PRA (PRAA) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 04, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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		45,275,197

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 101,418	$ 120,516
Investments	87,764	78,290
Finance receivables, net	2,767,131	2,771,921
Other receivables, net	14,308	15,770
Income taxes receivable	10,271	21,686
Net deferred tax asset	60,446	57,529
Property and equipment, net	53,788	49,311
Goodwill	544,293	526,513
Intangible assets, net	22,523	23,572
Other assets	37,639	32,656
Total assets	3,699,581	3,697,764
Liabilities:
Accounts payable	2,330	4,992
Accrued expenses	85,137	85,993
Income taxes payable	23,872	10,771
Net deferred tax liability	146,410	171,185
Interest-bearing deposits	90,769	98,580
Borrowings	2,150,873	2,170,182
Other liabilities	15,146	9,018
Total liabilities	2,514,537	2,550,721
Redeemable noncontrolling interest	9,697	9,534
Equity:
Preferred stock, $0.01 par value, 2,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value, 100,000 shares authorized, 45,275 shares issued and outstanding at March 31, 2018; 100,000 shares authorized, 45,189 shares issued and outstanding at December 31, 2017	453	452
Additional paid-in capital	54,271	53,870
Retained earnings	1,228,808	1,211,632
Accumulated other comprehensive loss	(155,687)	(178,607)
Total stockholders' equity - PRA Group, Inc.	1,127,845	1,087,347
Noncontrolling interest	47,502	50,162
Total equity	1,175,347	1,137,509
Total liabilities and equity	$ 3,699,581	$ 3,697,764

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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	45,275,000	45,189,000
Common stock, shares outstanding	45,275,000	45,189,000

Consolidated Income Statements

Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Income recognized on finance receivables, net	$ 217,699	$ 194,535
Fee income	5,327	9,858
Other revenue	157	2,165
Total revenues	223,183	206,558
Operating expenses:
Compensation and employee services	81,237	68,468
Legal collection expenses	32,912	31,728
Agency fees	8,278	10,800
Outside fees and services	14,158	13,285
Communication	11,557	9,137
Rent and occupancy	4,314	3,783
Depreciation and amortization	4,929	5,215
Other operating expenses	12,184	10,885
Total operating expenses	169,569	153,301
Income from operations	53,614	53,257
Other income and (expense):
Gain on sale of subsidiaries	0	46,845
Interest expense, net	(25,781)	(21,257)
Foreign exchange gain	1,293	2,179
Other	243	0
Income before income taxes	29,369	81,024
Provision for income taxes	6,137	31,409
Net income	23,232	49,615
Adjustment for net income attributable to noncontrolling interests	2,126	1,448
Net income attributable to PRA Group, Inc.	$ 21,106	$ 48,167
Net income per common share attributable to PRA Group, Inc.:
Basic (in dollars per share)	$ 0.47	$ 1.04
Diluted (in dollars per share)	$ 0.47	$ 1.03
Weighted average number of shares outstanding:
Basic (shares)	45,231	46,406
Diluted (shares)	45,370	46,627

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 23,232	$ 49,615
Change in foreign currency translation	29,941	14,823
Total comprehensive income	53,173	64,438
Adjustment for net income attributable to noncontrolling interests	2,126	1,448
Change in foreign currency translation	7,021	(3,645)
Comprehensive income/(loss) attributable to noncontrolling interest	9,147	(2,197)
Comprehensive income attributable to PRA Group, Inc.	$ 44,026	$ 66,635

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss)/Income [Member]	Noncontrolling Interest [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of change in accounting principle - equity securities	$ (3,930)			$ (3,930)
Beginning Balance, Shares at Dec. 31, 2017	45,189,000	45,189,000
Balance at December 31, 2017 at Dec. 31, 2017	$ 1,137,509	$ 452	$ 53,870	1,211,632	$ (178,607)	$ 50,162
Balance at beginning of period, adjusted at Dec. 31, 2017	1,133,579	$ 452	53,870	1,207,702	(178,607)	50,162
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,232			21,106		2,126
Foreign currency translation adjustment	29,941				22,920	7,021
Distributions paid to noncontrolling interest	(11,807)					(11,807)
Vesting of nonvested shares, shares		86,000
Vesting of restricted stock	0	$ 1	(1)
Share-based compensation expense	2,415		2,415
Employee stock relinquished for payment of taxes	$ (2,013)		(2,013)
Ending Balance, Shares at Mar. 31, 2018	45,275,000	45,275,000
Balance at March 31, 2018 at Mar. 31, 2018	$ 1,175,347	$ 453	$ 54,271	$ 1,228,808	$ (155,687)	$ 47,502

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 23,232	$ 49,615
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	2,415	2,199
Depreciation and amortization	4,929	5,215
Gain on sale of subsidiaries	0	(46,845)
Amortization of debt discount and issuance costs	5,430	3,083
Deferred tax (benefit)/expense	(10,138)	25
Net unrealized foreign currency transaction gain	(467)	(1,723)
Fair value in earnings for equity securities	(409)	0
Other	0	(1,359)
Changes in operating assets and liabilities:
Other assets	(5,787)	1,837
Other receivables, net	1,536	(4,744)
Accounts payable	(2,749)	648
Income taxes payable, net	9,984	27,708
Accrued expenses	(1,058)	(5,526)
Other liabilities	6,799	2,518
Net cash provided by operating activities	33,717	32,651
Cash flows from investing activities:
Purchases of property and equipment	(7,917)	(2,938)
Acquisition of finance receivables, net of buybacks	(165,913)	(226,092)
Collections applied to principal on finance receivables	208,881	185,295
Proceeds from sale of subsidiaries, net	0	89,077
Purchase of investments	(13,924)	(3,569)
Proceeds from sales and maturities of investments	96	2,907
Net cash provided by investing activities	21,223	44,680
Cash flows from financing activities:
Proceeds from lines of credit	101,015	153,353
Principal payments on lines of credit	(147,980)	(232,108)
Tax withholdings related to share-based payments	(2,013)	(2,320)
Distributions paid to noncontrolling interest	(12,464)	(710)
Principal payments on notes payable and long-term debt	(2,502)	(10,012)
Payments of origination costs and fees	(380)	0
Net (decrease)/increase in interest-bearing deposits	(6,314)	1,473
Net cash used in financing activities	(70,638)	(90,324)
Effect of exchange rate on cash	(3,400)	816
Net decrease in cash and cash equivalents	(19,098)	(12,177)
Cash and cash equivalents, beginning of period	120,516	94,287
Cash and cash equivalents, end of period	101,418	82,110
Supplemental disclosure of cash flow information:
Cash paid for interest	22,833	20,257
Cash paid for income taxes	$ 12,175	$ 4,858

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business: As used herein, the terms "PRA Group," "the Company," or similar terms refer to PRA Group, Inc. and its subsidiaries. PRA Group, Inc., a Delaware corporation, and its subsidiaries, is a global financial and business services company with operations in the Americas and Europe. The Company's primary business is the purchase, collection and management of portfolios of nonperforming loans. The Company also provides the following fee-based services: class action claims recovery services and purchases; servicing of consumer bankruptcy accounts in the United States ("U.S."); and, to a lesser extent, contingent collections of nonperforming loans in Europe and South America. 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 economic characteristics, 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. The following table shows the amount of revenue generated for the three months ended March 31, 2018 and 2017 , respectively, and long-lived assets held at March 31, 2018 and 2017 , respectively, both for the U.S., the Company's country of domicile, and outside of the U.S. (amounts in thousands): As of and for the As of and for the Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Revenues Long-Lived Assets Revenues Long-Lived Assets United States $ 154,627 $ 46,439 $ 143,928 $ 29,166 United Kingdom 24,919 2,225 18,428 3,083 Other (1) 43,637 5,124 44,202 5,775 Total $ 223,183 $ 53,788 $ 206,558 $ 38,024 (1) None of the countries included in "Other" comprise greater than 10% of the Company's consolidated revenues or long-lived assets. Revenues are attributed to countries based on the location of the related operations. Long-lived assets consist of net property and equipment. The Company reports revenues earned from debt purchasing and collection activities, fee-based services and its investments. It is impracticable for the Company to report further breakdowns of revenues from external customers by product or service. The accompanying interim financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes to the consolidated financial statements necessary for a complete presentation of financial position, results of operations, comprehensive income and cash flows in conformity with GAAP. In the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair presentation of the Company's consolidated balance sheet as of March 31, 2018 , its consolidated income statements and statements of comprehensive income/(loss) for the three months ended March 31, 2018 and 2017 , its consolidated statement of changes in equity for the three months ended March 31, 2018 , and its consolidated statements of cash flows for the three months ended March 31, 2018 and 2017 , have been included. The consolidated income statements of the Company for the three months ended March 31, 2018 may not be indicative of future results. Certain prior period amounts have been reclassified for consistency with the current period 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 2017 Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on February 28, 2018.

