PRA (PRAA) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 05, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	PRAA
Entity Registrant Name	PRA GROUP INC
Entity Central Index Key	1,185,348
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		48,206,421

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 69,111	$ 39,661
Investments	75,985	89,703
Finance receivables, net	2,167,178	2,001,790
Other receivables, net	24,648	12,959
Income taxes receivable	12,840	0
Net deferred tax asset	831	6,126
Property and equipment, net	46,105	48,258
Goodwill	502,383	527,445
Intangible assets, net	24,458	10,933
Other assets	61,011	41,876
Total assets	2,984,550	2,778,751
Liabilities:
Accounts payable	3,693	4,446
Accrued expenses	97,123	89,361
Income taxes payable	9,534	11,020
Other liabilities	4,460	5,962
Net deferred tax liability	267,587	255,587
Interest bearing deposits	46,277	27,704
Borrowings	1,654,457	1,482,456
Total liabilities	$ 2,083,131	$ 1,876,536
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.01, authorized shares, 2,000, issued and outstanding shares - 0	$ 0	$ 0
Common stock, par value $0.01, 100,000 authorized shares, 48,204 issued and outstanding shares at September 30, 2015, and 49,577 issued and outstanding shares at December 31, 2014	482	496
Additional paid-in capital	31,344	111,659
Retained earnings	1,032,966	906,010
Accumulated other comprehensive loss	(201,275)	(115,950)
Total stockholders’ equity - PRA Group, Inc.	863,517	902,215
Noncontrolling interest	37,902	0
Total equity	901,419	902,215
Total liabilities and total equity	$ 2,984,550	$ 2,778,751

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	48,204,000	49,577,000
Common stock, shares outstanding	48,204,000	49,577,000

Consolidated Income Statements

Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Income recognized on finance receivables, net	$ 208,184	$ 224,326	$ 656,651	$ 584,814
Fee income	17,803	12,757	44,734	42,875
Other revenue	3,443	1,890	10,448	2,549
Total revenues	229,430	238,973	711,833	630,238
Operating expenses:
Compensation and employee services	66,084	65,237	199,675	169,083
Legal collection fees	13,715	13,778	41,520	35,982
Legal collection costs	18,879	20,367	59,289	72,329
Agent fees	7,961	5,988	24,006	8,902
Outside fees and services	12,583	17,210	37,846	40,114
Communication	8,021	8,642	26,512	25,370
Rent and occupancy	3,684	3,283	10,723	8,032
Depreciation and amortization	5,413	4,949	14,939	13,107
Other operating expenses	38,963	11,330	58,151	25,111
Total operating expenses	175,303	150,784	472,661	398,030
Income from operations	54,127	88,189	239,172	232,208
Other income and (expense):
Interest expense	(16,787)	(11,807)	(45,015)	(21,733)
Net foreign currency transaction gain/(loss)	(3,160)	3,258	7,213	(2,931)
Income before income taxes	34,180	79,640	201,370	207,544
Provision for income taxes	16,597	28,473	74,227	78,030
Net income	17,583	51,167	127,143	129,514
Less net income attributable to noncontrolling interest	187	0	187	0
Net income attributable to PRA Group, Inc.	$ 17,396	$ 51,167	$ 126,956	$ 129,514
Net income per common share:
Basic (in dollars per share)	$ 0.36	$ 1.02	$ 2.62	$ 2.59
Diluted (in dollars per share)	$ 0.36	$ 1.01	$ 2.61	$ 2.57
Weighted average number of shares outstanding:
Basic (shares)	48,265	50,075	48,438	50,023
Diluted (shares)	48,498	50,439	48,693	50,413

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (30,155)	$ 3,626	$ 41,818	$ 84,332
Net income	17,583	51,167	127,143	129,514
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(47,738)	(47,541)	(85,325)	(45,182)
Other comprehensive loss:
Less net income attributable to noncontrolling interest	187	0	187	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest	(7,466)	0	(7,466)	0
Comprehensive (loss) attributable to noncontrolling interest	(7,279)	0	(7,279)	0
Comprehensive (loss)/income attributable to PRA Group, Inc.	$ (22,876)	$ 3,626	$ 49,097	$ 84,332

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders Equity - 9 months ended Sep. 30, 2015 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss)/Income [Member]	Noncontrolling Interest [Member]
Balance at December 31, 2014 at Dec. 31, 2014	$ 902,215	$ 496	$ 111,659	$ 906,010	$ (115,950)	$ 0
Beginning Balance, Shares at Dec. 31, 2014	49,577	49,577
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 127,143			126,956		187
Foreign currency translation adjustment	(92,791)				(85,325)	(7,466)
Initial noncontrolling interests related to business combination	45,181					45,181
Vesting of nonvested shares, shares		237
Vesting of nonvested shares		$ 2	(2)
Repurchase and cancellation of common stock, shares		(1,610)
Repurchase and cancellation of common stock	(85,502)	$ (16)	(85,486)	0	0	0
Share-based compensation	11,535		11,535
Income tax benefit from share-based compensation	4,115		4,115
Employee stock relinquished for payment of taxes	$ (10,477)		(10,477)
Ending Balance, Shares at Sep. 30, 2015	48,204	48,204
Balance at September 30, 2015 at Sep. 30, 2015	$ 901,419	$ 482	$ 31,344	$ 1,032,966	$ (201,275)	$ 37,902

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Statement of Cash Flows [Abstract]
Net income	$ 127,143	$ 129,514
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	11,535	9,456
Depreciation and amortization	14,939	13,107
Amortization of debt discount	3,178	3,027
Amortization of debt fair value	0	(3,595)
Deferred tax expense	11,474	31,055
Net foreign currency transaction (gain)/loss	(7,213)	2,931
Changes in operating assets and liabilities:
Other assets	(15,201)	1,622
Other receivables	(12,917)	4,225
Accounts payable	(2,762)	(16,328)
Income taxes receivable/payable, net	(13,405)	(111)
Accrued expenses	9,479	7,125
Other liabilities	(760)	(9,603)
Net cash provided by operating activities	125,490	172,425
Cash flows from investing activities:
Purchases of property and equipment	(10,520)	(16,513)
Acquisition of finance receivables, net of buybacks	(729,992)	(412,740)
Collections applied to principal on finance receivables	513,473	420,570
Business acquisitions, net of cash acquired	1,423	851,183
Purchase of investments	(45,513)	0
Proceeds from sales and maturities of investments	58,551	0
Net cash (used in) investing activities	(215,424)	(859,866)
Cash flows from financing activities:
Income tax benefit from share-based compensation	4,115	4,159
Proceeds from lines of credit	645,119	485,000
Principal payments on lines of credit	(406,259)	(48,500)
Repurchases of common stock	(85,502)	0
Principal payments on long-term debt	(43,624)	(7,500)
Proceeds from long-term debt	0	169,938
Payments of line of credit origination costs and fees	(5,000)	0
Net increase in interest-bearing deposits	20,612	51
Net cash provided by financing activities	129,461	603,148
Effect of exchange rate on cash and cash equivalents	(10,077)	(7,411)
Net increase/(decrease) in cash and cash equivalents	29,450	(91,704)
Cash and cash equivalents, beginning of period	39,661	162,004
Cash and cash equivalents, end of period	69,111	70,300
Supplemental disclosure of cash flow information:
Cash paid for interest	38,344	21,097
Cash paid for income taxes	70,527	41,682
Supplemental disclosure of non-cash information:
Employee stock relinquished for payment of taxes	$ (10,477)	$ (7,563)

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business: Throughout this report, the terms "PRA Group," "our," "we," "us," the "Company" or similar terms refer to PRA Group, Inc. and its subsidiaries. PRA Group, Inc., a Delaware corporation, and its subsidiaries, is a financial and business service company operating in the Americas and Europe. The Company’s primary business is the purchase, collection and management of portfolios of nonperforming loans. The Company also services receivables on behalf of clients, provides business tax revenue administration, audit, discovery and recovery services for state and local governments in the U.S., provides class action claims settlement recovery services and related payment processing to corporate clients, and provides vehicle location, skip tracing and collateral recovery services for auto lenders, governments and law enforcement. The consolidated financial statements of the Company are prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of all of its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Under the guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280 “Segment Reporting” (“ASC 280”), the Company has determined that it has several operating segments that meet the aggregation criteria of ASC 280, and, therefore, it has one reportable segment, accounts receivable management, based on similarities among the operating units including the nature of the products and services, the nature of the production processes, the types or class of customer for their products and services, the methods used to distribute their products, and services and the nature of the regulatory environment. On August 3, 2015, the Company acquired 55% of the equity interest in RCB Investimentos S.A. (“RCB”). The remaining 45% of the equity interest in RCB is owned by the founders and previous owners of RCB. RCB was founded in 2007 and is a leading master servicing platform for nonperforming loans in Brazil. RCB specializes in structuring, investing and operating receivable and credit-related assets. The founders of RCB entered into long-term employment agreements with the Company and will continue to manage RCB's local business in Brazil. The consolidated income statement for the three and nine months ended September 30, 2015 includes the results of operations of RCB from August 3, 2015 through September 30, 2015. The Company’s investment for the 55% ownership of RCB was paid for with approximately $55.2 million in cash which was borrowed under its existing domestic revolving credit facility. The majority of cash paid by the Company to acquire the equity interest in RCB is expected to be used in the ordinary course of business. As part of the investment and call option agreements, the Company has the right to purchase the remaining 45% of RCB at certain multiples of earnings before interest, taxes, depreciation and amortization ("EBITDA") beginning on August 3, 2019 and lasting for two years. In accordance with ASC Topic 810, “Consolidation”, the Company has consolidated all financial statement accounts of RCB in its consolidated balance sheet as of September 30, 2015 and its consolidated income statement for the three and nine months ended September 30, 2015. The noncontrolling interest amount is included as a separate component of stockholders’ equity and represents the 45% interest not controlled by the Company. In addition, net income attributable to the noncontrolling interest is stated separately in the consolidated income statement for the three and nine months ended September 30, 2015. Due to the immateriality of the RCB acquisition, proforma financial information and the amount of revenue and earnings included in the Company's consolidated income statements has not been provided. The following table shows the amount of revenue generated for the three and nine months ended September 30, 2015 and 2014 and long-lived assets held at September 30, 2015 and 2014 for the United States, the Company's country of domicile, and outside of the United States (amounts in thousands): As Of And For The As Of And For The Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Revenues Long-Lived Assets Revenues Long-Lived Assets United States $ 176,038 $ 36,801 $ 188,134 $ 35,411 Outside the United States 53,392 9,304 50,839 10,558 Total $ 229,430 $ 46,105 $ 238,973 $ 45,969 As Of And For The As Of And For The Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Revenues Long-Lived Assets Revenues Long-Lived Assets United States $ 545,636 $ 36,801 $ 573,048 $ 35,411 Outside the United States 166,197 9,304 57,190 10,558 Total $ 711,833 $ 46,105 $ 630,238 $ 45,969 Revenues are attributed to countries based on the location of the related operations. Long-lived assets consist of net property and equipment. The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”) and, therefore, do not include all information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of the Company, however, the accompanying unaudited consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s consolidated balance sheet as of September 30, 2015 , its consolidated income statements and statements of comprehensive income for the three and nine months ended September 30, 2015 and 2014 , its consolidated statement of changes in stockholders’ equity for the nine months ended September 30, 2015 , and its consolidated statements of cash flows for the nine months ended September 30, 2015 and 2014 . The consolidated income statements of the Company for the three and nine months ended September 30, 2015 may not be indicative of future results. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2014 Annual Report on Form 10-K, filed on March 2, 2015.

