PRA (PRAA) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-50058
Entity Registrant Name	PRA Group, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-3078675
Entity Address, Address Line One	120 Corporate Boulevard
Entity Address, City or Town	Norfolk
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23502
City Area Code	888
Local Phone Number	772-7326
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PRAA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,789,622
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001185348

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards: Recently issued accounting standards adopted: Reference Rate Reform In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848): Overall" ("ASU 2021-01"). ASU 2021-01 expands the scope of ASC 848 to include derivatives affected by the discounting transition for certain optional expedients and exceptions. ASU 2021-01 is effective immediately for a limited time through December 31, 2022. The Company assessed whether amendments and modifications to its swap agreements and borrowing agreements qualify for any optional expedients. During the first quarter of 2022, the Company elected certain of the optional expedients to maintain cash flow hedge accounting for swap agreements with a combined notional amount of $422.8 million. Recently issued accounting standards not yet adopted: The Company does not expect that any other recently issued accounting pronouncements will have a material effect on its Consolidated Financial Statements.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 79,089	$ 87,584
Investments	93,249	92,977
Finance receivables, net	3,310,747	3,428,285
Income taxes receivable	49,064	41,146
Deferred tax assets, net	63,965	67,760
Right-of-use assets	55,093	56,713
Property and equipment, net	54,401	54,513
Goodwill	483,380	480,263
Other assets	68,845	57,002
Total assets	4,257,833	4,366,243
Liabilities:
Accounts payable	6,339	3,821
Accrued expenses	90,282	127,802
Income taxes payable	13,743	19,276
Deferred tax liabilities, net	45,365	36,630
Interest-bearing deposits	117,035	124,623
Borrowings	2,539,462	2,608,714
Lease liabilities	59,706	61,188
Other liabilities	39,734	59,352
Total liabilities	2,911,666	3,041,406
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, 40,410 shares issued and outstanding at March 31, 2022; 100,000 shares authorized, 41,008 shares issued and outstanding at December 31, 2021	404	410
Additional paid-in capital	0	0
Retained earnings	1,548,845	1,552,845
Accumulated other comprehensive loss	(243,709)	(266,909)
Total stockholders' equity - PRA Group, Inc.	1,305,540	1,286,346
Noncontrolling interest	40,627	38,491
Total equity	1,346,167	1,324,837
Total liabilities and equity	$ 4,257,833	$ 4,366,243

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	40,410,000	41,008,000
Common stock, shares outstanding	40,410,000	41,008,000

Consolidated Income Statements

Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Portfolio income	$ 207,532	$ 231,672
Changes in expected recoveries	29,914	50,136
Total portfolio revenue	237,446	281,808
Fee income	1,830	2,181
Other revenue	1,329	5,480
Total revenues	240,605	289,469
Operating expenses:
Compensation and employee services	71,096	73,984
Legal collection fees	10,873	12,926
Legal collection costs	16,557	21,312
Agency fees	17,388	15,591
Outside fees and services	19,378	20,760
Communication	12,583	12,663
Rent and occupancy	4,987	4,480
Depreciation and amortization	3,778	3,981
Other operating expenses	11,998	13,018
Total operating expenses	168,638	178,715
Income from operations	71,967	110,754
Other income and (expense):
Interest expense, net	(31,748)	(31,552)
Foreign exchange loss	(532)	(26)
Other	(490)	26
Income before income taxes	39,197	79,202
Income tax expense	4,579	17,322
Net income	34,618	61,880
Adjustment for net (loss)/income attributable to noncontrolling interests	(5,354)	3,474
Net income attributable to PRA Group, Inc.	$ 39,972	$ 58,406
Net income per common share attributable to PRA Group, Inc.:
Basic (in dollars per share)	$ 0.98	$ 1.28
Diluted (in dollars per share)	$ 0.97	$ 1.27
Weighted average number of shares outstanding:
Basic (shares)	40,777	45,669
Diluted (shares)	41,304	46,045

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 34,618	$ 61,880
Currency translation adjustments	12,270	(24,531)
Cash flow hedges	18,580	12,323
Debt securities available-for-sale	(160)	0
Other comprehensive income/(loss)	30,690	(12,208)
Total comprehensive income	65,308	49,672
Less comprehensive income/(loss) attributable to noncontrolling interests	2,136	(950)
Comprehensive income attributable to PRA Group, Inc.	$ 63,172	$ 50,622

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive (Loss)	Accumulated Other Comprehensive (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance	Noncontrolling Interest	Noncontrolling InterestCumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2020				45,585,000	45,585,000
Beginning balance at Dec. 31, 2020	$ 1,373,526	$ (14,689)	$ 1,358,837	$ 456	$ 456	$ 75,282	$ (26,697)	$ 48,585	$ 1,511,970	$ 12,008	$ 1,523,978	$ (245,791)	$ (245,791)	$ 31,609	$ 31,609
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,880								58,406					3,474
Currency translation adjustments	(24,531)											(20,108)		(4,423)
Cash flow hedges	12,323											12,323
Debt securities available-for-sale	0
Distributions to noncontrolling interest	(3,933)													(3,933)
Vesting of restricted stock (in shares)				214,000
Vesting of restricted stock	0			$ 2		(2)
Share-based compensation expense	4,113					4,113
Employee stock relinquished for payment of taxes	(5,460)					(5,460)
Ending balance (in shares) at Mar. 31, 2021				45,799,000
Ending balance at Mar. 31, 2021	$ 1,403,229			$ 458		47,236			1,582,384			(253,576)		26,727
Beginning balance (in shares) at Dec. 31, 2021	41,008,000				41,008,000
Beginning balance at Dec. 31, 2021	$ 1,324,837		$ 1,324,837		$ 410			$ 0			$ 1,552,845	(266,909)	$ (266,909)		$ 38,491
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	34,618								39,972					(5,354)
Currency translation adjustments	12,270											4,780		7,490
Cash flow hedges	18,580											18,580
Debt securities available-for-sale	(160)											(160)
Repurchase and cancellation of common stock (shares)				860,000
Repurchase and cancellation of common stock	39,454			$ 9		(4,527)			43,972
Vesting of restricted stock (in shares)				262,000
Vesting of restricted stock	0			$ 3		(3)
Share-based compensation expense	3,891					3,891
Employee stock relinquished for payment of taxes	$ (8,415)					(8,415)
Ending balance (in shares) at Mar. 31, 2022	40,410,000			40,410,000
Ending balance at Mar. 31, 2022	$ 1,346,167			$ 404		$ 0			$ 1,548,845			$ (243,709)		$ 40,627

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 34,618	$ 61,880
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	3,891	4,113
Depreciation and amortization	3,778	3,981
Amortization of debt discount and issuance costs	2,627	2,256
Changes in expected recoveries	(29,914)	(50,136)
Deferred income taxes	7,203	10,371
Net unrealized foreign currency transactions	(7,126)	2,134
Fair value in earnings for equity securities	(60)	(107)
Other	(253)	(419)
Changes in operating assets and liabilities:
Other assets	738	10,713
Accounts payable	1,765	(431)
Income taxes payable, net	(13,290)	(3,669)
Accrued expenses	(26,775)	(20,227)
Other liabilities	(87)	(336)
Right of use asset/lease liability	141	85
Net cash (used)/provided by operating activities	(22,744)	20,208
Cash flows from investing activities:
Purchases of property and equipment, net	(3,744)	(2,366)
Purchases of finance receivables	(147,452)	(159,328)
Recoveries applied to negative allowance	278,271	328,559
Purchases of investments	(1,521)	0
Proceeds from sales and maturities of investments	775	764
Business acquisition, net of cash acquired	0	(647)
Net cash provided by investing activities	126,329	166,982
Cash flows from financing activities:
Proceeds from lines of credit	106,371	45,369
Principal payments on lines of credit	(154,810)	(226,621)
Principal payments on long-term debt	(2,500)	(2,500)
Payments for Repurchase of Common Stock	(48,702)	0
Payments of origination cost and fees	(614)	(113)
Tax withholdings related to share-based payments	(8,415)	(5,460)
Distributions paid to noncontrolling interest	0	(3,933)
Net (decrease)/increase in interest-bearing deposits	(3,977)	303
Net cash used in financing activities	(112,647)	(192,955)
Effect of exchange rate on cash	910	(6,427)
Net decrease in cash and cash equivalents	(8,152)	(12,192)
Cash and cash equivalents beginning of period	89,072	121,047
Cash and cash equivalents, end of period	80,920	108,855
Supplemental disclosure of cash flow information:
Cash paid for interest	27,196	32,622
Cash paid for income taxes	10,610	10,463
Cash and cash equivalents per Consolidated Balance Sheets	79,089	92,798
Restricted cash included in Other assets per Consolidated Balance Sheets	1,831	16,057
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 80,920	$ 108,855

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business: Nature of operations : 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, is a global financial and business services company with operations in the Americas, Europe and Australia. The Company's primary business is the purchase, collection and management of portfolios of nonperforming loans. The Company also provides fee-based services on class action claims recoveries and by servicing consumer bankruptcy accounts in the United States ("U.S."). Basis of presentation : The Consolidated Financial Statements of the Company are prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The accompanying interim financial statements have been prepared in accordance with the instructions for Quarterly Reports on 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/(loss) 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 Sheets as of March 31, 2022, its Consolidated Income Statements, Statements of Comprehensive Income/(Loss), Consolidated Statements of Changes in Equity and Statements of Cash Flows for the three months ended March 31, 2022 and 2021 have been included. The Company's Consolidated Income Statements for the three months ended March 31, 2022 may not be indicative of future results. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Form 10-K"). Consolidation : The Consolidated Financial Statements include the accounts of PRA Group and other entities in which the Company has a controlling interest. All significant intercompany accounts and transactions have been eliminated. Entities in which the Company has a controlling financial interest, through ownership of the majority of the entities’ voting equity interests, or through other contractual rights that give the Company control, consist of entities which purchase and collect on portfolios of nonperforming loans. Investments in companies in which the Company has significant influence over operating and financing decisions, but does not own a majority of the voting equity interests, are accounted for in accordance with the equity method of accounting, which requires the Company to recognize its proportionate share of the entity’s net earnings. These investments are included in Other assets, with income or loss included in Other revenue. The Company performs on-going reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with an entity cause the Company’s consolidation conclusion to change. Segments : The Company has determined that it has two operating segments that meet the aggregation criteria of Accounting Standards Codification ("ASC") 280, Segment Reporting ("ASC 280") and, therefore, it has one reportable segment, accounts receivable management. This conclusion is 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 tables show the amount of revenue generated for the three months ended March 31, 2022 and 2021, and long-lived assets held at March 31, 2022 and 2021, 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, 2022 Three Months Ended March 31, 2021 Revenues (2) Long-Lived Assets Revenues (2) Long-Lived Assets United States $ 151,425 $ 85,809 $ 178,181 $ 96,630 United Kingdom 43,954 6,851 48,177 2,269 Other (1) 45,226 16,834 63,111 8,765 Total $ 240,605 $ 109,494 $ 289,469 $ 107,664 (1) None of the countries included in "Others" comprise greater than 10% of the Company's consolidated revenues or long-lived assets. (2) Based on the Company’s financial statement information used to produce the Company's general-purpose financial statements, it is impracticable to report further breakdowns of revenues from external customers by product or service. Revenues are attributed to countries based on the location of the related operations. Long-lived assets consist of net property and equipment and right-of-use assets. The Company reports revenues earned from collection activities on nonperforming loans, fee-based services and investments. For additional information on the Company's investments, see Note 3 .

