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. |
|
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. |
|