FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Assets and Liabilities Not Measured at Fair Value

The table below presents the assets and liabilities that were carried at fair value on the unaudited Condensed Consolidated Balance Sheets at March 31, 2021 (in millions):


			Estimated Fair Value
	Carrying Value March 31, 2021		Level 1		Level 2		Level 3		Total
Financial assets:
Cash Surrender Value of Life Insurance	$	7.6	$	7.6	$	—	$	—	$	7.6

Financial liabilities:
Non-qualified deferred compensation plan	$	4.7	$	4.7	$	—	$	—	$	4.7
Contingent consideration related to acquisition	20.6		—		—		20.6		20.6

The table below presents the assets and liabilities that were carried at fair value on the unaudited Condensed Consolidated Balance Sheets at December 31, 2020 (in millions):


			Estimated Fair Value
	Carrying Value December 31, 2020		Level 1		Level 2		Level 3		Total
Financial assets:
Cash Surrender Value of Life Insurance	$	7.1	$	7.1	$	—	$	—	$	7.1
Financial liabilities:
Non-qualified deferred compensation plan	$	4.7	$	4.7	$	—	$	—	$	4.7

The table below presents the assets and liabilities that were not carried at fair value on the unaudited Condensed Consolidated Balance Sheets at March 31, 2021 (in millions):


			Estimated Fair Value
	Carrying Value March 31, 2021		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	135.4	$	135.4	$	—	$	—	$	135.4
Restricted cash	80.4		80.4		—		—		80.4
Loans receivable, net	658.6		—		—		658.6		658.6

Financial liabilities:
Liability for losses on CSO lender-owned consumer loans	$	4.7	$	—	$	—	$	4.7	$	4.7
8.25% Senior Secured Notes	680.5		—		691.1		—		691.1
Non-Recourse U.S. SPV facility	44.0		—		—		49.5		49.5
Non-Recourse Canada SPV facility	97.3		—		—		98.9		98.9
Non-Recourse Flexiti SPE facility	178.4		—		—		183.5		183.5

The table below presents the assets and liabilities that were not carried at fair value on the unaudited Condensed Consolidated Balance Sheets at December 31, 2020 (in millions):


			Estimated Fair Value
	Carrying Value December 31, 2020		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	213.3	$	213.3	$	—	$	—	$	213.3
Restricted cash	54.8		54.8		—		—		54.8
Loans receivable, net	467.5		—		—		467.5		467.5

Financial liabilities:
Liability for losses on CSO lender-owned consumer loans	$	7.2	$	—	$	—	$	7.2	$	7.2
8.25% Senior Secured Notes	680.0		—		646.0		—		646.0
Non-Recourse U.S. SPV facility	43.6		—		—		49.5		49.5
Non-Recourse Canada SPV facility	96.1		—		—		98.0		98.0

Summary of Equity Method Investments

The table below presents the Company's investment in Katapult (in millions):


	Equity Method Investment		Measurement Alternative (1)		Total Investment in Katapult
Balance at December 31, 2019	$	10.1	$	—	$	10.1
Equity method (loss) - Q1 2020	(1.6)		—		(1.6)
Balance at March 31, 2020	8.5		—		8.5
Equity method income - Q2 2020	0.7				0.7
Balance at June 30, 2020	9.2		—		9.2
Equity method income - Q3 2020	3.5		—		3.5
Accounting policy change for certain securities from equity method investment to measurement alternative	(12.5)		12.5		—
Purchases of common stock warrants and preferred shares	4.0		7.2		11.2
Balance at September 30, 2020	4.2		19.7		23.9
Equity method income - Q4 2020	1.9		—		1.9
Purchases of common stock	1.6		—		1.6
Balance at December 31, 2020	7.7		19.7		27.4
Equity method income - Q1 2021	0.5		—		0.5
Balance at March 31, 2021	$	8.2	$	19.7	$	27.9

Classification as of December 31, 2020	Level 3, not carried at fair value		Level 3, carried at measurement alternative
Classification as of March 31, 2021	Level 3, not carried at fair value		Level 3, carried at measurement alternative
(1) The Company elected to measure this equity security without a readily determinable fair value equal to its cost minus impairment. If the Company identifies an observable price change in orderly transactions for the identical or a similar investment of the same issuer, it will measure the equity security at fair value as of the date that the observable transaction occurred.