 2020-06, the Company’s convertible and exchangeable notes will no longer be bifurcated to a debt component and an equity component, instead, they will be carried as a single liability. The interest expense recognized on the convertible and exchangeable notes will be based on coupon rates, rather than higher effective interest rates. As a result, the Company will recognize lower interest expense. Additionally, the if-converted method will not substantially change the dilutive effect for convertible instruments that require net share settlement, only in-the-money shares will be included in the dilutive effect. Based on the preliminary assessment, the Company believes that ASU 2020-06 will have a significant impact on its consolidated financial statements and is in the process of determining the adoption approach and whether or not to early adopt. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. 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 annually. 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.
Variable Interest Entities	A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb expected losses, or the right to receive expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary. As of September 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. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary.
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)	9 Months Ended
	Sep. 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 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)	9 Months Ended
	Sep. 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 Nine Months Ended 2020 2019 2020 2019 Net income attributable to Encore Capital Group, Inc. stockholders $ 54,650 $ 38,869 $ 174,528 $ 124,784 Total weighted-average basic shares outstanding 31,484 31,338 31,402 31,242 Dilutive effect of stock-based awards 342 319 270 217 Total weighted-average dilutive shares outstanding 31,826 31,657 31,672 31,459 Basic earnings per share $ 1.74 $ 1.24 $ 5.56 $ 3.99 Diluted earnings per share $ 1.72 $ 1.23 $ 5.51 $ 3.97

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 Level 1 Level 2 Level 3 Total Assets Interest rate cap contracts $ — $ 854 $ — $ 854 Liabilities Interest rate swap agreements — (6,625) — (6,625) Cross-currency swap agreements — (6,686) — (6,686) Contingent consideration — — (2,655) (2,655) 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 nine months ended September 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 Issuance of contingent consideration in connection with acquisition 2,653 Payment of contingent consideration (35) Effect of foreign currency translation (29) Balance as of September 30, 2020 $ 2,655
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 September 30, 2020 and December 31, 2019 (in thousands) : September 30, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets Investment in receivable portfolios, net $ 3,265,992 $ 3,729,831 $ 3,283,984 $ 3,464,050 Deferred court costs — — 100,172 100,172 Financial Liabilities Convertible notes and exchangeable notes (1) 561,714 625,410 642,547 693,708 Senior secured notes (2) 1,536,351 1,547,920 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)	9 Months Ended
	Sep. 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) : September 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 $ 854 Other assets $ 2,460 Foreign currency exchange contracts Other assets — Other assets 443 Interest rate swap agreements Other liabilities (6,625) Other liabilities (9,116) Cross-currency swap agreements Other liabilities (6,686) Other liabilities — Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other assets — 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 Gain (Loss) Reclassified from OCI into Income Three Months Ended September 30, Three Months Ended September 30, 2020 2019 2020 2019 Foreign currency exchange contracts $ — $ (323) Salaries and employee benefits $ — $ 198 Foreign currency exchange contracts — (48) General and administrative expenses — 27 Interest rate swap agreements (140) (800) Interest expense (2,458) (742) Interest rate cap contracts (624) (145) Interest expense (103) — Cross-currency swap agreements (6,779) — Interest expense / Other income (expense) (5,100) — Derivatives Designated as Hedging Instruments Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from OCI into Income Gain (Loss) Reclassified from OCI into Income Nine Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Foreign currency exchange contracts $ (341) $ 1,068 Salaries and employee benefits $ 49 $ 183 Foreign currency exchange contracts (44) (57) General and administrative expenses 11 (44) Interest rate swap agreements (7,405) (7,182) Interest expense (5,558) (1,606) Interest rate cap contracts (2,755) (1,857) Interest expense (2,741) — Cross-currency swap agreements (6,779) — Interest expense / Other income (expense) (5,100) — 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 (Loss) Recognized in Income Three Months Ended Nine Months Ended Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative 2020 2019 2020 2019 Foreign currency exchange contracts Other income (expense) $ (407) $ (436) $ 3,564 $ (263)

