XML 75 R64.htm IDEA: XBRL DOCUMENT
v3.20.2

Debt - USD ($) |  |  | 3 Months Ended | 6 Months Ended | 12 Months Ended |
--- | --- | --- | --- | --- | --- | ---
Mar. 07, 2019 | Aug. 06, 2018 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 18, 2019
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Maximum hedging reserve |  |  |  | $ 1,000,000.0 |  |  |  |  | $ 1,000,000.0 |  |  |  |
Unamortized Debt Issuance Costs |  |  |  | (24,800,000) |  |  | $ (29,100,000) |  | (24,800,000) |  |  | $ (29,100,000) |
Percentage of collections on contributed loans |  |  |  |  |  |  |  |  |  |  |  | 6.00% |
Monthly servicing fee per financing |  |  |  |  |  |  |  |  |  |  |  | 6.00% |
Mortgage note | [1] |  |  | 10,900,000 |  |  | 11,300,000 |  | 10,900,000 |  |  | $ 11,300,000 |
Repayment of senior notes |  |  |  |  |  |  | 148,200,000 |  | 401,800,000 |  | $ 0 |  |
Senior notes |  |  |  | 789,700,000 |  |  | 1,187,800,000 |  | 789,700,000 |  |  | 1,187,800,000 |
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 |  |  | (800,000) |
Carrying Amount |  |  |  | 4,799,100,000 |  |  | 4,538,800,000 |  | 4,799,100,000 |  |  | 4,538,800,000 |
Senior Notes [Member] |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Unamortized Debt Issuance Costs |  |  |  | (10,300,000) |  |  | (13,200,000) |  | (10,300,000) |  |  | (13,200,000) |
Unamortized Discount |  |  |  | 0 |  |  | (800,000) |  | 0 |  |  | (800,000) |
Carrying Amount |  |  |  | 789,700,000 |  |  | 1,187,800,000 |  | 789,700,000 |  |  | 1,187,800,000 |
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 |  |  | 0 |
Close date, secured financings |  |  | Aug. 06, 2018 |  |  |  |  |  |  |  |  |  |
Mortgage note |  |  |  | $ 10,900,000 |  |  | $ 11,300,000 |  | $ 10,900,000 |  |  | $ 11,300,000 |
Debt maturity date |  |  | Aug. 06, 2023 |  |  |  |  |  | Aug. 06, 2023 | [2] |  |  |
Senior notes yield to maturity |  |  |  | 1.67% |  |  | 3.21% |  | 1.67% |  |  | 3.21% |
Unamortized Discount |  |  |  | $ 0 |  |  | $ 0 |  | $ 0 |  |  | $ 0 |
Carrying Amount |  |  |  | 10,900,000 |  |  | 11,300,000 |  | 10,900,000 |  |  | $ 11,300,000 |
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 |  |  | $ 0 |
Unamortized Discount | [3] |  |  | 0 |  |  | 0 |  | 0 |  |  | 0 |
Carrying Amount | [3] |  |  | 160,500,000 |  |  | $ 0 |  | 160,500,000 |  |  | $ 0 |
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 |  |  |  | 1.92% |  |  | 0.00% |  | 1.92% |  |  | 0.00% |
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] |  | $ 300,000,000.0 |
Debt maturity date | [2],[5] |  |  |  |  |  |  |  | Jul. 26, 2022 |  |  |  |
Senior notes yield to maturity |  |  |  | 0.00% |  |  | 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 |  |  |  | 2.07% |  |  | 0.00% |  | 2.07% |  |  | 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 |  |  |  | 2.17% |  |  | 0.00% |  | 2.17% |  |  | 0.00% |
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 |  |  |  | 2.76% |  |  | 0.00% |  | 2.76% |  |  | 0.00% |
Term ABS 2016-3 [Member] |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Senior notes yield to maturity |  |  |  | 0.00% |  |  | 3.60% |  | 0.00% |  |  | 3.60% |
Term ABS 2017-1 [Member] |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Senior notes yield to maturity |  |  |  | 0.00% |  |  | 3.19% |  | 0.00% |  |  | 3.19% |
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 |  |  |  | 3.13% |  |  | 2.83% |  | 3.13% |  |  | 2.83% |
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 |  |  |  | 3.10% |  |  | 2.91% |  | 3.10% |  |  | 2.91% |
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 |  |  |  | 3.33% |  |  | 3.24% |  | 3.33% |  |  | 3.24% |
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 |  |  |  | 3.70% |  |  | 3.68% |  | 3.70% |  |  | 3.68% |
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 |  |  |  | 3.72% |  |  | 3.72% |  | 3.72% |  |  | 3.72% |
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% |  |  | 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% |  |  | 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% |  |  | 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 |  |  |  |
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 |  |  | $ 151,800,000 |
Senior notes yield to maturity |  |  |  | 0.00% |  |  | 6.125% |  | 0.00% |  |  | 6.125% | 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 | $ 400,000,000.0
Senior notes yield to maturity |  |  |  | 5.125% |  |  | 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 |  |  | $ 400,000,000.0 |
Senior notes yield to maturity |  |  |  | 6.625% |  |  | 6.625% |  | 6.625% |  |  | 6.625% |
LIBOR [Member] | Mortgages [Member] |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate | [2],[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 | [2],[4] |  |  |  |  |  |  |  | 17500.00% |  |  |  |
LIBOR [Member] | Warehouse Facility IV [Member] |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate | [2],[4] |  |  |  |  |  |  |  | 20000.00% |  |  |  |
LIBOR [Member] | Warehouse Facility V [Member] |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate | [2],[4] |  |  |  |  |  |  |  | 19000.00% |  |  |  |
LIBOR [Member] | Warehouse Facility VI [Member] |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate | [2] |  |  |  |  |  |  |  | 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] | Financing made available only to a specified subsidiary of the Company.
[3] | Excludes deferred debt issuance cost s of $2.5 million and $3.2 million as of June 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.

X
- Definition Debt Instrument Covenant Net Income For Past Two Quarters + References No definition available. + Details
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- Definition Debt financing close date + References No definition available. + Details
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- Definition Maximum hedging reserve + References No definition available. + Details
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- Definition Monthly Servicing Fee Per Financing + References No definition available. + Details
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- Definition Net Book Value Of Loans Pledged As Collateral + References No definition available. + Details
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- Definition Number Warehouse Facilities + References No definition available. + Details
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- Definition Percentage of collections on contributed loans + References No definition available. + Details
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- Definition Percentage of net book value of loans, maximum. + References No definition available. + Details
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