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CREDIT CARD AND LOAN RECEIVABLES (Tables)
12 Months Ended
Dec. 31, 2019
CREDIT CARD AND LOAN RECEIVABLES  
Schedule of components of total credit card and loan receivables

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​

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December 31, 

    

December 31, 

​

    

2019

    

2018

​

​

(in millions)

Principal receivables

​

$

18,413.1

​

$

16,869.9

Billed and accrued finance charges

​

 

977.3

​

 

898.3

Other

​

 

72.7

​

 

86.8

Total credit card and loan receivables

​

 

19,463.1

​

 

17,855.0

Less: Credit card receivables – restricted for securitization investors

​

 

13,504.2

​

 

13,418.3

Other credit card and loan receivables

​

$

5,958.9

​

$

4,436.7

Schedule of Company's allowance for loan loss

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​

​

Years Ended December 31,

​

    

2019

    

2018

    

2017

​

​

(in millions)

Balance at beginning of year

​

$

1,038.3

​

$

1,119.3

​

$

948.0

Provision for loan loss

​

 

1,187.5

​

 

1,016.0

​

 

1,140.1

Allowance associated with credit card and loan receivables transferred
to held for sale

​

​

—

​

​

(54.8)

​

​

(27.9)

Change in estimate for uncollectible unpaid interest and fees

​

 

—

​

 

25.0

​

 

30.0

Recoveries

​

 

234.5

​

 

214.2

​

 

196.6

Principal charge-offs

​

 

(1,289.2)

​

 

(1,281.4)

​

 

(1,167.5)

Balance at end of year

​

$

1,171.1

​

$

1,038.3

​

$

1,119.3

Schedule of delinquency trends of the Company's credit card and loan receivables portfolio

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December 31, 

​

% of

​

December 31, 

​

% of

 

​

    

2019

    

Total

    

2018

    

Total

 

​

​

(in millions, except percentages)

​

Receivables outstanding - principal

​

$

18,413.1

 

100.0

%  

$

16,869.9

 

100.0

%

Principal receivables balances contractually delinquent:

​

​

​

​

​

​

​

​

​

​

​

31 to 60 days

​

$

337.4

​

1.8

%

$

303.2

 

1.8

%

61 to 90 days

​

 

233.6

 

1.3

​

 

207.9

 

1.3

​

91 or more days

​

 

496.5

 

2.7

​

 

443.4

 

2.6

​

Total

​

$

1,067.5

 

5.8

%  

$

954.5

 

5.7

%

Schedule of information on credit card and loan receivables that are considered troubled debt restructurings, which entered into a modification program

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​

​

Year Ended December 31, 2019

 

Year Ended December 31, 2018

​

​

    

​

    

Pre-

    

Post-

    

​

    

Pre-

    

Post-

 

​

​

​

​

modification

​

modification

 

​

​

modification

​

modification

​

​

​

Number of

​

Outstanding

​

Outstanding

 

Number of

​

Outstanding

​

Outstanding

​

​

​

Restructurings

​

Balance

​

Balance

 

Restructurings

​

Balance

​

Balance

​

​

​

(Dollars in millions)

​

Troubled debt restructurings – credit card receivables

 

259,311

 

$

381.4

 

$

380.8

​

501,906

​

$

621.4

​

$

620.7

​

​

The tables below summarize troubled debt restructurings that have defaulted in the specified periods where the default occurred within 12 months of their modification date:

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Year Ended December 31, 2019

​

Year Ended December 31, 2018

​

​

Number of

​

Outstanding

 

Number of

​

Outstanding

​

    

Restructurings

    

Balance

    

Restructurings

    

Balance

​

​

(Dollars in millions)

Troubled debt restructurings that subsequently defaulted – credit card receivables

 

126,476

​

$

170.8

​

293,591

​

$

340.5

Schedule of number of active credit card and loan accounts with balances and the related principal balances outstanding, based upon the age of the active credit card accounts from origination

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​

​

​

​

​

​

​

December 31, 2019

 

​

    

​

    

​

    

​

​

    

Percentage of

 

