PRA GROUP INC
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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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, 2024 and 2023, were as follows (amounts in thousands):
| Gain on cash flow hedges | Income Statement account | 2024 | 2023 |
|---|---|---|---|
| Interest rate swaps | Interest expense, net | $21,790 | $23,158 |
| Income tax effect of item above (1) | Income tax expense/(benefit) | (5,265) | (1,483) |
| Total gain on cash flow hedges | $16,525 | $21,675 |
(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, 2024, 2023 and 2022 were as follows (amounts in thousands):
| Debt Securities Available-for-Sale · Cash Flow Hedges · Foreign Currency Translation Adjustment · Accumulated Other Comprehensive Loss 1 | |||||||
|---|---|---|---|---|---|---|---|
| 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) | |||
| Other comprehensive gain/(loss) before reclassifications | 140 | 12,039 | (109,149) | (96,970) | |||
| Reclassifications, net | — | (16,525) | — | (16,525) | |||
| Net current period other comprehensive gain/(loss) | 140 | (4,486) | (109,149) | (113,495) | |||
| Balance as of December 31, 2024 | $205 | $2,111 | $(445,710) | $(443,394) | |||
(1)Net of deferred taxes for unrealized gains from cash flow hedges of $(0.7) million,$(2.2) million and $(9.2) million for the years ended December 31, 2024, 2023 and 2022, respectively.
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