Finance Receivables, net

Finance Receivables, net	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Finance Receivables, net	Finance Receivables, net: Finance receivables, net consisted of the following at March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Amortized cost $ — $ — Negative allowance for expected recoveries (1) 3,310,747 3,428,285 Balance at end of period $ 3,310,747 $ 3,428,285 (1) The negative allowance balance includes certain portfolios of nonperforming loans for which the Company holds a beneficial interest representing approximatel y 0.9% of the balance. Changes in the negative allowance for expected recoveries by portfolio segment for the three months ended March 31, 2022 and 2021 were as follows (amounts in thousands): Three Months Ended March 31, 2022 Core Insolvency Total Balance at beginning of period $ 2,989,932 $ 438,353 $ 3,428,285 Initial negative allowance for expected recoveries - portfolio acquisitions (1) 129,404 18,048 147,452 Foreign currency translation adjustment (11,009) (5,624) (16,633) Recoveries applied to negative allowance (2) (231,153) (47,118) (278,271) Changes in expected recoveries (3) 25,147 4,767 29,914 Balance at end of period $ 2,902,321 $ 408,426 $ 3,310,747 Three Months Ended March 31, 2021 Core Insolvency Total Balance at beginning of period $ 3,019,477 $ 495,311 $ 3,514,788 Initial negative allowance for expected recoveries - portfolio acquisitions (1) 133,007 25,954 158,961 Foreign currency translation adjustment (24,249) 1,589 (22,660) Recoveries applied to negative allowance (2) (285,171) (43,388) (328,559) Changes in expected recoveries (3) 48,410 1,726 50,136 Balance at end of period $ 2,891,474 $ 481,192 $ 3,372,666 (1) Initial negative allowance for expected recoveries - portfolio acquisitions Portfolio acquisitions for the three months ended March 31, 2022 and 2021 were as follows (amounts in thousands): Three Months Ended March 31, 2022 Core Insolvency Total Face value $ 948,057 $ 97,083 $ 1,045,140 Noncredit discount (91,600) (5,852) (97,452) Allowance for credit losses at acquisition (727,053) (73,183) (800,236) Purchase price $ 129,404 $ 18,048 $ 147,452 Three Months Ended March 31, 2021 Core Insolvency Total Face value $ 1,088,655 $ 134,811 $ 1,223,466 Noncredit discount (132,532) (7,498) (140,030) Allowance for credit losses at acquisition (823,116) (101,359) (924,475) Purchase price $ 133,007 $ 25,954 $ 158,961 The initial negative allowance recorded on portfolio acquisitions for the three months ended March 31, 2022 and 2021 was as follows (amounts in thousands): Three Months Ended March 31, 2022 Core Insolvency Total Allowance for credit losses at acquisition $ (727,053) $ (73,183) $ (800,236) Writeoffs, net 727,053 73,183 800,236 Expected recoveries 129,404 18,048 147,452 Initial negative allowance for expected recoveries $ 129,404 $ 18,048 $ 147,452 Three Months Ended March 31, 2021 Core Insolvency Total Allowance for credit losses at acquisition $ (823,116) $ (101,359) $ (924,475) Writeoffs, net 823,116 101,359 924,475 Expected recoveries 133,007 25,954 158,961 Initial negative allowance for expected recoveries $ 133,007 $ 25,954 $ 158,961 (2) Recoveries applied to negative allowance Recoveries applied to the negative allowance were calculated as follows for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended March 31, 2022 Core Insolvency Total Recoveries (a) $ 425,508 $ 60,295 $ 485,803 Less - amounts reclassified to portfolio income 194,355 13,177 207,532 Recoveries applied to negative allowance $ 231,153 $ 47,118 $ 278,271 Three Months Ended March 31, 2021 Core Insolvency Total Recoveries (a) $ 500,332 $ 59,899 $ 560,231 Less - amounts reclassified to portfolio income 215,161 16,511 231,672 Recoveries applied to negative allowance $ 285,171 $ 43,388 $ 328,559 (a) Recoveries includes cash collections, buybacks and other cash-based adjustments. (3) Changes in expected recoveries Changes in expected recoveries consisted of the following for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended March 31, 2022 Core Insolvency Total Changes in expected future recoveries $ 9,771 $ (3,525) $ 6,246 Recoveries received in excess of forecast 15,376 8,292 23,668 Changes in expected recoveries $ 25,147 $ 4,767 $ 29,914 Three Months Ended March 31, 2021 Core Insolvency Total Changes in expected future recoveries $ (46,502) $ (6,350) $ (52,852) Recoveries received in excess of forecast 94,912 8,076 102,988 Changes in expected recoveries $ 48,410 $ 1,726 $ 50,136 In order to make estimates of cash collections, the Company considered historical performance, current economic forecasts, short-term and long-term growth and consumer habits in the various geographies in which the Company operates. The Company considered recent collection activity in its determination to adjust assumptions related to near-term estimated remaining collections ("ERC") for certain pools. Based on these considerations, the Company’s estimates incorporate changes in both amounts and in the timing of expected cash collections over the forecast period. Changes in expected recoveries for the three months ended March 31, 2022 were a net positive $29.9 million. This reflects $23.7 million in recoveries received in excess of forecast reflecting strong cash collections overperformance in Europe and a $6.2 million positive adjustment to changes in expected future recoveries. The changes in expected future recoveries includes the Company's continued assumption that the majority of the overperformance was due to acceleration in the timing of cash collections. The Company also made near-term adjustments to expected future collections in certain geographies bringing them in line with recent performance trends with corresponding adjustments made later in the forecast period. The change in expected recoveries included a $20.5 million write down on one portfolio in Brazil. Changes in expected recoveries for the three months ended March 31, 2021 were a net positive $50.1 million. This reflected $103.0 million in recoveries received in excess of forecast, which was largely due to significant cash collections overperformance, reduced by a $52.9 million negative adjustment to changes in expected future recoveries. The change in expected future recoveries reflect the Company's assumption that the majority of the overperformance was due to acceleration in the timing of cash collections rather than an increase to total expected collections.

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Investments: Investments consisted of the following at March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Debt securities Available-for-sale $ 75,202 $ 77,538 Equity securities Exchange traded funds 3,406 1,746 Private equity funds 5,059 5,137 Mutual funds 508 508 Equity method investments 9,074 8,048 Total investments $ 93,249 $ 92,977 Debt Securities Available-for-sale Government securities: The Company's investments in government instruments, including bonds and treasury securities, are classified as available-for-sale and are stated at fair value. The amortized cost and estimated fair value of investments in debt securities at March 31, 2022 and December 31, 2021 were as follows (amounts in thousands): March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Government securities $ 75,582 $ — $ 380 $ 75,202 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Government securities $ 77,757 $ — $ 219 $ 77,538 Equity Securities Exchange traded funds: The Company invests in certain treasury bill exchange traded funds, which were accounted for as equity securities and carried at fair value. Gains and losses from these investments are included within Other income and (expense) in the Company's Consolidated Income Statements. Private equity funds: Investments in private equity funds represent limited partnerships in which the Company has less than a 1% interest. Mutual funds: Mutual funds represent funds held in Brazil in a Brazilian real denominated mutual fund benchmarked to the U.S. dollar that invests principally in Brazilian fixed income securities. The investments are carried at fair value based on quoted market prices. Gains and losses from these investments are included as a foreign exchange component of Other income and (expense) in the Company's Consolidated Income Statements. Equity Method Investments The Company has an 11.7% interest in RCB Investimentos S.A. ("RCB"), a servicing platform for nonperforming loans in Brazil. This investment is accounted for on the equity method because the Company exercises significant influence over RCB’s operating and financial activities. Accordingly, the Company’s investment in RCB is adjusted for the Company’s proportionate share of RCB’s earnings or losses, capital contributions made and distributions received.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill: The Company performs an annual review of goodwill as of October 1 of each year or more frequently if indicators of impairment exist. The Company performed its most recent annual review as of October 1, 2021 and concluded that no goodwill impairment was necessary. The Company performed its quarterly assessment by evaluating whether any triggering events had occurred as of March 31, 2022, which included considering current market condition and concluded that no such event had occurred as of March 31, 2022. The changes in goodwill for the three months ended March 31, 2022 and 2021, were as follows (amounts in thousands): Three Months Ended March 31, 2022 2021 Balance at beginning of period $ 480,263 $ 492,989 Change in foreign currency translation adjustment 3,117 (238) Balance at end of period $ 483,380 $ 492,751

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases: The Company's operating lease portfolio primarily includes corporate offices and call centers. The majority of its leases have remaining lease terms of one year to 15 years, some of which include options to extend the leases for up to five years, and others include options to terminate the leases within one year. Exercises of lease renewal options are typically at the Company's sole discretion and are included in its right-of-use ("ROU") assets and lease liabilities based upon whether the Company is reasonably certain of exercising the renewal options. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The components of lease expense for the three months ended March 31, 2022 and 2021, were as follows (amounts in thousands): Three Months Ended March 31, 2022 2021 Operating lease expense $ 3,232 $ 2,981 Short-term lease expense 904 676 Sublease income (115) — Total lease expense $ 4,021 $ 3,657 Supplemental cash flow information and non-cash activity related to leases for the three months ended March 31, 2022 and 2021 were as follows (amounts in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,098 $ 2,865 ROU assets obtained in exchange for operating lease obligations 1,106 304 Lease term and discount rate information related to operating leases was as follows: Three Months Ended March 31, 2022 2021 Weighted-average remaining lease term (years) 8.4 9.0 Weighted-average discount rate 4.48 % 4.72 % Maturities of lease liabilities at March 31, 2022 were as follows for the following periods (amounts in thousands): Operating Leases For the nine months ending December 31, 2022 $ 8,428 For the year ending December 31, 2023 9,657 For the year ending December 31, 2024 9,080 For the year ending December 31, 2025 8,834 For the year ending December 31, 2026 7,709 Thereafter 28,441 Total lease payments $ 72,149 Less: imputed interest 12,443 Total present value of lease liabilities $ 59,706

