XML 75 R62.htm IDEA: XBRL DOCUMENT v3.19.2
Debt (Narrative) (Details) - USD ($)
6 Months Ended
Mar. 07, 2019
Aug. 06, 2018
Mar. 30, 2015
Feb. 21, 2014
Jan. 22, 2014
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Debt Instrument [Line Items]                
Maximum hedging reserve           $ 1,000,000.0    
Unamortized Debt Issuance Costs           $ (23,000,000.0)   $ (20,500,000)
Percentage of collections on contributed loans           6.00%    
Monthly servicing fee per financing           6.00%    
Mortgage note [1]           $ 11,600,000   11,900,000
Proceeds from issuance of senior notes           400,000,000.0 $ 0  
Debt covenants           1    
Unamortized Discount           (1,000,000.0)   (1,100,000)
Carrying Amount           4,222,600,000   3,820,900,000
Senior Notes [Member]                
Debt Instrument [Line Items]                
Unamortized Debt Issuance Costs           (9,400,000)   (4,500,000)
Unamortized Discount           (1,000,000.0)   (1,100,000)
Carrying Amount           939,600,000   544,400,000
Mortgages [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount   $ 12,000,000.0       12,000,000.0    
Unamortized Debt Issuance Costs           0   0
Close date, secured financings   Aug. 06, 2018            
Mortgage note           $ 11,600,000   $ 11,900,000
Debt maturity date   Aug. 06, 2023       Aug. 06, 2023    
Senior notes yield to maturity           3.94%   3.85%
Unamortized Discount           $ 0   $ 0
Carrying Amount           11,600,000   11,900,000
Revolving Secured Line of Credit [Member]                
Debt Instrument [Line Items]                
Line of credit facility           $ 340,000,000.0    
Percentage of net book value of loans           80.00%    
Unamortized Debt Issuance Costs [2]           $ 0   0
Unamortized Discount [2]           0   0
Carrying Amount [2]           $ 38,400,000   $ 171,900,000
Warehouse Facilities [Member]                
Debt Instrument [Line Items]                
Percentage of net book value of loans           80.00%    
Number of warehouse facilities           5    
Debt facility financing amount           $ 975,000,000.0    
2026 Senior Notes [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount $ 400,000,000.0         $ 400,000,000.0    
Close date, secured financings Mar. 07, 2019              
Senior notes stated interest rate 6.625%              
Debt maturity date           Mar. 15, 2026    
Senior notes yield to maturity           6.625%   0.00%
Warehouse Facility II [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount [3],[4]           $ 400,000,000.0    
Debt maturity date [3],[5]           Dec. 20, 2020    
Senior notes yield to maturity           4.19%   0.00%
Warehouse Facility IV [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount           $ 250,000,000.0 [3],[4]   $ 250,000,000.0
Debt maturity date [3],[5]           Apr. 30, 2020    
Senior notes yield to maturity           0.00%   0.00%
Warehouse Facility V [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount [3],[4]           $ 100,000,000.0    
Debt maturity date [3],[6]           Aug. 17, 2021    
Senior notes yield to maturity           0.00%   0.00%
Warehouse Facility VI [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount [3],[4]           $ 75,000,000.0    
Debt maturity date [3],[5]           Sep. 30, 2020    
Senior notes yield to maturity           0.00%   0.00%
Warehouse Facility VII [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount [3],[4]           $ 150,000,000.0    
Debt maturity date [3],[7]           Dec. 17, 2020    
Senior notes yield to maturity           4.65%   0.00%
2017 Senior Notes [Member]                
Debt Instrument [Line Items]                
Senior notes stated interest rate       9.125%        
Repayment of senior notes       $ 350,000,000.0        
2021 Senior Notes [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount         $ 300,000,000.0 $ 300,000,000.0    
Close date, secured financings         Jan. 22, 2014      
Senior notes stated interest rate         6.125%      
Debt maturity date         Feb. 15, 2021 Feb. 15, 2021    
Senior notes yield to maturity           6.125%   6.125%
2023 Senior Notes [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount     $ 250,000,000.0     $ 250,000,000.0    
Close date, secured financings     Mar. 30, 2015          
Senior notes stated interest rate     7.375%          
Debt maturity date Mar. 15, 2026   Mar. 15, 2023     Mar. 15, 2023    
Redemption price, percentage of principal amount redeemed     99.266%          
Proceeds from issuance of senior notes     $ 248,200,000          
Senior notes yield to maturity     7.50%     7.375%   7.375%
Term ABS 2016-1 [Member]                
Debt Instrument [Line Items]                
Senior notes yield to maturity           0.00%   4.41%
