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2307301 - Disclosure - Fair Values of Assets and Liabilities (Tables)
(http://www.atlanticus.com/role/FairValuesOfAssetsAndLiabilitiesTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001464343 (http://www.sec.gov/CIK)
Fair Value Disclosures [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Fair Value Disclosures [Abstract]
 
Assets measured on a recurring basis at fair value
The table below summarizes (in thousands) by fair value hierarchy the December 31, 2016 and December 31, 2015 fair values and carrying amounts of (1) our assets that are required to be carried at fair value in our consolidated financial statements and (2) our assets not carried at fair value, but for which fair value disclosures are required:
Assets – As of December 31, 2016 (1)
 
Quoted Prices in Active
Markets for Identical Assets (Level 1)
 
Significant Other
Observable Inputs (Level 2)
 
Significant
Unobservable Inputs (Level 3)
 
Carrying Amount of Assets
Loans and fees receivable, net for which it is practicable to estimate fair value
 
$
—

 
$
—

 
$
248,171

 
$
223,783

Loans and fees receivable, at fair value
 
$
—

 
$
—

 
$
15,648

 
$
15,648


Assets – As of December 31, 2015 (1)
 
Quoted Prices in Active
Markets for Identical Assets (Level 1)
 
Significant Other
Observable Inputs (Level 2)
 
Significant
Unobservable Inputs (Level 3)
 
Carrying Amount of Assets
Loans and fees receivable, net for which it is practicable to estimate fair value
 
$
—

 
$
—

 
$
161,199

 
$
141,949

Loans and fees receivable, at fair value
 
$
—

 
$
—

 
$
26,706

 
$
26,706

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

  
Reconciliation of Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs
For Level 3 assets carried at fair value measured on a recurring basis using significant unobservable inputs, the following table presents (in thousands) a reconciliation of the beginning and ending balances for the years ended December 31, 2016 and 2015:
 
Loans and Fees Receivable, at
Fair Value
 
2016
 
2015
Balance at January 1,
$
26,706

 
$
53,160

Total gains—realized/unrealized:
 
 


Net revaluations of loans and fees receivable, at fair value
1,587

 
6,265

Settlements, net
(12,335
)
 
(32,440
)
Impact of foreign currency translation
(310
)
 
(279
)
Balance at December 31,
$
15,648

 
$
26,706

  
Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs, quantitative information
For Level 3 assets carried at fair value measured on a recurring basis using significant unobservable inputs, the following table presents (in thousands) quantitative information about the valuation techniques and the inputs used in the fair value measurement as of December 31, 2016 and December 31, 2015:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value Measurements
 
Fair Value at December 31, 2016
 
Valuation Technique
 
Unobservable Input
 
Range (Weighted Average)(1)
Loans and fees receivable, at fair value
 
$
15,648

 
Discounted cash flows
 
Gross yield
 
24.2% to 35.8% (26.1%)
 
 
 

 
 
 
Principal payment rate
 
2.2% to 3.5% (2.4%)
 
 
 

 
 
 
Expected credit loss rate
 
11.8% to 18.0% (12.9%)
 
 
 

 
 
 
Servicing rate
 
8.6% to 9.6% (8.8%)
 
 
 

 
 
 
Discount rate
 
5.8% to 13.6% (12.5%)

Quantitative Information about Level 3 Fair Value Measurements
Fair Value Measurements
 
Fair Value at December 31, 2015
 
Valuation Technique
 
Unobservable Input
 
Range (Weighted Average)(1)
Loans and fees receivable, at fair value
 
$
26,706

 
Discounted cash flows
 
Gross yield
 
15.8% to 28.5% (26.3%)
 
 
 

 
 
 
Principal payment rate
 
2.1% to 3.1% (2.9%)
 
 
 

 
 
 
Expected credit loss rate
 
12.5% to 22.7% (13.6%)
 
 
 

 
 
 
Servicing rate
 
8.4% to 12.9% (12.4%)
 
 
 

 
 
 
Discount rate
 
16.0% to 16.2% (16.0%)

 
(1) Our loans and fees receivable, pledged as collateral under structured financings, at fair value consist of a single portfolio with one set of assumptions. As such, no range is given.
  
Liabilities measured on a recurring basis at fair value
The table below summarizes (in thousands) by fair value hierarchy the December 31, 2016 and December 31, 2015 fair values and carrying amounts of (1) our liabilities that are required to be carried at fair value in our consolidated financial statements and (2) our liabilities not carried at fair value, but for which fair value disclosures are required:
Liabilities – As of December 31, 2016
 
Quoted Prices in Active
Markets for Identical Assets (Level 1)
 
Significant Other
Observable Inputs (Level 2)
 
Significant
Unobservable Inputs (Level 3)
 
Carrying Amount of Liabilities
Liabilities not carried at fair value
 
 
 
 
 
 
 
 
Revolving credit facilities
 
$
—

 
$
—

 
$
83,399

 
$
83,399

Amortizing debt facilities
 
$
—

 
$
—

 
$
58,190

 
$
58,190

Senior secured term loan
 
$
—

 
$
—

 
$
40,000

 
$
40,000

5.875% convertible senior notes
 
$
—

 
$
40,609

 
$
—

 
$
61,810

Liabilities carried at fair value
 
 