Finance Receivables, net

Finance Receivables, net	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Finance Receivables, net	Finance Receivables, net: Changes in finance receivables, net for the three and nine months ended September 30, 2015 and 2014 were as follows (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period $ 2,012,552 $ 1,219,595 $ 2,001,790 $ 1,239,191 Acquisitions of finance receivables (1) 342,134 894,779 729,992 1,146,947 Foreign currency translation adjustment (14,939 ) (52,247 ) (51,131 ) (51,858 ) Cash collections (380,753 ) (372,743 ) (1,170,124 ) (1,005,384 ) Income recognized on finance receivables, net 208,184 224,326 656,651 584,814 Cash collections applied to principal (172,569 ) (148,417 ) (513,473 ) (420,570 ) Balance at end of period $ 2,167,178 $ 1,913,710 $ 2,167,178 $ 1,913,710 (1) Acquisitions of finance receivables are net of buybacks and include certain capitalized acquisition related costs. At the time of acquisition, each pool is estimated to have a life of up to 120 months based on projected amounts and timing of future cash collections using the proprietary models of the Company. At September 30, 2015 , the weighted average remaining life of the Company's pools is estimated to be approximately 116 months . Based upon current projections, cash collections applied to principal on finance receivables as of September 30, 2015 are estimated to be as follows for the twelve months in the periods ending (amounts in thousands): September 30, 2016 $ 573,084 September 30, 2017 461,334 September 30, 2018 366,564 September 30, 2019 287,432 September 30, 2020 192,356 September 30, 2021 140,797 September 30, 2022 87,967 September 30, 2023 40,948 September 30, 2024 16,696 $ 2,167,178 At September 30, 2015 , the Company had unamortized purchased principal (purchase price) in pools accounted for under the cost recovery method of $12.9 million ; at December 31, 2014 , the amount was $17.1 million . Accretable yield represents the amount of income recognized on finance receivables the Company can expect to generate over the remaining life of its existing portfolios based on estimated future cash flows as of the balance sheet date. Additions represent the original expected accretable yield, on portfolios purchased during the period, to be earned by the Company based on its proprietary buying models. Net reclassifications from nonaccretable difference to accretable yield primarily result from the Company’s increase in its estimate of future cash flows. When applicable, net reclassifications to nonaccretable difference from accretable yield result from the Company’s decrease in its estimates of future cash flows and allowance charges that exceed the Company’s increase in its estimate of future cash flows. Changes in accretable yield for the three and nine months ended September 30, 2015 and 2014 were as follows (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period $ 2,538,647 $ 1,481,826 $ 2,513,185 $ 1,430,067 Income recognized on finance receivables, net (208,184 ) (224,326 ) (656,651 ) (584,814 ) Additions 218,182 1,172,796 564,452 1,377,416 Net reclassifications from nonaccretable difference 139,923 84,074 308,904 290,431 Foreign currency translation adjustment (4,425 ) (59,040 ) (45,747 ) (57,770 ) Balance at end of period $ 2,684,143 $ 2,455,330 $ 2,684,143 $ 2,455,330 The following is a summary of activity within the Company’s valuation allowance account, all of which relates to loans acquired with deteriorated credit quality, for the three and nine months ended September 30, 2015 and 2014 (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Beginning balance $ 92,681 $ 86,849 $ 86,166 $ 91,101 Allowance charges 11,335 2,992 18,930 5,765 Reversal of previous recorded allowance charges — (4,690 ) (1,080 ) (11,715 ) Net allowance charges/(reversals) 11,335 (1,698 ) 17,850 (5,950 ) Ending balance $ 104,016 $ 85,151 $ 104,016 $ 85,151

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments	Investments: Investments consist of the following at September 30, 2015 and December 31, 2014 (amounts in thousands): September 30, December 31, Trading Short-term investments $ — $ 37,405 Available-for-sale Securitized assets 7,050 3,721 Held-to-maturity Securitized assets 53,500 31,017 Other investments Private equity funds 15,435 17,560 $ 75,985 $ 89,703 Trading Short-term investments : The Company’s short-term investments are comprised of money market mutual funds and are stated at fair value. Fair value is estimated using the net asset value of the investment. Unrealized gains and losses are recorded in earnings. Available-for-Sale Investments in securitized assets : The Company holds a majority interest in a closed-end Polish investment fund. The fund was formed in December 2014 to acquire portfolios of nonperforming consumer loans in Poland. The Company’s investment consists of a 100% interest in the Series B certificates and a 20% interest in the Series C certificates. Each certificate comes with one vote and is governed by a co-investment agreement. Series C certificates, which share equally in the residual profit of the fund, are accounted for as debt securities classified as available-for-sale and are stated at fair value. Income is recognized using the effective yield method. Held-to-Maturity Investments in securitized assets : The Company holds a majority interest in a closed-end Polish investment fund. The fund was formed in December 2014 to acquire portfolios of nonperforming consumer loans in Poland. The Company’s investment consists of a 100% interest in the fund's Series B certificates and a 20% interest in the fund's Series C certificates. Each certificate comes with one vote and is governed by a co-investment agreement. The Series B certificates, which provide a preferred return based on the expected net income of the portfolios, are accounted for as a beneficial interest in securitized financial assets and stated at amortized cost. The Company has determined it has the ability and intent to hold these certificates until maturity, which require repayment in fixed amounts on specific dates. The preferred return is not a guaranteed return. Income is recognized under ASC Topic 325-40, "Beneficial Interests in Securitized Financial Assets" ("ASC 325-40"). Income is recognized using the effective yield method. The Company adjusts the yield for changes in estimated cash flows prospectively through earnings. If the fair value of the investment falls below its carrying amount and the decline is deemed to be other than temporary, the investment is written down, with a corresponding charge to earnings. The underlying securities have both known principal repayment terms as well as unknown principal repayments due to potential borrower pre-payments. Accordingly, it is difficult to accurately predict the final maturity date of these investments. Revenues recognized on these investments were $1.8 million and $4.9 million during the three and nine months ended September 30, 2015 , and are recorded in the Other Revenue line item in the income statement. Other Investments Investments in private equity funds : Investments in private equity funds represent limited partnerships in which the Company has less than a 3% interest and are carried at cost. Distributions received from the partnerships are included in other revenue. Distributions received in excess of the Company's proportionate share of accumulated earnings are applied as a reduction of the cost of the investment. The amortized cost and estimated fair value of available-for sale and held-to-maturity investments at September 30, 2015 and December 31, 2014 were as follows (amounts in thousands): September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Securitized assets $ 6,696 354 — $ 7,050 Held-to-maturity Securitized assets 53,500 5,822 — 59,322 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Securitized assets $ 3,721 — — $ 3,721 Held-to-maturity Securitized assets 31,017 — — 31,017