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Borrowings	Borrowings: The Company's borrowings consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Americas revolving credit (1) $ 372,870 $ 372,119 Europe revolving credit 727,417 795,687 Term loan 457,500 460,000 Senior notes 650,000 650,000 Convertible notes 345,000 345,000 2,552,787 2,622,806 Less: Debt discount and issuance costs (13,325) (14,092) Total $ 2,539,462 $ 2,608,714 (1) Includes a credit agreement with Banco de Occidente. As of March 31, 2022 and December 31, 2021, the outstanding balance under the credit agreement was approximately $0.9 million, with interest rates of 8.69% and 5.85%, respectively. The following principal payments were due on the Company's borrowings as of March 31, 2022 for the 12-month periods ending March 31, (amounts in thousands): 2023 $ 10,324 2024 1,082,741 2025 10,242 2026 310,000 2027 789,480 Thereafter 350,000 Total $ 2,552,787 The Company determined that it was in compliance with the covenants of its financing arrangements as of March 31, 2022. North American Revolving Credit and Term Loan The Company has a 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 "North American Credit Agreement"). The total credit facility under the North American Credit Agreement includes an aggregate principal amount of $1.5 billion (subject to compliance with a borrowing base and applicable debt covenants), which consists of (i) a fully-funded $457.5 million term loan, (ii) a $1.0 billion domestic revolving credit facility, and (iii) a $75.0 million Canadian revolving credit facility. The facility includes an accordion feature for up to $500.0 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 sub-limit 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, Canadian dollar offered rate, or the Eurodollar rate (each, as defined in the North American Credit Agreement), for the applicable term plus 2.25% per annum, or 2.00% if the consolidated senior secured leverage ratio (as defined in the North American Credit Agreement) is less than or equal to 1.60 to 1.0. The revolving loans within the credit facility are subject to a 0.0% floor. The revolving credit facilities also bear an unused line fee of 0.35% per annum, or 0.30% if the consolidated senior secured leverage ratio (as defined in the North American Credit Agreement) is less than or equal to 1.60 to 1.0, payable quarterly in arrears and matures July 30, 2026. As of March 31, 2022, the unused portion of the North American Credit Agreement was $703.0 million. Considering borrowing base restrictions, as of March 31, 2022, the amount available to be drawn was $72.9 million. Borrowings under the North American Credit Agreement are guaranteed by the Company's U.S. and Canadian subsidiaries (provided that the Canadian subsidiaries only guarantee borrowings under the Canadian revolving credit facility) and are secured by a first priority lien on substantially all of the Company's North American assets. The North American Credit Agreement contains restrictive covenants and events of default, including the following: • the ERC borrowing base is 35% for all eligible core asset pools and 55% for all insolvency eligible asset pools; • the consolidated total leverage ratio cannot exceed 3.50 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; and • the Company must maintain positive consolidated income from operations during any fiscal quarter. European Revolving Credit Facility European subsidiaries of the Company ("PRA Europe") are parties to a credit agreement with DNB Bank ASA and a syndicate of lenders named therein, for a Multicurrency Revolving Credit Facility (the "European Credit Agreement"). The European Credit Agreement provides borrowings for an aggregate amount of approximately $1.35 billion (subject to the borrowing base), accrues interest at the Interbank Offered Rate plus 2.70% - 3.80% (as determined by the ERC ratio ("ERC Ratio") as defined in the European Credit Agreement), bears an unused line fee, currently 1.12% per annum, or 35% of the margin, is payable monthly in arrears and matures February 19, 2023. 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 matures February 19, 2023. As of March 31, 2022, the unused portion of the European Credit Agreement (including the overdraft facility) was $662.6 million. Considering borrowing base restrictions and other covenants as of March 31, 2022, the amount available to be drawn under the European Credit Agreement (including the overdraft facility) was $498.2 million. Borrowings under the European Credit Agreement are guaranteed by substantially all of the Company's European subsidiaries and are secured by the shares of most of the Company's European subsidiaries and all intercompany loans receivable in Europe. The European Credit Agreement contains restrictive covenants and events of default, including the following: • the ERC Ratio cannot exceed 45%; • 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 meet certain thresholds, measured on a quarterly basis. On March 29, 2022, in connection with the refinancing of the Company's European credit facilities, the Company executed the Eighth Amendment and Restatement to its European Credit Agreement ("Eighth Amendment"). On April 7, 2022, the Eighth Amendment was made effective, and among other things, extended the agreement for one year to February 19, 2024 and decreased aggregate borrowing limits by $600.0 million. UK Revolving Credit Facility On April 1, 2022, PRA Group Europe Holding I S.a r.l ("PRA Group Europe"), a wholly owned subsidiary of the Company, entered into a credit agreement (the "UK Credit Agreement") with PRA UK and the Company, as guarantors, the lenders party thereto and MUFG Bank, Ltd., London Branch, as the administrative agent (the "Administrative Agent"). The UK Credit Agreement consists of an $800.0 million revolving credit facility (subject to a borrowing base), and an accordion feature for up to $200.0 million in additional commitments, subject to certain conditions. Borrowings, which will be available in U.S. dollars, euro and pounds sterling, will accrue interest, for the applicable term at the risk free rate applicable to U.S. dollars (Secured Overnight Financing Rate) or sterling (Sterling Overnight Interbank Average Rate) or, in the case of euro borrowings, Euribor plus an applicable margin of 2.50% per annum plus a credit adjustment spread of 0.10%. If the consolidated senior secured leverage ratio is greater than 1.60 to 1.0, the applicable margin will increase to 2.75%. The UK Credit Agreement also has a commitment fee of 0.30% per annum, payable quarterly in arrears. If the consolidated senior secured leverage ratio is greater than 1.60 to 1.0, the commitment fee increases to 0.35% per annum. The UK Credit Agreement matures on July 30, 2026. The UK Credit Agreement is secured by substantially all of the assets of PRA Group UK Limited ("PRA UK"), all of the equity interests in PRA UK and PRA Group Europe, certain bank accounts of PRA Group Europe and certain intercompany loans extended by PRA Group Europe to PRA UK. The UK Credit Agreement contains restrictive covenants and events of default, including the following: • the borrowing base equals the sum of up to: (i) 35% of the estimated remaining collections of PRA UK’s eligible asset pools; plus (ii) 55% of PRA UK’s insolvency eligible asset pools; minus (iii) certain reserves to be established by the Administrative Agent; • the Company's consolidated leverage ratio can not exceed 3.50 to 1.0 as of the end of any fiscal quarter; • the Company's consolidated senior secured leverage ratio cannot exceed 2.25 to 1.0 as of the end of any fiscal quarter; and • the Company must maintain positive consolidated income from operations during any fiscal quarter. Senior Notes due 2029 On September 22, 2021, the Company completed the private offering of $350.0 million in aggregate principal amount of its 5.00% Senior Notes due October 1, 2029 (the "2029 Notes"). The 2029 Notes were issued pursuant to an Indenture dated September 22, 2021 (the "2021 Indenture"), between the Company and Regions Bank, as trustee. The 2021 Indenture contains customary terms and covenants, including certain events of default after which the 2029 Notes may be due and payable immediately. The 2029 Notes are senior unsecured obligations of the Company and are guaranteed on a senior unsecured basis by all of the Company's existing and future domestic restricted subsidiaries that guarantee the North American Credit Agreement, subject to certain exceptions. Interest on the 2029 Notes is payable semi-annually, in arrears, on October 1 and April 1 of each year. On or after October 1, 2024, the 2029 Notes may be redeemed, at the Company's option in whole or in part at a price equal to 102.50% of the aggregate principal amount of the 2029 Notes being redeemed. The applicable redemption price changes if redeemed during the 12-months beginning October 1 of each year to 101.25% for 2025 and then 100% for 2026 and thereafter. In addition, on or before October 1, 2024, the Company may redeem up to 40% of the aggregate principal amount of the 2029 Notes at a redemption price of 105.00% plus accrued and unpaid interest subject to the rights of holders of the 2029 Notes with the net cash proceeds of a public offering of common stock of the Company provided, that at least 60% in aggregate principal amount of the 2029 Notes remains outstanding immediately after the occurrence of such redemption and that such redemption will occur within 90 days of the date of the closing of such public offering. In the event of a change of control (as defined in the 2021 Indenture), each holder will have the right to require the Company to repurchase all or any part of such holder's 2029 Notes at an offer price equal to 101% of the aggregate principal amount plus accrued and unpaid interest. If the Company sells assets under certain circumstances and does not use the proceeds for specified purposes, the Company will be required to make an offer to repurchase the 2029 Notes at 100% of their principal amount. Senior Notes due 2025 On August 27, 2020, the Company completed the private offering of $300.0 million in aggregate principal amount of its 7.375% Senior Notes due September 1, 2025 (the "2025 Notes" and, together with the 2029 Notes, the "Senior Notes"). The 2025 Notes were issued pursuant to an Indenture dated August 27, 2020 (the "2020 Indenture"), between the Company and Regions Bank, as a trustee. The 2020 Indenture contains customary terms and covenants, including certain events of default after which the 2025 Notes may be due and payable immediately. The 2025 Notes are senior unsecured obligations of the Company and are guaranteed on a senior unsecured basis by all of the Company's existing and future domestic restricted subsidiaries that guarantee the North American Credit Agreement, subject to certain exceptions. Interest on the 2025 Notes is payable semi-annually, in arrears, on March 1 and September 1 of each year. On or after September 1, 2022, the 2025 Notes may be redeemed, in whole or in part, at a price equal to 103.688% of the aggregate principal amount of the 2025 Notes being redeemed. The applicable redemption price changes if redeemed during the 12-months beginning September 1 of each year to, 101.844% for 2023 and then 100% for 2024 and thereafter. In addition, on or before September 1, 2022, the Company may redeem up to 40% of the aggregate principal amount of the 2025 Notes at a redemption price of 107.375% plus accrued and unpaid interest subject to the rights of holders of the 2025 Notes with the net cash proceeds of a public offering of common stock of the Company provided, that at least 60% in aggregate principal amount of the 2025 Notes remains outstanding immediately after the occurrence of such redemption and that such redemption will occur within 90 days of the date of the closing of such public offering. In the event of a change of control (as defined in the 2020 Indenture), each holder will have the right to require the Company to repurchase all or any part of such holder's 2025 Notes at a price equal to 101% of their aggregate principal amount, plus accrued and unpaid interest. If the Company sells assets under certain circumstances and does not use the proceeds for specified purposes, the Company will be required to make an offer to repurchase the 2025 Notes at 100% of their principal amount. 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 June 1, 2023 (the "2023 Notes" or "Convertible 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. The holders of the 2023 Notes have the right to convert all, or a portion of, the 2023 Notes upon occurrence of specific events prior to the close of business on the business day immediately preceding prior to March 1, 2023, including: • if during any calendar quarter, the last reported sales price of the Company's common stock is greater than 130% of the conversion price for at least 20 trading days during the period of 30 consecutive trading days; • if the trading price of the 2023 Notes is less than 98% of the product of the last reported sales price of the Company's common stock and the conversion rate for a 10 consecutive trading day period; • the Company elects to issue to all, or substantially all, holders of its common stock any rights, options or warrants entitling them, for a period of more than 45 calendar days, to subscribe for or purchase shares at a price per share that is less than the average of the last reported sales price (as defined in the 2017 Indenture) for the 10 consecutive trading day-period ending on the trading day immediately preceding the date of announcement of such issuance; • the Company elects to distribute to all, or substantially all, holders of its common stock the Company’s assets, debt securities or rights to purchase securities of the Company, which distribution has a share value exceeding 10% of the last reported sale price (as defined in the 2017 Indenture) on the trading day preceding the announcement of such distribution; or • a transaction occurs that constitutes a fundamental change (as defined in the 2017 Indenture) or, the Company is party to a consolidation, merger, binding share exchange, or transfer or lease of all, or substantially all, of the Company's assets. On or after March 1, 2023, the 2023 Notes will be convertible at any time. As of March 31, 2022, the Company does not believe that any of the conditions allowing holders of the 2023 Notes to convert their notes has occurred. Furthermore, the Company has the right, at its election, to redeem all or any part of the outstanding 2023 Notes at any time for cash, but only if the last reported sale price (as defined in the 2017 Indenture) of the Company's common stock 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. The conversion rate for the 2023 Notes is 21.6275 shares per $1,000 principal amount, 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 has made an irrevocable election to settle conversions by paying holders of the 2023 Notes cash up to the aggregate principal amount of the 2023 Notes and shares of the Company's common stock or a combination of cash a n d shares of the Company's common stock, at the Company's election, for the remaining amounts owed, if any. In accordance with authoritative guidance related to derivatives and hedging and EPS, 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 market conversion criteria is met. 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 of issuance cost as debt issuance cost and the remaining $1.3 million as equity issuance cost. The balances of the liability component of the 2023 Notes outstanding as of March 31, 2022 and December 31, 2021, were as follows (amounts in thousands): March 31, 2022 December 31, 2021 Liability component - principal amount $ 345,000 $ 345,000 Unamortized debt issuance costs (2,055) (2,476) Liability component - net carrying amount $ 342,945 $ 342,524 The Company amortizes debt issuance costs over the life of the debt using an effective interest rate of 4.00%. Interest expense related to the 2023 Notes for the three and three months ended March 31, 2022 and 2021, were as follows (amounts in thousands): Three Months Ended March 31, 2022 2021 Interest expense - stated coupon rate $ 3,019 $ 3,019 Interest expense - amortization of debt issuance costs 420 404 Total interest expense - convertible notes $ 3,439 $ 3,423