Investment in Receivable Port_2

Investment in Receivable Portfolios, Net (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended Purchase price $ 170,131 $ 532,183 Allowance for credit losses 507,907 1,400,525 Amortized cost 678,038 1,932,708 Noncredit discount 1,104,695 2,858,922 Face value 1,782,733 4,791,630 Write-off of amortized cost (678,038) (1,932,708) Write-off of noncredit discount (1,104,695) (2,858,922) Negative allowance 170,131 532,183 Negative allowance for expected recoveries - current period purchases $ 170,131 $ 532,183
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 Nine Months Ended 2020 2019 2020 2019 Balance, beginning of period $ 3,201,241 $ 3,224,568 $ 3,328,150 $ 3,137,893 Purchases of receivable portfolios 170,131 259,910 532,183 764,942 Deconsolidation of receivable portfolios (1) — (51,935) (2,822) (51,935) Put-backs and Recalls (2,830) (2,746) (14,224) (7,841) Disposals and transfers to assets held for sale (3,560) (1,765) (6,273) (7,681) Cash collections (539,748) (499,395) (1,575,242) (1,528,129) Revenue from receivable portfolios 342,489 316,217 1,035,141 939,870 Changes in expected current period recoveries 78,268 — 197,155 — Changes in expected future period recoveries (47,817) — (199,358) — Portfolios allowance reversal, net — 8,515 — 11,945 Foreign currency adjustments 67,818 (65,202) (28,718) (70,897) Balance, end of period $ 3,265,992 $ 3,188,167 $ 3,265,992 $ 3,188,167 Revenue as a percentage of collections 63.5 % 63.3 % 65.7 % 61.5 % _______________________ (1) Deconsolidation of receivable portfolios as a result of the Company’s divestiture of its investment in Brazil for the nine months ended September 30, 2020 and as a result of the Baycorp Transaction for the three and nine months ended September 30, 2019.
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 Revenue from receivable portfolios (316,217) Allowance reversals on receivable portfolios, net (8,515) Additions on existing portfolios, net 93,527 Additions for current purchases 288,547 Effect of foreign currency translation (73,810) Balance as of September 30, 2019 $ 4,109,455
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 Nine Months Ended Balance as of beginning of period $ 57,204 $ 60,631 Provision for portfolio allowances 1,120 4,835 Reversal of prior allowances (9,635) (16,780) Baycorp Transaction (1,036) (1,036) Effect of foreign currency translation (554) (551) Balance as of end of period $ 47,099 $ 47,099

Deferred Court Costs, Net (Tabl

Deferred Court Costs, Net (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended Balance as of beginning of period $ (408,312) $ (396,460) Provision for court costs (20,866) (60,214) Charge-offs 13,679 40,934 Effect of foreign currency translation 2,113 2,354 Balance as of end of period $ (413,386) $ (413,386)

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 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) : September 30, December 31, Operating lease right-of-use assets $ 72,587 $ 75,254 Identifiable intangible assets, net 44,617 51,371 Assets held for sale 40,740 46,717 Deferred tax assets 31,689 24,134 Service fee receivables 26,434 27,705 Income tax deposit 19,254 5,822 Prepaid expenses 19,149 22,272 Other financial receivables 14,529 17,308 Other 40,297 58,640 Total $ 309,296 $ 329,223

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 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) : September 30, December 31, Global senior secured revolving credit facility $ 585,227 $ — Encore revolving credit facility — 492,000 Encore term loan facility — 171,677 Encore private placement notes 156,320 308,750 Senior secured notes 1,542,205 1,129,039 Convertible notes and exchangeable notes 583,500 672,855 Cabot senior revolving credit facility — 285,749 Cabot securitisation senior facility 452,299 464,092 Other 30,574 54,151 Finance lease liabilities 8,487 8,121 3,358,612 3,586,434 Less: debt discount and issuance costs, net of amortization (106,511) (73,237) Total $ 3,252,101 $ 3,513,197
Schedule of Notes	The following table provides a summary of the Senior Secured Notes ($ in thousands) : September 30, December 31, Maturity Date Interest Rate Cabot 2023 Notes $ 662,836 $ 680,118 Oct 1, 2023 7.500 % Cabot 2024 Floating Rate Notes 468,997 448,921 Jun 1, 2024 EURIBOR +6.375% Encore 2025 Notes 410,372 — Oct 15, 2025 4.875 % $ 1,542,205 $ 1,129,039 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) : September 30, December 31, Maturity Date Interest Rate 2020 Convertible Notes (1) $ — $ 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 % 2023 Exchangeable Notes 172,500 172,500 Sep 1, 2023 4.500 % 2025 Convertible Notes 100,000 100,000 Oct 1, 2025 3.250 % $ 583,500 $ 672,855 _______________________ (1) The 2020 Convertible Notes matured on July 1, 2020 and the Company repaid the outstanding principal in cash.
Schedule of Hedge Program for Convertible Notes	Certain key terms related to the convertible and exchangeable features as of September 30, 2020 are listed below: 2021 Convertible Notes 2022 Convertible Notes 2023 Exchangeable Notes 2025 Convertible Notes Initial conversion or exchange price $ 59.39 $ 45.57 $ 44.62 $ 40.00 Closing stock price at date of issuance $ 47.51 $ 35.05 $ 36.45 $ 32.00 Closing stock price date Mar 5, 2014 Feb 27, 2017 Jul 20, 2018 Sep 4, 2019 Conversion or exchange rate (shares per $1,000 principal amount) 16.8386 21.9467 22.4090 25.0000 Free conversion or exchange date 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 or exchange price) : 2021 Convertible Notes 2023 Exchangeable Notes Cost of the hedge transaction(s) $ 19,545 $ 17,785 Initial conversion or exchange price $ 59.39 $ 44.62 Effective conversion or exchange price $ 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) : 2021 Convertible Notes 2022 Convertible Notes 2023 Exchangeable Notes 2025 Convertible Notes Debt component $ 143,645 $ 137,266 $ 157,971 $ 91,024 Equity component $ 17,355 $ 12,734 $ 14,009 $ 8,976 Equity issuance cost $ 581 $ 398 $ — $ 224 Stated interest rate 2.875 % 3.250 % 4.500 % 3.250 % Effective interest rate 4.700 % 5.200 % 6.500 % 5.000 % The balances of the liability and equity components of all the Convertible Notes and Exchangeable Notes outstanding were as follows (in thousands) : September 30, December 31, Liability component—principal amount $ 583,500 $ 672,855 Unamortized debt discount (21,786) (30,308) Liability component—net carrying amount $ 561,714 $ 642,547 Equity component $ 53,074 $ 83,127
Schedule of Interest Expense	Interest expense related to the Convertible Notes and Exchangeable Notes was as follows (in thousands) : Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest expense—stated coupon rate $ 5,130 $ 6,754 $ 16,728 $ 17,662 Interest expense—amortization of debt discount 2,382 3,405 8,521 9,770 Interest expense—Convertible Notes and Exchangeable Notes $ 7,512 $ 10,159 $ 25,249 $ 27,432

