PRA GROUP INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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10 – Accumulated Other Comprehensive Loss
- Accumulated Other Comprehensive Loss:
Reclassifications out of Accumulated other comprehensive loss for the years ended December 31, 2023 and 2022 were as follows (amounts in thousands):
| Gains/(losses) on cash flow hedges | 2023 | 2022 | Location in the Consolidated Income Statement |
|---|---|---|---|
| Interest rate swaps | $23,158 | $(976) | Interest expense, net |
| Income tax effect of item above (1) | (1,483) | 451 | Income tax expense/(benefit) |
| Total gains/(losses) on cash flow hedges | $21,675 | $(525) |
(1) Income tax effects are released from Accumulated other comprehensive loss contemporaneously with the related gross pretax amount.
Changes in Accumulated other comprehensive loss by component, after tax, for the years ended December 31, 2023, 2022 and 2021 were as follows (amounts in thousands):
| Debt Securities Available for Sale | Cash Flow Hedges | Currency Translation Adjustment | Accumulated Other Comprehensive Loss 1 | |
|---|---|---|---|---|
| Balance as of December 31, 2020 | $127 | $(33,349) | $(212,569) | $(245,791) |
| Other comprehensive gain/(loss) before reclassifications | (348) | 17,961 | (48,748) | (31,135) |
| Reclassifications, net | — | 10,017 | — | 10,017 |
| Net current period other comprehensive gain/(loss) | (348) | 27,978 | (48,748) | (21,118) |
| Balance as of December 31, 2021 | $(221) | $(5,371) | $(261,317) | $(266,909) |
| Other comprehensive gain/(loss) before reclassifications | (16) | 32,650 | (114,176) | (81,542) |
| Reclassifications, net | — | 525 | — | 525 |
| Net current period other comprehensive gain/(loss) | (16) | 33,175 | (114,176) | (81,017) |
| Balance as of December 31, 2022 | $(237) | $27,804 | $(375,493) | $(347,926) |
| Other comprehensive gain before reclassifications | 302 | 468 | 38,932 | 39,702 |
| Reclassifications, net | — | (21,675) | — | (21,675) |
| Net current period other comprehensive gain/(loss) | 302 | (21,207) | 38,932 | 18,027 |
| Balance as of December 31, 2023 | $65 | $6,597 | $(336,561) | $(329,899) |
(1) Net of deferred taxes for unrealized gains from cash flow hedges of $(2.2) million, $(9.2) million and $(3.1) million for the years ended December 31, 2023, 2022 and 2021, respectively.
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