Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Entity Registrant Name | CASH AMERICA INTERNATIONAL INC | ||
Entity Central Index Key | 807884 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock Shares Outstanding | 28,567,276 | ||
Document Fiscal Year | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1,292,291,829 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $53,042 | $19,748 |
Restricted cash | 60 | 8,000 |
Pawn loans | 252,168 | 261,148 |
Consumer loans, net | 44,853 | 54,732 |
Merchandise held for disposition, net | 212,849 | 208,899 |
Pawn loan fees and service charges receivable | 53,648 | 53,438 |
Income taxes receivable | 8,881 | 9,573 |
Prepaid expenses and other assets | 21,317 | 24,969 |
Deferred tax assets | 0 | 8,448 |
Note receivable | 0 | 425,413 |
Investment in equity securities | 131,584 | 0 |
Current assets of discontinued operations | 0 | 390,589 |
Total current assets | 778,402 | 1,464,957 |
Property and equipment, net | 201,054 | 221,818 |
Goodwill | 487,569 | 495,214 |
Intangible assets, net | 45,828 | 52,211 |
Other assets | 9,594 | 14,843 |
Noncurrent assets of discontinued operations | 0 | 256,101 |
Total assets | 1,522,447 | 2,505,144 |
Current liabilities: | ||
Accounts payable and accrued expenses | 74,331 | 88,514 |
Customer deposits | 17,314 | 14,803 |
Current portion of long-term debt | 0 | 22,606 |
Current deferred tax liabilities | 27,820 | 0 |
Current liabilities of discontinued operations | 0 | 476,967 |
Total current liabilities | 119,465 | 602,890 |
Deferred tax liabilities | 72,432 | 56,414 |
Other liabilities | 878 | 980 |
Noncurrent liabilities of discontinued operations | 0 | 45,054 |
Long-term debt | 196,470 | 717,383 |
Total liabilities | 389,245 | 1,422,721 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, $0.10 par value per share, 80,000,000 shares authorized, 30,235,164 shares issued and outstanding | 3,024 | 3,024 |
Additional paid-in capital | 86,388 | 150,833 |
Retained earnings | 1,030,387 | 1,017,981 |
Accumulated other comprehensive income | 71,959 | 4,649 |
Treasury shares, at cost (1,428,495 shares and 2,224,902 shares as of December 31, 2014 and 2013, respectively) | -58,556 | -94,064 |
Total equity | 1,133,202 | 1,082,423 |
Total liabilities and equity | $1,522,447 | $2,505,144 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | |||||
Common stock, par value per share | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 |
Authorized to issue of shares | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 |
Common stock, shares issued | 30,235,164 | 30,235,164 | 30,235,164 | 30,235,164 | 30,235,164 |
Common stock, shares outstanding | 30,235,164 | 30,235,164 | 30,235,164 | 30,235,164 | 30,235,164 |
Treasury shares at cost | 1,428,495 | 1,379,345 | 1,382,602 | 2,140,368 | 2,224,902 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenue | ||||||
Pawn loan fees and service charges | $329,368 | $311,799 | $300,929 | |||
Proceeds from disposition of merchandise | 660,006 | 595,439 | 703,767 | |||
Consumer loan fees | 97,674 | 113,211 | 121,892 | |||
Other | 7,648 | 10,037 | 12,855 | |||
Total Revenue | 1,094,696 | 1,030,486 | 1,139,443 | |||
Cost of Revenue | ||||||
Disposed merchandise | 474,137 | 410,613 | 478,179 | |||
Consumer loan loss provision | 31,009 | 33,359 | 29,225 | |||
Total Cost of Revenue | 505,146 | 443,972 | 507,404 | |||
Gross Profit | ||||||
Net Revenue | 589,550 | 586,514 | 632,039 | |||
Expenses | ||||||
Operations and administration | 490,465 | 469,218 | 480,256 | |||
Loss on divestitures | 5,176 | 0 | 0 | |||
Depreciation and amortization | 60,942 | 56,128 | 62,156 | |||
Total Expenses | 556,583 | 525,346 | 542,412 | |||
Operating Income Loss | ||||||
Income from Operations | 32,967 | 61,168 | 89,627 | |||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||
Interest expense | -26,520 | -36,319 | -29,134 | |||
Interest income | 7,647 | 19,862 | 21,143 | |||
Foreign currency transaction gain | 113 | 17 | 29 | |||
Loss on extinguishment of debt | -22,553 | -607 | 0 | |||
Equity in loss of unconsolidated subsidiary | 0 | -136 | -295 | |||
Income From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest | ||||||
(Loss) Income from Continuing Operations before Income Taxes | -8,346 | 43,985 | 81,370 | |||
Provision (benefit) for income taxes | 2,041 | -15,505 | 46,275 | |||
Net (Loss) Income from Continuing Operations before Noncontrolling Interest | -10,387 | 59,490 | 35,095 | |||
Net (income) loss attributable to the noncontrolling interest in continuing operations | 0 | -308 | 5,806 | |||
Net (Loss) Income from Continuing Operations | -10,387 | 59,182 | 40,901 | |||
Net Income Loss | ||||||
Net Income from Discontinued Operations, Net of Tax | 109,025 | 83,346 | 66,569 | |||
Net Income Attributable to Cash America International, Inc. | $98,638 | $142,528 | $107,470 | |||
Earnings Per Share: | ||||||
Net (Loss) Income from Continuing Operations b basic | ($0.36) | $2.07 | $1.39 | |||
Net Income from Discontinued Operations b basic | $3.77 | $2.91 | $2.26 | |||
Net Income Attributable to Cash America International, Inc. - basic | $3.41 | $4.97 | $3.64 | |||
Net (Loss) Income from Continuing Operations b diluted | ($0.36) | $1.93 | $1.30 | |||
Net Income from Discontinued Operations b diluted | $3.72 | $2.72 | $2.12 | |||
Net Income Attributable to Cash America International, Inc. - diluted | $3.36 | $4.66 | $3.42 | |||
Weighted average common shares outstanding: | ||||||
Basic | 28,901 | [1] | 28,657 | [1] | 29,514 | [1] |
Diluted | 29,341 | [2] | 30,613 | [2] | 31,452 | [2] |
Dividends declared per common share | $0.16 | $0.14 | $0.14 | |||
[1] | Includes vested and deferred RSUs of 304, 307 and 287, as well as Director Deferred Shares of 32, 31 and 31 for the years ended DecemberB 31, 2014, 2013 and 2012, respectively. | |||||
[2] | 70 and 12 anti-dilutive shares for the years ended December 31, 2014 and 2013. There were no anti-dilutive shares for the year ended DecemberB 31, 2012. When a net loss exists, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share computation. |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income (Loss) Attributable to Parent [Abstract] | |||
Net income including noncontrolling interest | $98,638 | $142,836 | $101,664 |
Other comprehensive (loss) gain, net of tax: | |||
Unrealized derivatives gain | 0 | 0 | 12 |
Foreign currency translation (loss) gain | -7,255 | 1,664 | 9,064 |
Marketable securities unrealized gain (loss) | 71,959 | -254 | 1,060 |
Total other comprehensive gain, net of tax | 64,704 | 1,410 | 10,136 |
Comprehensive income | 163,342 | 144,246 | 111,800 |
Net (income) loss attributable to the noncontrolling interest | 0 | -308 | 5,806 |
Foreign currency translation loss (gain) attributable to the noncontrolling interest | 0 | 111 | -112 |
Comprehensive (income) loss attributable to the noncontrolling interest | 0 | -197 | 5,694 |
Comprehensive income attributable to Cash America International, Inc. | $163,342 | $144,049 | $117,494 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Tax (provision)/benefit of unrealized derivatives gain (loss) | $0 | $0 | ($6) |
Tax (provision)/benefit of foreign currency translation gain (loss) | -1,827 | -1,177 | -1,426 |
Tax (provision)/benefit of marketable securities unrealized gain (loss) | ($39,640) | $136 | ($570) |
Consolidated_Statements_Of_Equ
Consolidated Statements Of Equity (USD $) | Total | Common Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury shares, at cost | Total share- holdersb equity | Non-controlling interest |
In Thousands, except Share data | ||||||||
Beginning Balance at Dec. 31, 2011 | $907,590 | $3,024 | $167,683 | $776,060 | ($6,896) | ($37,419) | $902,452 | $5,138 |
Beginning Balance, in shares, at Dec. 31, 2011 | 30,235,164 | 1,011,356 | ||||||
Shares issued under stock-based plans | 1,784 | -9,847 | 11,631 | 1,784 | ||||
Shares issued under stock-based plans, in shares | 307,070 | |||||||
Stock-based compensation expense | 4,804 | 4,804 | 4,804 | |||||
Income (Reduction in) tax benefit from stock-based compensation | 2,638 | 2,638 | 2,638 | |||||
Net income attributable to Cash America International, Inc. | 107,470 | 107,470 | 107,470 | |||||
Dividends paid | -4,096 | -4,096 | -4,096 | |||||
Unrealized derivatives gain, net of tax | 12 | 12 | 12 | |||||
Foreign currency translation gain (loss), net of tax | 9,064 | 8,952 | 8,952 | 112 | ||||
Marketable equity securities unrealized gain, net of tax | 1,060 | 1,060 | 1,060 | |||||
Purchases of treasury shares | -25,516 | -25,516 | -25,516 | |||||
Purchases of treasury shares, in shares | -647,426 | |||||||
Income (Loss) attributable to noncontrolling interests | -5,806 | -5,806 | ||||||
Purchase of noncontrolling interest | -8,384 | -7,665 | -7,665 | -719 | ||||
Ending Balance at Dec. 31, 2012 | 990,620 | 3,024 | 157,613 | 879,434 | 3,128 | -51,304 | 991,895 | -1,275 |
Ending Balance, in shares, at Dec. 31, 2012 | -30,235,164 | -1,351,712 | ||||||
Shares issued under stock-based plans | 0 | -4,871 | 4,871 | 0 | ||||
Shares issued under stock-based plans, in shares | 127,087 | |||||||
Stock-based compensation expense | 4,908 | 4,908 | 4,908 | |||||
Income (Reduction in) tax benefit from stock-based compensation | 595 | 595 | 595 | |||||
Purchase and conversion of convertible debt | -7,621 | -7,621 | -7,621 | |||||
Net income attributable to Cash America International, Inc. | 142,528 | 142,528 | 142,528 | |||||
Dividends paid | -3,981 | -3,981 | -3,981 | |||||
Foreign currency translation gain (loss), net of tax | 1,664 | 1,775 | 1,775 | -111 | ||||
Marketable equity securities unrealized gain, net of tax | -254 | -254 | -254 | |||||
Purchases of treasury shares | -47,631 | -47,631 | -47,631 | |||||
Purchases of treasury shares, in shares | -1,000,277 | |||||||
Income (Loss) attributable to noncontrolling interests | 308 | 308 | ||||||
Purchase of noncontrolling interest | 1,287 | 209 | 209 | 1,078 | ||||
Ending Balance at Dec. 31, 2013 | 1,082,423 | 3,024 | 150,833 | 1,017,981 | 4,649 | -94,064 | 1,082,423 | 0 |
Ending Balance, in shares, at Dec. 31, 2013 | -30,235,164 | -2,224,902 | ||||||
Shares issued under stock-based plans | 0 | -6,677 | 6,677 | 0 | ||||
Shares issued under stock-based plans, in shares | 154,851 | |||||||
Stock-based compensation expense | 4,454 | 4,454 | 4,454 | |||||
Income (Reduction in) tax benefit from stock-based compensation | -228 | -228 | -228 | |||||
Purchase and conversion of convertible debt | -30,267 | -61,994 | 31,727 | -30,267 | ||||
Purchase and conversion of convertible debt, shares | 747,085 | |||||||
Net income attributable to Cash America International, Inc. | 98,638 | 98,638 | 98,638 | |||||
Dividends paid | -3,986 | -3,986 | -3,986 | |||||
Foreign currency translation gain (loss), net of tax | -7,255 | -7,255 | -7,255 | |||||
Marketable equity securities unrealized gain, net of tax | 71,959 | 71,959 | 71,959 | |||||
Purchases of treasury shares | -2,896 | -2,896 | -2,896 | |||||
Purchases of treasury shares, in shares | -105,529 | |||||||
Income (Loss) attributable to noncontrolling interests | 0 | |||||||
Spin-off of Enova | -79,640 | -79,640 | ||||||
Ending Balance at Dec. 31, 2014 | $1,133,202 | $3,024 | $86,388 | $1,030,387 | $71,959 | ($58,556) | $1,133,202 | $0 |
Ending Balance, in shares, at Dec. 31, 2014 | -30,235,164 | 1,428,495 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities | |||
Net Income including noncontrolling interest | $98,638 | $142,836 | $101,664 |
Less: Net income from discontinued operations, net of tax | -109,025 | -83,346 | -66,569 |
Net (loss) income from continuing operations | -10,387 | 59,490 | 35,095 |
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities: | |||
Depreciation and amortization | 60,942 | 56,128 | 62,156 |
Amortization of debt discount and issuance costs | 3,173 | 6,206 | 3,811 |
Consumer loan loss provision | 31,009 | 33,359 | 29,225 |
Stock-based compensation | 4,454 | 4,908 | 4,804 |
Deferred income taxes, net | 13,042 | 4,057 | -1,345 |
Excess income tax benefit from stock-based compensation | 0 | -595 | -2,638 |
Non-cash loss on extinguishment of debt | 3,090 | 0 | 0 |
Non-cash loss on divestitures | 5,176 | 0 | 0 |
Other | 7,956 | 2,638 | 8,596 |
Interest income from note receivable | 0 | -19,844 | -21,005 |
Changes in operating assets and liabilities, net of assets acquired: | |||
Merchandise other than forfeited | 6,959 | 7,308 | 10,229 |
Pawn loan fees and service charges receivable | -1,082 | -680 | 1,312 |
Finance and service charges receivable on consumer loans | 3,187 | 1,673 | -1,282 |
Restricted cash | 7,940 | -8,000 | 0 |
Prepaid expenses and other assets | 220 | -2,419 | 393 |
Accounts payable and accrued expenses | -10,957 | 9,424 | 11,894 |
Current and noncurrent income taxes | 148 | -14,477 | -3,974 |
Other operating assets and liabilities | 2,905 | 1,587 | 437 |
Net cash provided by continuing operating activities | 127,775 | 140,763 | 137,708 |
Net cash provided by operating activities - discontinued operations | 393,374 | 445,417 | 382,562 |
Net cash provided by operating activities | 521,149 | 586,180 | 520,270 |
Cash Flows from Investing Activities | |||
Pawn loans made | -817,360 | -745,103 | -760,925 |
Pawn loans repaid | 453,987 | 422,855 | 426,583 |
Principal recovered through dispositions of forfeited pawn loans | 339,170 | 288,684 | 336,791 |
Consumer loans made or purchased | -668,387 | -734,317 | -772,769 |
Consumer loans repaid | 643,645 | 702,993 | 744,205 |
Acquisitions, net of cash acquired | -1,207 | -165,284 | -78,039 |
Purchases of property and equipment | -37,910 | -46,400 | -61,527 |
Proceeds from sale of marketable equity securities | 0 | 6,616 | 0 |
Proceeds from divestitures, net of cash divested | 21,534 | 0 | 5,471 |
Proceeds from note receivable | 431,034 | 36,187 | 16,280 |
Dividends received | 122,384 | 0 | 0 |
Other investing activities | 246 | 776 | -926 |
Net cash provided by (used in) continuing investing activities | 487,136 | -232,993 | -144,856 |
Net cash used in investing activities - discontinued operations | -261,073 | -404,036 | -365,518 |
Net cash used in investing activities | 226,063 | -637,029 | -510,374 |
Cash Flows from Financing Activities | |||
Net (payments) borrowings under bank lines of credit | -193,718 | -107,294 | 20,172 |
Issuance of long-term debt | 0 | 300,000 | 52,000 |
Net proceeds from re-issuance of treasury shares | 0 | 0 | 1,784 |
Debt issuance costs paid | -483 | -10,406 | -440 |
Payments on/repurchases of notes payable | -380,450 | -41,990 | -34,272 |
Excess income tax benefit from stock-based compensation | 0 | 595 | 2,638 |
Treasury shares purchased | -2,896 | -47,631 | -25,133 |
Dividends paid | -3,986 | -3,981 | -4,096 |
Purchase of noncontrolling interest | 0 | -4 | -5,625 |
Net cash (used in) provided by continuing financing activities | -581,533 | 89,289 | 7,028 |
Net cash (used in) provided by financing activities - discontinued operations | -75,938 | -36,187 | -16,280 |
Net cash (used in) provided by financing activities | -657,471 | 53,102 | -9,252 |
Effect of exchange rates on cash | -6,206 | 3,601 | 1,937 |
Net increase in cash and cash equivalents | 83,535 | 5,854 | 2,581 |
Less: increase in cash and cash equivalents from discontinued operations | -50,241 | -9,934 | -3,135 |
Change in cash and cash equivalents from continuing operations | 33,294 | -4,080 | -554 |
Cash and cash equivalents at beginning of year | 19,748 | 23,828 | 24,382 |
Cash and cash equivalents at end of period | $53,042 | $19,748 | $23,828 |
Nature_Of_The_Company
Nature Of The Company | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of The Company | 1. Nature of the Company |
The Company provides specialty financial services to individuals through its storefront lending and franchised check cashing locations. The Company’s primary line of business is pawn lending. Pawn loans are short-term loans made on the pledge of tangible personal property. Pawn loan fees and service charges are generated from the Company’s pawn loan portfolio. A related activity of the pawn lending operations is the disposition of collateral from forfeited pawn loans and the liquidation of a smaller volume of merchandise purchased directly from customers or from third parties. | |
Another component of the Company's business is originating, arranging, guaranteeing or purchasing consumer loans in some of its locations. Consumer loans provide customers with cash, typically in exchange for an obligation to repay the amount advanced plus fees and any applicable interest. Consumer loans include short-term loans (commonly referred to as payday loans) and installment loans. | |
Short-term consumer loans include unsecured short-term loans written by the Company or by a third-party lender through the Company’s CSO programs that the Company guarantees. See Note 2 for further discussion about the Company’s CSO programs. Installment consumer loans are longer-term, multi-payment loans that generally require the pay-down of portions of the outstanding principal balance in multiple installments. Installment loans include unsecured loans and loans secured by a customer’s vehicle written by the Company or by a third-party lender through the CSO programs that the Company guarantees. | |
Another small component of the Company's business includes the offering of check cashing and other ancillary products and services through some of its Company-owned lending locations. The ancillary products and services are described in Note 19. In addition, the Company’s franchised check cashing business offers check cashing services through its franchised check cashing centers. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Significant Accounting Policies | 2. Significant Accounting Policies | |||||||||||
Basis of Presentation | ||||||||||||
The consolidated financial statements include all of the accounts of the Company. All significant intercompany accounts and transactions other than those related to Enova (as discussed further below) have been eliminated in consolidation. Upon completion of the Enova Spin-off (See Note 3), the Company reclassified Enova’s financial results to discontinued operations in the Company’s consolidated financial statements for all periods presented. Intercompany accounts and transactions related to Enova are presented separately between the Company’s continuing and discontinued operations. These accounts and transactions were previously eliminated in the Company’s consolidated financial statements. This presentation detail is included in the financial statements due to the significance of these accounts and transactions. The specific elements are reflected in “Note receivable”, “Interest income”, “Interest income on note receivable”, “Proceeds from note receivable” and “Dividends received” in the Company’s consolidated financial statements. These reclassifications had no impact on consolidated results previously reported. | ||||||||||||
Additionally, amounts for “Other” income and “Operations and administration” expenses were reduced by approximately $0.6 million to correct certain reversals of expense accrual amounts previously reported in the Company’s financial statements for the year ended December 31, 2013. Management determined that the impact of this change on previously-issued financial statements was immaterial, and this change had no impact on consolidated results previously reported. | ||||||||||||
Through April 2013, the Company had a contractual relationship with a third party entity, Huminal, to compensate and maintain the labor force of its Mexico pawn operations. The Company qualified as the primary beneficiary of Huminal in accordance with ASC 810. Therefore, the results and balances of Huminal were consolidated and allocated to net income attributable to noncontrolling interests. In May 2013, the Company acquired the remaining outstanding common stock of Huminal to increase its ownership to 100% of Huminal and, as a result, Huminal became a wholly-owned subsidiary of the Company as of that date. The Company accounted for this transaction as a change in ownership interests that does not result in a change in control. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods presented. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition on pawn loan fees and service charges, allowance for losses on consumer loans, certain equity securities, goodwill, long-lived and intangible assets, income taxes, contingencies and litigation. Management bases its estimates on historical experience, empirical data and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates. | ||||||||||||
Foreign Currency Translations | ||||||||||||
Prior to the sale of the Company’s Mexico-based pawn operations in August 2014 (see Note 4) and the Enova Spin-off in November 2014 (see Note 3), the Company had operations outside of the United States that involved foreign currency transactions and translations. The functional currencies for the Company’s subsidiaries that served residents of the United Kingdom, Australia, Canada, Mexico and Brazil were the British pound, the Australian dollar, the Canadian dollar, the Mexican peso and the Brazilian real, respectively. The assets and liabilities associated with these operations were translated into U.S. dollars at the exchange rates in effect at each applicable balance sheet date, and the resulting adjustments were recorded in AOCI as a separate component of equity. Revenue and expenses were translated at the monthly average exchange rates occurring during each period. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
The Company considers cash on hand in operating locations, deposits in banks and short-term investments with original maturities of 90 days or less as cash and cash equivalents. | ||||||||||||
Restricted Cash | ||||||||||||
Restricted cash represents the amount mandated by the CFPB through its November 20, 2013 Consent Order to be set aside for payments to customers in connection with the Ohio Reimbursement Program. See Note 13 for further discussion of the reimbursements to Ohio customers in connection with the Ohio Reimbursement Program. Changes in restricted cash are reflected in “Cash flows from operating activities” in the consolidated statement of cash flows. | ||||||||||||
Pawn Loans, Pawn Loan Fees and Service Charges | ||||||||||||
Revenue Recognition—Pawn Lending | ||||||||||||
Pawn loan fees and service charges revenue is accrued ratably over the term of the loan for the portion of those pawn loans estimated to be collectible. | ||||||||||||
Pawn Loans and Pawn Loan Fees and Service Charges Receivable | ||||||||||||
Pawn loans are short-term loans made on the pledge of tangible personal property. The maximum pawn loan amount is generally assessed as a percentage of the personal property’s estimated disposition value. The typical loan term is 30 to 90 days and, in many cases, an additional grace period (typically 10 to 60 days) may be available to the borrower. A pawn loan is considered delinquent if the customer does not repay or, where allowed by law, renew or extend the loan on or prior to its contractual maturity date plus any applicable grace period. Pawn loan fees and service charges do not accrue on delinquent pawn loans. When a pawn loan is considered delinquent, any accrued pawn loan fees and service charges are reversed and no additional pawn loan fees and service charges are accrued. Pawn loans written during each calendar month are aggregated and tracked for performance. This empirical data allows the Company to analyze the characteristics of its outstanding pawn loan portfolio and assess the collectability of the principal balance in addition to pawn loan fees and service charges. | ||||||||||||
Consumer Loans and Allowance and Liability for Estimated Losses on Consumer Loans | ||||||||||||
Revenue Recognition—Consumer Loans | ||||||||||||
The Company recognizes consumer loan fees based on the loan products it offers. “Consumer loan fees” in the consolidated statements of income include: interest income, finance charges, CSO fees, service charges, minimum fees, late fees, nonsufficient funds fees and any other fees or charges permitted by applicable laws and pursuant to the agreement with the borrower. For short-term loans, interest and finance charges are recognized on an effective yield basis over the term of the loan, and fees (other than CSO fees) are recognized when assessed to the customer. For installment loans, revenue is recognized on an effective yield basis over the term of the loan and fees (other than CSO fees) are recognized when assessed to the customer. Unpaid and accrued interest and fees are included in “Consumer loans, net” in the consolidated balance sheets. CSO fees are recognized on an effective yield basis over the term of the loan. | ||||||||||||
The Company receives CSO fees for services provided through the CSO programs. Through the Company’s CSO programs, the Company provides services related to a third-party lender’s consumer loan products in some markets by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws. Services offered under the CSO programs include credit-related services such as arranging CSO loans with third-party lenders. Under the CSO programs, the Company guarantees consumer loan payment obligations to the third-party lender in the event that the customer defaults on the loan. CSO loans are not included in the Company’s financial statements, but the Company has established a liability for the estimated losses in support of the guarantee on these loans in its consolidated balance sheets. | ||||||||||||
Current and Delinquent Consumer Loans | ||||||||||||
The Company classifies its consumer loans as either current or delinquent. Short-term loans are considered delinquent when payment of an amount due is not made as of the due date. Installment loans are considered delinquent when a customer misses two payments. The Company allows for normal payment processing time before considering a loan delinquent but does not provide for any additional grace period. | ||||||||||||
The Company generally does not accrue interest on delinquent consumer loans and does not resume accrual of interest on a delinquent loan unless it is returned to current status. In addition, delinquent consumer loans generally may not be renewed, and if, during its attempt to collect on a delinquent consumer loan, the Company allows additional time for payment through a payment plan or a promise to pay, it is still considered delinquent. All payments received are first applied against accrued but unpaid interest and fees and then against the principal balance of the loan. | ||||||||||||
Allowance and Liability for Estimated Losses on Consumer Loans | ||||||||||||
The Company monitors the performance of its consumer loan portfolio and maintains either an allowance or liability for estimated losses on consumer loans (including fees and interest) at a level estimated to be adequate to absorb credit losses inherent in the portfolio. The allowance for losses on the Company’s owned consumer loans reduces the outstanding loan balance in the consolidated balance sheets. The liability for estimated losses related to loans guaranteed under the CSO programs is included in “Accounts payable and accrued expenses” in the consolidated balance sheets. | ||||||||||||
The allowance or liability for short-term loans classified as current is based on historical loss rates adjusted for recent default trends for current loans. For delinquent short-term loans, the allowance or liability is based on a six-month rolling average of loss rates by stage of collection. For installment loan portfolios, the Company generally uses a migration analysis to estimate losses inherent in the portfolio. The allowance or liability calculation under the migration analysis is based on historical charge-off experience and the loss emergence period, which represents the average amount of time between the first occurrence of a loss event to the charge-off of a loan. The factors the Company considers to assess the adequacy of the allowance or liability include past due performance, historical behavior of monthly vintages, underwriting changes and recent trends in delinquency in the migration analysis. | ||||||||||||
The Company fully reserves or charges off consumer loans once the loan or a portion of the loan has been classified as delinquent for 60 consecutive days. If a loan is estimated to be uncollectible before it is fully reserved, it is charged off at that point. Consumer loans classified as delinquent generally have an age of one to 59 days from the date any portion of the loan became delinquent, as defined above. Recoveries on loans previously charged to the allowance are credited to the allowance when collected. | ||||||||||||
Merchandise Held for Disposition, Proceeds from Disposition of Merchandise and Cost of Disposed Merchandise | ||||||||||||
Proceeds From and Cost of Disposed Merchandise | ||||||||||||
Upon the sale of merchandise, the Company realizes gross profit, which is the difference between the Company’s cost basis in the loan (the amount loaned) or the amount paid for purchased merchandise, both of which are recorded as cost of sales, and the amount of proceeds from the sale. The cost of disposed merchandise is computed on the specific identification basis. | ||||||||||||
Customers may purchase merchandise on a layaway plan under which the customer agrees to pay the purchase price for the item plus a layaway fee, makes an initial cash deposit representing a small portion of the disposition price and pays the balance in regularly scheduled, non-interest bearing payments. The Company segregates the layaway item and holds it until the customer has paid the full disposition price. If the customer fails to make a required payment, the item is returned to merchandise held for disposition. The layaway fee is recognized as revenue, and any amounts previously paid toward the item are returned to the customer as store credit. Interim customer payments for layaway sales are recorded as customer deposits and subsequently recognized as revenue during the period in which the final payment is received. | ||||||||||||
Merchandise Held for Disposition | ||||||||||||
Merchandise held for disposition consists primarily of forfeited collateral from pawn loans not repaid and merchandise that is purchased directly from customers or from third parties. The carrying value of the forfeited collateral and other merchandise held for disposition is stated at the lower of cost (which is the cost basis in the loan or the amount paid for purchased merchandise) or fair value. The Company provides an allowance for returns and an allowance for losses based on management’s evaluation of the characteristics of the merchandise and historical experience. The Company performs physical counts of its merchandise in each location during the year and reviews the composition of inventory by category and age in order to assess the adequacy of the allowance. | ||||||||||||
The allowance deducted from the carrying value of merchandise held for disposition amounted to $2.4 million and $0.9 million at December 31, 2014 and 2013, respectively. The allowance deducted from the carrying value of merchandise held for disposition is recorded in the Company’s balance sheets in “Merchandise held for disposition, net.” Customers can return merchandise and receive a full refund, a replacement item of comparable value or store credit if the merchandise is returned within the first seven days of purchase. Following the seven-day period and up to 30 days, customers can receive a replacement item of comparable value or store credit. Based on management’s analysis of historical refund trends, the Company provided a return allowance of $0.3 million as of December 31, 2014 and 2013. The allowance deducted from the carrying value of the return allowance is recorded in the Company’s balance sheets in “Accounts payable and accrued expenses.” | ||||||||||||
Property and Equipment | ||||||||||||
Property and equipment is recorded at cost. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of income. Costs associated with repair and maintenance activities are expensed as incurred. Depreciation expense is generally provided on a straight-line basis, using the following estimated useful lives: | ||||||||||||
Buildings and building improvements | 7 to 40 years | |||||||||||
Leasehold improvements | 2 to 10 years | |||||||||||
Furniture, fixtures and equipment | 3 to 7 years | |||||||||||
Computer hardware and software | 1 to 10 years | |||||||||||
Software Development Costs | ||||||||||||
The Company applies ASC 350 to its software purchase and development activities. Under ASC 350, eligible internal and external costs incurred for software purchase and development activities, as well as for upgrades and enhancements that result in additional functionality of the applications, are capitalized. Internal and external training and maintenance costs are charged to expense as incurred or over the related service period. When a software application is placed in service, the Company begins amortizing the related capitalized software costs using the straight-line method based on its estimated useful life, which currently ranges from two to five years, except the Company’s proprietary point-of-sale system, which is being amortized over 10 years. | ||||||||||||
Goodwill and Other Indefinite Lived Intangible Assets | ||||||||||||
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. In accordance with ASC 350, the Company tests goodwill and intangible assets with an indefinite life for potential impairment annually as of June 30 and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount, which would result in impairment. | ||||||||||||
The Company uses the income approach to complete its annual goodwill assessment. The income approach uses future cash flows and estimated terminal values for each of the Company’s reporting units that are discounted using a market participant perspective to determine the fair value of each reporting unit, which is then compared to the carrying value of that reporting unit (which the Company also defines as its reporting segments) to determine if there is impairment. The income approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other publicly-traded companies that are similar but not identical from an operational and economic standpoint. The Company completed its annual assessment of goodwill as of June 30, 2014 and determined that the fair value for each reporting unit that the Company had on that date exceeded their respective carrying values, and, as a result, no impairment existed at that date. | ||||||||||||
The Company’s sale of its Mexico-based pawn operations in August 2014 was considered a triggering event for purposes of goodwill assessment. Following the sale, the Company tested the goodwill remaining in the retail services reporting unit, and determined that the fair value exceeded its carrying value. | ||||||||||||
The Enova Spin-off in November 2014 was considered a triggering event for purposes of goodwill assessment. Prior to the Enova Spin-off, each of the Company’s two segments, retail services and e-commerce, were considered reporting units for purposes of the goodwill assessment. Enova comprised the e-commerce segment and was considered the e-commerce reporting unit. Following the Enova Spin-off, the Company reviewed its segment structure and determined that the retail services segment was the Company’s only segment, and as such, the only reporting unit for goodwill assessment. Following the Enova Spin-off and as of December 31, 2014, the estimated fair value of the retail services reporting unit was re-calculated to incorporate changes in strategy, observed business trends and outlook. The estimated fair value of the retail services reporting unit declined since the June 30, 2014 annual assessment, but it continued to exceed its underlying carrying value. However, the excess fair value over the carrying value had been reduced to approximately 3% at December 31, 2014. | ||||||||||||
As part of the goodwill assessment, the Company also considers market capitalization, which is the observable market value of the Company based on the quoted market prices of the Company's common stock. The Company compares the market capitalization to its carrying value of equity. Following the Enova Spin-off and as of December 31, 2014, the Company’s market capitalization was observed to be lower than the carrying value of equity. The Company believes the observable market value at December 31, 2014 is not a reliable indicator of the Company’s fair value, due to the very short time frame since the date of the Enova Spin-off, a likely transition of a significant number of investors occurring due to the magnitude of the event, and the disruption of the Company’s share price following the event. Management believes this disruption is temporary but acknowledges the need to monitor and re-evaluate any future discrepancies between these values and consider the implications for an impairment of goodwill in future periods. | ||||||||||||
The Company is considered to be at risk for a future impairment of its goodwill in the event of a decline in general economic, market or business conditions or any significant unfavorable changes in the Company's forecasted revenue, expenses, cash flows, weighted-average cost of capital and/or market transaction multiples. The Company will continue to monitor for events and circumstances that could negatively impact the key assumptions in determining the fair value of the retail services reporting unit. | ||||||||||||
The Company performed its annual indefinite-lived intangible asset impairment test as of June 30, 2014. The Company elected to perform a qualitative assessment in accordance with ASU 2012-02, and determined that no conditions existed that would make it more likely than not that the indefinite-lived intangible assets were impaired. Therefore, no further quantitative assessment was required. There were no triggering events between the June 30, 2014 assessment and December 31, 2014 that would require a re-assessment of the Company’s indefinite-lived intangible assets. | ||||||||||||
As of December 31, 2014, the Company had $487.6 million of goodwill, of which $370.7 million is expected to be deductible for tax purposes. See Note 9 for additional discussion of the Company’s goodwill activity. | ||||||||||||
Long-Lived Assets Other Than Goodwill and Indefinite-Lived Intangible Assets | ||||||||||||
An evaluation of the recoverability of property and equipment and intangible assets subject to amortization is performed whenever the facts and circumstances indicate that the carrying value may be impaired. An impairment loss is recognized if the future undiscounted cash flows associated with the asset and the estimated fair value of the asset are less than the asset’s corresponding carrying value. The amount of the impairment loss, if any, is the excess of the asset’s carrying value over its estimated fair value. | ||||||||||||
The Company amortizes intangible assets subject to amortization on the basis of their expected periods of benefit, generally three to 10 years. The costs of start-up activities and organization costs are charged to expense as incurred. | ||||||||||||
Hedging and Derivatives Activity | ||||||||||||
As a policy, the Company does not hold, issue or trade derivative instruments for speculative purposes. The Company has historically used foreign currency forward contracts for hedging exposure with its foreign operations. The Company may periodically enter into forward sale contracts with a major gold bullion bank to sell refined gold that is acquired in the normal course of business from the Company’s liquidation of forfeited gold merchandise. These contracts are not accounted for as derivatives because they meet the criteria for the normal purchases and normal sales scope exception in ASC 815. | ||||||||||||
