Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Assets and Liabilities Measured on Recurring Basis

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2016 and 2015 and December 31, 2015 are as follows (dollars in thousands):

	March 31,			Fair Value Measurements Using
	2016			Level 1		Level 2			Level 3
Financial assets (liabilities):
Non-qualified savings plan assets⁽¹⁾		1,545			1,545		—			—
Contingent consideration		(5,658	)		—		—			(5,658	)
Total	$	(4,113	)	$	1,545	$	—		$	(5,658	)

	March 31,			Fair Value Measurements Using
	2015			Level 1		Level 2			Level 3
Financial assets (liabilities):
Forward currency exchange contracts	$	(125	)	$	—	$	(125	)	$	—
Non-qualified savings plan assets⁽¹⁾		1,158			1,158		—			—
Total	$	1,033		$	1,158	$	(125	)	$	—

	December 31,			Fair Value Measurements Using
	2015			Level 1		Level 2			Level 3
Financial assets (liabilities):
Forward currency exchange contracts	$	151		$	—	$	151		$	—
Non-qualified savings plan assets⁽¹⁾		1,075			1,075		—			—
Contingent consideration		(5,658	)		—		—			(5,658	)
Total	$	(4,432	)	$	1,075	$	151		$	(5,658	)

(1)	The non-qualified savings plan assets are included in “Other receivables and prepaid expenses” in the Company’s consolidated balance sheets and have an offsetting liability of equal amount, which is included in “Accounts payable and accrued expenses” in the Company’s consolidated balance sheets.

Fair Value Measurement for Contingent Consideration

The changes in the fair value of the contingent consideration, which is a Level 3 liability measured at fair value on a recurring basis, are summarized in the table below for the three months ended March 31, 2016 (dollars in thousands):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Contingent consideration		Total
Balance at December 31, 2015	$	5,658	$	5,658
Adjustments		—		—
Balance at March 31, 2016	$	5,658	$	5,658

Financial Assets and Liabilities Not Measured at Fair Value

The Company’s financial assets and liabilities as of March 31, 2016 and 2015 and December 31, 2015 that are not measured at fair value in the consolidated balance sheets are as follows (dollars in thousands):

	Balance at
	March 31,		Fair Value Measurements Using
	2016		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	112,211	$	112,211	$	—	$	—
Short-term loans and line of credit accounts, net ⁽¹⁾		123,755		—		—		123,755
Installment loans and RPAs, net ⁽¹⁾⁽⁴⁾		304,447		—		—		283,871
Restricted cash ⁽⁵⁾		20,908		20,908		—		—
Investment in unconsolidated investee⁽²⁾⁽³⁾		6,703		—		—		6,703
Total	$	568,024	$	133,119	$	—	$	414,329
Financial liabilities:
Liability for estimated losses on consumer loans guaranteed by the Company	$	1,182	$	—	$	—	$	1,182
Promissory note		3,000		—		—		3,019
Securitization Notes		113,913		—		113,913		—
Senior Notes		495,049		—		371,500		—
Total	$	613,144	$	—	$	485,413	$	4,201

	Balance at
	March 31,		Fair Value Measurements Using
	2015		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	143,444	$	143,444	$	—	$	—
Short-term loans and line of credit accounts, net ⁽¹⁾		100,124		—		—		100,124
Installment loans and RPAs, net ⁽¹⁾		178,931		—		—		178,931
Restricted cash		7,410		7,410		—		—
Investment in unconsolidated investee⁽²⁾⁽³⁾		6,703		—		—		6,703
Total	$	436,612	$	150,854	$	—	$	285,758
Financial liabilities:
Liability for estimated losses on consumer loans guaranteed by the Company	$	945	$	—	$	—	$	945
Senior Notes		494,347		—		475,000		—
Total	$	495,292	$	—	$	475,000	$	945

	Balance at
	December 31,		Fair Value Measurements Using
	2015		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	42,066	$	42,066	$	—	$	—
Short-term loans and line of credit accounts, net ⁽¹⁾		129,269		—		—		129,269
Installment loans and RPAs, net ⁽¹⁾		305,364		—		—		283,700
Restricted cash		7,379		7,379		—		—
Investment in unconsolidated investee⁽²⁾⁽³⁾		6,703		—		—		6,703
Total	$	490,781	$	49,445	$	—	$	419,672
Financial liabilities:
Liability for estimated losses on consumer loans guaranteed by the Company	$	1,756	$	—	$	—	$	1,756
Promissory note		3,000		—		—		2,984
Credit agreement borrowings		58,400		—		—		58,400
Senior Notes		494,867		—		374,500		—
Total	$	558,023	$	—	$	374,500	$	63,140

(1)	Short-term loans, line of credit accounts, installment loans and RPAs are included in “Loans and finance receivables, net” in the consolidated balance sheets.

(2)	Investment in unconsolidated investee is included in “Other assets” in the consolidated balance sheets.

(3)	See Note 4 for additional information related to the investment in unconsolidated investee.

(4)	Installment loan and RPAs, net include $138.3 million in net assets of consolidated VIEs as of March 31, 2016.

(5)	Restricted cash includes $13.7 million in assets of consolidated VIEs as of March 31, 2016.