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Borrowings	Borrowings: The Company's borrowings consisted of the following as of the dates indicated (amounts in thousands): September 30, 2015 December 31, 2014 Domestic and Canadian revolving credit $ 478,250 $ 409,000 Domestic term loan 173,750 185,000 Seller note payable 169,938 169,938 Multicurrency revolving credit 568,503 427,680 Aktiv subordinated loan — 30,000 Convertible senior notes 287,500 287,500 Less: debt discount (23,484 ) (26,662 ) Total $ 1,654,457 $ 1,482,456 Domestic and Canadian Revolving Credit and Term Loan The Company has a credit facility with Bank of America, N.A., as administrative agent, and a syndicate of lenders named therein (such agreement as later amended or modified, the “Credit Agreement”). On August 4, 2015, the Company entered into a Fifth Amendment (the “Fifth Amendment”) to the Credit Agreement. Among other things, the Fifth Amendment (a) added Bank of America, N.A., acting through its Canada branch, as Canadian Administrative Agent under the Credit Agreement, (b) added the Company’s wholly-owned subsidiary, PRA Group Canada Inc., as a Borrower under the Credit Agreement, (c) removed the Financial Covenant with respect to Consolidated Tangible Net Worth, (d) terminated the Multi Currency Revolving B Commitments, (e) added $50.0 million of Canadian Revolving Commitments, (f) modified the definition of Permitted Acquisitions to increase the baskets included therein, (g) permits Company subsidiaries organized under the laws of Brazil to borrow up to $150.0 million and to grant liens with respect to such borrowings, and (h) acknowledged the change of the Company’s legal name in October 2014 to PRA Group, Inc. On September 30, 2015, the Company entered into a sixth amendment which increased the allowable amount of stock repurchases during the term of the agreement to $315 million and removed the covenant that the Company cannot exceed $100 million in share repurchases during a given year. The aggregate commitments under the Credit Agreement have not changed. The total credit facility under the Credit Agreement includes an aggregate principal amount of $823.8 million (subject to compliance with a borrowing base and applicable debt covenants), which consists of (i) a fully-funded $173.8 million term loan, (ii) a $600 million domestic revolving credit facility, of which $138.8 million is available to be drawn, and (iii) a $50 million Canadian revolving credit facility, of which $32.9 million is available to be drawn. The facilities all mature on December 19, 2017. The term and revolving loans accrue interest, at the option of the Company, at either the base rate or the Eurodollar rate (as defined in the Credit Agreement) for the applicable term plus 2.50% per annum in the case of the Eurodollar rate loans and 1.50% in the case of the base rate loans. The base rate is the highest of (a) the Federal Funds Rate (as defined in the Credit Agreement) plus 0.50% , (b) Bank of America’s prime rate, and (c) the Eurodollar rate plus 1.00% . The Company’s revolving credit facility includes a $20 million swingline loan sublimit, and a $20 million letter of credit sublimit. The Credit Agreement is secured by a first priority lien on substantially all of the Company’s assets. The Credit Agreement, as amended and modified, contains restrictive covenants and events of default including the following: • borrowings may not exceed 33% of the ERC of all eligible asset pools plus 75% of eligible accounts receivable; • the consolidated leverage ratio (as defined in the Credit Agreement) cannot exceed 2.0 to 1.0 as of the end of any fiscal quarter; • capital expenditures during any fiscal year cannot exceed $40 million ; • cash dividends and distributions during any fiscal year cannot exceed $20 million ; • stock repurchases during the term of the agreement cannot exceed $315 million ; • permitted acquisitions (as defined in the Credit Agreement) during any fiscal year cannot exceed $250 million ; • indebtedness in the form of senior, unsecured convertible notes or other unsecured financings cannot exceed $500 million in the aggregate (without respect to the Company’s 3.00% Convertible Senior Notes due 2020); • the Company must maintain positive consolidated income from operations (as defined in the Credit Agreement) during any fiscal quarter; and • restrictions on changes in control. The revolving credit facility also bears an unused line fee of 0.375% per annum, payable quarterly in arrears. The Company's borrowings on this credit facility at September 30, 2015 consisted of $173.8 million outstanding on the term loan with an annual interest rate as of September 30, 2015 of 2.69% and $478.3 million outstanding on the revolving facilities with a weighted average interest rate of 2.74% . At December 31, 2014, the Company's borrowings on this credit facility consisted of $185.0 million outstanding on the term loan with an annual interest rate as of December 31, 2014 of 2.67% and $409.0 million outstanding on the revolving facility with a weighted average interest rate of 2.68% . Seller Note Payable In conjunction with the closing of the Aktiv Kapital AS ("Aktiv") business acquisition on July 16, 2014, the Company entered into a $169.9 million promissory note (the "Seller Note") with an affiliate of the seller. On May 22, 2015, the Company amended the Seller Note to extend the maturity date to January 19, 2016 and allow for an option for the Company to extend the maturity to July 19, 2016. The Seller Note bears interest at the three-month London Interbank Offered Rate (“LIBOR”) plus 3.75% . The quarterly interest due can be paid or added into the Seller Note balance at the Company's option. At September 30, 2015 , the balance due on the Seller Note was $169.9 million with an annual interest rate of 4.08% . Multicurrency Revolving Credit Facility On October 23, 2014, the Company entered into a credit agreement with DNB Bank ASA for a Multicurrency Revolving Credit Facility (“the Multicurrency Revolving Credit Agreement”). Subsequently, two other lenders joined the credit facility and on June 12, 2015, the Company entered into a first amendment to the Multicurrency Revolving Credit Agreement (“the Amended Multicurrency Revolving Credit Agreement”) which provided, among other things, an increase in the total commitments from $500 million to an aggregate of $750 million , subject to certain requirements, and an increase in the maximum ERC ratio from 28% to 33% , subject to the payment of additional associated fees. Under the terms of the Amended Multicurrency Revolving Credit Agreement, the credit facility includes an aggregate amount of $750 million , of which $199.3 million is available to be drawn, accrues interest at the Interbank Offered Rate ("IBOR") plus 2.50 - 3.30% (as determined by the ERC Ratio as defined in the Amended Multicurrency Revolving Credit Agreement), bears an unused line fee of 1.05% per annum, payable monthly in arrears, and matures on October 23, 2019. The Amended Multicurrency Revolving Credit Agreement also includes an Overdraft Facility aggregate amount of $40 million , of which $22.2 million is available to be drawn, accrues interest at the IBOR plus 2.50 - 3.30% (as determined by the ERC Ratio as defined in the Amended Multicurrency Revolving Credit Agreement), bears a facility line fee of 0.50% per annum, payable quarterly in arrears, and also matures October 23, 2019. The Amended Multicurrency Revolving Credit Agreement is secured by i) the shares of most of the Company's European subsidiaries and ii) all intercompany loan receivables in Europe. The Amended Multicurrency Revolving Credit Agreement also contains restrictive covenants and events of default including the following: • the ERC Ratio (as defined in the Amended Multicurrency Revolving Credit Agreement) may not exceed 33% ; • the GIBD Ratio (as defined in the Amended Multicurrency Revolving Credit Agreement) cannot exceed 3.0 to 1.0 as of the end of any fiscal quarter; • interest bearing deposits in AK Nordic AB cannot exceed SEK 500,000,000 ; • cash collections must exceed 95% of Europe's ERC for the same set of portfolios, measured monthly on a quarterly basis. At September 30, 2015 , the balance on the Amended Multicurrency Revolving Credit Agreement was $568.5 million , with an annual interest rate of 3.55% . Aktiv Subordinated Loan On December 16, 2011, Aktiv entered into a subordinated loan agreement with Metrogas Holding Inc., an affiliate with Geveran Trading Co. Ltd. During the first quarter of 2015, the Company elected to prepay (as allowed for in the agreement) the outstanding balance on the Aktiv subordinated loan of $30.0 million and terminate the agreement. The Aktiv subordinated loan accrued interest at LIBOR plus 3.75% , and originally was scheduled to mature on January 16, 2016. Convertible Senior Notes On August 13, 2013, the Company completed the private offering of $287.5 million in aggregate principal amount of the Company’s 3.00% Convertible Senior Notes due 2020 (the “Notes”). The Notes were issued pursuant to an Indenture, dated August 13, 2013 (the "Indenture") between the Company and Wells Fargo Bank, National Association, as trustee. The Indenture contains customary terms and covenants, including certain events of default after which the Notes may be due and payable immediately. The Notes are senior unsecured obligations of the Company and mature on August 1, 2020. Interest on the Notes is payable semi-annually, in arrears, on February 1 and August 1 of each year. Prior to February 1, 2020, the Notes will be convertible only upon the occurrence of specified events. On or after February 1, 2020, the Notes will be convertible at any time. Upon conversion, the Notes may be settled, at the Company’s option, in cash, shares of the Company’s common stock, or any combination thereof. Holders of the Notes have the right to require the Company to repurchase all or some of their Notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of a fundamental change (as defined in the Indenture). In addition, upon the occurrence of a make-whole fundamental change (as defined in the Indenture), the Company may, under certain circumstances, be required to increase the conversion rate for the Notes converted in connection with such a make-whole fundamental change. The conversion rate for the Notes is initially 15.2172 shares per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $65.72 per share of the Company’s common stock, and is subject to adjustment in certain circumstances pursuant to the Indenture. The Company does not have the right to redeem the Notes prior to maturity. As of September 30, 2015, none of the conditions allowing holders of the Notes to convert their Notes had occurred. As noted above, upon conversion, holders of the 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. However, the Company’s current intent is to settle conversions through combination settlement (i.e ., the Notes would be converted 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, would be used to settle the remainder). As a result, and in accordance with authoritative guidance related to derivatives and hedging and earnings per share, only the conversion spread is included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion spread has a dilutive effect when the average share price of the Company’s common stock during any quarter exceeds $65.72 . The Company determined that the fair value of the Notes at the date of issuance was approximately $255.3 million , and designated the residual value of approximately $32.2 million as the equity component. Additionally, the Company allocated approximately $7.3 million of the $8.2 million original Notes issuance cost as debt issuance cost and the remaining $0.9 million as equity issuance cost. ASC 470-20, "Debt with Conversion and Other Options" (“ASC 470-20”), requires that, for convertible debt instruments that may be settled fully or partially in cash upon conversion, issuers must separately account for the liability and equity components in a manner that will reflect the entity’s nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. Additionally, debt issuance costs are required to be allocated in proportion to the allocation of the liability and equity components and accounted for as debt issuance costs and equity issuance costs, respectively. The balances of the liability and equity components of the Notes outstanding were as follows as of the dates indicated (amounts in thousands): September 30, 2015 December 31, 2014 Liability component - principal amount $ 287,500 $ 287,500 Unamortized debt discount (23,484 ) (26,662 ) Liability component - net carrying amount $ 264,016 $ 260,838 Equity component $ 31,306 $ 31,306 The debt discount is being amortized into interest expense over the remaining life of the Notes using the effective interest rate, which is 4.92% . Interest expense related to the Notes was as follows for the periods indicated (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest expense - stated coupon rate $ 2,156 $ 2,156 $ 6,468 $ 6,469 Interest expense - amortization of debt discount 1,074 1,023 3,178 3,027 Total interest expense - convertible notes $ 3,230 $ 3,179 $ 9,646 $ 9,496 The Company believes it was in compliance with all covenants under its financing arrangements as of September 30, 2015 and December 31, 2014. The following principal payments are due on the Company's borrowings as of September 30, 2015 for the twelve month periods ending (amounts in thousands): September 30, 2016 $ 188,688 September 30, 2017 35,000 September 30, 2018 598,250 September 30, 2019 — September 30, 2020 568,503 Thereafter 287,500 Total $ 1,677,941

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment, Net [Abstract]
Property And Equipment, Net	Property and Equipment, net: Property and equipment, at cost, consisted of the following as of the dates indicated (amounts in thousands): September 30, 2015 December 31, 2014 Software $ 60,847 $ 53,076 Computer equipment 21,629 20,488 Furniture and fixtures 13,183 11,502 Equipment 12,923 12,880 Leasehold improvements 13,125 14,429 Building and improvements 7,230 7,049 Land 1,296 1,269 Accumulated depreciation and amortization (84,128 ) (72,435 ) Property and equipment, net $ 46,105 $ 48,258 Depreciation and amortization expense relating to property and equipment for the three and nine months ended September 30, 2015 , was $3.9 million and $11.5 million , respectively. Depreciation and amortization expense relating to property and equipment for the three and nine months ended September 30, 2014 , was $3.6 million and $9.5 million , respectively.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill And Intangible Assets, Net	Goodwill and Intangible Assets, net: In connection with the Company’s business acquisitions, the Company acquired certain tangible and intangible assets. Purchased intangible assets include client and customer relationships, non-compete agreements, trademarks and goodwill. Pursuant to ASC 350, the Company performs an annual review of goodwill on October 1 or more frequently if indicators of impairment exist. The Company performed an annual review of goodwill as of October 1, 2014, and concluded that it was more likely than not that the carrying value of goodwill did not exceed its fair value. The Company believes that nothing has occurred since the review was performed through September 30, 2015 that would indicate a triggering event and thereby necessitate further evaluation of goodwill or other intangible assets. The Company expects to perform its next annual goodwill review during the fourth quarter of 2015. At September 30, 2015 and 2014, the carrying value of goodwill was $502.4 million and $594.4 million , respectively. The following table represents the changes in goodwill for the three and nine months ended September 30, 2015 and 2014 (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period: Goodwill $ 509,398 $ 111,519 $ 533,842 $ 110,240 Accumulated impairment loss (6,397 ) (6,397 ) (6,397 ) (6,397 ) 503,001 105,122 527,445 103,843 Changes: Acquisitions 32,044 512,049 32,044 512,049 Foreign currency translation adjustment (32,662 ) (22,770 ) (57,106 ) (21,491 ) Net change in goodwill (618 ) 489,279 (25,062 ) 490,558 Goodwill 508,780 600,798 508,780 600,798 Accumulated impairment loss (6,397 ) (6,397 ) (6,397 ) (6,397 ) Balance at end of period $ 502,383 $ 594,401 $ 502,383 $ 594,401 The $32.0 million increase in goodwill during the three and nine months ended September 30, 2015, is a result of the acquisition of 55% of the equity interest in RCB on August 3, 2015. Goodwill recognized from the acquisition of RCB represents, among other things, RCB's leading master servicing platform for nonperforming loans in Brazil, an established workforce, the future economic benefits arising from a new market and expanded geographical diversity. The acquired goodwill is not deductible for U.S. income tax purposes.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation: The Company has an Omnibus Incentive Plan (the "Plan") to assist the Company in attracting and retaining selected individuals to serve as employees and directors who are expected to contribute to the Company's success and to achieve long-term objectives that will benefit stockholders of the Company. The Plan enables the Company to award shares of the Company's common stock to select employees and directors, as described in the Plan, not to exceed 5,400,000 shares, as authorized by the Plan. As of September 30, 2015 , total future compensation costs related to nonvested awards of nonvested shares (not including nonvested shares granted under the Long-Term Incentive ("LTI") Program) is estimated to be $12.2 million with a weighted average remaining life for all nonvested shares of 1.7 years (not including nonvested shares granted under the LTI program). Total share-based compensation expense was $3.9 million and $11.5 million for the three and nine months ended September 30, 2015 , respectively. Total share-based compensation expense was $4.0 million and $9.5 million for the three and nine months ended September 30, 2014 , respectively. Tax benefits resulting from tax deductions in excess of share-based compensation expense (windfall tax benefits) recognized under the provisions of ASC Topic 718 "Compensation-Stock Compensation" ("ASC 718") are credited to additional paid-in capital in the Company's Consolidated Balance Sheets. Realized tax shortfalls, if any, are first offset against the cumulative balance of windfall tax benefits, if any, and then charged directly to income tax expense. The total tax benefit realized from share-based compensation was approximately $0.1 million and $7.9 million for the three and nine months ended September 30, 2015 , respectively. The total tax benefit realized from share-based compensation was approximately $0.3 million and $7.9 million for the three and nine months ended September 30, 2014 , respectively. Nonvested Shares With the exception of the awards made pursuant to the LTI program and a few employee and director grants, the nonvested shares vest ratably over three to five years and are expensed over their vesting period. The following summarizes all nonvested share transactions, excluding those related to the LTI program, from December 31, 2013 through September 30, 2015 (share amounts in thousands): Nonvested Shares Outstanding Weighted-Average Price at Grant Date December 31, 2013 226 $ 29.58 Granted 272 56.69 Vested (155 ) 37.34 Cancelled (4 ) 50.41 December 31, 2014 339 47.34 Granted 100 53.29 Vested (107 ) 35.72 Cancelled (4 ) 47.17 September 30, 2015 328 $ 52.95 The total grant date fair value of shares vested during the three and nine months ended September 30, 2015 , was $0.7 million and $3.8 million , respectively. The total grant date fair value of shares vested during the three and nine months ended September 30, 2014 , was $0.2 million and $3.3 million , respectively. Pursuant to the Plan, the Compensation Committee may grant time-vested and performance based nonvested shares. All shares granted under the LTI program were granted to key employees of the Company. The following summarizes all LTI program share transactions from December 31, 2013 through September 30, 2015 (share amounts in thousands): Nonvested LTI Shares Outstanding Weighted-Average Price at Grant Date December 31, 2013 434 $ 25.79 Granted at target level 111 49.60 Adjustments for actual performance 222 22.32 Vested (279 ) 24.21 December 31, 2014 488 30.52 Granted at target level 132 52.47 Vested (252 ) 20.21 Cancelled (7 ) 40.05 September 30, 2015 361 $ 45.58 The total grant date fair value of shares vested during the three and nine months ended September 30, 2015 , was $0.0 million and $5.1 million , respectively. The total grant date fair value of shares vested during the three and nine months ended September 30, 2014 , was $0.0 million and $5.7 million , respectively. At September 30, 2015 , total future compensation expenses, assuming the current estimated performance levels are achieved, related to nonvested share awards granted under the LTI program are estimated to be approximately $9.8 million . The Company assumed a 7.5% forfeiture rate for these grants and the remaining shares have a weighted average life of 1.1 years at September 30, 2015 .