Equity Securities | ||||||||||||
The Company accounts for its marketable and non-marketable equity securities in accordance with ASC 323 and ASC 325, respectively. The Company has marketable equity securities that are held in its Nonqualified Savings Plan, marketable equity securities for its retained shares of Enova common stock, and non-marketable equity securities, each as described further below. | ||||||||||||
The Company holds marketable equity securities in its Nonqualified Saving Plan for certain employees. See Note 17 for a description of these plans. The securities are classified as trading securities, but the unrealized gains and losses on these securities offset and have no net impact on the Company's net income. These securities are recorded at fair value and have an offsetting liability of equal amount. The plan costs associated with these securities are included in “Operations and administration expenses” in the consolidated statements of income. The assets related to the Nonqualified Saving Plan are held in “Other Assets,” and the offsetting liability is held in “Accounts payable and accrued expenses” in the consolidated balance sheets. | ||||||||||||
The Company retained approximately 20% of the outstanding shares of Enova common stock after the Enova Spin-off. The shares of Enova common stock held by the Company are classified as available-for-sale and unrecognized gains and losses, net of tax, are recorded in “Accumulated other comprehensive income (loss)” in the consolidated statements of equity. Enova was in the process of registering these securities with the SEC as of December 31, 2014. Since these securities are not yet registered with the SEC, the Company has valued this investment based on the market determined stock price of Enova on December 31, 2014, less an adjustment factor due to the unregistered nature of the shares. | ||||||||||||
The Company’s non-marketable equity securities are recorded on a cost basis. The carrying value for the investment is adjusted for cash contributions and distributions. These securities are held in “Other assets” in the Company’s consolidated balance sheets. | ||||||||||||
The Company evaluates marketable and non-marketable equity securities for impairment if circumstances arise that indicate that an impairment may exist. Non-marketable equity securities are held in “Other assets” in the Company’s consolidated balance sheets. If an impairment of an equity security is determined to be other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary-impairment is identified. | ||||||||||||
Operations and Administration Expenses | ||||||||||||
Operations expenses include expenses incurred for personnel, occupancy, marketing and other charges that are directly related to the Company’s business. Operations expenses are incurred at the Company’s storefront locations and the Company’s call centers for customer service and collections. In addition, costs related to management supervision, oversight of locations and other costs for the oversight of the Company’s locations are included in operations expenses. Administration expenses include expenses related to corporate service functions, such as legal, occupancy, executive oversight, insurance and risk management, public and government relations, internal audit, treasury, payroll, compliance and licensing, finance, accounting, tax and information systems. | ||||||||||||
Marketing expenses consist of marketing costs such as television, radio and print advertising and other marketing costs. Marketing costs, including the production costs associated with other marketing initiatives are expensed as incurred. These expenses are included in “Operations and administration expenses” in the consolidated statements of income. | ||||||||||||
Stock-Based Compensation | ||||||||||||
The Company accounts for its stock-based employee compensation plans in accordance with ASC 718. In accordance with ASC 718, the Company recognizes compensation expense over the vesting periods for stock-based awards. For performance-based stock awards, compensation expense is originally based on the number of shares that would vest if the Company achieved the level of performance that management estimates is the most probable outcome at the grant date. Throughout the requisite service period, management monitors the probability of achievement of the performance condition and adjusts stock-based compensation expense if necessary. | ||||||||||||
Income Taxes | ||||||||||||
The provision for income taxes is based on income before income taxes as reported for financial statement purposes. Deferred income taxes are provided for in accordance with the assets and liability method of accounting for income taxes in order to recognize the tax effects of temporary differences between financial statement and income tax accounting. | ||||||||||||
The Company performs an evaluation of the recoverability of its deferred tax assets on a quarterly basis. The Company establishes a valuation allowance if it is more likely than not (greater than 50 percent) that all or some portion of the deferred tax asset will not be realized. The Company analyzes several factors, including the nature and frequency of operating losses, the Company’s carryforward period for any losses, the reversal of future taxable temporary differences, the expected occurrence of future income or loss and the feasibility of available tax planning strategies to protect against the loss of deferred tax assets. | ||||||||||||
The Company accounts for uncertainty in income taxes in accordance with ASC 740. ASC 740 requires that a more-likely-than-not threshold be met before the benefit of a tax position may be recognized in the consolidated financial statements and prescribes how such benefit should be measured. It also provides guidance on recognition adjustment, classification, accrual of interest and penalties, accounting in interim periods, disclosure and transition. See Note 12 for further discussion. | ||||||||||||
It is the Company’s policy to classify interest and penalties on income tax liabilities as interest expense and operations and administration expense, respectively. | ||||||||||||
Net Income Per Share | ||||||||||||
Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted net income per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the year. When a net loss exists, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share computation. | ||||||||||||
RSU issued under the Company’s stock-based employee compensation plans are included in diluted shares from the grant date of the award. Performance-based RSU awards are included in diluted shares based on the level of performance that management estimates is the most probable outcome at the grant date. Throughout the requisite service period, management monitors the probability of achievement of the performance condition and adjusts the number of shares included in diluted shares accordingly. | ||||||||||||
The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the years ended December 31, 2014, 2013 and 2012 (dollars and shares in thousands, except per share amounts): | ||||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net (Loss) Income from Continuing Operations | $ | (10,387 | ) | $ | 59,182 | $ | 40,901 | |||||
Net Income from Discontinued Operations, Net of Tax | 109,025 | 83,346 | 66,569 | |||||||||
Net Income Attributable to Cash America International, Inc. | 98,638 | 142,528 | 107,470 | |||||||||
Denominator: | ||||||||||||
Total Weighted Average Basic Shares (a) | 28,901 | 28,657 | 29,514 | |||||||||
Shares Applicable to Stock-based Compensation(b) | 92 | 72 | 174 | |||||||||
Convertible Debt(c) | 348 | 1,884 | 1,764 | |||||||||
Total Weighted Average Diluted Shares (d) | 29,341 | 30,613 | 31,452 | |||||||||
Net (Loss) Income from Continuing Operations – basic | $ | (0.36 | ) | $ | 2.07 | $ | 1.39 | |||||
Net Income from Discontinued Operations – basic | $ | 3.77 | $ | 2.91 | $ | 2.26 | ||||||
Net Income Attributable to Cash America International, Inc. - basic | $ | 3.41 | $ | 4.97 | $ | 3.64 | ||||||
Net (Loss) Income from Continuing Operations – diluted | $ | (0.36 | ) | $ | 1.93 | $ | 1.3 | |||||
Net Income from Discontinued Operations – diluted | $ | 3.72 | $ | 2.72 | $ | 2.12 | ||||||
Net Income Attributable to Cash America International, Inc. - diluted | $ | 3.36 | $ | 4.66 | $ | 3.42 | ||||||
(a) | Includes vested and deferred RSUs of 304, 307 and 287, as well as Director Deferred Shares of 32, 31 and 31 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
(b) | Includes shares related to unvested RSU awards. Although there were no stock option awards outstanding as of December 31, 2012, the dilutive effect of stock-based compensation is based on the weighted amount of outstanding awards during the year; therefore, the portion of the stock option awards that were outstanding and exercisable during 2012 are included in calculating this amount for 2012. | |||||||||||
(c) | On May 15, 2014, the Company called the 2029 Convertible Notes, and the noteholders elected to convert such notes. The Company settled the principal portion of the outstanding 2029 Convertible Notes in cash and issued 747,085 of the Company’s common shares related to the conversion spread. Prior to the repayment of the 2029 Convertible Notes, only the shares related to the conversion spread were included in weighted average diluted shares because the Company intended to pay the principal portion of the notes in cash. See Note 11 for further discussion of the 2029 Convertible Notes. | |||||||||||
(d) | Excludes 70 and 12 anti-dilutive shares for the years ended December 31, 2014 and 2013. There were no anti-dilutive shares for the year ended December 31, 2012. When a net loss exists, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share computation. | |||||||||||
Adopted Accounting Standards | ||||||||||||
In April 2014, the FASB issued ASU 2014-08, which amended ASC 205-20. The amendments included in ASU 2014-08 change the criteria for reporting discontinued operations and enhance disclosures in this area. The new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income or loss attributable to a disposal of an individually significant component of an organization that does not qualify for discontinued operations presentation in the financial statements. The Company is required to adopt ASU 2014-08 prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years. Early adoption is permitted. The Company adopted ASU 2014-08 on June 30, 2014, and the adoption did not have a material effect on its consolidated financial statements. | ||||||||||||
In July 2013, the FASB issued ASU 2013-11, which provides guidance on the presentation of unrecognized tax benefits when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The amendments in this update are effective for fiscal years (and interim periods within those years) beginning after December 15, 2013. The amendments apply prospectively to all unrecognized tax benefits that exist as of the date of adoption. Retrospective application is permitted. The Company prospectively adopted ASU 2013-11 on January 1, 2014, and the adoption did not have a material effect on its consolidated financial statements. | ||||||||||||
In March 2013, the FASB issued ASU 2013-05, which applies to the release of the cumulative translation adjustment into net income when a parent either sells all or a part of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. ASU 2013-05 is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company adopted ASU 2013-05 on January 1, 2014, and the adoption did not have a material effect on its consolidated financial statements. | ||||||||||||
In February 2013, the FASB issued ASU 2013-04. ASU 2013-04 requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the amount the reporting entity agreed to pay plus additional amounts the reporting entity expects to pay on behalf of its co-obligors. The guidance further provides for disclosure of the nature and amount of the obligation. ASU 2013-04 is effective for interim and annual reporting periods beginning after December 15, 2013. The Company adopted ASU 2013-04 on January 1, 2014, and the adoption did not have a material effect on its consolidated financial statements. | ||||||||||||
Accounting Standards to be Adopted in Future Periods | ||||||||||||
In February 2015, the FASB issued ASU 2015-02, which provides guidance for reporting entities that are required to evaluate whether they should consolidate certain legal entities. In accordance with ASU 2015-02, all legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company is still assessing the potential impact of ASU 2015-02 on its consolidated financial statements. | ||||||||||||
In January 2015, the FASB issued ASU 2015-01, which eliminates from GAAP the concept of extraordinary items. If an event or transaction meets the criteria for extraordinary classification, it is segregated from the results of ordinary operations and is shown as a separate item in the income statement, net of tax. ASU 2015-01 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect adoption of this guidance will have a material effect on its consolidated financial statements. | ||||||||||||
In August 2014, the FASB issued ASU 2014-15, which requires management to evaluate, in connection with financial statement preparation for each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued, and to provide related disclosures. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company does not expect adoption of this guidance will have a material effect on its consolidated financial statements. | ||||||||||||
In May 2014, the FASB issued ASU 2014-09, which supersedes the revenue recognition requirements in ASC 605. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The Company is still assessing the potential impact of ASU 2014-09 on its consolidated financial statements. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations | 3. Discontinued Operations | ||||||||||||
On November 13, 2014, the Company completed the separation of its online lending business that comprised its e-commerce division, Enova, through the distribution of approximately 80 percent of the outstanding shares of Enova common stock to the Company’s shareholders, which was structured with the intent that it would be a tax-free distribution. The Company distributed to its shareholders 0.915 shares of Enova common stock for every one share of the Company’s common stock held as of the close of business on November 3, 2014, which was the record date for the Enova Spin-off. The Company received a private letter ruling from the IRS, an opinion from the Company's tax counsel and a solvency opinion from an independent financial advisor prior to approval of the Enova Spin-off by the Company's Board of Directors. As a result of the Enova Spin-off, Enova is now an independent public company, and its common stock is listed on the New York Stock Exchange under the ticker symbol “ENVA.” | |||||||||||||
Upon completion of the Enova Spin-off, the Company retained approximately 20 percent, or 6.6 million shares of Enova common stock, and the Company has agreed, pursuant to the private letter ruling, to dispose of its retained shares of Enova common stock (other than the shares retained for delivery under the Company’s long-term incentive plans as described below) no later than two years after the distribution. The retained shares of Enova common stock include a portion of shares of Enova common stock that may be delivered by the Company to holders of certain outstanding unvested RSUs, vested deferred RSUs, and unvested deferred RSUs that were granted by the Company to certain of its officers, directors and employees and certain Director Deferred Shares payable to the Company’s directors relating to the Company’s common stock awards that were outstanding under the Company's long-term incentive plans as of the date of the Enova Spin-off. Such RSU awards and Director Deferred Shares will be payable by the Company in both shares of Company common stock and Enova common stock, subject to the terms of the Company’s long-term incentive plans and the applicable award agreement. The delivery of the Enova shares of common stock will occur periodically based on the vesting terms of the award agreements. In the event the award does not vest, the shares will be retained by the Company and sold. The total number of Enova shares of common stock subject to award agreements was 685,087 as of December 31, 2014, representing approximately 2.1% of the then-outstanding shares of Enova common stock. | |||||||||||||
All of the retained shares of Enova common stock (including shares retained for delivery under the Company’s long-term incentive plans) are classified as “available-for-sale securities” in accordance with ASC 320. Activity during the year ended December 31, 2014 for the Enova shares retained by the Company is shown below: | |||||||||||||
Enova Shares Held by the Company (a) | Enova Shares to be Issued for RSU awards | Enova Shares to be Issued for Director Deferred Shares | Total | ||||||||||
Enova shares retained upon Enova Spin-off | 5,890,116 | 677,918 | 28,893 | 6,596,927 | |||||||||
Forfeitures (b) | 21,724 | (21,724 | ) | — | — | ||||||||
Shares held as of December 31, 2014 | 5,911,840 | 656,194 | 28,893 | 6,596,927 | |||||||||
% ownership of Enova as of December 31, 2014 | 17.9 | % | 2 | % | 0.1 | % | 20 | % | |||||
(a) Does not include shares retained for delivery under the Company’s long-term incentive plans. | |||||||||||||
(b) Shares allocated to satisfy future RSU award issuances, upon forfeit, are re-allocated to Enova shares that are held and are to be disposed of by the Company. | |||||||||||||
In connection with the Enova Spin-off, the Company recorded a $82.2 million reduction to retained earnings and a $2.6 million increase to AOCI. Additionally, the Company recorded a $0.3 million deferred tax liability difference between the tax basis in the retained shares of Enova common stock of approximately $20.0 million and the basis for financial reporting purposes. ASC 320 requires the shares to be marked to market with unrealized gains and losses recorded in AOCI until realized or until losses are deemed to be other-than-temporary. As of December 31, 2014, the investment in Enova shares was adjusted to $131.6 million and AOCI was adjusted by $72.0 million, net of tax, which is included in “Marketable equity securities, net of tax” in the consolidated statements of equity. The Company does not have the ability to significantly influence the operating or financial policies of Enova. | |||||||||||||
As the Enova Spin-off represents a strategic shift that will have a major effect on the Company’s operations, the net assets, operating results, and cash flows of the Company’s previously-held Enova business are presented separately as discontinued operations for all periods presented. | |||||||||||||
Enova is now a stand-alone public company that separately reports its financial results. Due to differences between the basis of presentation for discontinued operations and the basis of presentation as a stand-alone | |||||||||||||
company, the financial results of Enova included within discontinued operations for the Company may not be indicative of actual financial results of Enova as a stand-alone company. | |||||||||||||
The results of Enova’s business included in discontinued operations for the years ended December 31, 2014, 2013 and 2012 are summarized in the following tables. | |||||||||||||
The carrying amounts of the major classes of the assets and liabilities for the discontinued operations as of December 31, 2013 are shown below (dollars in thousands). Amounts for “Cash and cash equivalents” and “Accounts payable and accrued expenses,” respectively, shown below were decreased by $2.0 million from amounts previously reported in the Company’s financial statements to reclassify certain liabilities as in-transit cash disbursements due to the timing of payments for certain contracts. Management determined that the impact on previously-issued financial statements was immaterial. | |||||||||||||
As of December 31, 2013 | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 47,480 | |||||||||||
Consumer loans, net | 304,109 | ||||||||||||
Other receivables and prepaid expenses | 8,686 | ||||||||||||
Current and deferred tax assets | 30,314 | ||||||||||||
Current assets of discontinued operations | 390,589 | ||||||||||||
Property and equipment, net | 39,405 | ||||||||||||
Goodwill | 210,365 | ||||||||||||
Other non-current assets | 6,331 | ||||||||||||
Non-current assets of discontinued operations | 256,101 | ||||||||||||
Total assets of discontinued operations | $ | 646,690 | |||||||||||
Liabilities | |||||||||||||
Accounts payable and accrued expenses | 51,554 | ||||||||||||
Note payable to Cash America International, Inc. | 425,413 | ||||||||||||
Current liabilities of discontinued operations | 476,967 | ||||||||||||
Deferred tax liabilities | 45,003 | ||||||||||||
Other liabilities | 51 | ||||||||||||
Non-current liabilities of discontinued operations | 45,054 | ||||||||||||
Total liabilities of discontinued operations | $ | 522,021 | |||||||||||
Summarized income statement and supplemental cash flow information for the discontinued operations for the years ended December 31, 2014, 2013 and 2012, is shown below (dollars in thousands, except per share data). Information for the year ended December 31, 2014 includes only income, expense and cash flow activity prior to the date of the Enova Spin-off. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | |||||||||||||
Consumer loan fees | $ | 705,120 | $ | 764,972 | $ | 659,628 | |||||||
Other | 658 | 1,197 | 1,359 | ||||||||||
Total Revenue | 705,778 | 766,169 | 660,987 | ||||||||||
Cost of Revenue | |||||||||||||
Consumer loan loss provision | 229,816 | 317,896 | 287,069 | ||||||||||
Total Cost of Revenue | 229,816 | 317,896 | 287,069 | ||||||||||
Net Revenue | 475,962 | 448,273 | 373,918 | ||||||||||
Expenses | |||||||||||||
Operations and administration | 256,466 | 280,515 | 234,358 | ||||||||||
Depreciation and amortization | 15,698 | 17,143 | 13,272 | ||||||||||
Total Expenses | 272,164 | 297,658 | 247,630 | ||||||||||
Income from Operations | 203,798 | 150,615 | 126,288 | ||||||||||
Interest expense | (31,317 | ) | (19,842 | ) | (20,996 | ) | |||||||
Interest income | 16 | 54 | — | ||||||||||
Foreign currency transaction gain (loss) | (539 | ) | (1,222 | ) | (342 | ) | |||||||
Income before Income Taxes | 171,958 | 129,605 | 104,950 | ||||||||||
Provision for income taxes | 62,933 | 46,259 | 38,381 | ||||||||||
Net Income from Discontinued Operations | $ | 109,025 | $ | 83,346 | $ | 66,569 | |||||||
Diluted Income per Share from Discontinued Operations | $ | 3.72 | $ | 2.72 | $ | 2.12 | |||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash flows from investing activities | |||||||||||||
Capital expenditures | $ | 11,681 | $ | 14,872 | $ | 17,872 | |||||||
Significant non-cash operating items | |||||||||||||
Non-cash interest expense on note payable to Cash America | $ | — | $ | 19,844 | $ | 21,005 | |||||||
Significant non-cash investing items | |||||||||||||
Consumer loans renewed | $ | 262,458 | $ | 500,797 | $ | 620,097 | |||||||
Cash paid during the year for: | |||||||||||||
Interest | $ | 7,630 | $ | — | $ | — | |||||||
Income taxes (a) | $ | 758 | $ | 170 | $ | 499 | |||||||
(a) Represents cash paid for state and local income taxes. Federal income tax payments for 2014, 2013 and 2012 were made by Cash America. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Acquisitions and Divestitures | 4. Acquisitions and Divestitures | |||
Acquisitions | ||||
Goodwill arising from the acquisitions discussed below consists largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn lending locations acquired. All goodwill from the following acquisitions, which were completed prior to the Company’s change in 2014 to a one-segment structure, impacted the Company’s retail services segment. All goodwill associated with these acquisitions is expected to be deductible for tax purposes. | ||||
Acquisition of 34 Pawn Lending Locations in Georgia and North Carolina | ||||
In December 2013, the Company completed the acquisition of substantially all of the assets of a 34-store chain of pawn lending locations in Georgia and North Carolina (31 locations in Georgia and three locations in North Carolina) owned by PawnMart, Inc. The aggregate purchase price for the acquisition was approximately $61.1 million, of which $0.5 million was paid in 2014. The acquisition price was paid in cash and funded by available cash and borrowings under the Company’s line of credit. The Company incurred approximately $0.6 million of acquisition costs related to the acquisition, which were expensed. | ||||
The allocation of the purchase price for this acquisition is as follows (dollars in thousands): | ||||
Pawn loans | $ | 10,510 | ||
Merchandise acquired | 3,695 | |||
Pawn loan fees and service charges receivable | 1,639 | |||
Property and equipment | 2,631 | |||
Goodwill | 35,190 | |||
Intangible assets | 6,834 | |||
Other assets | 1,262 | |||
Other liabilities | (218 | ) | ||
Customer deposits | (426 | ) | ||
Net assets acquired | $ | 61,117 | ||
Cash consideration payable as of December 31, 2013 | (500 | ) | ||
Total consideration paid for acquisition, net of cash acquired, as of December 31, 2013 | 60,617 | |||
Cash paid in 2014 related to holdbacks | 500 | |||
Total cash paid for acquisition | $ | 61,117 | ||
Acquisition of 41 Pawn Lending Locations in Texas | ||||
In August 2013, the Company completed the acquisition of substantially all of the assets of a chain of pawn lending locations in Texas that included 41 operating locations and the rights to one additional Texas pawn lending location (that was under construction but not open for business at the time of the acquisition), all of which were acquired from TDP Superstores Corp. and operated primarily under the name “Top Dollar Pawn.” The aggregate consideration paid for the acquisition was approximately $103.7 million. The acquisition price was paid in cash and funded by available cash and borrowings under the Company’s line of credit. The Company incurred approximately $0.4 million of acquisition costs related to this transaction, which were expensed. | ||||
The allocation of the purchase price for this acquisition is as follows (dollars in thousands): | ||||
Pawn loans | $ | 14,468 | ||
Merchandise acquired | 8,024 | |||
Pawn loan fees and service charges receivable | 2,094 | |||
Property and equipment | 4,230 | |||
Goodwill | 62,335 | |||
Intangible assets | 14,404 | |||
Other assets | 383 | |||
Other liabilities | (829 | ) | ||
Customer deposits | (1,365 | ) | ||
Total consideration paid for acquisition, net of cash acquired | $ | 103,744 | ||
Acquisition of Nine-Store Chain of Pawn Lending Locations in Arizona | ||||
In October 2012, the Company completed the acquisition of substantially all of the assets of a nine-store chain of pawn lending locations in Arizona owned by Ca$h Corporation, Pawn Corp #1, Inc., Pawncorp #2, Inc. and Pawncorp #4, Inc. The aggregate cash consideration paid for this transaction, which was funded through the Company’s line of credit, was approximately $15.6 million. The Company incurred an immaterial amount of acquisition costs related to the transaction. | ||||
The allocation of the purchase price for this acquisition is as follows (dollars in thousands): | ||||
Pawn loans | $ | 3,887 | ||
Merchandise held for disposition | 712 | |||
Pawn loan fees and service charges receivable | 509 | |||
Property and equipment | 200 | |||
Goodwill | 7,662 | |||
Intangible assets | 2,500 | |||
Other assets | 103 | |||
Customer deposits | (14 | ) | ||
Net assets acquired | $ | 15,559 | ||
Cash consideration payable as of December 31, 2012 | (128 | ) | ||
Total consideration paid for acquisition as of December 31, 2012 | 15,431 | |||
Cash paid in 2013 upon receipt of regulatory licenses | 128 | |||
Total cash paid for acquisition | $ | 15,559 | ||
Acquisition of 25-Store Chain of Pawn Lending Locations in Kentucky, North Carolina and Tennessee | ||||
In September 2012, the Company entered into an agreement to acquire substantially all of the assets of a 25-store chain of pawn lending locations located in Kentucky, North Carolina, and Tennessee owned by Standon, Inc., Casa Credit, Inc., Classic Credit, Inc. and Falcon Credit, Inc. The Company assumed the economic benefits of all these of these pawnshops by operating them under management agreements that commenced on September 27, 2012, and the final closing occurred on December 16, 2012. The aggregate cash consideration for the transaction, which was funded through the Company’s line of credit, was $55.1 million. The Company incurred an immaterial amount of acquisition costs related to the acquisition. | ||||
The allocation of the purchase price for this acquisition is as follows (dollars in thousands): | ||||
Pawn loans | $ | 7,057 | ||
Merchandise held for disposition | 7,534 | |||
Pawn loan fees and service charges receivable | 1,506 | |||
Property and equipment | 631 | |||
Goodwill | 31,521 | |||
Intangible assets | 8,000 | |||
Customer deposits | (1,158 | ) | ||
Total consideration paid for acquisition | $ | 55,091 | ||
Pawn Partners Acquisition | ||||
In November 2011, the Company entered into an agreement to acquire substantially all of the assets of Pawn Partners, Inc., Pawn Partners -Tucson, Inc., Pawn Partners-Tucson II, Inc., Pawn Partners-Tucson 3, Inc., Pawn Partners-Tucson 4, Inc. and Pawn Partners-Yuma, Inc. The Company assumed the economic benefits of these pawnshops by operating them under a management arrangement that commenced on November 30, 2011, and the final closing occurred in the first quarter of 2012. The acquisition included a seven-store chain of pawn lending locations located in Tucson, Flagstaff and Yuma, Arizona. The aggregate cash consideration for the transaction, which was funded through the Company’s line of credit, was $53.6 million, of which $4.3 million was paid in 2012. The Company incurred acquisition costs of $0.1 million related to the acquisition. | ||||
Other Acquisitions | ||||
In addition to the acquisitions discussed above, the Company acquired one, one and three retail services locations for $0.7 million, $0.7 million and $3.2 million during the years ended December 31, 2014, 2013 and 2012, respectively. | ||||
Divestitures | ||||
On August 25, 2014, the Company completed the divestiture of its 47 pawn lending locations in Mexico for cash consideration of approximately $18.5 million, net of cash held at the date of divestiture, including consideration related to a non-compete agreement. These 47 Mexico pawn lending locations were previously included in the retail services segment. The Company recorded a loss of $2.8 million on the sale and a $2.1 million expense related to an uncollectible receivable incurred as a result of the Company’s discontinuation of its Mexico-based pawn operations. The combined amounts are included in “Loss on divestitures” in the Company’s consolidated statements of income and cash flows. The Company included $6.4 million of goodwill in the carrying value of the business in accordance with ASC 350. The Company used the proceeds from the sale for general corporate purposes. Following the sale, the Company had no continuing involvement with these entities. This divestiture did not qualify as a discontinued operation in accordance with ASU 2014-08 as it did not have a major effect on the Company’s operations and financial results. | ||||
On August 25, 2014, the Company also completed the divestiture of its five pawn lending locations in Colorado for cash consideration of approximately $3.0 million, net of cash held at the date of divestiture. These locations were previously included in the retail services segment and represented all of the locations operated by the Company in Colorado. The Company recorded a loss of $0.3 million on the sale, which is included in “Loss on divestitures” in the Company’s consolidated statements of income and cash flows. The Company used the proceeds from the sale for general corporate purposes. |
Credit_Quality_Information_On_
Credit Quality Information On Pawn Loans | 12 Months Ended |
Dec. 31, 2014 | |
Credit Quality Information On Pawn Loans [Abstract] | |
Credit Quality Information On Pawn Loans | 5. Credit Quality Information on Pawn Loans |
The Company manages its pawn loan portfolio by monitoring the type and adequacy of collateral compared to historical gross profit margins. If a pawn loan defaults, the Company relies on the disposition of pawned property to recover the principal amount of an unpaid pawn loan, plus a yield on the investment, because the Company’s pawn loans are non-recourse against the customer. In addition, the customer’s creditworthiness does not affect the Company’s financial position or results of operations. Generally, forfeited merchandise has historically sold for an amount in excess of the cost of goods sold (which is the cost basis in the loan or the amount paid for purchased merchandise) or fair value. Goods pledged to secure pawn loans are tangible personal property items such as jewelry, tools, televisions and other electronics, musical instruments and other miscellaneous items. A pawn loan is considered delinquent if the customer does not repay or, where allowed by law, renew or extend the loan on or prior to its contractual maturity date plus any applicable grace period. Pawn loan fees and service charges do not accrue on delinquent pawn loans. When a pawn loan is considered delinquent, any accrued pawn loan fees and service charges are reversed and no additional pawn loan fees and service charges are accrued. As of December 31, 2014 and 2013, the Company had current pawn loans outstanding of $244.1 million and $251.9 million, respectively, and delinquent pawn loans outstanding of $8.0 million and $9.2 million, respectively. |
Consumer_Loans_Credit_Quality_
Consumer Loans, Credit Quality Information on Consumer Loans, Allowances And Liabilities For Estimated Losses On Consumer Loans and Guarantees of Consumer Loans | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans [Abstract] | ||||||||||||
Consumer Loans, Credit Quality Information on Consumer Loans, Allowances And Liabilities For Estimated Losses On Consumer Loans and Guarantees of Consumer Loans | he components of Company-owned consumer loan portfolio receivables at December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||
As of December 31, 2014 | ||||||||||||
Short-term | Installment | Total | ||||||||||
Loans | Loans | |||||||||||
Current loans | $ | 38,492 | $ | 3,486 | $ | 41,978 | ||||||
Delinquent loans | 4,462 | 2,575 | 7,037 | |||||||||
Total consumer loans, gross | 42,954 | 6,061 | 49,015 | |||||||||
Less: Allowance for losses | (2,736 | ) | (1,426 | ) | (4,162 | ) | ||||||
Consumer loans, net | $ | 40,218 | $ | 4,635 | $ | 44,853 | ||||||
As of December 31, 2013 | ||||||||||||
Short-term | Installment | Total | ||||||||||
Loans | Loans | |||||||||||
Current loans | $ | 43,375 | $ | 6,970 | $ | 50,345 | ||||||
Total delinquent loans | 6,481 | 2,817 | 9,298 | |||||||||
Total consumer loans, gross | 49,856 | 9,787 | 59,643 | |||||||||
Less: Allowance for losses | (3,960 | ) | (951 | ) | (4,911 | ) | ||||||
Consumer loans, net | $ | 45,896 | $ | 8,836 | $ | 54,732 | ||||||
Changes in the allowance for losses for the Company-owned loans and the liability for estimated losses on the Company’s guarantees of third-party lender-owned loans through the CSO programs for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | ||||||||||||
Year Ended December 31, 2014 | ||||||||||||
Short-term | Installment | Total | ||||||||||
Loans | Loans | |||||||||||
Allowance for losses for Company-owned consumer loans: | ||||||||||||
Balance at beginning of period | $ | 3,960 | $ | 951 | $ | 4,911 | ||||||
Consumer loan loss provision | 23,139 | 7,840 | 30,979 | |||||||||
Charge-offs | (28,956 | ) | (9,229 | ) | (38,185 | ) | ||||||
Recoveries | 4,593 | 1,864 | 6,457 | |||||||||
Balance at end of period | $ | 2,736 | $ | 1,426 | $ | 4,162 | ||||||
Liability for third-party lender-owned consumer loans: | ||||||||||||
Balance at beginning of period | $ | 272 | $ | 758 | $ | 1,030 | ||||||
Increase (decrease) in liability | 130 | (100 | ) | 30 | ||||||||
Balance at end of period | $ | 402 | $ | 658 | $ | 1,060 | ||||||
Year Ended December 31, 2013 | ||||||||||||
Short-term | Installment | Total | ||||||||||
Loans | Loans | |||||||||||
Allowance for losses for Company-owned consumer loans: | ||||||||||||
Balance at beginning of period | $ | 4,039 | $ | 740 | $ | 4,779 | ||||||
Consumer loan loss provision | 27,549 | 5,652 | 33,201 | |||||||||
Charge-offs | (32,972 | ) | (6,688 | ) | (39,660 | ) | ||||||
Recoveries | 5,344 | 1,247 | 6,591 | |||||||||
Balance at end of period | $ | 3,960 | $ | 951 | $ | 4,911 | ||||||
Liability for third-party lender-owned consumer loans: | ||||||||||||
Balance at beginning of period | $ | 308 | $ | 564 | $ | 872 | ||||||
(Decrease) increase in liability | (36 | ) | 194 | 158 | ||||||||
Balance at end of period | $ | 272 | $ | 758 | $ | 1,030 | ||||||
Year Ended December 31, 2012 | ||||||||||||
Short-term | Installment | Total | ||||||||||
Loans | Loans | |||||||||||
Allowance for losses for Company-owned consumer loans: | ||||||||||||
Balance at beginning of period | $ | 3,526 | $ | 492 | $ | 4,018 | ||||||
Consumer loan loss provision | 25,308 | 3,823 | 29,131 | |||||||||
Charge-offs | (32,335 | ) | (4,476 | ) | (36,811 | ) | ||||||
Recoveries | 7,540 | 901 | 8,441 | |||||||||
Balance at end of period | $ | 4,039 | $ | 740 | $ | 4,779 | ||||||
Liability for third-party lender-owned consumer loans: | ||||||||||||
Balance at beginning of period | $ | 333 | $ | 445 | $ | 778 | ||||||
(Decrease) increase in liability | (25 | ) | 119 | 94 | ||||||||
Balance at end of period | $ | 308 | $ | 564 | $ | 872 | ||||||
In connection with its CSO programs, the Company guarantees consumer loan payment obligations to unrelated third-party lenders for short-term loans, unsecured installment loans and installment loans that are secured by a customer’s vehicle, and the Company is required to purchase any defaulted loans it has guaranteed. The guarantee represents an obligation to purchase specific loans that go into default. See Note 13 for additional information related to these guarantees. |
Prepaid_Expenses_And_Other_Ass
Prepaid Expenses And Other Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Prepaid Expense and Other Assets [Abstract] | ||||||||
Prepaid Expenses And Other Assets | 7. Prepaid Expenses and Other Assets | |||||||
Prepaid expenses and other assets as of December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
Nonqualified plan-related assets | $ | 12,838 | $ | 14,016 | ||||
Prepaid insurance | 1,621 | 1,381 | ||||||
Prepaid hardware and software maintenance | 2,475 | 2,074 | ||||||
Other prepaid expenses | 1,818 | 4,547 | ||||||
Other assets | 2,565 | 2,951 | ||||||
Total | $ | 21,317 | $ | 24,969 | ||||
Property_And_Equipment
Property And Equipment | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||
Property And Equipment | 8. Property and Equipment | |||||||||||||||||||||||
Major classifications of property and equipment as of December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Depreciation | Depreciation | |||||||||||||||||||||||
Land | $ | 5,335 | $ | — | $ | 5,335 | $ | 5,335 | $ | — | $ | 5,335 | ||||||||||||
Buildings and leasehold improvements | 237,247 | (146,698 | ) | 90,549 | 235,525 | (135,823 | ) | 99,702 | ||||||||||||||||
Furniture, fixtures and equipment | 155,150 | (114,577 | ) | 40,573 | 150,543 | (103,224 | ) | 47,319 | ||||||||||||||||