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives: The Company periodically enters into derivative financial instruments, typically interest rate swap agreements, interest rate caps and foreign currency contracts, to reduce its exposure to fluctuations in interest rates on variable-rate debt and foreign currency exchange rates. The Company does not utilize derivative financial instruments with a level of complexity or with a risk greater than the exposure to be managed nor does it enter into or hold derivatives for trading or speculative purposes. The Company periodically reviews the creditworthiness of the counterparty to assess the counterparty's ability to honor its obligation. Counterparty default would expose the Company to fluctuations in interest and currency rates. Derivative financial instruments are recognized at fair value in the Company's Consolidated Balance Sheets. The following tables summarize the fair value of derivative instruments in the Company's Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 15,337 Other assets $ 6,251 Interest rate contracts Other liabilities 1,114 Other liabilities 14,879 Derivatives not designated as hedging instruments: Foreign currency contracts Other assets 6,080 Other assets 3,534 Foreign currency contracts Other liabilities 1,946 Other liabilities 11,099 Derivatives Designated as Hedging Instruments: Changes in fair value of derivative contracts designated as cash flow hedging instruments are recognized in other comprehensive income ("OCI"). As of March 31, 2022 and December 31, 2021, the notional amount of interest rate contracts designated as cash flow hedging instruments was $757.3 million and $869.1 million, respectively. Derivatives designated as cash flow hedging instruments were evaluated and remained highly effective at March 31, 2022 and have terms of one The following tables summarize the effects of derivatives designated as cash flow hedging instruments on the Company's Consolidated Financial Statements for the three months ended March 31, 2022 and 2021 (amounts in thousands): Gain or (loss) recognized in OCI, net of tax Derivatives designated as cash flow hedging instruments March 31, 2022 March 31, 2021 Interest rate contracts $ 16,410 $ 9,692 Gain or (loss) reclassified from OCI into income Location of gain or (loss) reclassified from OCI into income March 31, 2022 March 31, 2021 Interest expense, net $ (2,734) $ (3,336) Derivatives Not Designated as Hedging Instruments: Changes in fair value of derivative contracts not designated as hedging instruments are recognized in earnings. The Company also enters into foreign currency contracts to economically hedge the foreign currency re-measurement exposure related to certain balances that are denominated in currencies other than the functional currency of the entity. As of March 31, 2022 and December 31, 2021, the notional amount of foreign currency contracts that were not designated as hedging instruments was $1,135.0 million and $1,061.7 million, respectively. The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's Consolidated Income Statements for the three months ended March 31, 2022 and 2021 (amounts in thousands): Amount of gain or (loss) recognized in income Derivatives not designated as hedging instruments Location of gain or (loss) recognized in income March 31, 2022 March 31, 2021 Foreign currency contracts Foreign exchange gain $ 6,493 $ 2,097 Foreign currency contracts Interest expense, net (332) 114

Fair Value Measurements and Dis

Fair Value Measurements and Disclosures	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value	Fair Value: As defined by ASC Topic 820, "Fair Value Measurement 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 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 in the table were recorded in the Company's Consolidated Balance Sheets at March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Financial assets: Cash and cash equivalents $ 79,089 $ 79,089 $ 87,584 $ 87,584 Finance receivables, net 3,310,747 3,166,420 3,428,285 3,317,658 Financial liabilities: Interest-bearing deposits 117,035 117,035 124,623 124,623 Revolving lines of credit 1,100,287 1,100,287 1,167,806 1,167,806 Term loan 457,500 457,500 460,000 460,000 Senior Notes 650,000 645,568 650,000 673,366 Convertible Notes 345,000 383,309 345,000 406,607 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 that can be found in active markets. Accordingly, the Company estimates the fair value of cash and cash equivalents using Level 1 inputs. Finance receivables, net: The Company estimates the fair value of these receivables using proprietary pricing models that the Company utilizes to make portfolio acquisition decisions. Accordingly, the Company's fair value estimates use Level 3 inputs as there is little observable market data available and management is required to use significant judgment in its estimates. Interest-bearing deposits: The carrying amount approximates fair value due to the short-term nature of the deposits and the observable quoted prices for similar instruments in active markets. Accordingly, the Company uses Level 2 inputs for its fair value estimates. Revolving lines of credit: The carrying amount approximates fair value due to the short-term nature of the interest rate periods and the observable quoted prices for similar instruments in active markets. Accordingly, the Company uses Level 2 inputs for its fair value estimates. Term loan: 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 estimate. Senior Notes and Convertible Notes: The fair value estimates for the Senior Notes and the Convertible 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. Financial Instruments Required To Be Carried At Fair Value The carrying amounts in the following tables were measured at fair value on a recurring basis in the Company's Consolidated Balance Sheets at March 31, 2022 and December 31, 2021 (amounts in thousands): Fair Value Measurements as of March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Government securities $ 75,202 $ — $ — $ 75,202 Exchange traded funds 3,406 — — 3,406 Mutual funds 508 — — 508 Derivative contracts (recorded in Other assets) — 21,417 — 21,417 Liabilities: Derivative contracts (recorded in Other liabilities) — 3,060 — 3,060 Fair Value Measurements as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Government securities $ 77,538 $ — $ — $ 77,538 Exchange traded funds 1,746 — — 1,746 Mutual funds 508 — — 508 Derivative contracts (recorded in Other assets) — 9,785 — 9,785 Liabilities: Derivative contracts (recorded in Other liabilities) — 25,978 — 25,978 Government securities: Fair value of the Company's investment in government instruments are estimated using quoted market prices. Accordingly, the Company uses Level 1 inputs. Exchange traded funds: Fair value of the Company's investment in exchange traded funds is estimated using quoted market prices. Accordingly, the Company uses Level 1 inputs. 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. Derivative contracts: The estimated fair value of the derivative contracts is determined 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 ("NAV") 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 one

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss: The following tables provide details about the reclassifications from accumulated other comprehensive loss for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended March 31, Gains and losses on cash flow hedges 2022 2021 Affected line in the Consolidated Income Statement Interest rate swaps $ (2,734) $ (3,336) Interest expense, net Income tax effect of item above 564 705 Income tax expense Total losses on cash flow hedges $ (2,170) $ (2,631) Net of tax The following table represents the changes in accumulated other comprehensive loss by component, after tax, for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended March 31, 2022 Debt Securities Cash Flow Currency Translation Accumulated Other Available-for-sale Hedges Adjustments Comprehensive Loss (1) Balance at beginning of period $ (221) $ (5,371) $ (261,317) $ (266,909) Other comprehensive (loss)/gain before reclassifications (160) 16,410 4,780 21,030 Reclassifications, net — 2,170 — 2,170 Net current period other comprehensive (loss)/gain (160) 18,580 4,780 23,200 Balance at end of period $ (381) $ 13,209 $ (256,537) $ (243,709) Three Months Ended March 31, 2021 Debt Securities Cash Flow Currency Translation Accumulated Other Available-for-sale Hedges Adjustments Comprehensive Loss (1) Balance at beginning of period $ 127 $ (33,349) $ (212,569) $ (245,791) Other comprehensive gain/(loss) before reclassifications — 9,692 (20,108) (10,416) Reclassifications, net — 2,631 — 2,631 Net current period other comprehensive gain/(loss) — 12,323 (20,108) (7,785) Balance at end of period $ 127 $ (21,026) $ (232,677) $ (253,576) (1) Net of deferred taxes for unrealized (gains)/losses from cash flow hedges of $(1.2) million and $6.4 million for the three months ended March 31, 2022 and 2021, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share: Basic 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 Convertible Notes and nonvested share awards, if dilutive. There has been no dilutive effect of the Convertible Notes since issuance through March 31, 2022. 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. On July 29, 2021, the Board of Directors of the Company ("Board of Directors") approved a share repurchase program to purchase up to $150.0 million of the Company's outstanding shares of common stock. On October 28, 2021, the Board of Directors authorized an increase of $80.0 million to the existing program for a total of $230.0 million. On February 25, 2022, the Company completed its $230.0 million share repurchase program. Also on February 25, 2022, the Board of Directors approved a new share repurchase program under which the Company is authorized to repurchase up to $150.0 million of its outstanding common stock. For the three months ended March 31, 2022, the Company repurchased 860,031 shares of its common stock for approximately $39.5 million, at an average price of $45.88 per share. The Company's practice is to retire the shares it repurchases. The following tables provide a reconciliation between the computation of basic EPS and diluted EPS for the three months ended March 31, 2022 and 2021 (amounts in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Net Income Attributable to PRA Group, Inc. Weighted EPS Net Income Attributable to PRA Group, Inc. Weighted EPS Basic EPS $ 39,972 40,777 $ 0.98 $ 58,406 45,669 $ 1.28 Dilutive effect of nonvested share awards 527 (0.01) 376 (0.01) Diluted EPS $ 39,972 41,304 $ 0.97 $ 58,406 46,045 $ 1.27 There were no options outstanding, antidilutive or otherwise, as of March 31, 2022 and 2021.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes: The Company accounts for income taxes in accordance with Financial Accounting Standards Board ("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. At March 31, 2022, 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 international earnings to be indefinitely reinvested in its international operations; therefore, the recording of deferred tax liabilities for such unremitted earnings is not required. If international 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 international operations with indefinitely reinvested earnings was $68.0 million and $61.9 million as of March 31, 2022 and December 31, 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and Contingencies: Employment Agreements: The Company has entered into employment agreements with each of its U.S. executive officers, which expire on December 31, 2023. Such agreements provide for base salary payments as well as potential discretionary bonuses that consider the Company’s overall performance against its short and long-term financial and strategic objectives. The agreements also contain customary confidentiality and non-compete provisions. At March 31, 2022, estimated future compensation under these agreements was approximately $12.0 million. Outside the U.S., the Company has entered into employment agreements with certain employees pursuant to local country regulations. Generally, these agreements do not have expiration dates. As a result 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 $12.0 million total above. 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, 2022, was $618.9 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 and its subsidiaries are from time to time subject to a variety of routine legal and regulatory claims, inquiries and proceedings and regulatory matters, most of which are incidental to the ordinary course of its business. The Company initiates lawsuits against customers and is occasionally countersued by them in such actions. Also, customers, either individually, as members of a class action, or through a governmental entity on behalf of customers, may initiate litigation against the Company in which they allege that the Company has violated a state or federal law in the process of collecting on an account. From time to time, other types of lawsuits are brought against the Company. Additionally, the Company receives subpoenas and other requests or demands for information from regulators or governmental authorities who are investigating the Company's debt collection activities. The Company 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, 2022, 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. Matters that are not considered routine in nature legal proceedings were disclosed previously in the 2021 Form 10-K.