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2020 2019 2020 2019 Federal provision 21.0 % 21.0 % 21.0 % 21.0 % State provision 2.7 % 5.3 % 3.0 % 3.7 % Tax benefit relating to Baycorp Transaction — % (29.1) % — % (8.6) % Tax effect of CFPB settlement fees (1) 4.2 % — % 1.3 % — % Audit assessment — % 8.9 % — % 2.6 % Change in valuation allowance (2) 2.0 % 1.9 % 2.2 % 2.1 % Tax benefit from divestiture of foreign investment — % — % (1.3) % — % Change in tax accounting method — % — % — % (6.3) % Tax rate change (3.5) % — % (1.1) % — % Other — % (0.9) % 0.4 % (1.7) % Effective tax rate 26.4 % 7.1 % 25.5 % 12.8 % ________________________ (1) Non-deductible expense for tax purposes, refer to “Note 14: Subsequent Event.”

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2020 2019 2020 2019 Total revenues (1) : United States $ 256,212 $ 211,193 $ 751,197 $ 599,953 International Europe (2) 142,495 130,868 353,950 397,063 Other geographies 4,969 13,875 13,643 52,871 147,464 144,743 367,593 449,934 Total $ 403,676 $ 355,936 $ 1,118,790 $ 1,049,887 ________________________ (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)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Balance, beginning of period $ 838,024 $ 865,527 $ 884,185 $ 868,126 Goodwill impairment — (10,718) — (10,718) Effect of foreign currency translation 28,633 (23,260) (17,528) (25,859) Balance, end of period $ 866,657 $ 831,549 $ 866,657 $ 831,549
Schedule of Acquired Intangible Assets	The Company’s acquired intangible assets are summarized as follows (in thousands) : As of September 30, 2020 As of December 31, 2019 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 63,388 $ (19,801) $ 43,587 $ 67,897 $ (18,191) $ 49,706 Developed technologies 4,487 (4,125) 362 4,734 (4,124) 610 Trade name and other 5,437 (4,769) 668 6,299 (5,244) 1,055 Total intangible assets $ 73,312 $ (28,695) $ 44,617 $ 78,930 $ (27,559) $ 51,371

Ownership, Description of Bus_4

Ownership, Description of Business, and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Investment in receivable portfolios, carrying value	$ 3,265,992		$ 3,283,984	$ 3,188,167	$ 3,224,568	$ 3,137,893
Deferred court costs, net	0		100,172
Other liabilities	130,859		147,436
Accumulated earnings	$ 1,018,348		888,058
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)
Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment in receivable portfolios, carrying value		$ 3,201,241	3,328,150
Deferred court costs, net			0
Other liabilities			135,668
Accumulated earnings			$ 843,820

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net income attributable to Encore Capital Group, Inc. stockholders	$ 54,650	$ 38,869	$ 174,528	$ 124,784
Total weighted-average basic shares outstanding (shares)	31,484	31,338	31,402	31,242
Dilutive effect of stock-based awards (shares)	342	319	270	217
Total weighted-average dilutive shares outstanding (shares)	31,826	31,657	31,672	31,459
Basic (loss) earnings per share (USD per share)	$ 1.74	$ 1.24	$ 5.56	$ 3.99
Diluted (loss) earnings per share (USD per share)	$ 1.72	$ 1.23	$ 5.51	$ 3.97
Antidilutive securities excluded from computation of earnings per share (shares)	13	13	64	81