Computer software | 139,277 | (74,680 | ) | 64,597 | 130,097 | (60,635 | ) | 69,462 | ||||||||||||||||
Total | $ | 537,009 | $ | (335,955 | ) | $ | 201,054 | $ | 521,500 | $ | (299,682 | ) | $ | 221,818 | ||||||||||
The Company recognized depreciation expense of $54.4 million, $50.6 million and $52.9 million during 2014, 2013 and 2012, respectively. |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill And Other Intangible Assets | 9. Goodwill and Other Intangible Assets | |||||||||||||||||||||||
Goodwill and indefinite lived intangible assets are tested for impairment at least annually. See Note 2 for further discussion of the Company’s goodwill testing in 2014. | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Changes in the carrying value of goodwill for the years ended December 31, 2014 and 2013 are shown in the table below (dollars in thousands). | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Balance as of January 1, 2014 | $ | 495,214 | ||||||||||||||||||||||
Acquisitions | 165 | |||||||||||||||||||||||
Divestitures | (7,508 | ) | ||||||||||||||||||||||
Effect of foreign currency translation | (302 | ) | ||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 487,569 | ||||||||||||||||||||||
Balance as of January 1, 2013 | $ | 397,845 | ||||||||||||||||||||||
Acquisitions | 97,718 | |||||||||||||||||||||||
Effect of foreign currency translation | (349 | ) | ||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 495,214 | ||||||||||||||||||||||
Acquired Intangible Assets | ||||||||||||||||||||||||
Acquired intangible assets that are subject to amortization as of December 31, 2014 and 2013, were as follows (dollars in thousands): | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
Non-competition agreements | $ | 18,848 | $ | (13,520 | ) | $ | 5,328 | $ | 18,773 | $ | (11,737 | ) | $ | 7,036 | ||||||||||
Customer relationships | 45,771 | (20,407 | ) | 25,364 | 45,648 | (15,656 | ) | 29,992 | ||||||||||||||||
Trademarks and other | 586 | (451 | ) | 135 | 586 | (404 | ) | 182 | ||||||||||||||||
Total | $ | 65,205 | $ | (34,378 | ) | $ | 30,827 | $ | 65,007 | $ | (27,797 | ) | $ | 37,210 | ||||||||||
Non-competition agreements are amortized over the applicable terms of the contract, typically from two to ten years. Customer relationships are generally amortized on a straight-line basis over three to ten years, based on the period over which economic benefits are provided. Trademarks are generally amortized from one to three years on a straight line basis. | ||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Amortization expense for acquired intangible assets was $6.6 million, $5.5 million and $9.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
For each of the five years after December 31, 2014, estimated future amortization expense is as follows (dollars in thousands): | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Total | |||||||||||||||||||
Estimated future amortization expense | 6,438 | 6,044 | 5,456 | 5,155 | 4,717 | 27,810 | ||||||||||||||||||
Indefinite-Lived Intangible Assets | ||||||||||||||||||||||||
As of December 31, 2014 and 2013, licenses of $9.7 million obtained in conjunction with acquisitions were not subject to amortization. As of December 31, 2014 and 2013, trademarks of $5.3 million obtained in conjunction with acquisitions were not subject to amortization. Costs to renew licenses with indefinite lives are expensed as incurred and recorded in “Operations and administration expenses” in the consolidated statements of income. |
Accounts_Payable_And_Accrued_E
Accounts Payable And Accrued Expenses | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ||||||||
Accounts Payable And Accrued Expenses | 10. Accounts Payable and Accrued Expenses | |||||||
Accounts payable and accrued expenses as of December 31, 2014 and 2013, were as follows (dollars in thousands): | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
Trade accounts payable | $ | 13,800 | $ | 13,278 | ||||
Accrued taxes, other than income taxes | 8,242 | 8,407 | ||||||
Accrued payroll, annual incentive and fringe benefits | 41,613 | 29,876 | ||||||
Accrued interest payable | 1,658 | 4,839 | ||||||
Accrual for consumer loan payments rejected for non-sufficient funds | 1,049 | 1,233 | ||||||
Deferred CSO fees | 3,025 | 5,205 | ||||||
Liability for losses on third-party lender-owned consumer loans | 1,060 | 1,030 | ||||||
Ohio Reimbursement Program(a) | — | 301 | ||||||
2013 Litigation Settlement(a) | — | 18,000 | ||||||
Other accrued liabilities | 3,884 | 6,345 | ||||||
Total | $ | 74,331 | $ | 88,514 | ||||
(a) | See Note 13 for further discussion of the Ohio Reimbursement Program and the 2013 Litigation Settlement. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||
Long-Term Debt | 11. Long-Term Debt | |||||||
The Company’s long-term debt instruments and balances outstanding as of December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
Domestic and multi-currency line of credit due 2018 | $ | — | $ | 193,717 | ||||
6.09% Series A senior unsecured notes due 2016 | — | 21,000 | ||||||
7.26% senior unsecured notes due 2017 | — | 20,000 | ||||||
Variable rate senior unsecured notes due 2018 | — | 33,333 | ||||||
5.75% senior unsecured notes due 2018 | 196,470 | 300,000 | ||||||
6.00% Series A senior unsecured notes due 2019 | — | 47,000 | ||||||
6.21% Series B senior unsecured notes due 2021 | — | 18,182 | ||||||
6.58% Series B senior unsecured notes due 2022 | — | 5,000 | ||||||
5.25% convertible senior notes due 2029 | — | 101,757 | ||||||
Total debt | $ | 196,470 | $ | 739,989 | ||||
Less current portion | — | (22,606 | ) | |||||
Total long-term debt | $ | 196,470 | $ | 717,383 | ||||
Domestic and Multi-Currency Line | ||||||||
On March 30, 2011, the Company and its domestic subsidiaries as guarantors entered into a Credit Agreement with a syndicate of financial institutions as lenders. The Credit Agreement was amended on each of November 29, 2011, May 10, 2013, May 12, 2014, June 13, 2014 and December 23, 2014. The Credit Agreement, as amended, provides for a Domestic and Multi-currency Line of Credit totaling $280.0 million permitting revolving credit loans, including a multi-currency subfacility that gives the Company the ability to borrow up to $50.0 million that may be in specified foreign currencies, subject to the terms and conditions of the Credit Agreement, and also subject to an accordion feature whereby the revolving line of credit may be increased up to an additional $100.0 million with the consent of any increasing lenders. | ||||||||
The May and June 2014 amendments to the Credit Agreement permitted (i) Enova to issue debt prior to the Enova Spin-off , (ii) in conjunction with the Enova Spin-off, the release of Enova and its subsidiaries as guarantors under the Credit Agreement and (iii) the prepayment of certain outstanding indebtedness. In addition, the December 2014 amendment to the Credit Agreement provides (i) that any acceleration or demand for acceleration, repayment, redemption or repurchase of or any default or event of default under the 2018 Senior Notes or the 2018 Senior Notes Indenture, which is referred to as Other Debt Action, proximately caused by the Enova Spin-off will not result in a default or event of default under the Credit Agreement and that any such Other Debt Action will not be deemed an event that could reasonably be expected to give rise to or have a material adverse effect under the Credit Agreement, and (ii) until such time as the Company notifies the Administrative Agent for the Credit Agreement that the provision described in subsection (i) above is no longer required, the Company is subject to a minimum level of liquidity as defined in the amendment. | ||||||||
Interest on the Domestic and Multi-currency Line of Credit is charged, at the Company’s option, at either the LIBOR for one week or one-, two-, three- or six-month periods, as selected by the Company, plus a margin varying from 2.00% to 3.25% or at the agent’s base rate plus a margin varying from 0.50% to 1.75%. The margin for the Domestic and Multi-currency Line of Credit is dependent on the Company’s cash flow leverage ratios as defined in the Credit Agreement. The Company also pays a fee on the unused portion of the Domestic and Multi-currency Line of Credit ranging from 0.25% to 0.50% (0.38% at December 31, 2014) based on the Company’s cash flow leverage ratios. | ||||||||
In May 2014, following receipt of aggregate dividend payments of $122.4 million from Enova and receipt of $431.0 million from Enova for repayment of the Enova Note Receivable, the Company repaid the entire amount outstanding on the Domestic and Multi-currency Line of Credit. As of December 31, 2014, the Company had no borrowings outstanding under the Domestic and Multi-currency Line of Credit. As of December 31, 2013, borrowings under the Company’s Domestic and Multi-currency Line of Credit consisted of three pricing tranches with maturity dates ranging from three to 31 days. The weighted average interest rate (including margin) on the Domestic and Multi-currency Line of Credit was 3.30% at December 31, 2013. The Company routinely refinances such borrowings pursuant to the terms of its Domestic and Multi-currency Line of Credit. Therefore, these borrowings are considered part of the applicable line of credit and as long-term debt. | ||||||||
Variable Rate Senior Unsecured Notes | ||||||||
When the Company entered into the Credit Agreement, it also entered into a $50.0 million term loan facility under which it issued the 2018 Variable Rate Notes. The maturity date of the 2018 Variable Rate Notes was March 31, 2018, but in connection with the proceeds received from Enova’s repayment of amounts owed to the Company under the Enova Note Receivable, the Company prepaid the entire amount outstanding on the 2018 Variable Rate Notes. | ||||||||
In conjunction with the prepayment of the 2018 Variable Rate Notes during the three months ended June 30, 2014, the Company recorded a loss on early extinguishment of debt of approximately $0.1 million, which is included in “Loss on early extinguishment of debt” in the consolidated statements of income. | ||||||||
Letter of Credit Facility | ||||||||
When the Company entered into the Credit Agreement, it also entered into an LC Agreement for the issuance of up to $20.0 million under a Letter of Credit Facility that is guaranteed by the Company’s domestic subsidiaries and matures on March 31, 2018. In the event that an amount is paid by the issuing bank under a stand-by letter of credit, it will be due and payable by the Company on demand, and amounts due by the Company under the LC Agreement will bear interest annually at a rate that is the lesser of (a) 2% above the prime rate for Wells Fargo Bank, National Association or (b) the maximum rate of interest permissible under applicable laws. The LC Agreement also requires the Company to pay quarterly fees equal to the applicable margin set forth in the LC Agreement on the undrawn amount of the credit outstanding. The Company had standby letters of credit of $12.0 million under its Letter of Credit Facility as of December 31, 2014. | ||||||||
$300.0 Million 5.75% Senior Unsecured Notes | ||||||||
On May 15, 2013, the Company issued and sold the 2018 Senior Notes. The 2018 Senior Notes bear interest at a rate of 5.75% annually on the principal amount, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2013. The 2018 Senior Notes will mature on May 15, 2018. The 2018 Senior Notes were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act, and outside the United States pursuant to Regulation S under the Securities Act. As required by a registration rights agreement that the Company entered into with the initial purchasers when the 2018 Senior Notes were issued, the Company completed an exchange offer with respect to the 2018 Senior Notes in January 2014. All of the unregistered 2018 Senior Notes have been exchanged for identical new notes registered under the Securities Act. | ||||||||
In connection with the issuance and registration of the 2018 Senior Notes, the Company incurred debt issuance and registration costs of approximately $8.8 million, which primarily consisted of underwriting fees, legal and other professional expenses. These costs are being amortized over a period of five years and are included in “Other assets” in the consolidated balance sheets. | ||||||||
The 2018 Senior Notes are senior unsecured debt obligations of the Company and are guaranteed by the Guarantors. The Guarantors have guaranteed fully and unconditionally, on a joint and several basis, the obligations to pay principal and interest for the 2018 Senior Notes. As of December 31, 2014, the Parent Company, on a stand-alone unconsolidated basis, had no independent assets or operations, except for an asset representing its retained shares of Enova (6,568,034 shares) valued at $131.6 million (based on the closing price of Enova common stock on December 31, 2014). Of the Company’s retained shares of Enova common stock, 5,955,249 shares were transferred by the Company to a Guarantor subsidiary on February 27, 2015. As of December 31, 2014, the Guarantors represent all of the subsidiaries of the Company, and all of the Guarantors were 100% owned by the Company. The domestic Guarantors under the 2018 Senior Notes are also guarantors under the Credit Agreement. The 2018 Senior Notes Indenture provides that if any of the Guarantors is released from its guarantees of the Company’s borrowings and obligations under the Credit Agreement, that Guarantor’s guaranty of the 2018 Senior Notes will also be released. | ||||||||
The 2018 Senior Notes are redeemable at the Company’s option, in whole or in part, at any time at 100% of the aggregate principal amount of 2018 Senior Notes redeemed plus the applicable “make whole” redemption price specified in the 2018 Senior Notes Indenture, plus accrued and unpaid interest, if any, to the redemption date. In addition, if a change of control occurs, as that term is defined in the 2018 Senior Notes Indenture, the holders of 2018 Senior Notes will have the right, subject to certain conditions, to require the Company to repurchase their 2018 Senior Notes at a purchase price equal to 101% of the aggregate principal amount of 2018 Senior Notes repurchased plus accrued and unpaid interest, if any, as of the date of repurchase. | ||||||||
During the year ended December 31, 2014, the Company repurchased $103.5 million aggregate principal amount of the 2018 Senior Notes for aggregate cash consideration of $107.2 million plus accrued interest. In connection with these purchases, the Company recorded a loss on early extinguishment of debt of approximately $6.0 million, which is included in “Loss on early extinguishment of debt” in the consolidated statements of income. | ||||||||
2029 Convertible Notes | ||||||||
On May 19, 2009, the Company completed the offering of the 2029 Convertible Notes. During 2014, the Company notified the holders of its outstanding 2029 Convertible Notes that on May 15, 2014, it would redeem all outstanding 2029 Convertible Notes, and as a result of this notification, all holders of outstanding 2029 Convertible Notes elected conversion on May 15, 2014. Pursuant to the terms of the 2029 Convertible Notes, the Company elected to pay cash for the $44.4 million of principal amount of all converted notes outstanding at that date, plus accrued interest, and to re-issue 747,085 shares of common stock held in treasury for the amount in excess of principal owed to noteholders as a result of the net-share settlement provisions in the Indenture that governs the 2029 Convertible Notes. In accordance with ASC 470, no gain or loss was recorded in the consolidated statements of income for the conversion. Additionally, the Company’s consolidated shareholders’ equity was not changed as a result of this activity. | ||||||||
During the three months ended March 31, 2014 and prior to the conversion of the 2029 Convertible Notes, the Company repurchased $58.6 million principal amount of the 2029 Convertible Notes in privately-negotiated transactions for aggregate cash consideration of $89.5 million plus accrued interest. In connection with these purchases, the Company recorded a loss on early extinguishment of debt of approximately $1.5 million, which is included in “Loss on early extinguishment of debt” in the consolidated statements of income, and a $30.3 million decrease to additional paid-in capital, which is included in “Repurchases and conversion of convertible debt” in the consolidated statements of equity. | ||||||||
Contractual interest expense recognized for the 2029 Convertible Notes was $1.3 million and $5.9 million for the year ended December 31, 2014 and 2013, respectively. Additionally, interest expense related to non-cash amortization of the discount represented $0.7 million and $3.3 million for the year ended December 31, 2014 and 2013, respectively. | ||||||||
Private Placement Notes | ||||||||
On May 9, 2014, the Company and its domestic subsidiaries, as guarantors, entered into the Waiver and Amendment with respect to the Private Placement Notes, which provided for the release of Enova and its subsidiaries as guarantors of the Private Placement Notes upon completion of the issuance of debt by Enova. The Waiver and Amendment also required the Company to prepay the entire outstanding balance of Private Placement Notes, including any applicable make-whole premium, with proceeds received from Enova for repayment of amounts owed by Enova to the Company under the Enova Note Receivable and payment of a dividend by Enova to the Company. The Company completed the prepayment of the Private Placement Notes in June 2014, which included an aggregate principal repayment of $106.2 million and a make-whole premium of $14.3 million. Additionally, in conjunction with this prepayment, the Company recorded a $0.6 million expense to write-off remaining deferred financing costs associated with the Private Placement Notes. The expenses for the make-whole premium and the write-off of the deferred financing costs totaling $14.9 million are included in “Loss on early extinguishment of debt” in the consolidated statements of income. | ||||||||
Debt Agreement Compliance | ||||||||
The debt agreements for the Domestic and Multi-currency Line of Credit and the 2018 Senior Notes require the Company to maintain certain financial ratios. As of December 31, 2014, the Company believes it was in compliance with all covenants or other requirements set forth in the debt agreements. | ||||||||
Representatives of a small number of holders of the 2018 Senior Notes, which the Company believes own less than a majority of the aggregate principal amount of the 2018 Senior Notes, have indicated that they believe the Enova Spin-off was not permitted by the 2018 Senior Notes Indenture. These noteholders have taken the position that the Company is in default under the Indenture and that a make-whole premium is payable, in addition to principal and accrued interest. The Company disagrees with the assertion that a default exists under the 2018 Senior Notes Indenture and also disagrees that a make-whole premium would be due in the event of a default because, among other things, the 2018 Senior Notes Indenture provides that upon acceleration of the 2018 Senior Notes due to a default, the repayment remedy is the repayment of principal and accrued interest with no provision for a make-whole premium. The Company believes the position taken by these noteholders is without merit and the Company intends to vigorously defend its position on these issues if formally asserted. As of December 31, 2014, the Company had ample liquidity and capital resources, including availability under the Company’s Domestic and Multi-Currency Line of Credit, to repay the 2018 Senior Notes regardless of the outcome of this claim. | ||||||||
For each of the five years after December 31, 2014, required principal payments under the terms of the long-term debt, including the Company’s Domestic and Multi-currency Line of Credit, are as follows (dollars in thousands): | ||||||||
Year | Amount | |||||||
2015 | $ | — | ||||||
2016 | — | |||||||
2017 | — | |||||||
2018 | 196,470 | |||||||
2019 | — | |||||||
$ | 196,470 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | 12. Income Taxes | |||||||||||
The components of the Company’s deferred tax assets and liabilities as of December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Deferred finish-out allowances from lessors | $ | 157 | $ | 131 | ||||||||
Tax over book accrual of pawn loan fees and service charges | 4,752 | 5,380 | ||||||||||
Convertible debt | — | 483 | ||||||||||
Reserves for 2013 Litigation Settlement(a) | — | 6,394 | ||||||||||
Allowance for consumer loan losses | 1,778 | 2,039 | ||||||||||
Deferred compensation | 8,524 | 9,189 | ||||||||||
Net operating losses | — | 17,568 | ||||||||||
Deferred state credits | 1,358 | 1,186 | ||||||||||
Other | 2,548 | 2,380 | ||||||||||
Total deferred tax assets | 19,117 | 44,750 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Amortizable intangible assets | $ | 46,551 | $ | 40,415 | ||||||||
Property and equipment | 32,359 | 36,826 | ||||||||||
Investment in equity securities | 39,294 | — | ||||||||||
Other | 1,165 | 1,651 | ||||||||||
Total deferred tax liabilities | 119,369 | 78,892 | ||||||||||
Net deferred tax liabilities before valuation allowance | $ | (100,252 | ) | $ | (34,142 | ) | ||||||
Valuation Allowance | — | (13,824 | ) | |||||||||
Net deferred tax liabilities after valuation allowance | $ | (100,252 | ) | (47,966 | ) | |||||||
Balance sheet classification: | ||||||||||||
Current deferred tax (liabilities) assets | $ | (27,820 | ) | $ | 8,448 | |||||||
Noncurrent deferred tax liabilities | (72,432 | ) | (56,414 | ) | ||||||||
Net deferred tax liabilities | $ | (100,252 | ) | $ | (47,966 | ) | ||||||
(a) | See Note 13 for further discussion of the 2013 Litigation Settlement. | |||||||||||
The components of the provision for income taxes and the income to which it relates for the years ended December 31, 2014, 2013 and 2012, were as follows (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Loss) Income from continuing operations before income taxes | ||||||||||||
Domestic | $ | (7,938 | ) | $ | 47,475 | $ | 108,000 | |||||
Foreign | (408 | ) | (3,490 | ) | (26,630 | ) | ||||||
(Loss) Income from continuing operations before income taxes | (8,346 | ) | 43,985 | 81,370 | ||||||||
Current (benefit) provision: | ||||||||||||
Federal | $ | (12,823 | ) | $ | (20,908 | ) | $ | 42,190 | ||||
Foreign | 531 | (752 | ) | 586 | ||||||||
State and local | 1,291 | 2,098 | 4,844 | |||||||||
Total current (benefit) provision for income taxes | (11,001 | ) | (19,562 | ) | 47,620 | |||||||
Deferred provision (benefit): | ||||||||||||
Federal | $ | 12,962 | $ | 3,740 | $ | (5,872 | ) | |||||
Foreign | — | — | 4,811 | |||||||||
State and local | 80 | 317 | (284 | ) | ||||||||
Total deferred provision (benefit) for income taxes | 13,042 | 4,057 | (1,345 | ) | ||||||||
Total provision (benefit) for income taxes | $ | 2,041 | $ | (15,505 | ) | $ | 46,275 | |||||
For the year ended December 31, 2014, the Company recorded income tax expense of $2.0 million on a pre-tax loss of $8.3 million compared to an income tax benefit of $15.5 million on pre-tax income of $44.0 million for the year ended December 31, 2013. Despite incurring a pre-tax loss, income tax expense was recorded in 2014 primarily as a result of the tax impact of the write-off of non-deductible goodwill associated with the sale of the Company’s Mexico-based pawn operations and an additional valuation allowance associated with the current year losses in Mexico. An income tax benefit was recorded in 2013 primarily due to the recognition of a $33.2 million tax benefit in 2013 associated with the Creazione Deduction (as explained further below) as well as the release of reserves established for unrecognized tax benefits associated with the Company’s Mexico operations. | ||||||||||||
In January 2013, the Company’s Mexico-based pawn operations that were owned by Creazione and operated under the name Prenda Fácil were sold by Creazione to another wholly-owned subsidiary of the Company, Empeños, and began operating exclusively under the name “Cash America casa de empeño.” As of December 31, 2013, Creazione’s assets had been liquidated and it had entered into formal liquidation proceedings. In connection with the liquidation of Creazione, the Company included a deduction on its 2013 federal income tax return for its tax basis in the stock of Creazione and recognized an income tax benefit of $33.2 million as a result of the deduction, referred to as the Creazione Deduction. The Company believes that it met the requirements for this deduction and that it should be treated as an ordinary loss, which reduced the Company’s cash taxes paid in 2013. The Company obtained a private letter ruling from the IRS with respect to one of the various factors that it considered in making this determination. | ||||||||||||
The Company sold the remaining portion of its Mexico pawn operations in August of 2014. Due to the Company’s withdrawal of operations in Mexico and the anticipated liquidation of Creazione, the Company expects that its remaining net deferred tax assets in Mexico will not be utilized. As a result, in 2014, the Company wrote off Creazione’s remaining net deferred tax assets and the associated valuation allowance against those deferred tax assets. | ||||||||||||
Income tax expense included in the Company’s income (loss) from continuing and discontinued operations, respectively, is as follows (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Continuing operations | 2,041 | (15,505 | ) | 46,275 | ||||||||
Discontinuing operations | 62,933 | 46,259 | 38,381 | |||||||||
Total | 64,974 | 30,754 | 84,656 | |||||||||
A reconciliation of income taxes for continuing operations with amounts computed at the statutory federal rate follows (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Tax provision computed at the federal statutory income tax rate | $ | (2,922 | ) | $ | 15,396 | $ | 28,479 | |||||
State and local income taxes, net of federal tax benefits | 818 | 1,883 | 2,829 | |||||||||
Nondeductible lobbying | 639 | 553 | 758 | |||||||||
Foreign tax difference | 216 | (221 | ) | 1,934 | ||||||||
Investment in subsidiaries (a) | — | (23,907 | ) | (9,218 | ) | |||||||
Valuation allowance | (11,266 | ) | (8,915 | ) | 21,390 | |||||||
Non-recoverable foreign net deferred tax assets | 12,042 | — | — | |||||||||
Non-deductible goodwill | 2,232 | — | — | |||||||||
Tax effect of Regulatory Penalty(b) | — | 895 | — | |||||||||
Change in reserve for uncertain tax benefits, net | — | (1,021 | ) | — | ||||||||
Other | 282 | (168 | ) | 103 | ||||||||
Total provision (benefit) | $ | 2,041 | $ | (15,505 | ) | $ | 46,275 | |||||
Effective tax rate | (24.5 | )% | (35.3 | )% | 56.9 | % | ||||||
(a) | Relates to the Creazione Deduction for the years ended December 31, 2013 and 2012. | |||||||||||
(b) | Represents the tax effect of the $2.5 million penalty paid to the CFPB, which is nondeductible for tax purposes, in connection with the Regulatory Penalty. See Note 13. | |||||||||||
As of December 31, 2013, the Company had net operating losses totaling $58.6 million related to its Mexico subsidiary, Creazione. Mexico allows a ten-year carryforward period, and, if unutilized, these net operating losses will expire in varying amounts beginning in 2018. Due to the Company’s withdrawal of operations in Mexico and the anticipated liquidation of Creazione, these net operating losses are expected to expire unutilized. | ||||||||||||
The Company performs an evaluation of the recoverability of its deferred tax assets on a quarterly basis. The Company establishes a valuation allowance if it is more-likely-than-not (greater than 50 percent) that all or some portion of the deferred tax asset will not be realized. The Company analyzes several factors, including the nature and frequency of operating losses, the Company’s carryforward period for any losses, the reversal of future taxable temporary differences, the expected occurrence of future income or loss and the feasibility of available tax planning strategies to protect against the loss of deferred tax assets. | ||||||||||||
The Company recorded a valuation allowance against its gross deferred tax assets of $13.8 million as of December 31, 2013. In 2014, the Company released a $12.5 million valuation allowance related to the deferred tax assets at Creazione and $1.3 million upon the sale of Empeños. In 2013, the Company released a $9.3 million valuation allowance related to the deferred tax asset associated with the Company’s excess tax basis over its basis for financial reporting purposes in the stock of Creazione and recorded an additional $1.3 million valuation allowance related to deferred tax assets at its Mexico subsidiaries. | ||||||||||||
The aggregate change in the balance of the unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012 is summarized below (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at January 1, | $ | — | $ | 1,021 | $ | 955 | ||||||
Decrease due to lapse of statute of limitations | — | (1,021 | ) | — | ||||||||
Effect of change in foreign currency rates | — | — | 66 | |||||||||
Balance at December 31, | $ | — | $ | — | $ | 1,021 | ||||||
During 2013, the statute of limitations expired related to the Mexico tax returns of Creazione for periods before it was acquired by the Company (pre-2008). As a result, the Company released reserves established for unrecognized tax benefits of $1.0 million and the related accrued interest and penalties of $1.9 million. Consistent with the Company’s accounting policy, the release of the $1.0 million was recorded in the tax provision. The release of the $1.9 million of reserves related to interest and penalties was recorded through a reduction of interest and administrative expenses. | ||||||||||||
The liability for unrecognized tax benefits, including related interest and penalties, is classified as a noncurrent liability in the consolidated balance sheets. The Company had no amounts accrued as of December 31, 2014 and December 31, 2013, respectively. | ||||||||||||
As of December 31, 2014, the Company’s 2011 through 2013 tax years were open to examination by the Internal Revenue Service and major state taxing jurisdictions, and the 2009 through 2013 tax years of the Company’s former Mexican subsidiaries were open to examination by the Mexican taxing authorities. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||
Commitments And Contingencies | 13. Commitments and Contingencies | |||||||||||||||||||||
Leases | ||||||||||||||||||||||
The Company leases certain of its facilities under operating leases with terms generally from one to 10 years and certain rights to extend for additional periods. Future minimum rentals due under non-cancelable leases are as follows for each of the years ending December 31 (dollars in thousands): | ||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||
Future minimum rentals due under non-cancelable leases | 55,881 | 47,605 | 37,407 | 29,533 | 22,172 | 40,811 | $ | 233,409 | ||||||||||||||
Rent expense was $61.8 million, $58.1 million and $53.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||
Guarantees | ||||||||||||||||||||||
In connection with its CSO programs, the Company guarantees consumer loan payment obligations to unrelated third-party lenders and is required to purchase any defaulted loans it has guaranteed. The guarantee represents an obligation to purchase specific loans that go into default. Short-term loans that are guaranteed generally have terms of less than 90 days. Unsecured installment loans that are guaranteed generally have terms of two to 12 months. Installment loans secured by the customer’s vehicle that are guaranteed typically have terms of up to 60 months. As of December 31, 2014 and 2013, the amount of consumer loans guaranteed by the Company was $9.8 million and $17.5 million, respectively, representing amounts due under consumer loans originated by third-party lenders under the CSO programs. The estimated fair value of the liability related to these guarantees of $1.1 million and $1.0 million as of December 31, 2014 and 2013, respectively, is included in “Accounts payable and accrued expenses” in the consolidated balance sheets. | ||||||||||||||||||||||
Litigation | ||||||||||||||||||||||
2013 Litigation Settlement | ||||||||||||||||||||||
On August 6, 2004, James E. Strong filed a purported class action lawsuit in the State Court of Cobb County, Georgia against Georgia Cash America, Inc., Cash America International, Inc. (referred to together with Georgia Cash America, Inc., as Cash America), Daniel R. Feehan (the Company’s chief executive officer), and several unnamed officers, directors, owners and “stakeholders” of Cash America. In August 2006, James H. Greene and Mennie Johnson were permitted to join the lawsuit as named plaintiffs, and in June 2009, the court agreed to the removal of James E. Strong as a named plaintiff. The lawsuit alleged many different causes of action, among the most significant of which is that Cash America made illegal short-term loans in Georgia in violation of Georgia’s usury law, the Georgia Industrial Loan Act and Georgia’s Racketeer Influenced and Corrupt Organizations Act. First National Bank of Brookings, South Dakota and Community State Bank of Milbank, South Dakota for some time made loans to Georgia residents through Cash America’s Georgia operating locations. The complaint in this lawsuit claims that Cash America was the true lender with respect to the loans made to Georgia borrowers and that First National Bank of Brookings, South Dakota and Community State Bank of Milbank, South Dakota’s involvement in the process is “a mere subterfuge.” Based on this claim, the suit alleged that Cash America was the “de facto” lender and was illegally operating in Georgia. The complaint sought unspecified compensatory damages, attorney’s fees, punitive damages and the trebling of any compensatory damages. In November 2009 the case was certified as a class action lawsuit. | ||||||||||||||||||||||
This case was scheduled to go to trial in November 2013, but on October 9, 2013, the parties agreed to a settlement that was approved by the trial court on January 16, 2014. In accordance with ASC 450, the Company recognized a liability in 2013 in the amount of $18.0 million. The liability was recorded in “Accounts payable and accrued liabilities” in the consolidated balance sheets and “Operations and administration expense” in the consolidated statements of income for the year ended December 31, 2013. In February 2014, the amount to be paid in connection with the settlement was substantially finalized, and the amount was not materially different than the liability accrued by the Company at December 31, 2013. The final payments in connection with the settlement were paid during the first six months of 2014. The Company denies all of the material allegations of the lawsuit and denies any and all liability or wrongdoing in connection with the conduct described in the lawsuit, but the Company agreed to the settlement to eliminate the uncertainty, distraction, burden and expense of further litigation. | ||||||||||||||||||||||
The Company is also a defendant in certain routine litigation matters encountered in the ordinary course of its business. Certain of these matters are covered to an extent by insurance. In the opinion of management, the resolution of these matters is not expected to have a material adverse effect on the Company’s financial position, results of operations or liquidity. | ||||||||||||||||||||||
Consumer Financial Protection Bureau | ||||||||||||||||||||||
On November 20, 2013, the Company consented to the issuance of a Consent Order by the CFPB pursuant to which it agreed, without admitting or denying any of the facts or conclusions made by the CFPB from its 2012 review of the Company, to pay a civil money penalty of $5.0 million ($2.5 million was allocated to each of the Company’s retail services and e-commerce segments that existed at the time), referred to as the Regulatory Penalty, which is non-deductible for tax purposes. The Company also agreed to set aside $8.0 million of cash for a period of 180 days to fund any further payments to any remaining eligible Ohio customers in connection with the Ohio Reimbursement Program. | ||||||||||||||||||||||
The $8.0 million of cash set aside was classified as restricted cash on the Company’s consolidated balance sheets beginning in November 2013. In June 2014, following the expiration of the 180-day extended claims period, the Company released $7.9 million of restricted cash. As of December 31, 2014, the remaining balance in restricted cash was approximately $60 thousand, reflecting the amount of refunds that were still outstanding as of that date. | ||||||||||||||||||||||
Voluntary Reimbursements to Ohio Customers | ||||||||||||||||||||||
On December 4, 2012, the Company announced the Ohio Reimbursement Program. As of December 31, 2012, based on Company information and third-party conclusions, the Company estimated the cost of the Ohio Reimbursement Program and related expenses to be approximately $13.4 million before taxes and recorded this amount in “Accounts payable and accrued expenses” in the consolidated balance sheets and in “Operations and administration expense” in the consolidated statements of income for the year ended December 31, 2012. During the year ended December 31, 2013, the Company reimbursed approximately $6.4 million to customers and incurred $1.7 million of related expenses in connection with this program. In addition, the Company decreased its liability related to the Ohio Reimbursement Program during the years ended December 31, 2013 and 2014, respectively, by $5.0 million and $0.3 million after the assessment of claims made to date and related matters. As of December 31, 2014, the Company’s remaining liability associated with the Ohio Reimbursement Program was approximately $30 thousand. |
Equity
Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||
Equity | 14. Equity | |||||||||||||||
Share Repurchases | ||||||||||||||||
On January 28, 2015, the Company’s Board of Directors authorized management to purchase up to a total of 4,000,000 shares of the Company’s common stock and canceled the Company’s previous 2,500,000 share repurchase authorization previously approved by the Board in January 2013. (The 2011 Authorization that was previously approved by the Board of Directors was canceled when the 2013 Authorization was approved.) The following table summarizes the aggregate shares purchased under the 2013 Authorization and 2011 Authorization during each of the three years ended December 31: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Shares purchased under 2013 Authorization and 2011 Authorization | 62,909 | 966,700 | 576,064 | |||||||||||||
Aggregate amount (in thousands) | $ | 1,343 | $ | 46,052 | $ | 22,509 | ||||||||||
Average price paid per share | $ | 21.35 | $ | 47.64 | $ | 39.07 | ||||||||||
Periodically, shares are purchased in the open market in connection with dividend reinvestment for dividends paid on Director Deferred Shares. In January 2012, the Company purchased 1,211 shares of the Company’s common stock from the rabbi trust that held the shares for the Company’s Nonqualified Savings Plan, which no longer permits investments in the Company’s common stock. Activities during each of the three years ended December 31 are summarized as follows (dollars in thousands): | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Purchases: | ||||||||||||||||
Number of shares | 120 | 99 | 108 | |||||||||||||
Aggregate amount | $ | 4 | $ | 4 | 4 | |||||||||||
Sales: | ||||||||||||||||