Finance Receivables, net

Finance Receivables, net	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Finance Receivables, net	Finance Receivables, net: Changes in finance receivables, net for the three months ended March 31, 2018 and 2017 were as follows (amounts in thousands): Three Months Ended March 31, 2018 2017 Balance at beginning of period $ 2,771,921 $ 2,307,969 Acquisitions of finance receivables (1) 165,020 226,397 Foreign currency translation adjustment 39,071 17,809 Cash collections applied to principal and net allowance charges (208,881 ) (185,295 ) Balance at end of period $ 2,767,131 $ 2,366,880 (1) Acquisitions of finance receivables are net of buybacks and include certain capitalized acquisition related costs. During the three months ended March 31, 2018 , the Company purchased finance receivables portfolios with a face value of $1.5 billion for $168.3 million . During the three months ended March 31, 2017, the Company purchased finance receivables portfolios with a face value of $1.7 billion for $227.8 million . At March 31, 2018 , the estimated remaining collections ("ERC") on the receivables purchased during the three months ended March 31, 2018 and 2017 were $309.3 million and $304.4 million , respectively. At March 31, 2018 and 2017 , total ERC were $5.8 billion and $5.1 billion , respectively. At the time of acquisition and each quarter thereafter, the life of each pool is estimated based on projected amounts and timing of future cash collections using the proprietary models of the Company. Based upon current projections, cash collections expected to be applied to principal are estimated to be as follows for the years ending March 31, (amounts in thousands): 2019 $ 800,078 2020 639,673 2021 493,857 2022 361,017 2023 208,769 2024 118,724 2025 52,008 2026 33,981 2027 16,914 2028 12,037 Thereafter 30,073 Total ERC expected to be applied to principal $ 2,767,131 At March 31, 2018 , the Company had aggregate net finance receivables balances in pools accounted for under the cost recovery method of $149.2 million ; at December 31, 2017 , the amount was $166.6 million . Accretable yield represents the amount of income on finance receivables the Company can expect to recognize 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 analytical models. Net reclassifications from nonaccretable difference to accretable yield primarily result from the increase in the Company's estimate of future cash flows. When applicable, net reclassifications to nonaccretable difference from accretable yield result from the decrease in the Company's estimates of future cash flows and allowance charges that together exceed the increase in the Company's estimate of future cash flows. Changes in accretable yield for the three months ended March 31, 2018 and 2017 were as follows (amounts in thousands): Three Months Ended March 31, 2018 2017 Balance at beginning of period $ 2,932,144 $ 2,740,006 Income recognized on finance receivables, net (217,699 ) (194,535 ) Additions from portfolio purchases 146,832 163,395 Reclassifications from nonaccretable difference 112,028 47,078 Foreign currency translation adjustment 37,241 20,502 Balance at end of period $ 3,010,546 $ 2,776,446 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 months ended March 31, 2018 and 2017 (amounts in thousands): Three Months Ended March 31, 2018 2017 Beginning balance $ 225,555 $ 211,465 Allowance charges 6,833 2,708 Reversal of previously recorded allowance charges (5,908 ) (29 ) Net allowance charges 925 2,679 Foreign currency translation adjustment 495 269 Ending balance $ 226,975 $ 214,413