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Liabilities
Contingent consideration	$ (2,655)	$ (66)
Foreign currency exchange contracts
Assets
Foreign currency exchange contracts		1,473
Interest rate cap contracts
Assets
Interest rate derivatives	854	2,460
Interest rate swap agreements
Liabilities
Swap agreements	(6,625)	(9,116)
Cross-currency swap agreements
Liabilities
Swap agreements	(6,686)
Level 1
Liabilities
Contingent consideration	0	0
Level 1 | Foreign currency exchange contracts
Assets
Foreign currency exchange contracts		0
Level 1 | Interest rate cap contracts
Assets
Interest rate derivatives	0	0
Level 1 | Interest rate swap agreements
Liabilities
Swap agreements	0	0
Level 1 | Cross-currency swap agreements
Liabilities
Swap agreements	0
Level 2
Liabilities
Contingent consideration	0	0
Level 2 | Foreign currency exchange contracts
Assets
Foreign currency exchange contracts		1,473
Level 2 | Interest rate cap contracts
Assets
Interest rate derivatives	854	2,460
Level 2 | Interest rate swap agreements
Liabilities
Swap agreements	(6,625)	(9,116)
Level 2 | Cross-currency swap agreements
Liabilities
Swap agreements	(6,686)
Level 3
Liabilities
Contingent consideration	(2,655)	(66)
Level 3 | Foreign currency exchange contracts
Assets
Foreign currency exchange contracts		0
Level 3 | Interest rate cap contracts
Assets
Interest rate derivatives	0	0
Level 3 | Interest rate swap agreements
Liabilities
Swap agreements	0	$ 0
Level 3 | Cross-currency swap agreements
Liabilities
Swap agreements	$ 0

Fair Value Measurements - Conti

Fair Value Measurements - Contingent Consideration Roll Forward (Details) - Contingent Consideration - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	(29)	(146)
Issuance of contingent consideration in connection with acquisition	2,653
Balance at end of period	$ 2,655	$ 66

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Assets held for sale	$ 40,740	$ 46,717

Fair Value Measurements - Fin_2

Fair Value Measurements - Financial Instruments Not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financial Assets
Deferred court costs, net	$ 0	$ 100,172
Carrying Amount
Financial Assets
Investment in receivable portfolios, net	3,265,992	3,283,984
Deferred court costs, net	0	100,172
Carrying Amount | Senior secured notes
Financial Liabilities
Encore convertible notes and exchangeable notes	561,714	642,547
Carrying Amount | Secured Debt | Cabot Senior Secured Notes
Financial Liabilities
Cabot senior secured notes	1,536,351	1,127,435
Estimated Fair Value
Financial Assets
Investment in receivable portfolios, net	3,729,831	3,464,050
Deferred court costs, net	0	100,172
Estimated Fair Value | Senior secured notes
Financial Liabilities
Encore convertible notes and exchangeable notes	625,410	693,708
Estimated Fair Value | Secured Debt | Cabot Senior Secured Notes
Financial Liabilities
Cabot senior secured notes	$ 1,547,920	$ 1,170,945

Derivatives and Hedging Instr_3

Derivatives and Hedging Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Interest rate cap contracts
Derivative [Line Items]
Interest rate derivative - assets	$ 854	$ 2,460
Foreign currency exchange contracts
Derivative [Line Items]
Foreign currency exchange contracts - assets		1,473
Interest rate swap agreements
Derivative [Line Items]
Interest rate swap agreements - liabilities	(6,625)	(9,116)
Cross-currency swap agreements
Derivative [Line Items]
Interest rate swap agreements - liabilities	(6,686)
Derivatives Designated as Hedging Instruments | Interest rate cap contracts | Other assets
Derivative [Line Items]
Interest rate derivative - assets	854	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	(6,625)	(9,116)
Derivatives Designated as Hedging Instruments | Cross-currency swap agreements | Other liabilities
Derivative [Line Items]
Foreign currency exchange contracts - liabilities	(6,686)	0
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other assets
Derivative [Line Items]
Foreign currency exchange contracts - assets	$ 0	$ 1,030

