Fair Value Assets and Liabilities Measured on Recurring Basis |
The Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2021 and 2020 are as follows (in thousands):
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|
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December 31, |
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|
Fair Value Measurements Using |
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|
|
2021 |
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|
Level 1 |
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Level 2 |
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Level 3 |
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Financial assets |
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Consumer loans and finance receivables(1) |
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$ |
890,144 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
890,144 |
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Small business loans and finance receivables(1) |
|
|
1,074,546 |
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|
|
— |
|
|
|
— |
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|
|
1,074,546 |
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Non-qualified savings plan assets(2) |
|
|
5,561 |
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|
|
5,561 |
|
|
|
— |
|
|
|
— |
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Investment in trading security(3) |
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|
16,062 |
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|
|
16,062 |
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|
|
— |
|
|
|
— |
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Total |
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$ |
1,986,313 |
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|
$ |
21,623 |
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|
$ |
— |
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|
$ |
1,964,690 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
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|
Fair Value Measurements Using |
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|
|
2020 |
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|
Level 1 |
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Level 2 |
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Level 3 |
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Financial assets |
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Consumer loans and finance receivables(1) |
|
$ |
625,219 |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
625,219 |
|
Small business loans and finance receivables(1) |
|
|
616,287 |
|
|
|
— |
|
|
|
— |
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|
|
616,287 |
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Non-qualified savings plan assets(2) |
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|
3,972 |
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|
|
3,972 |
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|
|
— |
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|
|
— |
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Investment in trading security(3) |
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|
19,273 |
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|
|
19,273 |
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|
|
— |
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|
|
— |
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Total |
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$ |
1,264,751 |
|
|
$ |
23,245 |
|
|
$ |
— |
|
|
$ |
1,241,506 |
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(1)Consumer loans and finance receivables and small business loans and finance receivables include $274.5 million and $470.8 million as of December 31, 2021, respectively, and $277.6 million and $251.3 million as of December 31, 2020, respectively in assets of consolidated VIEs. (2)The non-qualified savings plan assets are included in “Other receivables and prepaid expenses” in the Company’s consolidated balance sheets and have an offsetting liability of equal amount, which is included in “Accounts payable and accrued expenses” in the Company’s consolidated balance sheets. (3)Investment in trading security is included in “Other assets” in the Company’s consolidated balance sheets.
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Financial Assets and Liabilities Not Measured at Fair Value |
The Company’s financial assets and liabilities as of December 31, 2021 and 2020 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):
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|
|
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|
|
December 31, |
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|
Fair Value Measurements Using |
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|
2021 |
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|
Level 1 |
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Level 2 |
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Level 3 |
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Financial assets: |
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|
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Cash and cash equivalents |
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$ |
165,477 |
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|
$ |
165,477 |
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|
$ |
— |
|
|
$ |
— |
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Restricted cash(1) |
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|
60,406 |
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|
|
60,406 |
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|
|
— |
|
|
|
— |
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Investment in unconsolidated investee (2) |
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|
6,918 |
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|
|
— |
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|
|
— |
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|
|
6,918 |
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Total |
|
$ |
232,801 |
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|
$ |
225,883 |
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|
$ |
— |
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|
$ |
6,918 |
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Financial liabilities: |
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Revolving line of credit |
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$ |
200,000 |
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|
$ |
— |
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$ |
— |
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|
$ |
200,000 |
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Securitization facilities |
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|
567,007 |
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|
|
— |
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|
|
567,903 |
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|
|
— |
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8.50% senior notes due 2024 |
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|
250,000 |
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|
|
— |
|
|
|
254,693 |
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|
|
— |
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8.50% senior notes due 2025 |
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|
375,000 |
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|
|
— |
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|
|
386,348 |
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|
|
— |
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Total |
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$ |
1,392,007 |
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|
$ |
— |
|
|
$ |
1,208,944 |
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|
$ |
200,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
Fair Value Measurements Using |
|
|
|
2020 |
|
|
Level 1 |
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|
Level 2 |
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|
Level 3 |
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Financial assets: |
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|
|
|
|
|
|
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Cash and cash equivalents |
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$ |
297,273 |
|
|
$ |
297,273 |
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|
$ |
— |
|
|
$ |
— |
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Restricted cash(1) |
|
|
71,927 |
|
|
|
71,927 |
|
|
|
— |
|
|
|
— |
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Investment in unconsolidated investee (2) |
|
|
6,918 |
|
|
|
— |
|
|
|
— |
|
|
|
6,918 |
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Total |
|
$ |
376,118 |
|
|
$ |
369,200 |
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|
$ |
— |
|
|
$ |
6,918 |
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Financial liabilities: |
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|
|
|
|
|
|
|
|
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|
Securitization facilities |
|
$ |
330,632 |
|
|
$ |
— |
|
|
$ |
333,532 |
|
|
$ |
— |
|
8.50% senior notes due 2024 |
|
|
250,000 |
|
|
|
— |
|
|
|
247,680 |
|
|
|
— |
|
8.50% senior notes due 2025 |
|
|
375,000 |
|
|
|
— |
|
|
|
367,770 |
|
|
|
— |
|
Total |
|
$ |
955,632 |
|
|
$ |
— |
|
|
$ |
948,982 |
|
|
$ |
— |
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(1)Restricted cash includes $45.7 million and $64.8 million in assets of consolidated VIEs as of December 31, 2021 and 2020, respectively. (2)Investment in unconsolidated investee is included in “Other assets” in the consolidated balance sheets.
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