PRA GROUP INC
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
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8. Accumulated Other Comprehensive Loss
- Accumulated Other Comprehensive Loss:
Reclassifications out of Accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023, were as follows (amounts in thousands):
| Three Months Ended March 31, | |||
|---|---|---|---|
| Gain on cash flow hedges | 2024 | 2023 | Income Statement Account |
| Interest rate swaps | $5,674 | $5,498 | Interest expense, net |
| Income tax effect of item above (1) | (1,413) | (1,296) | Income tax expense/(benefit) |
| Total gain on cash flow hedges | $4,261 | $4,202 | |
(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 three months ended March 31, 2024 and 2023, were as follows (amounts in thousands):
| Debt Securities | Cash Flow | Currency Translation | Accumulated Other | |
|---|---|---|---|---|
| Available-for-sale | Hedges | Adjustments | Comprehensive Loss (1) | |
| Balance as of beginning of period | $65 | $6,597 | $(336,561) | $(329,899) |
| Other comprehensive gain/(loss) before reclassifications | 46 | 7,070 | (45,973) | (38,857) |
| Reclassifications, net | — | (4,262) | — | (4,262) |
| Net current period other comprehensive gain/(loss) | 46 | 2,808 | (45,973) | (43,119) |
| Balance as of end of period | $111 | $9,405 | $(382,534) | $(373,018) |
| Debt Securities | Cash Flow | Currency Translation | Accumulated Other | |
| Available-for-sale | Hedges | Adjustments | Comprehensive Loss (1) | |
| Balance as of beginning of period | $(237) | $27,804 | $(375,493) | $(347,926) |
| Other comprehensive gain/(loss) before reclassifications | 128 | (629) | (4,101) | (4,602) |
| Reclassifications, net | — | (4,202) | — | (4,202) |
| Net current period other comprehensive gain/(loss) | 128 | (4,831) | (4,101) | (8,804) |
| Balance as of end of period | $(109) | $22,973 | $(379,594) | $(356,730) |
(1) Net of deferred taxes for unre alized (gains)/losses from cash flow hedges of $(3.1) million and $(7.6) million for the three months ended March 31, 2024 and 2023, respectively.
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