Number of shares | — | — | 1,211 | |||||||||||||
Aggregate amount | $ | — | $ | — | 25 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
The unrealized gain on marketable equity securities for the year ended December 31, 2014 is composed of a $111.6 million gain and income tax expense of $39.6 million and relates to the available-for-sale shares of Enova common stock held by the Company. These securities are not yet registered with the SEC. Accordingly, the Company has calculated the adjustment to AOCI for the change in market value based on the market determined stock price of Enova on December 31, 2014, less an adjustment factor due to the unregistered nature of the shares. The gain on marketable equity securities reclassified out of AOCI for the year ended December 31, 2013 is composed of a $1.0 million gain and income tax expense of $0.3 million. The gain and income tax expense are included in “Other revenue” and “Provision for income taxes,” respectively, in the consolidated statements of income. | ||||||||||||||||
Components of AOCI, after tax, for the years ended December 31, 2014, 2013 and 2012 are shown below (dollars in thousands). | ||||||||||||||||
Unrealized | Foreign | Marketable | Total | |||||||||||||
Derivatives | Currency | Securities, | ||||||||||||||
Gain (Loss), | Translation | Net of Tax | ||||||||||||||
Net of Tax | Gain (Loss), | |||||||||||||||
Net of Tax | ||||||||||||||||
Balance at January 1, 2012 | $ | (12 | ) | $ | (6,078 | ) | $ | (806 | ) | $ | (6,896 | ) | ||||
Other comprehensive income (loss) | 12 | 8,952 | 1,060 | 10,024 | ||||||||||||
Balance at December 31, 2012 | — | 2,874 | 254 | 3,128 | ||||||||||||
Other comprehensive income before reclassifications | — | 1,775 | 373 | 2,148 | ||||||||||||
Amounts reclassified from AOCI | — | — | (627 | ) | (627 | ) | ||||||||||
Net change in AOCI | — | 1,775 | (254 | ) | 1,521 | |||||||||||
Balance at December 31, 2013 | — | 4,649 | — | 4,649 | ||||||||||||
Other comprehensive income (loss) | — | (7,255 | ) | 71,959 | 64,704 | |||||||||||
Spin-off of Enova | — | 2,606 | — | 2,606 | ||||||||||||
Net change in AOCI | — | (4,649 | ) | 71,959 | 67,310 | |||||||||||
Balance at December 31, 2014 | $ | — | $ | — | $ | 71,959 | $ | 71,959 | ||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Employee Benefit Plans | 15. Employee Benefit Plans | |||||||
The 401(k) Savings Plan is open to substantially all U.S. employees of the Company. New employees are automatically enrolled in the 401(k) Savings Plan unless they elect not to participate. The Nonqualified Savings Plan is available to certain members of management. Participants may contribute up to 75% of their eligible earnings to the 401(k) Savings Plan, subject to regulatory and other plan restrictions. Nonqualified Savings Plan participants may contribute up to 100% of their annual bonus and up to 50% of their other eligible compensation to the Nonqualified Savings Plan. The Company makes matching cash contributions of 50% of each participant’s contributions to the 401(k) Savings Plan, based on participant contributions of up to 5% of eligible compensation. Company contributions vest at the rate of 20% each year after one year of service; thus a participant is 100% vested after five years of service. The Company’s consolidated contributions to the 401(k) Savings Plan and the Nonqualified Savings Plan were $3.5 million, $3.3 million and $3.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
In addition to the plans mentioned above, the Company established a SERP for its officers in 2003. Under this defined contribution plan, the Company makes an annual supplemental cash contribution to the SERP based on the objectives of the plan as approved by the Management Development and Compensation Committee of the Board of Directors. The Company recorded consolidated compensation expense of $0.5 million, $0.6 million and $0.8 million for SERP contributions for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
The Nonqualified Savings Plan and the SERP are nonqualified deferred compensation plans. Benefits under the Nonqualified Savings Plan and SERP are unfunded. As of December 31, 2014 and 2013, the Company held securities in rabbi trusts to pay benefits under these plans. The securities are classified as trading securities, and the unrealized gains and losses on these securities are netted with the costs of the plans in “Operations and administration expense” in the consolidated statements of income. | ||||||||
Amounts included in the consolidated balance sheets relating to the Nonqualified Savings Plan and the SERP as of December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
Prepaid expenses and other assets | $ | 12,259 | $ | 14,016 | ||||
Accounts payable and accrued expenses | 12,259 | 14,016 | ||||||
Marketing_Expenses
Marketing Expenses | 12 Months Ended |
Dec. 31, 2014 | |
Marketing and Advertising Expense [Abstract] | |
Marketing Expenses | 16. Marketing Expenses |
Marketing expenses were $8.0 million, $12.4 million and $13.1 million, respectively, for the years ended December 31, 2014, 2013 and 2012. See Note 2 for further discussion of the Company’s accounting policies related to marketing expenses. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||
Stock-Based Compensation | 17. Stock-Based Compensation | ||||||||||||||||||||
The 2014 LTIP became effective on May 22, 2014, when it was approved by the shareholders of the Company, and will terminate May 21, 2024, unless terminated earlier by the Board of Directors. The Company’s previous long-term incentive plan, the 2004 Plan, terminated on April 21, 2014 in accordance with the provisions of that plan and no new awards may be made under that plan. Under the 2014 LTIP, the Company is authorized to issue up to 3,400,000 shares of common stock pursuant to awards granted as incentive stock options (intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended), nonqualified stock options, stock appreciation rights, performance units, restricted stock, RSUs and other share-based or share-related awards or in connection with Director Deferred Shares. Since 2004, RSU awards have been the only stock-based awards granted by the Company. As of December 31, 2014, there were 2,969,902 shares available for future grants under the 2014 LTIP. | |||||||||||||||||||||
Historically, the Company has repurchased its shares on the open market from time to time pursuant to an authorization from the Board of Directors of the Company and held the shares in treasury. The Company has reissued those shares upon stock option exercises and upon the issuance of shares when RSUs vest under the Company’s stock-based compensation plans. See Note 14 for further discussion of the Company’s share repurchase plans. | |||||||||||||||||||||
The Company received 42,499, 33,479 and 63,066 shares during the years ended December 31, 2014, 2013 and 2012, respectively, of its common stock valued at approximately $1.5 million, $1.6 million and $2.6 million, respectively, as partial payment of taxes required to be withheld upon issuance of shares for RSUs and upon the exercise of stock options. | |||||||||||||||||||||
During the year ended December 31, 2012, the Company received net proceeds totaling $1.8 million from the exercise of stock options that were granted under the Company’s previous stock-based compensation plans for 198,900 shares. | |||||||||||||||||||||
There were no stock options outstanding as of December 31, 2014, 2013 or 2012. A summary of the Company’s stock option activity for the year ended December 31, 2012 is shown below. Stock options outstanding at the beginning of 2012 were granted under the 1994 LTIP. | |||||||||||||||||||||
2012 | |||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||
Average | |||||||||||||||||||||
Exercise | |||||||||||||||||||||
Price | |||||||||||||||||||||
Outstanding at beginning of year | 198,900 | $ | 8.95 | ||||||||||||||||||
Exercised | (198,900 | ) | 8.95 | ||||||||||||||||||
Outstanding at end of year | — | $ | — | ||||||||||||||||||
Exercisable at end of year | — | $ | — | ||||||||||||||||||
Income tax benefits realized from the exercise of stock options for the year ended December 31, 2012 were $2.2 million and were recorded as an increase in “Additional paid-in capital” in the consolidated statements of equity. | |||||||||||||||||||||
RSUs | |||||||||||||||||||||
The Company has granted RSUs to Company officers, certain employees and to the non-management members of the Board of Directors. RSUs granted in 2014 were granted under the 2004 LTIP through April 2014 and thereafter granted under the 2014 LTIP. Each vested RSU entitles the holder to receive a share of the common stock of the Company. For Company officers and certain employees, the shares are to be issued upon vesting of the RSUs or, for certain awards granted to officers, upon the officer’s separation from employment with the Company. Shares for vested RSU awards granted to members of the Board of Directors during 2014 will be issued 13 months after the grant date. Certain officers and members of the Board of Directors have elected to defer receipt of shares to be issued under vested RSUs to dates that are later than those described above. In connection with the Enova Spin-off, all RSUs outstanding for one of the officers of Enova immediately vested at the date of the Enova Spin-off. | |||||||||||||||||||||
As of December 31, 2014, the outstanding RSUs granted to Company officers and certain employees had original vesting periods ranging from one to 15 years. For executive officers of the Company, a portion of these annual grants vest over time and a portion of these annual grants vest subject to the Company’s achievement of certain performance objectives. For RSUs granted to members of the Board of Directors, one-twelfth of the RSUs vest on the last day of each of the first 12 calendar months beginning with the month in which the awards were granted. In accordance with ASC 718, the grant date fair value of each RSU is based on the Company’s closing stock price on the day before the grant date, and the total grant date fair value of performance RSUs is based on the Company’s estimate at the time of the grant of the most probable outcome expected to be achieved, which was based on the maximum level of performance for performance RSUs granted in 2014, 2013 and 2012. All awards granted are subject to clawback provisions. The total grant date fair value of RSU grants is amortized to expense over the service periods required for vesting and based on the expected outcome of RSU’s subject to performance contingencies. | |||||||||||||||||||||
Compensation expense related to RSUs totaling $4.1 million ($2.6 million net of related taxes), $4.6 million ($2.9 million net of related taxes) and $4.7 million ($2.9 million net of related taxes) was recognized for 2014, 2013 and 2012, respectively. Total unrecognized compensation cost related to RSUs as of December 31, 2014 was $17.9 million, which will be recognized over a weighted average vesting period of approximately 3.6 years. | |||||||||||||||||||||
The following table summarizes the RSU activity during 2014, 2013 and 2012: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Units | Weighted | Units | Weighted | Units | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
at Date of | at Date of | at Date of | |||||||||||||||||||
Grant | Grant | Grant | |||||||||||||||||||
Outstanding at beginning of year | 766,695 | $ | 36.06 | 772,322 | $ | 32.57 | 710,591 | $ | 29.53 | ||||||||||||
Units granted | 666,172 | 27.22 | 190,846 | 49.82 | 178,144 | 43.36 | |||||||||||||||
Shares issued | (154,851 | ) | 40.32 | (127,087 | ) | 34.48 | (108,170 | ) | 29.74 | ||||||||||||
Units forfeited | (161,123 | ) | 41.9 | (69,386 | ) | 37.91 | (8,243 | ) | 41.22 | ||||||||||||
Outstanding at end of year | 1,116,893 | $ | 29.36 | 766,695 | $ | 36.06 | 772,322 | $ | 32.57 | ||||||||||||
Units vested at end of year | 303,276 | $ | 25.5 | 311,546 | $ | 24.98 | 303,781 | $ | 24.85 | ||||||||||||
The RSUs forfeited for the year ended December 31, 2014 are primarily related to shares forfeited by employees who left the Company in connection with the 2014 Reorganization and to a performance grant made to executive officers for which the performance measures were not met on the vesting date, which was January 1, 2014. | |||||||||||||||||||||
In connection with the Enova Spin-off, the RSUs that were outstanding as of November 13, 2014 will be payable by the Company in both shares of Company common stock and Enova common stock, subject to the terms of the Company’s long-term incentive plans and the applicable award agreement. The delivery of the Enova shares will occur periodically based on the vesting term of the award agreements. As of December 31, 2014, the outstanding RSU awards had an aggregate intrinsic value of $38.4 million, which included $25.3 million and $13.1 million related to Company common stock and Enova common stock, respectively. As of December 31, 2014, the outstanding vested deferred RSU awards had an aggregate intrinsic value of $12.8 million, including $6.9 million and $5.9 million related to Company common stock and Enova common stock, respectively. | |||||||||||||||||||||
As of December 31, 2014, 685,087 shares of Enova common stock retained by the Company were allocated for settlement of unvested RSUs, vested deferred RSUs and for Director Deferred Shares. Activity during the year ended December 31, 2014 for these shares is shown below: | |||||||||||||||||||||
Enova Shares to be Issued for RSU awards | Enova Shares to be Issued for Director Deferred Shares | Total | |||||||||||||||||||
Enova shares retained upon Enova Spin-off | 677,918 | 28,893 | 706,811 | ||||||||||||||||||
Forfeitures (a) | (21,724 | ) | — | (21,724 | ) | ||||||||||||||||
Shares held as of December 31, 2014 | 656,194 | 28,893 | 685,087 | ||||||||||||||||||
% ownership of Enova as of December 31, 2014 | 2 | % | 0.1 | % | 2.1 | % | |||||||||||||||
(a) Shares allocated to satisfy future RSU award issuances, upon forfeit, are re-allocated to Enova shares that are held and are to be disposed of by the Company. |
Supplemental_Disclosures_Of_Ca
Supplemental Disclosures Of Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Supplemental Disclosures Of Cash Flow Information | 18. Supplemental Disclosures of Cash Flow Information | |||||||||||
The following table sets forth certain cash and non-cash activities for the Company’s continuing operations for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash paid during the year for: | ||||||||||||
Interest | $ | 26,528 | $ | 28,223 | $ | 22,520 | ||||||
Income taxes | 36,506 | 37,779 | 91,632 | |||||||||
Non-cash investing and financing activities: | ||||||||||||
Pawn loans forfeited and transferred to merchandise held for disposition | $ | 364,157 | $ | 329,653 | $ | 350,122 | ||||||
Pawn loans renewed | 254,400 | 269,559 | 279,553 | |||||||||
Consumer loans renewed | 8,432 | 9,674 | 9,419 | |||||||||
Liabilities assumed in acquisitions | — | 3,132 | 1,207 | |||||||||
Shares received for payment of receivables | — | — | 383 | |||||||||
Release of minority shareholders from contingent liability | — | — | 2,758 | |||||||||
Spin-off of Enova (See Note 3) | 79,640 | — | — | |||||||||
Fair value of shares issued for conversion of convertible debt (See Note 11) | 31,727 | — | — | |||||||||
Operating_Segment_Information
Operating Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||
Operating Segment Information | 19. Operating Segment Information | |||||||||||
The Company has one reportable operating segment, which consists of the Company’s retail services locations that offer some or all of the following services operating only in the United States: pawn loans, the purchase and sale of merchandise (mainly forfeited collateral from pawn loans), consumer loans, check cashing, money orders, wire transfers, prepaid debit cards and auto insurance. Most of these ancillary products and services offered are provided through third-party vendors. Because the Company has only one reportable segment, all required financial segment information can be found directly in the consolidated financial statements. Prior year financial amounts shown for the Company have been reclassified to reflect the Company’s current segment structure. The Company evaluates the performance of its reportable segment based on income from operations. | ||||||||||||
The Company previously had two segments: retail services and e-commerce. The retail services segment included all of the operations of the Company's Retail Services Division, which was composed of both domestic and foreign storefront locations. The e-commerce segment was comprised of all of the operations of Enova. In the fourth quarter of 2014, following the Enova Spin-off in November 2014 and the sale of the Company’s Mexico-based pawn operations in August 2014, the Company re-assessed its segment structure and determined that the retail services segment is the only reportable segment and includes all of the Company's operations. Information previously reported separately in corporate operations, which represents corporate expenses and other miscellaneous income, has been combined with the information previously included in the retail services segment because all of the Company's corporate expenses and other miscellaneous income support the Company's sole operating segment. This change reflects the manner in which the Company’s Chief Executive Officer, who is the Company’s chief operating decision maker, determines strategy and investment plans for the Company’s business. Following the completion of these two events described above, the Company had only U.S.-based storefront business operations. | ||||||||||||
As described in Note 3, the Company has reclassified the results of operations of Enova (previously the Company’s e-commerce segment) as discontinued operations. Historical information in the tables below exclude amounts related to Enova. | ||||||||||||
Geographic Information | ||||||||||||
The following table presents the Company’s revenue and long-lived assets by geographic region for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
Revenue | 2014 | 2013 | 2012 | |||||||||
United States | $ | 1,077,199 | $ | 1,003,961 | $ | 1,078,803 | ||||||
Mexico (a) | 17,497 | 26,525 | 60,640 | |||||||||
Total revenue | $ | 1,094,696 | $ | 1,030,486 | $ | 1,139,443 | ||||||
As of December 31, | ||||||||||||
Long-lived Assets | 2014 | 2013 | ||||||||||
United States | $ | 201,054 | $ | 216,972 | ||||||||
Mexico (a) | — | 4,846 | ||||||||||
Total long-lived assets | $ | 201,054 | $ | 221,818 | ||||||||
(a) | The Company sold its Mexico-based pawn operations in August 2014. See Note 4. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value Measurements | 20. Fair Value Measurements | |||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||
In accordance with ASC 820, certain of the Company’s assets and liabilities, which are carried at fair value, are classified in one of the following three categories: | ||||||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. | ||||||||||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | ||||||||||||||||||||
The Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2014 and 2013 are as follows (dollars in thousands): | ||||||||||||||||||||
December 31, | Fair Value Measurements Using | |||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial assets: | ||||||||||||||||||||
Nonqualified Savings Plan-related assets | 12,838 | 12,259 | 579 | — | ||||||||||||||||
Investment in equity securities | $ | 131,584 | $ | — | $ | 131,584 | $ | — | ||||||||||||
Total | $ | 144,422 | $ | 12,259 | $ | 132,163 | $ | — | ||||||||||||
December 31, | Fair Value Measurements Using | |||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial assets: | ||||||||||||||||||||
Nonqualified Savings Plan-related assets | 14,016 | 14,016 | — | — | ||||||||||||||||
Total | $ | 14,016 | $ | 14,016 | $ | — | $ | — | ||||||||||||
Nonqualified Savings Plan-related assets have an offsetting liability of equal amount, which is included in “Accounts payable and accrued expenses” in the consolidated balance sheets. The Nonqualified Savings Plan-related assets include marketable equity securities, which are classified Level 1, and based on quoted market prices. As of December 31, 2014, as a result of the Enova Spin-off, a portion of the Nonqualified Savings Plan-related assets included shares of Enova common stock. As of December 31, 2014, the Company’s investment in equity securities represents the Company’s available-for-sale shares of Enova common stock. The equity securities representing Enova stock in the table above are classified as Level 2, as they were not yet registered securities with the SEC as of that date, and accordingly, were not carried at the fair value of the quoted Enova stock prices. The Company valued these shares using the market determined stock price of Enova, less an adjustment factor due to the unregistered nature of the shares. | ||||||||||||||||||||
During the years ended December 31, 2014 and 2013, there were no transfers of assets in or out of Level 1 or Level 2 fair value measurements. | ||||||||||||||||||||
Fair Value Measurements on a Non-Recurring Basis | ||||||||||||||||||||
The Company measures non-financial assets and liabilities such as property and equipment and intangible assets at fair value on a nonrecurring basis or when events or circumstances indicate that the carrying amount of the assets may be impaired. | ||||||||||||||||||||
Financial Assets and Liabilities Not Measured at Fair Value | ||||||||||||||||||||
The Company’s financial assets and liabilities as of December 31, 2014 and 2013 that are not measured at fair value in the consolidated balance sheets are as follows (dollars in thousands): | ||||||||||||||||||||
Carrying Value | Estimated Fair Value | |||||||||||||||||||
December 31, | December 31, | Fair Value Measurement Using | ||||||||||||||||||
2014 | 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 53,042 | $ | 53,042 | $ | 53,042 | $ | — | $ | — | ||||||||||
Restricted cash | 60 | 60 | 60 | — | — | |||||||||||||||
Pawn loans | 252,168 | 252,168 | — | — | 252,168 | |||||||||||||||
Short-term loans, net | 40,218 | 40,218 | — | — | 40,218 | |||||||||||||||
Installment loans, net | 4,635 | 4,635 | — | — | 4,635 | |||||||||||||||
Pawn loan fees and service charges receivable | 53,648 | 53,648 | — | — | 53,648 | |||||||||||||||
Total | $ | 403,771 | $ | 403,771 | $ | 53,102 | $ | — | $ | 350,669 | ||||||||||
Financial liabilities: | ||||||||||||||||||||
Liability for estimated losses on consumer loans guaranteed by the Company | $ | 1,060 | $ | 1,060 | $ | — | $ | — | $ | 1,060 | ||||||||||
Senior unsecured notes | 196,470 | 203,346 | — | 203,346 | — | |||||||||||||||
Total | $ | 197,530 | $ | 204,406 | $ | — | $ | 203,346 | $ | 1,060 | ||||||||||
Carrying Value | Estimated Fair Value | |||||||||||||||||||
December 31, | December 31, | Fair Value Measurement Using | ||||||||||||||||||
2013 | 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 19,748 | $ | 19,748 | $ | 19,748 | $ | — | $ | — | ||||||||||
Restricted cash | 8,000 | 8,000 | 8,000 | — | — | |||||||||||||||
Pawn loans | 261,148 | 261,148 | — | — | 261,148 | |||||||||||||||
Short-term loans, net | 45,896 | 45,896 | — | — | 45,896 | |||||||||||||||
Installment loans, net | 8,836 | 8,836 | — | — | 8,836 | |||||||||||||||
Pawn loan fees and service charges receivable | 53,438 | 53,438 | — | — | 53,438 | |||||||||||||||
Total | $ | 397,066 | $ | 397,066 | $ | 27,748 | — | $ | 369,318 | |||||||||||
Financial liabilities: | ||||||||||||||||||||
Liability for estimated losses on consumer loans guaranteed by the Company | $ | 1,030 | $ | 1,030 | $ | — | $ | — | $ | 1,030 | ||||||||||
Domestic and Multi-currency Line of Credit | 193,717 | 207,426 | — | 207,426 | — | |||||||||||||||
Senior unsecured notes | 444,515 | 430,554 | — | 430,554 | — | |||||||||||||||
2029 Convertible Notes | 101,757 | 155,788 | — | 155,788 | — | |||||||||||||||
Total | $ | 741,019 | $ | 794,798 | $ | — | $ | 793,768 | $ | 1,030 | ||||||||||
Cash and cash equivalents bear interest at market rates and have maturities of less than 90 days. | ||||||||||||||||||||
Pawn loans generally have maturity periods of less than 90 days. If a pawn loan defaults, the Company disposes of the collateral. Historically, collateral has sold for an amount in excess of the principal amount of the loan. | ||||||||||||||||||||
Short-term loans and installment loans, collectively, represent “Consumer loans, net” on the consolidated balance sheet and are carried net of the allowance for estimated loan losses, which is calculated by applying historical loss rates combined with recent default trends to the gross consumer loan balance. The unobservable inputs used to calculate the fair value of these loans include historical loss rates, recent default trends and estimated remaining loan terms; therefore, the carrying value approximated the fair value. Short-term loans have relatively short maturity periods that are generally 12 months or less. The fair value of unsecured and secured installment loans are estimated using a discounted cash flow analysis, which considers interest rates offered for loans with similar terms to borrowers of similar credit quality. The carrying values of the Company’s installment loans approximate the fair value of these loans. | ||||||||||||||||||||
Pawn loan fees and service charges revenue is accrued ratably over the term of the loan for the portion of those pawn loans estimated to be collectible. The Company uses historical performance data to determine collectability of pawn loan fees and service charges receivable. Additionally, pawn loan fee and service charge rates are determined by regulations and bear no valuation relationship to the capital markets’ interest rate movements. | ||||||||||||||||||||
In connection with its CSO programs, the Company guarantees consumer loan payment obligations to unrelated third-party lenders for short-term loans, unsecured installment loans and installment loans secured by the customer’s vehicle and is required to purchase any defaulted loans it has guaranteed. The Company measures the fair value of its liability for third-party lender-owned consumer loans under Level 3 inputs. The fair value of these liabilities is calculated by applying historical loss rates combined with recent default trends to the gross consumer loan balance. The unobservable inputs used to calculate the fair value of these loans include historical loss rates, recent default trends and estimated remaining loan terms; therefore, the carrying value of these liabilities approximated the fair value. | ||||||||||||||||||||
The Company measures the fair value of long-term debt instruments using Level 2 inputs. The fair values of the Company’s long-term debt instruments are estimated based on market values for debt issues with similar characteristics or rates currently available for debt with similar terms. As of December 31, 2014, the Company’s senior unsecured notes had a higher fair market value than the carrying value due to the difference in yield when compared to recent issuances of similar senior unsecured notes. |
Closure_of_Shortterm_Consumer_
Closure of Short-term Consumer Loan Retail Services Locations in Texas Closure of Short-term Consumer Loan Retail Services Locations in Texas (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Store Closure [Abstract] | |
Closure of Short-term Consumer Loan Retail Services Locations in Texas | 21. Closure of Short-term Consumer Loan Retail Services Locations in Texas |
Since 2011, restrictive City ordinances that have been passed in various Texas cities have had the effect of reducing the profitability and the volume of short-term consumer loans the Company offers to customers in Texas, and the Company had experienced a related decline in consumer loans in many of the Company’s Texas retail services locations that offer this product as their primary source of revenue. As a result, the Company closed a total of 36 of these retail services locations during 2013. The Texas Consumer Loan Store Closures were completed as of December 31, 2013. The Company incurred charges of approximately $1.4 million for the year ended December 31, 2013 in connection with these closures. |
2014_Reorganization
2014 Reorganization | 12 Months Ended |
Dec. 31, 2014 | |
Restructuring and Related Activities [Abstract] | |
2014 Reorganization | 22. 2014 Reorganization |
In the third quarter of 2014, the Company initiated a reorganization to better align the corporate and operating cost structure with its remaining storefront operations after the Enova Spin-off, which is referred to as the 2014 Reorganization. In connection with the 2014 Reorganization, the Company incurred $7.5 million of charges for severance and other employee-related costs, which are included in “Operations and administration” in the consolidated statements of income. As of December 31, 2014, the Company had made payments of approximately $4.4 million for the 2014 Reorganization and had accrued approximately $3.1 million for future payments. Accrued amounts for the 2014 Reorganization are included in “Accounts payable and accrued expenses” in the consolidated balance sheets. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||
Quarterly Financial Data | 23. Quarterly Financial Data (Unaudited) | |||||||||||||||||
The Company’s operations are subject to seasonal fluctuations. Net income tends to be highest during the first and fourth calendar quarters when revenue levels are seasonally highest. The first quarter benefits from high average loan balances at the beginning of the period, followed by an abundance of loan redemptions including interest and fees and high relative levels of merchandise sales, primarily as a result of customers using federal tax refund proceeds in the first quarter. The fourth quarter benefits from the seasonally highest levels of pawn loan and consumer loan balances and merchandise dispositions activities associated with the holiday season. The following is a summary of the quarterly results of operations for the years ended December 31, 2014 and 2013 (dollars in thousands, except per share data): | ||||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||
2014 (a) | ||||||||||||||||||
Total revenue | $ | 284,635 | $ | 253,608 | $ | 267,010 | $ | 289,443 | ||||||||||
Cost of revenue | 132,162 | 112,359 | 122,907 | 137,718 | ||||||||||||||
Net revenue | 152,473 | 141,249 | 144,103 | 151,725 | ||||||||||||||
Net income (loss) from continuing operations | 3,237 | (11,746 | ) | (9,370 | ) | 7,492 | ||||||||||||
Net income (loss) from discontinued operations | 42,500 | 32,717 | 19,286 | 14,522 | ||||||||||||||
Net income attributable to Cash America International, Inc. | 45,737 | 20,971 | 9,916 | 22,014 | ||||||||||||||
Diluted net income (loss) per share - continuing operations | $ | 0.11 | $ | (0.41 | ) | $ | (0.32 | ) | $ | 0.26 | ||||||||
Diluted net income per share - discontinued operations | $ | 1.44 | $ | 1.12 | $ | 0.66 | $ | 0.5 | ||||||||||
Diluted net income per share | $ | 1.55 | $ | 0.72 | $ | 0.34 | $ | 0.75 | ||||||||||
Diluted weighted average common shares | 29,500 | 29,256 | 29,312 | 29,284 | ||||||||||||||
2013 (a) | ||||||||||||||||||
Total revenue | $ | 285,797 | $ | 234,219 | $ | 239,424 | $ | 271,046 | ||||||||||
Cost of revenue | 128,113 | 96,073 | 101,138 | 118,648 | ||||||||||||||
Net revenue | 157,684 | 138,146 | 138,286 | 152,398 | ||||||||||||||
Net income from continuing operations | 19,346 | 4,960 | 27,567 | 7,309 | ||||||||||||||
Net income from discontinued operations | 24,580 | 20,172 | 18,619 | 19,975 | ||||||||||||||
Net income attributable to Cash America International, Inc. | 43,926 | 25,132 | 46,186 | 27,284 | ||||||||||||||
Diluted net income per share - continuing operations | $ | 0.62 | $ | 0.16 | $ | 0.91 | $ | 0.24 | ||||||||||
Diluted net income per share - discontinued operations | $ | 0.78 | $ | 0.65 | $ | 0.61 | $ | 0.67 | ||||||||||
Diluted net income per share | $ | 1.4 | $ | 0.81 | $ | 1.52 | $ | 0.91 | ||||||||||
Diluted weighted average common shares | 31,371 | 30,845 | 30,379 | 29,968 | ||||||||||||||
(a) | The sum of the quarterly per share amounts may not sum to each full year amount presented in the Company’s financial statements because these computations are made independently for each quarter and for the full year and take into account the weighted average number of common shares outstanding for each period, including the effect of dilutive securities for that period. | |||||||||||||||||
In addition to the summary quarterly financial information provided above, the Company has provided financial information for each quarter of 2014, conformed to the current period presentation of Enova’s operations in discontinued operations. The Company’s consolidated statements of income for the quarters ended March 31, June 30, September 30 and December 31, 2014 are as follows (dollars in thousands): | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | |||||||||||||||
Revenue | ||||||||||||||||||
Pawn loan fees and service charges | $ | 80,187 | $ | 80,990 | $ | 85,313 | $ | 82,878 | ||||||||||
Proceeds from disposition of merchandise | 176,455 | 146,772 | 155,087 | 181,692 | ||||||||||||||
Consumer loan fees | 25,759 | 23,900 | 24,831 | 23,184 | ||||||||||||||
Other | 2,234 | 1,946 | 1,779 | 1,689 | ||||||||||||||
Total revenue | 284,635 | 253,608 | 267,010 | 289,443 | ||||||||||||||
Disposed merchandise | 124,564 | 104,510 | 114,293 | 130,770 | ||||||||||||||
Consumer loan loss provision | 7,598 | 7,849 | 8,614 | 6,948 | ||||||||||||||
Total cost of revenue | 132,162 | 112,359 | 122,907 | 137,718 | ||||||||||||||
Net revenue | 152,473 | 141,249 | 144,103 | 151,725 | ||||||||||||||
Expenses | ||||||||||||||||||
Operations and administration | 123,419 | 122,711 | 124,435 | 119,900 | ||||||||||||||
Loss on divestitures | — | — | 5,176 | — | ||||||||||||||
Depreciation and amortization | 15,143 | 15,181 | 15,106 | 15,512 | ||||||||||||||
Total operating expenses | 138,562 | 137,892 | 144,717 | 135,412 | ||||||||||||||
Income (loss) from operations | 13,911 | 3,357 | (614 | ) | 16,313 | |||||||||||||
Interest expense | (10,068 | ) | (8,389 | ) | (4,324 | ) | (3,739 | ) | ||||||||||
Interest income | 4,764 | 2,880 | 3 | — | ||||||||||||||
Foreign currency transaction (loss) gain | (2 | ) | 119 | (4 | ) | — | ||||||||||||
Loss on extinguishment of debt | (1,546 | ) | (15,016 | ) | (5,991 | ) | — | |||||||||||
Income (loss) from continuing operations before income taxes | 7,059 | (17,049 | ) | (10,930 | ) | 12,574 | ||||||||||||
Provision (benefit) for income taxes | 3,822 | (5,303 | ) | (1,560 | ) | 5,082 | ||||||||||||
Net income (loss) from continuing operations | 3,237 | (11,746 | ) | (9,370 | ) | 7,492 | ||||||||||||
Net income (loss) from discontinued operations, net of tax | 42,500 | 32,717 | 19,286 | 14,522 | ||||||||||||||
Net income or (loss) attributable to Cash America International, Inc. | $ | 45,737 | $ | 20,971 | $ | 9,916 | $ | 22,014 | ||||||||||
The Company’s unaudited consolidated balance sheets as of March 31, June 30, September 30 and December 31, 2014 are as follows (dollars in thousands): | ||||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | |||||||||||||||
Assets | ||||||||||||||||||
Current assets: | ||||||||||||||||||
Cash and cash equivalents | $ | 20,197 | $ | 113,130 | $ | 19,291 | $ | 53,042 | ||||||||||
Restricted cash | 8,000 | 60 | 60 | 60 | ||||||||||||||
Pawn loans | 218,093 | 263,668 | 264,612 | 252,168 | ||||||||||||||
Consumer loans, net | 40,843 | 45,994 | 44,531 | 44,853 | ||||||||||||||
Merchandise held for disposition, net | 192,936 | 198,919 | 215,263 | 212,849 | ||||||||||||||
Pawn loan fees and service charges receivable | 43,814 | 51,986 | 54,501 | 53,648 | ||||||||||||||
Income taxes receivable | — | 9 | — | 8,881 | ||||||||||||||
Prepaid expenses and other assets | 26,967 | 40,207 | 34,502 | 21,317 | ||||||||||||||
Deferred tax assets | 7,778 | 8,981 | 9,562 | — | ||||||||||||||
Note receivable from Enova | 376,872 | — | — | — | ||||||||||||||
Investment in Enova | — | — | — | 131,584 | ||||||||||||||
Current assets of discontinued operations | 372,117 | 411,347 | 447,187 | — | ||||||||||||||
Total current assets | 1,307,617 | 1,134,301 | 1,089,509 | 778,402 | ||||||||||||||
Property and equipment, net | 219,107 | 217,407 | 209,784 | 201,054 | ||||||||||||||
Goodwill | 495,130 | 495,672 | 488,700 | 487,569 | ||||||||||||||
Intangible assets, net | 50,569 | 49,121 | 47,472 | 45,828 | ||||||||||||||
Other assets | 14,378 | 13,116 | 10,560 | 9,594 | ||||||||||||||
Noncurrent assets of discontinued operations | 255,698 | 270,720 | 267,689 | — | ||||||||||||||
Total assets | $ | 2,342,499 | $ | 2,180,337 | $ | 2,113,714 | $ | 1,522,447 | ||||||||||
Liabilities and Equity | ||||||||||||||||||
Current liabilities: | ||||||||||||||||||
Accounts payable and accrued expenses | $ | 67,432 | $ | 69,055 | $ | 69,410 | $ | 74,331 | ||||||||||
Customer deposits | 17,227 | 18,295 | 19,271 | 17,314 | ||||||||||||||
Income taxes currently payable | 4,235 | — | 1,414 | — | ||||||||||||||
Current portion of long-term debt | 22,606 | — | — | — | ||||||||||||||
Current deferred tax liabilities | — | — | — | 27,820 | ||||||||||||||
Current liabilities of discontinued operations | 415,183 | 62,813 | 85,295 | — | ||||||||||||||
Total current liabilities | 526,683 | 150,163 | 175,390 | 119,465 | ||||||||||||||
Deferred tax liabilities | 63,186 | 64,398 | 64,968 | 72,432 | ||||||||||||||
Other liabilities | 859 | 1,161 | 1,019 | 878 | ||||||||||||||
Noncurrent liabilities of discontinued operations | 46,679 | 542,729 | 539,782 | — | ||||||||||||||
Long-term debt | 607,650 | 300,000 | 206,022 | 196,470 | ||||||||||||||
Total liabilities | $ | 1,245,057 | $ | 1,058,451 | $ | 987,181 | $ | 389,245 | ||||||||||
Equity: | ||||||||||||||||||
Cash America International, Inc. equity: | ||||||||||||||||||
Common stock, $0.10 par value per share, 80,000,000 shares authorized, 30,235,164 shares issued and outstanding | 3,024 | 3,024 | 3,024 | 3,024 | ||||||||||||||
Additional paid-in capital | 116,726 | 86,184 | 87,718 | 86,388 | ||||||||||||||
Retained earnings | 1,062,737 | 1,082,725 | 1,091,629 | 1,030,387 | ||||||||||||||
Accumulated other comprehensive income | 5,182 | 7,998 | 2,073 | 71,959 | ||||||||||||||
Treasury shares, at cost (2,140,368 shares, 1,382,602 shares, 1,379,345 shares and 1,428,495 shares as of March 31, 2014, June 30, 2014, September 30, 2014, and December 31, 2014, respectively) | (90,227 | ) | (58,045 | ) | (57,911 | ) | (58,556 | ) | ||||||||||
Total equity | 1,097,442 | 1,121,886 | 1,126,533 | 1,133,202 | ||||||||||||||
Total liabilities and equity | $ | 2,342,499 | $ | 2,180,337 | $ | 2,113,714 | $ | 1,522,447 | ||||||||||
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Valuation And Qualifying Accounts | SCHEDULE II | |||||||||||||||
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
For the Three Years Ended December 31, 2014 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
Description | Balance at | Charged to | Deductions | Balance at | ||||||||||||
Beginning | Expense | End of | ||||||||||||||
of Period | Period | |||||||||||||||
Allowance for valuation of inventory | ||||||||||||||||
Year Ended: | ||||||||||||||||
31-Dec-14 | $ | 949 | $ | 1,451 | $ | — | $ | 2,400 | ||||||||
31-Dec-13 | $ | 851 | $ | 98 | $ | — | $ | 949 | ||||||||
31-Dec-12 | $ | 700 | $ | 151 | $ | — | $ | 851 | ||||||||
Tax valuation allowance | ||||||||||||||||
Year Ended: | ||||||||||||||||
31-Dec-14 | $ | 13,824 | $ | 859 | $ | (14,683 | ) | $ | — | |||||||
31-Dec-13 | $ | 21,846 | $ | 1,773 | $ | (9,795 | ) | $ | 13,824 | |||||||
31-Dec-12 | $ | — | $ | 21,846 | $ | — | $ | 21,846 | ||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Basis Of Presentation | Basis of Presentation | |||||||||||