Investments

Investments	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Investments	Investments: Investments consisted of the following at March 31, 2018 and December 31, 2017 (amounts in thousands): March 31, 2018 December 31, 2017 Debt securities Available-for-sale $ 5,464 $ 5,429 Held-to-maturity 58,181 57,204 Equity securities Private equity funds 8,824 14,248 Mutual funds 15,295 1,409 Total investments $ 87,764 $ 78,290 Debt Securities Available-for-Sale Government bonds : The Company's investments in government bonds are classified as available-for-sale and are stated at fair value. Fair value is determined using quoted market prices. Unrealized gains and losses are included in comprehensive income and reported in equity. Held-to-Maturity Investments in securitized assets : The Company holds a majority interest in a closed-end Polish investment fund. The investment, which provides a preferred return based on the expected net income of the portfolios, is 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 occurs when the fund terminates or liquidates its assets. The preferred return is not a guaranteed return. Income is recognized under FASB ASC Topic 325-40, "Beneficial Interest in Securitized Financial Assets" ("ASC 325-40"). Prior to April 1, 2017, income was recognized using the effective yield method. 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 this investment. Revenues recognized on this investment are recorded in the Other Revenue line item in the consolidated income statements. Effective April 1, 2017, the Company determined that it could not reasonably forecast the timing of future cash flows and accordingly began using the cost recovery method to recognize income. During the three months ended March 31, 2018 and 2017 , revenues recognized on this investment were $0 and $1.4 million , respectively. The unrealized loss on this investment was caused by a change in the timing of the estimated cash flows. Total expected cash flows on this investment exceed the carrying amount. Therefore, the Company does not consider this investment to be other-than-temporarily impaired at March 31, 2018 . The amortized cost and estimated fair value of investments in debt securities at March 31, 2018 and December 31, 2017 were as follows (amounts in thousands): March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Government bonds $ 5,624 $ — $ 160 $ 5,464 Held-to-maturity Securitized assets 58,181 — 13,004 45,177 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Government bonds $ 5,452 $ — $ 23 $ 5,429 Held-to-maturity Securitized assets 57,204 — 14,249 42,955 Equity Securities Investments in private equity funds : Investments in private equity funds represent limited partnerships in which the Company has less than a 3% interest. In the first quarter of 2018, the Company adopted ASU 2016-01, which requires that investments in equity securities be measured at fair value with changes in unrealized gains and losses reported in earnings. Upon adoption of ASU 2016-01, the investments are carried at the fair value reported by the Fund manager. The Company recorded a cumulative effect adjustment of $3.9 million , net of tax, to beginning retained earnings for the unrealized loss on the investment. Prior to 2018, the investments were carried at cost with income recognized in Other Revenue in the consolidated income statements when distributions, up to reported income, were received from the partnerships. The aggregate carrying amount of cost-method investments for which cost exceeded fair value but for which an impairment loss was not recognized was $14.2 million at December 31, 2017 . Mutual funds: The Company invests certain excess funds held in Brazil in a U.S. dollar denominated mutual fund that invests in foreign currency contracts that hedge the risk in variation of the Brazilian real to the U.S. dollar. The investments are carried at fair value based on quoted market prices. Unrealized gains and losses: The Company recognized an unrealized gain of $0.4 million for the period ended March 31, 2018 on its equity securities. No securities were sold during the period.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	3 Months Ended
	Mar. 31, 2018
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. Intangible assets resulting from these acquisitions include client and customer relationships, non-compete agreements, trademarks and technology. The Company performs an annual review of goodwill as of October 1 of each year or more frequently if indicators of impairment exist. The following table represents the changes in goodwill for the three months ended March 31, 2018 and 2017 (amounts in thousands): Three Months Ended March 31, 2018 2017 Balance at beginning of period: Goodwill $ 526,513 $ 506,308 Accumulated impairment loss — (6,397 ) 526,513 499,911 Changes: Foreign currency translation adjustment 17,780 6,329 Net change in goodwill 17,780 6,329 Goodwill 544,293 512,637 Accumulated impairment loss — (6,397 ) Balance at end of period: $ 544,293 $ 506,240 The change in the accumulated impairment loss at March 31, 2018 as compared to March 31 2017 was related to the June 2017 sale of PRA Location Services, LLC.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Borrowings	Borrowings: The Company's borrowings consisted of the following as of the dates indicated (amounts in thousands): March 31, 2018 December 31, 2017 Revolving credit $ 820,022 $ 849,815 Term loans 771,463 764,830 Convertible senior notes 632,500 632,500 2,223,985 2,247,145 Less: Debt discount and issuance costs (73,112 ) (76,963 ) Total $ 2,150,873 $ 2,170,182 The following principal payments are due on the Company's borrowings as of March 31, 2018 for the 12 month periods ending March 31, (amounts in thousands): 2019 $ 10,000 2020 10,000 2021 1,087,986 2022 10,000 2023 760,999 Thereafter 345,000 Total $ 2,223,985 The Company believes it was in compliance with the covenants of its financing arrangements as of March 31, 2018 . North American Revolving Credit and Term Loan On May 5, 2017, the Company amended and restated its existing credit agreement (as amended, and modified from time to time, the “North American Credit Agreement”) with Bank of America, N.A., as administrative agent, Bank of America, National Association, acting through its Canada branch, as the Canadian administrative agent, and a syndicate of lenders named therein. The total credit facility under the North American Credit Agreement includes an aggregate principal amount of $1.2 billion (subject to compliance with a borrowing base and applicable debt covenants), which consists of (i) a fully-funded $442.5 million term loan, (ii) a $705.0 million domestic revolving credit facility, and (iii) a $50.0 million Canadian revolving credit facility. The facility includes an accordion feature for up to $45.0 million in additional commitments (at the option of the lenders) and also provides for up to $25.0 million of letters of credit and a $25.0 million swingline loan sublimit that would reduce amounts available for borrowing. 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 North American 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 North American Credit Agreement) plus 0.50% , (b) Bank of America's prime rate, or (c) the one month Eurodollar rate plus 1.00% . Canadian Prime Rate Loans will bear interest at a rate per annum equal to the Canadian Prime Rate plus 1.50% . The revolving credit facilities also bear an unused line fee of 0.375% per annum, payable quarterly in arrears. The loans under the North American Credit Agreement mature May 5, 2022. As of March 31, 2018 , the unused portion of the North American Credit Agreement was $396.5 million . Considering borrowing base restrictions, as of March 31, 2018 , the amount available to be drawn was $365.4 million . The North American Credit Agreement is secured by a first priority lien on substantially all of the Company's assets. The North American Credit Agreement contains restrictive covenants and events of default, which are defined in the North American Credit Agreement, including the following: • borrowings under each of the domestic revolving loan facility and the Canadian revolving loan facility are subject to separate borrowing base calculations and may not exceed 35% of the ERC of all domestic or Canadian, as applicable, core eligible asset pools, plus 55% of ERC of domestic or Canadian, as applicable, insolvency eligible asset pools, plus 75% of domestic or Canadian, as applicable, eligible accounts receivable; • the consolidated total leverage ratio cannot exceed 2.75 to 1.0 as of the end of any fiscal quarter; • the consolidated senior secured leverage ratio cannot exceed 2.25 to 1.0 as of the end of any fiscal quarter; • subject to no default or event of default, cash dividends and distributions during any fiscal year cannot exceed $20.0 million ; • subject to no default or event of default, stock repurchases during any fiscal year cannot exceed $100.0 million plus 50% of the prior year's net income; • permitted acquisitions during any fiscal year cannot exceed $250.0 million (with a $50.0 million per year sublimit for permitted acquisitions by non-loan parties); • indebtedness in the form of senior, unsecured convertible notes or other unsecured financings cannot exceed $750.0 million in the aggregate (without respect to the 2020 Notes (as defined below)); • the Company must maintain positive consolidated income from operations during any fiscal quarter; and • restrictions on changes in control. European Revolving Credit Facility and Term Loan On October 23, 2014, European subsidiaries of the Company ("PRA Europe") entered into a credit agreement with DNB Bank ASA for a Multicurrency Revolving Credit Facility (such agreement as later amended or modified, the "European Credit Agreement"). In the first quarter of 2018, the Company entered into the Fourth Amendment and Restatement Agreement (the "Fourth Amendment") to its European Credit Agreement which, among other things, expanded the scope of loan portfolios that constitute Approved Loan Portfolios (as defined in the Fourth Amendment). Additionally, other changes to the European Credit Agreement resulting from the Fourth Amendment include: reduced all applicable margins for the interest payable under the multicurrency revolving credit facility by 15 basis points; reduced all applicable margins for the interest payable under the term loan facility by 50 basis points, subject to the lenders’ right to increase the applicable margin by up to 50 basis points if one or more of the lenders elects to syndicate and/or transfer its commitment under the term loan in accordance with the terms of the Fourth Amendment; reduced the maximum permitted amount of interest bearing deposits in AK Nordic AB from SEK 1.5 billion to SEK 1.2 billion; and revised the definitions of ERC and LTV Ratio. Under the terms of the European Credit Agreement, the credit facility includes an aggregate amount of approximately $1.2 billion (subject to the borrowing base), of which 267.0 million EUR (approximately $329.0 million ) is a term loan, accrues interest at the Interbank Offered Rate ("IBOR") plus 2.65% - 3.75% under the revolving facility and 3.75% - 4.00% under the term loan facility (as determined by the loan-to-value ratio ("LTV Ratio") as defined in the European Credit Agreement), bears an unused line fee, currently 1.21% per annum, of 35% of the margin, is payable monthly in arrears, and matures February 19, 2021. The European Credit Agreement also includes an overdraft facility in the aggregate amount of $40.0 million (subject to the borrowing base), which accrues interest (per currency) at the daily rates as published by the facility agent, bears a facility line fee of 0.125% per quarter, payable quarterly in arrears, and also matures February 19, 2021. As of March 31, 2018 , the unused portion of the European Credit Agreement (including the overdraft facility) was $478.5 million . Considering borrowing base restrictions and other covenants, as of March 31, 2018 , the amount available to be drawn under the European Credit Agreement (including the overdraft facility) was $184.6 million . The European Credit Agreement is secured by the shares of most of the Company's European subsidiaries and all intercompany loan receivables in Europe. The European Credit Agreement also contains restrictive covenants and events of default, which are defined in the European Credit Agreement, including the following: • the LTV Ratio cannot exceed 75% ; • the gross interest-bearing debt ratio in Europe cannot exceed 3.25 to 1.0 as of the end of any fiscal quarter; • interest bearing deposits in AK Nordic AB cannot exceed SEK 1.2 billion ; and • PRA Europe's cash collections must exceed 95% of PRA Europe's IFRS ERC for the same set of portfolios, measured on a quarterly basis. Convertible Senior Notes due 2020 On August 13, 2013, the Company completed the private offering of $287.5 million in aggregate principal amount of its 3.00% Convertible Senior Notes due 2020 (the "2020 Notes"). The 2020 Notes were issued pursuant to an Indenture, dated August 13, 2013 (the "2013 Indenture"), between the Company and Regions Bank, as successor trustee. The 2013 Indenture contains customary terms and covenants, including certain events of default after which the 2020 Notes may be due and payable immediately. The 2020 Notes are senior unsecured obligations of the Company. Interest on the 2020 Notes is payable semi-annually, in arrears, on February 1 and August 1 of each year, beginning on February 1, 2014. Prior to February 1, 2020, the 2020 Notes will be convertible only upon the occurrence of specified events. On or after February 1, 2020, the 2020 Notes will be convertible at any time. The Company does not have the right to redeem the 2020 Notes prior to maturity. As of March 31, 2018 , the Company does not believe that any of the conditions allowing holders of the 2020 Notes to convert their notes have occurred. The conversion rate for the 2020 Notes is initially 15.2172 shares per $1,000 principal amount of 2020 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 2013 Indenture. Upon conversion, holders of the 2020 Notes will receive cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, at the Company's election. The Company's current intent is to settle conversions through combination settlement (i.e ., the 2020 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, for the remainder). As a result and in accordance with authoritative guidance related to derivatives and hedging and earnings per share, only the conversion spread is included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion spread has a dilutive effect when 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 2020 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 2020 Notes issuance cost as debt issuance cost and the remaining $0.9 million as equity issuance cost. Convertible Senior Notes due 2023 On May 26, 2017, the Company completed the private offering of $345.0 million in aggregate principal amount of its 3.50% Convertible Senior Notes due 2023 (the "2023 Notes" and, together with the 2020 Notes, the "Notes"). The 2023 Notes were issued pursuant to an Indenture, dated May 26, 2017 (the "2017 Indenture"), between the Company and Regions Bank, as trustee. The 2017 Indenture contains customary terms and covenants, including certain events of default after which the 2023 Notes may be due and payable immediately. The 2023 Notes are senior unsecured obligations of the Company. Interest on the 2023 Notes is payable semi-annually, in arrears, on June 1 and December 1 of each year, beginning on December 1, 2017. Prior to March 1, 2023, the 2023 Notes will be convertible only upon the occurrence of specified events. On or after March 1, 2023, the 2023 Notes will be convertible at any time. The Company has the right, at its election, to redeem all or any part of the outstanding 2023 Notes at any time on or after June 1, 2021 for cash, but only if the last reported sale price (as defined in the 2017 Indenture) exceeds 130% of the conversion price on each of at least 20 trading days during the 30 consecutive trading days ending on and including the trading day immediately before the date the Company sends the related redemption notice. As of March 31, 2018 , the Company does not believe that any of the conditions allowing holders of the 2023 Notes to convert their notes have occurred. The conversion rate for the 2023 Notes is initially 21.6275 shares per $1,000 principal amount of 2023 Notes, which is equivalent to an initial conversion price of approximately $46.24 per share of the Company's common stock, and is subject to adjustment in certain circumstances pursuant to the 2017 Indenture. Upon conversion, holders of the 2023 Notes will receive cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, at the Company's election. The Company's current intent is to settle conversions through combination settlement (i.e ., the 2023 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, for the remainder). As a result and in accordance with authoritative guidance related to derivatives and hedging and earnings per share, only the conversion spread is included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion spread has a dilutive effect when the average share price of the Company's common stock during any quarter exceeds $46.24 . The Company determined that the fair value of the 2023 Notes at the date of issuance was approximately $298.8 million , and designated the residual value of approximately $46.2 million as the equity component. Additionally, the Company allocated approximately $8.3 million of the $9.6 million 2023 Notes issuance cost as debt issuance cost and the remaining $1.3 million as equity issuance cost. The balances of the liability and equity components of the Notes outstanding were as follows as of the dates indicated (amounts in thousands): March 31, 2018 December 31, 2017 Liability component - principal amount $ 632,500 $ 632,500 Unamortized debt discount (52,660 ) (55,537 ) Liability component - net carrying amount $ 579,840 $ 576,963 Equity component $ 76,216 $ 76,216 The debt discount is being amortized into interest expense over the remaining life of the 2020 Notes and the 2023 Notes using the effective interest rate, which is 4.92% and 6.20% , respectively. Interest expense related to the Notes was as follows for the periods indicated (amounts in thousands): Three Months Ended March 31, 2018 2017 Interest expense - stated coupon rate $ 5,175 $ 2,156 Interest expense - amortization of debt discount 2,877 1,155 Total interest expense - convertible senior notes $ 8,052 $ 3,311