Term ABS 2016-2 [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount [3]           $ 350,200,000    
Debt financing close date           May 12, 2016    
Debt maturity date [3],[5]           May 15, 2018    
Senior notes yield to maturity           4.06%   3.20%
Net Book Value Of Loans Pledged As Collateral           $ 437,800,000    
Term ABS 2016-3 [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount [3]           $ 350,000,000.0    
Debt financing close date           Oct. 27, 2016    
Debt maturity date [3],[5]           Oct. 15, 2018    
Senior notes yield to maturity           2.97%   2.59%
Net Book Value Of Loans Pledged As Collateral           $ 437,800,000    
Term ABS 2017-1 [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount [3]           $ 350,000,000.0    
Debt financing close date           Feb. 23, 2017    
Debt maturity date [3],[5]           Feb. 15, 2019    
Senior notes yield to maturity           2.87%   2.78%
Net Book Value Of Loans Pledged As Collateral           $ 437,800,000    
Term ABS 2017-2 [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount [3]           $ 450,000,000.0    
Debt financing close date           Jun. 29, 2017    
Debt maturity date [3],[5]           Jun. 17, 2019    
Senior notes yield to maturity           2.72%   2.72%
Net Book Value Of Loans Pledged As Collateral           $ 563,200,000    
Term ABS 2017-3 [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount [3]           $ 350,000,000.0    
Debt financing close date           Oct. 26, 2017    
Debt maturity date [3],[5]           Oct. 15, 2019    
Senior notes yield to maturity           2.88%   2.88%
Net Book Value Of Loans Pledged As Collateral           $ 437,600,000    
Term ABS 2018-1 [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount [3]           $ 500,000,000.0    
Debt financing close date           Feb. 22, 2018    
Debt maturity date [3],[5]           Feb. 17, 2020    
Senior notes yield to maturity           3.24%   3.24%
Net Book Value Of Loans Pledged As Collateral           $ 625,100,000    
Term ABS 2018-2 [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount [3]           $ 450,000,000.0    
Debt financing close date           May 24, 2018    
Debt maturity date [3],[5]           May 15, 2020    
Senior notes yield to maturity           3.68%   3.68%
Net Book Value Of Loans Pledged As Collateral           $ 562,600,000    
Term ABS 2018-3 [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount [3]           $ 398,300,000    
Debt financing close date           Aug. 23, 2018    
Debt maturity date [3],[5]           Aug. 17, 2020    
Senior notes yield to maturity           3.72%   3.72%
Net Book Value Of Loans Pledged As Collateral           $ 500,100,000    
Term ABS 2019-1 [Member]                
Debt Instrument [Line Items]                
Debt facility financing amount [3]           $ 402,500,000    
Debt financing close date           Feb. 21, 2019    
Debt maturity date [3],[5]           Feb. 15, 2021    
Senior notes yield to maturity           3.53%    
Net Book Value Of Loans Pledged As Collateral           $ 503,100,000    
LIBOR [Member] | Mortgages [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Basis Spread on Variable Rate [3],[4]           15000.00%    
LIBOR [Member] | Revolving Secured Line of Credit [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Basis Spread on Variable Rate           18750.00%    
LIBOR [Member] | Warehouse Facility II [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Basis Spread on Variable Rate [3],[4]           17500.00%    
LIBOR [Member] | Warehouse Facility IV [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Basis Spread on Variable Rate [3],[4]           22500.00%    
LIBOR [Member] | Warehouse Facility V [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Basis Spread on Variable Rate [3],[4]           19000.00%    
LIBOR [Member] | Warehouse Facility VI [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Basis Spread on Variable Rate [3]           20000.00%    
Prime Rate [Member] | Revolving Secured Line of Credit [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Basis Spread on Variable Rate           8750.00%    
[1]
Measured at amortized cost with fair value disclosed.
[2]
Excludes deferred debt issuance costs of $3.8 million and $2.9 million as of June 30, 2019 and December 31, 2018, respectively, which are included in other assets.
[3]
Financing made available only to a specified subsidiary of the Company.
[4] Interest rate cap agreements are in place to limit the exposure to increasing interest rates
[5]
Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date based on the cash flows of the pledged assets.
[6]
Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on August 17, 2023 will be due on that date.
[7]
Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on December 17, 2022 will be due on that date.