The consolidated financial statements include all of the accounts of the Company. All significant intercompany accounts and transactions other than those related to Enova (as discussed further below) have been eliminated in consolidation. Upon completion of the Enova Spin-off (See Note 3), the Company reclassified Enova’s financial results to discontinued operations in the Company’s consolidated financial statements for all periods presented. Intercompany accounts and transactions related to Enova are presented separately between the Company’s continuing and discontinued operations. These accounts and transactions were previously eliminated in the Company’s consolidated financial statements. This presentation detail is included in the financial statements due to the significance of these accounts and transactions. The specific elements are reflected in “Note receivable”, “Interest income”, “Interest income on note receivable”, “Proceeds from note receivable” and “Dividends received” in the Company’s consolidated financial statements. These reclassifications had no impact on consolidated results previously reported. | ||||||||||||
Additionally, amounts for “Other” income and “Operations and administration” expenses were reduced by approximately $0.6 million to correct certain reversals of expense accrual amounts previously reported in the Company’s financial statements for the year ended December 31, 2013. Management determined that the impact of this change on previously-issued financial statements was immaterial, and this change had no impact on consolidated results previously reported. | ||||||||||||
Through April 2013, the Company had a contractual relationship with a third party entity, Huminal, to compensate and maintain the labor force of its Mexico pawn operations. The Company qualified as the primary beneficiary of Huminal in accordance with ASC 810. Therefore, the results and balances of Huminal were consolidated and allocated to net income attributable to noncontrolling interests. In May 2013, the Company acquired the remaining outstanding common stock of Huminal to increase its ownership to 100% of Huminal and, as a result, Huminal became a wholly-owned subsidiary of the Company as of that date. The Company accounted for this transaction as a change in ownership interests that does not result in a change in control. | ||||||||||||
Use Of Estimates | Use of Estimates | |||||||||||
The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods presented. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition on pawn loan fees and service charges, allowance for losses on consumer loans, certain equity securities, goodwill, long-lived and intangible assets, income taxes, contingencies and litigation. Management bases its estimates on historical experience, empirical data and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates. | ||||||||||||
Foreign Currency Translations | Foreign Currency Translations | |||||||||||
Prior to the sale of the Company’s Mexico-based pawn operations in August 2014 (see Note 4) and the Enova Spin-off in November 2014 (see Note 3), the Company had operations outside of the United States that involved foreign currency transactions and translations. The functional currencies for the Company’s subsidiaries that served residents of the United Kingdom, Australia, Canada, Mexico and Brazil were the British pound, the Australian dollar, the Canadian dollar, the Mexican peso and the Brazilian real, respectively. The assets and liabilities associated with these operations were translated into U.S. dollars at the exchange rates in effect at each applicable balance sheet date, and the resulting adjustments were recorded in AOCI as a separate component of equity. Revenue and expenses were translated at the monthly average exchange rates occurring during each period. | ||||||||||||
Cash And Cash Equivalents | Cash and Cash Equivalents | |||||||||||
The Company considers cash on hand in operating locations, deposits in banks and short-term investments with original maturities of 90 days or less as cash and cash equivalents. | ||||||||||||
Restricted Cash | Restricted Cash | |||||||||||
Restricted cash represents the amount mandated by the CFPB through its November 20, 2013 Consent Order to be set aside for payments to customers in connection with the Ohio Reimbursement Program. See Note 13 for further discussion of the reimbursements to Ohio customers in connection with the Ohio Reimbursement Program. Changes in restricted cash are reflected in “Cash flows from operating activities” in the consolidated statement of cash flows. | ||||||||||||
Pawn Loan Fees And Service Charges | Pawn Loans, Pawn Loan Fees and Service Charges | |||||||||||
Revenue Recognition—Pawn Lending | ||||||||||||
Pawn loan fees and service charges revenue is accrued ratably over the term of the loan for the portion of those pawn loans estimated to be collectible. | ||||||||||||
Pawn Loans and Pawn Loan Fees and Service Charges Receivable | ||||||||||||
Pawn loans are short-term loans made on the pledge of tangible personal property. The maximum pawn loan amount is generally assessed as a percentage of the personal property’s estimated disposition value. The typical loan term is 30 to 90 days and, in many cases, an additional grace period (typically 10 to 60 days) may be available to the borrower. A pawn loan is considered delinquent if the customer does not repay or, where allowed by law, renew or extend the loan on or prior to its contractual maturity date plus any applicable grace period. Pawn loan fees and service charges do not accrue on delinquent pawn loans. When a pawn loan is considered delinquent, any accrued pawn loan fees and service charges are reversed and no additional pawn loan fees and service charges are accrued. Pawn loans written during each calendar month are aggregated and tracked for performance. This empirical data allows the Company to analyze the characteristics of its outstanding pawn loan portfolio and assess the collectability of the principal balance in addition to pawn loan fees and service charges. | ||||||||||||
Consumer Loans And Allownce And Liabilities For Estimated Losses On Consumer Loans | Consumer Loans and Allowance and Liability for Estimated Losses on Consumer Loans | |||||||||||
Revenue Recognition—Consumer Loans | ||||||||||||
The Company recognizes consumer loan fees based on the loan products it offers. “Consumer loan fees” in the consolidated statements of income include: interest income, finance charges, CSO fees, service charges, minimum fees, late fees, nonsufficient funds fees and any other fees or charges permitted by applicable laws and pursuant to the agreement with the borrower. For short-term loans, interest and finance charges are recognized on an effective yield basis over the term of the loan, and fees (other than CSO fees) are recognized when assessed to the customer. For installment loans, revenue is recognized on an effective yield basis over the term of the loan and fees (other than CSO fees) are recognized when assessed to the customer. Unpaid and accrued interest and fees are included in “Consumer loans, net” in the consolidated balance sheets. CSO fees are recognized on an effective yield basis over the term of the loan. | ||||||||||||
The Company receives CSO fees for services provided through the CSO programs. Through the Company’s CSO programs, the Company provides services related to a third-party lender’s consumer loan products in some markets by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws. Services offered under the CSO programs include credit-related services such as arranging CSO loans with third-party lenders. Under the CSO programs, the Company guarantees consumer loan payment obligations to the third-party lender in the event that the customer defaults on the loan. CSO loans are not included in the Company’s financial statements, but the Company has established a liability for the estimated losses in support of the guarantee on these loans in its consolidated balance sheets. | ||||||||||||
Current and Delinquent Consumer Loans | ||||||||||||
The Company classifies its consumer loans as either current or delinquent. Short-term loans are considered delinquent when payment of an amount due is not made as of the due date. Installment loans are considered delinquent when a customer misses two payments. The Company allows for normal payment processing time before considering a loan delinquent but does not provide for any additional grace period. | ||||||||||||
The Company generally does not accrue interest on delinquent consumer loans and does not resume accrual of interest on a delinquent loan unless it is returned to current status. In addition, delinquent consumer loans generally may not be renewed, and if, during its attempt to collect on a delinquent consumer loan, the Company allows additional time for payment through a payment plan or a promise to pay, it is still considered delinquent. All payments received are first applied against accrued but unpaid interest and fees and then against the principal balance of the loan. | ||||||||||||
Allowance and Liability for Estimated Losses on Consumer Loans | ||||||||||||
The Company monitors the performance of its consumer loan portfolio and maintains either an allowance or liability for estimated losses on consumer loans (including fees and interest) at a level estimated to be adequate to absorb credit losses inherent in the portfolio. The allowance for losses on the Company’s owned consumer loans reduces the outstanding loan balance in the consolidated balance sheets. The liability for estimated losses related to loans guaranteed under the CSO programs is included in “Accounts payable and accrued expenses” in the consolidated balance sheets. | ||||||||||||
The allowance or liability for short-term loans classified as current is based on historical loss rates adjusted for recent default trends for current loans. For delinquent short-term loans, the allowance or liability is based on a six-month rolling average of loss rates by stage of collection. For installment loan portfolios, the Company generally uses a migration analysis to estimate losses inherent in the portfolio. The allowance or liability calculation under the migration analysis is based on historical charge-off experience and the loss emergence period, which represents the average amount of time between the first occurrence of a loss event to the charge-off of a loan. The factors the Company considers to assess the adequacy of the allowance or liability include past due performance, historical behavior of monthly vintages, underwriting changes and recent trends in delinquency in the migration analysis. | ||||||||||||
The Company fully reserves or charges off consumer loans once the loan or a portion of the loan has been classified as delinquent for 60 consecutive days. If a loan is estimated to be uncollectible before it is fully reserved, it is charged off at that point. Consumer loans classified as delinquent generally have an age of one to 59 days from the date any portion of the loan became delinquent, as defined above. Recoveries on loans previously charged to the allowance are credited to the allowance when collected. | ||||||||||||
Merchandise Held For Disposition And Cost Of Disposed Merchandise | Merchandise Held for Disposition, Proceeds from Disposition of Merchandise and Cost of Disposed Merchandise | |||||||||||
Proceeds From and Cost of Disposed Merchandise | ||||||||||||
Upon the sale of merchandise, the Company realizes gross profit, which is the difference between the Company’s cost basis in the loan (the amount loaned) or the amount paid for purchased merchandise, both of which are recorded as cost of sales, and the amount of proceeds from the sale. The cost of disposed merchandise is computed on the specific identification basis. | ||||||||||||
Customers may purchase merchandise on a layaway plan under which the customer agrees to pay the purchase price for the item plus a layaway fee, makes an initial cash deposit representing a small portion of the disposition price and pays the balance in regularly scheduled, non-interest bearing payments. The Company segregates the layaway item and holds it until the customer has paid the full disposition price. If the customer fails to make a required payment, the item is returned to merchandise held for disposition. The layaway fee is recognized as revenue, and any amounts previously paid toward the item are returned to the customer as store credit. Interim customer payments for layaway sales are recorded as customer deposits and subsequently recognized as revenue during the period in which the final payment is received. | ||||||||||||
Merchandise Held for Disposition | ||||||||||||
Merchandise held for disposition consists primarily of forfeited collateral from pawn loans not repaid and merchandise that is purchased directly from customers or from third parties. The carrying value of the forfeited collateral and other merchandise held for disposition is stated at the lower of cost (which is the cost basis in the loan or the amount paid for purchased merchandise) or fair value. The Company provides an allowance for returns and an allowance for losses based on management’s evaluation of the characteristics of the merchandise and historical experience. The Company performs physical counts of its merchandise in each location during the year and reviews the composition of inventory by category and age in order to assess the adequacy of the allowance. | ||||||||||||
The allowance deducted from the carrying value of merchandise held for disposition amounted to $2.4 million and $0.9 million at December 31, 2014 and 2013, respectively. The allowance deducted from the carrying value of merchandise held for disposition is recorded in the Company’s balance sheets in “Merchandise held for disposition, net.” Customers can return merchandise and receive a full refund, a replacement item of comparable value or store credit if the merchandise is returned within the first seven days of purchase. Following the seven-day period and up to 30 days, customers can receive a replacement item of comparable value or store credit. Based on management’s analysis of historical refund trends, the Company provided a return allowance of $0.3 million as of December 31, 2014 and 2013. The allowance deducted from the carrying value of the return allowance is recorded in the Company’s balance sheets in “Accounts payable and accrued expenses.” | ||||||||||||
Property And Equipment | Property and Equipment | |||||||||||
Property and equipment is recorded at cost. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of income. Costs associated with repair and maintenance activities are expensed as incurred. Depreciation expense is generally provided on a straight-line basis, using the following estimated useful lives: | ||||||||||||
Buildings and building improvements | 7 to 40 years | |||||||||||
Leasehold improvements | 2 to 10 years | |||||||||||
Furniture, fixtures and equipment | 3 to 7 years | |||||||||||
Computer hardware and software | 1 to 10 years | |||||||||||
Software Development Costs | Software Development Costs | |||||||||||
The Company applies ASC 350 to its software purchase and development activities. Under ASC 350, eligible internal and external costs incurred for software purchase and development activities, as well as for upgrades and enhancements that result in additional functionality of the applications, are capitalized. Internal and external training and maintenance costs are charged to expense as incurred or over the related service period. When a software application is placed in service, the Company begins amortizing the related capitalized software costs using the straight-line method based on its estimated useful life, which currently ranges from two to five years, except the Company’s proprietary point-of-sale system, which is being amortized over 10 years. | ||||||||||||
Goodwill And Other Intangible Assets | Goodwill and Other Indefinite Lived Intangible Assets | |||||||||||
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. In accordance with ASC 350, the Company tests goodwill and intangible assets with an indefinite life for potential impairment annually as of June 30 and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount, which would result in impairment. | ||||||||||||
The Company uses the income approach to complete its annual goodwill assessment. The income approach uses future cash flows and estimated terminal values for each of the Company’s reporting units that are discounted using a market participant perspective to determine the fair value of each reporting unit, which is then compared to the carrying value of that reporting unit (which the Company also defines as its reporting segments) to determine if there is impairment. The income approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other publicly-traded companies that are similar but not identical from an operational and economic standpoint. The Company completed its annual assessment of goodwill as of June 30, 2014 and determined that the fair value for each reporting unit that the Company had on that date exceeded their respective carrying values, and, as a result, no impairment existed at that date. | ||||||||||||
The Company’s sale of its Mexico-based pawn operations in August 2014 was considered a triggering event for purposes of goodwill assessment. Following the sale, the Company tested the goodwill remaining in the retail services reporting unit, and determined that the fair value exceeded its carrying value. | ||||||||||||
The Enova Spin-off in November 2014 was considered a triggering event for purposes of goodwill assessment. Prior to the Enova Spin-off, each of the Company’s two segments, retail services and e-commerce, were considered reporting units for purposes of the goodwill assessment. Enova comprised the e-commerce segment and was considered the e-commerce reporting unit. Following the Enova Spin-off, the Company reviewed its segment structure and determined that the retail services segment was the Company’s only segment, and as such, the only reporting unit for goodwill assessment. Following the Enova Spin-off and as of December 31, 2014, the estimated fair value of the retail services reporting unit was re-calculated to incorporate changes in strategy, observed business trends and outlook. The estimated fair value of the retail services reporting unit declined since the June 30, 2014 annual assessment, but it continued to exceed its underlying carrying value. However, the excess fair value over the carrying value had been reduced to approximately 3% at December 31, 2014. | ||||||||||||
As part of the goodwill assessment, the Company also considers market capitalization, which is the observable market value of the Company based on the quoted market prices of the Company's common stock. The Company compares the market capitalization to its carrying value of equity. Following the Enova Spin-off and as of December 31, 2014, the Company’s market capitalization was observed to be lower than the carrying value of equity. The Company believes the observable market value at December 31, 2014 is not a reliable indicator of the Company’s fair value, due to the very short time frame since the date of the Enova Spin-off, a likely transition of a significant number of investors occurring due to the magnitude of the event, and the disruption of the Company’s share price following the event. Management believes this disruption is temporary but acknowledges the need to monitor and re-evaluate any future discrepancies between these values and consider the implications for an impairment of goodwill in future periods. | ||||||||||||
The Company is considered to be at risk for a future impairment of its goodwill in the event of a decline in general economic, market or business conditions or any significant unfavorable changes in the Company's forecasted revenue, expenses, cash flows, weighted-average cost of capital and/or market transaction multiples. The Company will continue to monitor for events and circumstances that could negatively impact the key assumptions in determining the fair value of the retail services reporting unit. | ||||||||||||
The Company performed its annual indefinite-lived intangible asset impairment test as of June 30, 2014. The Company elected to perform a qualitative assessment in accordance with ASU 2012-02, and determined that no conditions existed that would make it more likely than not that the indefinite-lived intangible assets were impaired. Therefore, no further quantitative assessment was required. There were no triggering events between the June 30, 2014 assessment and December 31, 2014 that would require a re-assessment of the Company’s indefinite-lived intangible assets. | ||||||||||||
As of December 31, 2014, the Company had $487.6 million of goodwill, of which $370.7 million is expected to be deductible for tax purposes. See Note 9 for additional discussion of the Company’s goodwill activity. | ||||||||||||
Long-Lived Assets Other Than Goodwill And Other Intangible Assets | Long-Lived Assets Other Than Goodwill and Indefinite-Lived Intangible Assets | |||||||||||
An evaluation of the recoverability of property and equipment and intangible assets subject to amortization is performed whenever the facts and circumstances indicate that the carrying value may be impaired. An impairment loss is recognized if the future undiscounted cash flows associated with the asset and the estimated fair value of the asset are less than the asset’s corresponding carrying value. The amount of the impairment loss, if any, is the excess of the asset’s carrying value over its estimated fair value. | ||||||||||||
The Company amortizes intangible assets subject to amortization on the basis of their expected periods of benefit, generally three to 10 years. The costs of start-up activities and organization costs are charged to expense as incurred | ||||||||||||
Hedging And Derivatives Activity | Hedging and Derivatives Activity | |||||||||||
As a policy, the Company does not hold, issue or trade derivative instruments for speculative purposes. The Company has historically used foreign currency forward contracts for hedging exposure with its foreign operations. The Company may periodically enter into forward sale contracts with a major gold bullion bank to sell refined gold that is acquired in the normal course of business from the Company’s liquidation of forfeited gold merchandise. These contracts are not accounted for as derivatives because they meet the criteria for the normal purchases and normal sales scope exception in ASC 815. | ||||||||||||
Equity Securities | Equity Securities | |||||||||||
The Company accounts for its marketable and non-marketable equity securities in accordance with ASC 323 and ASC 325, respectively. The Company has marketable equity securities that are held in its Nonqualified Savings Plan, marketable equity securities for its retained shares of Enova common stock, and non-marketable equity securities, each as described further below. | ||||||||||||
The Company holds marketable equity securities in its Nonqualified Saving Plan for certain employees. See Note 17 for a description of these plans. The securities are classified as trading securities, but the unrealized gains and losses on these securities offset and have no net impact on the Company's net income. These securities are recorded at fair value and have an offsetting liability of equal amount. The plan costs associated with these securities are included in “Operations and administration expenses” in the consolidated statements of income. The assets related to the Nonqualified Saving Plan are held in “Other Assets,” and the offsetting liability is held in “Accounts payable and accrued expenses” in the consolidated balance sheets. | ||||||||||||
The Company retained approximately 20% of the outstanding shares of Enova common stock after the Enova Spin-off. The shares of Enova common stock held by the Company are classified as available-for-sale and unrecognized gains and losses, net of tax, are recorded in “Accumulated other comprehensive income (loss)” in the consolidated statements of equity. Enova was in the process of registering these securities with the SEC as of December 31, 2014. Since these securities are not yet registered with the SEC, the Company has valued this investment based on the market determined stock price of Enova on December 31, 2014, less an adjustment factor due to the unregistered nature of the shares. | ||||||||||||
The Company’s non-marketable equity securities are recorded on a cost basis. The carrying value for the investment is adjusted for cash contributions and distributions. These securities are held in “Other assets” in the Company’s consolidated balance sheets. | ||||||||||||
The Company evaluates marketable and non-marketable equity securities for impairment if circumstances arise that indicate that an impairment may exist. Non-marketable equity securities are held in “Other assets” in the Company’s consolidated balance sheets. If an impairment of an equity security is determined to be other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary-impairment is identified. | ||||||||||||
Operations And Administration Expenses | Operations and Administration Expenses | |||||||||||
Operations expenses include expenses incurred for personnel, occupancy, marketing and other charges that are directly related to the Company’s business. Operations expenses are incurred at the Company’s storefront locations and the Company’s call centers for customer service and collections. In addition, costs related to management supervision, oversight of locations and other costs for the oversight of the Company’s locations are included in operations expenses. Administration expenses include expenses related to corporate service functions, such as legal, occupancy, executive oversight, insurance and risk management, public and government relations, internal audit, treasury, payroll, compliance and licensing, finance, accounting, tax and information systems. | ||||||||||||
Marketing expenses consist of marketing costs such as television, radio and print advertising and other marketing costs. Marketing costs, including the production costs associated with other marketing initiatives are expensed as incurred. These expenses are included in “Operations and administration expenses” in the consolidated statements of income. | ||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||
The Company accounts for its stock-based employee compensation plans in accordance with ASC 718. In accordance with ASC 718, the Company recognizes compensation expense over the vesting periods for stock-based awards. For performance-based stock awards, compensation expense is originally based on the number of shares that would vest if the Company achieved the level of performance that management estimates is the most probable outcome at the grant date. Throughout the requisite service period, management monitors the probability of achievement of the performance condition and adjusts stock-based compensation expense if necessary. | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The provision for income taxes is based on income before income taxes as reported for financial statement purposes. Deferred income taxes are provided for in accordance with the assets and liability method of accounting for income taxes in order to recognize the tax effects of temporary differences between financial statement and income tax accounting. | ||||||||||||
The Company performs an evaluation of the recoverability of its deferred tax assets on a quarterly basis. The Company establishes a valuation allowance if it is more likely than not (greater than 50 percent) that all or some portion of the deferred tax asset will not be realized. The Company analyzes several factors, including the nature and frequency of operating losses, the Company’s carryforward period for any losses, the reversal of future taxable temporary differences, the expected occurrence of future income or loss and the feasibility of available tax planning strategies to protect against the loss of deferred tax assets. | ||||||||||||
The Company accounts for uncertainty in income taxes in accordance with ASC 740. ASC 740 requires that a more-likely-than-not threshold be met before the benefit of a tax position may be recognized in the consolidated financial statements and prescribes how such benefit should be measured. It also provides guidance on recognition adjustment, classification, accrual of interest and penalties, accounting in interim periods, disclosure and transition. See Note 12 for further discussion. | ||||||||||||
It is the Company’s policy to classify interest and penalties on income tax liabilities as interest expense and operations and administration expense, respectively. | ||||||||||||
Net Income Per Share | Net Income Per Share | |||||||||||
Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted net income per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the year. When a net loss exists, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share computation. | ||||||||||||
RSU issued under the Company’s stock-based employee compensation plans are included in diluted shares from the grant date of the award. Performance-based RSU awards are included in diluted shares based on the level of performance that management estimates is the most probable outcome at the grant date. Throughout the requisite service period, management monitors the probability of achievement of the performance condition and adjusts the number of shares included in diluted shares accordingly. | ||||||||||||
The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the years ended December 31, 2014, 2013 and 2012 (dollars and shares in thousands, except per share amounts): | ||||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net (Loss) Income from Continuing Operations | $ | (10,387 | ) | $ | 59,182 | $ | 40,901 | |||||
Net Income from Discontinued Operations, Net of Tax | 109,025 | 83,346 | 66,569 | |||||||||
Net Income Attributable to Cash America International, Inc. | 98,638 | 142,528 | 107,470 | |||||||||
Denominator: | ||||||||||||
Total Weighted Average Basic Shares (a) | 28,901 | 28,657 | 29,514 | |||||||||
Shares Applicable to Stock-based Compensation(b) | 92 | 72 | 174 | |||||||||
Convertible Debt(c) | 348 | 1,884 | 1,764 | |||||||||
Total Weighted Average Diluted Shares (d) | 29,341 | 30,613 | 31,452 | |||||||||
Net (Loss) Income from Continuing Operations – basic | $ | (0.36 | ) | $ | 2.07 | $ | 1.39 | |||||
Net Income from Discontinued Operations – basic | $ | 3.77 | $ | 2.91 | $ | 2.26 | ||||||
Net Income Attributable to Cash America International, Inc. - basic | $ | 3.41 | $ | 4.97 | $ | 3.64 | ||||||
Net (Loss) Income from Continuing Operations – diluted | $ | (0.36 | ) | $ | 1.93 | $ | 1.3 | |||||
Net Income from Discontinued Operations – diluted | $ | 3.72 | $ | 2.72 | $ | 2.12 | ||||||
Net Income Attributable to Cash America International, Inc. - diluted | $ | 3.36 | $ | 4.66 | $ | 3.42 | ||||||
(a) | Includes vested and deferred RSUs of 304, 307 and 287, as well as Director Deferred Shares of 32, 31 and 31 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
(b) | Includes shares related to unvested RSU awards. Although there were no stock option awards outstanding as of December 31, 2012, the dilutive effect of stock-based compensation is based on the weighted amount of outstanding awards during the year; therefore, the portion of the stock option awards that were outstanding and exercisable during 2012 are included in calculating this amount for 2012. | |||||||||||
(c) | On May 15, 2014, the Company called the 2029 Convertible Notes, and the noteholders elected to convert such notes. The Company settled the principal portion of the outstanding 2029 Convertible Notes in cash and issued 747,085 of the Company’s common shares related to the conversion spread. Prior to the repayment of the 2029 Convertible Notes, only the shares related to the conversion spread were included in weighted average diluted shares because the Company intended to pay the principal portion of the notes in cash. See Note 11 for further discussion of the 2029 Convertible Notes. | |||||||||||
(d) | Excludes 70 and 12 anti-dilutive shares for the years ended December 31, 2014 and 2013. There were no anti-dilutive shares for the year ended December 31, 2012. When a net loss exists, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share computation. | |||||||||||
Adopted Accounting Atandards | Adopted Accounting Standards | |||||||||||
In April 2014, the FASB issued ASU 2014-08, which amended ASC 205-20. The amendments included in ASU 2014-08 change the criteria for reporting discontinued operations and enhance disclosures in this area. The new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income or loss attributable to a disposal of an individually significant component of an organization that does not qualify for discontinued operations presentation in the financial statements. The Company is required to adopt ASU 2014-08 prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years. Early adoption is permitted. The Company adopted ASU 2014-08 on June 30, 2014, and the adoption did not have a material effect on its consolidated financial statements. | ||||||||||||
In July 2013, the FASB issued ASU 2013-11, which provides guidance on the presentation of unrecognized tax benefits when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The amendments in this update are effective for fiscal years (and interim periods within those years) beginning after December 15, 2013. The amendments apply prospectively to all unrecognized tax benefits that exist as of the date of adoption. Retrospective application is permitted. The Company prospectively adopted ASU 2013-11 on January 1, 2014, and the adoption did not have a material effect on its consolidated financial statements. | ||||||||||||
In March 2013, the FASB issued ASU 2013-05, which applies to the release of the cumulative translation adjustment into net income when a parent either sells all or a part of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. ASU 2013-05 is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company adopted ASU 2013-05 on January 1, 2014, and the adoption did not have a material effect on its consolidated financial statements. | ||||||||||||
In February 2013, the FASB issued ASU 2013-04. ASU 2013-04 requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the amount the reporting entity agreed to pay plus additional amounts the reporting entity expects to pay on behalf of its co-obligors. The guidance further provides for disclosure of the nature and amount of the obligation. ASU 2013-04 is effective for interim and annual reporting periods beginning after December 15, 2013. The Company adopted ASU 2013-04 on January 1, 2014, and the adoption did not have a material effect on its consolidated financial statements. | ||||||||||||
Accounting Standards to be Adopted in Future Periods | Accounting Standards to be Adopted in Future Periods | |||||||||||
In February 2015, the FASB issued ASU 2015-02, which provides guidance for reporting entities that are required to evaluate whether they should consolidate certain legal entities. In accordance with ASU 2015-02, all legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company is still assessing the potential impact of ASU 2015-02 on its consolidated financial statements. | ||||||||||||
In January 2015, the FASB issued ASU 2015-01, which eliminates from GAAP the concept of extraordinary items. If an event or transaction meets the criteria for extraordinary classification, it is segregated from the results of ordinary operations and is shown as a separate item in the income statement, net of tax. ASU 2015-01 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect adoption of this guidance will have a material effect on its consolidated financial statements. | ||||||||||||
In August 2014, the FASB issued ASU 2014-15, which requires management to evaluate, in connection with financial statement preparation for each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued, and to provide related disclosures. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company does not expect adoption of this guidance will have a material effect on its consolidated financial statements. | ||||||||||||
In May 2014, the FASB issued ASU 2014-09, which supersedes the revenue recognition requirements in ASC 605. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The Company is still assessing the potential impact of ASU 2014-09 on its consolidated financial statements. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Estimated Useful Lives | Depreciation expense is generally provided on a straight-line basis, using the following estimated useful lives: | |||||||||||
Buildings and building improvements | 7 to 40 years | |||||||||||
Leasehold improvements | 2 to 10 years | |||||||||||
Furniture, fixtures and equipment | 3 to 7 years | |||||||||||
Computer hardware and software | 1 to 10 years | |||||||||||
Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share Computations | The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the years ended December 31, 2014, 2013 and 2012 (dollars and shares in thousands, except per share amounts): | |||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net (Loss) Income from Continuing Operations | $ | (10,387 | ) | $ | 59,182 | $ | 40,901 | |||||
Net Income from Discontinued Operations, Net of Tax | 109,025 | 83,346 | 66,569 | |||||||||
Net Income Attributable to Cash America International, Inc. | 98,638 | 142,528 | 107,470 | |||||||||
Denominator: | ||||||||||||
Total Weighted Average Basic Shares (a) | 28,901 | 28,657 | 29,514 | |||||||||
Shares Applicable to Stock-based Compensation(b) | 92 | 72 | 174 | |||||||||
Convertible Debt(c) | 348 | 1,884 | 1,764 | |||||||||
Total Weighted Average Diluted Shares (d) | 29,341 | 30,613 | 31,452 | |||||||||
Net (Loss) Income from Continuing Operations – basic | $ | (0.36 | ) | $ | 2.07 | $ | 1.39 | |||||
Net Income from Discontinued Operations – basic | $ | 3.77 | $ | 2.91 | $ | 2.26 | ||||||
Net Income Attributable to Cash America International, Inc. - basic | $ | 3.41 | $ | 4.97 | $ | 3.64 | ||||||
Net (Loss) Income from Continuing Operations – diluted | $ | (0.36 | ) | $ | 1.93 | $ | 1.3 | |||||
Net Income from Discontinued Operations – diluted | $ | 3.72 | $ | 2.72 | $ | 2.12 | ||||||
Net Income Attributable to Cash America International, Inc. - diluted | $ | 3.36 | $ | 4.66 | $ | 3.42 | ||||||
(a) | Includes vested and deferred RSUs of 304, 307 and 287, as well as Director Deferred Shares of 32, 31 and 31 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
(b) | Includes shares related to unvested RSU awards. Although there were no stock option awards outstanding as of December 31, 2012, the dilutive effect of stock-based compensation is based on the weighted amount of outstanding awards during the year; therefore, the portion of the stock option awards that were outstanding and exercisable during 2012 are included in calculating this amount for 2012. | |||||||||||
(c) | On May 15, 2014, the Company called the 2029 Convertible Notes, and the noteholders elected to convert such notes. The Company settled the principal portion of the outstanding 2029 Convertible Notes in cash and issued 747,085 of the Company’s common shares related to the conversion spread. Prior to the repayment of the 2029 Convertible Notes, only the shares related to the conversion spread were included in weighted average diluted shares because the Company intended to pay the principal portion of the notes in cash. See Note 11 for further discussion of the 2029 Convertible Notes. | |||||||||||
(d) | Excludes 70 and 12 anti-dilutive shares for the years ended December 31, 2014 and 2013. There were no anti-dilutive shares for the year ended December 31, 2012. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Summary Investment Holdings | Activity during the year ended December 31, 2014 for the Enova shares retained by the Company is shown below: | ||||||||||||
Enova Shares Held by the Company (a) | Enova Shares to be Issued for RSU awards | Enova Shares to be Issued for Director Deferred Shares | Total | ||||||||||
Enova shares retained upon Enova Spin-off | 5,890,116 | 677,918 | 28,893 | 6,596,927 | |||||||||
Forfeitures (b) | 21,724 | (21,724 | ) | — | — | ||||||||
Shares held as of December 31, 2014 | 5,911,840 | 656,194 | 28,893 | 6,596,927 | |||||||||
% ownership of Enova as of December 31, 2014 | 17.9 | % | 2 | % | 0.1 | % | 20 | % | |||||
(a) Does not include shares retained for delivery under the Company’s long-term incentive plans. | |||||||||||||
(b) Shares allocated to satisfy future RSU award issuances, upon forfeit, are re-allocated to Enova shares that are held and are to be disposed of by the Company. | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The results of Enova’s business included in discontinued operations for the years ended December 31, 2014, 2013 and 2012 are summarized in the following tables. | ||||||||||||
The carrying amounts of the major classes of the assets and liabilities for the discontinued operations as of December 31, 2013 are shown below (dollars in thousands). Amounts for “Cash and cash equivalents” and “Accounts payable and accrued expenses,” respectively, shown below were decreased by $2.0 million from amounts previously reported in the Company’s financial statements to reclassify certain liabilities as in-transit cash disbursements due to the timing of payments for certain contracts. Management determined that the impact on previously-issued financial statements was immaterial. | |||||||||||||
As of December 31, 2013 | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 47,480 | |||||||||||
Consumer loans, net | 304,109 | ||||||||||||
Other receivables and prepaid expenses | 8,686 | ||||||||||||
Current and deferred tax assets | 30,314 | ||||||||||||
Current assets of discontinued operations | 390,589 | ||||||||||||
Property and equipment, net | 39,405 | ||||||||||||
Goodwill | 210,365 | ||||||||||||
Other non-current assets | 6,331 | ||||||||||||
Non-current assets of discontinued operations | 256,101 | ||||||||||||
Total assets of discontinued operations | $ | 646,690 | |||||||||||
Liabilities | |||||||||||||
Accounts payable and accrued expenses | 51,554 | ||||||||||||
Note payable to Cash America International, Inc. | 425,413 | ||||||||||||
Current liabilities of discontinued operations | 476,967 | ||||||||||||
Deferred tax liabilities | 45,003 | ||||||||||||
Other liabilities | 51 | ||||||||||||
Non-current liabilities of discontinued operations | 45,054 | ||||||||||||
Total liabilities of discontinued operations | $ | 522,021 | |||||||||||
Summarized income statement and supplemental cash flow information for the discontinued operations for the years ended December 31, 2014, 2013 and 2012, is shown below (dollars in thousands, except per share data). Information for the year ended December 31, 2014 includes only income, expense and cash flow activity prior to the date of the Enova Spin-off. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | |||||||||||||
Consumer loan fees | $ | 705,120 | $ | 764,972 | $ | 659,628 | |||||||
Other | 658 | 1,197 | 1,359 | ||||||||||
Total Revenue | 705,778 | 766,169 | 660,987 | ||||||||||
Cost of Revenue | |||||||||||||
Consumer loan loss provision | 229,816 | 317,896 | 287,069 | ||||||||||
Total Cost of Revenue | 229,816 | 317,896 | 287,069 | ||||||||||
Net Revenue | 475,962 | 448,273 | 373,918 | ||||||||||
Expenses | |||||||||||||
Operations and administration | 256,466 | 280,515 | 234,358 | ||||||||||
Depreciation and amortization | 15,698 | 17,143 | 13,272 | ||||||||||
Total Expenses | 272,164 | 297,658 | 247,630 | ||||||||||
Income from Operations | 203,798 | 150,615 | 126,288 | ||||||||||
Interest expense | (31,317 | ) | (19,842 | ) | (20,996 | ) | |||||||
Interest income | 16 | 54 | — | ||||||||||
Foreign currency transaction gain (loss) | (539 | ) | (1,222 | ) | (342 | ) | |||||||
Income before Income Taxes | 171,958 | 129,605 | 104,950 | ||||||||||
Provision for income taxes | 62,933 | 46,259 | 38,381 | ||||||||||
Net Income from Discontinued Operations | $ | 109,025 | $ | 83,346 | $ | 66,569 | |||||||
Diluted Income per Share from Discontinued Operations | $ | 3.72 | $ | 2.72 | $ | 2.12 | |||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash flows from investing activities | |||||||||||||
Capital expenditures | $ | 11,681 | $ | 14,872 | $ | 17,872 | |||||||
Significant non-cash operating items | |||||||||||||
Non-cash interest expense on note payable to Cash America | $ | — | $ | 19,844 | $ | 21,005 | |||||||
Significant non-cash investing items | |||||||||||||
Consumer loans renewed | $ | 262,458 | $ | 500,797 | $ | 620,097 | |||||||
Cash paid during the year for: | |||||||||||||
Interest | $ | 7,630 | $ | — | $ | — | |||||||
Income taxes (a) | $ | 758 | $ | 170 | $ | 499 | |||||||
(a) Represents cash paid for state and local income taxes. Federal income tax payments for 2014, 2013 and 2012 were made by Cash America. |
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
34 Georgia And North Carolina Pawn Lending Locations | ||||
Business Acquisition [Line Items] | ||||
Schedule of Business Acquisitions, by Acquisition | The allocation of the purchase price for this acquisition is as follows (dollars in thousands): | |||
Pawn loans | $ | 10,510 | ||
Merchandise acquired | 3,695 | |||
Pawn loan fees and service charges receivable | 1,639 | |||
Property and equipment | 2,631 | |||
Goodwill | 35,190 | |||
Intangible assets | 6,834 | |||
Other assets | 1,262 | |||
Other liabilities | (218 | ) | ||
Customer deposits | (426 | ) | ||
Net assets acquired | $ | 61,117 | ||
Cash consideration payable as of December 31, 2013 | (500 | ) | ||
Total consideration paid for acquisition, net of cash acquired, as of December 31, 2013 | 60,617 | |||
Cash paid in 2014 related to holdbacks | 500 | |||
Total cash paid for acquisition | $ | 61,117 | ||
41 Texas Pawn Lending Locations | ||||
Business Acquisition [Line Items] | ||||
Schedule of Business Acquisitions, by Acquisition | The allocation of the purchase price for this acquisition is as follows (dollars in thousands): | |||
Pawn loans | $ | 14,468 | ||
Merchandise acquired | 8,024 | |||
Pawn loan fees and service charges receivable | 2,094 | |||
Property and equipment | 4,230 | |||
Goodwill | 62,335 | |||
Intangible assets | 14,404 | |||
Other assets | 383 | |||
Other liabilities | (829 | ) | ||
Customer deposits | (1,365 | ) | ||
Total consideration paid for acquisition, net of cash acquired | $ | 103,744 | ||
9 Stores Arizona Pawn Lending Locations | ||||
Business Acquisition [Line Items] | ||||
Schedule of Business Acquisitions, by Acquisition | The allocation of the purchase price for this acquisition is as follows (dollars in thousands): | |||
Pawn loans | $ | 3,887 | ||
Merchandise held for disposition | 712 | |||
Pawn loan fees and service charges receivable | 509 | |||
Property and equipment | 200 | |||
Goodwill | 7,662 | |||
Intangible assets | 2,500 | |||
Other assets | 103 | |||
Customer deposits | (14 | ) | ||
Net assets acquired | $ | 15,559 | ||
Cash consideration payable as of December 31, 2012 | (128 | ) | ||
Total consideration paid for acquisition as of December 31, 2012 | 15,431 | |||
Cash paid in 2013 upon receipt of regulatory licenses | 128 | |||
Total cash paid for acquisition | $ | 15,559 | ||
25 Stores Pawn Lending Locations | ||||
Business Acquisition [Line Items] | ||||
Schedule of Business Acquisitions, by Acquisition | The allocation of the purchase price for this acquisition is as follows (dollars in thousands): | |||
Pawn loans | $ | 7,057 | ||
Merchandise held for disposition | 7,534 | |||
Pawn loan fees and service charges receivable | 1,506 | |||
Property and equipment | 631 | |||
Goodwill | 31,521 | |||
Intangible assets | 8,000 | |||
Customer deposits | (1,158 | ) | ||
Total consideration paid for acquisition | $ | 55,091 | ||
Consumer_Loans_Credit_Quality_1
Consumer Loans, Credit Quality Information on Consumer Loans, Allowances And Liabilities For Estimated Losses On Consumer Loans and Guarantees of Consumer Loans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans [Abstract] | ||||||||||||
Components Of Company-Owned Consumer Loans And Receivables | 6. Consumer Loans, Credit Quality Information on Consumer Loans, Allowance and Liability for Estimated Losses on Consumer Loans and Guarantees of Consumer Loans | |||||||||||
The components of Company-owned consumer loan portfolio receivables at December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||
As of December 31, 2014 | ||||||||||||
Short-term | Installment | Total | ||||||||||
Loans | Loans | |||||||||||
Current loans | $ | 38,492 | $ | 3,486 | $ | 41,978 | ||||||
Delinquent loans | 4,462 | 2,575 | 7,037 | |||||||||
Total consumer loans, gross | 42,954 | 6,061 | 49,015 | |||||||||
Less: Allowance for losses | (2,736 | ) | (1,426 | ) | (4,162 | ) | ||||||
Consumer loans, net | $ | 40,218 | $ | 4,635 | $ | 44,853 | ||||||
As of December 31, 2013 | ||||||||||||
Short-term | Installment | Total | ||||||||||
Loans | Loans | |||||||||||
Current loans | $ | 43,375 | $ | 6,970 | $ | 50,345 | ||||||
Total delinquent loans | 6,481 | 2,817 | 9,298 | |||||||||
Total consumer loans, gross | 49,856 | 9,787 | 59,643 | |||||||||
Less: Allowance for losses | (3,960 | ) | (951 | ) | (4,911 | ) | ||||||
Consumer loans, net | $ | 45,896 | $ | 8,836 | $ | 54,732 | ||||||
Changes In Allowance For Losses | Changes in the allowance for losses for the Company-owned loans and the liability for estimated losses on the Company’s guarantees of third-party lender-owned loans through the CSO programs for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||
Year Ended December 31, 2014 | ||||||||||||
Short-term | Installment | Total | ||||||||||
Loans | Loans | |||||||||||
Allowance for losses for Company-owned consumer loans: | ||||||||||||
Balance at beginning of period | $ | 3,960 | $ | 951 | $ | 4,911 | ||||||
Consumer loan loss provision | 23,139 | 7,840 | 30,979 | |||||||||
Charge-offs | (28,956 | ) | (9,229 | ) | (38,185 | ) | ||||||
Recoveries | 4,593 | 1,864 | 6,457 | |||||||||
Balance at end of period | $ | 2,736 | $ | 1,426 | $ | 4,162 | ||||||
Liability for third-party lender-owned consumer loans: | ||||||||||||
Balance at beginning of period | $ | 272 | $ | 758 | $ | 1,030 | ||||||
Increase (decrease) in liability | 130 | (100 | ) | 30 | ||||||||
Balance at end of period | $ | 402 | $ | 658 | $ | 1,060 | ||||||
Year Ended December 31, 2013 | ||||||||||||
Short-term | Installment | Total | ||||||||||
Loans | Loans | |||||||||||
Allowance for losses for Company-owned consumer loans: | ||||||||||||
Balance at beginning of period | $ | 4,039 | $ | 740 | $ | 4,779 | ||||||
Consumer loan loss provision | 27,549 | 5,652 | 33,201 | |||||||||
Charge-offs | (32,972 | ) | (6,688 | ) | (39,660 | ) | ||||||
Recoveries | 5,344 | 1,247 | 6,591 | |||||||||
Balance at end of period | $ | 3,960 | $ | 951 | $ | 4,911 | ||||||
Liability for third-party lender-owned consumer loans: | ||||||||||||
Balance at beginning of period | $ | 308 | $ | 564 | $ | 872 | ||||||
(Decrease) increase in liability | (36 | ) | 194 | 158 | ||||||||
Balance at end of period | $ | 272 | $ | 758 | $ | 1,030 | ||||||
Year Ended December 31, 2012 | ||||||||||||
Short-term | Installment | Total | ||||||||||
Loans | Loans | |||||||||||
Allowance for losses for Company-owned consumer loans: | ||||||||||||
Balance at beginning of period | $ | 3,526 | $ | 492 | $ | 4,018 | ||||||
Consumer loan loss provision | 25,308 | 3,823 | 29,131 | |||||||||
Charge-offs | (32,335 | ) | (4,476 | ) | (36,811 | ) | ||||||
Recoveries | 7,540 | 901 | 8,441 | |||||||||
Balance at end of period | $ | 4,039 | $ | 740 | $ | 4,779 | ||||||
Liability for third-party lender-owned consumer loans: | ||||||||||||
Balance at beginning of period | $ | 333 | $ | 445 | $ | 778 | ||||||
(Decrease) increase in liability | (25 | ) | 119 | 94 | ||||||||
Balance at end of period | $ | 308 | $ | 564 | $ | 872 | ||||||
Prepaid_Expenses_And_Other_Ass1
Prepaid Expenses And Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Prepaid Expense and Other Assets [Abstract] | ||||||||
Summary Of Prepaid Expenses And Other Assets | Prepaid expenses and other assets as of December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
Nonqualified plan-related assets | $ | 12,838 | $ | 14,016 | ||||
Prepaid insurance | 1,621 | 1,381 | ||||||
Prepaid hardware and software maintenance | 2,475 | 2,074 | ||||||
Other prepaid expenses | 1,818 | 4,547 | ||||||
Other assets | 2,565 | 2,951 | ||||||
Total | $ | 21,317 | $ | 24,969 | ||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||
Classifications Of Property And Equipment | Major classifications of property and equipment as of December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Depreciation | Depreciation | |||||||||||||||||||||||
Land | $ | 5,335 | $ | — | $ | 5,335 | $ | 5,335 | $ | — | $ | 5,335 | ||||||||||||
Buildings and leasehold improvements | 237,247 | (146,698 | ) | 90,549 | 235,525 | (135,823 | ) | 99,702 | ||||||||||||||||
Furniture, fixtures and equipment | 155,150 | (114,577 | ) | 40,573 | 150,543 | (103,224 | ) | 47,319 | ||||||||||||||||
Computer software | 139,277 | (74,680 | ) | 64,597 | 130,097 | (60,635 | ) | 69,462 | ||||||||||||||||
Total | $ | 537,009 | $ | (335,955 | ) | $ | 201,054 | $ | 521,500 | $ | (299,682 | ) | $ | 221,818 | ||||||||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Changes In The Carrying Value Of Goodwill | Changes in the carrying value of goodwill for the years ended December 31, 2014 and 2013 are shown in the table below (dollars in thousands). | |||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Balance as of January 1, 2014 | $ | 495,214 | ||||||||||||||||||||||
Acquisitions | 165 | |||||||||||||||||||||||
Divestitures | (7,508 | ) | ||||||||||||||||||||||
Effect of foreign currency translation | (302 | ) | ||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 487,569 | ||||||||||||||||||||||
Balance as of January 1, 2013 | $ | 397,845 | ||||||||||||||||||||||
Acquisitions | 97,718 | |||||||||||||||||||||||
Effect of foreign currency translation | (349 | ) | ||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 495,214 | ||||||||||||||||||||||
Acquired Intangible Assets Subject To Amortization | Acquired intangible assets that are subject to amortization as of December 31, 2014 and 2013, were as follows (dollars in thousands): | |||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
Non-competition agreements | $ | 18,848 | $ | (13,520 | ) | $ | 5,328 | $ | 18,773 | $ | (11,737 | ) | $ | 7,036 | ||||||||||
Customer relationships | 45,771 | (20,407 | ) | 25,364 | 45,648 | (15,656 | ) | 29,992 | ||||||||||||||||
Trademarks and other | 586 | (451 | ) | 135 | 586 | (404 | ) | 182 | ||||||||||||||||
Total | $ | 65,205 | $ | (34,378 | ) | $ | 30,827 | $ | 65,007 | $ | (27,797 | ) | $ | 37,210 | ||||||||||
Estimated Future Amortization Expense | For each of the five years after December 31, 2014, estimated future amortization expense is as follows (dollars in thousands): | |||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Total | |||||||||||||||||||
Estimated future amortization expense | 6,438 | 6,044 | 5,456 | 5,155 | 4,717 | 27,810 | ||||||||||||||||||
Accounts_Payable_And_Accrued_E1
Accounts Payable And Accrued Expenses (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ||||||||
Accounts Payable And Accrued Expenses | Accounts payable and accrued expenses as of December 31, 2014 and 2013, were as follows (dollars in thousands): | |||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
Trade accounts payable | $ | 13,800 | $ | 13,278 | ||||
Accrued taxes, other than income taxes | 8,242 | 8,407 | ||||||
Accrued payroll, annual incentive and fringe benefits | 41,613 | 29,876 | ||||||
Accrued interest payable | 1,658 | 4,839 | ||||||
Accrual for consumer loan payments rejected for non-sufficient funds | 1,049 | 1,233 | ||||||
Deferred CSO fees | 3,025 | 5,205 | ||||||
Liability for losses on third-party lender-owned consumer loans | 1,060 | 1,030 | ||||||
Ohio Reimbursement Program(a) | — | 301 | ||||||
2013 Litigation Settlement(a) | — | 18,000 | ||||||
Other accrued liabilities | 3,884 | 6,345 | ||||||
Total | $ | 74,331 | $ | 88,514 | ||||
(a) | See Note 13 for further discussion of the Ohio Reimbursement Program and the 2013 Litigation Settlement. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||
Schedule Of Long-Term Debt | The Company’s long-term debt instruments and balances outstanding as of December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
Domestic and multi-currency line of credit due 2018 | $ | — | $ | 193,717 | ||||
6.09% Series A senior unsecured notes due 2016 | — | 21,000 | ||||||
7.26% senior unsecured notes due 2017 | — | 20,000 | ||||||
Variable rate senior unsecured notes due 2018 | — | 33,333 | ||||||
5.75% senior unsecured notes due 2018 | 196,470 | 300,000 | ||||||
6.00% Series A senior unsecured notes due 2019 | — | 47,000 | ||||||
6.21% Series B senior unsecured notes due 2021 | — | 18,182 | ||||||
6.58% Series B senior unsecured notes due 2022 | — | 5,000 | ||||||
5.25% convertible senior notes due 2029 | — | 101,757 | ||||||
Total debt | $ | 196,470 | $ | 739,989 | ||||
Less current portion | — | (22,606 | ) | |||||
Total long-term debt | $ | 196,470 | $ | 717,383 | ||||
Annual Maturities Of Outstanding Long-Term Debt | December 31, 2014, required principal payments under the terms of the long-term debt, including the Company’s Domestic and Multi-currency Line of Credit, are as follows (dollars in thousands): | |||||||
Year | Amount | |||||||
2015 | $ | — | ||||||
2016 | — | |||||||
2017 | — | |||||||
2018 | 196,470 | |||||||
2019 | — | |||||||
$ | 196,470 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components Of Deferred Tax Assets And Liabilities | The components of the Company’s deferred tax assets and liabilities as of December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Deferred finish-out allowances from lessors | $ | 157 | $ | 131 | ||||||||
Tax over book accrual of pawn loan fees and service charges | 4,752 | 5,380 | ||||||||||
Convertible debt | — | 483 | ||||||||||
Reserves for 2013 Litigation Settlement(a) | — | 6,394 | ||||||||||
Allowance for consumer loan losses | 1,778 | 2,039 | ||||||||||
Deferred compensation | 8,524 | 9,189 | ||||||||||
Net operating losses | — | 17,568 | ||||||||||
Deferred state credits | 1,358 | 1,186 | ||||||||||
Other | 2,548 | 2,380 | ||||||||||
Total deferred tax assets | 19,117 | 44,750 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Amortizable intangible assets | $ | 46,551 | $ | 40,415 | ||||||||
Property and equipment | 32,359 | 36,826 | ||||||||||
Investment in equity securities | 39,294 | — | ||||||||||
Other | 1,165 | 1,651 | ||||||||||
Total deferred tax liabilities | 119,369 | 78,892 | ||||||||||
Net deferred tax liabilities before valuation allowance | $ | (100,252 | ) | $ | (34,142 | ) | ||||||
Valuation Allowance | — | (13,824 | ) | |||||||||
Net deferred tax liabilities after valuation allowance | $ | (100,252 | ) | (47,966 | ) | |||||||
Balance sheet classification: | ||||||||||||
Current deferred tax (liabilities) assets | $ | (27,820 | ) | $ | 8,448 | |||||||
Noncurrent deferred tax liabilities | (72,432 | ) | (56,414 | ) | ||||||||
Net deferred tax liabilities | $ | (100,252 | ) | $ | (47,966 | ) | ||||||
(a) | See Note 13 for further discussion of the 2013 Litigation Settlement. | |||||||||||
Components Of Provision For Income Taxes | The components of the provision for income taxes and the income to which it relates for the years ended December 31, 2014, 2013 and 2012, were as follows (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Loss) Income from continuing operations before income taxes | ||||||||||||
Domestic | $ | (7,938 | ) | $ | 47,475 | $ | 108,000 | |||||
Foreign | (408 | ) | (3,490 | ) | (26,630 | ) | ||||||
(Loss) Income from continuing operations before income taxes | (8,346 | ) | 43,985 | 81,370 | ||||||||
Current (benefit) provision: | ||||||||||||
Federal | $ | (12,823 | ) | $ | (20,908 | ) | $ | 42,190 | ||||
Foreign | 531 | (752 | ) | 586 | ||||||||
State and local | 1,291 | 2,098 | 4,844 | |||||||||
Total current (benefit) provision for income taxes | (11,001 | ) | (19,562 | ) | 47,620 | |||||||
Deferred provision (benefit): | ||||||||||||
Federal | $ | 12,962 | $ | 3,740 | $ | (5,872 | ) | |||||
Foreign | — | — | 4,811 | |||||||||
State and local | 80 | 317 | (284 | ) | ||||||||
Total deferred provision (benefit) for income taxes | 13,042 | 4,057 | (1,345 | ) | ||||||||
Total provision (benefit) for income taxes | $ | 2,041 | $ | (15,505 | ) | $ | 46,275 | |||||
Schedule of Income Tax Expense (Benefit) Continuing and Discontinued Operations [Table Text Block] | Income tax expense included in the Company’s income (loss) from continuing and discontinued operations, respectively, is as follows (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Continuing operations | 2,041 | (15,505 | ) | 46,275 | ||||||||
Discontinuing operations | 62,933 | 46,259 | 38,381 | |||||||||
Total | 64,974 | 30,754 | 84,656 | |||||||||
Reconciliation Of Effective Tax Rate | A reconciliation of income taxes for continuing operations with amounts computed at the statutory federal rate follows (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Tax provision computed at the federal statutory income tax rate | $ | (2,922 | ) | $ | 15,396 | $ | 28,479 | |||||
State and local income taxes, net of federal tax benefits | 818 | 1,883 | 2,829 | |||||||||
Nondeductible lobbying | 639 | 553 | 758 | |||||||||
Foreign tax difference | 216 | (221 | ) | 1,934 | ||||||||
Investment in subsidiaries (a) | — | (23,907 | ) | (9,218 | ) | |||||||
Valuation allowance | (11,266 | ) | (8,915 | ) | 21,390 | |||||||
Non-recoverable foreign net deferred tax assets | 12,042 | — | — | |||||||||
Non-deductible goodwill | 2,232 | — | — | |||||||||
Tax effect of Regulatory Penalty(b) | — | 895 | — | |||||||||
Change in reserve for uncertain tax benefits, net | — | (1,021 | ) | — | ||||||||
Other | 282 | (168 | ) | 103 | ||||||||
Total provision (benefit) | $ | 2,041 | $ | (15,505 | ) | $ | 46,275 | |||||
Effective tax rate | (24.5 | )% | (35.3 | )% | 56.9 | % | ||||||
(a) | Relates to the Creazione Deduction for the years ended December 31, 2013 and 2012. | |||||||||||
(b) | Represents the tax effect of the $2.5 million penalty paid to the CFPB, which is nondeductible for tax purposes, in connection with the Regulatory Penalty. See Note 13. | |||||||||||
Aggregate Change In Balance Of Unrecognized Tax Benefits | The aggregate change in the balance of the unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012 is summarized below (dollars in thousands): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at January 1, | $ | — | $ | 1,021 | $ | 955 | ||||||
Decrease due to lapse of statute of limitations | — | (1,021 | ) | — | ||||||||
Effect of change in foreign currency rates | — | — | 66 | |||||||||
Balance at December 31, | $ | — | $ | — | $ | 1,021 | ||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||
Future Minimum Rentals Due Under Non-Cancelable Leases | The Company leases certain of its facilities under operating leases with terms generally from one to 10 years and certain rights to extend for additional periods. Future minimum rentals due under non-cancelable leases are as follows for each of the years ending December 31 (dollars in thousands): | |||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||
Future minimum rentals due under non-cancelable leases | 55,881 | 47,605 | 37,407 | 29,533 | 22,172 | 40,811 | $ | 233,409 | ||||||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||
Aggregate Shares Purchased | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Shares purchased under 2013 Authorization and 2011 Authorization | 62,909 | 966,700 | 576,064 | |||||||||||||
Aggregate amount (in thousands) | $ | 1,343 | $ | 46,052 | $ | 22,509 | ||||||||||
Average price paid per share | $ | 21.35 | $ | 47.64 | $ | 39.07 | ||||||||||
Activities Of Non-Qualified Savings Plan During Each Of Three Years | Activities during each of the three years ended December 31 are summarized as follows (dollars in thousands): | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Purchases: | ||||||||||||||||
Number of shares | 120 | 99 | 108 | |||||||||||||
Aggregate amount | $ | 4 | $ | 4 | 4 | |||||||||||
Sales: | ||||||||||||||||
Number of shares | — | — | 1,211 | |||||||||||||
Aggregate amount | $ | — | $ | — | 25 | |||||||||||
Components Of Accumulated Other Comprehensive Income (Loss) | Components of AOCI, after tax, for the years ended December 31, 2014, 2013 and 2012 are shown below (dollars in thousands). | |||||||||||||||
Unrealized | Foreign | Marketable | Total | |||||||||||||
Derivatives | Currency | Securities, | ||||||||||||||
Gain (Loss), | Translation | Net of Tax | ||||||||||||||
Net of Tax | Gain (Loss), | |||||||||||||||
Net of Tax | ||||||||||||||||
Balance at January 1, 2012 | $ | (12 | ) | $ | (6,078 | ) | $ | (806 | ) | $ | (6,896 | ) | ||||
Other comprehensive income (loss) | 12 | 8,952 | 1,060 | 10,024 | ||||||||||||
Balance at December 31, 2012 | — | 2,874 | 254 | 3,128 | ||||||||||||
Other comprehensive income before reclassifications | — | 1,775 | 373 | 2,148 | ||||||||||||
Amounts reclassified from AOCI | — | — | (627 | ) | (627 | ) | ||||||||||
Net change in AOCI | — | 1,775 | (254 | ) | 1,521 | |||||||||||
Balance at December 31, 2013 | — | 4,649 | — | 4,649 | ||||||||||||
Other comprehensive income (loss) | — | (7,255 | ) | 71,959 | 64,704 | |||||||||||
Spin-off of Enova | — | 2,606 | — | 2,606 | ||||||||||||
Net change in AOCI | — | (4,649 | ) | 71,959 | 67,310 | |||||||||||
Balance at December 31, 2014 | $ | — | $ | — | $ | 71,959 | $ | 71,959 | ||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Amounts Included In The Consolidated Balance Sheets Relating To The Nonqualified Savings Plan And The SERP | Amounts included in the consolidated balance sheets relating to the Nonqualified Savings Plan and the SERP as of December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
Prepaid expenses and other assets | $ | 12,259 | $ | 14,016 | ||||
Accounts payable and accrued expenses | 12,259 | 14,016 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||
Summary Of Stock Option Activity | |||||||||||||||||||||
2012 | |||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||
Average | |||||||||||||||||||||
Exercise | |||||||||||||||||||||
Price | |||||||||||||||||||||
Outstanding at beginning of year | 198,900 | $ | 8.95 | ||||||||||||||||||
Exercised | (198,900 | ) | 8.95 | ||||||||||||||||||
Outstanding at end of year | — | $ | — | ||||||||||||||||||
Exercisable at end of year | — | $ | — | ||||||||||||||||||
Restricted Stock Unit Activity | As of December 31, 2014, 685,087 shares of Enova common stock retained by the Company were allocated for settlement of unvested RSUs, vested deferred RSUs and for Director Deferred Shares. Activity during the year ended December 31, 2014 for these shares is shown below: | ||||||||||||||||||||
Enova Shares to be Issued for RSU awards | Enova Shares to be Issued for Director Deferred Shares | Total | |||||||||||||||||||
Enova shares retained upon Enova Spin-off | 677,918 | 28,893 | 706,811 | ||||||||||||||||||
Forfeitures (a) | (21,724 | ) | — | (21,724 | ) | ||||||||||||||||
Shares held as of December 31, 2014 | 656,194 | 28,893 | 685,087 | ||||||||||||||||||
% ownership of Enova as of December 31, 2014 | 2 | % | 0.1 | % | 2.1 | % | |||||||||||||||
(a) Shares allocated to satisfy future RSU award issuances, upon forfeit, are re-allocated to Enova shares that are held and are to be disposed of by the Company. | |||||||||||||||||||||
The following table summarizes the RSU activity during 2014, 2013 and 2012: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Units | Weighted | Units | Weighted | Units | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
at Date of | at Date of | at Date of | |||||||||||||||||||
Grant | Grant | Grant | |||||||||||||||||||
Outstanding at beginning of year | 766,695 | $ | 36.06 | 772,322 | $ | 32.57 | 710,591 | $ | 29.53 | ||||||||||||
Units granted | 666,172 | 27.22 | 190,846 | 49.82 | 178,144 | 43.36 | |||||||||||||||
Shares issued | (154,851 | ) | 40.32 | (127,087 | ) | 34.48 | (108,170 | ) | 29.74 | ||||||||||||
Units forfeited | (161,123 | ) | 41.9 | (69,386 | ) | 37.91 | (8,243 | ) | 41.22 | ||||||||||||
Outstanding at end of year | 1,116,893 | $ | 29.36 | 766,695 | $ | 36.06 | 772,322 | $ | 32.57 | ||||||||||||
Units vested at end of year | 303,276 | $ | 25.5 | 311,546 | $ | 24.98 | 303,781 | $ | 24.85 | ||||||||||||
Supplemental_Disclosures_Of_Ca1
Supplemental Disclosures Of Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Cash And Non-Cash Activities | The following table sets forth certain cash and non-cash activities for the Company’s continuing operations for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash paid during the year for: | ||||||||||||
Interest | $ | 26,528 | $ | 28,223 | $ | 22,520 | ||||||
Income taxes | 36,506 | 37,779 | 91,632 | |||||||||
Non-cash investing and financing activities: | ||||||||||||
Pawn loans forfeited and transferred to merchandise held for disposition | $ | 364,157 | $ | 329,653 | $ | 350,122 | ||||||
Pawn loans renewed | 254,400 | 269,559 | 279,553 | |||||||||
Consumer loans renewed | 8,432 | 9,674 | 9,419 | |||||||||
Liabilities assumed in acquisitions | — | 3,132 | 1,207 | |||||||||
Shares received for payment of receivables | — | — | 383 | |||||||||
Release of minority shareholders from contingent liability | — | — | 2,758 | |||||||||
Spin-off of Enova (See Note 3) | 79,640 | — | — | |||||||||
Fair value of shares issued for conversion of convertible debt (See Note 11) | 31,727 | — | — | |||||||||
Operating_Segment_Information_
Operating Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||
Schedule Of Revenues By Geographic Region | The following table presents the Company’s revenue and long-lived assets by geographic region for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
Revenue | 2014 | 2013 | 2012 | |||||||||
United States | $ | 1,077,199 | $ | 1,003,961 | $ | 1,078,803 | ||||||
Mexico (a) | 17,497 | 26,525 | 60,640 | |||||||||
Total revenue | $ | 1,094,696 | $ | 1,030,486 | $ | 1,139,443 | ||||||
As of December 31, | ||||||||||||
Long-lived Assets | 2014 | 2013 | ||||||||||
United States | $ | 201,054 | $ | 216,972 | ||||||||
Mexico (a) | — | 4,846 | ||||||||||
Total long-lived assets | $ | 201,054 | $ | 221,818 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value Assets (Liabilities) Measured On Recurring Basis | The Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2014 and 2013 are as follows (dollars in thousands): | |||||||||||||||||||
December 31, | Fair Value Measurements Using | |||||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial assets: | ||||||||||||||||||||
Nonqualified Savings Plan-related assets | 12,838 | 12,259 | 579 | — | ||||||||||||||||
Investment in equity securities | $ | 131,584 | $ | — | $ | 131,584 | $ | — | ||||||||||||
Total | $ | 144,422 | $ | 12,259 | $ | 132,163 | $ | — | ||||||||||||
December 31, | Fair Value Measurements Using | |||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial assets: | ||||||||||||||||||||
Nonqualified Savings Plan-related assets | 14,016 | 14,016 | — | — | ||||||||||||||||
Total | $ | 14,016 | $ | 14,016 | $ | — | $ | — | ||||||||||||
Financial Liabilities Not Measured At Fair Value But For Which Fair Value Is Required To Be Disclosed | The Company’s financial assets and liabilities as of December 31, 2014 and 2013 that are not measured at fair value in the consolidated balance sheets are as follows (dollars in thousands): | |||||||||||||||||||
Carrying Value | Estimated Fair Value | |||||||||||||||||||
December 31, | December 31, | Fair Value Measurement Using | ||||||||||||||||||
2014 | 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 53,042 | $ | 53,042 | $ | 53,042 | $ | — | $ | — | ||||||||||
Restricted cash | 60 | 60 | 60 | — | — | |||||||||||||||
Pawn loans | 252,168 | 252,168 | — | — | 252,168 | |||||||||||||||
Short-term loans, net | 40,218 | 40,218 | — | — | 40,218 | |||||||||||||||
Installment loans, net | 4,635 | 4,635 | — | — | 4,635 | |||||||||||||||
Pawn loan fees and service charges receivable | 53,648 | 53,648 | — | — | 53,648 | |||||||||||||||
Total | $ | 403,771 | $ | 403,771 | $ | 53,102 | $ | — | $ | 350,669 | ||||||||||
Financial liabilities: | ||||||||||||||||||||
Liability for estimated losses on consumer loans guaranteed by the Company | $ | 1,060 | $ | 1,060 | $ | — | $ | — | $ | 1,060 | ||||||||||
Senior unsecured notes | 196,470 | 203,346 | — | 203,346 | — | |||||||||||||||
Total | $ | 197,530 | $ | 204,406 | $ | — | $ | 203,346 | $ | 1,060 | ||||||||||
Carrying Value | Estimated Fair Value | |||||||||||||||||||
December 31, | December 31, | Fair Value Measurement Using | ||||||||||||||||||
2013 | 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 19,748 | $ | 19,748 | $ | 19,748 | $ | — | $ | — | ||||||||||
Restricted cash | 8,000 | 8,000 | 8,000 | — | — | |||||||||||||||
Pawn loans | 261,148 | 261,148 | — | — | 261,148 | |||||||||||||||
Short-term loans, net | 45,896 | 45,896 | — | — | 45,896 | |||||||||||||||
Installment loans, net | 8,836 | 8,836 | — | — | 8,836 | |||||||||||||||
Pawn loan fees and service charges receivable | 53,438 | 53,438 | — | — | 53,438 | |||||||||||||||
Total | $ | 397,066 | $ | 397,066 | $ | 27,748 | — | $ | 369,318 | |||||||||||
Financial liabilities: | ||||||||||||||||||||
Liability for estimated losses on consumer loans guaranteed by the Company | $ | 1,030 | $ | 1,030 | $ | — | $ | — | $ | 1,030 | ||||||||||
Domestic and Multi-currency Line of Credit | 193,717 | 207,426 | — | 207,426 | — | |||||||||||||||
Senior unsecured notes | 444,515 | 430,554 | — | 430,554 | — | |||||||||||||||
2029 Convertible Notes | 101,757 | 155,788 | — | 155,788 | — | |||||||||||||||
Total | $ | 741,019 | $ | 794,798 | $ | — | $ | 793,768 | $ | 1,030 | ||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited)(Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||
Quarterly Results Of Operations | The following is a summary of the quarterly results of operations for the years ended December 31, 2014 and 2013 (dollars in thousands, except per share data): | |||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||
2014 (a) | ||||||||||||||||||
Total revenue | $ | 284,635 | $ | 253,608 | $ | 267,010 | $ | 289,443 | ||||||||||
Cost of revenue | 132,162 | 112,359 | 122,907 | 137,718 | ||||||||||||||
Net revenue | 152,473 | 141,249 | 144,103 | 151,725 | ||||||||||||||
Net income (loss) from continuing operations | 3,237 | (11,746 | ) | (9,370 | ) | 7,492 | ||||||||||||
Net income (loss) from discontinued operations | 42,500 | 32,717 | 19,286 | 14,522 | ||||||||||||||
Net income attributable to Cash America International, Inc. | 45,737 | 20,971 | 9,916 | 22,014 | ||||||||||||||
Diluted net income (loss) per share - continuing operations | $ | 0.11 | $ | (0.41 | ) | $ | (0.32 | ) | $ | 0.26 | ||||||||
Diluted net income per share - discontinued operations | $ | 1.44 | $ | 1.12 | $ | 0.66 | $ | 0.5 | ||||||||||
Diluted net income per share | $ | 1.55 | $ | 0.72 | $ | 0.34 | $ | 0.75 | ||||||||||
Diluted weighted average common shares | 29,500 | 29,256 | 29,312 | 29,284 | ||||||||||||||
2013 (a) | ||||||||||||||||||
Total revenue | $ | 285,797 | $ | 234,219 | $ | 239,424 | $ | 271,046 | ||||||||||
Cost of revenue | 128,113 | 96,073 | 101,138 | 118,648 | ||||||||||||||
Net revenue | 157,684 | 138,146 | 138,286 | 152,398 | ||||||||||||||
Net income from continuing operations | 19,346 | 4,960 | 27,567 | 7,309 | ||||||||||||||
Net income from discontinued operations | 24,580 | 20,172 | 18,619 | 19,975 | ||||||||||||||
Net income attributable to Cash America International, Inc. | 43,926 | 25,132 | 46,186 | 27,284 | ||||||||||||||
Diluted net income per share - continuing operations | $ | 0.62 | $ | 0.16 | $ | 0.91 | $ | 0.24 | ||||||||||
Diluted net income per share - discontinued operations | $ | 0.78 | $ | 0.65 | $ | 0.61 | $ | 0.67 | ||||||||||
Diluted net income per share | $ | 1.4 | $ | 0.81 | $ | 1.52 | $ | 0.91 | ||||||||||
Diluted weighted average common shares | 31,371 | 30,845 | 30,379 | 29,968 | ||||||||||||||
(a) | The sum of the quarterly per share amounts may not sum to each full year amount presented in the Company’s financial statements because these computations are made independently for each quarter and for the full year and take into account the weighted average number of common shares outstanding for each period, including the effect of dilutive securities for that period. | |||||||||||||||||
In addition to the summary quarterly financial information provided above, the Company has provided financial information for each quarter of 2014, conformed to the current period presentation of Enova’s operations in discontinued operations. The Company’s consolidated statements of income for the quarters ended March 31, June 30, September 30 and December 31, 2014 are as follows (dollars in thousands): | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | |||||||||||||||
Revenue | ||||||||||||||||||
Pawn loan fees and service charges | $ | 80,187 | $ | 80,990 | $ | 85,313 | $ | 82,878 | ||||||||||
Proceeds from disposition of merchandise | 176,455 | 146,772 | 155,087 | 181,692 | ||||||||||||||
Consumer loan fees | 25,759 | 23,900 | 24,831 | 23,184 | ||||||||||||||
Other | 2,234 | 1,946 | 1,779 | 1,689 | ||||||||||||||
Total revenue | 284,635 | 253,608 | 267,010 | 289,443 | ||||||||||||||
Disposed merchandise | 124,564 | 104,510 | 114,293 | 130,770 | ||||||||||||||
Consumer loan loss provision | 7,598 | 7,849 | 8,614 | 6,948 | ||||||||||||||
Total cost of revenue | 132,162 | 112,359 | 122,907 | 137,718 | ||||||||||||||
Net revenue | 152,473 | 141,249 | 144,103 | 151,725 | ||||||||||||||
Expenses | ||||||||||||||||||
Operations and administration | 123,419 | 122,711 | 124,435 | 119,900 | ||||||||||||||
Loss on divestitures | — | — | 5,176 | — | ||||||||||||||
Depreciation and amortization | 15,143 | 15,181 | 15,106 | 15,512 | ||||||||||||||
Total operating expenses | 138,562 | 137,892 | 144,717 | 135,412 | ||||||||||||||
Income (loss) from operations | 13,911 | 3,357 | (614 | ) | 16,313 | |||||||||||||
Interest expense | (10,068 | ) | (8,389 | ) | (4,324 | ) | (3,739 | ) | ||||||||||
Interest income | 4,764 | 2,880 | 3 | — | ||||||||||||||
Foreign currency transaction (loss) gain | (2 | ) | 119 | (4 | ) | — | ||||||||||||
Loss on extinguishment of debt | (1,546 | ) | (15,016 | ) | (5,991 | ) | — | |||||||||||
Income (loss) from continuing operations before income taxes | 7,059 | (17,049 | ) | (10,930 | ) | 12,574 | ||||||||||||
Provision (benefit) for income taxes | 3,822 | (5,303 | ) | (1,560 | ) | 5,082 | ||||||||||||
Net income (loss) from continuing operations | 3,237 | (11,746 | ) | (9,370 | ) | 7,492 | ||||||||||||
Net income (loss) from discontinued operations, net of tax | 42,500 | 32,717 | 19,286 | 14,522 | ||||||||||||||
Net income or (loss) attributable to Cash America International, Inc. | $ | 45,737 | $ | 20,971 | $ | 9,916 | $ | 22,014 | ||||||||||
