XML 33 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2

Fair Values of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Assets measured on a recurring basis at fair value

The table below summarizes (in thousands) by fair value hierarchy the June 30, 2016 and December 31, 2015 fair values and carrying amounts of (1) our assets that are required to be carried at fair value in our consolidated financial statements and (2) our assets not carried at fair value, but for which fair value disclosures are required:

Assets – As of June 30, 2016 (1)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Carrying Amount of Assets
Loans and fees receivable, net for which it is practicable to estimate fair value		$	—			$	—			$	217,680			$	198,188
Loans and fees receivable, at fair value		$	—			$	—			$	5,255			$	5,255
Loans and fees receivable pledged as collateral, at fair value		$	—			$	—			$	15,265			$	15,265

Assets – As of December 31, 2015 (1)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Carrying Amount of Assets
Loans and fees receivable, net for which it is practicable to estimate fair value		$	—			$	—			$	161,199			$	141,949
Loans and fees receivable, at fair value		$	—			$	—			$	6,353			$	6,353
Loans and fees receivable pledged as collateral, at fair value		$	—			$	—			$	20,353			$	20,353

(1) For cash, deposits and other short-term investments (including our investments in rental merchandise), the carrying amount is a reasonable estimate of fair value.

Reconciliation of Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs

For Level 3 assets carried at fair value measured on a recurring basis using significant unobservable inputs, the following table presents (in thousands) a reconciliation of the beginning and ending balances for the six months ended June 30, 2016 and June 30, 2015:

	Loans and Fees Receivable, at Fair Value				Loans and Fees Receivable Pledged as Collateral under Structured Financings, at Fair Value				Total
Balance at January 1, 2016	$	6,353			$	20,353			$	26,706
Total gains—realized/unrealized:
Net revaluations of loans and fees receivable pledged as collateral under structured financings, at fair value	—				806				806
Net revaluations of loans and fees receivable, at fair value	1,619				—				1,619
Settlements, net	(2,528		)		(5,894		)		(8,422		)
Impact of foreign currency translation	(189		)		—				(189		)
Balance at June 30, 2016	$	5,255			$	15,265			$	20,520
Balance at January 1, 2015	$	18,255			$	34,905			$	53,160
Total gains—realized/unrealized:
Net revaluations of loans and fees receivable pledged as collateral under structured financings, at fair value	—				2,462				2,462
Net revaluations of loans and fees receivable, at fair value	750				—				750
Settlements, net	(7,449		)		(9,903		)		(17,352		)
Impact of foreign currency translation	(44		)		—				(44		)
Balance at June 30, 2015	$	11,512			$	27,464			$	38,976

Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs, quantitative information

For Level 3 assets carried at fair value measured on a recurring basis using significant unobservable inputs, the following table presents (in thousands) quantitative information about the valuation techniques and the inputs used in the fair value measurement as of June 30, 2016 and December 31, 2015:

Quantitative Information about Level 3 Fair Value Measurements
Fair Value Measurements		Fair Value at June 30, 2016				Valuation Technique		Unobservable Input		Range (Weighted Average)(1)
Loans and fees receivable, at fair value		$	5,255			Discounted cash flows		Gross yield		27.9% to 33.1% (29.7%)
								Principal payment rate		1.9% to 3.5% (2.9%)
								Expected credit loss rate		11.8% to 25.5% (16.5%)
								Servicing rate		8.0% to 8.3% (8.2%)
								Discount rate		16.1% to 16.2% (16.1%)
Loans and fees receivable pledged as collateral under structured financings, at fair value		$	15,265			Discounted cash flows		Gross yield		24.0	%
								Principal payment rate		2.6	%
								Expected credit loss rate		11.1	%
								Servicing rate		8.0	%
								Discount rate		16.1	%

Quantitative Information about Level 3 Fair Value Measurements
Fair Value Measurements		Fair Value at December 31, 2015				Valuation Technique		Unobservable Input		Range (Weighted Average)(1)
Loans and fees receivable, at fair value		$	6,353			Discounted cash flows		Gross yield		15.8% to 22.7% (20.0%)
								Principal payment rate		2.1% to 3.0% (2.7%)
								Expected credit loss rate		12.9% to 22.7% (16.7%)
								Servicing rate		8.4% to 12.5% (10.9%)
								Discount rate		16.0% to 16.2% (16.1%)
Loans and fees receivable pledged as collateral under structured financings, at fair value		$	20,353			Discounted cash flows		Gross yield		28.5	%
								Principal payment rate		2.9	%
								Expected credit loss rate		12.5	%
								Servicing rate		12.9	%
								Discount rate		16.0	%

(1) Our loans and fees receivable, pledged as collateral under structured financings, at fair value consist of a single portfolio with one set of assumptions. As such, no range is given.

