Encore Capital (ECPG) 10-K22 Feb 232022 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2022	Feb. 16, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	000-26489
Entity Registrant Name	ENCORE CAPITAL GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	48-1090909
Entity Address, Address Line One	350 Camino De La Reina
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92108
City Area Code	877
Local Phone Number	445-4581
Title of 12(b) Security	Common Stock, $0.01 Par Value Per Share
Trading Symbol	ECPG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,361.2
Entity Common Stock, Shares Outstanding		23,322,669
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement in connection with its annual meeting of stockholders to be held in 2023 are incorporated by reference in Items 10, 11, 12, 13, and 14 of Part III of this Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which proxy statement will be filed no later than 120 days after the close of the registrant’s fiscal year December 31, 2022.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001084961

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	243
Auditor Name	BDO USA, LLP
Auditor Location	San Diego, California

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 143,912	$ 189,645
Investment in receivable portfolios, net	3,088,261	3,065,553
Property and equipment, net	113,900	119,857
Other assets	341,073	335,275
Goodwill	821,214	897,795
Total assets	4,508,360	4,608,125
Liabilities:
Accounts payable and accrued liabilities	198,217	229,586
Borrowings	2,898,821	2,997,331
Other liabilities	231,695	195,947
Total liabilities	3,328,733	3,422,864
Commitments and contingencies (Note 13)
Equity:
Convertible preferred stock, $0.01 par value, 5,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value, 75,000 shares authorized, 23,323 shares and 24,541 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	233	245
Additional paid-in capital	0	0
Accumulated earnings	1,278,210	1,238,564
Accumulated other comprehensive loss	(98,816)	(53,548)
Total stockholders’ equity	1,179,627	1,185,261
Total liabilities and stockholders’ equity	4,508,360	4,608,125
Variable Interest Entity
Assets
Cash and cash equivalents	1,344	1,927
Investment in receivable portfolios, net	431,350	498,507
Other assets	3,627	3,452
Liabilities:
Accounts payable and accrued liabilities	150	105
Borrowings	423,522	473,443
Other liabilities	$ 105	$ 10

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Convertible preferred stock, shares issued (in shares)	0	0
Convertible preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	23,323,000	24,541,000
Common stock, shares outstanding (in shares)	23,323,000	24,541,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Revenue from receivable portfolios	$ 1,202,361	$ 1,287,730	$ 1,374,717
Changes in recoveries	93,145	199,136	7,246
Total debt purchasing revenue	1,295,506	1,486,866	1,381,963
Servicing revenue	94,922	120,778	115,118
Other revenues	7,919	6,855	4,319
Total revenues	1,398,347	1,614,499	1,501,400
Operating expenses
Salaries and employee benefits	375,135	385,178	378,176
Cost of legal collections	217,944	254,280	239,071
General and administrative expenses	145,798	137,695	149,113
Other operating expenses	111,234	106,938	108,944
Collection agency commissions	35,568	47,057	49,754
Depreciation and amortization	50,494	50,079	42,780
Total operating expenses	936,173	981,227	967,838
Income from operations	462,174	633,272	533,562
Other expense
Interest expense	(153,308)	(169,647)	(209,356)
Loss on extinguishment of debt	0	(9,300)	(40,951)
Other income (expense)	2,123	(17,784)	(357)
Total other expense	(151,185)	(196,731)	(250,664)
Income before income taxes	310,989	436,541	282,898
Provision for income taxes	(116,425)	(85,340)	(70,374)
Net income	194,564	351,201	212,524
Net income attributable to noncontrolling interest	0	(419)	(676)
Net income attributable to Encore Capital Group, Inc. stockholders	$ 194,564	$ 350,782	$ 211,848
Earnings per share attributable to Encore Capital Group, Inc.:
Basic (USD per share)	$ 8.06	$ 11.64	$ 6.74
Diluted (USD per share)	$ 7.46	$ 11.26	$ 6.68
Weighted average shares outstanding:
Basic (shares)	24,142	30,129	31,427
Diluted (shares)	26,092	31,153	31,710

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 194,564	$ 351,201	$ 212,524
Change in unrealized gain on derivative instruments:
Unrealized gain on derivative instruments	36,385	12,835	234
Income tax effect	(407)	(2,165)	(66)
Unrealized gain on derivative instruments, net of tax	35,978	10,670	168
Change in foreign currency translation:
Unrealized (loss) gain on foreign currency translation	(78,232)	(15,309)	17,160
Income tax effect	(3,014)	0	0
Removal of other comprehensive loss in connection with divestiture	0	19,904	2,632
Unrealized (loss) gain on foreign currency translation, net of divestiture	(81,246)	4,595	19,792
Other comprehensive (loss) income, net of tax	(45,268)	15,265	19,960
Comprehensive income	149,296	366,466	232,484
Comprehensive income attributable to noncontrolling interest:
Net income attributable to noncontrolling interest	0	(419)	(676)
Unrealized income on foreign currency translation	0	0	(7)
Comprehensive income attributable to noncontrolling interest	0	(419)	(683)
Comprehensive income attributable to Encore Capital Group, Inc. stockholders	$ 149,296	$ 366,047	$ 231,801

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Adjustment	Accumulated Earnings	Accumulated Earnings Adjustment	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interest
Balance at beginning of period (in shares) at Dec. 31, 2019			31,097
Balance at beginning of period at Dec. 31, 2019	$ 1,025,406	$ (44,238)	$ 311	$ 222,590		$ 888,058	$ (44,238)	$ (88,766)	$ 3,213
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	212,524					211,848			676
Other comprehensive income, net of tax	17,328							17,321	7
Purchase of noncontrolling interest	(3,822)			(2,394)					(1,428)
Issuance/exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (in shares)			248
Issuance/exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(6,314)		$ 2	(6,316)
Stock-based compensation	16,560			16,560
Removal of other comprehensive loss in connection with divestiture	2,632							2,632
Balance at end of period (in shares) at Dec. 31, 2020			31,345
Balance at end of period at Dec. 31, 2020	1,220,076	$ (17,914)	$ 313	230,440	$ (40,372)	1,055,668	$ 22,458	(68,813)	2,468
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	351,201					350,782			419
Other comprehensive income, net of tax	(4,639)							(4,639)
Purchase of noncontrolling interest	(5,556)			(2,669)					(2,887)
Issuance/exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (in shares)			266
Issuance/exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(5,535)		$ 2	(5,537)
Repurchase and retirement of common stock (in shares)			(7,070)
Repurchase and retirement of common stock	(390,606)		$ (70)	(200,192)		(190,344)
Stock-based compensation	18,330			18,330
Removal of other comprehensive loss in connection with divestiture	19,904							19,904
Balance at end of period (in shares) at Dec. 31, 2021			24,541
Balance at end of period at Dec. 31, 2021	1,185,261		$ 245	0		1,238,564		(53,548)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	194,564					194,564
Other comprehensive income, net of tax	(45,268)							(45,268)
Issuance/exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes (in shares)			279
Issuance/exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes	(11,380)		$ 3	(3,949)		(7,434)
Repurchase and retirement of common stock (in shares)			(1,497)
Repurchase and retirement of common stock	(87,006)		$ (15)	(10,659)		(76,332)
Stock-based compensation	15,402			15,402
Settlement of convertible senior notes	(71,152)					(71,152)
Other	(794)			(794)
Balance at end of period (in shares) at Dec. 31, 2022			23,323
Balance at end of period at Dec. 31, 2022	$ 1,179,627		$ 233	$ 0		$ 1,278,210		$ (98,816)	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income	$ 194,564	$ 351,201	$ 212,524
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,494	50,079	42,780
Expense related to financing	0	9,300	51,117
Other non-cash interest expense, net	15,875	17,785	23,639
Stock-based compensation expense	15,402	18,330	16,560
Deferred income taxes	46,410	35,371	8,549
Changes in recoveries	(93,145)	(199,136)	(7,246)
Other, net	18,798	17,130	16,260
Changes in operating assets and liabilities
Other assets	(6,722)	38,941	(33,663)
Accounts payable, accrued liabilities and other liabilities	(30,995)	(35,948)	(17,656)
Net cash provided by operating activities	210,681	303,053	312,864
Investing activities:
Purchases of receivable portfolios, net of put-backs	(790,569)	(657,280)	(644,048)
Collections applied to investment in receivable portfolios, net	709,176	1,019,629	737,131
Purchases of assets held for sale	(39,340)	(17,090)	(1,502)
Purchases of property and equipment	(37,224)	(33,372)	(34,600)
Other, net	27,722	28,009	25,845
Net cash (used in) provided by investing activities	(130,235)	339,896	82,826
Financing activities:
Payment of loan and debt refinancing costs	(1,659)	(11,963)	(82,455)
Proceeds from credit facilities	779,513	821,931	1,820,634
Repayment of credit facilities	(515,703)	(896,418)	(2,290,822)
Proceeds from senior secured notes	0	353,747	1,313,385
Repayment of senior secured notes	(39,080)	(359,175)	(1,033,765)
Repayment of convertible senior notes	(221,153)	(161,000)	(89,355)
Repurchase and retirement of common stock	(87,006)	(390,606)	0
Other, net	(22,357)	(12,208)	(40,822)
Net cash used in financing activities	(107,445)	(655,692)	(403,200)
Net decrease in cash and cash equivalents	(26,999)	(12,743)	(7,510)
Effect of exchange rate changes on cash and cash equivalents	(18,734)	13,204	4,359
Cash and cash equivalents, beginning of period	189,645	189,184	192,335
Cash and cash equivalents, end of period	143,912	189,645	189,184
Supplemental disclosures of cash flow information:
Cash paid for interest	131,391	132,400	169,553
Cash paid for income taxes, net of refunds	71,276	42,039	88,816
Supplemental schedule of non-cash investing and financing activities:
Investment in receivable portfolios transferred to real estate owned	1,903	768	2,214
Property and equipment acquired through finance leases	$ 3,273	$ 2,664	$ 3,276

Ownership, Description of Busin

Ownership, Description of Business, and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Ownership, Description of Business, and Summary of Significant Accounting Policies	Note 1: Ownership, Description of Business, and Summary of Significant Accounting Policies Encore Capital Group, Inc. (“Encore”), through its subsidiaries (collectively with Encore, the “Company”), is an international specialty finance company providing debt recovery solutions and other related services for consumers across a broad range of financial assets. The Company purchases portfolios of defaulted consumer receivables at deep discounts to face value and manages them by working with individuals as they repay their obligations and work toward financial recovery. Defaulted receivables are consumers’ unpaid financial obligations to credit originators, including banks, credit unions, consumer finance companies and commercial retailers. Defaulted receivables may also include receivables subject to bankruptcy proceedings. The Company also provides debt servicing and other portfolio management services to credit originators for non-performing loans in Europe. Through Midland Credit Management, Inc. and its domestic affiliates (collectively, “MCM”), the Company is a market leader in portfolio purchasing and recovery in the United States. Through Cabot Credit Management Limited (“CCM”) and its subsidiaries and European affiliates (collectively, “Cabot”) the Company is one of the largest credit management services providers in Europe and the United Kingdom. These are the Company’s primary operations. The Company also has investments and operations in Latin America and Asia-Pacific, which the Company refers to as “LAAP.” Basis of Consolidation The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company also consolidates variable interest entities (“VIEs”) for which it is the primary beneficiary. The primary beneficiary has both (a) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (b) either the obligation to absorb losses or the right to receive benefits. Refer to “Note 7: Variable Interest Entities” for further details. All intercompany transactions and balances have been eliminated in consolidation. Translation of Foreign Currencies The financial statements of certain of the Company’s foreign subsidiaries are measured using their local currency as the functional currency. Assets and liabilities of foreign operations are translated into U.S. dollars using period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates in effect during each period. The resulting translation adjustments are recorded as a component of other comprehensive income or loss. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation adjustments and recorded within other comprehensive income or loss. Translation gains or losses are the material components of accumulated other comprehensive income or loss and are reclassified to earnings upon the substantial sale or liquidation of investments in foreign operations. Recently Adopted Accounting Guidance On January 1, 2021, the Company adopted Accounting Standards Update (“ASU”) No. 2020-06, Debt — Debt with Conversion and Other Options (“Subtopic 470-20”) and Derivatives and Hedging — Contracts in Entity’s Own Equity (“Subtopic 815-40”): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The Company adopted ASU 2020-06 using the modified-retrospective approach. The ASU simplifies the accounting for convertible instruments by removing certain models in Subtopic 470-20 and revises the guidance in Subtopic 815-40 to simplify the accounting for contracts in an entity’s own equity. The ASU also amends the guidance to improve the consistency of earnings per share calculations, which requires the if-converted method be used for convertible instruments. Under ASU 2020-06, the Company’s convertible and exchangeable notes are no longer bifurcated to a debt component and an equity component, instead, they are carried as a single liability which reflects the principal amount of the convertible and exchangeable notes. The interest expense recognized on the convertible and exchangeable notes is based on coupon rates, rather than higher effective interest rates. As a result, the Company recognizes lower interest expense after the adoption. Additionally, effective January 1, 2021, the Company uses the if-converted method in calculating the dilutive effect of its convertible and exchangeable notes for earnings per share. The Company has not adjusted prior period comparative information and will continue to disclose prior period financial information in accordance with the previous accounting guidance. The following table summarizes the cumulative effects of adopting the new guidance on the Company’s consolidated statements of financial condition at January 1, 2021 ( in thousands ): Balance as of December 31, 2020 Adjustment Opening Balance as of January 1, 2021 Liabilities Convertible notes and exchangeable notes $ 583,500 $ — $ 583,500 Debt discount (19,364) 19,364 — Other liabilities (for deferred tax liabilities) 146,893 (1,450) 145,443 Equity Additional paid-in capital 230,440 (40,372) 190,068 Accumulated earnings 1,055,668 22,458 1,078,126 With the exception of the updated standard discussed above, there have been no recent accounting pronouncements or changes in accounting pronouncements during the year ended December 31, 2022. Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates significant estimates, including changes in estimated future recoveries on its investment in receivable portfolios, fair value of goodwill, and income taxes, among others. The Company bases its estimates on assumptions, both historical and forward looking, that are believed to be reasonable. Actual results could materially differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with maturities of three months or less at the date of purchase. The Company maintains its cash and cash equivalents in multiple financial institutions and certain account balances exceed federally insurable limits. To date, the Company has experienced no loss or lack of access to cash in its bank accounts. The Company believes any risks are mitigated by maintaining cash with highly rated financial institutions. The carrying amounts reported in the consolidated statements of financial condition for cash and cash equivalents approximate their fair value. Included in cash and cash equivalents is cash collected on behalf of and due to third-party clients. A corresponding balance is included in accounts payable and accrued liabilities. The balance of cash held for clients was $17.8 million and $29.3 million as of December 31, 2022 and 2021, respectively. Investment in Receivable Portfolios The Company purchases portfolios of loans that have experienced significant deterioration of credit quality since origination from banks and other financial institutions. These financial assets are defined as purchased credit deteriorated (or “PCD”) assets under the accounting standard for Financial Instruments - Credit Losses (“CECL”). Under the PCD accounting model, the purchased assets are recognized at their face value with an offsetting allowance and noncredit discount allocated to the individual receivables as the unit of account is at the individual loan level. Since each loan is deeply delinquent and deemed uncollectible at the individual loan level, the Company applies its charge-off policy and fully writes-off the amortized costs (i.e., face value net of noncredit discount) of the individual receivables immediately after purchasing the portfolio. The Company then records a negative allowance that represents the present value of all expected future recoveries for pools of receivables that share similar risk characteristics using a discounted cash flow approach, which ultimately equals the amount paid for a portfolio purchase and presented as “Investment in receivable portfolios, net” in the Company’s consolidated statements of financial condition. The discount rate is an effective interest rate (or “purchase EIR”) based on the purchase price of the portfolio and the expected future cash flows at the time of purchase. The amount of the negative allowance (i.e., investment in receivable portfolios) will not exceed the total amortized cost basis of the loans written-off. Receivable portfolio purchases are aggregated into pools based on similar risk characteristics. Examples of risk characteristics include financial asset type, collateral type, size, interest rate, date of origination, term, and geographic location. The Company’s static pools are typically grouped into credit card, purchased consumer bankruptcy, and mortgage portfolios. The Company further groups these static pools by geographic location. Once a pool is established, the portfolios will remain in the designated pool unless the underlying risk characteristics change, which is not expected due to the delinquent nature of the individual loans. The purchase EIR of a pool will not change over the life of the pool even if expected future cash flows change. Revenue is recognized for each static pool over the economic life of the pool. Debt purchasing revenue includes two components: (1) Revenue from receivable portfolios, which is the accretion of the discount on the negative allowance due to the passage of time (generally the portfolio balance multiplied by the EIR) and also includes all revenue from zero basis portfolio (“ZBA”) collections, and (2) Changes in recoveries, which includes (a) Recoveries above or below forecast, which is the difference between (i) actual cash collected/recovered during the current period and (ii) expected cash recoveries for the current period, which generally represents over or under performance for the period; and (b) Changes in expected future recoveries, which is the present value change of expected future recoveries, where such change generally results from (i) collections “pulled forward from” or “pushed out to” future periods (i.e. amounts either collected early or expected to be collected later) and (ii) magnitude and timing changes to estimates of expected future collections (which can be increases or decreases). The Company measures expected future recoveries based on historical experience, current conditions, reasonable and supportable forecasts, and other quantitative and qualitative factors. Factors that may change the expected future recoveries may include both internal as well as external factors. Internal factors include operational performance, such as capacity and the productivity of the Company’s collection staff. External factors that may have an impact on the Company’s collections include new laws or regulations, new interpretations of existing laws or regulations, and macroeconomic conditions. The Company elected not to maintain its previously formed pool groups with amortized costs at transition. Certain pools already fully recovered their cost basis and became ZBA prior to the transition. The Company did not establish a negative allowance from ZBA pools as the Company elected the Transition Resource Group for Credit Losses’ practical expedient to retain the integrity of its legacy pools. All subsequent collections to the ZBA pools are recognized as ZBA revenue, which is included in revenue from receivable portfolios in the Company’s consolidated statements of income. Transfers of Financial Assets The Company accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s ongoing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are included in “Other revenues” in the Company’s consolidated statements of income. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the statements of financial condition at fair value. Transfers of financial assets that do not qualify for sale accounting are reported as collateralized borrowings. Accordingly, the related assets remain on the Company’s statements of financial condition and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds from these transfers are reported as liabilities, with attributable interest expense recognized over the life of the related transactions. To date, the Company has not had any transfers of financial assets that did not qualify for sale accounting. Servicing Revenue Certain of the Company’s subsidiaries earn servicing revenue by providing portfolio management services to credit originators for non-performing loans. The Company recognizes servicing revenue when it satisfies the performance obligation over time by providing debt solution and credit management services. The Company typically invoices for its services monthly with payment terms of 30 days. Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the value assigned to tangible and identifiable intangible assets, liabilities assumed, and noncontrolling interest of businesses acquired. Acquired intangible assets other than goodwill are amortized over their useful lives unless the lives are determined to be indefinite. Goodwill is tested at the reporting unit level annually for impairment and in interim periods if certain events occur indicating the fair value of a reporting unit may be below its carrying value. See “Note 15: Goodwill and Identifiable Intangible Assets” for further discussion of the Company’s goodwill and other intangible assets. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: Fixed Asset Category Estimated Useful Life Leasehold improvements Lesser of lease term, including periods covered Furniture, fixtures and equipment 5 to 10 years Computer hardware and software 3 to 5 years Maintenance and repairs are charged to expense in the year incurred. Expenditures for major renewals that extend the useful lives of fixed assets are capitalized and depreciated over the useful lives of such assets. The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company measures recoverability by comparing the carrying amount to the future undiscounted cash flows that the asset is expected to generate. If the asset is not recoverable, its carrying amount would be adjusted down to its fair value. Leases The Company recognizes operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated statements of financial condition. ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company’s lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets also include any advance lease payments made and are net of any lease incentives. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would expect to pay to borrow over a similar term, and on a collateralized basis, an amount equal to the lease payments in a similar economic environment. The Company elected not to apply the recognition requirements to short-term leases and not to separate non-lease components from lease components for operating leases. Income Taxes The provision for income taxes is estimated using the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized based on temporary differences between the financial statement and income tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the years in which the differences are expected to be realized or settled. At each reporting date, the Company considers new evidence, both positive and negative, that could affect future realization of deferred tax assets including historical earnings, taxable income in prior carryback years if permitted under tax law, projections of future income, timing of reversing temporary differences and the implementation of feasible and prudent tax planning strategies. In the event that it is more likely than not that all or part of the deferred tax assets are determined not to be realizable in the future, the Company would establish or increase a valuation allowance in the period such determination is made, with a corresponding charge to earnings. In the event the Company realizes deferred tax assets that were previously determined to be unrealizable, the Company would release or decrease the respective valuation allowance, with a corresponding positive adjustment to earnings. The calculation of tax liabilities involves significant judgement in estimating the impact and timing of resolution of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with the Company’s expectations could have a material impact on the Company’s results of operation and financial position. The Company records liabilities related to uncertain tax positions when it believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities, despite its belief that those tax return positions are supportable. The Company includes interest and penalties related to income taxes within its provision for income taxes. See “Note 11: Income Taxes” for further discussion. Stock-Based Compensation The Company determines stock-based compensation expense for all share-based payment awards based on the measurement date fair value. The Company uses the Black-Scholes option-pricing model to determine the fair-value of stock option grants. The Company has certain share awards that include market conditions that affect vesting, the fair value of these shares is estimated using a lattice model. Compensation cost is not adjusted if the market condition is not met, as long as the requisite service is provided. For share awards that require service and performance conditions, the Company recognizes compensation cost only for those awards expected to meet the service and performance vesting conditions over the requisite service period of the award. Forfeiture rates are estimated based on the Company’s historical experience. Stock-based compensation expenses are included in “Salaries and Employee Benefits” in the Company’s consolidated statements of income. See “Note 10: Stock-Based Compensation” for further discussion. Derivative Instruments and Hedging Activities The Company recognizes all derivative financial instruments in its consolidated financial statements at fair value. Changes in the fair value of derivative instruments are recorded in earnings unless hedge accounting criteria are met. The Company designates certain derivative instruments as cash flow hedges. The changes in fair value of derivatives designated as cash flow hedges is recorded each period, net of tax, in accumulated other comprehensive income or loss until the related hedged transaction occurs. If in the event the hedged cash flow does not occur, or it becomes probable that it will not occur, the Company would reclassify the amount of any gain or loss on the related cash flow hedge to income or expense at that time. If the hedged cash flows are still reasonably possible to occur, the hedged cash flows will continue to be recorded in accumulated other comprehensive income or loss until the hedged cash flows are no longer probable of occurring. The Company classifies the cash flows from a derivative instrument that is accounted for as a cash flow hedge (and that does not contain an other-than-insignificant financing element at inception) in the same category as the cash flows from the items being hedged. See “Note 3: Derivatives and Hedging Instruments” for further discussion. Concentration of Supply Risk A significant percentage of the Company’s portfolio purchases for any given fiscal quarter or year may be concentrated with a few large sellers, some of which may also involve forward flow arrangements. A significant decrease in the volume of portfolio available from any of the Company’s principal sellers would force the Company to seek alternative sources of charged-off receivables. The Company may be unable to find alternative sources from which to purchase charged-off receivables, and even if it could successfully replace these purchases, the search could take time and the receivables could be of lower quality, cost more, or both, any of which could adversely affect the Company’s business, financial condition and operating results. Earnings Per Share Basic earnings per share is calculated by dividing net earnings attributable to Encore by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. Dilutive potential common shares include outstanding stock based awards, and the dilutive effect of the convertible and exchangeable senior notes, if applicable. The Company adopted ASU 2020-06 on January 1, 2021, using a modified retrospective approach. Effective January 1, 2021, the dilutive effect of the Company’s convertible and exchangeable notes is calculated using the if-converted method. Prior to the adoption, the dilutive effect of the convertible and exchangeable notes was calculated using the treasury stock method. In September 2021, in accordance with the indenture for the convertible senior notes due in March 2022, the Company irrevocably elected cash settlement for these notes. As a result, the convertible senior notes due in March 2022 were only dilutive prior to September 15, 2021. All of the Company’s other convertible and exchangeable notes require net share settlement, using the if-converted method results in a similar dilutive effect as using the treasury stock method under the previous accounting standard, due to the fact that only in-the-money shares are included in the dilutive effect. A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands, except per share amounts) : Year Ended December 31, 2022 2021 2020 Net income attributable to Encore Capital Group, Inc. $ 194,564 $ 350,782 $ 211,848 Total weighted-average basic shares outstanding 24,142 30,129 31,427 Dilutive effect of stock-based awards 344 407 283 Dilutive effect of convertible and exchangeable senior notes 1,606 617 — Total weighted-average dilutive shares outstanding 26,092 31,153 31,710 Basic earnings per share $ 8.06 $ 11.64 $ 6.74 Diluted earnings per share $ 7.46 $ 11.26 $ 6.68 Anti-dilutive employee stock options outstanding were approximately zero, 3,000 and 51,000 during the years ended December 31, 2022, 2021, and 2020, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 2: Fair Value Measurements Fair value is defined as the price that would be received upon sale of an asset or the price paid to transfer a liability, in an orderly transaction between market participants at the measurement date ( i.e., the “exit price”). The Company uses a fair value hierarchy that prioritizes the inputs used in valuation techniques to measure fair value into three broad levels. The following is a brief description of each level: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs, including inputs that reflect the reporting entity’s own assumptions. Financial Instruments Required To Be Carried At Fair Value Financial assets and liabilities measured at fair value on a recurring basis are summarized below ( in thousands ): Fair Value Measurements as of December 31, 2022 Level 1 Level 2 Level 3 Total Assets Interest rate cap contracts $ — $ 36,807 $ — $ 36,807 Liabilities Cross-currency swap agreements — (36,918) — (36,918) Fair Value Measurements as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets Interest rate cap contracts $ — $ 3,541 $ — $ 3,541 Liabilities Cross-currency swap agreements — (16,902) — (16,902) Contingent consideration — — (5,218) (5,218) Derivative Contracts: The Company uses derivative instruments to manage its exposure to fluctuations in interest rates and foreign currency exchange rates. Fair values of these derivative instruments are estimated using industry standard valuation models. These models project future cash flows and discount the future amounts to a present value using market-based observable inputs, including interest rate curves, foreign currency exchange rates, and forward and spot prices for currencies. Contingent Consideration: The Company carries certain contingent liabilities resulting from its mergers and acquisition activities. Certain sellers of the Company’s acquired entities could earn additional earn-out payments in cash based on the entities’ subsequent operating performance. The Company recorded the acquisition date fair values of these contingent liabilities, based on the likelihood of contingent earn-out payments, as part of the consideration transferred. The earn-out payments are subsequently remeasured to fair value at each reporting date, based on actual and forecasted operating performance. All of the Company’s contingent consideration obligations were fully resolved as of December 31, 2022. The following table provides a roll-forward of the fair value of contingent consideration, for the years ended December 31, 2022, 2021 and 2020 (in thousands) : Amount Balance as of December 31, 2019 $ 66 Issuance of contingent consideration in connection with purchase of noncontrolling interest 2,848 Payment of contingent consideration (88) Effect of foreign currency translation 131 Balance as of December 31, 2020 2,957 Issuance of contingent consideration in connection with purchase of noncontrolling interest 2,913 Change in fair value of contingent consideration (388) Payment of contingent consideration (180) Effect of foreign currency translation (84) Balance as of December 31, 2021 5,218 Change in fair value of contingent consideration 794 Payment of contingent consideration (5,273) Effect of foreign currency translation (739) Balance as of December 31, 2022 $ — Non-Recurring Fair Value Measurement: Certain assets are measured at fair value on a nonrecurring basis. These assets include real estate-owned assets classified as held for sale at the lower of their carrying value or fair value less cost to sell. The fair value of the assets held for sale and estimated selling expenses were determined at the time of initial recognition and in each reporting period using Level 3 measurements based on appraised values using market comparables. The fair value estimate of the assets held for sale was approximately $68.2 million and $44.6 million as of December 31, 2022 and December 31, 2021, respectively. Financial Instruments Not Required To Be Carried At Fair Value The table below summarizes fair value estimates for the Company’s financial instruments that are not required to be carried at fair value. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company. The carrying amounts in the following table are included in the consolidated statements of financial condition as of December 31, 2022 and December 31, 2021 (in thousands) : December 31, 2022 December 31, 2021 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets Investment in receivable portfolios, net $ 3,088,261 $ 3,242,506 $ 3,065,553 $ 3,416,926 Financial Liabilities Global senior secured revolving credit facility 661,738 661,738 406,635 406,635 Encore private placement notes 68,390 66,947 107,470 108,652 Senior secured notes (1) 1,480,258 1,334,686 1,606,327 1,652,246 Convertible senior notes due March 2022 (2) — — 150,000 195,009 Exchangeable senior notes due September 2023 172,500 205,227 172,500 257,782 Convertible senior notes due October 2025 100,000 130,556 100,000 165,887 Cabot securitisation senior facility 423,522 423,522 473,443 473,443 ________________________ (1) Carrying amount represents historical cost, adjusted for any related debt discount or debt premium. (2) The 2022 Convertible Senior Notes matured on March 15, 2022 and the Company repaid the notes in cash. Investment in Receivable Portfolios: The fair value of investment in receivable portfolios is measured using Level 3 inputs by discounting the estimated future cash flows generated by the Company’s proprietary forecasting models. The key inputs include the estimated future gross cash flow, average cost to collect, and discount rate. The determination of such inputs requires significant judgment, including assessing the assumed market participant’s cost structure, its determination of whether to include fixed costs in its valuation, its collection strategies, and determining the appropriate weighted average cost of capital. The Company evaluates the use of these key inputs on an ongoing basis and refines the data as it continues to obtain better information from market participants in the debt recovery and purchasing business. Borrowings: The Company’s convertible notes, exchangeable notes, senior secured notes and private placement notes are carried at historical cost, adjusted for the applicable debt discount. The fair value estimate for the convertible and exchangeable notes incorporates quoted market prices using Level 2 inputs. The fair value of the senior secured notes and private placement notes is estimated using widely accepted valuation techniques, including discounted cash flow analyses using available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Accordingly, the Company used Level 2 inputs for these debt instrument fair value estimates. The carrying value of the Company’s senior secured revolving credit facility and securitisation senior facility approximates fair value due to the use of current market rates that are repriced frequently.