​

​

Number of

​

Percentage of

​

Principal

​

Principal

 

​

​

Active Accounts

​

Active Accounts

​

Receivables

​

Receivables

 

Age of Accounts Since Origination

    

with Balances

    

with Balances

    

Outstanding

    

Outstanding

 

​

​

(in millions, except percentages)

​

0-12 Months

 

7.1

 

27.8

%  

$

4,585.1

 

24.9

%

13-24 Months

 

3.9

 

15.3

​

 

2,826.6

 

15.4

​

25-36 Months

 

3.2

 

12.6

​

 

2,423.1

 

13.2

​

37-48 Months

 

2.5

 

9.7

​

 

2,051.7

 

11.1

​

49-60 Months

 

1.8

 

7.0

​

 

1,509.7

 

8.2

​

Over 60 Months

 

7.0

 

27.6

​

 

5,016.9

 

27.2

​

Total

 

25.5

 

100.0

%  

$

18,413.1

 

100.0

%

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​

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December 31, 2018

 

​

    

​

    

​

    

​

​

    

Percentage of

 

​

​

Number of

​

Percentage of

​

Principal

​

Principal

 

​

​

Active Accounts

​

Active Accounts

​

Receivables

​

Receivables

 

Age of Accounts Since Origination

    

with Balances

    

with Balances

    

Outstanding

    

Outstanding

 

​

​

(in millions, except percentages)

​

0-12 Months

 

6.5

 

26.7

%  

$

4,099.9

 

24.3

%

13-24 Months

 

4.2

 

17.1

​

 

2,887.8

 

17.1

​

25-36 Months

 

3.1

 

13.0

​

 

2,428.9

 

14.4

​

37-48 Months

 

2.2

 

9.1

​

 

1,795.0

 

10.7

​

49-60 Months

 

1.7

 

7.1

​

 

1,367.2

 

8.1

​

Over 60 Months

 

6.5

 

27.0

​

 

4,291.1

 

25.4

​

Total

 

24.2

 

100.0

%  

$

16,869.9

 

100.0

%

Schedule of composition of obligor credit quality

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December 31, 2019

​

December 31, 2018

 

​

    

​

​

    

Percentage of

    

​

​

    

Percentage of

 

​

​

Total Principal

​

Principal

​

Total Principal

​

Principal

 

Probability of an Account Becoming 91 or More Days Past

​

Receivables

​

Receivables

​

Receivables

​

Receivables

 

Due or Becoming Charged-off (within the next 12 months)

    

Outstanding

    

Outstanding

    

Outstanding

    

Outstanding

 

​

​

(in millions, except percentages)

​

No Score

​

$

290.0

 

1.6

%  

$

249.0

 

1.5

%

27.1% and higher

​

 

1,591.4

 

8.6

​

 

1,394.0

 

8.2

​

17.1% - 27.0%

​

 

1,065.4

 

5.8

​

 

770.1

 

4.6

​

12.6% - 17.0%

​

 

1,127.7

 

6.1

​

 

1,047.6

 

6.2

​

3.7% - 12.5%

​

 

7,985.8

 

43.4

​

 

6,877.6

 

40.8

​

1.9% - 3.6%

​

 

3,285.3

 

17.8

​

 

3,060.7

 

18.1

​

Lower than 1.9%

​

 

3,067.5

 

16.7

​

 

3,470.9

 

20.6

​

Total

​

$

18,413.1

 

100.0

%  

$

16,869.9

 

100.0

%

Schedule of securitized credit card receivables, delinquencies and net charge-offs

​

​

​

​

​

​

​

​

​

    

December 31, 

    

December 31, 

​

    

2019

    

2018

​

​

(in millions)

Total credit card receivables – restricted for securitization investors

​

$

13,504.2

​

$

13,418.3

Principal amount of credit card receivables – restricted for securitization investors, 91 days or more past due

​

$

321.8

​

$

301.6

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

    

2019

    

2018

    

2017

​

​

(in millions)

Net charge-offs of securitized principal

​

$

907.7

​

$

927.0

​

$

741.1