Liabilities measured on a recurring basis at fair value

The table below summarizes (in thousands) by fair value hierarchy the June 30, 2016 and December 31, 2015 fair values and carrying amounts of (1) our liabilities that are required to be carried at fair value in our consolidated financial statements and (2) our liabilities not carried at fair value, but for which fair value disclosures are required:

Liabilities – As of June 30, 2016		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Carrying Amount of Liabilities
Liabilities not carried at fair value
Revolving credit facilities		$	—			$	—			$	64,992			$	64,992
Amortizing debt facilities		$	—			$	—			$	38,619			$	38,619
Senior secured term loan		$	—			$	—			$	20,000			$	20,000
5.875% convertible senior notes		$	—			$	36,844			$	—			$	61,903
Liabilities carried at fair value
Economic sharing arrangement liability		$	—			$	—			$	26			$	26
Notes payable associated with structured financings, at fair value		$	—			$	—			$	15,626			$	15,626

Liabilities - As of December 31, 2015		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Carrying Amount of Liabilities
Liabilities not carried at fair value
Revolving credit facilities		$	—			$	—			$	28,900			$	28,900
Amortizing debt facilities		$	—			$	—			$	61,100			$	61,100
Senior secured term loan		$	—			$	—			$	20,000			$	20,000
5.875% convertible senior notes		$	—			$	42,734			$	—			$	64,783
Liabilities carried at fair value
Economic sharing arrangement liability		$	—			$	—			$	42			$	42
Notes payable associated with structured financings, at fair value		$	—			$	—			$	20,970			$	20,970

Reconciliation for Level 3 Liabilities measured at fair value on a recurring basis using significant unobservable inputs

For our material Level 3 liabilities carried at fair value measured on a recurring basis using significant unobservable inputs, the following table presents (in thousands) a reconciliation of the beginning and ending balances for the six months ended June 30, 2016 and 2015.

	Notes Payable Associated with Structured Financings, at Fair Value
	2016				2015
Beginning balance, January 1	$	20,970			$	36,511
Total (gains) losses—realized/unrealized:
Net revaluations of notes payable associated with structured financings, at fair value	(2,104		)		782
Repayments on outstanding notes payable, net	(3,240		)		(8,608		)
Ending balance, June 30	$	15,626			$	28,685

Level 3 liabilities measured at fair value on a recurring basis using significant unobservable inputs, quantitative information

For material Level 3 liabilities carried at fair value measured on a recurring basis using significant unobservable inputs, the following table presents (in thousands) quantitative information about the valuation techniques and the inputs used in the fair value measurement as of June 30, 2016 and December 31, 2015:

Quantitative Information about Level 3 Fair Value Measurements
Fair Value Measurements		Fair Value at June 30, 2016 (in Thousands)				Valuation Technique		Unobservable Input		Weighted Average
Notes payable associated with structured financings, at fair value		$	15,626			Discounted cash flows		Gross yield		24.0	%
								Principal payment rate		2.6	%
								Expected credit loss rate		11.1	%
								Discount rate		16.1	%

Quantitative Information about Level 3 Fair Value Measurements
Fair Value Measurements		Fair Value at December 31, 2015 (in Thousands)				Valuation Technique		Unobservable Input		Weighted Average
Notes payable associated with structured financings, at fair value		$	20,970			Discounted cash flows		Gross yield		28.5	%
								Principal payment rate		2.9	%
								Expected credit loss rate		12.5	%
								Discount rate		16.0	%

Other relevant data concerning our assets and liabilities measured at fair value

Other relevant data (in thousands) as of June 30, 2016 and December 31, 2015 concerning certain assets and liabilities we carry at fair value are as follows:

As of June 30, 2016		Loans and Fees Receivable at Fair Value				Loans and Fees Receivable Pledged as Collateral under Structured Financings at Fair Value
Aggregate unpaid principal balance within loans and fees receivable that are reported at fair value		$	6,011			$	20,504
Aggregate fair value of loans and fees receivable that are reported at fair value		$	5,255			$	15,265
Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies)		$	5			$	28
Aggregate excess of balance of unpaid principal receivables within loans and fees receivable that are reported at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans and fees receivable		$	270			$	559

As of December 31, 2015		Loans and Fees Receivable at Fair Value				Loans and Fees Receivable Pledged as Collateral under Structured Financings at Fair Value
Aggregate unpaid principal balance within loans and fees receivable that are reported at fair value		$	8,560			$	25,837
Aggregate fair value of loans and fees receivable that are reported at fair value		$	6,353			$	20,353
Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies)		$	12			$	31
Aggregate excess of balance of unpaid principal receivables within loans and fees receivable that are reported at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans and fees receivable		$	374			$	889

Notes Payable		Notes Payable Associated with Structured Financings, at Fair Value as of June 30, 2016				Notes Payable Associated with Structured Financings, at Fair Value as of December 31, 2015
Aggregate unpaid principal balance of notes payable		$	103,716			$	106,956
Aggregate fair value of notes payable		$	15,626			$	20,970

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 2: 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

Reference 3: 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

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
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 quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of quantitative information about the inputs used in the fair value measurement of liabilities. This disclosure may include, but is not limited to, the fair value of the liability, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueInputsLiabilitiesQuantitativeInformationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ 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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-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 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14217-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (c)(2),(d),(e)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a),(c)(1),(d)(1)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

+ Details

Name:	us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration