XML 74 R63.htm IDEA: XBRL DOCUMENT v3.20.2
Debt - USD ($)
3 Months Ended 9 Months Ended
Mar. 07, 2019
Aug. 06, 2018
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 18, 2019
Debt Instrument [Line Items]                    
Maximum hedging reserve     $ 1,000,000.0         $ 1,000,000.0    
Unamortized Debt Issuance Costs     (25,000,000.0)     $ (29,100,000)   $ (25,000,000.0)    
Percentage of collections on contributed loans               6.00%    
Monthly servicing fee per financing               6.00%    
Mortgage note [1]     10,700,000     11,300,000   $ 10,700,000    
Repayment of senior notes         $ 148,200,000     401,800,000 $ 0  
Senior notes     790,100,000     1,187,800,000   790,100,000    
Proceeds from issuance of senior notes               0 400,000,000.0  
Loss on extinguishment of debt     0 $ 7,400,000   1,800,000 $ 0 7,400,000 $ 0  
Debt covenants     1         1    
Unamortized Discount     0     (800,000)   0    
Carrying Amount     4,619,300,000     4,538,800,000   4,619,300,000    
Senior Notes [Member]                    
Debt Instrument [Line Items]                    
Unamortized Debt Issuance Costs     (9,900,000)     (13,200,000)   (9,900,000)    
Unamortized Discount     0     (800,000)   0    
Carrying Amount     790,100,000     1,187,800,000   790,100,000    
Mortgages [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount   $ 12,000,000.0 12,000,000.0 [2]         12,000,000.0 [2]    
Unamortized Debt Issuance Costs     0     0   0    
Close date, secured financings   Aug. 06, 2018                
Mortgage note     $ 10,700,000     $ 11,300,000   $ 10,700,000    
Debt maturity date   Aug. 06, 2023           Aug. 06, 2023 [2]    
Senior notes yield to maturity     1.66%     3.21%   1.66%    
Unamortized Discount     $ 0     $ 0   $ 0    
Carrying Amount     10,700,000     11,300,000   10,700,000    
Revolving Secured Line of Credit [Member]                    
Debt Instrument [Line Items]                    
Line of credit facility     340,000,000.0         $ 340,000,000.0    
Percentage of net book value of loans               80.00%    
Unamortized Debt Issuance Costs [3]     0     0   $ 0    
Unamortized Discount [3]     0     0   0    
Carrying Amount [3]     125,700,000     $ 0   $ 125,700,000    
Warehouse Facilities [Member]                    
Debt Instrument [Line Items]                    
Percentage of net book value of loans               80.00%    
Number of warehouse facilities               6    
Debt facility financing amount     1,225,000,000.0         $ 1,225,000,000.0    
Warehouse Facility II [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount [2],[4]     $ 400,000,000.0         $ 400,000,000.0    
Debt maturity date [2],[5]               Jul. 12, 2022    
Senior notes yield to maturity     1.91%     0.00%   1.91%    
Warehouse Facility IV [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount     $ 300,000,000.0 [2],[4]     $ 300,000,000.0   $ 300,000,000.0 [2],[4]    
Debt maturity date [2],[5]               Jul. 26, 2022    
Senior notes yield to maturity     0.00%     0.00%   0.00%    
Warehouse Facility V [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount [2],[4]     $ 100,000,000.0         $ 100,000,000.0    
Debt maturity date [2],[6]               Aug. 17, 2021    
Senior notes yield to maturity     0.00%     0.00%   0.00%    
Warehouse Facility VI [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount [2]     $ 75,000,000.0         $ 75,000,000.0    
Debt maturity date [2],[5]               Sep. 30, 2022    
Senior notes yield to maturity     2.16%     0.00%   2.16%    
Warehouse Facility VII [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount [2],[4]     $ 150,000,000.0         $ 150,000,000.0    
Debt maturity date [2],[7]               Dec. 16, 2021    
Senior notes yield to maturity     2.39%     0.00%   2.39%    
Term ABS 2016-3 [Member]                    
Debt Instrument [Line Items]                    
Senior notes yield to maturity     0.00%     3.60%   0.00%    
Term ABS 2017-1 [Member]                    
Debt Instrument [Line Items]                    
Senior notes yield to maturity     0.00%     3.19%   0.00%    
Term ABS 2017-2 [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount [2]     $ 450,000,000.0         $ 450,000,000.0    
Debt financing close date               Jun. 29, 2017    
Debt maturity date [2],[5]               Jun. 17, 2019    
Senior notes yield to maturity     3.24%     2.83%   3.24%    
Net Book Value Of Loans Pledged As Collateral     $ 563,200,000         $ 563,200,000    
Term ABS 2017-3 [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount [2]     $ 350,000,000.0         $ 350,000,000.0    
Debt financing close date               Oct. 26, 2017    
Debt maturity date [2],[5]               Oct. 15, 2019    
Senior notes yield to maturity     3.31%     2.91%   3.31%    
Net Book Value Of Loans Pledged As Collateral     $ 437,600,000         $ 437,600,000    
Term ABS 2018-1 [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount [2]     $ 500,000,000.0         $ 500,000,000.0    
Debt financing close date               Feb. 22, 2018    
Debt maturity date [2],[5]               Feb. 17, 2020    
Senior notes yield to maturity     3.43%     3.24%   3.43%    
Net Book Value Of Loans Pledged As Collateral     $ 625,100,000         $ 625,100,000    
Term ABS 2018-2 [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount [2]     $ 450,000,000.0         $ 450,000,000.0    
Debt financing close date               May 24, 2018    
Debt maturity date [2],[5]               May 15, 2020    
Senior notes yield to maturity     3.76%     3.68%   3.76%    
Net Book Value Of Loans Pledged As Collateral     $ 562,600,000         $ 562,600,000    
Term ABS 2018-3 [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount [2]     $ 398,300,000         $ 398,300,000    
Debt financing close date               Aug. 23, 2018    
Debt maturity date [2],[5]               Aug. 17, 2020    
Senior notes yield to maturity     3.73%     3.72%   3.73%    
Net Book Value Of Loans Pledged As Collateral     $ 500,100,000         $ 500,100,000    
Term ABS 2019-1 [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount [2]     $ 402,500,000         $ 402,500,000    
Debt financing close date               Feb. 21, 2019    
Debt maturity date [2],[5]               Feb. 15, 2021    
Senior notes yield to maturity     3.53%     3.53%   3.53%    
Net Book Value Of Loans Pledged As Collateral     $ 503,100,000         $ 503,100,000    
Term ABS 2019-2 [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount [2]     $ 500,000,000.0         $ 500,000,000.0    
Debt financing close date               Aug. 28, 2019    
Debt maturity date [2],[8]               Aug. 15, 2022    
Senior notes yield to maturity     3.13%     3.13%   3.13%    
Net Book Value Of Loans Pledged As Collateral     $ 625,100,000         $ 625,100,000    
Term ABS 2019-3 [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount [2]     $ 351,700,000         $ 351,700,000    
Debt financing close date               Nov. 21, 2019    
Debt maturity date [2],[5]               Nov. 15, 2021    
Senior notes yield to maturity     2.56%     2.56%   2.56%    
Net Book Value Of Loans Pledged As Collateral     $ 439,600,000         $ 439,600,000    
Term ABS 2020-1 [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount [2]     $ 500,000,000.0         $ 500,000,000.0    
Debt financing close date               Feb. 20, 2020    
Debt maturity date [2],[5]               Feb. 15, 2022    
Senior notes yield to maturity     2.18%         2.18%    
Net Book Value Of Loans Pledged As Collateral     $ 625,100,000         $ 625,100,000    
Term ABS 2020-2 [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount     $ 481,800,000         $ 481,800,000    
Debt financing close date               Jul. 23, 2020    
Debt maturity date               Jul. 15, 2022    
Senior notes yield to maturity     1.65%         1.65%    
Net Book Value Of Loans Pledged As Collateral     $ 602,300,000         $ 602,300,000    
2021 Senior Notes [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount                   $ 300,000,000.0
Repayment of senior notes       $ 151,800,000            
Senior notes     $ 0     $ 151,800,000   $ 0    
Senior notes yield to maturity     0.00%     6.125%   0.00%   6.125%
2024 Senior Notes [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount     $ 400,000,000.0         $ 400,000,000.0    
Debt maturity date               Dec. 31, 2024    
Senior notes     $ 400,000,000.0     $ 400,000,000.0   $ 400,000,000.0   $ 400,000,000.0
Senior notes yield to maturity     5.125%     5.125%   5.125%   5.125%
2026 Senior Notes [Member]                    
Debt Instrument [Line Items]                    
Debt facility financing amount $ 400,000,000.0   $ 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             Mar. 15, 2026    
Senior notes     $ 400,000,000.0     $ 400,000,000.0   $ 400,000,000.0    
Senior notes yield to maturity     6.625%     6.625%   6.625%    
LIBOR [Member] | Mortgages [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate [2],[4]               150.00%    
LIBOR [Member] | Revolving Secured Line of Credit [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate               187.50%    
LIBOR [Member] | Warehouse Facility II [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate [2],[4]               175.00%    
LIBOR [Member] | Warehouse Facility IV [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate [2],[4]               200.00%    
LIBOR [Member] | Warehouse Facility V [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate [2],[4]               190.00%    
LIBOR [Member] | Warehouse Facility VI [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate [2]               200.00%    
Prime Rate [Member] | Revolving Secured Line of Credit [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Basis Spread on Variable Rate               87.50%    
[1] Measured at amortized cost with fair value disclosed.
[2] Financing made available only to a specified subsidiary of the Company.
[3] Excludes deferred debt issuance costs of $2.2 million and $3.2 million as of September 30, 2020 and December 31, 2019, respectively, which are included in other assets.
[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 16, 2023 will be due on that date.
[8] Represents the revolving maturity date. The Company has the option to redeem and retire the indebtedness after the revolving maturity date. If we do not elect this option, the outstanding balance will amortize based on the cash flows of the pledged assets.