Fair Value Measurements and Dis

Fair Value Measurements and Disclosures	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value	Fair Value: As defined by 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 ASC Topic 825, "Financial Instruments" ("ASC 825"), the table below summarizes fair value estimates for the Company's financial instruments that are not required to be carried at fair value. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company. The carrying amounts of the financial instruments in the following table are recorded in the consolidated balance sheets at March 31, 2018 and December 31, 2017 (amounts in thousands): March 31, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Financial assets: Cash and cash equivalents $ 101,418 $ 101,418 $ 120,516 $ 120,516 Held-to-maturity investments 58,181 45,177 57,204 42,955 Finance receivables, net 2,767,131 3,082,652 2,771,921 3,060,907 Financial liabilities: Interest-bearing deposits 90,769 90,769 98,580 98,580 Revolving lines of credit 820,022 820,022 849,815 849,815 Term loans 771,463 771,463 764,830 764,830 Convertible senior notes 579,840 649,790 576,963 620,079 Disclosure of the estimated fair values of financial instruments often requires the use of estimates. The carrying amount and estimates of the fair value of the Company's debt obligations outlined above do not include any related debt issuance costs associated with the debt obligations. The Company uses the following methods and assumptions to estimate the fair value of financial instruments: 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 the 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. Finance receivables, net: 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 limited 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. Convertible senior notes: The fair value estimates for the Notes incorporate 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. Furthermore, in the table above, carrying amount represents the portion of the Notes classified as debt, while estimated fair value pertains to the face amount of the Notes. 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 March 31, 2018 and December 31, 2017 (amounts in thousands): Fair Value Measurements as of March 31, 2018 Level 1 Level 2 Level 3 Total Assets: Available-for-sale investments Government bonds $ 5,464 $ — $ — $ 5,464 Fair value through net income Mutual funds 15,295 — — 15,295 Interest rate swap contracts (recorded in other assets) — 2,550 — 2,550 Fair Value Measurements as of December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Available-for-sale investments Government bonds $ 5,429 $ — $ — $ 5,429 Liabilities: Interest rate swap contracts (recorded in accrued expenses) — 1,108 — 1,108 Available-for-sale Government bonds: Fair value of the Company's investment in government bonds is estimated using quoted market prices. Accordingly, the Company uses Level 1 inputs. Fair value through net income Mutual funds: Fair value of the Company's investment in mutual funds is estimated using quoted market prices. Accordingly, the Company uses Level 1 inputs. Interest rate swap contracts: The estimated fair value of the interest rate swap contracts 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. Investments measured using net asset value Private equity funds: 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 cannot 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 investments are expected to be returned through distributions as a result of liquidations of the funds' underlying assets over 1 to 6 years. The fair value of these private equity funds following the Net Asset Value ("NAV") practical expedient was $8.8 million as of March 31, 2018 and December 31, 2017 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
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 EPS 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 for the 2020 Notes or $46.24 for the 2023 Notes, neither of which occurred during the respective periods from which the Notes were issued through March 31, 2018 . Share-based awards that are contingent upon the attainment of performance goals are included in the computation of diluted EPS if the effect is dilutive. 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 following table provides a reconciliation between the computation of basic EPS and diluted EPS for the three months ended March 31, 2018 and 2017 (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2018 2017 Net income attributable to PRA Group, Inc. Weighted EPS Net income attributable to PRA Group, Inc. Weighted EPS Basic EPS $ 21,106 45,231 $ 0.47 $ 48,167 46,406 $ 1.04 Dilutive effect of nonvested share awards 139 — 221 (0.01 ) Diluted EPS $ 21,106 45,370 $ 0.47 $ 48,167 46,627 $ 1.03 There were no antidilutive options outstanding for the three months ended March 31, 2018 and 2017 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
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. On May 10, 2017, the Company reached a settlement with the Internal Revenue Service ("IRS") in regards to the assertion that tax revenue recognition using the cost recovery method did not clearly reflect taxable income. Under the settlement, the Company will utilize a new tax accounting method to recognize net finance receivables revenue effective with tax year 2017. Under the new method, a portion of the annual collections amortizes principal and the remaining portion is taxable income. The deferred tax liability related to the difference in timing between the new method and the cost recovery method will be incorporated evenly into the Company’s tax filings over four years effective with tax year 2017. On December 22, 2017, the United States government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to the following provisions which are the most relevant to the Company: (1) reducing the U.S. federal corporate tax rate from 35% to 21%; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (4) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations referred to as Global Intangible Low-Taxed Income (“GILTI”); (5) creating the base erosion anti-abuse tax, a new minimum tax; (6) creating a new limitation on deductible interest expense; and (7) increasing limitations on the deductibility of executive compensation. The Company had not completed its accounting for the income tax effects of the Tax Act for the tax year ended December 31, 2017, since formal application guidance has not yet been finalized or issued to date. Where the Company has been able to make reasonable estimates of the effects for which its analysis is not yet complete, the Company has recorded provisional amounts in accordance with SEC Staff Accounting Bulletin No. 118. Where the Company has not yet been able to make reasonable estimates of the impact of certain elements, the Company has not recorded any amounts related to those elements and has continued accounting for them in accordance with ASC 740 on the basis of the tax laws in effect immediately prior to the enactment of the Tax Act. The Company was able to make reasonable estimates of certain effects and, therefore recorded provisional amounts in 2017 as follows: • Revaluation of deferred tax assets and liabilities: The Tax Act reduces the U.S. federal corporate tax rate from 35% to 21% for tax years beginning after December 31, 2017. The Company has evaluated the financial impact and recorded a provisional deferred tax benefit of $73.8 million during the year ended December 31, 2017. The Company is still completing its calculation of the impact in its deferred tax balances. • Transition Tax on unrepatriated foreign earnings: The Transition Tax on unrepatriated foreign earnings is a tax on previously untaxed accumulated and current earnings and profits (“E&P”) of the Company’s foreign subsidiaries. The Company was able to make a reasonable estimate of the Transition Tax and has provisionally recorded no Transition Tax expense. • GILTI: The Tax Act creates a new requirement that certain income (i.e., GILTI) earned by foreign subsidiaries must be included currently in the gross income of the U.S. shareholder. Due to the complexity of the new GILTI tax rules, the Company is continuing to evaluate the provision of the Tax Act and the application of ASC 740. The Company’s accounting for this element of the Tax Act is subject to change since formal application guidance has not yet been finalized or issued to date. As a result, the Company has not recorded any amounts related to potential GILTI tax in its financial statements and has not yet made a policy decision regarding whether to record deferred taxes on GILTI. • The Company has evaluated the impact of the other most relevant Tax Act provisions and determined the impact to be insignificant. At March 31, 2018 , the tax years subject to examination by the major federal, state and international taxing jurisdictions are 2013 and subsequent years. The Company intends for predominantly all foreign earnings to be indefinitely reinvested in its foreign operations. If foreign earnings were repatriated, the Company may need to accrue and pay taxes, although foreign tax credits may be available to partially reduce U.S. income taxes. The amount of cash on hand related to foreign operations with indefinitely reinvested earnings was $80.7 million and $106.0 million as of March 31, 2018 and December 31, 2017 , respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and Contingencies: Employment Agreements: The Company has entered into employment agreements 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 potential discretionary bonuses that are based on the attainment of a combination of financial and management goals. At March 31, 2018 , estimated future compensation under these agreements was approximately $21.8 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 $21.8 million total above. Leases: The Company is party to various operating leases with respect to its facilities and equipment. Future minimum lease payments at March 31, 2018 totaled approximately $49.2 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 March 31, 2018 was approximately $351.3 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, 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 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. The Company believes that the estimate of the aggregate range of reasonably possible losses in excess of the amount accrued for its legal proceedings outstanding at March 31, 2018 , where the range of loss can be estimated, was not material. 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 typically exclusive of potential recoveries, if any, under the Company's insurance policies or third-party indemnities. During the year ended December 31, 2017 , the Company recorded $4.0 million in potential recoveries under the Company's insurance policies or third-party indemnities which is included in other receivables, net at March 31, 2018 and December 31, 2017. The matters described below fall outside of the normal parameters of the Company's routine legal proceedings. Multi-State Investigation The Company previously received Civil Investigative Demands from multiple state Attorneys General offices broadly relating to its debt collection practices in the U.S. The Company, which has fully cooperated with the investigation, has discussed potential resolution of the investigation with this coalition of Attorneys General, which could include penalties, restitution and/or the adoption of new practices and controls in the conduct of the Company's business. In these discussions, the state Attorneys General offices have taken positions with which the Company disagrees. If the Company is unable to resolve its differences with this multi-state coalition, it is possible that individual state Attorneys General offices may file claims against the Company. The range of loss, if any, cannot be estimated at this time. Iris Pounds v. Portfolio Recovery Associates, LLC On November 21, 2016, Iris Pounds filed suit against the Company in Durham County, North Carolina alleging violations of the North Carolina Prohibited Practices by Collection Agencies Act. The purported class consists of all individuals against whom the Company had obtained a judgment by default in North Carolina on or after October 1, 2009. The Company removed the matter to the United States District Court for the Middle District of North Carolina (the "District Court"), and has filed a motion to dismiss. The District Court has entered an order remanding the matter to the North Carolina state court, which order the Company has appealed to the Fourth Circuit Court of Appeals. The range of loss, if any, cannot be estimated at this time due to the uncertainty surrounding liability, class certification and the interpretation of statutory damages.