Organization and Business (Poli

Organization and Business (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of presentation: The Consolidated Financial Statements of the Company are prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The accompanying interim financial statements have been prepared in accordance with the instructions for Quarterly Reports on 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/(loss) 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 Sheets as of March 31, 2022, its Consolidated Income Statements, Statements of Comprehensive Income/(Loss), Consolidated Statements of Changes in Equity and Statements of Cash Flows for the three months ended March 31, 2022 and 2021 have been included. The Company's Consolidated Income Statements for the three months ended March 31, 2022 may not be indicative of future results.
Consolidation	Consolidation : The Consolidated Financial Statements include the accounts of PRA Group and other entities in which the Company has a controlling interest. All significant intercompany accounts and transactions have been eliminated. Entities in which the Company has a controlling financial interest, through ownership of the majority of the entities’ voting equity interests, or through other contractual rights that give the Company control, consist of entities which purchase and collect on portfolios of nonperforming loans. Investments in companies in which the Company has significant influence over operating and financing decisions, but does not own a majority of the voting equity interests, are accounted for in accordance with the equity method of accounting, which requires the Company to recognize its proportionate share of the entity’s net earnings. These investments are included in Other assets, with income or loss included in Other revenue. The Company performs on-going reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with an entity cause the Company’s consolidation conclusion to change.
Segments	Segments : The Company has determined that it has two operating segments that meet the aggregation criteria of Accounting Standards Codification ("ASC") 280, Segment Reporting ("ASC 280") and, therefore, it has one reportable segment, accounts receivable management. This conclusion is 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.
New Accounting Pronouncements	Recently issued accounting standards adopted: Reference Rate Reform In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848): Overall" ("ASU 2021-01"). ASU 2021-01 expands the scope of ASC 848 to include derivatives affected by the discounting transition for certain optional expedients and exceptions. ASU 2021-01 is effective immediately for a limited time through December 31, 2022. The Company assessed whether amendments and modifications to its swap agreements and borrowing agreements qualify for any optional expedients. During the first quarter of 2022, the Company elected certain of the optional expedients to maintain cash flow hedge accounting for swap agreements with a combined notional amount of $422.8 million. Recently issued accounting standards not yet adopted: 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, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue And Long-Lived Assets Held By Geographical Location	The following tables show the amount of revenue generated for the three months ended March 31, 2022 and 2021, and long-lived assets held at March 31, 2022 and 2021, 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, 2022 Three Months Ended March 31, 2021 Revenues (2) Long-Lived Assets Revenues (2) Long-Lived Assets United States $ 151,425 $ 85,809 $ 178,181 $ 96,630 United Kingdom 43,954 6,851 48,177 2,269 Other (1) 45,226 16,834 63,111 8,765 Total $ 240,605 $ 109,494 $ 289,469 $ 107,664 (1) None of the countries included in "Others" comprise greater than 10% of the Company's consolidated revenues or long-lived assets. (2) Based on the Company’s financial statement information used to produce the Company's general-purpose financial statements, it is impracticable to report further breakdowns of revenues from external customers by product or service.

Finance Receivables, net (Table

Finance Receivables, net (Tables)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Receivables [Abstract]
Schedule of Finance Receivables, Net	Finance receivables, net consisted of the following at March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Amortized cost $ — $ — Negative allowance for expected recoveries (1) 3,310,747 3,428,285 Balance at end of period $ 3,310,747 $ 3,428,285 (1) The negative allowance balance includes certain portfolios of nonperforming loans for which the Company holds a beneficial interest representing approximatel y 0.9% of the
Schedule of Changes in Negative Allowance for Expected Recoveries		Changes in the negative allowance for expected recoveries by portfolio segment for the three months ended March 31, 2022 and 2021 were as follows (amounts in thousands): Three Months Ended March 31, 2022 Core Insolvency Total Balance at beginning of period $ 2,989,932 $ 438,353 $ 3,428,285 Initial negative allowance for expected recoveries - portfolio acquisitions (1) 129,404 18,048 147,452 Foreign currency translation adjustment (11,009) (5,624) (16,633) Recoveries applied to negative allowance (2) (231,153) (47,118) (278,271) Changes in expected recoveries (3) 25,147 4,767 29,914 Balance at end of period $ 2,902,321 $ 408,426 $ 3,310,747 Three Months Ended March 31, 2021 Core Insolvency Total Balance at beginning of period $ 3,019,477 $ 495,311 $ 3,514,788 Initial negative allowance for expected recoveries - portfolio acquisitions (1) 133,007 25,954 158,961 Foreign currency translation adjustment (24,249) 1,589 (22,660) Recoveries applied to negative allowance (2) (285,171) (43,388) (328,559) Changes in expected recoveries (3) 48,410 1,726 50,136 Balance at end of period $ 2,891,474 $ 481,192 $ 3,372,666 (1) Initial negative allowance for expected recoveries - portfolio acquisitions Portfolio acquisitions for the three months ended March 31, 2022 and 2021 were as follows (amounts in thousands): Three Months Ended March 31, 2022 Core Insolvency Total Face value $ 948,057 $ 97,083 $ 1,045,140 Noncredit discount (91,600) (5,852) (97,452) Allowance for credit losses at acquisition (727,053) (73,183) (800,236) Purchase price $ 129,404 $ 18,048 $ 147,452 Three Months Ended March 31, 2021 Core Insolvency Total Face value $ 1,088,655 $ 134,811 $ 1,223,466 Noncredit discount (132,532) (7,498) (140,030) Allowance for credit losses at acquisition (823,116) (101,359) (924,475) Purchase price $ 133,007 $ 25,954 $ 158,961 The initial negative allowance recorded on portfolio acquisitions for the three months ended March 31, 2022 and 2021 was as follows (amounts in thousands): Three Months Ended March 31, 2022 Core Insolvency Total Allowance for credit losses at acquisition $ (727,053) $ (73,183) $ (800,236) Writeoffs, net 727,053 73,183 800,236 Expected recoveries 129,404 18,048 147,452 Initial negative allowance for expected recoveries $ 129,404 $ 18,048 $ 147,452 Three Months Ended March 31, 2021 Core Insolvency Total Allowance for credit losses at acquisition $ (823,116) $ (101,359) $ (924,475) Writeoffs, net 823,116 101,359 924,475 Expected recoveries 133,007 25,954 158,961 Initial negative allowance for expected recoveries $ 133,007 $ 25,954 $ 158,961 (2) Recoveries applied to negative allowance Recoveries applied to the negative allowance were calculated as follows for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended March 31, 2022 Core Insolvency Total Recoveries (a) $ 425,508 $ 60,295 $ 485,803 Less - amounts reclassified to portfolio income 194,355 13,177 207,532 Recoveries applied to negative allowance $ 231,153 $ 47,118 $ 278,271 Three Months Ended March 31, 2021 Core Insolvency Total Recoveries (a) $ 500,332 $ 59,899 $ 560,231 Less - amounts reclassified to portfolio income 215,161 16,511 231,672 Recoveries applied to negative allowance $ 285,171 $ 43,388 $ 328,559 (a) Recoveries includes cash collections, buybacks and other cash-based adjustments. (3) Changes in expected recoveries Changes in expected recoveries consisted of the following for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended March 31, 2022 Core Insolvency Total Changes in expected future recoveries $ 9,771 $ (3,525) $ 6,246 Recoveries received in excess of forecast 15,376 8,292 23,668 Changes in expected recoveries $ 25,147 $ 4,767 $ 29,914 Three Months Ended March 31, 2021 Core Insolvency Total Changes in expected future recoveries $ (46,502) $ (6,350) $ (52,852) Recoveries received in excess of forecast 94,912 8,076 102,988 Changes in expected recoveries $ 48,410 $ 1,726 $ 50,136 In order to make estimates of cash collections, the Company considered historical performance, current economic forecasts, short-term and long-term growth and consumer habits in the various geographies in which the Company operates. The Company considered recent collection activity in its determination to adjust assumptions related to near-term estimated remaining collections ("ERC") for certain pools. Based on these considerations, the Company’s estimates incorporate changes in both amounts and in the timing of expected cash collections over the forecast period. Changes in expected recoveries for the three months ended March 31, 2022 were a net positive $29.9 million. This reflects $23.7 million in recoveries received in excess of forecast reflecting strong cash collections overperformance in Europe and a $6.2 million positive adjustment to changes in expected future recoveries. The changes in expected future recoveries includes the Company's continued assumption that the majority of the overperformance was due to acceleration in the timing of cash collections. The Company also made near-term adjustments to expected future collections in certain geographies bringing them in line with recent performance trends with corresponding adjustments made later in the forecast period. The change in expected recoveries included a $20.5 million write down on one portfolio in Brazil. Changes in expected recoveries for the three months ended March 31, 2021 were a net positive $50.1 million. This reflected $103.0 million in recoveries received in excess of forecast, which was largely due to significant cash collections overperformance, reduced by a $52.9 million negative adjustment to changes in expected future recoveries. The change in expected future recoveries reflect the Company's assumption that the majority of the overperformance was due to acceleration in the timing of cash collections rather than an increase to total expected collections.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of Investments	Investments consisted of the following at March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Debt securities Available-for-sale $ 75,202 $ 77,538 Equity securities Exchange traded funds 3,406 1,746 Private equity funds 5,059 5,137 Mutual funds 508 508 Equity method investments 9,074 8,048 Total investments $ 93,249 $ 92,977
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, 2022 and December 31, 2021 were as follows (amounts in thousands): March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Government securities $ 75,582 $ — $ 380 $ 75,202 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Available-for-sale Government securities $ 77,757 $ — $ 219 $ 77,538

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	The changes in goodwill for the three months ended March 31, 2022 and 2021, were as follows (amounts in thousands): Three Months Ended March 31, 2022 2021 Balance at beginning of period $ 480,263 $ 492,989 Change in foreign currency translation adjustment 3,117 (238) Balance at end of period $ 483,380 $ 492,751

