PRA GROUP INC
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 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 and nine months ended September 30, 2024 and 2023, were as follows (amounts in thousands):
| Three Months Ended September 30, · Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|
| Gain on cash flow hedges | Income Statement account | 2024 | 2023 | 2024 | 2023 |
| Interest rate swaps | Interest expense, net | $5,568 | $6,498 | $16,774 | $18,666 |
| Income tax effect of item above (1) | Income tax expense/(benefit) | (1,387) | (1,550) | (4,177) | (4,464) |
| Total gain on cash flow hedges | $4,181 | $4,948 | $12,597 | $14,202 | |
(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 and nine months ended September 30, 2024 and 2023, were as follows (amounts in thousands):
| Three Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||||
| Debt Securities | Cash | Currency | Accumulated | Debt Securities | Cash | Currency | Accumulated | |
| Available-for-sale | Flow Hedges | Translation Adjustments | Other Comp. Loss (1) | Available-for-sale | Flow Hedges | Translation Adjustments | Other Comp. Loss (1) | |
| Balance as of beginning of period | $176 | $8,112 | $(390,097) | $(381,809) | $(189) | $28,692 | $(376,503) | $(348,000) |
| Other comprehensive gain/(loss) before reclassifications | 246 | (4,322) | 51,446 | 47,370 | (26) | (2,712) | (31,603) | (34,341) |
| Reclassifications, net | — | (4,181) | — | (4,181) | — | (4,948) | — | (4,948) |
| Net current period other comprehensive gain/(loss) | 246 | (8,503) | 51,446 | 43,189 | (26) | (7,660) | (31,603) | (39,289) |
| Balance as of end of period | $422 | $(391) | $(338,651) | $(338,620) | $(215) | $21,032 | $(408,106) | $(387,289) |
(1)Net of deferred taxes for unrealized (gains)/losses from cash flow hedges of $2.8 million and $2.5 million for the three months ended September 30, 2024 and 2023, respectively.
| Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||||
| Debt Securities | Cash | Currency | Accumulated | Debt Securities | Cash | Currency | Accumulated | |
| Available-for-sale | Flow Hedges | Translation Adjustments | Other Comp. Loss (1) | Available-for-sale | Flow Hedges | Translation Adjustments | Other Comp. Loss (1) | |
| Balance at beginning of period | $65 | $6,597 | $(336,561) | $(329,899) | $(237) | $27,804 | $(375,493) | $(347,926) |
| Other comprehensive gain/(loss) before reclassifications | 357 | 5,609 | (2,090) | 3,876 | 22 | 7,430 | (32,613) | (25,161) |
| Reclassifications, net | — | (12,597) | — | (12,597) | — | (14,202) | — | (14,202) |
| Net current period other comprehensive gain/(loss) | 357 | (6,988) | (2,090) | (8,721) | 22 | (6,772) | (32,613) | (39,363) |
| Balance at end of period | $422 | $(391) | $(338,651) | $(338,620) | $(215) | $21,032 | $(408,106) | $(387,289) |
(1)Net of deferred taxes for unrealized gains from cash flow hedges $0.1 million and $(7.0) million for the nine months ended September 30, 2024 and 2023, respectively.
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