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes: The Company follows the guidance of FASB ASC Topic 740 "Income Taxes" ("ASC 740") as it relates to the provision for income taxes and uncertainty in income taxes. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For tax purposes, the Company utilizes the cost recovery method of accounting for its finance receivables. Under the cost recovery method, collections on finance receivables are applied first to principal to reduce the finance receivables to zero before taxable income is recognized. The Internal Revenue Service ("IRS") examined the Company's 2005 through 2012 tax returns and has asserted that tax revenue recognition using the cost recovery method does not clearly reflect taxable income. The Company believes it has sufficient support for the technical merits of its position, and believes cost recovery to be an acceptable tax revenue recognition method for the Company's industry. The IRS has issued Notices of Deficiency to the Company for tax years ended December 31, 2005 through 2012. The proposed deficiencies relate to the cost recovery method of tax accounting. In response to the notices, the Company filed petitions in the United States Tax Court (the "Tax Court"). On July 10, 2015 and July 21, 2015, the IRS filed motions for summary judgment for tax years 2008 through 2012 and 2005 through 2007, respectively. On October 30, 2015, the U.S. Tax Court held oral arguments on the IRS Motion for Summary Judgment. The court deferred issuing a ruling from the bench and indicated it would expect to issue an Order within two weeks regarding its disposition on all pending motions. The court also set this matter for trial, to begin on September 19, 2016, for an anticipated ten days in the event the court denies the IRS Motion for Summary Judgment. If the Tax Court judge grants the motions for summary judgment in favor of the IRS, the Company can appeal to the federal Court of Appeals. See Note 10 “Commitments and Contingencies” for more information. At September 30, 2015, the tax years subject to examination by the major federal, state or international taxing jurisdictions are 2003, 2005 and subsequent years. The 2003 tax year remains open to examination because of a net operating loss that originated in that year but was not fully utilized until the 2005 tax year. The examination periods for the 2005 through 2012 tax years are suspended until a decision of the Tax Court becomes final. ASC 740 requires the recognition of interest if the tax law would require interest to be paid on the underpayment of taxes, and recognition of penalties if a tax position does not meet the minimum statutory threshold to avoid payment of penalties. The Company believes it has sufficient support for the technical merits of its position and that it is more likely than not this position will be sustained. Accordingly, the Company has not accrued for interest or penalties on any of its tax positions, including the cost recovery matter.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share: Basic earnings per share (“EPS”) are computed by dividing net income available to common stockholders of PRA Group, Inc. by weighted average common shares outstanding. Diluted EPS are computed using the same components as basic EPS with the denominator adjusted for the dilutive effect of the Notes and nonvested share awards, if dilutive. For the Notes, only the conversion spread is included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion spread has a dilutive effect when the average share price of the Company’s common stock during any quarter exceeds $65.72 , which did not occur during the period from which the Notes were issued on August 13, 2013 through September 30, 2015 . Share-based awards that are contingent upon the attainment of performance goals are not included in the computation of diluted EPS until the performance goals have been attained. The dilutive effect of nonvested shares is computed using the treasury stock method, which assumes any proceeds that could be obtained upon the vesting of nonvested shares would be used to purchase common shares at the average market price for the period. The assumed proceeds include the windfall tax benefit that would be realized upon assumed exercise. The following tables reconcile the computation of basic EPS and diluted EPS for the three and nine months ended September 30, 2015 and 2014 (amounts in thousands, except per share amounts): For the Three Months Ended September 30, 2015 2014 Net income attributable to PRA Group, Inc. Weighted Average Common Shares EPS Net income attributable to PRA Group, Inc. Weighted Average Common Shares EPS Basic EPS $ 17,396 48,265 $ 0.36 $ 51,167 50,075 $ 1.02 Dilutive effect of nonvested share awards 233 — 364 (0.01 ) Diluted EPS $ 17,396 48,498 $ 0.36 $ 51,167 50,439 $ 1.01 For the Nine Months Ended September 30, 2015 2014 Net income attributable to PRA Group, Inc. Weighted Average Common Shares EPS Net income attributable to PRA Group, Inc. Weighted Average Common Shares EPS Basic EPS $ 126,956 48,438 $ 2.62 $ 129,514 50,023 $ 2.59 Dilutive effect of nonvested share awards 255 (0.01 ) 390 (0.02 ) Diluted EPS $ 126,956 48,693 $ 2.61 $ 129,514 50,413 $ 2.57 There were no antidilutive options outstanding for the three or nine months ended September 30, 2015 and 2014.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and Contingencies: Employment Agreements: The Company has employment agreements, most of which expire on December 31, 2017 , with all of its U.S. executive officers and with several members of its U.S. senior management group. Such agreements provide for base salary payments as well as bonuses that are based on the attainment of specific management goals. At September 30, 2015, the estimated future compensation under these agreements is approximately $21.3 million . The agreements also contain confidentiality and non-compete provisions. Outside the U.S., employment agreements are in place with employees pursuant to local country regulations. Generally, these agreements do not have expiration dates and therefore it is impractical to estimate the amount of future compensation under these agreements. Accordingly, the future compensation under these agreements is not included in the $21.3 million total above. Leases: The Company is party to various operating leases with respect to its facilities and equipment. The future minimum lease payments at September 30, 2015 total approximately $34.8 million . Forward Flow Agreements: The Company is party to several forward flow agreements that allow for the purchase of nonperforming loans at pre-established prices. The maximum remaining amount to be purchased under forward flow agreements at September 30, 2015 is approximately $427.3 million . Contingent Purchase Price: The asset purchase agreement entered into in connection with the acquisition of certain finance receivables and certain operating assets of National Capital Management, LLC ("NCM") in 2012, includes an earn-out provision whereby the sellers are able to earn additional cash consideration for achieving certain cash collection thresholds over a five year period. The maximum amount of earn-out during the period is $15.0 million . During 2014 and 2013, the Company paid the first two earn-out payments in the amount of $2.8 million and $6.2 million , respectively. As of September 30, 2015, the Company has recorded a present value amount for the expected remaining liability of $3.5 million . Finance Receivables: Certain agreements for the purchase of finance receivables portfolios contain provisions that may, in limited circumstances, require the Company to refund a portion or all of the collections subsequently received by the Company on particular accounts. The potential refunds as of the balance sheet date are not considered to be significant. Litigation and Regulatory Matters: The Company is from time to time subject to routine legal claims and proceedings and regulatory matters, most of which are incidental to the ordinary course of its business. The Company initiates lawsuits against customers and is occasionally countersued by them in such actions. Also, customers, either individually, as members of a class action, or through a governmental entity on behalf of customers, may initiate litigation against the Company in which they allege that the Company has violated a state or federal law in the process of collecting on an account. From time to time, other types of lawsuits are brought against the Company. Additionally, the Company receives subpoenas and other requests or demands for information from regulators or governmental authorities who are investigating the Company's debt collection activities. The Company evaluates and responds appropriately to such requests. The Company accrues for potential liability arising from legal proceedings and regulatory matters when it is probable that such liability has been incurred and the amount of the loss can be reasonably estimated. This determination is based upon currently available information for those proceedings in which the Company is involved, taking into account the Company's best estimate of such losses for those cases for which such estimates can be made. The Company's estimate involves significant judgment, given the varying stages of the proceedings (including the fact that many of them are currently in preliminary stages), the number of unresolved issues in many of the proceedings (including issues regarding class certification and the scope of many of the claims), and the related uncertainty of the potential outcomes of these proceedings. In making determinations of the likely outcome of pending litigation, the Company considers many factors, including, but not limited to, the nature of the claims, the Company's experience with similar types of claims, the jurisdiction in which the matter is filed, input from outside legal counsel, the likelihood of resolving the matter through alternative mechanisms, the matter's current status and the damages sought or demands made. Accordingly, the Company's estimate will change from time to time, and actual losses could be more than the current estimate. Subject to the inherent uncertainties involved in such proceedings, the Company believes, based upon its current knowledge and after consultation with counsel, that the legal proceedings currently pending against it, including those that fall outside of the Company's routine legal proceedings, should not, either individually or in the aggregate, have a material adverse impact on the Company's financial condition. However, it is possible, in light of the uncertainties involved in such proceedings or due to unexpected future developments, that an unfavorable resolution of a legal or regulatory proceeding or claim could occur which may be material to the Company's financial condition, results of operations, or cash flows for a particular period. 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. Loss estimates and accruals for potential liability related to legal proceedings are exclusive of potential recoveries, if any, under the Company's insurance policies or third party indemnities. The Company has not recorded any potential recoveries under the Company's insurance policies or third party indemnities. The matters described below fall outside of the normal parameters of the Company’s routine legal proceedings. Telephone Consumer Protection Act Litigation The Company has been named as defendant in a number of putative class action cases, each alleging that the Company violated the Telephone Consumer Protection Act ("TCPA") by calling consumers' cellular telephones without their prior express consent. On December 21, 2011, the United States Judicial Panel on Multi-District Litigation entered an order transferring these matters into one consolidated proceeding in the United States District Court for the Southern District of California (the "Court"). On November 14, 2012, the putative class plaintiffs filed their amended consolidated complaint in the matter, now styled as In re Portfolio Recovery Associates, LLC Telephone Consumer Protection Act Litigation, case No. 11-md-02295 (the “MDL action”). Following the ruling of the United States Federal Communications Commission on June 10, 2015 on various petitions concerning the TCPA, the Court lifted the stay of these matters that had been in place since May 20, 2014. Internal Revenue Service Audit The IRS examined the Company's 2005 through 2012 tax returns and has asserted that tax revenue recognition using the cost recovery method does not clearly reflect taxable income. The Company believes it has sufficient support for the technical merits of its position, and believes cost recovery to be an acceptable tax revenue recognition method for the Company's industry. The Company has received Notices of Deficiency for tax years ended December 31, 2005 through 2012. The proposed deficiencies relate to the cost recovery method of tax accounting for finance receivables. In response to the notices, the Company filed petitions in the Tax Court challenging the deficiency. On July 10, 2015 and July 21, 2015, the IRS filed motions for summary judgment for tax years 2008 through 2012 and 2005 through 2007, respectively. On October 30, 2015, the U.S. Tax Court held oral arguments on the IRS Motion for Summary Judgment. The court deferred issuing a ruling from the bench and indicated it would expect to issue an Order within two weeks regarding its disposition on all pending motions. The court also set this matter for trial, to begin on September 19, 2016, for an anticipated ten days in the event the court denies the IRS Motion for Summary Judgment. If the Tax Court judge grants the motions for summary judgment in favor of the IRS, the Company can appeal to the federal Court of Appeals. If the Company is unsuccessful in Tax Court and any potential appeals to the federal Court of Appeals, it may ultimately be required to pay the related deferred taxes, and possibly interest and penalties. Deferred tax liabilities related to this item were $246.9 million at September 30, 2015. Any adverse determination on this matter could result in the Company amending state tax returns for prior years, increasing its taxable income in those states. The Company files tax returns in multiple state jurisdictions; therefore, any underpayment of state tax will accrue interest in accordance with the respective state statute. The Company’s estimate of the potential federal and state interest is $91.1 million as of September 30, 2015, which has not been accrued. Consumer Financial Protection Bureau Investigation On September 9, 2015, Portfolio Recovery Associates, LLC, a wholly owned subsidiary of the Company, entered into a Consent Order with the Consumer Financial Protection Bureau (the “CFPB”), settling a previously disclosed investigation of certain debt collection practices of the subsidiary (the "Consent Order"). Among other things, the Consent Order requires the Company to: (i) vacate 837 judgments obtained after the applicable statute of limitations, refund $860,607 in payments received on account of such judgments and waive the remaining $3,411,094 of judgment balances; (ii) refund $18,184,836 in Litigation Department Calls Restitution, as defined in the Consent Order, and (iii) pay an $8,000,000 civil money penalty to the CFPB. The civil monetary penalty was paid during the three month period ended September 30, 2015, and was recorded in Other operating expenses. The refunds and the Litigation Department Calls Restitution are expected to be paid during future periods, following a process outlined in the Consent Order. Accordingly, the aforementioned refunds and restitution payments were accrued at September 30, 2015, and were included in Other operating expenses for the three months ended September 30, 2015. In addition, the Company has restricted cash of $19.0 million recorded in Other assets on its balance sheet for the purpose of paying the refunds and restitution. Portfolio Recovery Associates, LLC v. Guadalupe Mejia On May 11, 2015, an unfavorable jury verdict was delivered against the Company in a matter pending in Jackson County, Missouri. The jury awarded Guadalupe Mejia $251,000 in compensatory damages and $82,009,549 in punitive damages (altogether, the “Award”) for her counter-claim against the Company, alleging malicious prosecution and impermissible collection practices. The Company believes the verdict and magnitude of the Award to be erroneous and has filed a motion to set aside the Award. Unless reduced or overturned, the Award will likely have a material adverse effect on the Company's financial condition and/or operations.

Fair Value Measurements and Dis

Fair Value Measurements and Disclosures	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements And Disclosures	Fair Value Measurements and Disclosures: As defined by FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also requires the consideration of differing levels of inputs in the determination of fair values. Those levels of input are summarized as follows: • Level 1 - Quoted prices in active markets for identical assets and liabilities. • Level 2 - Observable inputs other than Level 1 quoted prices, such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. • Level 3 - Unobservable inputs that are supported by little or no market activity. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques as well as instruments for which the determination of fair value requires significant management judgment or estimation. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Financial Instruments Not Required To Be Carried at Fair Value In accordance with the disclosure requirements of FASB ASC Topic 825, “Financial Instruments” (“ASC 825”), the table below summarizes fair value estimates for the Company’s financial instruments 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 of the financial instruments in the following table are recorded in the consolidated balance sheets at September 30, 2015 and December 31, 2014 (amounts in thousands): September 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents $ 69,111 $ 69,111 $ 39,661 $ 39,661 Held-to-maturity investments 53,500 59,322 31,017 31,017 Other investments 15,435 16,315 17,560 19,776 Finance receivables, net 2,167,178 2,610,106 2,001,790 2,460,787 Financial liabilities: Interest-bearing deposits 46,277 46,277 27,704 27,704 Revolving lines of credit 1,046,753 1,046,753 836,680 836,680 Term loans 173,750 173,750 185,000 185,000 Notes and loans payable 169,938 169,938 199,938 199,938 Convertible notes 264,016 298,931 260,838 324,757 Disclosure of the estimated fair values of financial instruments often requires the use of estimates. The Company uses the following methods and assumptions to estimate the fair value of the financial instruments in the above table: Cash and cash equivalents: The carrying amount approximates fair value and quoted prices for identical assets can be found in active markets. Accordingly, the Company estimates the fair value of cash and cash equivalents using Level 1 inputs. Held-to-maturity investments: Fair value of the Company’s investment in Series B certificates of a closed-end Polish investment fund is estimated using proprietary pricing models that the Company utilizes to make portfolio purchase decisions. Accordingly, the Company estimates the fair value of its held-to-maturity investments using Level 3 inputs as there is little observable market data available and management is required to use significant judgment in its estimates. Other investments: This class of investments consists of private equity funds that invest primarily in loans and securities including single-family residential debt; corporate debt products; and financially-oriented, real-estate-rich and other operating companies in the Americas, Western Europe, and Japan. These investments are subject to certain restrictions regarding transfers and withdrawals. The investments can never be redeemed with the funds. Instead, the nature of the investments in this class is that distributions are received through the liquidation of the underlying assets of the fund. The fair value of the Company’s interest is valued by the fund managers; accordingly, the Company estimates the fair value of these investments using Level 3 inputs. The investments are expected to be returned through distributions as a result of liquidations of the funds’ underlying assets over 1 to 4 years. Finance receivables, net: The Company records purchased receivables at cost, which represents a significant discount from the contractual receivable balances due. The Company computed the estimated fair value of these receivables using proprietary pricing models that the Company utilizes to make portfolio purchase decisions. Accordingly, the Company's fair value estimates use Level 3 inputs as there is little observable market data available and management is required to use significant judgment in its estimates. Interest-bearing deposits: The carrying amount approximates fair value due to the short-term nature of the deposits and the observable quoted prices for similar instruments in active markets. Accordingly, the Company uses Level 2 inputs for its fair value estimates. Revolving lines of credit: The carrying amount approximates fair value due to the short-term nature of the interest rate periods and the observable quoted prices for similar instruments in active markets. Accordingly, the Company uses Level 2 inputs for its fair value estimates. Term loans: The carrying amount approximates fair value due to the short-term nature of the interest rate periods and the observable quoted prices for similar instruments in active markets. Accordingly, the Company uses Level 2 inputs for its fair value estimates. Notes and loans payable: The carrying amount approximates fair value due to the short-term nature of the loan terms and the observable quoted prices for similar instruments in active markets. Accordingly, the Company uses Level 2 inputs for its fair value estimates. Convertible notes: The Notes are carried at historical cost, adjusted for the debt discount. The fair value estimates for these Notes incorporates quoted market prices which were obtained from secondary market broker quotes which were derived from a variety of inputs including client orders, information from their pricing vendors, modeling software, and actual trading prices when they occur. Accordingly, the Company uses Level 2 inputs for its fair value estimates. Financial Instruments Required To Be Carried At Fair Value The carrying amounts in the following table are measured at fair value on a recurring basis in the accompanying consolidated balance sheets at September 30, 2015 and December 31, 2014 (amounts in thousands): Fair Value Measurements as of September 30, 2015 Level 1 Level 2 Level 3 Total Assets: Available-for-sale investments $ — $ — $ 7,050 $ 7,050 Liabilities: Interest rate swap contracts (recorded in accrued expenses) — 2,059 — 2,059 Fair Value Measurements as of December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Trading investments $ 37,405 $ — $ — $ 37,405 Available-for-sale investments — — 3,721 3,721 Liabilities: Interest rate swap contracts (recorded in accrued expenses) — 3,387 — 3,387 Trading investments: Fair value of the Company’s investments in money market mutual funds is reported using the closing price of the fund’s net asset value in an active market. Accordingly, the Company uses Level 1 inputs. Available-for-sale investments: Fair value of the Company’s investment in Series C certificates of a closed-end Polish investment fund is estimated using proprietary pricing models that the Company utilizes to make portfolio purchase decisions. Accordingly, the Company estimates the fair value of its available-for-sale investments using Level 3 inputs as there is little observable market data available and management is required to use significant judgment in its estimates. Interest rate swap contracts: The interest rate swap contracts are carried at fair value which is determined by 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 and other factors. Accordingly, the Company uses Level 2 inputs for its fair value estimates.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In April 2014, FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" (“ASU 2014-08”) that amends the requirements for reporting discontinued operations. ASU 2014-08 requires the disposal of a component of an entity or a group of components of an entity to be reported in discontinued operations if the disposal represents a strategic shift that will have a major effect on the entity’s operations and financial results. ASU 2014-08 also requires additional disclosures about discontinued operations and disclosures about the disposal of a significant component of an entity that does not qualify as a discontinued operation. ASU 2014-08 is effective prospectively for reporting periods beginning after December 15, 2014, with early adoption permitted. The Company adopted ASU 2014-08 in the first quarter of 2015 which had no material impact on the Company's Consolidated Financial Statements. In May 2014, FASB issued ASU 2014-09, "Revenue from Contracts with Customers" (“ASU 2014-09”) that updates the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also amends the required disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption, with early application not permitted. The Company is evaluating its implementation approach and the potential impacts of the new standard on its existing revenue recognition policies and procedures. In June 2014, FASB issued ASU 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period" (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The adoption of the new guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In February 2015, FASB issued ASU 2015-02, "Consolidation (Topic 810), Amendments to the Consolidation Analysis" ("ASU 2015-02"). The amendments under the new guidance modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities and eliminate the presumption that a general partner should consolidate a limited partnership. ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. A reporting entity also may apply the amendments retrospectively. The adoption of the new guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In April 2015, FASB issued ASU 2015-03, “Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” ("ASU 2015-03"). ASU 2015-03 requires an entity to present debt issuance costs related to a recognized debt liability in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. For public business entities, this update is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. An entity should apply the new guidance on a retrospective basis. The Company has debt issuance costs which will be reclassified upon adoption of the guidance, but it is not expected to have a material impact on the Company's Consolidated Financial Statements. In April 2015, FASB issued ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement” ("ASU 2015-05"). ASU 2015-05 provides explicit guidance to help companies evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The new guidance clarifies that if a cloud computing arrangement includes a software license, the customer should account for the license consistent with its accounting for other software licenses. If the arrangement does not include a software license, the customer should account for the arrangement as a service contract. For public business entities, this update is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. An entity can elect to adopt the new guidance either prospectively for all arrangements entered into or materially modified after the effective date, or on a retrospective basis. The Company is currently evaluating the impact of adopting this guidance on its financial position and results of operations.

Proforma Financial Information

Proforma Financial Information (Notes)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Proforma Financial Information	Proforma Financial Information: Aktiv Results The Company's results for the third quarter and first nine months of 2014 include the operations of Aktiv from the acquisition date of July 16, 2014 through September 30, 2014. The table below presents the estimated impact of the Aktiv acquisition on our revenue and income from continuing operations, net of tax for the three and nine months ended September 30, 2014. These amounts include certain corporate expenses, transaction costs or merger related expenses that resulted from the acquisition and are therefore not representative of the actual results of the operations of these businesses on a stand-alone basis. Included in the combined pro forma results are adjustments to reflect the impact of certain purchase accounting adjustments, including adjustments to Income recognized on finance receivables, net, Outside fees and services, Depreciation and amortization, and Interest expense. The pro forma condensed combined financial information is presented for illustrative purposes only and does not indicate the actual combined financial results had the closing of the Aktiv acquisition been completed on January 1, 2014 nor does it reflect the benefits obtained through the integration of business operations realized since acquisition. Furthermore, the information is not indicative of the results of operations in future periods. The pro forma condensed combined financial information does not reflect the impact of possible business model changes nor does it consider any potential impacts of market conditions, expense efficiencies or other factors. Aktiv Impact 2014 Combined Pro Forma Results From July 16, 2014 through September 30, 2014 Three months ended September 30, Nine months ended September 30, (amounts in thousands) 2014 2014 Revenue $ 47,605 $ 250,407 $ 769,503 Net Income attributable to PRA Group, Inc. 17,085 49,377 172,956

Organization and Business (Tabl

Organization and Business (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue And Long-Lived Assets Held By Geographical Location	The following table shows the amount of revenue generated for the three and nine months ended September 30, 2015 and 2014 and long-lived assets held at September 30, 2015 and 2014 for the United States, the Company's country of domicile, and outside of the United States (amounts in thousands): As Of And For The As Of And For The Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Revenues Long-Lived Assets Revenues Long-Lived Assets United States $ 176,038 $ 36,801 $ 188,134 $ 35,411 Outside the United States 53,392 9,304 50,839 10,558 Total $ 229,430 $ 46,105 $ 238,973 $ 45,969 As Of And For The As Of And For The Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Revenues Long-Lived Assets Revenues Long-Lived Assets United States $ 545,636 $ 36,801 $ 573,048 $ 35,411 Outside the United States 166,197 9,304 57,190 10,558 Total $ 711,833 $ 46,105 $ 630,238 $ 45,969

Finance Receivables, net (Table

Finance Receivables, net (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Schedule of Changes in Finance Receivables	Changes in finance receivables, net for the three and nine months ended September 30, 2015 and 2014 were as follows (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period $ 2,012,552 $ 1,219,595 $ 2,001,790 $ 1,239,191 Acquisitions of finance receivables (1) 342,134 894,779 729,992 1,146,947 Foreign currency translation adjustment (14,939 ) (52,247 ) (51,131 ) (51,858 ) Cash collections (380,753 ) (372,743 ) (1,170,124 ) (1,005,384 ) Income recognized on finance receivables, net 208,184 224,326 656,651 584,814 Cash collections applied to principal (172,569 ) (148,417 ) (513,473 ) (420,570 ) Balance at end of period $ 2,167,178 $ 1,913,710 $ 2,167,178 $ 1,913,710
Schedule of Cash Collections Applied to Principal	Based upon current projections, cash collections applied to principal on finance receivables as of September 30, 2015 are estimated to be as follows for the twelve months in the periods ending (amounts in thousands): September 30, 2016 $ 573,084 September 30, 2017 461,334 September 30, 2018 366,564 September 30, 2019 287,432 September 30, 2020 192,356 September 30, 2021 140,797 September 30, 2022 87,967 September 30, 2023 40,948 September 30, 2024 16,696 $ 2,167,178
Schedule of Changes in Accretable Yield	Changes in accretable yield for the three and nine months ended September 30, 2015 and 2014 were as follows (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period $ 2,538,647 $ 1,481,826 $ 2,513,185 $ 1,430,067 Income recognized on finance receivables, net (208,184 ) (224,326 ) (656,651 ) (584,814 ) Additions 218,182 1,172,796 564,452 1,377,416 Net reclassifications from nonaccretable difference 139,923 84,074 308,904 290,431 Foreign currency translation adjustment (4,425 ) (59,040 ) (45,747 ) (57,770 ) Balance at end of period $ 2,684,143 $ 2,455,330 $ 2,684,143 $ 2,455,330
Schedule of Valuation Allowance Account	The following is a summary of activity within the Company’s valuation allowance account, all of which relates to loans acquired with deteriorated credit quality, for the three and nine months ended September 30, 2015 and 2014 (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Beginning balance $ 92,681 $ 86,849 $ 86,166 $ 91,101 Allowance charges 11,335 2,992 18,930 5,765 Reversal of previous recorded allowance charges — (4,690 ) (1,080 ) (11,715 ) Net allowance charges/(reversals) 11,335 (1,698 ) 17,850 (5,950 ) Ending balance $ 104,016 $ 85,151 $ 104,016 $ 85,151

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Summary of Investments	Investments consist of the following at September 30, 2015 and December 31, 2014 (amounts in thousands): September 30, December 31, Trading Short-term investments $ — $ 37,405 Available-for-sale Securitized assets 7,050 3,721 Held-to-maturity Securitized assets 53,500 31,017 Other investments Private equity funds 15,435 17,560 $ 75,985 $ 89,703
Available-for-sale Securities	The amortized cost and estimated fair value of available-for sale and held-to-maturity investments at September 30, 2015 and December 31, 2014 were as follows (amounts in thousands): September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Securitized assets $ 6,696 354 — $ 7,050 Held-to-maturity Securitized assets 53,500 5,822 — 59,322 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Securitized assets $ 3,721 — — $ 3,721 Held-to-maturity Securitized assets 31,017 — — 31,017
Held-to-maturity Securities	The amortized cost and estimated fair value of available-for sale and held-to-maturity investments at September 30, 2015 and December 31, 2014 were as follows (amounts in thousands): September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Securitized assets $ 6,696 354 — $ 7,050 Held-to-maturity Securitized assets 53,500 5,822 — 59,322 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Securitized assets $ 3,721 — — $ 3,721 Held-to-maturity Securitized assets 31,017 — — 31,017

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	The Company's borrowings consisted of the following as of the dates indicated (amounts in thousands): September 30, 2015 December 31, 2014 Domestic and Canadian revolving credit $ 478,250 $ 409,000 Domestic term loan 173,750 185,000 Seller note payable 169,938 169,938 Multicurrency revolving credit 568,503 427,680 Aktiv subordinated loan — 30,000 Convertible senior notes 287,500 287,500 Less: debt discount (23,484 ) (26,662 ) Total $ 1,654,457 $ 1,482,456
Schedule of Liability and Equity Components	The balances of the liability and equity components of the Notes outstanding were as follows as of the dates indicated (amounts in thousands): September 30, 2015 December 31, 2014 Liability component - principal amount $ 287,500 $ 287,500 Unamortized debt discount (23,484 ) (26,662 ) Liability component - net carrying amount $ 264,016 $ 260,838 Equity component $ 31,306 $ 31,306
Schedule of Debt Interest Expense	Interest expense related to the Notes was as follows for the periods indicated (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest expense - stated coupon rate $ 2,156 $ 2,156 $ 6,468 $ 6,469 Interest expense - amortization of debt discount 1,074 1,023 3,178 3,027 Total interest expense - convertible notes $ 3,230 $ 3,179 $ 9,646 $ 9,496
Schedule of Maturities of Long-term Debt	The following principal payments are due on the Company's borrowings as of September 30, 2015 for the twelve month periods ending (amounts in thousands): September 30, 2016 $ 188,688 September 30, 2017 35,000 September 30, 2018 598,250 September 30, 2019 — September 30, 2020 568,503 Thereafter 287,500 Total $ 1,677,941

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment, Net [Abstract]
Property and Equipment, at Cost	Property and equipment, at cost, consisted of the following as of the dates indicated (amounts in thousands): September 30, 2015 December 31, 2014 Software $ 60,847 $ 53,076 Computer equipment 21,629 20,488 Furniture and fixtures 13,183 11,502 Equipment 12,923 12,880 Leasehold improvements 13,125 14,429 Building and improvements 7,230 7,049 Land 1,296 1,269 Accumulated depreciation and amortization (84,128 ) (72,435 ) Property and equipment, net $ 46,105 $ 48,258

Goodwill And Intangible Asset26

Goodwill And Intangible Assets, net (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	The following table represents the changes in goodwill for the three and nine months ended September 30, 2015 and 2014 (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period: Goodwill $ 509,398 $ 111,519 $ 533,842 $ 110,240 Accumulated impairment loss (6,397 ) (6,397 ) (6,397 ) (6,397 ) 503,001 105,122 527,445 103,843 Changes: Acquisitions 32,044 512,049 32,044 512,049 Foreign currency translation adjustment (32,662 ) (22,770 ) (57,106 ) (21,491 ) Net change in goodwill (618 ) 489,279 (25,062 ) 490,558 Goodwill 508,780 600,798 508,780 600,798 Accumulated impairment loss (6,397 ) (6,397 ) (6,397 ) (6,397 ) Balance at end of period $ 502,383 $ 594,401 $ 502,383 $ 594,401

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Nonvested Share Transactions	The following summarizes all nonvested share transactions, excluding those related to the LTI program, from December 31, 2013 through September 30, 2015 (share amounts in thousands): Nonvested Shares Outstanding Weighted-Average Price at Grant Date December 31, 2013 226 $ 29.58 Granted 272 56.69 Vested (155 ) 37.34 Cancelled (4 ) 50.41 December 31, 2014 339 47.34 Granted 100 53.29 Vested (107 ) 35.72 Cancelled (4 ) 47.17 September 30, 2015 328 $ 52.95 The following summarizes all LTI program share transactions from December 31, 2013 through September 30, 2015 (share amounts in thousands): Nonvested LTI Shares Outstanding Weighted-Average Price at Grant Date December 31, 2013 434 $ 25.79 Granted at target level 111 49.60 Adjustments for actual performance 222 22.32 Vested (279 ) 24.21 December 31, 2014 488 30.52 Granted at target level 132 52.47 Vested (252 ) 20.21 Cancelled (7 ) 40.05 September 30, 2015 361 $ 45.58

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Reconciliation Between the Computation of Basic and Diluted EPS	The following tables reconcile the computation of basic EPS and diluted EPS for the three and nine months ended September 30, 2015 and 2014 (amounts in thousands, except per share amounts): For the Three Months Ended September 30, 2015 2014 Net income attributable to PRA Group, Inc. Weighted Average Common Shares EPS Net income attributable to PRA Group, Inc. Weighted Average Common Shares EPS Basic EPS $ 17,396 48,265 $ 0.36 $ 51,167 50,075 $ 1.02 Dilutive effect of nonvested share awards 233 — 364 (0.01 ) Diluted EPS $ 17,396 48,498 $ 0.36 $ 51,167 50,439 $ 1.01 For the Nine Months Ended September 30, 2015 2014 Net income attributable to PRA Group, Inc. Weighted Average Common Shares EPS Net income attributable to PRA Group, Inc. Weighted Average Common Shares EPS Basic EPS $ 126,956 48,438 $ 2.62 $ 129,514 50,023 $ 2.59 Dilutive effect of nonvested share awards 255 (0.01 ) 390 (0.02 ) Diluted EPS $ 126,956 48,693 $ 2.61 $ 129,514 50,413 $ 2.57

Fair Value Measurements and D29

Fair Value Measurements and Disclosures (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of financial instruments not required to be carried at fair value	September 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents $ 69,111 $ 69,111 $ 39,661 $ 39,661 Held-to-maturity investments 53,500 59,322 31,017 31,017 Other investments 15,435 16,315 17,560 19,776 Finance receivables, net 2,167,178 2,610,106 2,001,790 2,460,787 Financial liabilities: Interest-bearing deposits 46,277 46,277 27,704 27,704 Revolving lines of credit 1,046,753 1,046,753 836,680 836,680 Term loans 173,750 173,750 185,000 185,000 Notes and loans payable 169,938 169,938 199,938 199,938 Convertible notes 264,016 298,931 260,838 324,757
Schedule of financial instruments required to be carried at fair value	The carrying amounts in the following table are measured at fair value on a recurring basis in the accompanying consolidated balance sheets at September 30, 2015 and December 31, 2014 (amounts in thousands): Fair Value Measurements as of September 30, 2015 Level 1 Level 2 Level 3 Total Assets: Available-for-sale investments $ — $ — $ 7,050 $ 7,050 Liabilities: Interest rate swap contracts (recorded in accrued expenses) — 2,059 — 2,059 Fair Value Measurements as of December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Trading investments $ 37,405 $ — $ — $ 37,405 Available-for-sale investments — — 3,721 3,721 Liabilities: Interest rate swap contracts (recorded in accrued expenses) — 3,387 — 3,387