Derivatives and Hedging Instrum

Derivatives and Hedging Instruments	12 Months Ended
Derivatives and Hedging Instruments	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Instruments	Note 3: Derivatives and Hedging Instruments The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. Certain of the Company’s derivative financial instruments qualify for hedge accounting treatment. The following table summarizes the fair value of derivative instruments as recorded in the Company’s consolidated statements of financial condition (in thousands): December 31, 2022 December 31, 2021 Balance Sheet Fair Value Balance Sheet Fair Value Interest rate cap contracts Other assets $ 36,807 Other assets $ 3,541 Cross-currency swap agreements Other liabilities (36,918) Other liabilities (16,902) Derivatives Designated as Hedging Instruments The Company may periodically enter into interest rate swap agreements to reduce its exposure to fluctuations in interest rates on variable interest rate debt and their impact on earnings and cash flows. Under the swap agreements, the Company receives floating interest rate payments and makes interest payments based on fixed interest rates. As of December 31, 2022, there were no interest rate swap agreements outstanding. The Company also uses interest rate cap contracts to manage its risk related to the interest rate fluctuations in its variable interest rate bearing debt. As of December 31, 2022, the Company held two interest rate cap contracts with a notional amount of approximately $852.5 million. The interest rate cap hedging the fluctuations in three-month EURIBOR floating rate debt (“2019 Cap”) has a notional amount of €400.0 million (approximately $428.9 million based on an exchange rate of $1.00 to €0.93, the exchange rate as of December 31, 2022) and matures in June 2024. The interest rate cap hedging the fluctuations in sterling overnight index average (“SONIA”) bearing debt (“2021 Cap”) has a notional amount of £350.0 million (approximately $423.5 million based on an exchange rate of $1.00 to £0.83, the exchange rate as of December 31, 2022) and matures in September 2024. The Company expects the hedge relationships to be highly effective and designates the 2019 Cap and 2021 Cap as cash flow hedge instruments. The Company expects to reclassify approximately $20.3 million of net derivative gain from OCI into earnings relating to interest rate caps within the next 12 months. The Company uses cross-currency swap agreements to manage foreign currency exchange risk by converting fixed-rate Euro-denominated borrowings including periodic interest payments and the payment of principal at maturity to fixed-rate USD debt. The cross-currency swap agreements are accounted for as cash flow hedges. As of December 31, 2022, there were four cross-currency swap agreements outstanding with a total notional amount of €350.0 million (approximately $375.3 million based on an exchange rate of $1.00 to €0.93, the exchange rate as of December 31, 2022). The Company expects to reclassify approximately $4.4 million of net derivative loss from OCI into earnings relating to cross-currency swaps within the next 12 months. The following table summarizes the effects of derivatives in cash flow hedging relationships designated as hedging instruments in the Company’s consolidated financial statements (in thousands): Derivatives Designated as Hedging Instruments Gain (Loss) Location of Gain (Loss) Reclassified from OCI into Income Gain (Loss) Year Ended December 31, Year Ended December 31, 2022 2021 2020 2022 2021 2020 Foreign currency exchange contracts $ — $ — $ (341) Salaries and employee benefits $ — $ — $ 49 Foreign currency exchange contracts — — (44) General and administrative expenses — — 11 Interest rate swap agreements — (69) (7,441) Interest expense — (8,743) (7,893) Interest rate cap contracts 33,354 1,824 (3,001) Interest expense (653) (568) (2,846) Cross-currency swap agreements (27,617) (33,464) 10,503 Interest expense (7,601) (4,984) (1,075) Other (expense) income (22,394) (28,548) 11,196 Derivatives Not Designated as Hedging Instruments The Company did not have any derivatives that were not designated as hedging instruments during the year ended December 31, 2022. The following table summarizes the effects of derivatives not designated as hedging instruments on the Company’s consolidated statements of income during the periods presented (in thousands) : Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income Year ended December 31, 2022 2021 2020 Foreign currency exchange contracts Other (expense) income $ — $ (20) $ 3,564 Interest rate swap agreements Other expense — (73) —

Investment in Receivable Portfo

Investment in Receivable Portfolios, Net	12 Months Ended
Investment in Receivable Portfolios, Net	Dec. 31, 2022
Receivables [Abstract]
Investment in Receivable Portfolios, Net	Note 4: Investment in Receivable Portfolios, Net Investment in receivable portfolios, net consist of the following as of the dates presented ( in thousands ): Year Ended December 31, 2022 2021 Amortized cost $ — $ — Negative allowance for expected recoveries 3,088,261 3,065,553 Balance, end of period $ 3,088,261 $ 3,065,553 The following table summarizes the changes in the balance of investment in receivable portfolios, net during the periods presented ( in thousands ): Year Ended December 31, 2022 2021 2020 Balance, beginning of period $ 3,065,553 $ 3,291,918 $ 3,328,150 Negative allowance for expected recoveries - current period purchases (1) 800,507 664,529 659,872 Collections applied to investment in receivable portfolios, net (2) (709,176) (1,019,629) (737,131) Changes in recoveries (3) 93,145 199,136 7,246 Put-backs and Recalls (9,938) (7,249) (15,824) Deconsolidation of receivable portfolios — (9,352) (2,822) Disposals and transfers to real estate owned (8,335) (8,071) (9,459) Foreign currency translation adjustments (143,495) (45,729) 61,886 Balance, end of period $ 3,088,261 $ 3,065,553 $ 3,291,918 _______________________ (1) The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented: Year Ended December 31, 2022 2021 2020 Purchase price $ 800,507 $ 664,529 $ 659,872 Allowance for credit losses 2,332,112 1,823,582 1,703,420 Amortized cost 3,132,619 2,488,111 2,363,292 Noncredit discount 3,216,500 3,284,369 3,464,670 Face value 6,349,119 5,772,480 5,827,962 Write-off of amortized cost (3,132,619) (2,488,111) (2,363,292) Write-off of noncredit discount (3,216,500) (3,284,369) (3,464,670) Negative allowance 800,507 664,529 659,872 Negative allowance for expected recoveries - current period purchases $ 800,507 $ 664,529 $ 659,872 (2) Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods presented: Year Ended December 31, 2022 2021 2020 Cash Collections $ 1,911,537 $ 2,307,359 $ 2,111,848 Less - amounts classified to revenue from receivable portfolios (1,202,361) (1,287,730) (1,374,717) Collections applied to investment in receivable portfolios, net $ 709,176 $ 1,019,629 $ 737,131 (3) Changes in recoveries is calculated as follows during the periods presented, where recoveries include cash collections, put-backs and recalls, and other cash-based adjustments: Year Ended December 31, 2022 2021 2020 Recoveries above forecast $ 29,253 $ 326,006 $ 228,075 Changes in expected future recoveries 63,892 (126,870) (220,829) Changes in recoveries $ 93,145 $ 199,136 $ 7,246 Recoveries above or below forecast represent over and under-performance in the reporting period, respectively. Collections during the year ended December 31, 2022 outperformed the projected cash flows by approximately $29.3 million. Changes in expected future recoveries are reassessed each quarter, the Company considers, among other factors, historical and current collection performance, changes in consumer behavior, and the macroeconomic environment when updating the forecasts of expected lifetime recoveries. The Company recorded a net positive change in expected future period recoveries of approximately $63.9 million during the year ended December 31, 2022.