Sale of Subsidiaries

Sale of Subsidiaries	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Sale of Subsidiaries	Sale of Subsidiaries: As part of the Company’s strategy to focus on its primary business, the purchase, collection and management of portfolios of nonperforming loans, the Company sold its government services businesses: PRA Government Services, LLC; MuniServices, LLC; and PRA Professional Services, LLC on January 24, 2017, for $91.5 million in cash plus additional consideration for certain balance sheet items. The pre-tax gain on sale was $46.8 million , and was recorded in the first quarter of 2017.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In May 2014, FASB issued Accounting Standards Update ("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. The guidance specifically excludes revenue received for servicing finance receivables. 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 determined that the revenue generated by its subsidiary Claims Compensation Bureau, LLC ("CCB") is within the scope of this standard. The Company adopted ASU 2014-09 in the first quarter of 2018 which had no material impact on its consolidated financial statements. In January 2016, FASB issued ASU 2016-01, as amended by ASU 2018-03, "Financial Instruments-Overall: Technical Corrections and Improvements", issued in February 2018 , which revises the classification and measurement of investments in equity securities. ASU 2016-01 requires that equity investments, except those accounted for under the equity method of accounting, be measured at fair value and changes in fair value are recognized in net income. However, for equity investments that do not have readily determinable fair values and don’t qualify for the existing practical expedient to estimate fair value using the NAV per share (or its equivalent) of the investment, the guidance provides a new measurement alternative. Entities may choose to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company adopted ASU 2016-01 in the first quarter of 2018, which resulted in a cumulative effect adjustment of $3.9 million , net of tax, to retained earnings for the unrealized loss on its equity investments. In February 2016, FASB issued ASU 2016-02, "Leases (Topic 842) Section A - Leases: Amendments to the FASB Account Standards Codification" ("ASU 2016-02"). ASU 2016-02 requires that a lessee should recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. It is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, using a modified retrospective approach and early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of ASU 2016-02 on its consolidated financial statements. The Company has approximately $49.2 million in operating lease obligations as disclosed in its contractual obligations table in Part I, Item 2 of this Quarterly Report on Form 10-Q and is in the process of evaluating those contracts as well as other existing arrangements to determine if they qualify for lease accounting under the new standard. The Company does not plan to adopt the standard early. In June 2016, FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326)" ("ASU 2016-13"). ASU 2016-13 requires the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The main objective of ASU 2016-13 is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years and allows for early adoption as of the beginning of an interim or annual reporting period beginning after December 15, 2018. ASU 2016-13 supersedes ASC Topic 310-30, which the Company currently follows to account for revenue on its finance receivables. ASU 2016-13 could have a significant impact on how the Company measures and records net revenue on its finance receivables. The Company is currently in the process of evaluating the impact of adoption of ASU 2016-13 on its consolidated financial statements. In August 2016, FASB issued ASU 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230)" ("ASU 2016-15"). ASU 2016-15 reduces diversity in practice of how certain transactions are classified in the statement of cash flows. The new guidance clarifies the classification of cash activity related to debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate and bank-owned life insurance policies, distributions received from equity-method investments, and beneficial interests in securitization transactions. The guidance also describes a predominance principle in which cash flows with aspects of more than one class that cannot be separated should be classified based on the activity that is likely to be the predominant source or use of cash flow. ASU 2016-15 is effective for the Company for fiscal years beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period, but requires all elements of the amendments to be adopted at once rather than individually. The new standard must be adopted using a retrospective transition method. The Company is currently in the process of evaluating the impact of adoption of ASU 2016-15 on its consolidated financial statements. In October 2016, FASB issued ASU 2016-16, "Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory" ("ASU 2016-16"), which requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new standard must be adopted using a modified retrospective transition method which is a cumulative-effect adjustment to retained earnings as of the beginning of the first effective reporting period. The Company adopted ASU 2016-16 in the first quarter of 2018 which had no material impact on its consolidated financial statements. In January 2017, FASB issued ASU-2017-01, "Business Combinations - Clarifying the Definition of a Business (Topic 805)" ("ASU 2017-01"). ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new guidance is expected to reduce the number of transactions that need to be further evaluated as businesses. The guidance applies to transactions that occur on or after an entity’s adoption date, the earliest of which is January 1, 2017. In January 2017, FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). ASU 2017-04 eliminates Step 2 of the goodwill impairment test. Instead, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU 2017-04 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017. The Company is currently in the process of evaluating the impact of adoption of ASU 2017-04 on its consolidated financial statements. In May 2017, FASB issued ASU No. 2017-09, “Compensation–Stock Compensation (Topic 718): Scope of Modification Accounting” (ASU 2017-09"). ASU 2017-09 clarifies when a change to the terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance requires modification accounting if the fair value, vesting condition or the classification of the award is not the same immediately before and after a change to the terms and conditions of the award. The new guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. The Company adopted ASU 2017-09 in the first quarter of 2018 which had no material impact on its consolidated financial statements. In August 2017, FASB issued ASU No. 2017-12, "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). ASU 2017-12 modifies the presentation and disclosure of hedging results. Further, it provides partial relief on the timing of certain aspects of hedge documentation and eliminates the requirement to recognize hedge ineffectiveness separately in income. The amendments in ASU 2017-12 are effective for fiscal years beginning after December 15, 2018 and for interim periods therein. The Company is currently in the process of evaluating the impact of adoption of ASU 2017-12 on its consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (ASU 2018-02”). Under existing U.S. GAAP, the effects of changes in tax rates and laws on deferred tax balances are recorded as a component of income tax expense in the period in which the law was enacted. When deferred tax balances related to items originally recorded in accumulated other comprehensive income (loss) are adjusted, certain tax effects become stranded in accumulated other comprehensive income. The amendments in ASU 2018-02 allow a reclassification from accumulated other comprehensive income (loss) to retained earnings (accumulated deficit) for stranded income tax effects resulting from the 2017 Tax Cuts and Jobs Act. The amendments in this ASU also require certain disclosures about stranded income tax effects. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption in any period is permitted. The Company’s provisional adjustments recorded during the year ended December 31, 2017 to account for the impact of the Tax Act did not result in stranded tax effects. The Company does not anticipate the adoption of this standard will have a material impact on its consolidated financial statements. The Company does not expect that any other recently issued accounting pronouncements will have a material effect on its consolidated financial statements.