Derivatives and Hedging Instr_4

Derivatives and Hedging Instruments - Narrative (Details)	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)instrument	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)instrument	Sep. 30, 2019USD ($)	Sep. 30, 2020EUR (€)instrument	Sep. 30, 2020GBP (£)instrument	Aug. 31, 2020instrument
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
Forward contracts | Cash Flow Hedging
Derivative [Line Items]
Number of instruments held | instrument	0		0		0	0
Forward contracts | Not Designated as Hedging Instrument
Derivative [Line Items]
Number of instruments held | instrument	0		0		0	0
Interest rate swap agreements
Derivative [Line Items]
Loss expected to be reclassified to earnings in next twelve months			$ 9,100,000
Interest rate swap agreements | Cash Flow Hedging
Derivative [Line Items]
Number of interest rate derivatives held | instrument	2		2		2	2	4
Number of interest rate derivatives settled | instrument	2
Derivative instrument, notional amount	$ 200,200,000		$ 200,200,000
Cross-currency swap agreements
Derivative [Line Items]
Loss expected to be reclassified to earnings in next twelve months			$ 4,600,000
Cross-currency swap agreements | Cash Flow Hedging
Derivative [Line Items]
Number of instruments held | instrument	4		4		4	4
Derivative instrument, notional amount	$ 410,400,000		$ 410,400,000		€ 350,000,000
Interest rate cap contracts
Derivative [Line Items]
Loss expected to be reclassified to earnings in next twelve months			400,000
Interest rate cap contracts | 2019 Cap
Derivative [Line Items]
Derivative instrument, notional amount | €					€ 400,000,000
Interest rate cap contracts | 2020 Caps
Derivative [Line Items]
Derivative instrument, notional amount	$ 452,300,000		$ 452,300,000
Interest rate cap contracts | Cash Flow Hedging
Derivative [Line Items]
Number of interest rate derivatives held | instrument	2		2		2	2
Derivative instrument, notional amount	$ 921,300,000		$ 921,300,000
Interest rate cap contracts | Cash Flow Hedging | 2018 Caps
Derivative [Line Items]
Number of interest rate derivatives held | instrument	2		2		2	2
Interest rate cap contracts | Cash Flow Hedging | 2019 Cap
Derivative [Line Items]
Derivative instrument, notional amount	$ 469,000,000		$ 469,000,000
Interest rate cap contracts | Cash Flow Hedging | 2020 Caps
Derivative [Line Items]
Derivative instrument, notional amount | £						£ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ 125	$ (630)	$ (2,865)	$ (5,371)
Foreign currency exchange contracts | Cash Flow Hedging | Other income (expense)
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	(407)	(436)	3,564	(263)
Derivatives Designated as Hedging Instruments | Foreign currency exchange contracts | Cash Flow Hedging | Salaries and employee benefits
Derivative [Line Items]
Gain (Loss) Recognized in OCI	0	(323)	(341)	1,068
Gain (Loss) Reclassified from OCI into Income	0	198	49	183
Derivatives Designated as Hedging Instruments | Foreign currency exchange contracts | Cash Flow Hedging | General and administrative expenses
Derivative [Line Items]
Gain (Loss) Recognized in OCI	0	(48)	(44)	(57)
Gain (Loss) Reclassified from OCI into Income	0	27	11	(44)
Derivatives Designated as Hedging Instruments | Interest rate swap agreements | Cash Flow Hedging | Interest expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(140)	(800)	(7,405)	(7,182)
Gain (Loss) Reclassified from OCI into Income	(2,458)	(742)	(5,558)	(1,606)
Derivatives Designated as Hedging Instruments | Interest rate cap contracts | Cash Flow Hedging | Interest expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(624)	(145)	(2,755)	(1,857)
Gain (Loss) Reclassified from OCI into Income	(103)	0	(2,741)	0
Derivatives Designated as Hedging Instruments | Cross-currency swap agreements | Cash Flow Hedging | Interest expense / Other income (expense)
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(6,779)	0	(6,779)	0
Gain (Loss) Reclassified from OCI into Income	$ (5,100)	$ 0	$ (5,100)	$ 0

Investment in Receivable Port_3

Investment in Receivable Portfolios, Net - Transition Approach (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Sep. 30, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Impaired [Line Items]
Investment in receivable portfolios, carrying value		$ 3,265,992	$ 3,265,992		$ 3,283,984	$ 3,188,167	$ 3,224,568	$ 3,137,893
Allowance for credit losses	$ 79,028,043	507,907	1,400,525
Amortized cost	82,356,193
Noncredit discount	132,533,142	1,104,695	2,858,922
Face value	214,889,335	1,782,733	4,791,630
Write-off of amortized cost	(82,356,193)	(678,038)	(1,932,708)
Write-off of noncredit discount	(132,533,142)	(1,104,695)	(2,858,922)
Negative allowance	3,328,150	$ 170,131	$ 532,183
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
Adjustment
Financing Receivable, Impaired [Line Items]
Investment in receivable portfolios, carrying value					44,166
Adjusted Balance
Financing Receivable, Impaired [Line Items]
Investment in receivable portfolios, carrying value				$ 3,201,241	$ 3,328,150
Investment In Receivable Portfolios, Net
Financing Receivable, Impaired [Line Items]
Investment in receivable portfolios, carrying value	$ 3,328,150

Investment in Receivable Port_4

Investment in Receivable Portfolios, Net - Establishment of Negative Allowance (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Receivables [Abstract]
Purchase price		$ 170,131		$ 532,183
Allowance for credit losses	$ 79,028,043	507,907		1,400,525
Amortized cost		678,038		1,932,708
Noncredit discount	132,533,142	1,104,695		2,858,922
Face value	214,889,335	1,782,733		4,791,630
Write-off of amortized cost	(82,356,193)	(678,038)		(1,932,708)
Write-off of noncredit discount	(132,533,142)	(1,104,695)		(2,858,922)
Negative allowance	$ 3,328,150	170,131		532,183
Negative allowance for expected recoveries - current period purchases		$ 170,131	$ 259,910	$ 532,183	$ 764,942

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				9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period		$ 3,224,568		$ 3,137,893	$ 3,283,984	$ 3,137,893
Negative allowance for expected recoveries - current period purchases	$ 170,131	259,910			532,183	764,942
Deconsolidation of receivable portfolios	0	(51,935)			(2,822)	(51,935)
Put-backs and Recalls	(2,830)	(2,746)			(14,224)	(7,841)
Disposals and transfers to assets held for sale	(3,560)	(1,765)			(6,273)	(7,681)
Cash collections	(539,748)	(499,395)			(1,575,242)	(1,528,129)
Revenue from receivable portfolios	342,489	316,217	$ 312,495	311,158	1,035,141	939,870
Changes in expected current period recoveries	78,268	0			197,155	0
Changes in expected future period recoveries	(47,817)	0			(199,358)	0
Portfolios allowance reversal, net	0	8,515	2,063	$ 1,367	0	11,945
Foreign currency adjustments	67,818	(65,202)			(28,718)	(70,897)
Balance, end of period	$ 3,265,992	$ 3,188,167	$ 3,224,568		$ 3,265,992	$ 3,188,167
Revenue as a percentage of collections	63.50%	63.30%			65.70%	61.50%
Adjusted Balance
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 3,201,241				$ 3,328,150