Composition of Certain Financia

Composition of Certain Financial Statement Items	12 Months Ended
Composition of Certain Financial Statement Items	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Composition of Certain Financial Statement Items	Note 5: Composition of Certain Financial Statement Items Property and Equipment, Net Property and equipment consist of the following as of the dates presented ( in thousands ): December 31, December 31, Computer equipment and software $ 209,803 $ 209,844 Leasehold improvements 34,950 37,533 Furniture, fixtures and equipment 20,155 19,959 Construction in process 2,546 2,487 Telecommunications equipment and other 1,600 3,075 269,054 272,898 Less: accumulated depreciation and amortization (155,154) (153,041) $ 113,900 $ 119,857 Depreciation and amortization expense related to property and equipment was $40.1 million, $42.2 million, and $34.8 million during the years ended December 31, 2022, 2021, and 2020, respectively. Other Assets Other assets consist of the following as of the dates presented ( in thousands ): December 31, December 31, Operating lease right-of-use assets $ 70,074 $ 68,812 Real estate owned 68,242 44,640 Derivative instruments 36,807 3,541 Prepaid expenses 30,376 26,943 Identifiable intangible assets, net 22,112 36,320 Income tax deposits 18,259 19,315 Deferred tax assets 18,069 51,451 Service fee receivables 16,094 22,610 Other 61,040 61,643 Total $ 341,073 $ 335,275

Borrowings

Borrowings	12 Months Ended
Borrowings	Dec. 31, 2022
Debt Disclosure [Abstract]
Borrowings	Note 6: Borrowings The Company is in compliance in all material respects with all covenants under its financing arrangements as of December 31, 2022. The components of the Company’s consolidated borrowings were as follows (in thousands) : December 31, December 31, Global senior secured revolving credit facility $ 661,738 $ 406,635 Encore private placement notes 68,390 107,470 Senior secured notes 1,485,888 1,613,739 Convertible notes and exchangeable notes 272,500 422,500 Cabot securitisation senior facility 423,522 473,443 Other 23,512 24,889 Finance lease liabilities 5,675 7,005 2,941,225 3,055,681 Less: debt discount and issuance costs, net of amortization (42,404) (58,350) Total $ 2,898,821 $ 2,997,331 Encore is the parent of the restricted group for the Global Senior Facility, the Senior Secured Notes and the Encore Private Placement Notes, each of which is guaranteed by the same group of material Encore subsidiaries and secured by the same collateral, which represents substantially all of the assets of those subsidiaries. Global Senior Secured Revolving Credit Facility In September 2020, the Company entered into a multi-currency senior secured revolving credit facility agreement (as amended and restated, the “Global Senior Facility”). On March 29, 2022, the Company amended and restated the Global Senior Facility to, among other things (1) upsize the facility by $90.0 million to $1.14 billion, (2) extend the termination date of the facility from September 2025 to September 2026, and (3) transition from LIBOR to Term SOFR for U.S. dollar borrowings. As of December 31, 2022, the Global Senior Facility provided for a total committed facility of $1.14 billion that matures in September 2026 and includes the following key provisions: • Interest at Term SOFR (or EURIBOR for any loan drawn in Euro or a rate based on SONIA for any loan drawn in British Pound), with a Term SOFR (or EURIBOR or SONIA) floor of 0.00%, plus a margin of 2.50%, plus in the case of Term SOFR borrowings, a credit adjustment spread of 0.10%; • An unused commitment fee of 0.40% per annum, payable quarterly in arrears; • A restrictive covenant that limits the LTV Ratio (defined in the Global Senior Facility) to 0.75 in the event that the Global Senior Facility is more than 20% utilized; • A restrictive covenant that limits the SSRCF LTV Ratio (defined in the Global Senior Facility) to 0.275; • A restrictive covenant that requires the Company to maintain a Fixed Charge Coverage Ratio (as defined in the Global Senior Facility) of at least 2.0; • Additional restrictions and covenants which limit, among other things, the payment of dividends and the incurrence of additional indebtedness and liens; and • Standard events of default which, upon occurrence, may permit the lenders to terminate the Global Senior Facility and declare all amounts outstanding to be immediately due and payable. The Global Senior Facility is secured by substantially all of the assets of the Company and the guarantors. Pursuant to the terms of an intercreditor agreement entered into with respect to the relative positions of (1) the Global Senior Facility, any super priority hedging liabilities and the Encore Private Placement Notes (collectively, “Super Senior Liabilities”) and (2) the Senior Secured Notes, Super Senior Liabilities that are secured by assets that also secure the Senior Secured Notes will receive priority with respect to any proceeds received upon any enforcement action over any such assets. As of December 31, 2022, the outstanding borrowings under the Global Senior Facility were $661.7 million. The weighted average interest rate of the Global Senior Facility was 4.42% and 3.07% for the years ended December 31, 2022 and December 31, 2021, respectively. Available capacity under the Global Senior Facility, after taking into account applicable debt covenants, was approximately $478.3 million as of December 31, 2022. Encore Private Placement Notes In August 2017, Encore entered into $325.0 million in senior secured notes with a group of insurance companies (the “Encore Private Placement Notes”). As of December 31, 2022, $68.4 million of the Encore Private Placement Notes remained outstanding. The Encore Private Placement Notes bear an annual interest rate of 5.625%, mature in August 2024 and require quarterly principal payments of $9.8 million. The covenants and material terms for the Encore Private Placement Notes are substantially similar to those for the Global Senior Facility. Senior Secured Notes The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ( $ in thousands ): December 31, 2022 December 31, 2021 Issue Currency Maturity Date Interest Payment Dates Interest Rate Encore 2025 Notes $ 375,325 $ 397,928 EUR Oct 15, 2025 Apr 15, Oct 15 4.875 % Encore 2026 Notes 363,019 405,808 GBP Feb 15, 2026 Feb 15, Aug 15 5.375 % Encore 2028 Notes 302,516 338,174 GBP Jun 1, 2028 Jun 1, Dec 1 4.250 % Encore 2028 Floating Rate Notes 445,028 471,829 EUR Jan 15, 2028 Jan 15, Apr 15, Jul 15, Oct 15 EURIBOR +4.250% (1) $ 1,485,888 $ 1,613,739 ______________________ (1) Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly. The Senior Secured Notes are secured by the same collateral as the Global Senior Facility and the Encore Private Placement Notes. The guarantees provided in respect of the Senior Secured Notes are pari passu with each such guarantee given in respect of the Global Senior Facility and Encore Private Placement Notes. Subject to the intercreditor agreement described above under the section “Global Senior Secured Revolving Credit Facility,” Super Senior Liabilities that are secured by assets that also secure the Senior Secured Notes will receive priority with respect to any proceeds received upon any enforcement action over any such assets. Convertible Notes and Exchangeable Notes The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible and exchangeable senior notes (the “Convertible Notes” or “Exchangeable Notes,” as applicable) ( $ in thousands ): December 31, 2022 December 31, 2021 Maturity Date Interest Rate 2022 Convertible Notes $ — $ 150,000 Mar 15, 2022 3.250 % 2023 Exchangeable Notes 172,500 172,500 Sep 1, 2023 4.500 % 2025 Convertible Notes 100,000 100,000 Oct 1, 2025 3.250 % $ 272,500 $ 422,500 On March 15, 2022, the Company’s $150.0 million 2022 Convertible Notes matured. The 2022 Convertible Notes had a conversion price of $45.33. In September 2021, in accordance with the indenture for the 2022 Convertible Notes, the Company irrevocably elected “combination settlement” with a specified dollar amount equal to $1,750 per $1,000 principal amount of the 2022 Convertible Notes. In March 2022, the Company settled the conversion of the 2022 Convertible Notes entirely in cash for $221.2 million, of which $71.2 million (the excess above the principal amount) represents the conversion spread and was recognized in the Company’s stockholder’s equity. No gain or loss was recognized as a result of the conversion of the 2022 Convertible Notes in the Company’s consolidated statements of income for the year ended December 31, 2022. The Exchangeable Notes were issued by Encore Capital Europe Finance Limited (“Encore Finance”), a 100% owned finance subsidiary of Encore, and are fully and unconditionally guaranteed by Encore. Unless otherwise indicated in connection with a particular offering of debt securities, Encore will fully and unconditionally guarantee any debt securities issued by Encore Finance. Amounts related to Encore Finance are included in the consolidated financial statements of Encore subsequent to April 30, 2018, the date of incorporation of Encore Finance. In order to reduce the risk related to the potential dilution and/or the potential cash payments the Company may be required to make in the event that the market price of the Company’s common stock becomes greater than the conversion or exchange prices of the Convertible Notes and the Exchangeable Notes, the Company may enter into hedge programs that increase the effective conversion or exchange price for the Convertible Notes and the Exchangeable Notes. As of December 31, 2022, the Company had one hedge program that increases the effective exchange price for the 2023 Exchangeable Notes. The hedge instrument has been determined to be indexed to the Company’s own stock and meets the criteria for equity classification. The Company recorded the cost of the hedge instrument as a reduction in additional paid-in capital, and does not recognize subsequent changes in fair value of this financial instrument in its consolidated financial statement. The Company did not hedge the 2022 Convertible Notes or the 2025 Convertible Notes. Certain key terms related to the convertible and exchangeable features as of December 31, 2022 are listed below ($ in thousands, except conversion or exchange price) : 2023 Exchangeable Notes 2025 Convertible Notes Initial conversion or exchange price $ 44.62 $ 40.00 Closing stock price at date of issuance $ 36.45 $ 32.00 Closing stock price date Jul 20, 2018 Sep 4, 2019 Initial conversion or exchange rate (shares per $1,000 principal amount) 22.4090 25.0000 Adjusted conversion or exchange rate (shares per $1,000 principal amount) 22.5264 25.1310 Adjusted conversion or exchange price (1) $ 44.39 $ 39.79 Adjusted effective conversion or exchange price (2) $ 62.13 $ 39.79 Excess of if-converted value compared to principal (3) $ 13,785 $ 20,478 Conversion or exchange date Mar 1, 2023 Jul 1, 2025 _______________________ (1) Pursuant to the indentures for the Company’s Convertible Notes and Exchangeable Notes, the conversion and exchange rates were adjusted upon the completion of the Company’s tender offer in December 2021. (2) The Company maintains a hedge program that increases the effective exchange price for the 2023 Exchangeable Notes to $62.13. (3) Represents the premium the Company would have to pay assuming the Convertible Notes and Exchangeable Notes were converted or exchanged on December 31, 2022 using a hypothetical share price based on the closing stock price on December 31, 2022. The premium of the 2023 Exchangeable Notes would have been reduced to zero with the existing hedge program. Prior to the close of business on the business day immediately preceding their respective free conversion or exchange date (listed above), holders may convert or exchange their Convertible Notes or Exchangeable Notes under certain circumstances set forth in the applicable indentures. On or after their respective free conversion or exchange dates until the close of business on the second scheduled trading day immediately preceding their respective maturity date, holders may convert or exchange their notes at any time. In the event of conversion or exchange, the 2025 Convertible Notes and the 2023 Exchangeable Notes are convertible or exchangeable into cash up to the aggregate principal amount of the notes and the excess conversion premium, if any, may be settled in cash or shares of the Company’s common stock at the Company’s election and subject to certain restrictions contained in each of the indentures governing the Convertible Notes and Exchangeable Notes. As discussed in “Note 1: Ownership, Description of Business, and Summary of Significant Accounting Policies,” the Company adopted ASU 2020-06 on January 1, 2021 using a modified-retrospective approach. The Company’s convertible and exchangeable notes are no longer bifurcated into a debt component and an equity component, instead, they are carried as a single liability, which reflects the principal amount of the convertible and exchangeable notes. The interest expense recognized on the convertible and exchangeable notes is based on coupon rates, rather than higher effective interest rates. The Company has not adjusted comparative information for the year ended December 31, 2020. Interest expense related to the Convertible Notes and Exchangeable Notes was as follows during the periods presented (in thousands) : Year ended December 31, 2022 2021 2020 Interest expense—stated coupon rate $ 12,001 $ 16,839 $ 21,857 Interest expense—amortization of debt discount — — 10,945 Interest expense—Convertible Notes and Exchangeable Notes $ 12,001 $ 16,839 $ 32,802 Cabot Securitisation Senior Facility Cabot Securitisation UK Ltd (“Cabot Securitisation”), an indirect subsidiary of Encore, has a senior facility for a committed amount of £350.0 million (as amended, the “Cabot Securitisation Senior Facility”). The Cabot Securitisation Senior Facility matures in September 2026. Funds drawn under the Cabot Securitisation Senior Facility bear interest at a rate per annum equal to SONIA plus a margin of 3.00% plus, for periods after September 18, 2024, a step-up margin ranging from zero to 1.00%. As of December 31, 2022, the outstanding borrowings under the Cabot Securitisation Senior Facility were £350.0 million (approximately $423.5 million based on an exchange rate of $1.00 to £0.83, the exchange rate as of December 31, 2022). The obligations of Cabot Securitisation under the Cabot Securitisation Senior Facility are secured by first ranking security interests over all of Cabot Securitisation’s property, assets and rights (including receivables purchased from Cabot Financial UK from time to time), the book value of which was approximately £349.7 million (approximately $423.1 million based on an exchange rate of $1.00 to £0.83, the exchange rate as of December 31, 2022) as of December 31, 2022. The weighted average interest rate was 4.33% and 3.11% for the years ended December 31, 2022 and 2021, respectively. Cabot Securitisation is a securitized financing vehicle and is a VIE for consolidation purposes. Refer to “Note 7: Variable Interest Entities” for further details. Finance Lease Liabilities The Company has finance lease liabilities primarily for computer equipment. As of December 31, 2022, the Company’s finance lease liabilities were approximately $5.7 million. Refer to “Note 12: Leases” for further details. Maturity Schedule The aggregate amounts of the Company’s borrowings, including finance lease liabilities, maturing in each of the next five years and thereafter are as follows (in thousands) : 2023 $ 224,828 2024 38,931 2025 480,801 2026 1,448,865 2027 256 Thereafter 747,544 Total $ 2,941,225

Variable Interest Entities

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 7: Variable Interest Entities A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb expected losses, or the right to receive expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive residual returns from the entity that could potentially be significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary. As of December 31, 2022, the Company’s VIEs include certain securitized financing vehicles and other immaterial special purpose entities that were created to purchase receivable portfolios in certain geographies. The Company is the primary beneficiary of these VIEs. The Company has the power to direct the activities of the VIEs including the ability to exercise discretion in the servicing of the financial assets and has the right to receive residual returns that could potentially be significant to the VIEs. The Company’s exposure to loss is limited to the total of the carrying value of the VIEs. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. Most assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the VIE.

Common Stock

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2022
Common Stock [Abstract]
Common Stock	Note 8: Common Stock On August 12, 2015, the Company’s Board of Directors approved a $50.0 million share repurchase program. On May 5, 2021, the Company announced that the Board of Directors had approved an increase in the size of the repurchase program from $50.0 million to $300.0 million (an increase of $250.0 million). Repurchases under this program are expected to be made with cash on hand and may be made from time to time, subject to market conditions and other factors, in the open market, through private transactions, block transactions, or other methods as determined by the Company’s management and Board of Directors, and in accordance with market conditions, other corporate considerations, and applicable regulatory requirements. The program does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company’s discretion. During the years ended December 31, 2022 and 2021, the Company repurchased 1,497,184 and 2,598,034 shares of its common stock for approximately $86.9 million and $121.2 million, respectively. The Company’s practice is to retire the shares repurchased. On November 4, 2021, the Company commenced a modified “Dutch Auction” tender offer to purchase up to $300.0 million of shares of its common stock with a price range between $52.00 and $60.00 per share. On December 9, 2021, the Company announced the final results of the tender offer. Through the tender offer, the Company purchased 4,471,995 shares of common stock at a price of $60.00 per share, for a total cost of $268.3 million, excluding fees and expenses. The shares purchased through the tender offer were immediately retired. The Company records the excess of repurchase price over the par amount to additional paid-in capital, then to retained earnings once additional paid-in capital is reduced to zero. Direct costs relating to the stock repurchases are treated as stock issuance costs and are included in stockholders’ equity.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
Accumulated Other Comprehensive Loss	Dec. 31, 2022
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Loss	Note 9: Accumulated Other Comprehensive Loss A summary of the Company’s changes in accumulated other comprehensive loss by component is presented below (in thousands): Derivatives Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance at December 31, 2019 $ (10,322) $ (78,444) $ (88,766) Other comprehensive loss before reclassification (324) 17,153 16,829 Reclassification 558 — 558 Removal of OCI in connection with divestiture — 2,632 2,632 Tax effect (66) — (66) Balance at December 31, 2020 (10,154) (58,659) (68,813) Other comprehensive loss before reclassification (31,709) (15,309) (47,018) Reclassification 44,544 — 44,544 Removal of OCI in connection with divestiture — 19,904 19,904 Tax effect (2,165) — (2,165) Balance at December 31, 2021 516 (54,064) (53,548) Other comprehensive loss before reclassification 5,737 (78,232) (72,495) Reclassification 30,648 — 30,648 Tax effect (407) (3,014) (3,421) Balance at December 31, 2022 $ 36,494 $ (135,310) $ (98,816)

