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Borrowings (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Consolidated Debt and Capital Lease Obligations The components of the Company’s consolidated borrowings were as follows as of the dates presented (in thousands):
December 31,
2020		December 31,
2019
Global senior secured revolving credit facility$481,007 $— 
Encore revolving credit facility— 492,000 
Encore term loan facility— 171,677 
Encore private placement notes146,550 308,750 
Senior secured notes1,651,619 1,129,039 
Convertible notes and exchangeable notes583,500 672,855 
Cabot senior revolving credit facility— 285,749 
Cabot securitisation senior facility478,131 464,092 
Other24,398 54,151 
Finance lease liabilities8,288 8,121 
3,373,493 3,586,434 
Less: debt discount and issuance costs, net of amortization(91,859)(73,237)
Total$3,281,634 $3,513,197 
Schedule of Notes
The following table provides a summary of the Senior Secured Notes ($ in thousands):
December 31, 2020December 31, 2019Maturity DateInterest Rate
Cabot 2023 Notes$309,034 $680,118 Oct 1, 20237.500 %
Cabot 2024 Floating Rate Notes— 448,921 Jun 1, 2024
EURIBOR +6.375%
Encore 2025 Notes426,752 — Oct 15, 20254.875 %
Encore 2026 Notes409,827 — Feb 15, 20265.375 %
Encore 2028 Floating Rate Notes506,006 — Jan 15, 2028
EURIBOR +4.250%
$1,651,619 $1,129,039 
The following table provides a summary of the principal balance, maturity date and interest rate for the outstanding convertible and exchangeable senior notes (the “Convertible Notes” or “Exchangeable Notes,” as applicable) ($ in thousands):
December 31, 2020December 31, 2019Maturity DateInterest Rate
2020 Convertible Notes (1)
$— $89,355 Jul 1, 20203.000 %
2021 Convertible Notes161,000 161,000 Mar 15, 20212.875 %
2022 Convertible Notes150,000 150,000 Mar 15, 20223.250 %
2023 Exchangeable Notes172,500 172,500 Sep 1, 20234.500 %
2025 Convertible Notes100,000 100,000 Oct 1, 20253.250 %
$583,500 $672,855 
_______________________
(1)The 2020 Convertible Notes matured on July 1, 2020 and the Company repaid the outstanding principal in cash.
Schedule of Hedge Program for Convertible Notes Certain key terms related to the convertible and exchangeable features as of December 31, 2020 are listed below:
2021 Convertible Notes2022 Convertible Notes2023 Exchangeable Notes2025 Convertible Notes
Initial conversion or exchange price$59.39 $45.57 $44.62 $40.00 
Closing stock price at date of issuance$47.51 $35.05 $36.45 $32.00 
Closing stock price dateMar 5, 2014Feb 27, 2017Jul 20, 2018Sep 4, 2019
Conversion or exchange rate (shares per $1,000 principal amount)16.8386 21.9467 22.4090 25.0000 
Conversion or exchange dateSep 15, 2020Sep 15, 2021Mar 1, 2023Jul 1, 2025
Prior to October 29, 2020, in the event of conversion or exchange, holders of the Company’s Convertible Notes or Exchangeable Notes would receive cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The Company’s intent was to settle conversions and exchanges through combination settlement with a minimum specified dollar amount of $1,000 per $1,000 principal amount of notes (i.e., convertible or exchangeable into cash up to the aggregate principal amount, and shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election and subject to certain restrictions contained in each of the indentures governing the Convertible Notes and Exchangeable Notes, for the remainder). As a result, only the conversion or exchange spread was included in the diluted earnings per share calculation, if dilutive. Under such method, the settlement of the conversion or exchange spread had a dilutive effect when, during any quarter, the average share price of the Company’s common stock exceeds the initial conversion or exchange prices listed in the above table.
The details of the hedge program are listed below (in thousands, except conversion or exchange price):
2021 Convertible Notes2023 Exchangeable Notes
Cost of the hedge transaction(s)$19,545 $17,785 
Initial conversion or exchange price$59.39 $44.62 
Effective conversion or exchange price$83.14 $62.48 
Schedule of Balances of the Liability and Equity Components
The debt and equity components, the issuance costs related to the equity component, the stated interest rate, and the effective interest rate for each of the Convertible Notes and Exchangeable Notes at the time of the original offering are listed below (in thousands, except percentages):
2021 Convertible Notes2022 Convertible Notes2023 Exchangeable Notes2025 Convertible Notes
Debt component$143,645 $137,266 $157,971 $91,024 
Equity component$17,355 $12,734 $14,009 $8,976 
Equity issuance cost$581 $398 $— $224 
Stated interest rate2.875 %3.250 %4.500 %3.250 %
Effective interest rate4.700 %5.200 %6.500 %5.000 %
The balances of the liability and equity components of all the Convertible Notes and Exchangeable Notes outstanding were as follows (in thousands):
December 31,
2020		December 31,
2019
Liability component—principal amount$583,500 $672,855 
Unamortized debt discount(19,364)(30,308)
Liability component—net carrying amount$564,136 $642,547 
Equity component$53,074 $83,127 
Schedule of Interest Expense Interest expense related to the Convertible Notes and Exchangeable Notes was as follows during the periods presented (in thousands):
Year ended December 31,
202020192018
Interest expense—stated coupon rate$21,857 $23,845 $17,518 
Interest expense—amortization of debt discount10,945 12,780 10,888 
Interest expense—Convertible Notes and Exchangeable Notes$32,802 $36,625 $28,406 
Summary of Debt Including Capital Lease Obligations Maturities
The aggregate amounts of the Company’s borrowings, maturing in each of the next five years and thereafter are as follows (in thousands):
2021$211,499 
2022198,573 
2023526,502 
2024511,963 
20251,008,727 
Thereafter916,229 
Total$3,373,493