 
 

 
 

 
 

Notes payable associated with structured financings, at fair value
 
$
—

 
$
—

 
$
12,276

 
$
12,276


Liabilities - As of December 31, 2015
 
Quoted Prices in Active
Markets for Identical Assets (Level 1)
 
 Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
 
Carrying Amount of Liabilities
Liabilities not carried at fair value
 
 

 
 

 
 

 
 

Revolving credit facilities
 
$
—

 
$
—

 
$
53,800

 
$
53,800

Amortizing debt facilities
 
$
—

 
$
—

 
$
36,200

 
$
36,200

Senior secured term loan
 
$
—

 
$
—

 
$
20,000

 
$
20,000

5.875% convertible senior notes
 
$
—

 
$
42,734

 
$
—

 
$
64,783

Liabilities carried at fair value
 
 

 
 

 
 

 
 

Notes payable associated with structured financings, at fair value
 
$
—

 
$
—

 
$
20,970

 
$
20,970

  
Reconciliation for Level 3 Liabilities measured at fair value on a recurring basis using significant unobservable inputs
For our material Level 3 liabilities carried at fair value measured on a recurring basis using significant unobservable inputs, the following table presents (in thousands) a reconciliation of the beginning and ending balances for the years ended December 31, 2016 and 2015.
 
Notes Payable Associated with
Structured Financings, at Fair Value
 
2016
 
2015
Beginning balance, January 1
$
20,970

 
$
36,511

Total (gains) losses—realized/unrealized:
 

 
 

Net revaluations of notes payable associated with structured financings, at fair value
(3,773
)
 
(1,262
)
Repayments on outstanding notes payable, net
(4,921
)
 
(14,279
)
Ending balance, December 31
$
12,276

 
$
20,970

  
Level 3 liabilities measured at fair value on a recurring basis using significant unobservable inputs, quantitative information
For material Level 3 liabilities carried at fair value measured on a recurring basis using significant unobservable inputs, the following table presents (in thousands) quantitative information about the valuation techniques and the inputs used in the fair value measurement as of December 31, 2016 and December 31, 2015:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value Measurements
 
Fair Value at December 31, 2016 (in Thousands)
 
Valuation Technique
 
Unobservable Input
 
Weighted Average
Notes payable associated with structured financings, at fair value
 
$
12,276

 
Discounted cash flows
 
Gross yield
 
24.6
%
 
 
 

 
 
 
Principal payment rate
 
2.2
%
 
 
 

 
 
 
Expected credit loss rate
 
11.8
%
 
 
 

 
 
 
Discount rate
 
13.6
%

Quantitative Information about Level 3 Fair Value Measurements
Fair Value Measurements
 
Fair Value at December 31, 2015 (in Thousands)
 
Valuation Technique
 
Unobservable Input
 
Weighted Average
Notes payable associated with structured financings, at fair value
 
$
20,970

 
Discounted cash flows
 
Gross yield
 
28.5
%
 
 
 

 
 
 
Principal payment rate
 
2.9
%
 
 
 

 
 
 
Expected credit loss rate
 
12.5
%
 
 
 

 
 
 
Discount rate
 
16.0
%

  
Other relevant data concerning our assets and liabilities measured at fair value
Other relevant data (in thousands) as of December 31, 2016 and December 31, 2015 concerning certain assets and liabilities we carry at fair value are as follows:
As of December 31, 2016
 
Loans and Fees
Receivable at
Fair Value
 
Loans and Fees Receivable Pledged as Collateral under Structured Financings at Fair Value
Aggregate unpaid principal balance within loans and fees receivable that are reported at fair value
 
$
6,251

 
$
16,614

Aggregate fair value of loans and fees receivable that are reported at fair value
 
$
3,484

 
$
12,164

Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies)
 
$
6

 
$
22

Aggregate excess of balance of unpaid principal receivables within loans and fees receivable that are reported at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans and fees receivable
 
$
204

 
$
562

 
As of December 31, 2015
 
Loans and Fees
Receivable at
Fair Value
 
Loans and Fees
Receivable Pledged as Collateral under Structured Financings at Fair Value
Aggregate unpaid principal balance within loans and fees receivable that are reported at fair value
 
$
8,560

 
$
25,837

Aggregate fair value of loans and fees receivable that are reported at fair value
 
$
6,353

 
$
20,353

Aggregate fair value of receivables carried at fair value that are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies)
 
$
12

 
$
31

Aggregate excess of balance of unpaid principal receivables within loans and fees receivable that are reported at fair value and are 90 days or more past due (which also coincides with finance charge and fee non-accrual policies) over the fair value of such loans and fees receivable
 
$
374

 
$
889


Notes Payable
 
Notes Payable Associated with Structured Financings, at Fair Value as of December 31, 2016
 
Notes Payable Associated with Structured Financings, at Fair Value as of December 31, 2015
Aggregate unpaid principal balance of notes payable
 
$
102,035

 
$
106,956

Aggregate fair value of notes payable
 
$
12,276

 
$
20,970