Organization and Business (Tabl

Organization and Business (Tables)	3 Months Ended
	Mar. 31, 2018
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 months ended March 31, 2018 and 2017 , respectively, and long-lived assets held at March 31, 2018 and 2017 , respectively, both for the U.S., the Company's country of domicile, and outside of the U.S. (amounts in thousands): As of and for the As of and for the Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Revenues Long-Lived Assets Revenues Long-Lived Assets United States $ 154,627 $ 46,439 $ 143,928 $ 29,166 United Kingdom 24,919 2,225 18,428 3,083 Other (1) 43,637 5,124 44,202 5,775 Total $ 223,183 $ 53,788 $ 206,558 $ 38,024 (1) None of the countries included in "Other" comprise greater than 10% of the Company's consolidated revenues or long-lived assets.

Finance Receivables, net (Table

Finance Receivables, net (Tables)	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Schedule of Changes in Finance Receivables	Changes in finance receivables, net for the three months ended March 31, 2018 and 2017 were as follows (amounts in thousands): Three Months Ended March 31, 2018 2017 Balance at beginning of period $ 2,771,921 $ 2,307,969 Acquisitions of finance receivables (1) 165,020 226,397 Foreign currency translation adjustment 39,071 17,809 Cash collections applied to principal and net allowance charges (208,881 ) (185,295 ) Balance at end of period $ 2,767,131 $ 2,366,880 (1) Acquisitions of finance receivables are net of buybacks and include certain capitalized acquisition related costs.
Schedule of Cash Collections Applied to Principal	At the time of acquisition and each quarter thereafter, the life of each pool is estimated based on projected amounts and timing of future cash collections using the proprietary models of the Company. Based upon current projections, cash collections expected to be applied to principal are estimated to be as follows for the years ending March 31, (amounts in thousands): 2019 $ 800,078 2020 639,673 2021 493,857 2022 361,017 2023 208,769 2024 118,724 2025 52,008 2026 33,981 2027 16,914 2028 12,037 Thereafter 30,073 Total ERC expected to be applied to principal $ 2,767,131
Schedule of Changes in Accretable Yield	Changes in accretable yield for the three months ended March 31, 2018 and 2017 were as follows (amounts in thousands): Three Months Ended March 31, 2018 2017 Balance at beginning of period $ 2,932,144 $ 2,740,006 Income recognized on finance receivables, net (217,699 ) (194,535 ) Additions from portfolio purchases 146,832 163,395 Reclassifications from nonaccretable difference 112,028 47,078 Foreign currency translation adjustment 37,241 20,502 Balance at end of period $ 3,010,546 $ 2,776,446
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 months ended March 31, 2018 and 2017 (amounts in thousands): Three Months Ended March 31, 2018 2017 Beginning balance $ 225,555 $ 211,465 Allowance charges 6,833 2,708 Reversal of previously recorded allowance charges (5,908 ) (29 ) Net allowance charges 925 2,679 Foreign currency translation adjustment 495 269 Ending balance $ 226,975 $ 214,413

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Summary of Investments	Investments consisted of the following at March 31, 2018 and December 31, 2017 (amounts in thousands): March 31, 2018 December 31, 2017 Debt securities Available-for-sale $ 5,464 $ 5,429 Held-to-maturity 58,181 57,204 Equity securities Private equity funds 8,824 14,248 Mutual funds 15,295 1,409 Total investments $ 87,764 $ 78,290
Schedule of Amortized Cost and Estimated Fair Value in Debt Securities	The amortized cost and estimated fair value of investments in debt securities at March 31, 2018 and December 31, 2017 were as follows (amounts in thousands): March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Government bonds $ 5,624 $ — $ 160 $ 5,464 Held-to-maturity Securitized assets 58,181 — 13,004 45,177 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Government bonds $ 5,452 $ — $ 23 $ 5,429 Held-to-maturity Securitized assets 57,204 — 14,249 42,955

Goodwill And Intangible Asset22

Goodwill And Intangible Assets, net (Tables)	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	The following table represents the changes in goodwill for the three months ended March 31, 2018 and 2017 (amounts in thousands): Three Months Ended March 31, 2018 2017 Balance at beginning of period: Goodwill $ 526,513 $ 506,308 Accumulated impairment loss — (6,397 ) 526,513 499,911 Changes: Foreign currency translation adjustment 17,780 6,329 Net change in goodwill 17,780 6,329 Goodwill 544,293 512,637 Accumulated impairment loss — (6,397 ) Balance at end of period: $ 544,293 $ 506,240

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The Company's borrowings consisted of the following as of the dates indicated (amounts in thousands): March 31, 2018 December 31, 2017 Revolving credit $ 820,022 $ 849,815 Term loans 771,463 764,830 Convertible senior notes 632,500 632,500 2,223,985 2,247,145 Less: Debt discount and issuance costs (73,112 ) (76,963 ) Total $ 2,150,873 $ 2,170,182
Schedule of Maturities of Long-term Debt	The following principal payments are due on the Company's borrowings as of March 31, 2018 for the 12 month periods ending March 31, (amounts in thousands): 2019 $ 10,000 2020 10,000 2021 1,087,986 2022 10,000 2023 760,999 Thereafter 345,000 Total $ 2,223,985
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): March 31, 2018 December 31, 2017 Liability component - principal amount $ 632,500 $ 632,500 Unamortized debt discount (52,660 ) (55,537 ) Liability component - net carrying amount $ 579,840 $ 576,963 Equity component $ 76,216 $ 76,216
Schedule of Debt Interest Expense	Interest expense related to the Notes was as follows for the periods indicated (amounts in thousands): Three Months Ended March 31, 2018 2017 Interest expense - stated coupon rate $ 5,175 $ 2,156 Interest expense - amortization of debt discount 2,877 1,155 Total interest expense - convertible senior notes $ 8,052 $ 3,311

