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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017								As of December 31, 2016
	Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Assets
Cash and cash equivalents	$	11.1			$	11.1			$	14.6			$	14.6
Restricted cash and cash equivalents	316.7				316.7				224.7				224.7
Restricted securities available for sale	46.7				46.7				45.3				45.3
Loans receivable, net	4,136.0				4,208.5				3,886.6				3,955.9
Liabilities
Revolving secured line of credit	$	134.1			$	134.1			$	—			$	—
Secured financing	2,229.5				2,246.3				2,062.4				2,072.0
Senior notes	541.7				552.5				541.3				560.5

Schedule of Assets and Liabilities, Measured at Fair Value on a Recurring Basis

:

(In millions)
	As of March 31, 2017
	Level 1				Level 2				Level 3				Total Fair Value
Assets
Cash and cash equivalents	$	11.1			$	—			$	—			$	11.1
Restricted cash and cash equivalents	316.7				—				—				316.7
Restricted securities available for sale (1)	37.6				9.1				—				46.7
Loans receivable, net	—				—				4,208.5				4,208.5
Liabilities
Revolving secured line of credit	$	—			$	134.1			$	—			$	134.1
Secured financing	—				2,246.3				—				2,246.3
Senior notes	552.5				—				—				552.5

(In millions)
	As of December 31, 2016
	Level 1				Level 2				Level 3				Total Fair Value
Assets
Cash and cash equivalents	$	14.6			$	—			$	—			$	14.6
Restricted cash and cash equivalents	224.7				—				—				224.7
Restricted securities available for sale (1)	37.1				8.2				—				45.3
Loans receivable, net	—				—				3,955.9				3,955.9
Liabilities
Secured financing	$	—			$	2,072.0			$	—			$	2,072.0
Senior notes	560.5				—				—				560.5

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=73719730&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=66048111&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=73719730&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=73719730&loc=d3e13433-108611

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- 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=66048111&loc=d3e19190-110258

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