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				9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Investment in Receivables Portfolio [Roll Forward]
Balance at beginning of period		$ 4,125,923	$ 4,064,092	$ 4,026,206		$ 4,026,206
Revenue from receivable portfolios	$ (342,489)	(316,217)	(312,495)	(311,158)	$ (1,035,141)	(939,870)
Allowance reversals on receivable portfolios, net	$ 0	(8,515)	(2,063)	(1,367)	$ 0	(11,945)
Additions on existing portfolios, net		93,527	145,359	38,313
Additions for current purchases		288,547	277,556	285,637
Effect of foreign currency translation		(73,810)	(46,526)	26,461
Balance at end of period		$ 4,109,455	$ 4,125,923	$ 4,064,092		$ 4,109,455

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	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning of period	$ 57,204	$ 60,631
Provision for portfolio allowances	1,120	4,835
Reversal of prior allowances	(9,635)	(16,780)
Baycorp Transaction	(1,036)	(1,036)
Effect of foreign currency translation	(554)	(551)
Balance as of end of period	$ 47,099	$ 47,099

Deferred Court Costs, Net - Sum

Deferred Court Costs, Net - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 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)	$ (413,386)	$ (408,312)	$ (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	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets [Roll Forward]
Balance as of beginning of period	$ (408,312)	$ (396,460)
Provision for court costs	(20,866)	(60,214)
Charge-offs	13,679	40,934
Effect of foreign currency translation	2,113	2,354
Balance as of end of period	$ (413,386)	$ (413,386)

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets
Operating lease right-of-use assets	$ 72,587	$ 75,254
Identifiable intangible assets, net	44,617	51,371
Assets held for sale	40,740	46,717
Deferred tax assets	31,689	24,134
Service fee receivables	26,434	27,705
Income tax deposit	19,254	5,822
Prepaid expenses	19,149	22,272
Other financial receivables	14,529	17,308
Other	40,297	58,640
Other assets	$ 309,296	$ 329,223

Borrowings - Consolidated Debt

Borrowings - Consolidated Debt and Capital Lease Obligations - Table and Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Finance lease liabilities	$ 8,487	$ 8,121
Finance Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:DebtAndCapitalLeaseObligations
Debt and finance lease liabilities, gross	$ 3,358,612	3,586,434
Less: debt discount and issuance costs, net of amortization	(106,511)	(73,237)
Borrowings	3,252,101	3,513,197
Debt instrument face value	$ 583,500	672,855
Stated interest rate	7.50%
Fees paid to lenders and third party costs	$ 49,700
Gross debt issuance costs	24,600
Debt Issuance Costs, Net	18,900
Interest expense
Debt Instrument [Line Items]
Gross debt issuance costs	17,700
General and administrative expenses
Debt Instrument [Line Items]
Gross debt issuance costs	6,900
Credit Facility | Global senior secured revolving credit facility
Debt Instrument [Line Items]
Long-term debt	585,227	0
Credit Facility | Encore revolving credit facility
Debt Instrument [Line Items]
Long-term debt	0	492,000
Credit Facility | Encore term loan facility
Debt Instrument [Line Items]
Long-term debt	0	171,677
Credit Facility | Cabot senior revolving credit facility
Debt Instrument [Line Items]
Long-term debt	0	285,749
Credit Facility | Cabot securitisation senior facility
Debt Instrument [Line Items]
Long-term debt	452,299	464,092
Encore private placement notes | Encore private placement notes
Debt Instrument [Line Items]
Long-term debt	156,320	308,750
Senior secured notes | Senior secured notes
Debt Instrument [Line Items]
Long-term debt	$ 1,542,205	1,129,039
Senior secured notes | Encore 2025 Notes
Debt Instrument [Line Items]
Stated interest rate	4.875%
Convertible notes and exchangeable notes | Convertible notes and exchangeable notes
Debt Instrument [Line Items]
Long-term debt	$ 583,500	672,855
Other
Debt Instrument [Line Items]
Long-term debt	$ 30,574	$ 54,151

Borrowings - Global Senior Secu

Borrowings - Global Senior Secured Revolving Credit Facility - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Global senior secured revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	$ 1,050,000,000		$ 1,050,000,000
Maximum ratio of financial indebtedness to cash and cash equivalent investments	0.75		0.75
Utilization threshold	20.00%		20.00%
Maximum ratio of super senior liabilities to cash and cash equivalent investments	0.275		0.275
Fixed charge coverage ratio	2		2
Long-term debt	$ 585,200,000		$ 585,200,000
Line of credit facility interest rate during period	3.25%
Remaining borrowing capacity	$ 464,800,000		$ 464,800,000
Global senior secured revolving credit facility | Euro Interbank Offered Rate (EURIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			2.50%
Floor interest rate	0.75%		0.75%
Global senior secured revolving credit facility | LIBOR | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			2.50%
Floor interest rate	0.75%		0.75%
Cabot credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility interest rate during period	3.06%	3.71%	3.30%	3.47%
Revolving Credit Facility | Restated Credit Agreement
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	3.63%	5.25%	3.90%	5.40%