Fair Value Measurements and D24

Fair Value Measurements and Disclosures (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of financial instruments not required to be carried at fair value	The carrying amounts of the financial instruments in the following table are recorded in the consolidated balance sheets at March 31, 2018 and December 31, 2017 (amounts in thousands): March 31, 2018 December 31, 2017 Carrying Estimated Carrying Estimated Financial assets: Cash and cash equivalents $ 101,418 $ 101,418 $ 120,516 $ 120,516 Held-to-maturity investments 58,181 45,177 57,204 42,955 Finance receivables, net 2,767,131 3,082,652 2,771,921 3,060,907 Financial liabilities: Interest-bearing deposits 90,769 90,769 98,580 98,580 Revolving lines of credit 820,022 820,022 849,815 849,815 Term loans 771,463 771,463 764,830 764,830 Convertible senior notes 579,840 649,790 576,963 620,079
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 March 31, 2018 and December 31, 2017 (amounts in thousands): Fair Value Measurements as of March 31, 2018 Level 1 Level 2 Level 3 Total Assets: Available-for-sale investments Government bonds $ 5,464 $ — $ — $ 5,464 Fair value through net income Mutual funds 15,295 — — 15,295 Interest rate swap contracts (recorded in other assets) — 2,550 — 2,550 Fair Value Measurements as of December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Available-for-sale investments Government bonds $ 5,429 $ — $ — $ 5,429 Liabilities: Interest rate swap contracts (recorded in accrued expenses) — 1,108 — 1,108

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Reconciliation Between the Computation of Basic and Diluted EPS	The following table provides a reconciliation between the computation of basic EPS and diluted EPS for the three months ended March 31, 2018 and 2017 (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2018 2017 Net income attributable to PRA Group, Inc. Weighted EPS Net income attributable to PRA Group, Inc. Weighted EPS Basic EPS $ 21,106 45,231 $ 0.47 $ 48,167 46,406 $ 1.04 Dilutive effect of nonvested share awards 139 — 221 (0.01 ) Diluted EPS $ 21,106 45,370 $ 0.47 $ 48,167 46,627 $ 1.03

Organization and Business (Deta

Organization and Business (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)segment	Mar. 31, 2017USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of reportable segments | segment	1
Revenues	$ 223,183	$ 206,558
Long-Lived Assets	53,788	38,024
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	154,627	143,928
Long-Lived Assets	46,439	29,166
UNITED KINGDOM
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	24,919	18,428
Long-Lived Assets	2,225	3,083
Outside the United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	43,637	44,202
Long-Lived Assets	$ 5,124	$ 5,775

Finance Receivables, net (Sched

Finance Receivables, net (Schedule of Changes In Finance Receivables) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount [Roll Forward]
Balance at beginning of period	$ 2,771,921	$ 2,307,969
Acquisitions of finance receivables	165,020	226,397
Foreign currency translation adjustment	39,071	17,809
Cash collections applied to principal and net allowance charges	(208,881)	(185,295)
Balance at end of period	$ 2,767,131	$ 2,366,880

Finance Receivables, net (Narra

Finance Receivables, net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face value of receivable portfolios	$ 1,500	$ 1,700
Payments to acquire finance receivables	168.3	227.8
Estimated remaining collections on purchased receivables	309.3	304.4
Total estimated remaining collections	5,780	$ 5,140
Unamortized purchased principal (purchase price) under the cost recovery method	$ 149.2		$ 166.6

Finance Receivables, net (Sch29

Finance Receivables, net (Schedule of Cash Collections Applied to Principal) (Details) $ in Thousands	Mar. 31, 2018USD ($)
Receivables [Abstract]
2,019	$ 800,078
2,020	639,673
2,021	493,857
2,022	361,017
2,023	208,769
2,024	118,724
2,025	52,008
2,026	33,981
2,027	16,914
2,028	12,037
Thereafter	30,073
Total ERC expected to be applied to principal	$ 2,767,131

Finance Receivables, net (Sch30

Finance Receivables, net (Schedule of Changes in Accretable Yield) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance at beginning of period	$ 2,932,144	$ 2,740,006
Income recognized on finance receivables, net	(217,699)	(194,535)
Additions	146,832	163,395
Reclassifications from nonaccretable difference	112,028	47,078
Foreign currency translation adjustment	37,241	20,502
Balance at end of period	$ 3,010,546	$ 2,776,446

Finance Receivables, net (Sch31

Finance Receivables, net (Schedule of Valuation Allowance Account) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance For Loan Losses [Roll Forward]
Beginning balance	$ 225,555	$ 211,465
Allowance charges	6,833	2,708
Reversal of previously recorded allowance charges	(5,908)	(29)
Net allowance charges	925	2,679
Foreign currency translation adjustment	495	269
Ending balance	$ 226,975	$ 214,413

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Equity securities
Investments	$ 87,764	$ 78,290
Available-for-sale
Debt securities
Available-for-sale	5,464	5,429
Held-to-maturity
Debt securities
Held-to-maturity	58,181	57,204
Private equity funds
Equity securities
Equity securities	8,824	14,248
Mutual funds
Equity securities
Equity securities	$ 15,295	$ 1,409

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Investment [Line Items]
Investment income, net	$ 0	$ 1,400
Cost-method investment, ownership percentage	3.00%
Change in accounting principle			$ (3,930)
Cost method investment with no loss recognized			14,200
Unrealized gain on equity securities	$ 400
Accounting Standards Update 2016-01 [Member]
Investment [Line Items]
Change in accounting principle			$ (3,930)

Investments - Amortized Costs (

Investments - Amortized Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale
Aggregate Fair Value	$ 5,464	$ 5,429
Held-to-maturity
Held-to-maturity
Amortized Cost	58,181	57,204
Gross Unrealized Gains	0	0
Gross Unrealized Losses	13,004	14,249
Aggregate Fair Value	45,177	42,955
Available-for-sale
Available-for-sale
Amortized Cost	5,624	5,452
Gross Unrealized Gains	0	0
Gross Unrealized Losses	160	23
Aggregate Fair Value	$ 5,464	$ 5,429

Goodwill And Intangible Asset35

Goodwill And Intangible Assets, Net Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Goodwill [Roll Forward]
Goodwill, balance at beginning of year	$ 526,513	$ 506,308
Accumulated impairment loss	0	(6,397)
Goodwill	526,513	499,911
Foreign currency translation adjustment	17,780	6,329
Net change in goodwill	17,780	6,329
Goodwill, balance at end of year	544,293	512,637
Accumulated impairment loss	0	(6,397)
Goodwill	$ 544,293	$ 506,240

Borrowings - Components of Borr

Borrowings - Components of Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt outstanding	$ 2,223,985	$ 2,247,145
Less: Debt discount and issuance costs	(73,112)	(76,963)
Total	2,150,873	2,170,182
Term Loan
Debt Instrument [Line Items]
Debt outstanding	771,463	764,830
Convertible Senior Notes
Debt Instrument [Line Items]
Debt outstanding	632,500	632,500
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt outstanding	$ 820,022	$ 849,815

Borrowings - Long-Term Debt Mat

Borrowings - Long-Term Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2,019	$ 10,000
2,020	10,000
2,021	1,087,986
2,022	10,000
2,023	760,999
Thereafter	345,000
Total	$ 2,223,985	$ 2,247,145

Borrowings - North American Rev

Borrowings - North American Revolving Credit and Term Loan (Details)	3 Months Ended
	Mar. 31, 2018USD ($)
Credit Agreement
Debt Instrument [Line Items]
Credit agreement consolidated leverage ratio	2.75
Maximum cash dividends	$ 20,000,000
Stock repurchases authorized amount	$ 100,000,000
Unused commitment fee	0.375%
North American Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,205,000,000
Consolidated Senior Secured Leverage | Credit Agreement
Debt Instrument [Line Items]
Credit agreement consolidated leverage ratio	2.25
Unsecured Debt | Senior Unsecured Debt other than Convertible Notes Due 2020
Debt Instrument [Line Items]
Maximum allowable debt	$ 750,000,000
Eurodollar Rate
Debt Instrument [Line Items]
Basis spread variable rate	1.00%
Eurodollar Rate | Credit Agreement
Debt Instrument [Line Items]
Basis spread variable rate	2.50%
Base Rate | Credit Agreement
Debt Instrument [Line Items]
Basis spread variable rate	1.50%
Federal Funds Rate
Debt Instrument [Line Items]
Basis spread variable rate	0.50%
Canadian Prime Rate
Debt Instrument [Line Items]
Basis spread variable rate	1.50%
Line of Credit | Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 442,500,000
Revolving Credit Facility | North American Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	705,000,000
Line of credit facility, optional increase in borrowing capacity	45,000,000
Line of credit facility, option for letters of credit	25,000,000
Line of credit facility, option to reduce borrowing capacity	25,000,000
Current borrowing capacity	365,400,000
Line of Credit Facility, Remaining Borrowing Capacity	396,500,000
Canadian Revolving Credit Facility [Member] | North American Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000,000
Acquisition Subsequent to 2014 | Credit Agreement
Debt Instrument [Line Items]
Maximum business combinations	250,000,000
Maximum business combinations, non-loan	$ 50,000,000
Eligible Core Asset Pool | Credit Agreement
Debt Instrument [Line Items]
Percentage of maximum level of borrowings of ERC of eligible asset pools	35.00%
Eligible Insolvent Asset Pool | Credit Agreement
Debt Instrument [Line Items]
Percentage of maximum level of borrowings of ERC of insolvent asset pools	55.00%
Eligible Accounts Receivable | Credit Agreement
Debt Instrument [Line Items]
Percentage of maximum level of borrowings of eligible accounts receivable	75.00%