Proforma Financial Informatio30

Proforma Financial Information (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of Pro Forma Financial Information	Aktiv Impact 2014 Combined Pro Forma Results From July 16, 2014 through September 30, 2014 Three months ended September 30, Nine months ended September 30, (amounts in thousands) 2014 2014 Revenue $ 47,605 $ 250,407 $ 769,503 Net Income attributable to PRA Group, Inc. 17,085 49,377 172,956

Organization and Business (Deta

Organization and Business (Details)	Aug. 03, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)segment	Sep. 30, 2014USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of reportable segments | segment				1
Revenues		$ 229,430,000	$ 238,973,000	$ 711,833,000	$ 630,238,000
Long-Lived Assets		46,105,000	45,969,000	46,105,000	45,969,000
Noncontrolling Interest, Ownership Percentage by Parent	55.00%
Percentage of noncontrolling interest in CCB	45.00%
Consideration transferred	$ 55,200,000
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		176,038,000	188,134,000	545,636,000	573,048,000
Long-Lived Assets		36,801,000	35,411,000	36,801,000	35,411,000
Outside the United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		53,392,000	50,839,000	166,197,000	57,190,000
Long-Lived Assets		$ 9,304,000	$ 10,558,000	$ 9,304,000	$ 10,558,000

Finance Receivables, net (Narra

Finance Receivables, net (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average remaining life of pools	116 months
Unamortized purchased principal (purchase price) under the cost recovery method	$ 12.9	$ 17.1
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Estimated life time of pool at the time of acquisition (in months)	120 months

Finance Receivables, net (Sched

Finance Receivables, net (Schedule of Changes In Finance Receivables) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount [Roll Forward]
Balance at beginning of period	$ 2,012,552	$ 1,219,595	$ 2,001,790	$ 1,239,191
Acquisitions of finance receivables	342,134	894,779	729,992	1,146,947
Foreign currency translation adjustment	(14,939)	(52,247)	(51,131)	(51,858)
Cash collections	(380,753)	(372,743)	(1,170,124)	(1,005,384)
Income recognized on finance receivables, net	208,184	224,326	656,651	584,814
Cash collections applied to principal	(172,569)	(148,417)	(513,473)	(420,570)
Balance at end of period	$ 2,167,178	$ 1,913,710	$ 2,167,178	$ 1,913,710

Finance Receivables, net (Sch34

Finance Receivables, net (Schedule of Cash Collections Applied to Principal) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Receivables [Abstract]
September 30, 2016	$ 573,084
September 30, 2017	461,334
September 30, 2018	366,564
September 30, 2019	287,432
September 30, 2020	192,356
September 30, 2021	140,797
September 30, 2022	87,967
September 30, 2023	40,948
June 30, 2024	16,696
Total	$ 2,167,178

Finance Receivables, net (Sch35

Finance Receivables, net (Schedule of Changes in Accretable Yield) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance at beginning of period	$ 2,538,647	$ 1,481,826	$ 2,513,185	$ 1,430,067
Income recognized on finance receivables, net	(208,184)	(224,326)	(656,651)	(584,814)
Additions	218,182	1,172,796	564,452	1,377,416
Net reclassifications from nonaccretable difference	139,923	84,074	308,904	290,431
Foreign currency translation adjustment	(4,425)	(59,040)	(45,747)	(57,770)
Balance at end of period	$ 2,684,143	$ 2,455,330	$ 2,684,143	$ 2,455,330

Finance Receivables, net (Sch36

Finance Receivables, net (Schedule of Valuation Allowance Account) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance For Loan Losses [Roll Forward]
Beginning balance	$ 92,681	$ 86,849	$ 86,166	$ 91,101
Allowance charges	11,335	2,992	18,930	5,765
Reversal of previous recorded allowance charges	0	(4,690)	(1,080)	(11,715)
Net allowance charges/(reversals)	11,335	(1,698)	17,850	(5,950)
Ending balance	$ 104,016	$ 85,151	$ 104,016	$ 85,151

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Trading
Short-term investments	$ 0	$ 37,405
Available-for-sale
Securitized assets	7,050	3,721
Held-to-maturity
Securitized assets	53,500	31,017
Other investments
Private equity funds	15,435	17,560
Investments	$ 75,985	$ 89,703

Investments Narrative (Details)

Investments Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Dec. 31, 2014	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)vote
Schedule of Equity Method Investments [Line Items]
Number of votes			1
Cost-method investment, ownership percentage			3.00%
Series B Certificates
Schedule of Equity Method Investments [Line Items]
Investment in securitized assets, certificates, ownership percentage	100.00%
Series C Certificates
Schedule of Equity Method Investments [Line Items]
Investment in securitized assets, certificates, ownership percentage	20.00%
Held-to-maturity Securities [Member] | Other Revenue [Member]
Schedule of Equity Method Investments [Line Items]
Investment Income, Net | $		$ 1.8	$ 4.9

Investments Amortized Costs (De

Investments Amortized Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Available-for-sale
Amortized Cost	$ 6,696	$ 3,721
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	354	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	0
Aggregate Fair Value	7,050	3,721
Held-to-maturity
Amortized Cost	53,500	31,017
Gross Unrealized Gains	5,822	0
Gross Unrealized Losses	0	0
Aggregate Fair Value	$ 59,322	$ 31,017

Borrowings - Components of Borr

Borrowings - Components of Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Less: debt discount		$ (26,662)
Borrowings	$ 1,654,457	1,482,456
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	478,250	409,000
Term Loan [Member]
Debt Instrument [Line Items]
Long-term debt, gross	173,750	185,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt, gross	287,500	287,500
Less: debt discount	(23,484)	(26,662)
Aktiv Kapital AS [Member] | Subordinated Loan [Member]
Debt Instrument [Line Items]
Long-term debt, gross	0	30,000
Seller Note Payable [Member]
Debt Instrument [Line Items]
Long-term debt, gross	169,938	169,938
Revolving Credit Facility | Multicurrency Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 568,503	$ 427,680

Borrowings - Revolving Credit a

Borrowings - Revolving Credit and Term Loan Facility (Details)	Aug. 04, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Apr. 01, 2014USD ($)	Aug. 13, 2013
Debt Instrument [Line Items]
Stock repurchase program, authorized yearly amount		$ 100,000,000
Unused commitment fee		0.375%
Outstanding borrowings under credit facility		$ 1,046,753,000	$ 836,680,000
Long-term debt		$ 173,750,000	185,000,000
Credit Agreement [Member]
Debt Instrument [Line Items]
Percentage of maximum level of borrowings of ERC of eligible asset pools		33.00%
Percentage of maximum level of borrowings of eligible accounts receivable		75.00%
Credit agreement consolidated leverage ratio		2
Maximum capital expenditures		$ 40,000,000
Maximum cash dividends		20,000,000
Stock repurchases authorized amount		315,000,000
Commitment Increase Agreements [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 823,800,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Increase in Borrowing Capacity	$ 50,000,000
Unsecured Debt [Member] | Senior Unsecured Debt other than Convertible Notes Due 2020 [Member]
Debt Instrument [Line Items]
Maximum allowable debt		500,000,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt		$ 264,016,000	260,838,000
Stated percentage		3.00%			3.00%
Interest rate at period end		4.92%
Term Loan [Member]
Debt Instrument [Line Items]
Long-term debt		$ 173,800,000	$ 185,000,000
Interest rate at period end		2.69%	2.67%
Base Rate [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Basis spread variable rate		1.50%
Federal Funds Rate [Member]
Debt Instrument [Line Items]
Basis spread variable rate		0.50%
Eurodollar Rate [Member]
Debt Instrument [Line Items]
Basis spread variable rate		1.00%
Eurodollar Rate [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Basis spread variable rate		2.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings under credit facility		$ 478,300,000	$ 409,000,000
Interest rate at period end		2.74%	2.68%
Revolving Credit Facility | Commitment Increase Agreements [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity				600,000,000
Remaining borrowing capacity		$ 138,800,000
Revolving Credit Facility | Line of Credit | Credit Agreement [Member]
Debt Instrument [Line Items]
Lines of credit current swing line loans		20,000,000
Lines of credit current letters of credit		20,000,000
Line of Credit | Line of Credit
Debt Instrument [Line Items]
Long-term debt				173,800,000
Multi-Currency Domestic Revolving Credit Facility [Member] | Commitment Increase Agreements [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 50,000,000
Remaining borrowing capacity		32,900,000
Acquisition Subsequent to 2014 [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Maximum business combinations		250,000,000
Subsidiaries [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 150,000,000

Borrowings - Seller Note Payabl

Borrowings - Seller Note Payable (Details) - Seller Note Payable [Member] - USD ($)	9 Months Ended
	Sep. 30, 2015	Jul. 16, 2014
Debt Instrument [Line Items]
Face amount		$ 169,900,000
Balance due	$ 169,900,000
Interest rate at period end	4.08%
LIBOR [Member]
Debt Instrument [Line Items]
Basis spread variable rate	3.75%

Borrowings -Multicurrency Revol

Borrowings -Multicurrency Revolving Credit Facility (Details)	Jun. 12, 2015USD ($)	Oct. 23, 2014USD ($)	Sep. 30, 2015SEK	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Line of Credit Facility [Line Items]
Unused commitment fee			0.375%
Overdraft Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 40,000,000
Facility line fee	0.50%
Multicurrency Revolving Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Remaining borrowing capacity				$ 199,300,000
Percentage of maximum level of borrowings of ERC of eligible asset pools	33.00%	28.00%	33.00%
Debt Instrument, covenant, interest bearing deposits, maximum | SEK			SEK 500,000,000
Debt Instrument, covenant, minimum cash collection exceeding IFRS forecast			95.00%
Overdraft Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Remaining borrowing capacity				22,200,000
Line of Credit | Multicurrency Revolving Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 750,000,000	$ 500,000,000
Unused commitment fee	1.05%
Debt instrument, covenant, maximum GIBD			300.00%
Long-term debt, gross				$ 568,503,000	$ 427,680,000
Interest rate at period end				3.55%
Minimum | Interbank Offered Rate (IBOR) | Overdraft Facility
Line of Credit Facility [Line Items]
Basis spread variable rate	250.00%
Minimum | Interbank Offered Rate (IBOR) | Line of Credit | Multicurrency Revolving Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread variable rate	250.00%
Maximum | Interbank Offered Rate (IBOR) | Overdraft Facility
Line of Credit Facility [Line Items]
Basis spread variable rate	3.30%
Maximum | Interbank Offered Rate (IBOR) | Line of Credit | Multicurrency Revolving Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread variable rate	3.30%

Borrowings - Aktiv Subordinated

Borrowings - Aktiv Subordinated Loan (Details) - Aktiv Kapital AS [Member] - Subordinated Loan [Member] - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2015	Sep. 30, 2015
Debt Instrument [Line Items]
Repayments of debt	$ 30
LIBOR [Member]
Debt Instrument [Line Items]
Basis spread variable rate		3.75%

Borrowings - Convertible Senior

Borrowings - Convertible Senior Notes (Details)	Aug. 13, 2013USD ($)$ / shares	Sep. 30, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Minimum average share price triggering dilutive effect (usd per share) | $ / shares		$ 65.72
Convertible debt, estimated fair value		$ 298,931,000	$ 324,757,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 287,500,000	$ 287,500,000	287,500,000
Stated percentage	3.00%	3.00%
Redemption price	100.00%
Conversion ratio	15.2172
Minimum average share price triggering dilutive effect (usd per share) | $ / shares	$ 65.72	$ 65.72
Convertible debt, estimated fair value	$ 255,300,000
Carrying amount of convertible debt	32,200,000	$ 31,306,000	$ 31,306,000
Debt Issuance Cost	7,300,000
Equity and debt issuance costs	8,200,000
Equity Issuance Costs	$ 900,000
Interest rate at period end		4.92%