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 10: Stock-Based Compensation In April 2017, Encore’s Board of Directors (the “Board”) approved the Encore Capital Group, Inc. 2017 Incentive Award Plan (the “2017 Plan”), which was then approved by the Company’s stockholders on June 15, 2017. The 2017 Plan superseded the Company’s 2013 Incentive Compensation Plan (as amended, the “2013 Plan”), which had previously superseded the Company’s 2005 Stock Incentive Plan (“2005 Plan”). Board members, employees, and consultants of Encore and its subsidiaries and affiliates are eligible to receive awards under the 2017 Plan. Subject to certain adjustments, the Company may grant awards for an aggregate of 5,713,571 shares of the Company’s common stock under the 2017 Plan. The aggregate number of shares available for issuance under the 2017 Plan will be reduced by 2.12 shares for each share delivered in settlement of any full value award and by one share for each share delivered in settlement of any stock option or stock appreciation right. If an award under the 2017 Plan or the 2013 Plan expires, lapses or is terminated, exchanged for cash, surrendered, repurchased, canceled without having been fully exercised or forfeited, the unused shares covered by such award will again become or again be available for award grants under the 2017 Plan. Shares available under the 2017 Plan will be increased by 2.12 shares for each share subject to a full value award and by one share for each share subject to a stock option or a stock appreciation right, in each case, that become or again be available for issuance pursuant to the foregoing share counting provisions. The 2017 Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, dividend equivalent rights, stock appreciation rights, cash awards, performance-based awards and any other types of awards not inconsistent with the 2017 Plan. Total stock-based compensation expense during the years ended December 31, 2022, 2021, and 2020 was $15.4 million, $18.3 million, and $16.6 million, respectively. The actual tax benefit from stock-based compensation arrangements totaled $4.2 million, $2.5 million, and $2.5 million for the years ended December 31, 2022, 2021, and 2020, respectively. The Company’s stock-based compensation arrangements are described below: Stock Options Under the 2005 Plan, option awards were generally granted with an exercise price equal to the market price of the Company’s stock at the date of issuance. They generally vest over three There were no options granted during the years ended December 31, 2022, 2021, or 2020. As of December 31, 2022, all outstanding stock options have been fully vested and all related compensation expense has been fully recognized. A summary of the Company’s stock option activity as of December 31, 2022, and changes during the year then ended, are presented below: Number of Shares Weighted Average Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 4,166 $ 22.17 Exercised (4,166) $ 22.17 Outstanding as of December 31, 2022 — $ — — $ — Exercisable as of December 31, 2022 — $ — — $ — The total intrinsic value of options exercised during the years ended December 31, 2022, and 2021, was $0.2 million and $0.2 million, respectively. Cash received from option exercise under all share-based payment arrangements during the years ended December 31, 2022, and 2021, was negligible. There were no stock options exercised during the year ended December 31, 2020. Performance Stock Options Under the 2017 Plan and the 2013 Plan, the Company granted performance stock options, with an exercise price equal to the closing price of the Company’s stock at the date of issuance, that vest in equal annual installments over a three year service period but only if, within four years from the date of grant, the 20 trading day average of the closing price of the Company’s stock (subject to dividend-related adjustments) exceeds a target equal to a 25% increase from the closing price on the date of grant. These performance options have a seven-year contractual life. A summary of the Company’s performance stock option activity as of December 31, 2022, and changes during the year then ended, are presented below: Number of Weighted Average Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 100,614 $ 30.95 Exercised (20,665) $ 30.95 Outstanding as of December 31, 2022 79,949 $ 30.95 1.19 $ 1,358 Vested as of December 31, 2022 79,949 $ 30.95 1.19 $ 1,358 Exercisable as of December 31, 2022 79,949 $ 30.95 1.19 $ 1,358 As of December 31, 2022, all related compensation expense has been fully recognized. No performance stock options were granted during the years ended December 31, 2022, 2021, and 2020. The total intrinsic value of performance options exercised during the year ended December 31, 2022 and 2021, was $0.6 million and $1.1 million, respectively. Cash received from performance option exercise during the years ended December 31, 2022 and 2021 was $0.6 million and $1.6 million, respectively. There were no performance stock options exercised during the year ended December 31, 2020. Non-Vested Shares The Company’s 2017 Plan (and previously, the 2013 Plan and 2005 Plan), permits restricted stock units, restricted stock awards, performance stock units, and performance stock awards (collectively “stock awards”). The fair value of non-vested shares with a service condition and/or a performance condition that affect vesting is equal to the closing sale price of the Company’s common stock on the grant date. Compensation expense is recognized only for the awards that ultimately vest. The Company has certain share awards that include market conditions that affect vesting. These shares vest based on the Company’s three-year relative total stockholder return compared to the other companies in the S&P SmallCap 600 Financial Sector Index as of the date of grant. The fair value of these shares is estimated using a lattice model. For the majority of non-vested shares, shares are issued on the vesting dates net of the number of shares needed to satisfy minimal statutory tax withholding requirements. The tax obligations are then paid by the Company on behalf of the employees. A summary of the Company’s stock award activities as of December 31, 2022, and changes during the year then ended, is presented below: Non-Vested Shares (1) Weighted Average Non-vested as of December 31, 2021 693,939 $ 39.33 Awarded 302,283 $ 60.45 Vested (413,798) $ 38.12 Cancelled (39,489) $ 48.93 Non-vested as of December 31, 2022 542,935 $ 51.31 ________________________ (1) Certain of the Company’s stock awards have a vesting matrix under which the stock awards can vest at a maximum level that is up to 200% of the shares that would vest for achieving the performance goals at target. The number of shares presented is based on achieving the performance goals at target levels as defined in the stock award agreements. As of December 31, 2022 and 2021, the maximum number of non-vested performance shares that could vest under the provisions of the agreements was 681,330 and 878,309, respectively. Unrecognized compensation expense related to non-vested shares as of December 31, 2022 was $13.1 million. The weighted-average remaining expense period, based on the unamortized value of these outstanding non-vested shares, was approximately 1.4 years. The fair value of restricted stock units and restricted stock awards vested for the years ended December 31, 2022, 2021, and 2020 was $26.9 million, $16.9 million, and $14.5 million, respectively. The weighted average grant date fair value for stock awards granted during the years ended December 31, 2022, 2021, and 2020 was $60.45, $42.09, and $38.51, respectively.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 11: Income Taxes Income before provision for income taxes consisted of the following (in thousands) : Year Ended December 31, 2022 2021 2020 US $ 331,009 $ 390,607 $ 259,132 Foreign (20,020) 45,934 23,766 Total income before provision for income taxes $ 310,989 $ 436,541 $ 282,898 The provision for income tax consisted of the following (in thousands) : Year Ended December 31, 2022 2021 2020 Current expense (benefit): Federal $ 59,105 $ 33,582 $ 43,185 State 11,803 5,787 8,528 Foreign (893) 10,600 10,112 70,015 49,969 61,825 Deferred expense (benefit): Federal 8,142 49,512 15,851 State 6,290 5,904 2,192 Foreign 31,978 (20,045) (9,494) 46,410 35,371 8,549 Provision for income taxes $ 116,425 $ 85,340 $ 70,374 The reconciliation of federal statutory income tax rate to our effective tax rate was as follows: Year Ended December 31, 2022 2021 2020 Federal provision 21.0 % 21.0 % 21.0 % State provision 5.0 % 2.3 % 3.2 % Foreign rate differential (1) (0.3) % (1.0) % (0.5) % Change in tax rate (2) — % (1.3) % (0.9) % Change in valuation allowance (3) 13.2 % (2.3) % 0.9 % Non-deductible CFPB settlement fees — % — % 1.1 % Deductible loss in foreign jurisdiction (4) (2.7) % — % — % Other 1.2 % 0.8 % 0.1 % Effective rate 37.4 % 19.5 % 24.9 % ________________________ (1) Relates primarily to lower tax rates on income or loss attributable to international operations. (2) In 2021 and 2020, includes impact of U.K. tax rate increases. (3) Includes valuation allowance recorded on U.K. deferred tax assets (4) This represents a deductible loss recognized in a foreign subsidiary that maintains a full valuation allowance on its deferred tax assets. Accordingly, this deductible loss increased the valuation allowance and did not result in any tax benefit during the year ended December 31, 2022. The Company’s subsidiary in Costa Rica is operating under a 100% tax holiday through December 31, 2026. The impact of the tax holiday in Costa Rica for the years ended December 31, 2022, 2021 and 2020 was immaterial. The Company has not provided for applicable income or withholding taxes on the undistributed earnings from continuing operations for certain of its subsidiaries operating outside of the United States. Undistributed net income of these subsidiaries as of December 31, 2022, were approximately $138.5 million. Such undistributed earnings are considered permanently reinvested. The Company does not provide deferred taxes on translation adjustments of unremitted earnings under the indefinite reinvestment exemption. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practical due to the complexities of a hypothetical calculation. Subsidiaries operating outside of the United States for which the Company does not consider under the indefinite reinvestment exemption have no material undistributed earnings or outside basis differences and therefore no U.S. taxes have been provided. Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the carrying amounts for income tax purposes. Significant components of the Company's deferred tax assets and liabilities were as follows (in thousands) : December 31, December 31, Deferred tax assets: Net operating losses $ 70,543 $ 68,677 Operating lease liabilities 12,222 18,715 Accrued expenses 10,800 11,885 Difference in basis of receivable portfolio 23,751 33,335 Stock-based compensation 4,960 4,528 Right-of-use asset — 23 Difference in basis of depreciable and amortizable assets 2,057 5,326 Other 2,396 6,094 Total deferred tax assets 126,729 148,583 Valuation allowance (66,625) (35,920) Total deferred tax assets net of valuation allowance 60,104 112,663 Deferred tax liabilities: Accrued expenses (443) (750) Difference in basis of bond and loan costs (1,003) (1,725) Difference in basis of receivable portfolio (109,787) (105,743) Stock-based compensation (970) (672) Right-of-use asset (9,794) (15,367) Difference in basis of depreciable and amortizable assets (16,807) (26,210) Prepaid expenses (875) (907) Other (10,206) (23) Total deferred tax liabilities (149,885) (151,397) Net deferred tax liability (1) $ (89,781) $ (38,734) ________________________ (1) The Company operates in multiple jurisdictions. In accordance with authoritative guidance relating to income taxes, deferred taxes and liabilities are netted for each tax-paying component of the Company within a particular tax jurisdiction, and presented as a single amount in the statement of financial condition. As of December 31, 2022, certain of the Company’s foreign subsidiaries have net operating loss carry forwards of approximately $278.2 million, which will begin to expire in 2025. Certain of the Company’s domestic subsidiaries have state net operating losses with an indefinite carryover period. As of December 31, 2022, valuation allowances increased by $30.7 million, as compared to December 31, 2021. The increase in valuation allowance is primarily related to U.K. deferred tax assets. These deferred tax assets include revenue recognition differences between statutory reporting and US GAAP reporting. In evaluating all positive and negative evidence available to determine whether all or some portion of the deferred tax assets will be realized, significant judgement is required and the weight of all available evidence must be considered. A significant piece of objective negative evidence evaluated was the U.K. loss before income taxes for the three-year period ended December 31, 2022. Objective evidence limits the ability to consider subjective evidence, such as projections for future earnings growth. The Company will continue to evaluate the realizability of deferred tax assets each quarter based on all available positive and negative evidence, including current and cumulative earnings, forecasts of future profitability, statutory carryback and carryforward periods and tax planning strategies. In a period when positive evidence supports a conclusion that a valuation allowance is no longer needed, a tax benefit will be recorded. A reconciliation of the beginning and ending amounts of unrecognized tax benefit is as follows (in thousands) : Amount Balance as of December 31, 2019 $ 7,908 Decrease related to prior year tax positions (608) Increases related to prior year tax positions 6 Increases related to current year tax positions 574 Decrease related to expiration of statute of limitations (827) Decreases related to settlements with taxing authorities (272) Balance as of December 31, 2020 6,781 Decrease related to prior year tax positions (2,034) Decrease related to expiration of statute of limitations (712) Increase related to prior year tax positions 261 Increase related to current year tax positions 251 Balance as of December 31, 2021 4,547 Decrease related to prior year tax positions (1,296) Decrease related to settlements with taxing authorities (713) Decrease related to expiration of statute of limitations (115) Increase related to prior year tax positions 874 Increase related to current year tax positions 691 Balance as of December 31, 2022 $ 3,988 The Company had gross unrecognized tax benefits, inclusive of penalties and interest, of $4.9 million, $4.6 million and $6.9 million as of December 31, 2022, 2021, and 2020 respectively. As of December 31, 2022, 2021 and 2020, there was $2.5 million, $1.6 million and $3.3 million, respectively, of unrecognized tax benefit that if recognized, would result in a net tax benefit. During the year ended December 31, 2022, the decrease in the Company's gross unrecognized tax benefit was primarily due to the release of a prior year position related to a foreign entity. During the year ended December 31, 2021, the decrease in the Company's gross unrecognized tax benefit was primarily related to the release of a prior year position related to a foreign entity. During the year ended December 31, 2020, the decrease in the Company's gross unrecognized tax benefit was primarily related to the expiration of state statute of limitations. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, it is reasonably possible that certain changes may occur within the next 12 months, which could significantly increase or decrease the balance of the Company’s gross unrecognized tax benefits. The Company recognizes interest and penalties related to income tax as a component of the provision for income taxes. The Company recognized a benefit of $0.4 million, expense of $0.1 million and expense of $0.2 million in net interest and penalties during the years ended December 31, 2022, 2021 and 2020, respectively. Interest and penalties accrued as of December 31, 2022, 2021 and 2020 were immaterial. The Company files federal, state and non-U.S. income tax returns in jurisdictions with varying statutes of limitations. The Company is subject to examination of its income tax returns by various taxing authorities, and the timing of the resolution of income tax examinations cannot be predicted with certainty. In general, the Company is subject to examination for tax years after 2017 for the U.S. federal jurisdiction, after 2018 for U.S state jurisdictions, and after 2017 in major foreign jurisdictions. The Company's management regularly assesses the likelihood of adverse outcomes resulting from examinations, if any, to determine the adequacy of the Company's provision for income taxes. If any issues addressed in the Company's tax examinations are resolved in a manner not consistent with management's expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs.

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2022
Leases [Abstract]
Leases	Note 12: Leases The majority of the Company’s leases are for corporate offices, various facilities, and information technology equipment. The components of lease expense were as follows during the periods presented (in thousands) : Year Ended December 31, 2022 2021 2020 Operating lease costs (1) $ 18,403 $ 17,272 $ 16,331 Finance lease costs Amortization of ROU assets 4,296 3,848 3,149 Interest on lease liabilities 312 419 420 Total lease costs $ 23,011 $ 21,539 $ 19,900 ________________________ (1) Operating lease expenses are included in general and administrative expenses in the Company’s consolidated statements of income. Costs include short-term and variable lease components which were not material for the periods presented. The following table provides supplemental consolidated statement of financial condition information related to leases as of the dates presented (in thousands) : Classification December 31, 2022 December 31, 2021 Assets Operating lease ROU assets Other assets $ 70,074 $ 68,812 Finance lease ROU assets Property and equipment, net 18,337 15,064 Total lease ROU assets $ 88,411 $ 83,876 Liabilities Operating lease liabilities Other liabilities $ 83,598 $ 84,314 Finance lease liabilities Borrowings 5,675 7,005 Total lease liabilities $ 89,273 $ 91,319 Supplemental lease information is summarized below (in thousands) : Year Ended December 31, 2022 2021 2020 ROU assets obtained in exchange for new operating lease obligations $ 22,582 $ 13,426 $ 8,990 ROU assets obtained in exchange for new finance lease obligations 3,273 2,664 3,276 Cash paid for amounts included in the measurement of lease liabilities Operating leases - operating cash flows 19,227 20,048 17,396 Finance leases - operating cash flows 312 419 419 Finance leases - financing cash flows 4,622 3,950 3,114 Lease term and discount rate were as follows: December 31, 2022 December 31, 2021 December 31, 2020 Weighted-average remaining lease term ( in years ) Operating leases 5.9 6.2 7.1 Finance leases 2.1 2.0 2.5 Weighted-average discount rate Operating leases 5.2 % 5.2 % 5.0 % Finance leases 3.9 % 4.6 % 4.6 % Maturities of lease liabilities under non-cancelable leases as of December 31, 2022 are summarized as follows (in thousands) : Finance Leases Operating Leases Total 2023 $ 3,229 $ 17,691 $ 20,920 2024 1,945 17,688 19,633 2025 715 14,751 15,466 2026 15 13,789 13,804 2027 — 11,150 11,150 Thereafter — 23,529 23,529 Total undiscounted lease payments 5,904 98,598 104,502 Less: imputed interest (229) (15,000) (15,229) Total lease liabilities $ 5,675 $ 83,598 $ 89,273
Leases	Note 12: Leases The majority of the Company’s leases are for corporate offices, various facilities, and information technology equipment. The components of lease expense were as follows during the periods presented (in thousands) : Year Ended December 31, 2022 2021 2020 Operating lease costs (1) $ 18,403 $ 17,272 $ 16,331 Finance lease costs Amortization of ROU assets 4,296 3,848 3,149 Interest on lease liabilities 312 419 420 Total lease costs $ 23,011 $ 21,539 $ 19,900 ________________________ (1) Operating lease expenses are included in general and administrative expenses in the Company’s consolidated statements of income. Costs include short-term and variable lease components which were not material for the periods presented. The following table provides supplemental consolidated statement of financial condition information related to leases as of the dates presented (in thousands) : Classification December 31, 2022 December 31, 2021 Assets Operating lease ROU assets Other assets $ 70,074 $ 68,812 Finance lease ROU assets Property and equipment, net 18,337 15,064 Total lease ROU assets $ 88,411 $ 83,876 Liabilities Operating lease liabilities Other liabilities $ 83,598 $ 84,314 Finance lease liabilities Borrowings 5,675 7,005 Total lease liabilities $ 89,273 $ 91,319 Supplemental lease information is summarized below (in thousands) : Year Ended December 31, 2022 2021 2020 ROU assets obtained in exchange for new operating lease obligations $ 22,582 $ 13,426 $ 8,990 ROU assets obtained in exchange for new finance lease obligations 3,273 2,664 3,276 Cash paid for amounts included in the measurement of lease liabilities Operating leases - operating cash flows 19,227 20,048 17,396 Finance leases - operating cash flows 312 419 419 Finance leases - financing cash flows 4,622 3,950 3,114 Lease term and discount rate were as follows: December 31, 2022 December 31, 2021 December 31, 2020 Weighted-average remaining lease term ( in years ) Operating leases 5.9 6.2 7.1 Finance leases 2.1 2.0 2.5 Weighted-average discount rate Operating leases 5.2 % 5.2 % 5.0 % Finance leases 3.9 % 4.6 % 4.6 % Maturities of lease liabilities under non-cancelable leases as of December 31, 2022 are summarized as follows (in thousands) : Finance Leases Operating Leases Total 2023 $ 3,229 $ 17,691 $ 20,920 2024 1,945 17,688 19,633 2025 715 14,751 15,466 2026 15 13,789 13,804 2027 — 11,150 11,150 Thereafter — 23,529 23,529 Total undiscounted lease payments 5,904 98,598 104,502 Less: imputed interest (229) (15,000) (15,229) Total lease liabilities $ 5,675 $ 83,598 $ 89,273

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13: Commitments and Contingencies Litigation and Regulatory The Company is involved in disputes, legal actions, regulatory investigations, inquiries, and other actions from time to time in the ordinary course of business. The Company, along with others in its industry, is routinely subject to legal actions asserting various claims, including those based on the Fair Debt Collection Practices Act (“FDCPA”), the Fair Credit Reporting Act (“FCRA”), the Telephone Consumer Protection Act (“TCPA”), comparable state statutes, state and federal unfair competition statutes, and common law causes of action. The violations of law investigated or alleged in these actions often include claims that the Company lacks specified licenses to conduct its business, attempts to collect debts on which the statute of limitations has run, has made inaccurate or unsupported assertions of fact in support of its collection actions and/or has acted improperly in connection with its efforts to contact consumers. Such litigation and regulatory actions could involve potential compensatory or punitive damage claims, fines, sanctions, injunctive relief, or changes in business practices. Many continue on for some length of time and involve substantial investigation, litigation, negotiation, and other expense and effort before a result is achieved, and during the process the Company often cannot determine the substance or timing of any eventual outcome. In September 2015, the Company entered into a consent order (the “2015 Consent Order”) with the Consumer Financial Protection Bureau (the “CFPB”) in which the Company settled allegations arising from its practices between 2011 and 2015. In October 2020, the Company entered into a stipulated judgment (“Stipulated Judgment”) with the CFPB to resolve a subsequent lawsuit related to the 2015 Consent Order. Additionally, we are subject to ancillary state Attorney General investigations related to similar debt collection practices. We have entered into settlement agreements with the Attorneys General of various U.S. states in connection with our debt collection and litigation practices. The Company has discussed with additional state attorneys general potential resolution of these investigations, which could include penalties, restitution, and/or the adoption of new operational requirements. If the Company is unable to resolve its differences with the state attorneys general, it is possible that they may file claims against the Company. In certain legal proceedings, the Company may have recourse to insurance or third-party contractual indemnities to cover all or portions of its litigation expenses, judgments, or settlements. The Company records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability. The Company continuously assesses the potential liability related to its pending litigation and regulatory matters and revises its estimates when additional information becomes available. The Company’s legal costs are recorded to expense as incurred. As of December 31, 2022, the Company has no material reserves for legal matters. Purchase Commitments In the normal course of business, the Company enters into forward flow purchase agreements. A forward flow purchase agreement is a commitment to purchase receivables over a duration that is typically three to twelve months, but can be longer, generally with a specifically defined volume range, frequency, and pricing. Typically, these forward flow contracts have provisions that allow for early termination or price re-negotiation should the underlying quality of the portfolio deteriorate over time or if any particular month’s delivery is materially different than the original portfolio used to price the forward flow contract. Certain of these forward flow purchase agreements may also have termination clauses, whereby the agreements can be canceled by either party upon providing a certain specified amount of notice. As of December 31, 2022, the Company had entered into forward flow purchase agreements for the purchase of nonperforming loans with an estimated minimum aggregate purchase price of approximately $444.0 million. The Company expects actual purchases under these forward flow purchase agreements to be significantly greater than the estimated minimum aggregate purchase price. Employee Savings and Retirement Plan The Company has a 401(k) Savings Plan that qualifies as deferred salary arrangements under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, matching contributions are based upon the amount of the employees’ contributions subject to certain limitations. The Company recognized expense of approximately $2.8 million, $2.8 million, and $2.9 million for the years ended December 31, 2022, 2021, and 2020, respectively, in salaries and employee benefits in its consolidated statements of income. Guarantees Encore’s Certificate of Incorporation and indemnification agreements between the Company and its officers and directors provide that the Company will indemnify and hold harmless its officers and directors for certain events or occurrences arising as a result of the officer or director serving in such capacity. The Company has also agreed to indemnify certain third parties under certain circumstances pursuant to the terms of certain underwriting agreements, registration rights agreements, credit facilities, portfolio purchase and sale agreements, and other agreements entered into by the Company in the ordinary course of business. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company believes the estimated fair value of these indemnification agreements is minimal and, as of December 31, 2022, has no liabilities recorded for these agreements.