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Lease, Cost	The components of lease expense for the three months ended March 31, 2022 and 2021, were as follows (amounts in thousands): Three Months Ended March 31, 2022 2021 Operating lease expense $ 3,232 $ 2,981 Short-term lease expense 904 676 Sublease income (115) — Total lease expense $ 4,021 $ 3,657 Supplemental cash flow information and non-cash activity related to leases for the three months ended March 31, 2022 and 2021 were as follows (amounts in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,098 $ 2,865 ROU assets obtained in exchange for operating lease obligations 1,106 304 Lease term and discount rate information related to operating leases was as follows: Three Months Ended March 31, 2022 2021 Weighted-average remaining lease term (years) 8.4 9.0 Weighted-average discount rate 4.48 % 4.72 %
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities at March 31, 2022 were as follows for the following periods (amounts in thousands): Operating Leases For the nine months ending December 31, 2022 $ 8,428 For the year ending December 31, 2023 9,657 For the year ending December 31, 2024 9,080 For the year ending December 31, 2025 8,834 For the year ending December 31, 2026 7,709 Thereafter 28,441 Total lease payments $ 72,149 Less: imputed interest 12,443 Total present value of lease liabilities $ 59,706

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The Company's borrowings consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Americas revolving credit (1) $ 372,870 $ 372,119 Europe revolving credit 727,417 795,687 Term loan 457,500 460,000 Senior notes 650,000 650,000 Convertible notes 345,000 345,000 2,552,787 2,622,806 Less: Debt discount and issuance costs (13,325) (14,092) Total $ 2,539,462 $ 2,608,714
Schedule of Maturities of Long-term Debt	The following principal payments were due on the Company's borrowings as of March 31, 2022 for the 12-month periods ending March 31, (amounts in thousands): 2023 $ 10,324 2024 1,082,741 2025 10,242 2026 310,000 2027 789,480 Thereafter 350,000 Total $ 2,552,787
Schedule of Liability and Equity Components	The balances of the liability component of the 2023 Notes outstanding as of March 31, 2022 and December 31, 2021, were as follows (amounts in thousands): March 31, 2022 December 31, 2021 Liability component - principal amount $ 345,000 $ 345,000 Unamortized debt issuance costs (2,055) (2,476) Liability component - net carrying amount $ 342,945 $ 342,524
Schedule of Debt Interest Expense	Interest expense related to the 2023 Notes for the three and three months ended March 31, 2022 and 2021, were as follows (amounts in thousands): Three Months Ended March 31, 2022 2021 Interest expense - stated coupon rate $ 3,019 $ 3,019 Interest expense - amortization of debt issuance costs 420 404 Total interest expense - convertible notes $ 3,439 $ 3,423

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following tables summarize the fair value of derivative instruments in the Company's Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 15,337 Other assets $ 6,251 Interest rate contracts Other liabilities 1,114 Other liabilities 14,879 Derivatives not designated as hedging instruments: Foreign currency contracts Other assets 6,080 Other assets 3,534 Foreign currency contracts Other liabilities 1,946 Other liabilities 11,099
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following tables summarize the effects of derivatives designated as cash flow hedging instruments on the Company's Consolidated Financial Statements for the three months ended March 31, 2022 and 2021 (amounts in thousands): Gain or (loss) recognized in OCI, net of tax Derivatives designated as cash flow hedging instruments March 31, 2022 March 31, 2021 Interest rate contracts $ 16,410 $ 9,692 Gain or (loss) reclassified from OCI into income Location of gain or (loss) reclassified from OCI into income March 31, 2022 March 31, 2021 Interest expense, net $ (2,734) $ (3,336)
Schedule of derivative instruments not designated as hedging instruments	The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's Consolidated Income Statements for the three months ended March 31, 2022 and 2021 (amounts in thousands): Amount of gain or (loss) recognized in income Derivatives not designated as hedging instruments Location of gain or (loss) recognized in income March 31, 2022 March 31, 2021 Foreign currency contracts Foreign exchange gain $ 6,493 $ 2,097 Foreign currency contracts Interest expense, net (332) 114

Fair Value Measurements and D_2

Fair Value Measurements and Disclosures (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of financial instruments not required to be carried at fair value	The carrying amounts in the table were recorded in the Company's Consolidated Balance Sheets at March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Financial assets: Cash and cash equivalents $ 79,089 $ 79,089 $ 87,584 $ 87,584 Finance receivables, net 3,310,747 3,166,420 3,428,285 3,317,658 Financial liabilities: Interest-bearing deposits 117,035 117,035 124,623 124,623 Revolving lines of credit 1,100,287 1,100,287 1,167,806 1,167,806 Term loan 457,500 457,500 460,000 460,000 Senior Notes 650,000 645,568 650,000 673,366 Convertible Notes 345,000 383,309 345,000 406,607
Schedule of financial instruments required to be carried at fair value	The carrying amounts in the following tables were measured at fair value on a recurring basis in the Company's Consolidated Balance Sheets at March 31, 2022 and December 31, 2021 (amounts in thousands): Fair Value Measurements as of March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Government securities $ 75,202 $ — $ — $ 75,202 Exchange traded funds 3,406 — — 3,406 Mutual funds 508 — — 508 Derivative contracts (recorded in Other assets) — 21,417 — 21,417 Liabilities: Derivative contracts (recorded in Other liabilities) — 3,060 — 3,060 Fair Value Measurements as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Government securities $ 77,538 $ — $ — $ 77,538 Exchange traded funds 1,746 — — 1,746 Mutual funds 508 — — 508 Derivative contracts (recorded in Other assets) — 9,785 — 9,785 Liabilities: Derivative contracts (recorded in Other liabilities) — 25,978 — 25,978

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table represents the changes in accumulated other comprehensive loss by component, after tax, for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended March 31, 2022 Debt Securities Cash Flow Currency Translation Accumulated Other Available-for-sale Hedges Adjustments Comprehensive Loss (1) Balance at beginning of period $ (221) $ (5,371) $ (261,317) $ (266,909) Other comprehensive (loss)/gain before reclassifications (160) 16,410 4,780 21,030 Reclassifications, net — 2,170 — 2,170 Net current period other comprehensive (loss)/gain (160) 18,580 4,780 23,200 Balance at end of period $ (381) $ 13,209 $ (256,537) $ (243,709) Three Months Ended March 31, 2021 Debt Securities Cash Flow Currency Translation Accumulated Other Available-for-sale Hedges Adjustments Comprehensive Loss (1) Balance at beginning of period $ 127 $ (33,349) $ (212,569) $ (245,791) Other comprehensive gain/(loss) before reclassifications — 9,692 (20,108) (10,416) Reclassifications, net — 2,631 — 2,631 Net current period other comprehensive gain/(loss) — 12,323 (20,108) (7,785) Balance at end of period $ 127 $ (21,026) $ (232,677) $ (253,576) (1) Net of deferred taxes for unrealized (gains)/losses from cash flow hedges of $(1.2) million and $6.4 million for the three months ended March 31, 2022 and 2021, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Reconciliation Between the Computation of Basic and Diluted EPS	The following tables provide a reconciliation between the computation of basic EPS and diluted EPS for the three months ended March 31, 2022 and 2021 (amounts in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Net Income Attributable to PRA Group, Inc. Weighted EPS Net Income Attributable to PRA Group, Inc. Weighted EPS Basic EPS $ 39,972 40,777 $ 0.98 $ 58,406 45,669 $ 1.28 Dilutive effect of nonvested share awards 527 (0.01) 376 (0.01) Diluted EPS $ 39,972 41,304 $ 0.97 $ 58,406 46,045 $ 1.27

Organization and Business (Deta

Organization and Business (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of reportable segments | segment	1
Revenues	$ 240,605	$ 289,469
Long-Lived Assets	109,494	107,664
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	151,425	178,181
Long-Lived Assets	85,809	96,630
UNITED KINGDOM
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	43,954	48,177
Long-Lived Assets	6,851	2,269
Outside the United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	45,226	63,111
Long-Lived Assets	$ 16,834	$ 8,765

Finance Receivables, net (Rollf

Finance Receivables, net (Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Amortized cost	$ 0	$ 0
Negative allowance for expected recoveries	3,310,747	3,428,285
Balance at end of period	$ 3,310,747	$ 3,428,285	$ 3,372,666	$ 3,514,788
Beneficial interest, percentage of balance	0.90%

Finance Receivables, net Financ

Finance Receivables, net Finance Receivables, net (Allowance for Expected Recoveries) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 3,428,285
Initial negative allowance for expected recoveries - acquisitions	147,452	$ 158,961
Foreign currency translation adjustment	(16,633)	(22,660)
Recoveries applied to negative allowance	(278,271)	(328,559)
Changes in estimated recoveries	29,914	50,136
Balance at end of period	3,310,747
Balance at end of period	3,310,747	3,372,666	$ 3,428,285	$ 3,514,788
Core
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Initial negative allowance for expected recoveries - acquisitions	129,404	133,007
Foreign currency translation adjustment	(11,009)	(24,249)
Recoveries applied to negative allowance	(231,153)	(285,171)
Changes in estimated recoveries	25,147	48,410
Balance at end of period	2,902,321	2,891,474	2,989,932	3,019,477
Insolvency
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Initial negative allowance for expected recoveries - acquisitions	18,048	25,954
Foreign currency translation adjustment	(5,624)	1,589
Recoveries applied to negative allowance	(47,118)	(43,388)
Changes in estimated recoveries	4,767	1,726
Balance at end of period	$ 408,426	$ 481,192	$ 438,353	$ 495,311

Finance Receivables, net (Portf

Finance Receivables, net (Portfolio Acquisitions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face value	$ 1,045,140	$ 1,223,466
Noncredit discount	(97,452)	(140,030)
Allowance for credit losses at acquisition	(800,236)	(924,475)
Purchase price	147,452	158,961
Core
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face value	948,057	1,088,655
Noncredit discount	(91,600)	(132,532)
Allowance for credit losses at acquisition	(727,053)	(823,116)
Purchase price	129,404	133,007
Insolvency
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face value	97,083	134,811
Noncredit discount	(5,852)	(7,498)
Allowance for credit losses at acquisition	(73,183)	(101,359)
Purchase price	$ 18,048	$ 25,954

Finance Receivables, net Fina_2

Finance Receivables, net Finance Receivables, net (Initial Negative Allowance for Recoveries) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses at acquisition	$ (800,236)	$ (924,475)
Writeoffs, net	800,236	924,475
Expected recoveries	147,452	158,961
Purchase price	147,452	158,961
Core
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses at acquisition	(727,053)	(823,116)
Writeoffs, net	727,053	823,116
Expected recoveries	129,404	133,007
Purchase price	129,404	133,007
Insolvency
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses at acquisition	(73,183)	(101,359)
Writeoffs, net	73,183	101,359
Expected recoveries	18,048	25,954
Purchase price	$ 18,048	$ 25,954