The Company’s unaudited consolidated balance sheets as of March 31, June 30, September 30 and December 31, 2014 are as follows (dollars in thousands): | ||||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | |||||||||||||||
Assets | ||||||||||||||||||
Current assets: | ||||||||||||||||||
Cash and cash equivalents | $ | 20,197 | $ | 113,130 | $ | 19,291 | $ | 53,042 | ||||||||||
Restricted cash | 8,000 | 60 | 60 | 60 | ||||||||||||||
Pawn loans | 218,093 | 263,668 | 264,612 | 252,168 | ||||||||||||||
Consumer loans, net | 40,843 | 45,994 | 44,531 | 44,853 | ||||||||||||||
Merchandise held for disposition, net | 192,936 | 198,919 | 215,263 | 212,849 | ||||||||||||||
Pawn loan fees and service charges receivable | 43,814 | 51,986 | 54,501 | 53,648 | ||||||||||||||
Income taxes receivable | — | 9 | — | 8,881 | ||||||||||||||
Prepaid expenses and other assets | 26,967 | 40,207 | 34,502 | 21,317 | ||||||||||||||
Deferred tax assets | 7,778 | 8,981 | 9,562 | — | ||||||||||||||
Note receivable from Enova | 376,872 | — | — | — | ||||||||||||||
Investment in Enova | — | — | — | 131,584 | ||||||||||||||
Current assets of discontinued operations | 372,117 | 411,347 | 447,187 | — | ||||||||||||||
Total current assets | 1,307,617 | 1,134,301 | 1,089,509 | 778,402 | ||||||||||||||
Property and equipment, net | 219,107 | 217,407 | 209,784 | 201,054 | ||||||||||||||
Goodwill | 495,130 | 495,672 | 488,700 | 487,569 | ||||||||||||||
Intangible assets, net | 50,569 | 49,121 | 47,472 | 45,828 | ||||||||||||||
Other assets | 14,378 | 13,116 | 10,560 | 9,594 | ||||||||||||||
Noncurrent assets of discontinued operations | 255,698 | 270,720 | 267,689 | — | ||||||||||||||
Total assets | $ | 2,342,499 | $ | 2,180,337 | $ | 2,113,714 | $ | 1,522,447 | ||||||||||
Liabilities and Equity | ||||||||||||||||||
Current liabilities: | ||||||||||||||||||
Accounts payable and accrued expenses | $ | 67,432 | $ | 69,055 | $ | 69,410 | $ | 74,331 | ||||||||||
Customer deposits | 17,227 | 18,295 | 19,271 | 17,314 | ||||||||||||||
Income taxes currently payable | 4,235 | — | 1,414 | — | ||||||||||||||
Current portion of long-term debt | 22,606 | — | — | — | ||||||||||||||
Current deferred tax liabilities | — | — | — | 27,820 | ||||||||||||||
Current liabilities of discontinued operations | 415,183 | 62,813 | 85,295 | — | ||||||||||||||
Total current liabilities | 526,683 | 150,163 | 175,390 | 119,465 | ||||||||||||||
Deferred tax liabilities | 63,186 | 64,398 | 64,968 | 72,432 | ||||||||||||||
Other liabilities | 859 | 1,161 | 1,019 | 878 | ||||||||||||||
Noncurrent liabilities of discontinued operations | 46,679 | 542,729 | 539,782 | — | ||||||||||||||
Long-term debt | 607,650 | 300,000 | 206,022 | 196,470 | ||||||||||||||
Total liabilities | $ | 1,245,057 | $ | 1,058,451 | $ | 987,181 | $ | 389,245 | ||||||||||
Equity: | ||||||||||||||||||
Cash America International, Inc. equity: | ||||||||||||||||||
Common stock, $0.10 par value per share, 80,000,000 shares authorized, 30,235,164 shares issued and outstanding | 3,024 | 3,024 | 3,024 | 3,024 | ||||||||||||||
Additional paid-in capital | 116,726 | 86,184 | 87,718 | 86,388 | ||||||||||||||
Retained earnings | 1,062,737 | 1,082,725 | 1,091,629 | 1,030,387 | ||||||||||||||
Accumulated other comprehensive income | 5,182 | 7,998 | 2,073 | 71,959 | ||||||||||||||
Treasury shares, at cost (2,140,368 shares, 1,382,602 shares, 1,379,345 shares and 1,428,495 shares as of March 31, 2014, June 30, 2014, September 30, 2014, and December 31, 2014, respectively) | (90,227 | ) | (58,045 | ) | (57,911 | ) | (58,556 | ) | ||||||||||
Total equity | 1,097,442 | 1,121,886 | 1,126,533 | 1,133,202 | ||||||||||||||
Total liabilities and equity | $ | 2,342,499 | $ | 2,180,337 | $ | 2,113,714 | $ | 1,522,447 | ||||||||||
Significant_Accounting_Policie3
Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 15-May-14 | Nov. 13, 2014 | 31-May-13 | |
segment | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Cash and cash equivalent maturity period | 90 days | |||||||||
Term of pawn loans (in days) | 90 days | |||||||||
Days for delinquent loans to be charged off | 60 days | |||||||||
Allowance on carrying value of disposition | $2,400,000 | $900,000 | ||||||||
Return allowance | 300,000 | 300,000 | ||||||||
Number of operating segments | 2 | |||||||||
Percentage of fair value in excess of carrying amount | 3.00% | 3.00% | ||||||||
Goodwill | 487,569,000 | 488,700,000 | 495,672,000 | 495,130,000 | 487,569,000 | 495,214,000 | ||||
Goodwill expected to be tax deductible | 370,700,000 | 370,700,000 | ||||||||
Weighted Average Number of Shares, Restricted Stock | 304,000 | 307,000 | 287,000 | |||||||
Weighted Average Number Of Common Shares In Non Qualified Plan | 32,000 | 31,000 | 31,000 | |||||||
Antidilutive securities excluded from computation of EPS, shares | 70 | 12 | 0 | |||||||
Other | -1,689,000 | -1,779,000 | -1,946,000 | -2,234,000 | -7,648,000 | -10,037,000 | -12,855,000 | |||
Operations and administration | -119,900,000 | -124,435,000 | -122,711,000 | -123,419,000 | -490,465,000 | -469,218,000 | -480,256,000 | |||
Restatement Adjustment [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Other | 600,000 | |||||||||
Operations and administration | $600,000 | |||||||||
Point Of Sale System | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Finite-lived intangible asset, useful life | 10 years | |||||||||
Minimum | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Term of pawn loans (in days) | 30 days | |||||||||
Additional grace period (in days) | 10 days | |||||||||
Delinquent loans expiry period (in days) | 1 day | |||||||||
Minimum | Software Development | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Finite-lived intangible asset, useful life | 2 years | |||||||||
Minimum | Goodwill And Other Intangible Assets | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Finite-lived intangible asset, useful life | 3 years | |||||||||
Maximum | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Term of pawn loans (in days) | 90 days | |||||||||
Additional grace period (in days) | 60 days | |||||||||
Delinquent loans expiry period (in days) | 59 days | |||||||||
Maximum | Software Development | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Finite-lived intangible asset, useful life | 5 years | |||||||||
Maximum | Goodwill And Other Intangible Assets | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Finite-lived intangible asset, useful life | 10 years | |||||||||
Enova | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Ownership percentage | 20.00% | |||||||||
Huminal | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Ownership percentage | 100.00% | |||||||||
5.25% convertible senior notes due 2029 | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 747,085 |
Significant_Accounting_Policie4
Significant Accounting Policies (Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Building And Building Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Building And Building Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Leasehold Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Leasehold Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Computer Hardware And Software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year |
Computer Hardware And Software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Significant_Accounting_Policie5
Significant Accounting Policies (Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share Computations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 15-May-14 | |||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Net (loss) income from continuing operations | $7,492 | [1] | ($9,370) | [1] | ($11,746) | [1] | $3,237 | [1] | $7,309 | [1] | $27,567 | [1] | $4,960 | [1] | $19,346 | [1] | ($10,387) | $59,182 | $40,901 | ||||
Less: Net income from discontinued operations, net of tax | 14,522 | [1] | 19,286 | [1] | 32,717 | [1] | 42,500 | [1] | 19,975 | [1] | 18,619 | [1] | 20,172 | [1] | 24,580 | [1] | 109,025 | 83,346 | 66,569 | ||||
Net Income Attributable to Cash America International, Inc. | $22,014 | [1] | $9,916 | [1] | $20,971 | [1] | $45,737 | [1] | $27,284 | [1] | $46,186 | [1] | $25,132 | [1] | $43,926 | [1] | $98,638 | $142,528 | $107,470 | ||||
Total weighted average basic shares | 28,901,000 | [2] | 28,657,000 | [2] | 29,514,000 | [2] | |||||||||||||||||
Shares applicable to stock-based compensation | 92,000 | [3] | 72,000 | [3] | 174,000 | [3] | |||||||||||||||||
Convertible debt | 348,000 | [4] | 1,884,000 | [4] | 1,764,000 | [4] | |||||||||||||||||
Total weighted average diluted shares | 29,284,000 | [1] | 29,312,000 | [1] | 29,256,000 | [1] | 29,500,000 | [1] | 29,968,000 | [1] | 30,379,000 | [1] | 30,845,000 | [1] | 31,371,000 | [1] | 29,341,000 | [5] | 30,613,000 | [5] | 31,452,000 | [5] | |
Net (Loss) Income from Continuing Operations b basic | ($0.36) | $2.07 | $1.39 | ||||||||||||||||||||
Net Income from Discontinued Operations b basic | $3.77 | $2.91 | $2.26 | ||||||||||||||||||||
Net Income Attributable to Cash America International, Inc. - basic | $3.41 | $4.97 | $3.64 | ||||||||||||||||||||
Net (Loss) Income from Continuing Operations b diluted | $0.26 | [1] | ($0.32) | [1] | ($0.41) | [1] | $0.11 | [1] | $0.24 | [1] | $0.91 | [1] | $0.16 | [1] | $0.62 | [1] | ($0.36) | $1.93 | $1.30 | ||||
Net Income from Discontinued Operations b diluted | $0.50 | [1] | $0.66 | [1] | $1.12 | [1] | $1.44 | [1] | $0.67 | [1] | $0.61 | [1] | $0.65 | [1] | $0.78 | [1] | $3.72 | $2.72 | $2.12 | ||||
Net Income Attributable to Cash America International, Inc. - diluted | $0.75 | [1] | $0.34 | [1] | $0.72 | [1] | $1.55 | [1] | $0.91 | [1] | $1.52 | [1] | $0.81 | [1] | $1.40 | [1] | $3.36 | $4.66 | $3.42 | ||||
Vested restricted stock units, in shares | 304,000 | 307,000 | 287,000 | ||||||||||||||||||||
Non-qualified savings plan, in shares | 32,000 | 31,000 | 31,000 | ||||||||||||||||||||
Antidilutive securities excluded from computation of EPS, shares | 70 | 12 | 0 | ||||||||||||||||||||
5.25% convertible senior notes due 2029 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Purchase and conversion of convertible debt, shares | 747,085 | ||||||||||||||||||||||
[1] | The sum of the quarterly per share amounts may not sum to each full year amount presented in the Companybs financial statements because these computations are made independently for each quarter and for the full year and take into account the weighted average number of common shares outstanding for each period, including the effect of dilutive securities for that period. | ||||||||||||||||||||||
[2] | Includes vested and deferred RSUs of 304, 307 and 287, as well as Director Deferred Shares of 32, 31 and 31 for the years ended DecemberB 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||
[3] | Includes shares related to unvested RSU awards. Although there were no stock option awards outstanding as of DecemberB 31, 2012, the dilutive effect of stock-based compensation is based on the weighted amount of outstanding awards during the year; therefore, the portion of the stock option awards that were outstanding and exercisable during 2012 are included in calculating this amount for 2012. | ||||||||||||||||||||||
[4] | On May 15, 2014, the Company called the 2029 Convertible Notes, and the noteholders elected to convert such notes. The Company settled the principal portion of the outstanding 2029 Convertible Notes in cash and issued 747,085 of the Companybs common shares related to the conversion spread. Prior to the repayment of the 2029 Convertible Notes, only the shares related to the conversion spread were included in weighted average diluted shares because the Company intended to pay the principal portion of the notes in cash. See Note 11 for further discussion of the 2029 Convertible Notes. | ||||||||||||||||||||||
[5] | 70 and 12 anti-dilutive shares for the years ended December 31, 2014 and 2013. There were no anti-dilutive shares for the year ended DecemberB 31, 2012. When a net loss exists, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share computation. |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Nov. 13, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | ||||
Cash flow elimination period (in years) | 2 years | |||
Spin-off of Enova | ($79,640,000) | |||
Deferred tax liability, investment in Enova | 39,294,000 | 0 | ||
Marketable securities unrealized gain (loss) | 71,959,000 | -254,000 | 1,060,000 | |
Enova | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Spinoff transaction, percentage of common stock distributed | 80.00% | |||
Spinoff transaction, ratio of spinoff common stock shares per one share | 0.915 | |||
Retained earnings | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Spin-off of Enova | -82,246,000 | |||
Accumulated other comprehensive income (loss) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Spin-off of Enova | 2,606,000 | |||
Marketable securities unrealized gain (loss) | 71,959,000 | -254,000 | 1,060,000 | |
Common Stock | Enova | ||||
Schedule of Equity Method Investments [Line Items] | ||||
% ownership of Enova as of December 31, 2014 | 20.00% | 20.00% | ||
Investment owned, balance, shares | 6,596,927 | 6,596,927 | ||
Deferred tax liability, investment in Enova | 300,000 | |||
Tax basis of investments, cost for income tax purposes | 20,000,000 | |||
Available for sale securities | 131,600,000 | |||
Enova | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash and cash equivalents | 47,480,000 | |||
Accounts payable and accrued expenses | 51,554,000 | |||
Restatement Adjustment [Member] | Enova | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash and cash equivalents | -2,000,000 | |||
Accounts payable and accrued expenses | ($2,000,000) | |||
Shares Subject to Restricted Stock Awards | Common Stock | Enova | ||||
Schedule of Equity Method Investments [Line Items] | ||||
% ownership of Enova as of December 31, 2014 | 2.10% | |||
Investment owned, balance, shares | 706,811 | 685,087 | ||
Available-for-sale Securities | Common Stock | Enova | ||||
Schedule of Equity Method Investments [Line Items] | ||||
% ownership of Enova as of December 31, 2014 | 17.90% | |||
Investment owned, balance, shares | 5,890,116 | 5,911,840 | ||
Shares Subject to Nonvested Awards | Shares Subject to Restricted Stock Awards | Common Stock | Enova | ||||
Schedule of Equity Method Investments [Line Items] | ||||
% ownership of Enova as of December 31, 2014 | 2.00% | |||
Investment owned, balance, shares | 677,918 | 656,194 | ||
Deferred Delivery Shares | Shares Subject to Restricted Stock Awards | Common Stock | Enova | ||||
Schedule of Equity Method Investments [Line Items] | ||||
% ownership of Enova as of December 31, 2014 | 0.10% | |||
Investment owned, balance, shares | 28,893 | 28,893 |
Discontinued_Operations_Invest
Discontinued Operations - Investment Owned in Enova (Details) (Enova, Common Stock) | 2 Months Ended | ||
Dec. 31, 2014 | Nov. 13, 2014 | ||
Schedule of Investments [Line Items] | |||
Enova shares retained upon Enova Spin-off | 6,596,927 | ||
Forfeitures | -21,724 | [1],[2] | |
Shares held as of December 31, 2014 | 6,596,927 | ||
% ownership of Enova as of December 31, 2014 | 20.00% | 20.00% | |
Available-for-sale | |||
Schedule of Investments [Line Items] | |||
Enova shares retained upon Enova Spin-off | 5,890,116 | ||
Shares held as of December 31, 2014 | 5,911,840 | 5,890,116 | |
% ownership of Enova as of December 31, 2014 | 17.90% | ||
Shares Subject to Restricted Stock Awards | |||
Schedule of Investments [Line Items] | |||
Enova shares retained upon Enova Spin-off | 706,811 | ||
Shares held as of December 31, 2014 | 685,087 | 706,811 | |
% ownership of Enova as of December 31, 2014 | 2.10% | ||
Shares Subject to Nonvested Awards | Shares Subject to Restricted Stock Awards | |||
Schedule of Investments [Line Items] | |||
Enova shares retained upon Enova Spin-off | 677,918 | ||
Shares held as of December 31, 2014 | 656,194 | 677,918 | |
% ownership of Enova as of December 31, 2014 | 2.00% | ||
Deferred Delivery Shares | Shares Subject to Restricted Stock Awards | |||
Schedule of Investments [Line Items] | |||
Enova shares retained upon Enova Spin-off | 28,893 | ||
Shares held as of December 31, 2014 | 28,893 | 28,893 | |
% ownership of Enova as of December 31, 2014 | 0.10% | ||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjQ2M2FjM2FlMTA4YjRkNTM4ZTFkMDY5YjEzMTFlM2ZifFRleHRTZWxlY3Rpb246MTk5Q0RDMDA3NDU1NkZBQjdEMTY1MDI4NzMxNjRDNkEM} | ||
[2] | Shares allocated to satisfy future RSU award issuances, upon forfeit, are re-allocated to Enova shares that are held and are to be disposed of by the Company. |
Discontinued_Operations_Balanc
Discontinued Operations -Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||||
Assets | |||||
Current assets of discontinued operations | $0 | $447,187 | $411,347 | $372,117 | $390,589 |
Non-current assets of discontinued operations | 0 | 267,689 | 270,720 | 255,698 | 256,101 |
Liabilities | |||||
Current liabilities of discontinued operations | 0 | 85,295 | 62,813 | 415,183 | 476,967 |
Non-current liabilities of discontinued operations | 0 | 539,782 | 542,729 | 46,679 | 45,054 |
Enova | |||||
Assets | |||||
Cash and cash equivalents | 47,480 | ||||
Consumer loans, net | 304,109 | ||||
Other receivables and prepaid expenses | 8,686 | ||||
Current and deferred tax assets | 30,314 | ||||
Current assets of discontinued operations | 390,589 | ||||
Property and equipment, net | 39,405 | ||||
Goodwill | 210,365 | ||||
Other non-current assets | 6,331 | ||||
Non-current assets of discontinued operations | 256,101 | ||||
Total assets of discontinued operations | 646,690 | ||||
Liabilities | |||||
Accounts payable and accrued expenses | 51,554 | ||||
Note payable to Cash America International, Inc. | 425,413 | ||||
Current liabilities of discontinued operations | 476,967 | ||||
Deferred tax liabilities | 45,003 | ||||
Other liabilities | 51 | ||||
Non-current liabilities of discontinued operations | 45,054 | ||||
Total liabilities of discontinued operations | $522,021 |
Discontinued_Operations_Income
Discontinued Operations - Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Net Income from Discontinued Operations | $14,522 | [1] | $19,286 | [1] | $32,717 | [1] | $42,500 | [1] | $19,975 | [1] | $18,619 | [1] | $20,172 | [1] | $24,580 | [1] | $109,025 | $83,346 | $66,569 |
Diluted Income per Share from Discontinued Operations | $0.50 | [1] | $0.66 | [1] | $1.12 | [1] | $1.44 | [1] | $0.67 | [1] | $0.61 | [1] | $0.65 | [1] | $0.78 | [1] | $3.72 | $2.72 | $2.12 |
Enova | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Consumer loan fees | 705,120 | 764,972 | 659,628 | ||||||||||||||||
Other | 658 | 1,197 | 1,359 | ||||||||||||||||
Total Revenue | 705,778 | 766,169 | 660,987 | ||||||||||||||||
Consumer loan loss provision | 229,816 | 317,896 | 287,069 | ||||||||||||||||
Total Cost of Revenue | 229,816 | 317,896 | 287,069 | ||||||||||||||||
Net Revenue | 475,962 | 448,273 | 373,918 | ||||||||||||||||
Operations and administration | 256,466 | 280,515 | 234,358 | ||||||||||||||||
Depreciation and amortization | 15,698 | 17,143 | 13,272 | ||||||||||||||||
Total Expenses | 272,164 | 297,658 | 247,630 | ||||||||||||||||
Income from Operations | 203,798 | 150,615 | 126,288 | ||||||||||||||||
Interest expense | -31,317 | -19,842 | -20,996 | ||||||||||||||||
Interest income | 16 | 54 | 0 | ||||||||||||||||
Foreign currency transaction gain (loss) | -539 | -1,222 | -342 | ||||||||||||||||
Income before Income Taxes | 171,958 | 129,605 | 104,950 | ||||||||||||||||
Provision for income taxes | 62,933 | 46,259 | 38,381 | ||||||||||||||||
Net Income from Discontinued Operations | $109,025 | $83,346 | $66,569 | ||||||||||||||||
Diluted Income per Share from Discontinued Operations | $3.72 | $2.72 | $2.12 | ||||||||||||||||
[1] | The sum of the quarterly per share amounts may not sum to each full year amount presented in the Companybs financial statements because these computations are made independently for each quarter and for the full year and take into account the weighted average number of common shares outstanding for each period, including the effect of dilutive securities for that period. |
Discontinued_Operations_Supple
Discontinued Operations - Supplemental Cash Flow (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Interest | $7,630 | $0 | $0 | |||
Income taxes | 758 | [1] | 170 | [1] | 499 | [1] |
Enova | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Capital expenditures | 11,681 | 14,872 | 17,872 | |||
Non-cash interest expense on note payable to Cash America | 0 | 19,844 | 21,005 | |||
Consumer loans renewed | $262,458 | $500,797 | $620,097 | |||
[1] | Represents cash paid for state and local income taxes. Federal income tax payments for 2014, 2013 and 2012 were made by Cash America. |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 31, 2013 | Oct. 31, 2012 | Dec. 16, 2012 | Nov. 30, 2011 | Aug. 26, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2012 | Aug. 25, 2014 | |
store | store | store | store | store | store | |||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase Price | $1,207,000 | $165,284,000 | $78,039,000 | |||||||||||
Goodwill | 487,569,000 | 495,214,000 | 495,214,000 | 488,700,000 | 495,672,000 | 495,130,000 | ||||||||
34 Georgia And North Carolina Pawn Lending Locations | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores | 34 | 34 | ||||||||||||
Consideration transferred | 61,100,000 | |||||||||||||
Additional consideration | 500,000 | 500,000 | ||||||||||||
Acquisition costs | 600,000 | 600,000 | ||||||||||||
Purchase Price | 61,117,000 | 60,617,000 | ||||||||||||
Goodwill | 35,190,000 | 35,190,000 | ||||||||||||
31 Georgia Pawn Lending Locations | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores | 31 | 31 | ||||||||||||
3 North Carolina Pawn Lending Locations | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores | 3 | 3 | ||||||||||||
41 Texas Pawn Lending Locations | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores | 41 | |||||||||||||
Number of stores under construction | 1 | |||||||||||||
Consideration transferred | 103,700,000 | |||||||||||||
Acquisition costs | 400,000 | |||||||||||||
Goodwill | 62,335,000 | |||||||||||||
9 Stores Arizona Pawn Lending Locations | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores | 9 | |||||||||||||
Consideration transferred | 15,600,000 | |||||||||||||
Additional consideration | 128,000 | |||||||||||||
Purchase Price | 15,559,000 | 15,431,000 | ||||||||||||
Goodwill | 7,662,000 | |||||||||||||
25 Stores Pawn Lending Locations | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores | 25 | |||||||||||||
Consideration transferred | 55,100,000 | |||||||||||||
Goodwill | 31,521,000 | |||||||||||||
Pawn Partners, Inc. | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores | 7 | |||||||||||||
Consideration transferred | 53,600,000 | |||||||||||||
Total cash paid for acquisition | 4,300,000 | |||||||||||||
Acquisition costs | 100,000 | |||||||||||||
Other | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores | 1 | 1 | 3 | 1 | ||||||||||
Purchase Price | 700,000 | 700,000 | 3,200,000 | |||||||||||
Mexico | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores | 47 | |||||||||||||
Cash received from divestiture | 18,500,000 | |||||||||||||
Loss on divestiture | 2,800,000 | |||||||||||||
Goodwill | 6,400,000 | |||||||||||||
Loss on accounts receivable | 2,100,000 | |||||||||||||
COLORADO | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of stores | 5 | |||||||||||||
Cash received from divestiture | 3,000,000 | |||||||||||||
Loss on divestiture | $300,000 |
Acquisitions_and_Divestitures_2
Acquisitions and Divestitures (Schedule Of Purchase Price Allocation) (Details) (USD $) | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Aug. 31, 2013 | Oct. 31, 2012 | Sep. 30, 2012 |
Business Acquisition [Line Items] | |||||||||
Goodwill | $487,569 | $495,214 | $488,700 | $495,672 | $495,130 | ||||
Total consideration paid for acquisition, net of cash acquired | 1,207 | 165,284 | 78,039 | ||||||
Cash paid in 2014 related to holdbacks | 500 | ||||||||
34 Georgia And North Carolina Pawn Lending Locations | |||||||||
Business Acquisition [Line Items] | |||||||||
Pawn loans | 10,510 | ||||||||
Merchandise acquired | 3,695 | ||||||||
Pawn loan fees and service charges receivable | 1,639 | ||||||||
Property and equipment | 2,631 | ||||||||
Goodwill | 35,190 | ||||||||
Intangible assets | 6,834 | ||||||||
Other assets | 1,262 | ||||||||
Other liabilities | -218 | ||||||||
Customer deposits | -426 | ||||||||
Net assets acquired | 61,117 | ||||||||
Cash consideration payable | -500 | ||||||||
Total consideration paid for acquisition, net of cash acquired | 61,117 | 60,617 | |||||||
41 Texas Pawn Lending Locations | |||||||||
Business Acquisition [Line Items] | |||||||||
Pawn loans | 14,468 | ||||||||
Merchandise acquired | 8,024 | ||||||||
Pawn loan fees and service charges receivable | 2,094 | ||||||||
Property and equipment | 4,230 | ||||||||
Goodwill | 62,335 | ||||||||
Intangible assets | 14,404 | ||||||||
Other assets | 383 | ||||||||
Other liabilities | -829 | ||||||||
Customer deposits | -1,365 | ||||||||
Net assets acquired | 103,744 | ||||||||
9 Stores Arizona Pawn Lending Locations | |||||||||
Business Acquisition [Line Items] | |||||||||
Pawn loans | 3,887 | ||||||||
Merchandise acquired | 712 | ||||||||
Pawn loan fees and service charges receivable | 509 | ||||||||
Property and equipment | 200 | ||||||||
Goodwill | 7,662 | ||||||||
Intangible assets | 2,500 | ||||||||
Other assets | 103 | ||||||||
Customer deposits | -14 | ||||||||
Net assets acquired | 15,559 | ||||||||
Cash consideration payable | -128 | ||||||||
Total consideration paid for acquisition, net of cash acquired | 15,559 | 15,431 | |||||||
Cash paid | 128 | ||||||||
25 Stores Pawn Lending Locations | |||||||||
Business Acquisition [Line Items] | |||||||||
Pawn loans | 7,057 | ||||||||
Merchandise acquired | 7,534 | ||||||||
Pawn loan fees and service charges receivable | 1,506 | ||||||||
Property and equipment | 631 | ||||||||
Goodwill | 31,521 | ||||||||
Intangible assets | 8,000 | ||||||||
Customer deposits | -1,158 | ||||||||
Net assets acquired | $55,091 |
Credit_Quality_Information_On_1
Credit Quality Information On Pawn Loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Credit Quality Information On Pawn Loans [Abstract] | ||
Performing pawn loans outstanding | $244.10 | $251.90 |
Delinquent pawn loans outstanding | $8 | $9.20 |
Consumer_Loans_Credit_Quality_2
Consumer Loans, Credit Quality Information on Consumer Loans, Allowances And Liabilities For Estimated Losses On Consumer Loans and Guarantees of Consumer Loans (Components Of Company-Owned Consumer Loans And Receivables) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||||||
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | |||||||
Current loans | $41,978 | $50,345 | |||||
Delinquent loans | 7,037 | 9,298 | |||||
Total consumer loans, gross | 49,015 | 59,643 | |||||
Less: Allowance for losses | -4,162 | -4,911 | -4,779 | -4,018 | |||
Consumer loans, net | 44,853 | 44,531 | 45,994 | 40,843 | 54,732 | ||
Short Term Loans | |||||||
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | |||||||
Current loans | 38,492 | 43,375 | |||||
Delinquent loans | 4,462 | 6,481 | |||||
Total consumer loans, gross | 42,954 | 49,856 | |||||
Less: Allowance for losses | -2,736 | -3,960 | -4,039 | -3,526 | |||
Consumer loans, net | 40,218 | 45,896 | |||||
Installment Loans | |||||||
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | |||||||
Current loans | 3,486 | 6,970 | |||||
Delinquent loans | 2,575 | 2,817 | |||||
Total consumer loans, gross | 6,061 | 9,787 | |||||
Less: Allowance for losses | -1,426 | -951 | -740 | -492 | |||
Consumer loans, net | $4,635 | $8,836 |
Consumer_Loans_Credit_Quality_3
Consumer Loans, Credit Quality Information on Consumer Loans, Allowances And Liabilities For Estimated Losses On Consumer Loans and Guarantees of Consumer Loans (Changes In Allowance For Losses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for losses for Company-owned consumer loans: | |||
Balance at beginning of period | $4,911 | $4,779 | $4,018 |
Consumer loan loss provision | 30,979 | 33,201 | 29,131 |
Charge-offs | -38,185 | -39,660 | -36,811 |
Recoveries | 6,457 | 6,591 | 8,441 |
Balance at end of period | 4,162 | 4,911 | 4,779 |
Liability for third-party lender-owned consumer loans: | |||
Balance at beginning of period | 1,030 | 872 | 778 |
Increase (decrease) in liability | 30 | 158 | 94 |
Balance at end of period | 1,060 | 1,030 | 872 |
Short Term Loans | |||
Allowance for losses for Company-owned consumer loans: | |||
Balance at beginning of period | 3,960 | 4,039 | 3,526 |
Consumer loan loss provision | 23,139 | 27,549 | 25,308 |
Charge-offs | -28,956 | -32,972 | -32,335 |
Recoveries | 4,593 | 5,344 | 7,540 |
Balance at end of period | 2,736 | 3,960 | 4,039 |
Liability for third-party lender-owned consumer loans: | |||
Balance at beginning of period | 272 | 308 | 333 |
Increase (decrease) in liability | 130 | -36 | -25 |
Balance at end of period | 402 | 272 | 308 |
Installment Loans | |||
Allowance for losses for Company-owned consumer loans: | |||
Balance at beginning of period | 951 | 740 | 492 |
Consumer loan loss provision | 7,840 | 5,652 | 3,823 |
Charge-offs | -9,229 | -6,688 | -4,476 |
Recoveries | 1,864 | 1,247 | 901 |
Balance at end of period | 1,426 | 951 | 740 |
Liability for third-party lender-owned consumer loans: | |||
Balance at beginning of period | 758 | 564 | 445 |
Increase (decrease) in liability | -100 | 194 | 119 |
Balance at end of period | $658 | $758 | $564 |
Prepaid_Expenses_And_Other_Ass2
Prepaid Expenses And Other Assets (Summary Of Prepaid Expenses And Other Assets) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||||
Prepaid Expense and Other Assets [Abstract] | |||||
Nonqualified plan-related assets | $12,838 | $14,016 | |||
Prepaid insurance | 1,621 | 1,381 | |||
Prepaid hardware and software maintenance | 2,475 | 2,074 | |||
Other prepaid expenses | 1,818 | 4,547 | |||
Other assets | 2,565 | 2,951 | |||
Total | $21,317 | $34,502 | $40,207 | $26,967 | $24,969 |
Property_And_Equipment_Details
Property And Equipment (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||||||
Cost | $537,009,000 | $521,500,000 | ||||
Accumulated Depreciation | -335,955,000 | -299,682,000 | ||||
Net | 201,054,000 | 221,818,000 | 209,784,000 | 217,407,000 | 219,107,000 | |
Depreciation expense | 54,400,000 | 50,600,000 | 52,900,000 | |||
Land | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cost | 5,335,000 | 5,335,000 | ||||
Accumulated Depreciation | 0 | 0 | ||||
Net | 5,335,000 | 5,335,000 | ||||
Buildings and leasehold improvements | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cost | 237,247,000 | 235,525,000 | ||||
Accumulated Depreciation | -146,698,000 | -135,823,000 | ||||
Net | 90,549,000 | 99,702,000 | ||||
Furniture, fixtures and equipment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cost | 155,150,000 | 150,543,000 | ||||
Accumulated Depreciation | -114,577,000 | -103,224,000 | ||||
Net | 40,573,000 | 47,319,000 | ||||
Computer software | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cost | 139,277,000 | 130,097,000 | ||||
Accumulated Depreciation | -74,680,000 | -60,635,000 | ||||
Net | $64,597,000 | $69,462,000 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Amortization expense for acquired intangible assets | $6.60 | $5.50 | $9.30 |
Noncompete Agreements | Minimum | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Amortization period, in years | 2 years | ||
Noncompete Agreements | Maximum | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Amortization period, in years | 10 years | ||
Customer Relationships | Minimum | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Amortization period, in years | 3 years | ||
Customer Relationships | Maximum | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Amortization period, in years | 10 years | ||
Licensing Agreements | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Indefinite lived intangible assets | 9.7 | 9.7 | |
Trademarks | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Indefinite lived intangible assets | $5.30 | $5.30 | |
Trademarks | Minimum | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Amortization period, in years | 1 year | ||
Trademarks | Maximum | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Amortization period, in years | 3 years |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Changes In The Carrying Value Of Goodwill) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Goodwill [Line Items] | |||||
Goodwill, Beginning Balance | $488,700 | $495,672 | $495,130 | ||
Goodwill, Ending Balance | 487,569 | 495,214 | 488,700 | 495,672 | 495,130 |
Retail Services | |||||
Goodwill [Line Items] | |||||
Goodwill, Beginning Balance | 495,214 | 397,845 | |||
Acquisitions | 165 | 97,718 | |||
Divestitures | 7,508 | ||||
Effect of foreign currency translation | -302 | -349 | |||
Goodwill, Ending Balance | $487,569 | $495,214 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Acquired Intangible Assets Subject To Amortization) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | $65,205 | $65,007 |
Accumulated Amortization | -34,378 | -27,797 |
Net | 30,827 | 37,210 |
Noncompete Agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | 18,848 | 18,773 |
Accumulated Amortization | -13,520 | -11,737 |
Net | 5,328 | 7,036 |
Customer Relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | 45,771 | 45,648 |
Accumulated Amortization | -20,407 | -15,656 |
Net | 25,364 | 29,992 |
Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | 586 | 586 |
Accumulated Amortization | -451 | -404 |
Net | $135 | $182 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Estimated Future Amortization Expense) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $6,438 |
2016 | 6,044 |
2017 | 5,456 |
2018 | 5,155 |
2019 | 4,717 |
Total future amortization | $27,810 |
Accounts_Payable_And_Accrued_E2
Accounts Payable And Accrued Expenses (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | |||||||
Accounts Payable and Accrued Liabilities [Abstract] | |||||||
Trade accounts payable | $13,800 | $13,278 | |||||
Accrued taxes, other than income taxes | 8,242 | 8,407 | |||||
Accrued payroll, annual incentive and fringe benefits | 41,613 | 29,876 | |||||
Accrued interest payable | 1,658 | 4,839 | |||||
Accrual for consumer loan payments rejected for non-sufficient funds | 1,049 | 1,233 | |||||
Deferred CSO fees | 3,025 | 5,205 | |||||
Liability for losses on third-party lender-owned consumer loans | 1,060 | 1,030 | |||||
Ohio Reimbursement Program | 0 | [1] | 301 | [1] | |||
2013 Litigation Settlement | 0 | [1] | 18,000 | [1] | |||
Other accrued liabilities | 3,884 | 6,345 | |||||
Total | $74,331 | $69,410 | $69,055 | $67,432 | $88,514 | ||
[1] | See Note 13 for further discussion of the Ohio Reimbursement Program and the 2013 Litigation Settlement. |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 30, 2011 | 15-May-13 | 15-May-14 | Jun. 30, 2014 | 31-May-14 | Dec. 31, 2014 | Nov. 13, 2014 | Feb. 27, 2015 | |
Debt Instrument [Line Items] | |||||||||||||||
Proceeds from Dividends Received | $122,384,000 | $0 | $0 | ||||||||||||
Proceeds from note receivable | 431,034,000 | 36,187,000 | 16,280,000 | ||||||||||||
Loss on Extinguishment of Debt | 0 | 5,991,000 | 15,016,000 | 1,546,000 | 22,553,000 | 607,000 | 0 | ||||||||
Amortization of debt discount and issuance costs | 3,173,000 | 6,206,000 | 3,811,000 | ||||||||||||
Multi-Currency Line Of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||
Domestic And Multi-Currency Line Of Credit Up To $100,000 Due 2013 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||||
Domestic and multi-currency line of credit due 2018 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, issuance date | 30-Mar-11 | ||||||||||||||
Maximum borrowing capacity | 280,000,000 | 280,000,000 | 280,000,000 | ||||||||||||
Weighted average interest rate | 3.30% | ||||||||||||||
Number Of Pricing Tranches | 3 | ||||||||||||||
Debt instrument maturity, year | 2018 | ||||||||||||||
Variable rate senior unsecured notes due 2018 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||
Debt instrument, maturity date | 31-Mar-18 | ||||||||||||||
Loss on extinguishment of debt | 100,000 | ||||||||||||||
Debt instrument maturity, year | 2018 | ||||||||||||||
5.75% senior unsecured notes due 2018 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, issuance date | 15-May-13 | ||||||||||||||
Debt instrument, maturity date | 15-May-18 | ||||||||||||||
Debt instrument, interest rate | 5.75% | 5.75% | 5.75% | ||||||||||||
Debt instrument maturity, year | 2018 | ||||||||||||||
5.75% $300 Million Senior Unsecured Note | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, interest rate | 5.75% | ||||||||||||||
Debt facility issuance costs | 8,800,000 | ||||||||||||||
Debt issuance cost amortization period | 5 years | ||||||||||||||
VIE, ownership percentage | 100.00% | ||||||||||||||
Note redeem rate | 100.00% | ||||||||||||||
Note repurchase rate | 101.00% | ||||||||||||||
Original principal amount of repurchased face amount | 103,500,000 | 103,500,000 | 103,500,000 | ||||||||||||
Repayments of long-term debt | 107,200,000 | ||||||||||||||
Loss on Extinguishment of Debt | 6,000,000 | ||||||||||||||
5.25% convertible senior notes due 2029 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, interest rate | 5.25% | 5.25% | 5.25% | ||||||||||||
Original principal amount of repurchased face amount | 58,600,000 | ||||||||||||||
Repayments of long-term debt | 89,500,000 | 44,400,000 | |||||||||||||
Loss on Extinguishment of Debt | 1,500,000 | ||||||||||||||
Purchase and conversion of convertible debt, shares | 747,085 | ||||||||||||||
Adjustments to APIC, other | -30,300,000 | ||||||||||||||
Contractual interest expenses | 1,300,000 | 5,900,000 | |||||||||||||
Amortization of debt discount and issuance costs | 700,000 | 3,300,000 | |||||||||||||
Debt instrument maturity, year | 2029 | ||||||||||||||
Standby Letters Of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Letter of credit facility, amount | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||||||
Long-term line of credit | 12,000,000 | 12,000,000 | 12,000,000 | ||||||||||||
Waiver And Amendment | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loss on extinguishment of debt | 600,000 | ||||||||||||||
Repayments of long-term debt | 106,200,000 | ||||||||||||||
Payments of debt extinguishment costs | 14,300,000 | ||||||||||||||
Write off of deferred debt issuance cost | 14,900,000 | ||||||||||||||
Minimum | Domestic and multi-currency line of credit due 2018 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Commitment fee percentage | 0.25% | ||||||||||||||
Debt instrument maturity days | 3 days | ||||||||||||||
Minimum | LIBOR | Domestic and multi-currency line of credit due 2018 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument basis spread on variable rate | 2.00% | ||||||||||||||
Minimum | Agent Base Rate | Domestic and multi-currency line of credit due 2018 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument basis spread on variable rate | 0.50% | ||||||||||||||
Maximum | Domestic and multi-currency line of credit due 2018 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Commitment fee percentage | 0.50% | 0.38% | |||||||||||||
Debt instrument maturity days | 31 days | ||||||||||||||
Maximum | LIBOR | Domestic and multi-currency line of credit due 2018 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument basis spread on variable rate | 3.25% | ||||||||||||||
Maximum | Agent Base Rate | Domestic and multi-currency line of credit due 2018 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument basis spread on variable rate | 1.75% | ||||||||||||||
Prime Rate | Standby Letters Of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument basis spread on variable rate | 2.00% | ||||||||||||||
