Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):

	Fair Value Measurements as of December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Interest rate cap contracts	$	—	$	3,541	$	—	$	3,541
Liabilities
Cross-currency swap agreements	—		(16,902)		—		(16,902)
Contingent consideration	—		—		(5,218)		(5,218)

	Fair Value Measurements as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Cross-currency swap agreements	$	—	$	11,578	$	—	$	11,578
Interest rate cap contracts	—		659		—		659
Liabilities
Interest rate swap agreements	—		(5,232)		—		(5,232)
Contingent consideration	—		—		(2,957)		(2,957)

Schedule of Roll Forward of the Fair Value of Contingent Consideration

The following table provides a roll-forward of the fair value of contingent consideration, which is included in the accounts payable and accrued liabilities in the Company’s consolidated statements of financial position, for the years ended December 31, 2021, 2020 and 2019 (in thousands):

	Amount
Balance as of December 31, 2018	$	6,198
Change in fair value of contingent consideration	(2,300)
Payment of contingent consideration	(3,686)
Effect of foreign currency translation	(146)
Balance as of December 31, 2019	66
Issuance of contingent consideration in connection with purchase of noncontrolling interest	2,848
Payment of contingent consideration	(88)
Effect of foreign currency translation	131
Balance as of December 31, 2020	2,957
Issuance of contingent consideration in connection with purchase of noncontrolling interest	2,913
Change in fair value of contingent consideration	(388)
Payment of contingent consideration	(180)
Effect of foreign currency translation	(84)
Balance as of December 31, 2021	$	5,218

Schedule of Financial Instruments Not Required to Be Carried at Fair Value

The carrying amounts in the following table are recorded in the consolidated statements of financial condition as of December 31, 2021 and December 31, 2020 (in thousands):

	December 31, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial Assets
Investment in receivable portfolios	$	3,065,553	$	3,416,926	$	3,291,918	$	3,705,672
Financial Liabilities
Convertible senior notes due March 2021(1)	—		—		160,406		161,349
Convertible senior notes due March 2022(1)	150,000		195,009		146,644		160,905
Exchangeable senior notes due September 2023(1)	172,500		257,782		164,339		190,737
Convertible senior notes due October 2025(1)	100,000		165,887		92,747		109,090
Senior secured notes(2)	1,606,327		1,652,246		1,642,058		1,684,729
Encore private placement notes	107,470		108,652		146,550		141,860

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(1)Prior to January 1, 2021, under the previous accounting standard, the convertible and exchangeable notes included a debt discount. The carrying amount as of December 31, 2020 represented the principal amount of the notes, net of the debt discount.

(2)Carrying amount represents historical cost, adjusted for any related debt discount or debt premium.