Borrowings - Encore Private Pla

Borrowings - Encore Private Placement Notes - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019	Aug. 31, 2017
Debt Instrument [Line Items]
Debt issued	$ 583,500,000	$ 583,500,000	$ 583,500,000	$ 672,855,000
Senior secured notes	$ 1,542,205,000	$ 1,542,205,000	$ 1,542,205,000	$ 1,129,039,000
Stated interest rate	7.50%	7.50%	7.50%
2017 Senior Secured Notes | Term Loan Facility
Debt Instrument [Line Items]
Debt issued					$ 325,000,000
Extinguishment of debt	$ 103,700,000
Payments on notes payable		$ 10,400,000
Senior secured notes	$ 156,300,000	$ 156,300,000	$ 156,300,000
Stated interest rate	5.625%	5.625%	5.625%
Senior secured notes, periodic principal repayment			$ 9,800,000

Borrowings - Senior Secured Not

Borrowings - Senior Secured Notes - Table and Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020EUR (€)	Sep. 30, 2020USD ($)	Sep. 30, 2020GBP (£)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Senior secured notes		$ 1,542,205		$ 1,129,039
Stated interest rate	7.50%	7.50%	7.50%
Debt issued		$ 583,500		672,855
Cabot 2023 Notes | Secured Debt
Debt Instrument [Line Items]
Senior secured notes		$ 662,836		680,118
Stated interest rate	7.50%	7.50%	7.50%
Debt issued		$ 651,300	£ 512,900,000
Cabot 2024 Floating Rate Notes | Secured Debt
Debt Instrument [Line Items]
Senior secured notes		468,997		448,921
Debt issued	€ 400,000,000	$ 452,000
Variable rate floor	0.00%	0.00%	0.00%
Encore 2025 Notes | Secured Debt
Debt Instrument [Line Items]
Senior secured notes		$ 410,372		$ 0
Stated interest rate	4.875%	4.875%	4.875%
Debt issued	€ 350,000,000	$ 410,800
Issuance price	98.889%	98.889%	98.889%
Euro Interbank Offered Rate (EURIBOR) | Cabot 2024 Floating Rate Notes | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	6.375%

Borrowings - Encore Convertible

Borrowings - Encore Convertible Notes and Exchangeable Notes (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Debt issued | $	$ 583,500	$ 672,855
Stated interest rate	7.50%
Convertible Notes | 2020 Convertible Notes
Debt Instrument [Line Items]
Debt issued | $	$ 0	89,355
Stated interest rate	3.00%
Convertible Notes | 2021 Convertible Notes
Debt Instrument [Line Items]
Debt issued | $	$ 161,000	161,000
Stated interest rate	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	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 | 2025 Convertible Notes
Debt Instrument [Line Items]
Debt issued | $	$ 100,000	100,000
Stated interest rate	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
Exchangeable Notes | 2023 Exchangeable Notes
Debt Instrument [Line Items]
Debt issued | $	$ 172,500	$ 172,500
Stated interest rate	4.50%
Initial conversion price (USD per share)	$ 44.62
Closing stock price at date of issuance (in dollars per share)	$ 36.45
Conversion rate (shares per $1,000 principal amount)	0.022409

Borrowings - Debt and Equity Co

Borrowings - Debt and Equity Components and Issuance Costs of Convertible Notes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Equity component	$ 53,074	$ 83,127
Stated interest rate	7.50%
2021 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt component	$ 143,645
Equity component	17,355
Equity issuance cost	$ 581
Stated interest rate	2.875%
Effective interest rate (as a percent)	4.70%
2022 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt component	$ 137,266
Equity component	12,734
Equity issuance cost	$ 398
Stated interest rate	3.25%
Effective interest rate (as a percent)	5.20%
2023 Exchangeable Notes | Exchangeable Notes
Debt Instrument [Line Items]
Debt component	$ 157,971
Equity component	14,009
Equity issuance cost	$ 0
Stated interest rate	4.50%
Effective interest rate (as a percent)	6.50%
2025 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt component	$ 91,024
Equity component	8,976
Equity issuance cost	$ 224
Stated interest rate	3.25%
Effective interest rate (as a percent)	5.00%

Borrowings - Balances of Liabil

Borrowings - Balances of Liability and Equity Components (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Liability component—principal amount	$ 583,500	$ 672,855
Unamortized debt discount	(21,786)	(30,308)
Liability component—net carrying amount	561,714	642,547
Equity component	$ 53,074	$ 83,127

Borrowings - Interest Expense (

Borrowings - Interest Expense (Details) - Convertible notes and exchangeable notes - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Interest expense—stated coupon rate	$ 5,130	$ 6,754	$ 16,728	$ 17,662
Interest expense—amortization of debt discount	2,382	3,405	8,521	9,770
Total interest expense	$ 7,512	$ 10,159	$ 25,249	$ 27,432