Segment Information

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2022
Segment Reporting [Abstract]
Segment and Geographic Information	Note 14: Segment and Geographic Information The Company conducts business through several operating segments. The Company’s Chief Operating Decision Maker relies on internal management reporting processes that provide segment revenue, segment operating income, and segment asset information in order to make financial decisions and allocate resources. The Company determined its operating segments meet the aggregation criteria, and therefore, it has one reportable segment, portfolio purchasing and recovery, based on similarities among the operating units including economic characteristics, the nature of the services, the nature of the production process, customer types for their services, the methods used to provide their services and the nature of the regulatory environment. The following tables present information about geographic areas in which the Company operates (in thousands) : Year Ended December 31, 2022 2021 2020 Total revenues: United States $ 995,470 $ 1,115,572 $ 992,916 Europe United Kingdom 272,962 344,214 390,955 Other European countries (1) 129,737 142,316 99,430 Total Europe 402,699 486,530 490,385 Other geographies (1) 178 12,397 18,099 Total $ 1,398,347 $ 1,614,499 $ 1,501,400 ________________________ (1) None of these countries comprise greater than 10% of the Company's consolidated revenues. December 31, December 31, Long-lived assets (1) : United States $ 82,695 $ 104,169 International United Kingdom 58,034 62,205 India 25,337 4,571 Other foreign countries (2) 17,908 17,724 101,279 84,500 Total $ 183,974 $ 188,669 ________________________ (1) Long-lived assets consist of property and equipment, net and right of use assets. (2) None of these countries comprise greater than 10% of the Company's consolidated long-lived assets.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	12 Months Ended
Goodwill and Identifiable Intangible Assets	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Identifiable Intangible Assets	Note 15: Goodwill and Identifiable Intangible Assets The Company’s goodwill is tested for impairment at the reporting unit level annually and in interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and involves the use of significant estimates and assumptions. The Company performs its annual goodwill impairment assessment as of October 1. When reviewing goodwill for impairment, the Company first performs a qualitative test to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. In performing its qualitative test, the Company considers various qualitative factors including, but not limited to economic environment, business climate, market capitalization, operating performance and competition. If after performing the qualitative test, the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the Company must perform a quantitative goodwill impairment test. Instead of performing a qualitative test, the Company may also just proceed directly to performing a quantitative test. A quantitative impairment test is performed by estimating the fair value of the reporting unit and comparing it to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the Company would record an impairment charge equal to the excess of the carrying value of the reporting unit over its fair value. The Company applies various valuation techniques to estimate the fair value of each reporting unit when performing a quantitative impairment test, including the income approach and the market approach. Under the income approach, the Company uses a discounted cash flow method, or DCF, to estimate the fair value of a reporting unit. In applying the DCF method, an identified level of future cash flow is estimated. The cash flow projections are based on five-year financial forecasts developed by management that include purchasing volume, collections forecasts, capital spending trends, and cost assumptions to support anticipated growth, which are updated annually and reviewed by management. Annual estimated cash flows and a terminal value are then discounted to their present value at an appropriate discount rate to obtain an indication of fair value. The discount rate utilized reflects estimates of required rates of return for investments that are seen as similar to an investment in the reporting unit. Because DCF analyses are based on management’s long-term financial projections and require significant estimates and judgments, the market approach is conducted in addition to the income approach in estimating the fair value of a reporting unit. Under the market approach, the Company uses both a Guideline Public Company Method and Guideline Merged & Acquired Company method to estimate the fair value of equity and the business enterprise value of a reporting unit. The Guideline Public Company approach uses financial metrics from similar public traded companies to estimate fair value. The Guideline Merged and Acquired Company method calculates fair value by analyzing the actual prices paid for recent mergers and acquisitions in the industry. The Company believes that the current methodology used in determining the fair value at its reporting units represent its best estimates. In addition, the Company compares the aggregate fair value of the reporting units to its overall market capitalization. As of October 1, 2022, the Company had two reporting units, MCM and Cabot, that carried goodwill. Instead of performing qualitative tests, the Company chose to proceed directly to performing quantitative tests for both reporting units at October 1, 2022, and determined that no goodwill impairment existed at these two reporting units. No indicators of impairment noted between the assessment date and December 31, 2022. Management continues to evaluate and monitor all key factors impacting the carrying value of the Company’s recorded goodwill and intangible assets. Adverse changes in the Company’s actual or expected operating results, market capitalization, business climate, economic factors or other negative events that may be outside the control of management could result in a material non-cash impairment charge in the future. The Company’s goodwill is attributable to reporting units included in its portfolio purchasing and recovery segment. The following table summarizes the activity in the Company’s goodwill balance (in thousands): Year Ended December 31, 2022 2021 2020 Balance as of beginning of period: $ 897,795 $ 906,962 $ 884,185 Effect of foreign currency translation (76,581) (9,167) 22,777 Balance as of end of period: $ 821,214 $ 897,795 $ 906,962 The Company’s acquired intangible assets are summarized as follows (in thousands) : As of December 31, 2022 As of December 31, 2021 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 45,498 $ (23,507) $ 21,991 $ 66,969 $ (31,154) $ 35,815 Developed technologies — — — 2,549 (2,530) 19 Trade name and other 909 (788) 121 1,597 (1,111) 486 Total intangible assets $ 46,407 $ (24,295) $ 22,112 $ 71,115 $ (34,795) $ 36,320 The weighted-average useful lives of intangible assets at the time of acquisition were as follows (in years) : Weighted-Average Customer relationships 10 Developed technologies 5 Trade name and other 7 The amortization expense for intangible assets subject to amortization was $10.4 million, $7.9 million, and $8.0 million during the years ended December 31, 2022, 2021, and 2020, respectively. Estimated future amortization expense related to finite-lived intangible assets as of December 31, 2022 is as follows ( in thousands ): 2023 $ 4,622 2024 4,598 2025 4,550 2026 4,550 2027 3,792 Total $ 22,112

Ownership, Description of Bus_2

Ownership, Description of Business, and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company also consolidates variable interest entities (“VIEs”) for which it is the primary beneficiary. The primary beneficiary has both (a) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (b) either the obligation to absorb losses or the right to receive benefits. Refer to “Note 7: Variable Interest Entities” for further details. All intercompany transactions and balances have been eliminated in consolidation.
Translation of Foreign Currencies	Translation of Foreign Currencies The financial statements of certain of the Company’s foreign subsidiaries are measured using their local currency as the functional currency. Assets and liabilities of foreign operations are translated into U.S. dollars using period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates in effect during each period. The resulting translation adjustments are recorded as a component of other comprehensive income or loss. Equity accounts are translated at historical rates, except for the change in retained earnings during the year which is the result of the income statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation adjustments and recorded within other comprehensive income or loss. Translation gains or losses are the material components of accumulated other comprehensive income or loss and are reclassified to earnings upon the substantial sale or liquidation of investments in foreign operations.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance On January 1, 2021, the Company adopted Accounting Standards Update (“ASU”) No. 2020-06, Debt — Debt with Conversion and Other Options (“Subtopic 470-20”) and Derivatives and Hedging — Contracts in Entity’s Own Equity (“Subtopic 815-40”): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The Company adopted ASU 2020-06 using the modified-retrospective approach. The ASU simplifies the accounting for convertible instruments by removing certain models in Subtopic 470-20 and revises the guidance in Subtopic 815-40 to simplify the accounting for contracts in an entity’s own equity. The ASU also amends the guidance to improve the consistency of earnings per share calculations, which requires the if-converted method be used for convertible instruments. Under ASU 2020-06, the Company’s convertible and exchangeable notes are no longer bifurcated to a debt component and an equity component, instead, they are carried as a single liability which reflects the principal amount of the convertible and exchangeable notes. The interest expense recognized on the convertible and exchangeable notes is based on coupon rates, rather than higher effective interest rates. As a result, the Company recognizes lower interest expense after the adoption. Additionally, effective January 1, 2021, the Company uses the if-converted method in calculating the dilutive effect of its convertible and exchangeable notes for earnings per share. The Company has not adjusted prior period comparative information and will continue to disclose prior period financial information in accordance with the previous accounting guidance. The following table summarizes the cumulative effects of adopting the new guidance on the Company’s consolidated statements of financial condition at January 1, 2021 ( in thousands ): Balance as of December 31, 2020 Adjustment Opening Balance as of January 1, 2021 Liabilities Convertible notes and exchangeable notes $ 583,500 $ — $ 583,500 Debt discount (19,364) 19,364 — Other liabilities (for deferred tax liabilities) 146,893 (1,450) 145,443 Equity Additional paid-in capital 230,440 (40,372) 190,068 Accumulated earnings 1,055,668 22,458 1,078,126
Use of Estimates	Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates significant estimates, including changes in estimated future recoveries on its investment in receivable portfolios, fair value of goodwill, and income taxes, among others. The Company bases its estimates on assumptions, both historical and forward looking, that are believed to be reasonable. Actual results could materially differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with maturities of three months or less at the date of purchase. The Company maintains its cash and cash equivalents in multiple financial institutions and certain account balances exceed federally insurable limits. To date, the Company has experienced no loss or lack of access to cash in its bank accounts. The Company believes any risks are mitigated by maintaining cash with highly rated financial institutions. The carrying amounts reported in the consolidated statements of financial condition for cash and cash equivalents approximate their fair value.
Restricted Cash	Included in cash and cash equivalents is cash collected on behalf of and due to third-party clients. A corresponding balance is included in accounts payable and accrued liabilities.
Investment in Receivable Portfolios	Investment in Receivable Portfolios The Company purchases portfolios of loans that have experienced significant deterioration of credit quality since origination from banks and other financial institutions. These financial assets are defined as purchased credit deteriorated (or “PCD”) assets under the accounting standard for Financial Instruments - Credit Losses (“CECL”). Under the PCD accounting model, the purchased assets are recognized at their face value with an offsetting allowance and noncredit discount allocated to the individual receivables as the unit of account is at the individual loan level. Since each loan is deeply delinquent and deemed uncollectible at the individual loan level, the Company applies its charge-off policy and fully writes-off the amortized costs (i.e., face value net of noncredit discount) of the individual receivables immediately after purchasing the portfolio. The Company then records a negative allowance that represents the present value of all expected future recoveries for pools of receivables that share similar risk characteristics using a discounted cash flow approach, which ultimately equals the amount paid for a portfolio purchase and presented as “Investment in receivable portfolios, net” in the Company’s consolidated statements of financial condition. The discount rate is an effective interest rate (or “purchase EIR”) based on the purchase price of the portfolio and the expected future cash flows at the time of purchase. The amount of the negative allowance (i.e., investment in receivable portfolios) will not exceed the total amortized cost basis of the loans written-off. Receivable portfolio purchases are aggregated into pools based on similar risk characteristics. Examples of risk characteristics include financial asset type, collateral type, size, interest rate, date of origination, term, and geographic location. The Company’s static pools are typically grouped into credit card, purchased consumer bankruptcy, and mortgage portfolios. The Company further groups these static pools by geographic location. Once a pool is established, the portfolios will remain in the designated pool unless the underlying risk characteristics change, which is not expected due to the delinquent nature of the individual loans. The purchase EIR of a pool will not change over the life of the pool even if expected future cash flows change. Revenue is recognized for each static pool over the economic life of the pool. Debt purchasing revenue includes two components: (1) Revenue from receivable portfolios, which is the accretion of the discount on the negative allowance due to the passage of time (generally the portfolio balance multiplied by the EIR) and also includes all revenue from zero basis portfolio (“ZBA”) collections, and (2) Changes in recoveries, which includes (a) Recoveries above or below forecast, which is the difference between (i) actual cash collected/recovered during the current period and (ii) expected cash recoveries for the current period, which generally represents over or under performance for the period; and (b) Changes in expected future recoveries, which is the present value change of expected future recoveries, where such change generally results from (i) collections “pulled forward from” or “pushed out to” future periods (i.e. amounts either collected early or expected to be collected later) and (ii) magnitude and timing changes to estimates of expected future collections (which can be increases or decreases). The Company measures expected future recoveries based on historical experience, current conditions, reasonable and supportable forecasts, and other quantitative and qualitative factors. Factors that may change the expected future recoveries may include both internal as well as external factors. Internal factors include operational performance, such as capacity and the productivity of the Company’s collection staff. External factors that may have an impact on the Company’s collections include new laws or regulations, new interpretations of existing laws or regulations, and macroeconomic conditions.
Transfers of Financial Assets	Transfers of Financial Assets The Company accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s ongoing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are included in “Other revenues” in the Company’s consolidated statements of income. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the statements of financial condition at fair value. Transfers of financial assets that do not qualify for sale accounting are reported as collateralized borrowings. Accordingly, the related assets remain on the Company’s statements of financial condition and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds from these transfers are reported as liabilities, with attributable interest expense recognized over the life of the related transactions. To date, the Company has not had any transfers of financial assets that did not qualify for sale accounting.
Servicing Revenue	Servicing Revenue Certain of the Company’s subsidiaries earn servicing revenue by providing portfolio management services to credit originators for non-performing loans. The Company recognizes servicing revenue when it satisfies the performance obligation over time by providing debt solution and credit management services. The Company typically invoices for its services monthly with payment terms of 30 days.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the value assigned to tangible and identifiable intangible assets, liabilities assumed, and noncontrolling interest of businesses acquired. Acquired intangible assets other than goodwill are amortized over their useful lives unless the lives are determined to be indefinite. Goodwill is tested at the reporting unit level annually for impairment and in interim periods if certain events occur indicating the fair value of a reporting unit may be below its carrying value. See “Note 15: Goodwill and Identifiable Intangible Assets” for further discussion of the Company’s goodwill and other intangible assets.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: Fixed Asset Category Estimated Useful Life Leasehold improvements Lesser of lease term, including periods covered Furniture, fixtures and equipment 5 to 10 years Computer hardware and software 3 to 5 years Maintenance and repairs are charged to expense in the year incurred. Expenditures for major renewals that extend the useful lives of fixed assets are capitalized and depreciated over the useful lives of such assets.
Leases	Leases The Company recognizes operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated statements of financial condition. ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company’s lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets also include any advance lease payments made and are net of any lease incentives. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would expect to pay to borrow over a similar term, and on a collateralized basis, an amount equal to the lease payments in a similar economic environment. The Company elected not to apply the recognition requirements to short-term leases and not to separate non-lease components from lease components for operating leases.
Income Taxes	Income Taxes The provision for income taxes is estimated using the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized based on temporary differences between the financial statement and income tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the years in which the differences are expected to be realized or settled. At each reporting date, the Company considers new evidence, both positive and negative, that could affect future realization of deferred tax assets including historical earnings, taxable income in prior carryback years if permitted under tax law, projections of future income, timing of reversing temporary differences and the implementation of feasible and prudent tax planning strategies. In the event that it is more likely than not that all or part of the deferred tax assets are determined not to be realizable in the future, the Company would establish or increase a valuation allowance in the period such determination is made, with a corresponding charge to earnings. In the event the Company realizes deferred tax assets that were previously determined to be unrealizable, the Company would release or decrease the respective valuation allowance, with a corresponding positive adjustment to earnings. The calculation of tax liabilities involves significant judgement in estimating the impact and timing of resolution of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with the Company’s expectations could have a material impact on the Company’s results of operation and financial position. The Company records liabilities related to uncertain tax positions when it believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities, despite its belief that those tax return positions are supportable. The Company includes interest and penalties related to income taxes within its provision for income taxes. See “Note 11: Income Taxes” for further discussion.
Stock-Based Compensation	Stock-Based Compensation The Company determines stock-based compensation expense for all share-based payment awards based on the measurement date fair value. The Company uses the Black-Scholes option-pricing model to determine the fair-value of stock option grants. The Company has certain share awards that include market conditions that affect vesting, the fair value of these shares is estimated using a lattice model. Compensation cost is not adjusted if the market condition is not met, as long as the
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company recognizes all derivative financial instruments in its consolidated financial statements at fair value. Changes in the fair value of derivative instruments are recorded in earnings unless hedge accounting criteria are met. The Company designates certain derivative instruments as cash flow hedges. The changes in fair value of derivatives designated as cash flow hedges is recorded each period, net of tax, in accumulated other comprehensive income or loss until the related hedged transaction occurs. If in the event the hedged cash flow does not occur, or it becomes probable that it will not occur, the Company would reclassify the amount of any gain or loss on the related cash flow hedge to income or expense at that time. If the hedged cash flows are still reasonably possible to occur, the hedged cash flows will continue to be recorded in accumulated other comprehensive income or loss until the hedged cash flows are no longer probable of occurring. The Company classifies the cash flows from a derivative instrument that is accounted for as a cash flow hedge (and that does not contain an other-than-insignificant financing element at inception) in the same category as the cash flows from the items being hedged. See “Note 3: Derivatives and Hedging Instruments” for further discussion.
Concentration of Supply Risk	Concentration of Supply Risk A significant percentage of the Company’s portfolio purchases for any given fiscal quarter or year may be concentrated with a few large sellers, some of which may also involve forward flow arrangements. A significant decrease in the volume of portfolio available from any of the Company’s principal sellers would force the Company to seek alternative sources of charged-off receivables. The Company may be unable to find alternative sources from which to purchase charged-off receivables, and even if it could successfully replace these purchases, the search could take time and the receivables could be of lower quality, cost more, or both, any of which could adversely affect the Company’s business, financial condition and operating results.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net earnings attributable to Encore by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. Dilutive potential common shares include outstanding stock based awards, and the dilutive effect of the convertible and exchangeable senior notes, if applicable.
Fair Value Measurements	Fair value is defined as the price that would be received upon sale of an asset or the price paid to transfer a liability, in an orderly transaction between market participants at the measurement date ( i.e., the “exit price”). The Company uses a fair value hierarchy that prioritizes the inputs used in valuation techniques to measure fair value into three broad levels. The following is a brief description of each level: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs, including inputs that reflect the reporting entity’s own assumptions.
Variable Interest Entity	A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb expected losses, or the right to receive expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive residual returns from the entity that could potentially be significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary. As of December 31, 2022, the Company’s VIEs include certain securitized financing vehicles and other immaterial special purpose entities that were created to purchase receivable portfolios in certain geographies. The Company is the primary beneficiary of these VIEs. The Company has the power to direct the activities of the VIEs including the ability to exercise discretion in the servicing of the financial assets and has the right to receive residual returns that could potentially be significant to the VIEs. The Company’s exposure to loss is limited to the total of the carrying value of the VIEs. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. Most assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the VIE.
Segment Reporting	The Company conducts business through several operating segments. The Company’s Chief Operating Decision Maker relies on internal management reporting processes that provide segment revenue, segment operating income, and segment asset information in order to make financial decisions and allocate resources. The Company determined its operating segments meet the aggregation criteria, and therefore, it has one reportable segment, portfolio purchasing and recovery, based on similarities among the operating units including economic characteristics, the nature of the services, the nature of the production process, customer types for their services, the methods used to provide their services and the nature of the regulatory environment.
Goodwill	The Company’s goodwill is tested for impairment at the reporting unit level annually and in interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and involves the use of significant estimates and assumptionsThe Company applies various valuation techniques to estimate the fair value of each reporting unit when performing a quantitative impairment test, including the income approach and the market approach. Under the income approach, the Company uses a discounted cash flow method, or DCF, to estimate the fair value of a reporting unit. In applying the DCF method, an identified level of future cash flow is estimated. The cash flow projections are based on five-year financial forecasts developed by management that include purchasing volume, collections forecasts, capital spending trends, and cost assumptions to support anticipated growth, which are updated annually and reviewed by management. Annual estimated cash flows and a terminal value are then discounted to their present value at an appropriate discount rate to obtain an indication of fair value. The discount rate utilized reflects estimates of required rates of return for investments that are seen as similar to an investment in the reporting unit. Because DCF analyses are based on management’s long-term financial projections and require significant estimates and judgments, the market approach is conducted in addition to the income approach in estimating the fair value of a reporting unit. Under the market approach, the Company uses both a Guideline Public Company Method and Guideline Merged & Acquired Company method to estimate the fair value of equity and the business enterprise value of a reporting unit. The Guideline Public Company approach uses financial metrics from similar public traded companies to estimate fair value. The Guideline Merged and Acquired Company method calculates fair value by analyzing the actual prices paid for recent mergers and acquisitions in the industry. The Company believes that the current methodology used in determining the fair value at its reporting units represent its best estimates. In addition, the Company compares the aggregate fair value of the reporting units to its overall market capitalization.Management continues to evaluate and monitor all key factors impacting the carrying value of the Company’s recorded goodwill and intangible assets. Adverse changes in the Company’s actual or expected operating results, market capitalization, business climate, economic factors or other negative events that may be outside the control of management could result in a material non-cash impairment charge in the future.

Ownership, Description of Bus_3

Ownership, Description of Business, and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Changes in Accounting Principles	The following table summarizes the cumulative effects of adopting the new guidance on the Company’s consolidated statements of financial condition at January 1, 2021 ( in thousands ): Balance as of December 31, 2020 Adjustment Opening Balance as of January 1, 2021 Liabilities Convertible notes and exchangeable notes $ 583,500 $ — $ 583,500 Debt discount (19,364) 19,364 — Other liabilities (for deferred tax liabilities) 146,893 (1,450) 145,443 Equity Additional paid-in capital 230,440 (40,372) 190,068 Accumulated earnings 1,055,668 22,458 1,078,126
Estimated Useful Lives of Property and Equipment	The provision for depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: Fixed Asset Category Estimated Useful Life Leasehold improvements Lesser of lease term, including periods covered Furniture, fixtures and equipment 5 to 10 years Computer hardware and software 3 to 5 years
Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares	A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands, except per share amounts) : Year Ended December 31, 2022 2021 2020 Net income attributable to Encore Capital Group, Inc. $ 194,564 $ 350,782 $ 211,848 Total weighted-average basic shares outstanding 24,142 30,129 31,427 Dilutive effect of stock-based awards 344 407 283 Dilutive effect of convertible and exchangeable senior notes 1,606 617 — Total weighted-average dilutive shares outstanding 26,092 31,153 31,710 Basic earnings per share $ 8.06 $ 11.64 $ 6.74 Diluted earnings per share $ 7.46 $ 11.26 $ 6.68

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial assets and liabilities measured at fair value on a recurring basis are summarized below ( in thousands ): Fair Value Measurements as of December 31, 2022 Level 1 Level 2 Level 3 Total Assets Interest rate cap contracts $ — $ 36,807 $ — $ 36,807 Liabilities Cross-currency swap agreements — (36,918) — (36,918) Fair Value Measurements as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets Interest rate cap contracts $ — $ 3,541 $ — $ 3,541 Liabilities Cross-currency swap agreements — (16,902) — (16,902) Contingent consideration — — (5,218) (5,218)
Schedule of Roll Forward of the Fair Value of Contingent Consideration	The following table provides a roll-forward of the fair value of contingent consideration, for the years ended December 31, 2022, 2021 and 2020 (in thousands) : Amount Balance as of December 31, 2019 $ 66 Issuance of contingent consideration in connection with purchase of noncontrolling interest 2,848 Payment of contingent consideration (88) Effect of foreign currency translation 131 Balance as of December 31, 2020 2,957 Issuance of contingent consideration in connection with purchase of noncontrolling interest 2,913 Change in fair value of contingent consideration (388) Payment of contingent consideration (180) Effect of foreign currency translation (84) Balance as of December 31, 2021 5,218 Change in fair value of contingent consideration 794 Payment of contingent consideration (5,273) Effect of foreign currency translation (739) Balance as of December 31, 2022 $ —
Schedule of Financial Instruments Not Required to Be Carried at Fair Value	The carrying amounts in the following table are included in the consolidated statements of financial condition as of December 31, 2022 and December 31, 2021 (in thousands) : December 31, 2022 December 31, 2021 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets Investment in receivable portfolios, net $ 3,088,261 $ 3,242,506 $ 3,065,553 $ 3,416,926 Financial Liabilities Global senior secured revolving credit facility 661,738 661,738 406,635 406,635 Encore private placement notes 68,390 66,947 107,470 108,652 Senior secured notes (1) 1,480,258 1,334,686 1,606,327 1,652,246 Convertible senior notes due March 2022 (2) — — 150,000 195,009 Exchangeable senior notes due September 2023 172,500 205,227 172,500 257,782 Convertible senior notes due October 2025 100,000 130,556 100,000 165,887 Cabot securitisation senior facility 423,522 423,522 473,443 473,443 ________________________ (1) Carrying amount represents historical cost, adjusted for any related debt discount or debt premium. (2) The 2022 Convertible Senior Notes matured on March 15, 2022 and the Company repaid the notes in cash.