Finance Receivables, net Fina_3

Finance Receivables, net Finance Receivables, net (Recoveries) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Allowance for Credit Losses [Line Items]
Recoveries	$ 485,803	$ 560,231
Less - amounts reclassified to portfolio income	207,532	231,672
Recoveries applied to negative allowance	278,271	328,559
Core
Financing Receivable, Allowance for Credit Losses [Line Items]
Recoveries	425,508	500,332
Less - amounts reclassified to portfolio income	194,355	215,161
Recoveries applied to negative allowance	231,153	285,171
Insolvency
Financing Receivable, Allowance for Credit Losses [Line Items]
Recoveries	60,295	59,899
Less - amounts reclassified to portfolio income	13,177	16,511
Recoveries applied to negative allowance	$ 47,118	$ 43,388

Finance Receivables, net (Chang

Finance Receivables, net (Changes in Estimated Future Recoveries) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Allowance for Credit Losses [Line Items]
Changes in expected future recoveries	$ 6,246	$ (52,852)
Recoveries received in excess of forecast	23,668	102,988
Changes in expected recoveries	29,914	50,136
Core
Financing Receivable, Allowance for Credit Losses [Line Items]
Changes in expected future recoveries	9,771	(46,502)
Recoveries received in excess of forecast	15,376	94,912
Changes in expected recoveries	25,147	48,410
Insolvency
Financing Receivable, Allowance for Credit Losses [Line Items]
Changes in expected future recoveries	(3,525)	(6,350)
Recoveries received in excess of forecast	8,292	8,076
Changes in expected recoveries	$ 4,767	$ 1,726

Finance Receivables, net (Narra

Finance Receivables, net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Receivables [Abstract]
Changes in estimated recoveries	$ 29,914	$ 50,136
Recoveries received in excess of forecast	23,668	102,988
Changes in expected future recoveries	$ 6,246	$ (52,852)

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt securities
Available-for-sale	$ 75,202	$ 77,538
Equity securities
Equity method investments	9,074	8,048
Investments	93,249	92,977
Private equity funds
Equity securities
Equity securities	5,059	5,137
Mutual funds
Equity securities
Equity securities	508	508
Exchange traded funds
Equity securities
Equity securities	$ 3,406	$ 1,746

Investments - Amortized Costs (

Investments - Amortized Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2021	Dec. 31, 2021
Available-for-sale
Government securities	$ 75,202		$ 77,538
Government Bonds and Fixed Income Funds
Available-for-sale
Amortized Cost	75,582		77,757
Gross Unrealized Gains	0	$ 0
Gross Unrealized Losses	380	$ 219
Government securities	$ 75,202		$ 77,538

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended
	Mar. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Cost-method investment, ownership percentage	1.00%
RCB Investimentos S.A.
Debt and Equity Securities, FV-NI [Line Items]
Ownership percentage	11.70%

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill [Roll Forward]
Balance at beginning of period	$ 480,263	$ 492,989
Change in foreign currency translation adjustment	3,117	(238)
Balance at end of period	$ 483,380	$ 492,751

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Renewal term	5 years
Termination period	1 year
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	15 years

Leases - Lease Cost and Other I

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease expense	$ 3,232	$ 2,981
Short-term lease expense	904	676
Sublease income	(115)	0
Total lease expense	4,021	3,657
Cash paid for amounts included in the measurement of operating lease liabilities	3,098	2,865
ROU assets obtained in exchange for operating lease obligations	$ 1,106	$ 304
Weighted-average remaining lease term (years)	8 years 4 months 24 days	9 years
Weighted-average discount rate	4.48%	4.72%

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
For the nine months ending December 31, 2022	$ 8,428
For the year ending December 31, 2023	9,657
For the year ending December 31, 2024	9,080
For the year ending December 31, 2025	8,834
For the year ending December 31, 2026	7,709
Thereafter	28,441
Total lease payments	72,149
Less: imputed interest	(12,443)
Total present value of lease liabilities	$ 59,706	$ 61,188

Borrowings - Components of Borr

Borrowings - Components of Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt outstanding	$ 2,552,787	$ 2,622,806
Less: Debt discount and issuance costs	(13,325)	(14,092)
Total	2,539,462	2,608,714
Term Loan
Debt Instrument [Line Items]
Debt outstanding	457,500	460,000
Senior Notes
Debt Instrument [Line Items]
Debt outstanding		650,000
Convertible Senior Notes
Debt Instrument [Line Items]
Debt outstanding	345,000	345,000
Americas revolving credit (1) | Line of Credit
Debt Instrument [Line Items]
Debt outstanding	372,870	372,119
Europe revolving credit | Line of Credit
Debt Instrument [Line Items]
Debt outstanding	$ 727,417	$ 795,687

Borrowings - Long-Term Debt Mat

Borrowings - Long-Term Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 10,324
2024	1,082,741
2025	10,242
2026	310,000
2027	789,480
Thereafter	350,000
Total	$ 2,552,787	$ 2,622,806

Borrowings - North American Rev

Borrowings - North American Revolving Credit and Term Loan (Details)	Apr. 01, 2022USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Credit Agreement
Debt Instrument [Line Items]
Credit agreement consolidated leverage ratio		3.50
Consolidated senior secured leverage ratio		2.25
Maximum cash dividends		$ 20,000,000
Credit Agreement | Minimum
Debt Instrument [Line Items]
Unused commitment fee		0.30%
Credit Agreement | Maximum
Debt Instrument [Line Items]
Unused commitment fee		0.35%
North American Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,500,000,000
Unused portion		703,000,000
Current borrowing capacity		72,900,000
UK Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Credit agreement consolidated leverage ratio	3.50
Consolidated senior secured leverage ratio	2.25
Convertible Senior Notes
Debt Instrument [Line Items]
Long-term debt		$ 342,945,000	$ 342,524,000
Convertible Senior Notes | Credit Agreement
Debt Instrument [Line Items]
Consolidated senior secured leverage ratio		1.60
Eurodollar Rate | Credit Agreement | Minimum
Debt Instrument [Line Items]
Basis spread variable rate		2.00%
Eurodollar Rate | Credit Agreement | Maximum
Debt Instrument [Line Items]
Basis spread variable rate		2.25%
Eurodollar Rate | UK Credit Agreement | Maximum | Subsequent Event
Debt Instrument [Line Items]
Basis spread variable rate	2.50%
Interest Rate Floor
Debt Instrument [Line Items]
Basis spread variable rate		0.00%
Line of Credit | Line of Credit
Debt Instrument [Line Items]
Long-term debt		$ 457,500,000
Revolving Credit Facility | North American Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		1,000,000,000
Line of credit facility, optional increase in borrowing capacity		500,000,000
Line of credit facility, option for letters of credit		25,000,000
Line of credit facility, option to reduce borrowing capacity		25,000,000
Revolving Credit Facility | Line of Credit | UK Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 800,000,000
Line of credit facility, optional increase in borrowing capacity	$ 200,000,000
Revolving Credit Facility | Line of Credit | UK Credit Agreement | Minimum | Subsequent Event
Debt Instrument [Line Items]
Unused commitment fee	0.30%
Consolidated senior secured leverage ratio	1.60
Revolving Credit Facility | Line of Credit | UK Credit Agreement | Maximum | Subsequent Event
Debt Instrument [Line Items]
Basis spread variable rate	2.75%
Unused commitment fee	0.35%
Canadian Revolving Credit Facility | North American Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 75,000,000
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 Core Asset Pool | UK Credit Agreement | Subsequent Event
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 Insolvent Asset Pool | UK Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Percentage of maximum level of borrowings of ERC of insolvent asset pools	55.00%

Borrowings - European Revolving

Borrowings - European Revolving Credit Facility and Term Loan (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022SEK (kr)	Apr. 07, 2022USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Debt outstanding			$ 2,552,787	$ 2,622,806
European Revolving Credit Facility
Line of Credit Facility [Line Items]
Loan-to-value covenant	45.00%
European Revolving Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Current borrowing capacity			662,600
Debt Instrument, covenant, interest bearing deposits, maximum | kr	kr 1,200,000,000
European Revolving Credit Facility | Overdraft Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			40,000
Facility line fee	0.125%
Line of Credit | Europe revolving credit
Line of Credit Facility [Line Items]
Debt outstanding			727,417	$ 795,687
Line of Credit | European Revolving Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			1,350,000
Unused commitment fee	1.12%
Unused line fee as a percentage of margin	35.00%
Current borrowing capacity			$ 498,200
Debt instrument, covenant, maximum GIBD	3.25
Line of Credit | European Revolving Credit Facility | Revolving Credit Facility | Subsequent Event
Line of Credit Facility [Line Items]
Line of credit, decrease to limit		$ 600,000
Minimum | Interbank Offered Rate (IBOR) | Line of Credit | European Revolving Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread variable rate	2.70%
Maximum | Interbank Offered Rate (IBOR) | Line of Credit | European Revolving Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread variable rate	3.80%

Borrowings - Colombian Revolvin

Borrowings - Colombian Revolving Credit Facility (Details) - Revolving Credit Facility - Colombian Revolving Credit Facility - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding borrowings under credit facility	$ 0.9
Weighted average interest rate	8.69%	5.85%

Borrowings - Convertible Senior

Borrowings - Convertible Senior Notes (Details) - Note Due 2023 - Convertible Senior Notes	May 26, 2017USD ($)	May 26, 2017USD ($)	May 26, 2017USD ($)	May 26, 2017USD ($)day	May 26, 2017USD ($)$ / shares	Mar. 31, 2022
Debt Instrument [Line Items]
Face amount	$ 345,000,000	$ 345,000,000	$ 345,000,000	$ 345,000,000	$ 345,000,000
Stated percentage	3.50%	3.50%	3.50%	3.50%	3.50%
Minimum sales price for conversion			130.00%
Trading days threshold | day				20
Consecutive treading days threshold			30	30
Threshold percentage used in trading price calculation	98.00%	98.00%	98.00%	98.00%	98.00%
Threshold trading days used in trading price calculation	10 days
Share subscription or sale period	45 days
Consecutive trading days used in share price calculation	10 days
Distribution share value, percentage in excess of sale price	10.00%	10.00%	10.00%	10.00%	10.00%
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	$ 298,800,000	$ 298,800,000	$ 298,800,000	$ 298,800,000
Carrying amount of convertible debt	46,200,000	46,200,000	46,200,000	46,200,000	46,200,000
Debt issuance cost	$ 8,300,000	8,300,000	$ 8,300,000	$ 8,300,000	$ 8,300,000
Equity and debt issuance costs		9,600,000
Equity issuance cost		$ 1,300,000
Interest rate at period end						4.00%

Borrowings - Senior Notes (Deta

Borrowings - Senior Notes (Details) - Senior Notes - USD ($)	Sep. 22, 2021	Aug. 27, 2020
2025 Notes
Line of Credit Facility [Line Items]
Face amount		$ 300,000,000
Stated percentage		7.375%
2025 Notes | On Or After September 1, 2022
Line of Credit Facility [Line Items]
Redemption price of original principal amount		103.688%
2025 Notes | September 1, 2023 To October 31, 2024
Line of Credit Facility [Line Items]
Redemption price of original principal amount		101.844%
2025 Notes | September 1, 2024 And Thereafter
Line of Credit Facility [Line Items]
Redemption price of original principal amount		100.00%
2025 Notes | On Or Before September 1, 2022
Line of Credit Facility [Line Items]
Redemption price, percentage of aggregate principal amount		40.00%
Redemption price of original principal amount		107.375%
Debt redemption period		90 days
Redemption price, minimum percentage of principal amount outstanding		60.00%
2025 Notes | On Or Before September 1, 2022 | Change Of Control Event
Line of Credit Facility [Line Items]
Redemption price of original principal amount		101.00%
2029 Notes
Line of Credit Facility [Line Items]
Face amount	$ 350,000,000
Stated percentage	5.00%
2029 Notes | On Or After September 1, 2022
Line of Credit Facility [Line Items]
Redemption price of original principal amount	102.50%
2029 Notes | September 1, 2023 To October 31, 2024
Line of Credit Facility [Line Items]
Redemption price of original principal amount	101.25%
2029 Notes | September 1, 2024 And Thereafter
Line of Credit Facility [Line Items]
Redemption price of original principal amount	100.00%
2029 Notes | On Or Before September 1, 2022
Line of Credit Facility [Line Items]
Redemption price, percentage of aggregate principal amount	40.00%
Redemption price of original principal amount	105.00%
Debt redemption period	90 days
Redemption price, minimum percentage of principal amount outstanding	60.00%
2029 Notes | On Or Before September 1, 2022 | Change Of Control Event
Line of Credit Facility [Line Items]
Redemption price of original principal amount	101.00%

Borrowings - Balances of Liabil

Borrowings - Balances of Liability and Equity Components (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt outstanding	$ 2,552,787	$ 2,622,806
Convertible Senior Notes
Debt Instrument [Line Items]
Debt outstanding	345,000	345,000
Unamortized debt issuance costs	(2,055)	(2,476)
Total	$ 342,945	$ 342,524

Borrowings - Interest Expense (

Borrowings - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Interest expense - amortization of debt issuance costs	$ 420	$ 404
Convertible Senior Notes
Debt Instrument [Line Items]
Interest expense - stated coupon rate	3,019	3,019
Total interest expense - convertible notes	$ 3,439	$ 3,423

Borrowings - UK Revolving Credi

Borrowings - UK Revolving Credit Facility (Details) - UK Credit Agreement - Subsequent Event	Apr. 01, 2022USD ($)
Line of Credit Facility [Line Items]
Consolidated senior secured leverage ratio	2.25
Credit agreement consolidated leverage ratio	3.50
Eligible Core Asset Pool
Line of Credit Facility [Line Items]
Percentage of maximum level of borrowings of ERC of eligible asset pools	35.00%
Eligible Insolvent Asset Pool
Line of Credit Facility [Line Items]
Percentage of maximum level of borrowings of ERC of insolvent asset pools	55.00%
Maximum | Eurodollar Rate
Line of Credit Facility [Line Items]
Basis spread variable rate	2.50%
Debt Instrument, Basis Spread on Variable Rate, Credit Adjustment Spread	0.10%
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 800,000,000
Line of credit facility, optional increase in borrowing capacity	$ 200,000,000
Revolving Credit Facility | Line of Credit | Maximum
Line of Credit Facility [Line Items]
Basis spread variable rate	2.75%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.35%
Revolving Credit Facility | Line of Credit | Minimum
Line of Credit Facility [Line Items]
Consolidated senior secured leverage ratio	1.60
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.30%

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives by Balance Sheet Location (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative contracts (recorded in Other liabilities)	$ 3,060	$ 25,978
Derivative contracts (recorded in Other assets)	21,417	9,785
Interest rate contracts | Designated as Hedging Instrument | Other assets
Derivatives, Fair Value [Line Items]
Derivative contracts (recorded in Other liabilities)	1,114	14,879
Interest rate contracts | Designated as Hedging Instrument | Other assets
Derivatives, Fair Value [Line Items]
Derivative contracts (recorded in Other assets)	15,337	6,251
Foreign currency contracts | Not Designated as Hedging Instrument | Other assets
Derivatives, Fair Value [Line Items]
Derivative contracts (recorded in Other liabilities)	1,946	11,099
Foreign currency contracts | Not Designated as Hedging Instrument | Other assets
Derivatives, Fair Value [Line Items]
Derivative contracts (recorded in Other assets)	$ 6,080	$ 3,534

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Designated as Hedging Instrument | Interest rate contracts
Derivative [Line Items]
Net derivative gain (loss) included in OCI to be reclassified next 12 months	$ 2.4
Derivative, Notional Amount1	757.3	$ 869.1
Not Designated as Hedging Instrument | Foreign currency contracts
Derivative [Line Items]
Derivative, Notional Amount1	$ 1,135	$ 1,061.7
Maximum
Derivative [Line Items]
Derivative, Term of Contract	4 years
Minimum
Derivative [Line Items]
Derivative, Term of Contract	1 year

Derivatives - Schedule of Effec

Derivatives - Schedule of Effects of Derivatives Designated as Cash Flow Hedging Instruments (Details) - Interest rate contracts - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (loss) recognized in OCI, net of tax	$ 16,410	$ 9,692
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Three Months Ended March 31,	$ (2,734)	$ (3,336)

Derivatives - Schedule of Eff_2

Derivatives - Schedule of Effects of Derivatives Not Designated as Hedging Instruments (Details) - Foreign currency contracts - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Foreign exchange gain
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain or (loss) recognized in income	$ 6,493	$ 2,097
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain or (loss) recognized in income	$ (332)	$ 114

Fair Value Measurements And D_3

Fair Value Measurements And Disclosures - Financial Instruments Not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Financial assets:
Cash and cash equivalents, carrying amount	$ 79,089	$ 87,584	$ 92,798
Finance receivables, net, carrying amount	3,310,747	3,428,285
Financial liabilities:
Interest-bearing deposits, carrying value	117,035	124,623
Carrying Amount
Financial assets:
Cash and cash equivalents, carrying amount	79,089	87,584
Finance receivables, net, carrying amount	3,310,747	3,428,285
Financial liabilities:
Interest-bearing deposits, carrying value	117,035	124,623
Outstanding borrowings under credit facility	1,100,287	1,167,806
Term loans, carrying amount	457,500	460,000
Senior Notes, carrying amount	650,000	650,000
Convertible debt	345,000	345,000
Estimated Fair Value
Financial assets:
Cash and cash equivalents, estimated fair value	79,089	87,584
Finance receivables, net, estimated fair value	3,166,420	3,317,658
Financial liabilities:
Interest-bearing deposits, fair value	117,035	124,623
Revolving lines of credit, estimated fair value	1,100,287	1,167,806
Term loans, estimated fair value	457,500	460,000
Debt Instrument, Fair Value Disclosure	645,568	673,366
Convertible debt, estimated fair value	$ 383,309	$ 406,607

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, 2022	Dec. 31, 2021
Assets:
Government securities	$ 75,202	$ 77,538
Derivative contracts (recorded in Other assets)	21,417	9,785
Liabilities:
Derivative contracts (recorded in Other liabilities)	3,060	25,978
Level 1
Assets:
Derivative contracts (recorded in Other assets)	0	0
Liabilities:
Derivative contracts (recorded in Other liabilities)	0	0
Level 2
Assets:
Derivative contracts (recorded in Other assets)	21,417	9,785
Liabilities:
Derivative contracts (recorded in Other liabilities)	3,060	25,978
Level 3
Assets:
Derivative contracts (recorded in Other assets)	0	0
Liabilities:
Derivative contracts (recorded in Other liabilities)	0	0
Government securities
Assets:
Government securities	75,202	77,538
Government securities | Level 1
Assets:
Government securities	75,202	77,538
Government securities | Level 2
Assets:
Government securities	0	0
Government securities | Level 3
Assets:
Government securities	0	0
Exchange traded funds
Assets:
Mutual funds	3,406	1,746
Exchange traded funds | Level 1
Assets:
Mutual funds	3,406
Exchange traded funds | Level 2
Assets:
Mutual funds	0	0
Exchange traded funds | Level 3
Assets:
Mutual funds	0	0
Mutual funds
Assets:
Mutual funds	508	508
Mutual funds | Level 1
Assets:
Mutual funds	508	508
Mutual funds | Level 2
Assets:
Mutual funds	0	0
Mutual funds | Level 3
Assets:
Mutual funds	$ 0	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - Private equity funds $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private equity funds	$ 5.1
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	5 years

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest rate swaps	$ (490)	$ 26
Income tax effect of item above	4,579	17,322
Net income	34,618	61,880
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest rate swaps	(2,734)	(3,336)
Income tax effect of item above	564	705
Net income	$ (2,170)	$ (2,631)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - AOCI by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,324,837	$ 1,373,526
Other comprehensive (loss)/income before reclassifications, net	21,030	(10,416)
Reclassifications	2,170	2,631
Other comprehensive loss attributable to PRA Group, Inc.	23,200	(7,785)
Ending balance	1,346,167	1,403,229
Deferred taxes for unrealized losses from cash flow hedges	(1,200)	6,400
Debt Securities Available-for-sale
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(221)	127
Other comprehensive (loss)/income before reclassifications, net	(160)	0
Reclassifications	0	0
Other comprehensive loss attributable to PRA Group, Inc.	(160)	0
Ending balance	(381)	127
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(5,371)	(33,349)
Other comprehensive (loss)/income before reclassifications, net	16,410	9,692
Reclassifications	2,170	2,631
Other comprehensive loss attributable to PRA Group, Inc.	18,580	12,323
Ending balance	13,209	(21,026)
Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(261,317)	(212,569)
Other comprehensive (loss)/income before reclassifications, net	4,780	(20,108)
Reclassifications	0	0
Other comprehensive loss attributable to PRA Group, Inc.	4,780	(20,108)
Ending balance	(256,537)	(232,677)
Accumulated Other Comprehensive (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(266,909)	(245,791)
Ending balance	$ (243,709)	$ (253,576)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Feb. 25, 2022	Oct. 28, 2021	Jul. 29, 2021
Earnings Per Share [Abstract]
Net income	$ 39,972,000	$ 58,406,000
Weighted Average Common Shares, Basic EPS	40,777,000	45,669,000
Weighted Average Common Shares, Dilutive effect of nonvested share awards	527,000	376,000
Weighted Average Common Shares, Diluted EPS	41,304,000	46,045,000
EPS, Basic (in dollars per share)	$ 0.98	$ 1.28
EPS, Dilutive effect of nonvested share awards (in dollars per share)	(0.01)	(0.01)
EPS, Diluted (in dollars per share)	$ 0.97	$ 1.27
Antidilutive options outstanding	0	0
Stock repurchases authorized amount			$ 150,000,000	$ 230,000,000	$ 150,000,000
Stock Repurchased During Period, Shares	860,031
Stock repurchased during period	$ 39,500,000
Average price of shares repurchased and retired	$ 45.88
Additional amount authorized				$ 80,000,000

Income Taxes - Additional Discl

Income Taxes - Additional Disclosures (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Cash on hand related to foreign operations with permanently reinvested earnings	$ 68	$ 61.9

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Future compensation under employment agreements	$ 12
Amount to be purchased under forward flow agreements	$ 618.9

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Details) $ in Millions	Mar. 31, 2022USD ($)
Cash Flow Hedging
Derivative [Line Items]
Notional amount	$ 422.8