Borrowings - Balances of Liabil

Borrowings - Balances of Liability and Equity Components (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Aug. 13, 2013
Debt Instrument [Line Items]
Less: debt discount		$ (26,662,000)
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Liability component - principal amount	$ 287,500,000	287,500,000	$ 287,500,000
Less: debt discount	(23,484,000)	(26,662,000)
Total	264,016,000	260,838,000
Equity component	$ 31,306,000	$ 31,306,000	$ 32,200,000

Borrowings - Interest Expense (

Borrowings - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Amortization of debt discount			$ 3,178	$ 3,027
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Interest expense - stated coupon rate	$ 2,156	$ 2,156	6,468	6,469
Amortization of debt discount	1,074	1,023	3,178	3,027
Total interest expense - convertible notes	$ 3,230	$ 3,179	$ 9,646	$ 9,496

Borrowings - Long-Term Debt Mat

Borrowings - Long-Term Debt Maturities (Details) $ in Thousands	Sep. 30, 2015USD ($)
Debt Disclosure [Abstract]
September 30, 2016	$ 188,688
September 30, 2017	35,000
September 30, 2018	598,250
September 30, 2019	0
September 30, 2020	568,503
Thereafter	287,500
Total	$ 1,677,941

Property and Equipment, Net (Na

Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Property, Plant and Equipment, Net [Abstract]
Depreciation and amortization expense	$ 3.9	$ 3.6	$ 11.5	$ 9.5

Property and Equipment, Net (Pr

Property and Equipment, Net (Property And Equipment, At Cost) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment, Net [Abstract]
Software	$ 60,847	$ 53,076
Computer equipment	21,629	20,488
Furniture and fixtures	13,183	11,502
Equipment	12,923	12,880
Leasehold improvements	13,125	14,429
Building and improvements	7,230	7,049
Land	1,296	1,269
Accumulated depreciation and amortization	(84,128)	(72,435)
Property and equipment, net	$ 46,105	$ 48,258

Goodwill And Intangible Asset51

Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Aug. 03, 2015	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 502,383	$ 594,401	$ 502,383	$ 594,401		$ 503,001	$ 527,445	$ 105,122	$ 103,843
Acquisitions	$ 32,044	$ 512,049	$ 32,044	$ 512,049
Noncontrolling Interest, Ownership Percentage by Parent					55.00%

Goodwill And Intangible Asset52

Goodwill And Intangible Assets, Net Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Goodwill [Roll Forward]
Goodwill, balance at beginning of year	$ 509,398	$ 111,519	$ 533,842	$ 110,240
Accumulated impairment loss	(6,397)	(6,397)	(6,397)	(6,397)
Goodwill	503,001	105,122	527,445	103,843
Acquisitions	32,044	512,049	32,044	512,049
Foreign currency translation adjustment	(32,662)	(22,770)	(57,106)	(21,491)
Net change in goodwill	(618)	489,279	(25,062)	490,558
Goodwill, balance at end of year	508,780	600,798	508,780	600,798
Accumulated impairment loss	(6,397)	(6,397)	(6,397)	(6,397)
Goodwill	$ 502,383	$ 594,401	$ 502,383	$ 594,401

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	5,400,000		5,400,000
Share-based compensation expense	$ 3.9	$ 4	$ 11.5	$ 9.5
Tax benefit realized from share-based compensation	0.1	0.3	7.9	7.9
Grant date fair value of shares vested	0.7	0.2	3.8	3.3
Long-Term Incentive Programs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Future compensation cost related to stock option	$ 9.8		9.8
Weighted average remaining life of nonvested shares (in years)	1 year 1 month
Grant date fair value of shares vested	$ 0	$ 0	$ 5.1	$ 5.7
Forfeiture rate for share awards granted under LTI Programs	7.50%		7.50%
Nonvested Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Future compensation cost related to stock option	$ 12.2		$ 12.2
Weighted average remaining life of nonvested shares (in years)			1 year 8 months
Nonvested Awards [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Nonvested Awards [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years

Share-Based Compensation (Nonve

Share-Based Compensation (Nonvested Share Transactions) (Details) - $ / shares shares in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Nonvested Shares Outstanding
Nonvested Shares Outstanding, Beginning Balance	339	226
Nonvested Shares Outstanding, Granted	100	272
Nonvested Shares Outstanding, Vested	(107)	(155)
Nonvested Shares Outstanding, Cancelled	(4)	(4)
Nonvested Shares Outstanding, Ending Balance	328	339
Weighted-Average Price at Grant Date (in dollars per share)
Weighted-Average Price at Grant Date, Beginning Balance	$ 47.34	$ 29.58
Weighted-Average Price at Grant Date, Granted	53.29	56.69
Weighted-Average Price at Grant Date, Vested	35.72	37.34
Weighted-Average Price at Grant Date, Cancelled	47.17	50.41
Weighted-Average Price at Grant Date, Ending Balance	$ 52.95	$ 47.34
Long-Term Incentive Programs [Member]
Nonvested Shares Outstanding
Nonvested Shares Outstanding, Beginning Balance	488	434
Nonvested Shares Outstanding, Granted	132	111
Nonvested Shares Outstanding, Adjustments for actual performance		222
Nonvested Shares Outstanding, Vested	(252)	(279)
Nonvested Shares Outstanding, Cancelled	(7)
Nonvested Shares Outstanding, Ending Balance	361	488
Weighted-Average Price at Grant Date (in dollars per share)
Weighted-Average Price at Grant Date, Beginning Balance	$ 30.52	$ 25.79
Weighted-Average Price at Grant Date, Granted	52.47	49.60
Weighted-Average Price at Grant Date, Adjustments for actual performance (in dollars per share)		22.32
Weighted-Average Price at Grant Date, Vested	20.21	24.21
Weighted-Average Price at Grant Date, Cancelled	40.05
Weighted-Average Price at Grant Date, Ending Balance	$ 45.58	$ 30.52

Income Taxes - Additional Discl

Income Taxes - Additional Disclosures (Details)	Sep. 30, 2015USD ($)
Income Tax Disclosure [Abstract]
Finance receivables reduction	$ 0

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Minimum average share price triggering dilutive effect (usd per share)			$ 65.72
Net income	$ 17,396	$ 51,167	$ 126,956	$ 129,514
Weighted Average Common Shares, Basic EPS	48,265,000	50,075,000	48,438,000	50,023,000
Weighted Average Common Shares, Dilutive effect of nonvested share awards	233,000	364,000	255,000	390,000
Weighted Average Common Shares, Diluted EPS	48,498,000	50,439,000	48,693,000	50,413,000
EPS, Basic (in dollars per share)	$ 0.36	$ 1.02	$ 2.62	$ 2.59
EPS, Dilutive effect of nonvested share awards (in dollars per share)	0	(0.01)	(0.01)	(0.02)
EPS, Diluted (in dollars per share)	$ 0.36	$ 1.01	$ 2.61	$ 2.57
Antidilutive options outstanding	0	0	0	0

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 09, 2015USD ($)judgment	May. 11, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Loss Contingencies [Line Items]
Future compensation under employment agreements			$ 21,300,000	$ 21,300,000
Total future minimum lease payments			34,800,000	34,800,000
Amount to be purchased under forward flow agreements			427,300,000	427,300,000
Use of cost recovery for income tax purposes - U.S.			246,900,000	246,900,000
Income tax examination, estimate of possible loss			91,100,000
Loss Contingency, Number of Judgments | judgment	837
Restricted Cash and Cash Equivalents			19,000,000	$ 19,000,000
NCM [Member]
Loss Contingencies [Line Items]
Contingent consideration earn out period				5 years
Maximum value of contingent consideration			15,000,000	$ 15,000,000
Payments of contingent consideration					$ 2,800,000	$ 6,200,000
Contingent consideration liability			$ 3,500,000	$ 3,500,000
Judicial Ruling - Refund Payments [Member] | Consumer Financial Protection Bureau Investigation [Member]
Loss Contingencies [Line Items]
Litigation Settlement, Expense	$ 860,607
Judicial Ruling - Wave Remaining Balances [Member] | Consumer Financial Protection Bureau Investigation [Member]
Loss Contingencies [Line Items]
Litigation Settlement, Expense	3,411,094
Judicial Ruling - Refund Litigation Department Calls Restitution [Member] | Consumer Financial Protection Bureau Investigation [Member]
Loss Contingencies [Line Items]
Litigation Settlement, Expense	18,184,836
Judicial Ruling - Civil Money Penalty [Member] | Consumer Financial Protection Bureau Investigation [Member]
Loss Contingencies [Line Items]
Litigation Settlement, Expense	$ 8,000,000
Judicial Ruling - Compensatory Damages [Member] | Portfolio Recovery Associates, LLC v. Guadalupe Mejia [Member]
Loss Contingencies [Line Items]
Damages awarded		$ 251,000
Judicial Ruling - Punitive Damages [Member] | Portfolio Recovery Associates, LLC v. Guadalupe Mejia [Member]
Loss Contingencies [Line Items]
Damages awarded		$ 82,009,549

Fair Value Measurements And D58

Fair Value Measurements And Disclosures - Financial Instruments Not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Financial assets:
Cash and cash equivalents, carrying amount	$ 69,111		$ 39,661	$ 70,300		$ 162,004
Cash and cash equivalents, estimated fair value	69,111		39,661
Securitized assets	53,500		31,017
Aggregate Fair Value	59,322		31,017
Finance receivables, net, carrying amount	2,167,178	$ 2,012,552	2,001,790	$ 1,913,710	$ 1,219,595	$ 1,239,191
Finance receivables, net, estimated fair value	2,610,106		2,460,787
Financial liabilities:
Interest-bearing deposits, carrying value	46,277		27,704
Interest-bearing deposits, fair value	46,277		27,704
Outstanding borrowings under credit facility	1,046,753		836,680
Revolving lines of credit, estimated fair value	1,046,753		836,680
Term loans, carrying amount	173,750		185,000
Term loans, estimated fair value	173,750		185,000
Notes and loans payable, carrying value	169,938		199,938
Notes and loans payable, fair value disclosure	169,938		199,938
Convertible debt	264,016		260,838
Convertible debt, estimated fair value	298,931		324,757
Reported Value Measurement [Member]
Financial assets:
Cost Method Investments, Fair Value Disclosure	15,435		17,560
Estimate of Fair Value Measurement [Member]
Financial assets:
Cost Method Investments, Fair Value Disclosure	$ 16,315		$ 19,776

Fair Value Measurements And D59

Fair Value Measurements And Disclosures Fair Value Measurements and Disclosures - Financial Instruments Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost method investments, expected liquidation period, minimum	1 year
Cost method investments, expected liquidation period, Maximum	4 years
Assets:
Short-term investments	$ 0	$ 37,405
Securitized assets	7,050	3,721
Liabilities:
Interest rate swap contracts (recorded in accrued expenses)	2,059	3,387
Level 1 [Member]
Assets:
Short-term investments		37,405
Securitized assets	0	0
Liabilities:
Interest rate swap contracts (recorded in accrued expenses)	0	0
Level 2 [Member]
Assets:
Short-term investments		0
Securitized assets	0	0
Liabilities:
Interest rate swap contracts (recorded in accrued expenses)	2,059	3,387
Level 3 [Member]
Assets:
Short-term investments		0
Securitized assets	7,050	3,721
Liabilities:
Interest rate swap contracts (recorded in accrued expenses)	$ 0	$ 0

Proforma Financial Informatio60

Proforma Financial Information (Details) - Aktiv Kapital AS [Member] - USD ($) $ in Thousands	2 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
Aktiv Impact
Revenue	$ 47,605
Net Income attributable to PRA Group, Inc.	$ 17,085
Combined Pro Forma Results
Revenue		$ 250,407	$ 769,503
Net Income attributable to PRA Group, Inc.		$ 49,377	$ 172,956