Derivatives and Hedging Instr_2

Derivatives and Hedging Instruments (Tables)	12 Months Ended
Derivatives and Hedging Instruments (Tables)	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments	The following table summarizes the fair value of derivative instruments as recorded in the Company’s consolidated statements of financial condition (in thousands): December 31, 2022 December 31, 2021 Balance Sheet Fair Value Balance Sheet Fair Value Interest rate cap contracts Other assets $ 36,807 Other assets $ 3,541 Cross-currency swap agreements Other liabilities (36,918) Other liabilities (16,902)
Effects of Derivatives in Cash Flow Hedging Relationships	The following table summarizes the effects of derivatives in cash flow hedging relationships designated as hedging instruments in the Company’s consolidated financial statements (in thousands): Derivatives Designated as Hedging Instruments Gain (Loss) Location of Gain (Loss) Reclassified from OCI into Income Gain (Loss) Year Ended December 31, Year Ended December 31, 2022 2021 2020 2022 2021 2020 Foreign currency exchange contracts $ — $ — $ (341) Salaries and employee benefits $ — $ — $ 49 Foreign currency exchange contracts — — (44) General and administrative expenses — — 11 Interest rate swap agreements — (69) (7,441) Interest expense — (8,743) (7,893) Interest rate cap contracts 33,354 1,824 (3,001) Interest expense (653) (568) (2,846) Cross-currency swap agreements (27,617) (33,464) 10,503 Interest expense (7,601) (4,984) (1,075) Other (expense) income (22,394) (28,548) 11,196 (in thousands) : Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income Year ended December 31, 2022 2021 2020 Foreign currency exchange contracts Other (expense) income $ — $ (20) $ 3,564 Interest rate swap agreements Other expense — (73) —

Investment in Receivable Port_2

Investment in Receivable Portfolios, Net (Tables)	12 Months Ended
Investment in Receivable Portfolios, Net (Tables)	Dec. 31, 2022
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Investment in receivable portfolios, net consist of the following as of the dates presented ( in thousands ): Year Ended December 31, 2022 2021 Amortized cost $ — $ — Negative allowance for expected recoveries 3,088,261 3,065,553 Balance, end of period $ 3,088,261 $ 3,065,553
Schedule Of Investment In Receivable Portfolios Table	The following table summarizes the changes in the balance of investment in receivable portfolios, net during the periods presented ( in thousands ): Year Ended December 31, 2022 2021 2020 Balance, beginning of period $ 3,065,553 $ 3,291,918 $ 3,328,150 Negative allowance for expected recoveries - current period purchases (1) 800,507 664,529 659,872 Collections applied to investment in receivable portfolios, net (2) (709,176) (1,019,629) (737,131) Changes in recoveries (3) 93,145 199,136 7,246 Put-backs and Recalls (9,938) (7,249) (15,824) Deconsolidation of receivable portfolios — (9,352) (2,822) Disposals and transfers to real estate owned (8,335) (8,071) (9,459) Foreign currency translation adjustments (143,495) (45,729) 61,886 Balance, end of period $ 3,088,261 $ 3,065,553 $ 3,291,918 _______________________ (1) The table below provides the detail on the establishment of negative allowance for expected recoveries of portfolios purchased during the periods presented: Year Ended December 31, 2022 2021 2020 Purchase price $ 800,507 $ 664,529 $ 659,872 Allowance for credit losses 2,332,112 1,823,582 1,703,420 Amortized cost 3,132,619 2,488,111 2,363,292 Noncredit discount 3,216,500 3,284,369 3,464,670 Face value 6,349,119 5,772,480 5,827,962 Write-off of amortized cost (3,132,619) (2,488,111) (2,363,292) Write-off of noncredit discount (3,216,500) (3,284,369) (3,464,670) Negative allowance 800,507 664,529 659,872 Negative allowance for expected recoveries - current period purchases $ 800,507 $ 664,529 $ 659,872 (2) Collections applied to investment in receivable portfolios, net, is calculated as follows during the periods presented: Year Ended December 31, 2022 2021 2020 Cash Collections $ 1,911,537 $ 2,307,359 $ 2,111,848 Less - amounts classified to revenue from receivable portfolios (1,202,361) (1,287,730) (1,374,717) Collections applied to investment in receivable portfolios, net $ 709,176 $ 1,019,629 $ 737,131 (3) Changes in recoveries is calculated as follows during the periods presented, where recoveries include cash collections, put-backs and recalls, and other cash-based adjustments: Year Ended December 31, 2022 2021 2020 Recoveries above forecast $ 29,253 $ 326,006 $ 228,075 Changes in expected future recoveries 63,892 (126,870) (220,829) Changes in recoveries $ 93,145 $ 199,136 $ 7,246

Composition of Certain Financ_2

Composition of Certain Financial Statement Items (Tables)	12 Months Ended
Composition of Certain Financial Statement Items (Tables)	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property and Equipment	Property and equipment consist of the following as of the dates presented ( in thousands ): December 31, December 31, Computer equipment and software $ 209,803 $ 209,844 Leasehold improvements 34,950 37,533 Furniture, fixtures and equipment 20,155 19,959 Construction in process 2,546 2,487 Telecommunications equipment and other 1,600 3,075 269,054 272,898 Less: accumulated depreciation and amortization (155,154) (153,041) $ 113,900 $ 119,857
Other Assets	Other assets consist of the following as of the dates presented ( in thousands ): December 31, December 31, Operating lease right-of-use assets $ 70,074 $ 68,812 Real estate owned 68,242 44,640 Derivative instruments 36,807 3,541 Prepaid expenses 30,376 26,943 Identifiable intangible assets, net 22,112 36,320 Income tax deposits 18,259 19,315 Deferred tax assets 18,069 51,451 Service fee receivables 16,094 22,610 Other 61,040 61,643 Total $ 341,073 $ 335,275

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
Borrowings (Tables)	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Consolidated Debt and Capital Lease Obligations	The components of the Company’s consolidated borrowings were as follows (in thousands) : December 31, December 31, Global senior secured revolving credit facility $ 661,738 $ 406,635 Encore private placement notes 68,390 107,470 Senior secured notes 1,485,888 1,613,739 Convertible notes and exchangeable notes 272,500 422,500 Cabot securitisation senior facility 423,522 473,443 Other 23,512 24,889 Finance lease liabilities 5,675 7,005 2,941,225 3,055,681 Less: debt discount and issuance costs, net of amortization (42,404) (58,350) Total $ 2,898,821 $ 2,997,331
Schedule of Notes	The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ( $ in thousands ): December 31, 2022 December 31, 2021 Issue Currency Maturity Date Interest Payment Dates Interest Rate Encore 2025 Notes $ 375,325 $ 397,928 EUR Oct 15, 2025 Apr 15, Oct 15 4.875 % Encore 2026 Notes 363,019 405,808 GBP Feb 15, 2026 Feb 15, Aug 15 5.375 % Encore 2028 Notes 302,516 338,174 GBP Jun 1, 2028 Jun 1, Dec 1 4.250 % Encore 2028 Floating Rate Notes 445,028 471,829 EUR Jan 15, 2028 Jan 15, Apr 15, Jul 15, Oct 15 EURIBOR +4.250% (1) $ 1,485,888 $ 1,613,739 ______________________ (1) Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly. The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible and exchangeable senior notes (the “Convertible Notes” or “Exchangeable Notes,” as applicable) ( $ in thousands ): December 31, 2022 December 31, 2021 Maturity Date Interest Rate 2022 Convertible Notes $ — $ 150,000 Mar 15, 2022 3.250 % 2023 Exchangeable Notes 172,500 172,500 Sep 1, 2023 4.500 % 2025 Convertible Notes 100,000 100,000 Oct 1, 2025 3.250 % $ 272,500 $ 422,500
Schedule of Hedge Program for Convertible Notes	Certain key terms related to the convertible and exchangeable features as of December 31, 2022 are listed below ($ in thousands, except conversion or exchange price) : 2023 Exchangeable Notes 2025 Convertible Notes Initial conversion or exchange price $ 44.62 $ 40.00 Closing stock price at date of issuance $ 36.45 $ 32.00 Closing stock price date Jul 20, 2018 Sep 4, 2019 Initial conversion or exchange rate (shares per $1,000 principal amount) 22.4090 25.0000 Adjusted conversion or exchange rate (shares per $1,000 principal amount) 22.5264 25.1310 Adjusted conversion or exchange price (1) $ 44.39 $ 39.79 Adjusted effective conversion or exchange price (2) $ 62.13 $ 39.79 Excess of if-converted value compared to principal (3) $ 13,785 $ 20,478 Conversion or exchange date Mar 1, 2023 Jul 1, 2025 _______________________ (1) Pursuant to the indentures for the Company’s Convertible Notes and Exchangeable Notes, the conversion and exchange rates were adjusted upon the completion of the Company’s tender offer in December 2021. (2) The Company maintains a hedge program that increases the effective exchange price for the 2023 Exchangeable Notes to $62.13.
Schedule of Interest Expense	Interest expense related to the Convertible Notes and Exchangeable Notes was as follows during the periods presented (in thousands) : Year ended December 31, 2022 2021 2020 Interest expense—stated coupon rate $ 12,001 $ 16,839 $ 21,857 Interest expense—amortization of debt discount — — 10,945 Interest expense—Convertible Notes and Exchangeable Notes $ 12,001 $ 16,839 $ 32,802
Summary of Debt Including Capital Lease Obligations Maturities	The aggregate amounts of the Company’s borrowings, including finance lease liabilities, maturing in each of the next five years and thereafter are as follows (in thousands) : 2023 $ 224,828 2024 38,931 2025 480,801 2026 1,448,865 2027 256 Thereafter 747,544 Total $ 2,941,225

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Dec. 31, 2022
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	A summary of the Company’s changes in accumulated other comprehensive loss by component is presented below (in thousands): Derivatives Currency Translation Adjustments Accumulated Other Comprehensive Loss Balance at December 31, 2019 $ (10,322) $ (78,444) $ (88,766) Other comprehensive loss before reclassification (324) 17,153 16,829 Reclassification 558 — 558 Removal of OCI in connection with divestiture — 2,632 2,632 Tax effect (66) — (66) Balance at December 31, 2020 (10,154) (58,659) (68,813) Other comprehensive loss before reclassification (31,709) (15,309) (47,018) Reclassification 44,544 — 44,544 Removal of OCI in connection with divestiture — 19,904 19,904 Tax effect (2,165) — (2,165) Balance at December 31, 2021 516 (54,064) (53,548) Other comprehensive loss before reclassification 5,737 (78,232) (72,495) Reclassification 30,648 — 30,648 Tax effect (407) (3,014) (3,421) Balance at December 31, 2022 $ 36,494 $ (135,310) $ (98,816)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	A summary of the Company’s stock option activity as of December 31, 2022, and changes during the year then ended, are presented below: Number of Shares Weighted Average Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 4,166 $ 22.17 Exercised (4,166) $ 22.17 Outstanding as of December 31, 2022 — $ — — $ — Exercisable as of December 31, 2022 — $ — — $ — A summary of the Company’s performance stock option activity as of December 31, 2022, and changes during the year then ended, are presented below: Number of Weighted Average Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 100,614 $ 30.95 Exercised (20,665) $ 30.95 Outstanding as of December 31, 2022 79,949 $ 30.95 1.19 $ 1,358 Vested as of December 31, 2022 79,949 $ 30.95 1.19 $ 1,358 Exercisable as of December 31, 2022 79,949 $ 30.95 1.19 $ 1,358
Summary of Restricted Stock Units	A summary of the Company’s stock award activities as of December 31, 2022, and changes during the year then ended, is presented below: Non-Vested Shares (1) Weighted Average Non-vested as of December 31, 2021 693,939 $ 39.33 Awarded 302,283 $ 60.45 Vested (413,798) $ 38.12 Cancelled (39,489) $ 48.93 Non-vested as of December 31, 2022 542,935 $ 51.31 ________________________ (1) Certain of the Company’s stock awards have a vesting matrix under which the stock awards can vest at a maximum level that is up to 200% of the shares that would vest for achieving the performance goals at target. The number of shares presented is based on achieving the performance goals at target levels as defined in the stock award agreements. As of December 31, 2022 and 2021, the maximum number of non-vested performance shares that could vest under the provisions of the agreements was 681,330 and 878,309, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Components of Pretax Income	Income before provision for income taxes consisted of the following (in thousands) : Year Ended December 31, 2022 2021 2020 US $ 331,009 $ 390,607 $ 259,132 Foreign (20,020) 45,934 23,766 Total income before provision for income taxes $ 310,989 $ 436,541 $ 282,898
Components of Provision for Income Taxes	The provision for income tax consisted of the following (in thousands) : Year Ended December 31, 2022 2021 2020 Current expense (benefit): Federal $ 59,105 $ 33,582 $ 43,185 State 11,803 5,787 8,528 Foreign (893) 10,600 10,112 70,015 49,969 61,825 Deferred expense (benefit): Federal 8,142 49,512 15,851 State 6,290 5,904 2,192 Foreign 31,978 (20,045) (9,494) 46,410 35,371 8,549 Provision for income taxes $ 116,425 $ 85,340 $ 70,374
Schedule of Effective Tax Rates	The reconciliation of federal statutory income tax rate to our effective tax rate was as follows: Year Ended December 31, 2022 2021 2020 Federal provision 21.0 % 21.0 % 21.0 % State provision 5.0 % 2.3 % 3.2 % Foreign rate differential (1) (0.3) % (1.0) % (0.5) % Change in tax rate (2) — % (1.3) % (0.9) % Change in valuation allowance (3) 13.2 % (2.3) % 0.9 % Non-deductible CFPB settlement fees — % — % 1.1 % Deductible loss in foreign jurisdiction (4) (2.7) % — % — % Other 1.2 % 0.8 % 0.1 % Effective rate 37.4 % 19.5 % 24.9 % ________________________ (1) Relates primarily to lower tax rates on income or loss attributable to international operations. (2) In 2021 and 2020, includes impact of U.K. tax rate increases. (3) Includes valuation allowance recorded on U.K. deferred tax assets (4) This represents a deductible loss recognized in a foreign subsidiary that maintains a full valuation allowance on its deferred tax assets. Accordingly, this deductible loss increased the valuation allowance and did not result in any tax benefit during the year ended December 31, 2022.
Components of Deferred Tax Assets and Liabilities	Significant components of the Company's deferred tax assets and liabilities were as follows (in thousands) : December 31, December 31, Deferred tax assets: Net operating losses $ 70,543 $ 68,677 Operating lease liabilities 12,222 18,715 Accrued expenses 10,800 11,885 Difference in basis of receivable portfolio 23,751 33,335 Stock-based compensation 4,960 4,528 Right-of-use asset — 23 Difference in basis of depreciable and amortizable assets 2,057 5,326 Other 2,396 6,094 Total deferred tax assets 126,729 148,583 Valuation allowance (66,625) (35,920) Total deferred tax assets net of valuation allowance 60,104 112,663 Deferred tax liabilities: Accrued expenses (443) (750) Difference in basis of bond and loan costs (1,003) (1,725) Difference in basis of receivable portfolio (109,787) (105,743) Stock-based compensation (970) (672) Right-of-use asset (9,794) (15,367) Difference in basis of depreciable and amortizable assets (16,807) (26,210) Prepaid expenses (875) (907) Other (10,206) (23) Total deferred tax liabilities (149,885) (151,397) Net deferred tax liability (1) $ (89,781) $ (38,734) ________________________ (1) The Company operates in multiple jurisdictions. In accordance with authoritative guidance relating to income taxes, deferred taxes and liabilities are netted for each tax-paying component of the Company within a particular tax jurisdiction, and presented as a single amount in the statement of financial condition.
Unrecognized Tax Benefit	A reconciliation of the beginning and ending amounts of unrecognized tax benefit is as follows (in thousands) : Amount Balance as of December 31, 2019 $ 7,908 Decrease related to prior year tax positions (608) Increases related to prior year tax positions 6 Increases related to current year tax positions 574 Decrease related to expiration of statute of limitations (827) Decreases related to settlements with taxing authorities (272) Balance as of December 31, 2020 6,781 Decrease related to prior year tax positions (2,034) Decrease related to expiration of statute of limitations (712) Increase related to prior year tax positions 261 Increase related to current year tax positions 251 Balance as of December 31, 2021 4,547 Decrease related to prior year tax positions (1,296) Decrease related to settlements with taxing authorities (713) Decrease related to expiration of statute of limitations (115) Increase related to prior year tax positions 874 Increase related to current year tax positions 691 Balance as of December 31, 2022 $ 3,988

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2022
Leases [Abstract]
Lease cost	The components of lease expense were as follows during the periods presented (in thousands) : Year Ended December 31, 2022 2021 2020 Operating lease costs (1) $ 18,403 $ 17,272 $ 16,331 Finance lease costs Amortization of ROU assets 4,296 3,848 3,149 Interest on lease liabilities 312 419 420 Total lease costs $ 23,011 $ 21,539 $ 19,900 ________________________
Supplemental balance sheet information	The following table provides supplemental consolidated statement of financial condition information related to leases as of the dates presented (in thousands) : Classification December 31, 2022 December 31, 2021 Assets Operating lease ROU assets Other assets $ 70,074 $ 68,812 Finance lease ROU assets Property and equipment, net 18,337 15,064 Total lease ROU assets $ 88,411 $ 83,876 Liabilities Operating lease liabilities Other liabilities $ 83,598 $ 84,314 Finance lease liabilities Borrowings 5,675 7,005 Total lease liabilities $ 89,273 $ 91,319 Lease term and discount rate were as follows: December 31, 2022 December 31, 2021 December 31, 2020 Weighted-average remaining lease term ( in years ) Operating leases 5.9 6.2 7.1 Finance leases 2.1 2.0 2.5 Weighted-average discount rate Operating leases 5.2 % 5.2 % 5.0 % Finance leases 3.9 % 4.6 % 4.6 %
Supplemental lease information	Supplemental lease information is summarized below (in thousands) : Year Ended December 31, 2022 2021 2020 ROU assets obtained in exchange for new operating lease obligations $ 22,582 $ 13,426 $ 8,990 ROU assets obtained in exchange for new finance lease obligations 3,273 2,664 3,276 Cash paid for amounts included in the measurement of lease liabilities Operating leases - operating cash flows 19,227 20,048 17,396 Finance leases - operating cash flows 312 419 419 Finance leases - financing cash flows 4,622 3,950 3,114
Lease maturities	Maturities of lease liabilities under non-cancelable leases as of December 31, 2022 are summarized as follows (in thousands) : Finance Leases Operating Leases Total 2023 $ 3,229 $ 17,691 $ 20,920 2024 1,945 17,688 19,633 2025 715 14,751 15,466 2026 15 13,789 13,804 2027 — 11,150 11,150 Thereafter — 23,529 23,529 Total undiscounted lease payments 5,904 98,598 104,502 Less: imputed interest (229) (15,000) (15,229) Total lease liabilities $ 5,675 $ 83,598 $ 89,273
Lease maturities	Maturities of lease liabilities under non-cancelable leases as of December 31, 2022 are summarized as follows (in thousands) : Finance Leases Operating Leases Total 2023 $ 3,229 $ 17,691 $ 20,920 2024 1,945 17,688 19,633 2025 715 14,751 15,466 2026 15 13,789 13,804 2027 — 11,150 11,150 Thereafter — 23,529 23,529 Total undiscounted lease payments 5,904 98,598 104,502 Less: imputed interest (229) (15,000) (15,229) Total lease liabilities $ 5,675 $ 83,598 $ 89,273

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Geographical Areas of Which Company Operates	The following tables present information about geographic areas in which the Company operates (in thousands) : Year Ended December 31, 2022 2021 2020 Total revenues: United States $ 995,470 $ 1,115,572 $ 992,916 Europe United Kingdom 272,962 344,214 390,955 Other European countries (1) 129,737 142,316 99,430 Total Europe 402,699 486,530 490,385 Other geographies (1) 178 12,397 18,099 Total $ 1,398,347 $ 1,614,499 $ 1,501,400 ________________________ (1) None of these countries comprise greater than 10% of the Company's consolidated revenues.
Schedule of Long-lived Assets by Geographic Areas	December 31, December 31, Long-lived assets (1) : United States $ 82,695 $ 104,169 International United Kingdom 58,034 62,205 India 25,337 4,571 Other foreign countries (2) 17,908 17,724 101,279 84,500 Total $ 183,974 $ 188,669 ________________________ (1) Long-lived assets consist of property and equipment, net and right of use assets. (2) None of these countries comprise greater than 10% of the Company's consolidated long-lived assets.