Borrowings - European Revolving

Borrowings - European Revolving Credit Facility and Term Loan(Details) - European Revolving Credit Facility € in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018SEK (kr)	Dec. 31, 2017SEK (kr)	Mar. 31, 2018USD ($)	Mar. 31, 2018EUR (€)
Line of Credit Facility [Line Items]
Loan-to-value covenant	75.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Current borrowing capacity			$ 478.5
Debt Instrument, covenant, interest bearing deposits, maximum | kr	kr 1,200,000,000	kr 1,500,000,000
Debt Instrument, covenant, minimum cash collection exceeding IFRS forecast	95.00%
Overdraft Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			40
Facility line fee	0.125%
Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread On Variable Rate, Reduction In Rate	0.15%
Maximum borrowing capacity			1,200
Long-term Debt			329	€ 267
Unused commitment fee	1.2075%
Unused line fee as a percentage of margin	35.00%
Current borrowing capacity			$ 184.6
Debt instrument, covenant, maximum GIBD	3.25
Line of Credit | Term Loan Facility
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread On Variable Rate, Reduction In Rate	0.50%
Minimum | Interbank Offered Rate (IBOR) | Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread variable rate	2.65%
Minimum | Interbank Offered Rate (IBOR) | Line of Credit | Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread variable rate	3.75%
Maximum | Interbank Offered Rate (IBOR) | Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread variable rate	3.75%
Maximum | Interbank Offered Rate (IBOR) | Line of Credit | Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread variable rate	4.00%

Borrowings - Convertible Senior

Borrowings - Convertible Senior Notes (Details) - Convertible Senior Notes	May 26, 2017USD ($)day$ / shares	Aug. 13, 2013USD ($)$ / shares	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Carrying amount of convertible debt			$ 76,216,000	$ 76,216,000
Note Due 2020
Debt Instrument [Line Items]
Face amount		$ 287,500,000
Stated percentage		3.00%
Conversion ratio		15.2172
Minimum average share price triggering dilutive effect (usd per share) | $ / shares		$ 65.72
Convertible debt, estimated fair value		$ 255,300,000
Carrying amount of convertible debt		32,200,000
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%
Note Due 2023
Debt Instrument [Line Items]
Face amount	$ 345,000,000
Stated percentage	3.50%
Minimum sales price for conversion	130.00%
Trading days threshold | day	20
Consecutive treading days threshold	30
Conversion ratio	21.6275
Minimum average share price triggering dilutive effect (usd per share) | $ / shares	$ 46.24
Convertible debt, estimated fair value	$ 298,800,000
Carrying amount of convertible debt	46,200,000
Debt Issuance Cost	8,300,000
Equity and debt issuance costs	9,600,000
Equity Issuance Costs	$ 1,300,000
Interest rate at period end			6.20%

Borrowings - Balances of Liabil

Borrowings - Balances of Liability and Equity Components (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt outstanding	$ 2,223,985	$ 2,247,145
Convertible Senior Notes
Debt Instrument [Line Items]
Debt outstanding	632,500	632,500
Less: Debt discount and issuance costs	(52,660)	(55,537)
Total	579,840	576,963
Equity component	$ 76,216	$ 76,216

Borrowings - Interest Expense (

Borrowings - Interest Expense (Details) - Convertible Senior Notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Debt Instrument [Line Items]
Interest expense - stated coupon rate	$ 5,175	$ 2,156
Amortization of debt discount	2,877	1,155
Total interest expense - convertible notes	$ 8,052	$ 3,311

Fair Value Measurements And D43

Fair Value Measurements And Disclosures - Financial Instruments Not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Financial assets:
Cash and cash equivalents, carrying amount	$ 101,418	$ 120,516	$ 82,110	$ 94,287
Finance receivables, net, carrying amount	2,767,131	2,771,921	$ 2,366,880	$ 2,307,969
Financial liabilities:
Interest-bearing deposits, carrying value	90,769	98,580
Reported Value Measurement [Member]
Financial assets:
Cash and cash equivalents, carrying amount	101,418	120,516
Held-to-maturity	58,181	57,204
Finance receivables, net, carrying amount	2,767,131	2,771,921
Financial liabilities:
Interest-bearing deposits, carrying value	90,769	98,580
Outstanding borrowings under credit facility	820,022	849,815
Term loans, carrying amount	771,463	764,830
Convertible debt	579,840	576,963
Estimate of Fair Value Measurement [Member]
Financial assets:
Cash and cash equivalents, estimated fair value	101,418	120,516
Aggregate Fair Value	45,177	42,955
Finance receivables, net, estimated fair value	3,082,652	3,060,907
Financial liabilities:
Interest-bearing deposits, fair value	90,769	98,580
Revolving lines of credit, estimated fair value	820,022	849,815
Term loans, estimated fair value	771,463	764,830
Convertible debt, estimated fair value	$ 649,790	$ 620,079

Fair Value Fair Value Measureme

Fair Value Fair Value Measurements and Disclosures - Financial Instruments Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Government bonds	$ 5,464	$ 5,429
Mutual funds	15,295
Liabilities:
Interest rate swap contracts (recorded in accrued expenses)	2,550	1,108
Level 1 [Member]
Assets:
Government bonds	5,464	5,429
Mutual funds	15,295
Liabilities:
Interest rate swap contracts (recorded in accrued expenses)	0	0
Level 2 [Member]
Assets:
Government bonds	0	0
Mutual funds	0
Liabilities:
Interest rate swap contracts (recorded in accrued expenses)	2,550	1,108
Level 3 [Member]
Assets:
Government bonds	0	0
Mutual funds	0
Liabilities:
Interest rate swap contracts (recorded in accrued expenses)	$ 0	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - Private equity funds - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private equity funds	$ 8,824	$ 8,800
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private equity funds, liquidating investment, period	1 year
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private equity funds, liquidating investment, period	6 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	May 26, 2017	Aug. 13, 2013	Mar. 31, 2018	Mar. 31, 2017
Debt Instrument [Line Items]
Net income			$ 21,106	$ 48,167
Weighted Average Common Shares, Basic EPS			45,231,000	46,406,000
Weighted Average Common Shares, Dilutive effect of nonvested share awards			139,000	221,000
Weighted Average Common Shares, Diluted EPS			45,370,000	46,627,000
EPS, Basic (in dollars per share)			$ 0.47	$ 1.04
EPS, Dilutive effect of nonvested share awards (in dollars per share)			0	(0.01)
EPS, Diluted (in dollars per share)			$ 0.47	$ 1.03
Antidilutive options outstanding			0	0
Note Due 2020 | Convertible Senior Notes
Debt Instrument [Line Items]
Minimum average share price triggering dilutive effect (usd per share)		$ 65.72
Note Due 2023 | Convertible Senior Notes
Debt Instrument [Line Items]
Minimum average share price triggering dilutive effect (usd per share)	$ 46.24

Income Taxes - Additional Discl

Income Taxes - Additional Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Tax reform, provisional impact	$ 73.8
Cash on hand related to foreign operations with permanently reinvested earnings	$ 106	$ 80.7

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Loss Contingencies [Line Items]
Future compensation under employment agreements	$ 21.8
Total future minimum lease payments	49.2
Amount to be purchased under forward flow agreements	351.3
Potential recoveries	$ 4	$ 4

Sale of Subsidiaries (Details)

Sale of Subsidiaries (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 24, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of subsidiaries	$ 0	$ 46,845
Government Services Businesses [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses			$ 91,500
Gain on sale of subsidiaries		$ 46,845

Recent Accounting Pronounceme50

Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle		$ (3,930)
Total future minimum lease payments	$ 49,200
Accounting Standards Update 2016-01 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle		$ (3,930)