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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Fair Value Assets and Liabilities Measured on Recurring Basis

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2018 and 2017 and December 31, 2017 are as follows (dollars in thousands):

 

 

 

March 31,

 

 

Fair Value Measurements Using

 

 

 

2018

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-qualified savings plan assets(1)

 

$

2,079

 

 

$

2,079

 

 

$

 

 

$

 

Total

 

$

2,079

 

 

$

2,079

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

Fair Value Measurements Using

 

 

 

2017

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-qualified savings plan assets(1)

 

$

1,352

 

 

$

1,352

 

 

$

 

 

$

 

Contingent consideration

 

 

(2,358

)

 

 

 

 

 

 

 

 

(2,358

)

Total

 

$

(1,006

)

 

$

1,352

 

 

$

 

 

$

(2,358

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

Fair Value Measurements Using

 

 

 

2017

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency exchange contracts

 

$

(55

)

 

$

 

 

$

(55

)

 

$

 

Non-qualified savings plan assets(1)

 

 

1,460

 

 

 

1,460

 

 

 

 

 

 

 

Total

 

$

1,405

 

 

$

1,460

 

 

$

(55

)

 

$

 

 

(1)

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.

Fair Value Measurement for Contingent Consideration

The changes in the fair value of the contingent consideration, which is a Level 3 liability measured at fair value on a recurring basis, are summarized in the table below for the three months ended March 31, 2017 (dollars in thousands):

 

 

 

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

 

 

 

Contingent consideration

 

 

Total

 

Balance at December 31, 2016

 

$

2,358

 

 

$

2,358

 

Adjustments

 

 

 

 

 

 

Balance at March 31, 2017

 

$

2,358

 

 

$

2,358

 

 

Financial Assets and Liabilities Not Measured at Fair Value

The Company’s financial assets and liabilities as of March 31, 2018 and 2017 and December 31, 2017 that are not measured at fair value in the consolidated balance sheets are as follows (dollars in thousands):

 

 

 

Balance at

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

Fair Value Measurements Using

 

 

 

2018

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

69,900

 

 

$

69,900

 

 

$

 

 

$

 

Short-term loans and line of credit accounts, net (1)

 

 

180,525

 

 

 

 

 

 

 

 

 

180,525

 

Installment loans and RPAs, net (1)(4)

 

 

522,551

 

 

 

 

 

 

 

 

 

551,001

 

Restricted cash (5)

 

 

34,765

 

 

 

34,765

 

 

 

 

 

 

 

Investment in unconsolidated investee (2)(3)

 

 

6,703

 

 

 

 

 

 

 

 

 

6,703

 

Total

 

$

814,444

 

 

$

104,665

 

 

$

 

 

$

738,229

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability for estimated losses on consumer loans guaranteed by the Company

 

$

1,410

 

 

$

 

 

$

 

 

$

1,410

 

Promissory note

 

 

3,000

 

 

 

 

 

 

 

 

 

3,327

 

Revolving line of credit

 

 

8,000

 

 

 

 

 

 

 

 

 

8,000

 

Securitization Notes

 

 

217,125

 

 

 

 

 

 

220,066

 

 

 

 

9.75% senior notes due 2021

 

 

293,044

 

 

 

 

 

 

306,260

 

 

 

 

8.50% senior notes due 2024

 

 

250,000

 

 

 

 

 

 

261,250

 

 

 

 

Total

 

$

772,579

 

 

$

 

 

$

787,576

 

 

$

12,737

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

Fair Value Measurements Using

 

 

 

2017

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

97,030

 

 

$

97,030

 

 

$

 

 

$

 

Short-term loans and line of credit accounts, net (1)

 

 

140,777

 

 

 

 

 

 

 

 

 

140,777

 

Installment loans and RPAs, net (1)(4)

 

 

374,686

 

 

 

 

 

 

 

 

 

409,169

 

Restricted cash (5)

 

 

25,610

 

 

 

25,610

 

 

 

 

 

 

 

Investment in unconsolidated investee (2)(3)

 

 

6,703

 

 

 

 

 

 

 

 

 

6,703

 

Total

 

$

644,806

 

 

$

122,640

 

 

$

 

 

$

556,649

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability for estimated losses on consumer loans guaranteed by the Company

 

$

1,187

 

 

$

 

 

$

 

 

$

1,187

 

Promissory note

 

 

3,000

 

 

 

 

 

 

 

 

 

3,149

 

Securitization Notes

 

 

145,449

 

 

 

 

 

 

147,855

 

 

 

 

9.75% senior notes due 2021

 

 

495,824

 

 

 

 

 

 

512,125

 

 

 

 

Total

 

$

645,460

 

 

$

 

 

$

659,980

 

 

$

4,336

 

 

 

 

Balance at

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

Fair Value Measurements Using

 

 

 

2017

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

68,684

 

 

$

68,684

 

 

$

 

 

$

 

Short-term loans and line of credit accounts, net (1)

 

 

192,675

 

 

 

 

 

 

 

 

 

192,675

 

Installment loans and RPAs, net (1)(4)

 

 

512,030

 

 

 

 

 

 

 

 

 

544,799

 

Restricted cash (5)

 

 

29,460

 

 

 

29,460

 

 

 

 

 

 

 

Investment in unconsolidated investee (2)(3)

 

 

6,703

 

 

 

 

 

 

 

 

 

6,703

 

Total

 

$

809,552

 

 

$

98,144

 

 

$

 

 

$

744,177

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability for estimated losses on consumer loans guaranteed by the Company

 

$

2,258

 

 

$

 

 

$

 

 

$

2,258

 

Promissory note

 

 

3,000

 

 

 

 

 

 

 

 

 

3,287

 

Securitization Notes

 

 

211,406

 

 

 

 

 

 

215,063

 

 

 

 

9.75% senior notes due 2021

 

 

342,558

 

 

 

 

 

 

365,700

 

 

 

 

8.50% senior notes due 2024

 

 

250,000

 

 

 

 

 

 

255,000

 

 

 

 

Total

 

$

809,222

 

 

$

 

 

$

835,763

 

 

$

5,545

 

 

(1)

Short-term loans, line of credit accounts, installment loans and RPAs are included in “Loans and finance receivables, net” in the consolidated balance sheets.

(2)

Investment in unconsolidated investee is included in “Other assets” in the consolidated balance sheets.

(3)

See Note 4 for additional information related to the investment in unconsolidated investee.

(4)

Installment loan and RPAs, net include $278.3 million, $207.6 million and $260.0 million in net assets of consolidated VIEs as of March 31, 2018 and 2017 and December 31, 2017, respectively.

(5)

Restricted cash includes $26.7 million, $17.8 million and $21.7 million in assets of consolidated VIEs as of March 31, 2018 and 2017 and December 31, 2017, respectively.