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets (Tables)	12 Months Ended
Goodwill and Identifiable Intangible Assets (Tables)	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Activity in the Goodwill Balance	The following table summarizes the activity in the Company’s goodwill balance (in thousands): Year Ended December 31, 2022 2021 2020 Balance as of beginning of period: $ 897,795 $ 906,962 $ 884,185 Effect of foreign currency translation (76,581) (9,167) 22,777 Balance as of end of period: $ 821,214 $ 897,795 $ 906,962
Schedule of Acquired Intangible Assets	The Company’s acquired intangible assets are summarized as follows (in thousands) : As of December 31, 2022 As of December 31, 2021 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 45,498 $ (23,507) $ 21,991 $ 66,969 $ (31,154) $ 35,815 Developed technologies — — — 2,549 (2,530) 19 Trade name and other 909 (788) 121 1,597 (1,111) 486 Total intangible assets $ 46,407 $ (24,295) $ 22,112 $ 71,115 $ (34,795) $ 36,320
Weighted-Average Useful Lives of Intangible Assets	The weighted-average useful lives of intangible assets at the time of acquisition were as follows (in years) : Weighted-Average Customer relationships 10 Developed technologies 5 Trade name and other 7
Estimated Future Amortization Expense	Estimated future amortization expense related to finite-lived intangible assets as of December 31, 2022 is as follows ( in thousands ): 2023 $ 4,622 2024 4,598 2025 4,550 2026 4,550 2027 3,792 Total $ 22,112

Ownership, Description of Bus_4

Ownership, Description of Business, and Summary of Significant Accounting Policies - New Accounting Pronouncements and Changes in Accounting Principles (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Convertible notes and exchangeable notes			$ 583,500
Debt discount			(19,364)
Other liabilities	$ 231,695	$ 195,947	146,893
Additional paid-in capital	0	0	230,440
Accumulated earnings	$ 1,278,210	$ 1,238,564	1,055,668
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Convertible notes and exchangeable notes			0
Debt discount			19,364
Other liabilities			(1,450)
Additional paid-in capital			(40,372)
Accumulated earnings			22,458
Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Convertible notes and exchangeable notes			583,500
Debt discount			0
Other liabilities			145,443
Additional paid-in capital			190,068
Accumulated earnings			$ 1,078,126

Ownership, Description of Bus_5

Ownership, Description of Business, and Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Computer hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Ownership, Description of Bus_6

Ownership, Description of Business, and Summary of Significant Accounting Policies - Reconciliation of Shares Used in Calculating Earnings Per Basic and Diluted Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net income attributable to Encore Capital Group, Inc. stockholders	$ 194,564	$ 350,782	$ 211,848
Weighted average common shares outstanding-basic (in shares)	24,142	30,129	31,427
Dilutive effect of stock-based awards (in shares)	344	407	283
Dilutive effect of convertible and exchangeable senior notes (in shares)	1,606	617	0
Weighted average common shares outstanding-diluted (in shares)	26,092	31,153	31,710
Earnings per share
Earnings Per Share, Basic	$ 8.06	$ 11.64	$ 6.74
Earnings Per Share, Diluted	$ 7.46	$ 11.26	$ 6.68

Ownership, Description of Bus_7

Ownership, Description of Business, and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Restricted cash	$ 17.8	$ 29.3
Anti-dilutive employee stock options outstanding (in shares)	0	3,000	51,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Derivative instruments	$ 36,807	$ 3,541
Liabilities
Contingent consideration		(5,218)
Fair Value, Inputs, Level 1 [Member]
Liabilities
Contingent consideration		0
Fair Value, Inputs, Level 2 [Member]
Liabilities
Contingent consideration		0
Fair Value, Inputs, Level 3 [Member]
Liabilities
Contingent consideration		(5,218)
Cross-currency swap agreements
Liabilities
Swap Agreements	(36,918)	(16,902)
Cross-currency swap agreements \| Fair Value, Inputs, Level 1 [Member]
Liabilities
Swap Agreements	0	0
Cross-currency swap agreements \| Fair Value, Inputs, Level 2 [Member]
Liabilities
Swap Agreements	(36,918)	(16,902)
Cross-currency swap agreements \| Fair Value, Inputs, Level 3 [Member]
Liabilities
Swap Agreements	0	0
Interest rate cap contracts
Assets
Derivative instruments	36,807	3,541
Interest rate cap contracts \| Fair Value, Inputs, Level 1 [Member]
Assets
Derivative instruments	0	0
Interest rate cap contracts \| Fair Value, Inputs, Level 2 [Member]
Assets
Derivative instruments	36,807	3,541
Interest rate cap contracts \| Fair Value, Inputs, Level 3 [Member]
Assets
Derivative instruments	$ 0	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Contingent Consideration Roll Forward (Details) - Contingent Consideration - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at Beginning of period	$ 5,218	$ 2,957	$ 66
Issuance of contingent consideration in connection with purchase of noncontrolling interest		2,913	2,848
Change in fair value of contingent consideration	794	(388)
Payment of contingent consideration	(5,273)	(180)	(88)
Effect of foreign currency translation	(739)	(84)	131
Balance at End of period	$ 0	$ 5,218	$ 2,957

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Financial Instruments Not Required to Be Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in receivable portfolios, net	$ 3,088,261	$ 3,065,553
Carrying Amount \| Encore private placement notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	68,390	107,470
Carrying Amount \| Senior secured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	1,480,258	1,606,327
Carrying Amount \| 2022 Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure		150,000
Carrying Amount \| 2023 Exchangeable Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure		172,500
Carrying Amount \| 2025 Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure		100,000
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in receivable portfolios, net	3,242,506	3,416,926
Estimated Fair Value \| Global senior secured revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	661,738	406,635
Estimated Fair Value \| Encore private placement notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	66,947	108,652
Estimated Fair Value \| Senior secured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	1,334,686	1,652,246
Estimated Fair Value \| 2022 Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	0	195,009
Estimated Fair Value \| 2023 Exchangeable Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	205,227	257,782
Estimated Fair Value \| 2025 Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	130,556	165,887
Estimated Fair Value \| Cabot securitisation senior facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 423,522	$ 473,443

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Assets held for sale	$ 68,242	$ 44,640

Derivatives and Hedging Instr_3

Derivatives and Hedging Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative instruments	$ 36,807	$ 3,541
Interest rate cap contracts
Derivative [Line Items]
Derivative instruments	36,807	3,541
Designated as Hedging Instrument \| Other assets \| Interest rate cap contracts
Derivative [Line Items]
Derivative instruments	36,807	3,541
Designated as Hedging Instrument \| Other liabilities \| Cross-currency swap agreements
Derivative [Line Items]
Cross-currency swap agreements	$ (36,918)	$ (16,902)

Derivatives and Hedging Instr_4

Derivatives and Hedging Instruments - Narrative (Details) - 12 months ended Dec. 31, 2022 £ in Millions, $ in Millions	USD ($) instrument	EUR (€) instrument	GBP (£) instrument
United Kingdom, Pounds
Derivative [Line Items]
Foreign Currency Exchange Rate, Translation	0.83	0.83	0.83
Euro Member Countries, Euro
Derivative [Line Items]
Foreign Currency Exchange Rate, Translation	0.93	0.93	0.93
Cross-currency swap agreements
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ (4.4)
Interest rate cap contracts
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 20.3
Cash Flow Hedges \| Cross-currency swap agreements
Derivative [Line Items]
Derivative, Number of Instruments Held \| instrument	4	4	4
Derivative instrument, notional amount	$ 375.3	€ 350,000,000
Cash Flow Hedges \| Interest rate cap contracts
Derivative [Line Items]
Derivative instrument, notional amount	852.5
2019 Cap \| Cash Flow Hedges \| Interest rate cap contracts
Derivative [Line Items]
Derivative instrument, notional amount	428.9	€ 400,000,000
2020 Caps \| Cash Flow Hedges \| Interest rate cap contracts
Derivative [Line Items]
Derivative instrument, notional amount	$ 423.5		£ 350

Derivatives and Hedging Instr_5

Derivatives and Hedging Instruments - Effects of Derivatives in Cash Flow Hedging Relationships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ 35,978	$ 10,670	$ 168
Designated as Hedging Instrument \| Foreign currency exchange contracts \| Cash Flow Hedges \| Salaries and employee benefits
Derivative [Line Items]
Gain (Loss) Recognized in OCI	0	0	(341)
Gain (Loss) Reclassified from OCI into Income	0	0	49
Designated as Hedging Instrument \| Foreign currency exchange contracts \| Cash Flow Hedges \| General and administrative expenses
Derivative [Line Items]
Gain (Loss) Recognized in OCI	0	0	(44)
Gain (Loss) Reclassified from OCI into Income	0	0	11
Designated as Hedging Instrument \| Cross-currency swap agreements \| Cash Flow Hedges \| Interest Expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	0	(69)	(7,441)
Gain (Loss) Reclassified from OCI into Income	0	(8,743)	(7,893)
Designated as Hedging Instrument \| Interest rate cap contracts \| Cash Flow Hedges \| Interest Expense
Derivative [Line Items]
Gain (Loss) Recognized in OCI	33,354	1,824	(3,001)
Gain (Loss) Reclassified from OCI into Income	(653)	(568)	(2,846)
Designated as Hedging Instrument \| Cross-currency swap agreements \| Cash Flow Hedges \| Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income	(7,601)	(4,984)	(1,075)
Designated as Hedging Instrument \| Cross-currency swap agreements \| Cash Flow Hedges \| Interest Expense / Other Income
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(27,617)	(33,464)	10,503
Designated as Hedging Instrument \| Cross-currency swap agreements \| Cash Flow Hedges \| Other Expense
Derivative [Line Items]
Gain (Loss) Reclassified from OCI into Income	$ (22,394)	$ (28,548)	$ 11,196

Derivatives and Hedging Instr_6

Derivatives and Hedging Instruments - Summary of Effects of Derivatives not Designated as Hedging Instruments (Details) - Other Expense - Cash Flow Hedges - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Foreign currency exchange contracts
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	$ 0	$ (20)	$ 3,564
Cross-currency swap agreements
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income	$ 0	$ (73)	$ 0

Investment in Receivable Port_3

Investment in Receivable Portfolios, Net - Schedule of Investment Receivable Portfolios (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Amortized cost	$ 0	$ 0
Negative allowance for expected recoveries	3,088,261	3,065,553
Balance, end of period	$ 3,088,261	$ 3,065,553

Investment in Receivable Port_4

Investment in Receivable Portfolios, Net - Summary of Changes in Balance of Investment in Receivable Portfolios (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	$ 3,065,553
Purchases of Receivable Portfolios	800,507	$ 664,529	$ 659,872
Collections applied to investment in receivable portfolios, net	(709,176)	(1,019,629)	(737,131)
Changes in recoveries	93,145	199,136	7,246
Put-backs and Recalls	(9,938)	(7,249)	(15,824)
Deconsolidation of receivable portfolios	0	(9,352)	(2,822)
Disposals and transfers to real estate owned	(8,335)	(8,071)	(9,459)
Disposals and transfers to real estate owned	(143,495)	(45,729)	61,886
Balance, end of period	3,088,261	3,065,553
Collections applied to principal balance (debt purchasing)
Cash Collections	1,911,537	2,307,359	2,111,848
Less - amounts classified to revenue from receivable portfolios	(1,202,361)	(1,287,730)	(1,374,717)
Collections applied to investment in receivable portfolios, net	709,176	1,019,629	737,131
Changes in recoveries
Recoveries above forecast	29,253	326,006	228,075
Changes in expected future recoveries	63,892	(126,870)	(220,829)
Changes in recoveries	93,145	199,136	7,246
Adjusted Balance
Investment in Receivables Portfolio [Roll Forward]
Balance, beginning of period	3,065,553	3,291,918	3,328,150
Balance, end of period	$ 3,088,261	$ 3,065,553	$ 3,291,918

Investment in Receivable Port_5

Investment in Receivable Portfolios, Net - Establishment of Negative Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Purchase price	$ 800,507	$ 664,529	$ 659,872
Allowance for credit losses	2,332,112	1,823,582	1,703,420
Amortized cost	3,132,619	2,488,111	2,363,292
Noncredit discount	3,216,500	3,284,369	3,464,670
Face value	6,349,119	5,772,480	5,827,962
Write-off of amortized cost	(3,132,619)	(2,488,111)	(2,363,292)
Write-off of noncredit discount	(3,216,500)	(3,284,369)	(3,464,670)
Negative allowance	800,507	664,529	659,872
Negative allowance for expected recoveries - current period purchases	$ 800,507	$ 664,529	$ 659,872

Investment in Receivable Port_6

Investment in Receivable Portfolios, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Changes To Expected Current Period Recoveries	$ 29,253	$ 326,006	$ 228,075
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Changes To Expected Future Period Recoveries	$ 63,892	$ (126,870)	$ (220,829)

Composition of Certain Financ_3

Composition of Certain Financial Statement Items - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 269,054	$ 272,898
Less: accumulated depreciation and amortization	(155,154)	(153,041)
Property and equipment, net	113,900	119,857
Depreciation and amortization expense	40,100	42,200	$ 34,800
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	209,803	209,844
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	34,950	37,533
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	20,155	19,959
Construction in process
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,546	2,487
Telecommunications equipment and other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,600	$ 3,075

Composition of Certain Financ_4

Composition of Certain Financial Statement Items - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total	Total
Operating lease right-of-use assets	$ 70,074	$ 68,812
Real estate owned	68,242	44,640
Derivative instruments	36,807	3,541
Prepaid expenses	30,376	26,943
Identifiable intangible assets, net	22,112	36,320
Income tax deposits	18,259	19,315
Deferred tax assets	18,069	51,451
Service fee receivables	16,094	22,610
Other	61,040	61,643
Total	$ 341,073	$ 335,275

Borrowings - Consolidated Debt

Borrowings - Consolidated Debt and Capital Lease Obligations - Table and Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance lease liabilities	$ 5,675	$ 7,005
Debt and finance lease liabilities, gross	2,941,225	3,055,681
Less: debt discount and issuance costs, net of amortization	(42,404)	(58,350)
Borrowings	$ 2,898,821	$ 2,997,331
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Borrowings	Borrowings
Credit Facility \| Global senior secured revolving credit facility
Debt Instrument [Line Items]
Long-term debt	$ 661,738	$ 406,635
Credit Facility \| Cabot securitisation senior facility
Debt Instrument [Line Items]
Long-term debt	423,522	473,443
Encore private placement notes \| Encore private placement notes
Debt Instrument [Line Items]
Long-term debt	68,390	107,470
Senior secured notes \| Senior secured notes
Debt Instrument [Line Items]
Long-term debt	1,485,888	1,613,739
Convertible notes and exchangeable notes \| Convertible notes and exchangeable notes
Debt Instrument [Line Items]
Long-term debt	272,500	422,500
Other
Debt Instrument [Line Items]
Long-term debt	$ 23,512	$ 24,889

Borrowings - Global Senior Secu

Borrowings - Global Senior Secured Revolving Credit Facility - Narrative (Details) - Global senior secured revolving credit facility - Revolving Credit Facility - USD ($) $ in Millions		12 Months Ended
	Mar. 29, 2022	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Line of credit facility, increase (decrease), net	$ 90
Revolving credit facility		$ 1,140
Line of credit facility, commitment fee (as a percent)		0.40%
Maximum ratio of financial indebtedness to cash and cash equivalent investments		0.75
Utilization threshold (as a percent)		20%
Maximum ratio of super senior liabilities to cash and cash equivalent investments		0.275
Fixed charge coverage ratio		2
Long-term debt		$ 661.7
Weighted average interest rate (as a percent)		4.42%	3.07%
Remaining borrowing capacity		$ 478.3
Euro Interbank Offered Rate (EURIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.50%
Euro Interbank Offered Rate (EURIBOR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0%
Sterling Overnight Index Average (SONIA)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.50%
Sterling Overnight Index Average (SONIA) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.50%
Interest rate, adjustment spread (as a percent)		0.10%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0%

Borrowings - Encore Private Pla

Borrowings - Encore Private Placement Notes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2017
Debt Instrument [Line Items]
Debt issued	$ 272,500	$ 422,500
Encore private placement notes \| Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt issued			$ 325,000
Long-term debt	$ 68,390	$ 107,470
Stated interest rate (as a percent)	5.625%
Senior Secured Notes, periodic principal repayment	$ 9,800

Borrowings - Senior Secured Not

Borrowings - Senior Secured Notes - Table (Details) - Secured Debt - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Senior secured notes	$ 1,485,888	$ 1,613,739
Encore 2025 Notes
Debt Instrument [Line Items]
Senior secured notes	$ 375,325	397,928
Stated interest rate (as a percent)	4.875%
Encore 2026 Notes
Debt Instrument [Line Items]
Senior secured notes	$ 363,019	405,808
Stated interest rate (as a percent)	5.375%
Encore 2028 Notes
Debt Instrument [Line Items]
Senior secured notes	$ 302,516	338,174
Stated interest rate (as a percent)	4.25%
Encore 2028 Floating Rate Notes
Debt Instrument [Line Items]
Senior secured notes	$ 445,028	$ 471,829
Variable rate floor (as a percent)	0%
Encore 2028 Floating Rate Notes \| Euro Interbank Offered Rate (EURIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	4.25%

Borrowings - Encore Convertible

Borrowings - Encore Convertible Notes and Exchangeable Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 15, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt issued	$ 272,500		$ 422,500
Convertible Notes \| 2022 Convertible Notes
Debt Instrument [Line Items]
Debt issued	$ 0	$ 150,000	150,000
Stated interest rate (as a percent)	3.25%
Convertible Notes \| 2025 Convertible Notes
Debt Instrument [Line Items]
Debt issued	$ 100,000		100,000
Stated interest rate (as a percent)	3.25%
Exchangeable Notes Payable \| 2023 Exchangeable Notes
Debt Instrument [Line Items]
Debt issued	$ 172,500		$ 172,500
Stated interest rate (as a percent)	4.50%

Borrowings - Convertible Notes

Borrowings - Convertible Notes and Exchangeable Notes Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) program	Mar. 15, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt issued		$ 272,500		$ 422,500
Initial conversion price (USD per share) \| $ / shares			$ 45.33
Combination settlement ratio		1.75
Converted debt	$ 221,200
Number of hedging programs \| program		1
Encore Finance \| Encore
Debt Instrument [Line Items]
Ownership (as a percent)		100%
2022 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Debt issued		$ 0	$ 150,000	$ 150,000
Excess of if-converted value compared to principal	$ 71,200

