XML 39 R28.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Fair Value of Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2016
Fair Value Disclosures [Abstract] |
Schedule of Comparison of the Carrying Value and Estimated Fair Value of Financial Instruments | A comparison of the carrying value and estimated fair value of these financial instruments is as follows:
(In millions) |  |  |  |  |  |  |
| As of June 30, 2016 |  | As of December 31, 2015
| Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 158.3 |  |  | $ | 158.3 |  |  | $ | 6.3 |  |  | $ | 6.3 |
Restricted cash and cash equivalents | 233.7 |  |  | 233.7 |  |  | 167.4 |  |  | 167.4 |
Restricted securities available for sale | 46.6 |  |  | 46.6 |  |  | 48.3 |  |  | 48.3 |
Net investment in Loans receivable | 3,535.1 |  |  | 3,580.6 |  |  | 3,101.5 |  |  | 3,126.3 |
Liabilities |  |  |  |  |  |  |
Revolving secured line of credit | $ | — |  |  | $ | — |  |  | $ | 57.7 |  |  | $ | 57.7 |
Secured financing (1) | 1,997.7 |  |  | 2,017.2 |  |  | 1,470.1 |  |  | 1,471.9 |
Senior notes (1) | 540.6 |  |  | 529.8 |  |  | 540.0 |  |  | 549.6 |
(1) | Prior year carrying amounts have been reclassified to reflect the adoption of ASU 2015-03, as amended by ASU No. 2015-15, which resulted in a reclassification of certain deferred debt issuance costs from other assets to secured financing and senior notes.
Schedule of Assets and Liabilities, Measured at Fair Value on a Recurring Basis | The following table provides the level of measurement used to determine the fair value for each of our financial instruments on a recurring basis, as of June 30, 2016 and December 31, 2015:
(In millions) |  |  |  |  |  |  |
| As of June 30, 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 158.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 158.3 |
Restricted cash and cash equivalents | 233.7 |  |  | — |  |  | — |  |  | 233.7 |
Restricted securities available for sale | 37.0 |  |  | 9.6 |  |  | — |  |  | 46.6 |
Net investment in Loans receivable | — |  |  | — |  |  | 3,580.6 |  |  | 3,580.6 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Revolving secured line of credit | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Secured financing | — |  |  | 2,017.2 |  |  | — |  |  | 2,017.2 |
Senior notes | 529.8 |  |  | — |  |  | — |  |  | 529.8 |
(In millions) |  |  |  |  |  |  |
| As of December 31, 2015
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 6.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 6.3 |
Restricted cash and cash equivalents | 167.4 |  |  | — |  |  | — |  |  | 167.4 |
Restricted securities available for sale | 38.7 |  |  | 9.6 |  |  | — |  |  | 48.3 |
Net investment in Loans receivable | — |  |  | — |  |  | 3,126.3 |  |  | 3,126.3 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Revolving secured line of credit | $ | — |  |  | $ | 57.7 |  |  | $ | — |  |  | $ | 57.7 |
Secured financing | — |  |  | 1,471.9 |  |  | — |  |  | 1,471.9 |
Senior notes | 549.6 |  |  | — |  |  | — |  |  | 549.6 |

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration