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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
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):

 

 

 

December 31,

 

 

Fair Value Measurements Using

 

 

 

2021

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Consumer loans and finance receivables(1)

 

$

890,144

 

 

$

 

 

$

 

 

$

890,144

 

Small business loans and finance receivables(1)

 

 

1,074,546

 

 

 

 

 

 

 

 

 

1,074,546

 

Non-qualified savings plan assets(2)

 

 

5,561

 

 

 

5,561

 

 

 

 

 

 

 

Investment in trading security(3)

 

 

16,062

 

 

 

16,062

 

 

 

 

 

 

 

Total

 

$

1,986,313

 

 

$

21,623

 

 

$

 

 

$

1,964,690

 

 

 

 

December 31,

 

 

Fair Value Measurements Using

 

 

 

2020

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Consumer loans and finance receivables(1)

 

$

625,219

 

 

$

 

 

$

 

 

$

625,219

 

Small business loans and finance receivables(1)

 

 

616,287

 

 

 

 

 

 

 

 

 

616,287

 

Non-qualified savings plan assets(2)

 

 

3,972

 

 

 

3,972

 

 

 

 

 

 

 

Investment in trading security(3)

 

 

19,273

 

 

 

19,273

 

 

 

 

 

 

 

Total

 

$

1,264,751

 

 

$

23,245

 

 

$

 

 

$

1,241,506

 

 

(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.
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):

 

 

 

December 31,

 

 

Fair Value Measurements Using

 

 

 

2021

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

165,477

 

 

$

165,477

 

 

$

 

 

$

 

Restricted cash(1)

 

 

60,406

 

 

 

60,406

 

 

 

 

 

 

 

Investment in unconsolidated investee (2)

 

 

6,918

 

 

 

 

 

 

 

 

 

6,918

 

Total

 

$

232,801

 

 

$

225,883

 

 

$

 

 

$

6,918

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Revolving line of credit

 

$

200,000

 

 

$

 

 

$

 

 

$

200,000

 

Securitization facilities

 

 

567,007

 

 

 

 

 

 

567,903

 

 

 

 

8.50% senior notes due 2024

 

 

250,000

 

 

 

 

 

 

254,693

 

 

 

 

8.50% senior notes due 2025

 

 

375,000

 

 

 

 

 

 

386,348

 

 

 

 

Total

 

$

1,392,007

 

 

$

 

 

$

1,208,944

 

 

$

200,000

 

 

 

 

December 31,

 

 

Fair Value Measurements Using

 

 

 

2020

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

297,273

 

 

$

297,273

 

 

$

 

 

$

 

Restricted cash(1)

 

 

71,927

 

 

 

71,927

 

 

 

 

 

 

 

Investment in unconsolidated investee (2)

 

 

6,918

 

 

 

 

 

 

 

 

 

6,918

 

Total

 

$

376,118

 

 

$

369,200

 

 

$

 

 

$

6,918

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

$

 

 

(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.