Borrowings - Encore Convertib_2

Borrowings - Encore Convertible Notes and Exchangeable Notes - Key Features (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares	Mar. 15, 2022 $ / shares
Debt Instrument [Line Items]
Initial conversion price (USD per share)		$ 45.33
2023 Exchangeable Notes \| Exchangeable Notes Payable
Debt Instrument [Line Items]
Initial conversion price (USD per share)	$ 44.62
Closing stock price at date of issuance (in dollars per share)	$ 36.45
Initial conversion or exchange rate (shares per $1,000 principal amount)	22.4090
Adjusted conversion or exchange rate (shares per $1,000 principal amount)	22.5264
Adjusted conversion or exchange price (in USD per share)	$ 44.39
Adjusted effective conversion or exchange price (in USD per share) \| $	$ 62.13
Excess of if-converted value compared to principal \| $	13,785,000
If converted value in excess of principal, after hedge effect \| $	$ 0
2025 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Initial conversion price (USD per share)	$ 40
Closing stock price at date of issuance (in dollars per share)	$ 32
Initial conversion or exchange rate (shares per $1,000 principal amount)	25
Adjusted conversion or exchange rate (shares per $1,000 principal amount)	25.1310
Adjusted conversion or exchange price (in USD per share)	$ 39.79
Adjusted effective conversion or exchange price (in USD per share) \| $	$ 39.79
Excess of if-converted value compared to principal \| $	$ 20,478,000

Borrowings - Interest Expense r

Borrowings - Interest Expense related to Convertible Notes and Exchangeable Notes (Details) - Convertible notes and exchangeable notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Interest expense—stated coupon rate	$ 12,001	$ 16,839	$ 21,857
Interest expense—amortization of debt discount	0	0	10,945
Interest expense—Convertible Notes and Exchangeable Notes	$ 12,001	$ 16,839	$ 32,802

Borrowings - Cabot Securitisati

Borrowings - Cabot Securitisation Senior Facility - Narrative (Details) $ in Thousands, £ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 GBP (£)
Debt Instrument [Line Items]
Book value \| $	$ 4,508,360	$ 4,608,125
United Kingdom, Pounds
Debt Instrument [Line Items]
Foreign Currency Exchange Rate, Translation	0.83		0.83
Cabot securitisation senior facility
Debt Instrument [Line Items]
Maximum borrowing capacity \| £			£ 350
Credit facility, outstanding amount	$ 423,500		350
Book value	$ 423,100		£ 349.7
Weighted average interest rate (as a percent)	4.33%	3.11%
Cabot securitisation senior facility \| Debt Instrument, Redemption, Period One \| Sterling Overnight Index Average (SONIA)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3%
Cabot securitisation senior facility \| Debt Instrument, Redemption, Period Two \| Minimum \| Sterling Overnight Index Average (SONIA)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0%
Cabot securitisation senior facility \| Debt Instrument, Redemption, Period Two \| Maximum \| Sterling Overnight Index Average (SONIA)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1%

Borrowings - Finance Lease Liab

Borrowings - Finance Lease Liabilities - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Finance lease liabilities	$ 5,675	$ 7,005

Borrowings - Summary of Debt Ob

Borrowings - Summary of Debt Obligations Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Maturities of Long-term Debt and Capital Lease Obligations [Abstract]
2023	$ 224,828
2024	38,931
2025	480,801
2026	1,448,865
2027	256
Thereafter	747,544
Total	$ 2,941,225

Common Stock - Narrative (Detai

Common Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended		69 Months Ended
	Dec. 09, 2021	Dec. 31, 2022	Dec. 31, 2021	May 05, 2021	Nov. 04, 2021	Aug. 12, 2015
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount				$ 300,000		$ 50,000
Stock repurchase program, change in authorized amount				$ 250,000
Stock Repurchased During Period, Value		$ 87,006	$ 390,606
Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased During Period, Value		15	70
Treasury Stock, Common \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased During Period, Value		$ 86,900	$ 121,200
Stock repurchased and retired during period, shares		1,497,184	2,598,034
Tender Offer \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount					$ 300,000
Closing stock price at date of issuance (in dollars per share)	$ 60
Stock repurchased and retired during period, shares	4,471,995
Stock repurchased and retired during period, value	$ 268,300
Tender Offer \| Minimum \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Closing stock price at date of issuance (in dollars per share)					$ 52
Tender Offer \| Maximum \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Closing stock price at date of issuance (in dollars per share)					$ 60

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ 1,185,261	$ 1,220,076	$ 1,025,406
Balance at end of period	1,179,627	1,185,261	1,220,076
Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	516	(10,154)	(10,322)
Other comprehensive loss before reclassification	5,737	(31,709)	(324)
Reclassification	30,648	44,544	558
Removal of OCI in connection with divestiture		0	0
Tax effect	(407)	(2,165)	(66)
Balance at end of period	36,494	516	(10,154)
Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(54,064)	(58,659)	(78,444)
Other comprehensive loss before reclassification	(78,232)	(15,309)	17,153
Reclassification	0	0	0
Removal of OCI in connection with divestiture		19,904	2,632
Tax effect	(3,014)	0	0
Balance at end of period	(135,310)	(54,064)	(58,659)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(53,548)	(68,813)	(88,766)
Other comprehensive loss before reclassification	(72,495)	(47,018)	16,829
Reclassification	30,648	44,544	558
Removal of OCI in connection with divestiture		19,904	2,632
Tax effect	(3,421)	(2,165)	(66)
Balance at end of period	$ (98,816)	$ (53,548)	$ (68,813)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 15.4	$ 18.3	$ 16.6
Tax benefit from stock-based compensation arrangements	$ 4.2	$ 2.5	$ 2.5
Stock-based compensation, vesting period	3 years
Number of options granted (in shares)	0	0	0
Performance stock options, threshold trading days	20 days
Performance stock options, threshold increase from closing price on date of grant	25%
Unrecognized compensation cost, expected period of recognition	1 year 4 months 24 days
Unrecognized compensation cost, non vested shares	$ 13.1
Fair value of restricted stock units and restricted stock awards vested	$ 26.9	$ 16.9	$ 14.5
Weighted Average Grant Date Fair Value, Awarded (in dollars per share)	$ 60.45	$ 42.09	$ 38.51
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, contractual term	10 years
Performance Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from option exercise	$ 0.6	$ 1.6
Stock options intrinsic value	0.6	1.1
Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options intrinsic value	$ 0.2	$ 0.2
Minimum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, vesting period	3 years
Maximum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, vesting period	5 years
2017 Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant (in shares)				5,713,571
Conversion ratio full value awards				2.12
2017 Incentive Compensation Plan \| Full Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio full value awards				2.12
2017 Incentive Compensation Plan \| Stock Options and Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio full value awards				1
2017 Plan and 2013 Plan \| Performance Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, vesting period	3 years
Share-based compensation, contractual term	7 years
Options performance measurement period	4 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Equity Option
Number of Shares
Number of Shares, Outstanding, Beginning Balance (in shares) \| shares	4,166
Number of Shares Exercised in Period (in shares) \| shares	(4,166)
Number of Shares, Outstanding, Ending Balance (in shares) \| shares	0
Number of Shares, Exercisable, Ending Balance (in shares) \| shares	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted Average Exercise Price, Outstanding, Beginning Balance (in dollars per share) \| $ / shares	$ 22.17
Weighted Average Exercise Price, Exercised (in dollars per share) \| $ / shares	22.17
Weighted Average Exercise Price, Outstanding, Ending Balance (in dollars per share) \| $ / shares	0
Weighted Average Exercise Price, Exercisable, Ending Balance (in dollars per share) \| $ / shares	$ 0
Share-based Payment Arrangement, Option, Aggregate Intrinsic Value
Aggregate intrinsic value, Outstanding \| $	$ 0
Aggregate intrinsic value, Exercisable \| $	$ 0
Performance Stock Options
Number of Shares
Number of Shares, Outstanding, Beginning Balance (in shares) \| shares	100,614
Number of Shares Exercised in Period (in shares) \| shares	(20,665)
Number of Shares, Outstanding, Ending Balance (in shares) \| shares	79,949
Number of Shares, Exercisable, Ending Balance (in shares) \| shares	79,949
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted Average Exercise Price, Outstanding, Beginning Balance (in dollars per share) \| $ / shares	$ 30.95
Weighted Average Exercise Price, Exercised (in dollars per share) \| $ / shares	30.95
Weighted Average Exercise Price, Outstanding, Ending Balance (in dollars per share) \| $ / shares	30.95
Weighted Average Exercise Price, Exercisable, Ending Balance (in dollars per share) \| $ / shares	$ 30.95
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term [Abstract]
Weighted Average Remaining Contractual Term (in years), Outstanding	1 year 2 months 8 days
Weighted Average Remaining Contractual Term (in years), Exercisable	1 year 2 months 8 days
Share-based Payment Arrangement, Option, Aggregate Intrinsic Value
Aggregate intrinsic value, Outstanding \| $	$ 1,358
Aggregate intrinsic value, Exercisable \| $	$ 1,358

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Performance Stock Options Activity (Details) - Performance Stock Options $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Number of Shares
Number of Shares, Outstanding, Beginning Balance (in shares) \| shares	100,614
Number of Shares, Exercised (in shares) \| shares	(20,665)
Number of Shares, Outstanding, Ending Balance (in shares) \| shares	79,949
Number of Shares, Vested or Expected to Vest (in shares) \| shares	79,949
Number of Shares, Exercisable, Ending Balance (in shares) \| shares	79,949
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted Average Exercise Price, Outstanding, Beginning Balance (in dollars per share) \| $ / shares	$ 30.95
Weighted Average Exercise Price, Exercised (in dollars per share) \| $ / shares	30.95
Weighted Average Exercise Price, Outstanding, Ending Balance (in dollars per share) \| $ / shares	30.95
Weighted Average Exercise Price, Vested and Expected to Vest (in dollars per share) \| $ / shares	30.95
Weighted Average Exercise Price, Exercisable, Ending Balance (in dollars per share) \| $ / shares	$ 30.95
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term [Abstract]
Weighted Average Remaining Contractual Term (in years), Outstanding	1 year 2 months 8 days
Weighted Average Remaining Contractual Term (in years), Vested or expected to vest	1 year 2 months 8 days
Weighted Average Remaining Contractual Term (in years), Exercisable	1 year 2 months 8 days
Share-based Payment Arrangement, Option, Aggregate Intrinsic Value [Abstract]
Aggregate intrinsic value, Outstanding \| $	$ 1,358
Aggregate intrinsic value, Vested or expected to vest \| $	1,358
Aggregate intrinsic value, Exercisable \| $	$ 1,358

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock Awards (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-Vested Shares
Non-Vested Shares, Beginning Balance (in shares)	693,939
Non-Vested Shares, Awarded (in shares)	302,283
Non-Vested Shares, Vested (in shares)	(413,798)
Non-Vested Shares, Cancelled (in shares)	(39,489)
Non-Vested Shares, Ending Balance (in shares)	542,935	693,939
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 39.33
Weighted Average Grant Date Fair Value, Awarded (in dollars per share)	60.45	$ 42.09	$ 38.51
Weighted Average Grant Date Fair Value, Vested (in dollars per share)	38.12
Weighted Average Grant Date Fair Value, Cancelled (in dollars per share)	48.93
Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 51.31	$ 39.33
Performance Shares
Weighted Average Grant Date Fair Value
Maximum shares that could vest (percent)	200%
Maximum number that could vest (in shares)	681,330	878,309

Income Taxes Income Taxes - Inc

Income Taxes Income Taxes - Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
US	$ 331,009	$ 390,607	$ 259,132
Foreign	(20,020)	45,934	23,766
Income before income taxes	$ 310,989	$ 436,541	$ 282,898

Income Taxes Income Taxes - I_2

Income Taxes Income Taxes - Income Tax Provision for Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current expense (benefit):
Federal	$ 59,105	$ 33,582	$ 43,185
State	11,803	5,787	8,528
Foreign	(893)	10,600	10,112
Total current income tax expense	70,015	49,969	61,825
Deferred expense (benefit):
Federal	8,142	49,512	15,851
State	6,290	5,904	2,192
Foreign	31,978	(20,045)	(9,494)
Total deferred income tax expense	46,410	35,371	8,549
Provision for income taxes	$ 116,425	$ 85,340	$ 70,374

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rates (Details)	12 Months Ended
Income Taxes - Schedule of Effective Tax Rates (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal Provision (as a percent)	21%	21%	21%
State Provision (as a percent)	5%	2.30%	3.20%
Foreign rate differential (as a percent)	(0.30%)	(1.00%)	(0.50%)
Change in tax rate (as a percent)	0%	(1.30%)	(0.90%)
Change in valuation allowance (as a percent)	13.20%	(2.30%)	0.90%
Tax effect of CFPB settlement fees (as a percent)	0%	0%	1.10%
Deductible loss in foreign jurisdiction (as a percent)	(0.027)	0	0
Other (as a percent)	1.20%	0.80%	0.10%
Effective rate (as a percent)	37.40%	19.50%	24.90%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Undistributed earnings	$ 138,500,000
Foreign net operating loss carryforwards	278,200,000
Increase (decrease) in valuation allowance	30,700,000
Unrecognized tax benefits, including penalties and interest	4,900,000	$ 4,600,000	$ 6,900,000
Net tax benefit from unrecognized tax benefits, if recognized	2,500,000	1,600,000	3,300,000
Unrecognized tax benefits, income tax penalties and interest expense	(400,000)	100,000	200,000
Interest and penalties accrued	$ 0	$ 0	$ 0
Tax Holiday Through 2026 \| Costa Rica
Income Taxes [Line Items]
Holiday tax rate (in percent)	100%

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating losses	$ 70,543	$ 68,677
Operating lease liabilities	12,222	18,715
Accrued expenses	10,800	11,885
Difference in basis of receivable portfolio	23,751	33,335
Stock-based compensation	4,960	4,528
Right-of-use asset	0	23
Difference in basis of depreciable and amortizable assets	2,057	5,326
Other	2,396	6,094
Total deferred tax assets	126,729	148,583
Valuation allowance	(66,625)	(35,920)
Total deferred tax assets net of valuation allowance	60,104	112,663
Deferred tax liabilities:
Accrued expenses	(443)	(750)
Difference in basis of bond and loan costs	(1,003)	(1,725)
Difference in basis of receivable portfolio	(109,787)	(105,743)
Stock-based compensation	(970)	(672)
Right-of-use asset	(9,794)	(15,367)
Difference in basis of depreciable and amortizable assets	(16,807)	(26,210)
Prepaid expenses	(875)	(907)
Other	(10,206)	(23)
Total deferred tax liabilities	(149,885)	(151,397)
Deferred Tax Liabilities, Net, Total	$ (89,781)	$ (38,734)

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Beginning Balance	$ 4,547	$ 6,781	$ 7,908
Decreases related to prior year tax positions	(1,296)	(2,034)	(608)
Increases related to prior year tax positions	874	261	6
Increases related to current year tax positions	691	251	574
Decrease related to expiration of statute of limitations	(115)	(712)	(827)
Decreases related to settlements with taxing authorities	(713)		(272)
Ending Balance	$ 3,988	$ 4,547	$ 6,781

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease costs	$ 18,403	$ 17,272	$ 16,331
Amortization of ROU assets	4,296	3,848	3,149
Interest on lease liabilities	312	419	420
Total lease costs	$ 23,011	$ 21,539	$ 19,900

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease right-of-use assets	$ 70,074	$ 68,812
Finance lease ROU assets	$ 18,337	$ 15,064
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Total lease ROU assets	$ 88,411	$ 83,876
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Operating Lease, Liability	$ 83,598	$ 84,314
Finance lease liabilities	5,675	7,005
Total lease liabilities	$ 89,273	$ 91,319

Leases - Supplemental Lease Inf

Leases - Supplemental Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
ROU assets obtained in exchange for new operating lease obligations	$ 22,582	$ 13,426	$ 8,990
ROU assets obtained in exchange for new finance lease obligations	3,273	2,664	3,276
Operating leases - operating cash flows	19,227	20,048	17,396
Finance leases - operating cash flows	312	419	419
Finance leases - financing cash flows	$ 4,622	$ 3,950	$ 3,114

Leases - Lease term and discoun

Leases - Lease term and discount rate (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term, operating leases (years)	5 years 10 months 24 days	6 years 2 months 12 days	7 years 1 month 6 days
Weighted-average remaining lease term, finance leases (years)	2 years 1 month 6 days	2 years	2 years 6 months
Weighted-average discount rate, operating leases (percentage)	5.20%	5.20%	5%
Weighted-average discount rate, finance leases (percentage)	3.90%	4.60%	4.60%

Leases - Schedule of Lease Paym

Leases - Schedule of Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finance Lease, Liability, Payment, Due [Abstract]
2023	$ 3,229
2024	1,945
2025	715
2026	15
2027	0
Thereafter	0
Total undiscounted lease payments	5,904
Less: imputed interest	(229)
Finance lease liabilities	5,675	$ 7,005
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	17,691
2024	17,688
2025	14,751
2026	13,789
2027	11,150
Thereafter	23,529
Total undiscounted lease payments	98,598
Less: imputed interest	(15,000)
Operating Lease, Liability	83,598	84,314
Total Lease, 2022	20,920
Total Lease, 2023	19,633
Total Lease, 2024	15,466
Total Lease, 2025	13,804
Total Lease, 2026	11,150
Total Lease, Thereafter	23,529
Total undiscounted lease payments	104,502
Less: imputed interest	(15,229)
Total lease liabilities	$ 89,273	$ 91,319

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Material reserves for legal matters	$ 0
Purchase price	444,000,000
401(K) Expense Recognized	2,800,000	$ 2,800,000	$ 2,900,000
Estimated fair value, liability	$ 0

Segment Information - Narrative

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment Information - Schedule

Segment Information - Schedule of Geographical Areas of Which Company Operates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues, Adjusted by Net Allowances	$ 1,398,347	$ 1,614,499	$ 1,501,400
United States
Segment Reporting Information [Line Items]
Revenues, Adjusted by Net Allowances	995,470	1,115,572	992,916
Europe
Segment Reporting Information [Line Items]
Revenues, Adjusted by Net Allowances	402,699	486,530	490,385
United Kingdom
Segment Reporting Information [Line Items]
Revenues, Adjusted by Net Allowances	272,962	344,214	390,955
Other European Countries
Segment Reporting Information [Line Items]
Revenues, Adjusted by Net Allowances	129,737	142,316	99,430
Other Geographies
Segment Reporting Information [Line Items]
Revenues, Adjusted by Net Allowances	$ 178	$ 12,397	$ 18,099

Segment Information - Schedul_2

Segment Information - Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	$ 183,974	$ 188,669
United States
Segment Reporting Information [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	82,695	104,169
International
Segment Reporting Information [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	101,279	84,500
United Kingdom
Segment Reporting Information [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	58,034	62,205
INDIA
Segment Reporting Information [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	25,337	4,571
Other foreign countries(2)
Segment Reporting Information [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	$ 17,908	$ 17,724

Goodwill and Identifiable Int_3

Goodwill and Identifiable Intangible Assets - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) reportingUnit	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Goodwill [Line Items]
Number of reporting units \| reportingUnit	2
Amortization expense	$ 10,400,000	$ 7,900,000	$ 8,000,000
Valuation Technique, Discounted Cash Flow
Goodwill [Line Items]
Financial forecast (in years)	5 years
MCM And Cabot
Goodwill [Line Items]
Goodwill impairment	$ 0

Goodwill and Identifiable Int_4

Goodwill and Identifiable Intangible Assets - Schedule of Activity in the Goodwill Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Balance as of beginning of period:	$ 897,795	$ 906,962	$ 884,185
Effect of foreign currency translation	(76,581)	(9,167)	22,777
Balance as of end of period:	$ 821,214	$ 897,795	$ 906,962

Goodwill and Identifiable Int_5

Goodwill and Identifiable Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 46,407	$ 71,115
Accumulated Amortization	(24,295)	(34,795)
Total	22,112	36,320
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	45,498	66,969
Accumulated Amortization	(23,507)	(31,154)
Total	21,991	35,815
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	0	2,549
Accumulated Amortization	0	(2,530)
Total	0	19
Trade name and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	909	1,597
Accumulated Amortization	(788)	(1,111)
Total	$ 121	$ 486

Goodwill and Identifiable Int_6

Goodwill and Identifiable Intangible Assets - Weighted-Average Useful Lives of Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2022
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives (in years)	10 years
Developed technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives (in years)	5 years
Trade name and other
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives (in years)	7 years

Goodwill and Identifiable Int_7

Goodwill and Identifiable Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 4,622
2024	4,598
2025	4,550
2026	4,550
2027	3,792
Total	$ 22,112	$ 36,320