Borrowings - Conversion and EPS

Borrowings - Conversion and EPS Impact of Convertible Notes Hedging Transactions (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)$ / shares
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 | Exchangeable Notes
Debt Instrument [Line Items]
Cost of the hedge transaction(s) | $	$ 17,785
Conversion price (USD per share)	$ 44.62
2023 Exchangeable Notes | Hedging of Convertible Debt Instrument | Exchangeable Notes
Debt Instrument [Line Items]
Conversion price (USD per share)	$ 62.48

Borrowings - Cabot Securitisati

Borrowings - Cabot Securitisation Senior Facility (Details) $ in Thousands	Feb. 18, 2020	Sep. 30, 2020USD ($)	Sep. 30, 2019	Sep. 30, 2020USD ($)	Sep. 30, 2019	Sep. 30, 2020GBP (£)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Book value | $		$ 4,732,053		$ 4,732,053			$ 4,909,950
Cabot securitisation senior facility
Debt Instrument [Line Items]
Facility agreement, borrowing capacity | £						£ 350,000,000
Credit facility, outstanding amount		452,300		452,300		350,000,000
Book value		$ 518,500		$ 518,500		£ 401,200,000
Weighted average interest rate (as a percent)		3.12%	3.75%	3.28%	3.74%
Cabot securitisation senior facility | Sterling Overnight Index Average (SONIA) | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.06%
Cabot securitisation senior facility | Minimum | Sterling Overnight Index Average (SONIA) | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.00%
Cabot securitisation senior facility | Maximum | Sterling Overnight Index Average (SONIA) | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Contingency [Line Items]
Provision for income taxes	$ (19,747)	$ (3,021)	$ (59,875)	$ (18,447)
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	$ 180,500		$ 180,500
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Federal provision	21.00%	21.00%	21.00%	21.00%
State provision	2.70%	5.30%	3.00%	3.70%
Tax benefit relating to Baycorp Transaction	0.00%	(29.10%)	0.00%	(8.60%)
Tax effect of CFPB settlement fees	4.20%	0.00%	1.30%	0.00%
Audit assessment	0.00%	8.90%	0.00%	2.60%
Change in valuation allowance	2.00%	1.90%	2.20%	2.10%
Tax benefit from divestiture of foreign investment	0.00%	0.00%	(1.30%)	0.00%
Change in tax accounting method	0.00%	0.00%	0.00%	(6.30%)
Tax rate change	(3.50%)	0.00%	(1.10%)	0.00%
Other	0.00%	(0.90%)	0.40%	(1.70%)
Effective tax rate	26.40%	7.10%	25.50%	12.80%

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Litigation expense	$ 15,000,000	$ 15,000,000
Material reserves for litigation	0	0
Purchase price of receivable portfolios		2,000,000,000
Purchase price	$ 259,100,000	$ 259,100,000

Segment and Geographic Inform_3

Segment and Geographic Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			1
Segment Reporting Information [Line Items]
Revenues	$ 403,676	$ 355,936	$ 1,118,790	$ 1,049,887
United States
Segment Reporting Information [Line Items]
Revenues	256,212	211,193	751,197	599,953
International
Segment Reporting Information [Line Items]
Revenues	147,464	144,743	367,593	449,934
Europe
Segment Reporting Information [Line Items]
Revenues	142,495	130,868	353,950	397,063
Other geographies
Segment Reporting Information [Line Items]
Revenues	$ 4,969	$ 13,875	$ 13,643	$ 52,871

Goodwill and Identifiable Int_3

Goodwill and Identifiable Intangible Assets - Activity in Goodwill Balance (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)reporting_unit	Sep. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units | reporting_unit			2
Goodwill [Roll Forward]
Balance at beginning of period	$ 838,024	$ 865,527	$ 884,185	$ 868,126
Goodwill impairment	0	(10,718)	0	(10,718)
Effect of foreign currency translation	28,633	(23,260)	(17,528)	(25,859)
Balance at end of period	$ 866,657	$ 831,549	$ 866,657	$ 831,549

Goodwill and Identifiable Int_4

Goodwill and Identifiable Intangible Assets - Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 73,312	$ 78,930
Accumulated Amortization	(28,695)	(27,559)
Net Carrying Amount	44,617	51,371
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	63,388	67,897
Accumulated Amortization	(19,801)	(18,191)
Net Carrying Amount	43,587	49,706
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,487	4,734
Accumulated Amortization	(4,125)	(4,124)
Net Carrying Amount	362	610
Trade name and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,437	6,299
Accumulated Amortization	(4,769)	(5,244)
Net Carrying Amount	$ 668	$ 1,055

Subsequent Event (Details)

Subsequent Event (Details)	Oct. 15, 2020USD ($)plaintiff	Sep. 30, 2020USD ($)
Subsequent Event [Line Items]
Amount awarded to other party		$ 70,000
Subsequent Event
Subsequent Event [Line Items]
Civil penalty	$ 15,000,000
Amount awarded to other party	$ 9,000
Number of plaintiffs | plaintiff	14