Enova | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds from Dividends Received | 122,400,000 | ||||||||||||||
Proceeds from note receivable | 431,000,000 | ||||||||||||||
Common Stock | Enova | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Investment owned, balance, shares | 6,596,927 | 6,596,927 | 6,596,927 | 6,596,927 | |||||||||||
Available for sale securities | 131,600,000 | 131,600,000 | 131,600,000 | ||||||||||||
Parent Company | Common Stock | Enova | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Investment owned, balance, shares | 6,568,034 | 6,568,034 | 6,568,034 | ||||||||||||
Available for sale securities | $131,600,000 | $131,600,000 | 131,600,000 | ||||||||||||
Guarantor Subsidiaries | Subsequent Event | Common Stock | Enova | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Investment owned, balance, shares | 5,955,249 |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | 15-May-13 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||||||
Total debt | $196,470 | $739,989 | ||||
Less current portion | 0 | 0 | 0 | -22,606 | -22,606 | |
Total long-term debt | 196,470 | 206,022 | 300,000 | 607,650 | 717,383 | |
Domestic and multi-currency line of credit due 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 0 | 193,717 | ||||
Debt instrument maturity, year | 2018 | |||||
6.09% Series A senior unsecured notes due 2016 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 0 | 21,000 | ||||
Debt instrument maturity, year | 2016 | |||||
Debt instrument, interest rate | 6.09% | |||||
7.26% senior unsecured notes due 2017 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 0 | 20,000 | ||||
Debt instrument maturity, year | 2017 | |||||
Debt instrument, interest rate | 7.26% | |||||
Variable rate senior unsecured notes due 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 0 | 33,333 | ||||
Debt instrument maturity, year | 2018 | |||||
Debt instrument, maturity date | 31-Mar-18 | |||||
5.75% senior unsecured notes due 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 196,470 | 300,000 | ||||
Debt instrument maturity, year | 2018 | |||||
Debt instrument, maturity date | 15-May-18 | |||||
Debt instrument, interest rate | 5.75% | |||||
6.00% Series A senior unsecured notes due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 0 | 47,000 | ||||
Debt instrument maturity, year | 2019 | |||||
Debt instrument, interest rate | 6.00% | |||||
6.21% Series B senior unsecured notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 0 | 18,182 | ||||
Debt instrument maturity, year | 2021 | |||||
Debt instrument, interest rate | 6.21% | |||||
6.58% Series B senior unsecured notes due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 0 | 5,000 | ||||
Debt instrument maturity, year | 2022 | |||||
Debt instrument, interest rate | 6.58% | |||||
5.25% convertible senior notes due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $0 | $101,757 | ||||
Debt instrument maturity, year | 2029 | |||||
Debt instrument, interest rate | 5.25% |
LongTerm_Debt_Annual_Maturitie
Long-Term Debt (Annual Maturities Of Outstanding Long Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Unclassified [Abstract] | ||
2015 | $0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 196,470 | |
2019 | 0 | |
Total debt | $196,470 | $739,989 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Examination [Line Items] | |||||||
Provision (benefit) for income taxes | $5,082,000 | ($1,560,000) | ($5,303,000) | $3,822,000 | $2,041,000 | ($15,505,000) | $46,275,000 |
(Loss) Income from Continuing Operations before Income Taxes | 12,574,000 | -10,930,000 | -17,049,000 | 7,059,000 | -8,346,000 | 43,985,000 | 81,370,000 |
Deferred Tax Assets, Valuation Allowance, Current | 0 | 0 | 13,824,000 | ||||
Foreign NOL carryforward period | 10 years | ||||||
Net Operating Losses Expiration Period Year One | 2018 | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | -1,300,000 | ||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 0 | |||||
Consumer Financial Protection Bureau | |||||||
Income Tax Examination [Line Items] | |||||||
Payments for legal settlements | 2,500,000 | ||||||
Creazione | |||||||
Income Tax Examination [Line Items] | |||||||
Reversal Of Valuation Allowance | 12,500,000 | ||||||
Creazione | |||||||
Income Tax Examination [Line Items] | |||||||
Income Tax Benefit From Worthless Stock Deduction | 33,200,000 | ||||||
Reversal Of Unrecognized Tax Benefits | 1,000,000 | 1,000,000 | |||||
Reversal Of Accrued Interest And Penalties | 1,900,000 | 1,900,000 | |||||
Operating Loss Carryforwards | 58,600,000 | ||||||
Reversal Of Valuation Allowance | 9,300,000 | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | ($1,300,000) |
Income_Taxes_Components_Of_Def
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | |||||||
Income Tax Disclosure [Abstract] | |||||||
Deferred finish-out allowances from lessors | $157 | $131 | |||||
Tax over book accrual of pawn loan fees and service charges | 4,752 | 5,380 | |||||
Convertible debt | 0 | 483 | |||||
Reserves for 2013 Litigation Settlement | 0 | [1] | 6,394 | [1] | |||
Allowance for consumer loan losses | 1,778 | 2,039 | |||||
Deferred compensation | 8,524 | 9,189 | |||||
Net operating losses | 0 | 17,568 | |||||
Deferred state credits | 1,358 | 1,186 | |||||
Other | 2,548 | 2,380 | |||||
Total deferred tax assets | 19,117 | 44,750 | |||||
Amortizable intangible assets | 46,551 | 40,415 | |||||
Property and equipment | 32,359 | 36,826 | |||||
Investment in equity securities | 39,294 | 0 | |||||
Other | 1,165 | 1,651 | |||||
Deferred Tax Liabilities, Gross | 119,369 | 78,892 | |||||
Net deferred tax liabilities before valuation allowance | -100,252 | -34,142 | |||||
Valuation Allowance | 0 | -13,824 | |||||
Net deferred tax liabilities | -100,252 | -47,966 | |||||
Current deferred tax liabilities | -27,820 | 0 | 0 | 0 | 0 | ||
Current deferred tax assets | 8,448 | ||||||
Noncurrent deferred tax liabilities | -72,432 | -64,968 | -64,398 | -63,186 | -56,414 | ||
Total deferred tax liabilities | ($100,252) | ($47,966) | |||||
[1] | See Note 13 for further discussion of the 2013 Litigation Settlement. |
Income_Taxes_Components_Of_Pro
Income Taxes (Components Of Provision For Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||
Domestic | ($7,938) | $47,475 | $108,000 | ||||
Foreign | -408 | -3,490 | -26,630 | ||||
(Loss) Income from Continuing Operations before Income Taxes | 12,574 | -10,930 | -17,049 | 7,059 | -8,346 | 43,985 | 81,370 |
Current provision Federal | -12,823 | -20,908 | 42,190 | ||||
Current provision Foreign | 531 | -752 | 586 | ||||
Current provision State and local | 1,291 | 2,098 | 4,844 | ||||
Total current (benefit) provision for income taxes | -11,001 | -19,562 | 47,620 | ||||
Deferred provision (benefit) Federal | 12,962 | 3,740 | -5,872 | ||||
Deferred provision (benefit) Foreign | 0 | 0 | 4,811 | ||||
Deferred provision (benefit) State and local | 80 | 317 | -284 | ||||
Total deferred provision (benefit) for income taxes | 13,042 | 4,057 | -1,345 | ||||
Total provision (benefit) for income taxes | $5,082 | ($1,560) | ($5,303) | $3,822 | $2,041 | ($15,505) | $46,275 |
Income_Taxes_Income_Taxes_Expe
Income Taxes Income Taxes Expense (Benefit) Continuing and Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||
Continuing operations | $5,082 | ($1,560) | ($5,303) | $3,822 | $2,041 | ($15,505) | $46,275 |
Discontinuing operations | 62,933 | 46,259 | 38,381 | ||||
Total income tax expense (benefit), continuing and discontinued operations | $64,974 | $30,754 | $84,656 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Effective Tax Rate) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Tax Disclosure [Abstract] | ||||||||||
Tax provision computed at the federal statutory income tax rate | ($2,922) | $15,396 | $28,479 | |||||||
State and local income taxes, net of federal tax benefits | 818 | 1,883 | 2,829 | |||||||
Nondeductible lobbying | 639 | 553 | 758 | |||||||
Foreign tax difference | 216 | -221 | 1,934 | |||||||
Investment in Subsidiaries | 0 | [1] | -23,907 | [1] | -9,218 | [1] | ||||
Valuation allowance | -11,266 | -8,915 | 21,390 | |||||||
Non-recoverable foreign net deferred tax assets | 12,042 | 0 | 0 | |||||||
Non-deductible goodwill | 2,232 | 0 | 0 | |||||||
Tax effect of Regulatory Penalty | 0 | [2] | 895 | [2] | 0 | |||||
Change in reserve for uncertain tax benefits, net | 0 | -1,021 | ||||||||
Other | 282 | -168 | 103 | |||||||
Total provision (benefit) for income taxes | $5,082 | ($1,560) | ($5,303) | $3,822 | $2,041 | ($15,505) | $46,275 | |||
Effective tax rate | -24.50% | -35.30% | 56.90% | |||||||
[1] | or the years ended DecemberB 31, 2013 and 2012. | |||||||||
[2] | Represents the tax effect of the $2.5 million penalty paid to the CFPB, which is nondeductible for tax purposes, in connection with the Regulatory Penalty. See Note 13. |
Income_Taxes_Aggregate_Change_
Income Taxes (Aggregate Change In Balance Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at January 1, | $0 | $1,021 | $955 |
Decrease due to lapse of statute of limitations | 0 | -1,021 | 0 |
Effect of change in foreign currency rates | 0 | 0 | 66 |
Balance at December 31, | $0 | $0 | $1,021 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 20, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2011 | |
Loss Contingencies [Line Items] | |||||||||
Rent expense | $61,800,000 | $58,100,000 | $53,100,000 | ||||||
Active consumer loans owned by third-party lenders | 9,800,000 | 17,500,000 | |||||||
Accrual for third party lender owned consumer loans | 872,000 | 1,060,000 | 1,030,000 | 872,000 | 778,000 | ||||
Litigation settlement amount | 18,000,000 | ||||||||
Penalty payment | 5,000,000 | 300,000 | 5,000,000 | ||||||
Restricted cash | 60,000 | 60,000 | 8,000,000 | 8,000,000 | 60,000 | 8,000,000 | |||
Reimbursements Paid | 6,400,000 | ||||||||
Increase (decrease) in restricted cash | -7,900,000 | -7,940,000 | 8,000,000 | 0 | |||||
Ohio reimbursement expense | 13,400,000 | ||||||||
Cost incurred in customer reimbursements | 1,700,000 | ||||||||
Short Term Loans | |||||||||
Loss Contingencies [Line Items] | |||||||||
Guaranteed loans term | 90 days | ||||||||
Accrual for third party lender owned consumer loans | 308,000 | 402,000 | 272,000 | 308,000 | 333,000 | ||||
Secured Auto Equity Loans | |||||||||
Loss Contingencies [Line Items] | |||||||||
Guaranteed loans term | 60 days | ||||||||
Installment Loans | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual for third party lender owned consumer loans | 564,000 | 658,000 | 758,000 | 564,000 | 445,000 | ||||
Minimum | |||||||||
Loss Contingencies [Line Items] | |||||||||
Lease term (in years) | 1 year | ||||||||
Minimum | Installment Loans | |||||||||
Loss Contingencies [Line Items] | |||||||||
Guaranteed loans term | 2 months | ||||||||
Maximum | |||||||||
Loss Contingencies [Line Items] | |||||||||
Lease term (in years) | 10 years | ||||||||
Maximum | Installment Loans | |||||||||
Loss Contingencies [Line Items] | |||||||||
Guaranteed loans term | 1 year | ||||||||
E-Commerce Segment | |||||||||
Loss Contingencies [Line Items] | |||||||||
Penalty payment | 2,500,000 | ||||||||
Retail Service Segment | |||||||||
Loss Contingencies [Line Items] | |||||||||
Penalty payment | 2,500,000 | ||||||||
Ohio Reimbursement Program | |||||||||
Loss Contingencies [Line Items] | |||||||||
Period for cash set aside | 180 days | ||||||||
Contingent liability | $30,000 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Future Minimum Rentals Due Under Non-Cancelable Leases) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $55,881 |
2016 | 47,605 |
2017 | 37,407 |
2018 | 29,533 |
2019 | 22,172 |
Thereafter | 40,811 |
Total | $233,409 |
Equity_Aggregate_Shares_Purcha
Equity (Aggregate Shares Purchased) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Jan. 28, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Board of Directors authorized to purchase shares | 2,500,000 | ||||
Shares purchased under 2013 Authorization and 2011 Authorization | 62,909,000 | 966,700,000 | 576,064,000 | ||
Aggregate amount (in thousands) | $1,343 | $46,052 | $22,509 | ||
Average price paid per share | $21.35 | $47.64 | $39.07 | ||
Subsequent Event | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Board of Directors authorized to purchase shares | 4,000,000 |
Equity_Activities_Of_NonQualif
Equity (Activities Of Non-Qualified Savings Plan During Each Of Three Years) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity, Class of Treasury Stock [Line Items] | |||
Purchases, Aggregate amount | $2,896 | $47,631 | $25,516 |
Non Qualified Deferred Compensation Plans | |||
Equity, Class of Treasury Stock [Line Items] | |||
Purchases, Number of Shares | 120,000 | 99,000 | 108,000 |
Purchases, Aggregate amount | 4 | 4 | 4 |
Non Qualified Savings Plan | |||
Equity, Class of Treasury Stock [Line Items] | |||
Sales, Number of shares | 0 | 0 | 1,211,000 |
Sales, Aggregate amount | $0 | $0 | $25 |
Equity_Components_Of_Accumulat
Equity (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Provision (benefit) for income taxes | $5,082,000 | ($1,560,000) | ($5,303,000) | $3,822,000 | $2,041,000 | ($15,505,000) | $46,275,000 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance at beginning of year | 2,073,000 | 7,998,000 | 5,182,000 | 4,649,000 | 4,649,000 | 3,128,000 | -6,896,000 |
Other comprehensive income before reclassifications | 64,704,000 | 2,148,000 | |||||
Amounts reclassified from AOCI | -627,000 | ||||||
Spin-off of Enova | 2,606,000 | ||||||
Net change in AOCI | 67,310,000 | 1,521,000 | 10,024,000 | ||||
Balance at end of period | 71,959,000 | 2,073,000 | 7,998,000 | 5,182,000 | 71,959,000 | 4,649,000 | 3,128,000 |
Unrealized Derivatives Gain (Loss), Net of Tax | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance at beginning of year | 0 | 0 | 0 | -12,000 | |||
Other comprehensive income before reclassifications | 0 | 0 | |||||
Amounts reclassified from AOCI | 0 | ||||||
Spin-off of Enova | 0 | ||||||
Net change in AOCI | 0 | 0 | 12,000 | ||||
Balance at end of period | 0 | 0 | 0 | 0 | |||
Foreign Currency Translation Gain (Loss), Net of Tax | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance at beginning of year | 4,649,000 | 4,649,000 | 2,874,000 | -6,078,000 | |||
Other comprehensive income before reclassifications | -7,255,000 | 1,775,000 | |||||
Amounts reclassified from AOCI | 0 | ||||||
Spin-off of Enova | 2,606,000 | ||||||
Net change in AOCI | -4,649,000 | 1,775,000 | 8,952,000 | ||||
Balance at end of period | 0 | 0 | 4,649,000 | 2,874,000 | |||
Marketable Securities, Net of Tax | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Amounts Reclassified From Accumulated Other Comprehensive Income, before tax | 1,000,000 | ||||||
Provision (benefit) for income taxes | 300,000 | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance at beginning of year | 0 | 0 | 254,000 | -806,000 | |||
Other comprehensive income before reclassifications | 71,959,000 | 373,000 | |||||
Amounts reclassified from AOCI | -627,000 | ||||||
Spin-off of Enova | 0 | ||||||
Net change in AOCI | 71,959,000 | -254,000 | 1,060,000 | ||||
Balance at end of period | 71,959,000 | 71,959,000 | 0 | 254,000 | |||
Enova | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other comprehensive income (loss), available-for-sale securities, before tax | 111,600,000 | ||||||
Other comprehensive income (loss), available-for-sale securities, tax | $39,600,000 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Contribution Plan [Line Items] | |||
Percentage of matching cash contributions | 50.00% | ||
Percentage of maximum contributions | 5.00% | ||
Company's vested contribution description on one year of service | 20.00% | ||
Company's vested contribution description after five years of service | 100.00% | ||
401(K) Savings Plan And Nonqualified Savings Plan | |||
Defined Contribution Plan [Line Items] | |||
Company's total contributions | $3.50 | $3.30 | $3.20 |
401(k) | |||
Defined Contribution Plan [Line Items] | |||
Percentage of contributions by participants | 75.00% | ||
Non Qualified Savings Plan | |||
Defined Contribution Plan [Line Items] | |||
Percentage of contributions by participants | 100.00% | ||
Supplemental Executive Retirement Plan | |||
Defined Contribution Plan [Line Items] | |||
Compensation expenses | $0.50 | $0.60 | $0.80 |
Non Qualified Savings Plan | |||
Defined Contribution Plan [Line Items] | |||
Percentage of maximum annual contribution per employee | 50.00% |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans (Amounts Included In The Consolidated Balance Sheets Relating To The Nonqualified Savings Plan And The SERP) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid expenses and other assets | ||
Defined Contribution Plan [Line Items] | ||
Defined contribution plan, assets | $12,259 | $14,016 |
Accounts payable and accrued expenses | ||
Defined Contribution Plan [Line Items] | ||
Defined contribution plan, liabilities | $12,259 | $14,016 |
Marketing_Expenses_Details
Marketing Expenses (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Marketing and Advertising Expense [Abstract] | |||
Marketing expense | $8 | $12.40 | $13.10 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | 22-May-14 | Dec. 31, 2011 | Nov. 13, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Authorized to issue of shares | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | ||||
Shares available for future grants | 2,969,902 | ||||||||
Net proceeds from exercise of stock options | $1.80 | ||||||||
Exercised, shares | 198,900 | ||||||||
Share based compensation, stock options outstanding | 0 | 0 | 0 | ||||||
2014 LTIP | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Authorized to issue of shares | 3,400,000 | ||||||||
Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Exercised, shares | 198,900 | ||||||||
Share based compensation, stock options outstanding | 0 | 198,900 | |||||||
Income tax benefits realized from the exercise of stock options | 2.2 | ||||||||
Restricted Stock Units (RSUs) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares received for the payment of taxes upon issuance of restricted stock units | 63,066 | 42,499 | 33,479 | ||||||
Shares received for the payment of taxes upon issuance of restricted stock units, value | 2.6 | 1.5 | 1.6 | ||||||
Compensation expenses | 4.7 | 4.1 | 4.6 | ||||||
Compensation expenses net of tax | 2.9 | 2.6 | 2.9 | ||||||
Unrecognized compensation cost | 17.9 | ||||||||
Unrecognized compensation cost, weighted average period (in years) | 3 years 7 months 10 days | ||||||||
Restricted Stock Units (RSUs) | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 1 year | ||||||||
Restricted Stock Units (RSUs) | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 15 years | ||||||||
Restricted Stock Units (RSUs) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Outstanding awards, aggregate intrinsic value | 38.4 | ||||||||
Vested aggregate intrinsic value | 12.8 | ||||||||
Stock Issued by Reporting Entity | Restricted Stock Units (RSUs) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Outstanding awards, aggregate intrinsic value | 25.3 | ||||||||
Vested aggregate intrinsic value | 6.9 | ||||||||
Enova | Restricted Stock Units (RSUs) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Outstanding awards, aggregate intrinsic value | 13.1 | ||||||||
Vested aggregate intrinsic value | $5.90 | ||||||||
Enova | Common Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Investment owned, balance, shares | 6,596,927 | 6,596,927 | |||||||
Enova | Common Stock | Shares Subject to Restricted Stock Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Investment owned, balance, shares | 685,087 | 706,811 | |||||||
Director | Restricted Stock Units (RSUs) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 13 months | ||||||||
Number of officers immediately vesting at date of Spin-off | 1 | ||||||||
Percent of RSU vesting on the last day of each of the first 12 calendar month in the month the awards are granted | 8.33% |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of year, shares | 0 | 0 | |
Exercised, shares | -198,900 | ||
Outstanding at end of year, shares | 0 | 0 | 0 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of year, shares | 198,900 | ||
Exercised, shares | -198,900 | ||
Outstanding at end of year, shares | 0 | ||
Exercisable at end of year, shares | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding at beginning of year, Weighted Average Exercise Price | 8.95 | ||
Exercised, Weighted Average Exercise Price | 8.95 | ||
Outstanding at end of year, Weighted Average Exercise Price | 0 | ||
Exercisable at end of year, Weighted Average Exercise Price | 0 |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Stock Unit Activity) (Details) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Units Outstanding at beginning of year | 766,695 | 772,322 | 710,591 |
Units granted | 666,172 | 190,846 | 178,144 |
Shares issued | -154,851 | -127,087 | -108,170 |
Units forfeited | -161,123 | -69,386 | -8,243 |
Units Outstanding at end of year | 1,116,893 | 766,695 | 772,322 |
Units vested at end of year | 303,276 | 311,546 | 303,781 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding at beginning of year, Weighted Average Fair Value at Date of Grant | $36.06 | $32.57 | $29.53 |
Units granted, Weighted Average Fair Value at Date of Grant | $27.22 | $49.82 | $43.36 |
Shares Issued, Weighted Average Fair Value at Date of Grant | $40.32 | $34.48 | $29.74 |
Units forfeited, Weighted Average Fair Value at Date of Grant | $41.90 | $37.91 | $41.22 |
Outstanding at end of year, Weighted Average Fair Value at Date of Grant | $29.36 | $36.06 | $32.57 |
Units vested at end of year, Weighted Average Fair Value at Date of Grant | $25.50 | $24.98 | $24.85 |
StockBased_Compensation_Invest
Stock-Based Compensation - Investment in Enova (Details) (Common Stock, Enova) | 2 Months Ended | ||
Dec. 31, 2014 | Nov. 13, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Enova shares retained upon Enova Spin-off | 6,596,927 | ||
Forfeitures | -21,724 | [1],[2] | |
Shares held as of December 31, 2014 | 6,596,927 | ||
% ownership of Enova as of December 31, 2014 | 20.00% | 20.00% | |
Shares Subject to Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Enova shares retained upon Enova Spin-off | 706,811 | ||
Shares held as of December 31, 2014 | 685,087 | 706,811 | |
% ownership of Enova as of December 31, 2014 | 2.10% | ||
Shares Subject to Nonvested Awards | Shares Subject to Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Enova shares retained upon Enova Spin-off | 677,918 | ||
Shares held as of December 31, 2014 | 656,194 | 677,918 | |
% ownership of Enova as of December 31, 2014 | 2.00% | ||
Deferred Delivery Shares | Shares Subject to Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Enova shares retained upon Enova Spin-off | 28,893 | ||
Shares held as of December 31, 2014 | 28,893 | 28,893 | |
% ownership of Enova as of December 31, 2014 | 0.10% | ||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjQ2M2FjM2FlMTA4YjRkNTM4ZTFkMDY5YjEzMTFlM2ZifFRleHRTZWxlY3Rpb246MTk5Q0RDMDA3NDU1NkZBQjdEMTY1MDI4NzMxNjRDNkEM} | ||
[2] | Shares allocated to satisfy future RSU award issuances, upon forfeit, are re-allocated to Enova shares that are held and are to be disposed of by the Company. |
Supplemental_Disclosures_Of_Ca2
Supplemental Disclosures Of Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information [Abstract] | |||
Interest | $26,528 | $28,223 | $22,520 |
Income taxes | 36,506 | 37,779 | 91,632 |
Pawn loans forfeited and transferred to merchandise held for disposition | 364,157 | 329,653 | 350,122 |
Pawn loans renewed | 254,400 | 269,559 | 279,553 |
Consumer loans renewed | 8,432 | 9,674 | 9,419 |
Liabilities assumed in acquisitions | 0 | 3,132 | 1,207 |
Shares received for payment of receivables | 0 | 0 | 383 |
Release of minority shareholders from contingent liability | 0 | 0 | 2,758 |
Spin-off of Enova | 79,640 | 0 | 0 |
Fair value of shares issued for conversion of convertible debt | $31,727 | $0 | $0 |
Operating_Segment_Information_1
Operating Segment Information (Schedule Of Revenues By Geographic Region) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||||
Revenues | $289,443 | [1] | $267,010 | [1] | $253,608 | [1] | $284,635 | [1] | $271,046 | [1] | $239,424 | [1] | $234,219 | [1] | $285,797 | [1] | $1,094,696 | $1,030,486 | $1,139,443 | |||
United States | ||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||||
Revenues | 1,077,199 | 1,003,961 | 1,078,803 | |||||||||||||||||||
Mexico | ||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||||
Revenues | $17,497 | [2] | $26,525 | [2] | $60,640 | [2] | ||||||||||||||||
[1] | The sum of the quarterly per share amounts may not sum to each full year amount presented in the Companybs financial statements because these computations are made independently for each quarter and for the full year and take into account the weighted average number of common shares outstanding for each period, including the effect of dilutive securities for that period. | |||||||||||||||||||||
[2] | The Company sold its Mexico-based pawn operations in August 2014. |
Operating_Segment_Information_2
Operating Segment Information (Schedule Of Long-Lived Assets By Geographic Region) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived Assets | $201,054 | $221,818 | ||
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived Assets | 201,054 | 216,972 | ||
Mexico | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Long-lived Assets | $0 | [1] | $4,846 | [1] |
[1] | The Company sold its Mexico-based pawn operations in August 2014. |
Operating_Segment_Information_3
Operating Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2014 | |
segment | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Number of reportable segments | 2 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative)(Details) | 12 Months Ended |
Dec. 31, 2014 | |
Cash and cash equivalent maturity period | 90 days |
Term Of Loan | 90 days |
Short Term Loans | |
Term Of Loan | 12 months |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Assets (Liabilities) Measured On Recurring Basis) (Details) (Fair Value Measurements Recurring, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Nonqualified plan related assets | $12,838 | [1] | $14,016 | [1] |
Marketable securities | 131,584 | [2] | ||
Total | 144,422 | 14,016 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Nonqualified plan related assets | 12,259 | [1] | 14,016 | [1] |
Marketable securities | 0 | [2] | ||
Total | 12,259 | 14,016 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Nonqualified plan related assets | 579 | [1] | 0 | [1] |
Marketable securities | 131,584 | [2] | ||
Total | 132,163 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Nonqualified plan related assets | 0 | [1] | 0 | [1] |
Marketable securities | 0 | [2] | ||
Total | $0 | $0 | ||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjQ2M2FjM2FlMTA4YjRkNTM4ZTFkMDY5YjEzMTFlM2ZifFRleHRTZWxlY3Rpb246NDI3NTEzQ0YwRTkzQTg4MDNFMEI1MDI4NDVFQjA1OTcM} | |||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjQ2M2FjM2FlMTA4YjRkNTM4ZTFkMDY5YjEzMTFlM2ZifFRleHRTZWxlY3Rpb246MTk5Q0RDMDA3NDU1NkZBQjdEMTY1MDI4NzMxNjRDNkEM} |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets and Liabilities Not Measured At Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | $53,042 | $19,748 |
Restricted cash | 60 | 8,000 |
Pawn loans | 252,168 | 261,148 |
Short-term loans, net | 40,218 | 45,896 |
Installment loans, net | 4,635 | 8,836 |
Pawn loan fees and service charges receivable | 53,648 | 53,438 |
Total | 403,771 | 397,066 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liability for estimated losses on consumer loans guaranteed by the Company | 1,060 | 1,030 |
Domestic and Multi-currency Line of Credit | 193,717 | |
Senior unsecured notes | 196,470 | 444,515 |
2029 Convertible Notes | 101,757 | |
Total | 197,530 | 741,019 |
Estimate of Fair Value Measurement | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 53,042 | 19,748 |
Restricted cash | 60 | 8,000 |
Pawn loans | 252,168 | 261,148 |
Short-term loans, net | 40,218 | 45,896 |
Installment loans, net | 4,635 | 8,836 |
Pawn loan fees and service charges receivable | 53,648 | 53,438 |
Total | 403,771 | 397,066 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liability for estimated losses on consumer loans guaranteed by the Company | 1,060 | 1,030 |
Domestic and Multi-currency Line of Credit | 207,426 | |
Senior unsecured notes | 203,346 | 430,554 |
2029 Convertible Notes | 155,788 | |
Total | 204,406 | 794,798 |
Estimate of Fair Value Measurement | Level 1 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 53,042 | 19,748 |
Restricted cash | 60 | 8,000 |
Pawn loans | 0 | 0 |
Short-term loans, net | 0 | 0 |
Installment loans, net | 0 | 0 |
Pawn loan fees and service charges receivable | 0 | 0 |
Total | 53,102 | 27,748 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liability for estimated losses on consumer loans guaranteed by the Company | 0 | 0 |
Domestic and Multi-currency Line of Credit | 0 | |
Senior unsecured notes | 0 | 0 |
2029 Convertible Notes | 0 | |
Total | 0 | 0 |
Estimate of Fair Value Measurement | Level 2 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Pawn loans | 0 | 0 |
Short-term loans, net | 0 | 0 |
Installment loans, net | 0 | 0 |
Pawn loan fees and service charges receivable | 0 | 0 |
Total | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liability for estimated losses on consumer loans guaranteed by the Company | 0 | 0 |
Domestic and Multi-currency Line of Credit | 207,426 | |
Senior unsecured notes | 203,346 | 430,554 |
2029 Convertible Notes | 155,788 | |
Total | 203,346 | 793,768 |
Estimate of Fair Value Measurement | Level 3 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Pawn loans | 252,168 | 261,148 |
Short-term loans, net | 40,218 | 45,896 |
Installment loans, net | 4,635 | 8,836 |
Pawn loan fees and service charges receivable | 53,648 | 53,438 |
Total | 350,669 | 369,318 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liability for estimated losses on consumer loans guaranteed by the Company | 1,060 | 1,030 |
Domestic and Multi-currency Line of Credit | 0 | |
Senior unsecured notes | 0 | 0 |
2029 Convertible Notes | 0 | |
Total | $1,060 | $1,030 |
Closure_of_Shortterm_Consumer_1
Closure of Short-term Consumer Loan Retail Services Locations in Texas (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
store | |||
Restructuring charges | $3.10 | ||
Texas | |||
Number Of Stores Closed | 36 | ||
Restructuring charges | $1.40 |
2014_Reorganization_Details
2014 Reorganization (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | $3.10 |
Payments for restructuring | 4.4 |
Employee Severance | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | $7.50 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) - Results of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||||
Total revenue | $289,443 | [1] | $267,010 | [1] | $253,608 | [1] | $284,635 | [1] | $271,046 | [1] | $239,424 | [1] | $234,219 | [1] | $285,797 | [1] | $1,094,696 | $1,030,486 | $1,139,443 | |||
Cost of revenue | 137,718 | [1] | 122,907 | [1] | 112,359 | [1] | 132,162 | [1] | 118,648 | [1] | 101,138 | [1] | 96,073 | [1] | 128,113 | [1] | 505,146 | 443,972 | 507,404 | |||
Net revenue | 151,725 | [1] | 144,103 | [1] | 141,249 | [1] | 152,473 | [1] | 152,398 | [1] | 138,286 | [1] | 138,146 | [1] | 157,684 | [1] | 589,550 | 586,514 | 632,039 | |||
Net income (loss) from continuing operations | 7,492 | [1] | -9,370 | [1] | -11,746 | [1] | 3,237 | [1] | 7,309 | [1] | 27,567 | [1] | 4,960 | [1] | 19,346 | [1] | -10,387 | 59,182 | 40,901 | |||
Net income (loss) from discontinued operations | 14,522 | [1] | 19,286 | [1] | 32,717 | [1] | 42,500 | [1] | 19,975 | [1] | 18,619 | [1] | 20,172 | [1] | 24,580 | [1] | 109,025 | 83,346 | 66,569 | |||
Net Income Attributable to Cash America International, Inc. | $22,014 | [1] | $9,916 | [1] | $20,971 | [1] | $45,737 | [1] | $27,284 | [1] | $46,186 | [1] | $25,132 | [1] | $43,926 | [1] | $98,638 | $142,528 | $107,470 | |||
Diluted net income (loss) per share - continuing operations | $0.26 | [1] | ($0.32) | [1] | ($0.41) | [1] | $0.11 | [1] | $0.24 | [1] | $0.91 | [1] | $0.16 | [1] | $0.62 | [1] | ($0.36) | $1.93 | $1.30 | |||
Diluted Income per Share from Discontinued Operations | $0.50 | [1] | $0.66 | [1] | $1.12 | [1] | $1.44 | [1] | $0.67 | [1] | $0.61 | [1] | $0.65 | [1] | $0.78 | [1] | $3.72 | $2.72 | $2.12 | |||
Net Income Attributable to Cash America International, Inc. - diluted | $0.75 | [1] | $0.34 | [1] | $0.72 | [1] | $1.55 | [1] | $0.91 | [1] | $1.52 | [1] | $0.81 | [1] | $1.40 | [1] | $3.36 | $4.66 | $3.42 | |||
Diluted weighted average common shares | 29,284 | [1] | 29,312 | [1] | 29,256 | [1] | 29,500 | [1] | 29,968 | [1] | 30,379 | [1] | 30,845 | [1] | 31,371 | [1] | 29,341 | [2] | 30,613 | [2] | 31,452 | [2] |
[1] | The sum of the quarterly per share amounts may not sum to each full year amount presented in the Companybs financial statements because these computations are made independently for each quarter and for the full year and take into account the weighted average number of common shares outstanding for each period, including the effect of dilutive securities for that period. | |||||||||||||||||||||
[2] | 70 and 12 anti-dilutive shares for the years ended December 31, 2014 and 2013. There were no anti-dilutive shares for the year ended DecemberB 31, 2012. When a net loss exists, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share computation. |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) - Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Pawn loan fees and service charges | $82,878 | $85,313 | $80,990 | $80,187 | $329,368 | $311,799 | $300,929 | ||||||||||||
Proceeds from disposition of merchandise | 181,692 | 155,087 | 146,772 | 176,455 | 660,006 | 595,439 | 703,767 | ||||||||||||
Consumer loan fees | 23,184 | 24,831 | 23,900 | 25,759 | 97,674 | 113,211 | 121,892 | ||||||||||||
Other | 1,689 | 1,779 | 1,946 | 2,234 | 7,648 | 10,037 | 12,855 | ||||||||||||
Total Revenue | 289,443 | [1] | 267,010 | [1] | 253,608 | [1] | 284,635 | [1] | 271,046 | [1] | 239,424 | [1] | 234,219 | [1] | 285,797 | [1] | 1,094,696 | 1,030,486 | 1,139,443 |
Disposed merchandise | 130,770 | 114,293 | 104,510 | 124,564 | 474,137 | 410,613 | 478,179 | ||||||||||||
Consumer loan loss provision | 6,948 | 8,614 | 7,849 | 7,598 | 31,009 | 33,359 | 29,225 | ||||||||||||
Total Cost of Revenue | 137,718 | [1] | 122,907 | [1] | 112,359 | [1] | 132,162 | [1] | 118,648 | [1] | 101,138 | [1] | 96,073 | [1] | 128,113 | [1] | 505,146 | 443,972 | 507,404 |
Net Revenue | 151,725 | [1] | 144,103 | [1] | 141,249 | [1] | 152,473 | [1] | 152,398 | [1] | 138,286 | [1] | 138,146 | [1] | 157,684 | [1] | 589,550 | 586,514 | 632,039 |
Operations and administration | 119,900 | 124,435 | 122,711 | 123,419 | 490,465 | 469,218 | 480,256 | ||||||||||||
Loss on divestitures | 0 | 5,176 | 0 | 0 | 5,176 | 0 | 0 | ||||||||||||
Depreciation and amortization | 15,512 | 15,106 | 15,181 | 15,143 | 60,942 | 56,128 | 62,156 | ||||||||||||
Total Expenses | 135,412 | 144,717 | 137,892 | 138,562 | 556,583 | 525,346 | 542,412 | ||||||||||||
Income from Operations | 16,313 | -614 | 3,357 | 13,911 | 32,967 | 61,168 | 89,627 | ||||||||||||
Interest expense | -3,739 | -4,324 | -8,389 | -10,068 | -26,520 | -36,319 | -29,134 | ||||||||||||
Interest income | 0 | 3 | 2,880 | 4,764 | 7,647 | 19,862 | 21,143 | ||||||||||||
Foreign currency transaction gain | 0 | -4 | 119 | -2 | 113 | 17 | 29 | ||||||||||||
Loss on extinguishment of debt | 0 | -5,991 | -15,016 | -1,546 | -22,553 | -607 | 0 | ||||||||||||
(Loss) Income from Continuing Operations before Income Taxes | 12,574 | -10,930 | -17,049 | 7,059 | -8,346 | 43,985 | 81,370 | ||||||||||||
Provision (benefit) for income taxes | 5,082 | -1,560 | -5,303 | 3,822 | 2,041 | -15,505 | 46,275 | ||||||||||||
Net (loss) income from continuing operations | 7,492 | [1] | -9,370 | [1] | -11,746 | [1] | 3,237 | [1] | 7,309 | [1] | 27,567 | [1] | 4,960 | [1] | 19,346 | [1] | -10,387 | 59,182 | 40,901 |
Net income (loss) from discontinued operations | 14,522 | [1] | 19,286 | [1] | 32,717 | [1] | 42,500 | [1] | 19,975 | [1] | 18,619 | [1] | 20,172 | [1] | 24,580 | [1] | 109,025 | 83,346 | 66,569 |
Net Income Attributable to Cash America International, Inc. | $22,014 | [1] | $9,916 | [1] | $20,971 | [1] | $45,737 | [1] | $27,284 | [1] | $46,186 | [1] | $25,132 | [1] | $43,926 | [1] | $98,638 | $142,528 | $107,470 |
[1] | The sum of the quarterly per share amounts may not sum to each full year amount presented in the Companybs financial statements because these computations are made independently for each quarter and for the full year and take into account the weighted average number of common shares outstanding for each period, including the effect of dilutive securities for that period. |
Quarterly_Financial_Data_Unaud4
Quarterly Financial Data (Unaudited) - Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 20, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||
Cash and cash equivalents | $53,042 | $19,291 | $113,130 | $20,197 | $19,748 | $23,828 | $24,382 | |
Restricted cash | 60 | 60 | 60 | 8,000 | 8,000 | 8,000 | ||
Pawn loans | 252,168 | 264,612 | 263,668 | 218,093 | 261,148 | |||
Consumer loans, net | 44,853 | 44,531 | 45,994 | 40,843 | 54,732 | |||
Merchandise held for disposition, net | 212,849 | 215,263 | 198,919 | 192,936 | 208,899 | |||
Pawn loan fees and service charges receivable | 53,648 | 54,501 | 51,986 | 43,814 | 53,438 | |||
Income taxes receivable | 8,881 | 0 | 9 | 0 | 9,573 | |||
Prepaid expenses and other assets | 21,317 | 34,502 | 40,207 | 26,967 | 24,969 | |||
Deferred tax assets | 0 | 9,562 | 8,981 | 7,778 | 8,448 | |||
Note receivable | 0 | 0 | 0 | 376,872 | 425,413 | |||
Investment in equity securities | 131,584 | 0 | 0 | 0 | 0 | |||
Current assets of discontinued operations | 0 | 447,187 | 411,347 | 372,117 | 390,589 | |||
Total current assets | 778,402 | 1,089,509 | 1,134,301 | 1,307,617 | 1,464,957 | |||
Property and equipment, net | 201,054 | 209,784 | 217,407 | 219,107 | 221,818 | |||
Goodwill | 487,569 | 488,700 | 495,672 | 495,130 | 495,214 | |||
Intangible assets, net | 45,828 | 47,472 | 49,121 | 50,569 | 52,211 | |||
Other assets | 9,594 | 10,560 | 13,116 | 14,378 | 14,843 | |||
Noncurrent assets of discontinued operations | 0 | 267,689 | 270,720 | 255,698 | 256,101 | |||
Total assets | 1,522,447 | 2,113,714 | 2,180,337 | 2,342,499 | 2,505,144 | |||
Accounts payable and accrued expenses | 74,331 | 69,410 | 69,055 | 67,432 | 88,514 | |||
Customer deposits | 17,314 | 19,271 | 18,295 | 17,227 | 14,803 | |||
Income taxes currently payable | 0 | 1,414 | 0 | 4,235 | ||||
Current portion of long-term debt | 0 | 0 | 0 | 22,606 | 22,606 | |||
Current deferred tax liabilities | 27,820 | 0 | 0 | 0 | 0 | |||
Current liabilities of discontinued operations | 0 | 85,295 | 62,813 | 415,183 | 476,967 | |||
Total current liabilities | 119,465 | 175,390 | 150,163 | 526,683 | 602,890 | |||
Deferred tax liabilities | 72,432 | 64,968 | 64,398 | 63,186 | 56,414 | |||
Other liabilities | 878 | 1,019 | 1,161 | 859 | 980 | |||
Noncurrent liabilities of discontinued operations | 0 | 539,782 | 542,729 | 46,679 | 45,054 | |||
Long-term debt | 196,470 | 206,022 | 300,000 | 607,650 | 717,383 | |||
Total liabilities | 389,245 | 987,181 | 1,058,451 | 1,245,057 | 1,422,721 | |||
Common stock, $0.10 par value per share, 80,000,000 shares authorized, 30,235,164 shares issued and outstanding | 3,024 | 3,024 | 3,024 | 3,024 | 3,024 | |||
Additional paid-in capital | 86,388 | 87,718 | 86,184 | 116,726 | 150,833 | |||
Retained earnings | 1,030,387 | 1,091,629 | 1,082,725 | 1,062,737 | 1,017,981 | |||
Accumulated other comprehensive income | 71,959 | 2,073 | 7,998 | 5,182 | 4,649 | 3,128 | -6,896 | |
Treasury shares, at cost (2,140,368 shares, 1,382,602 shares, 1,379,345 shares and 1,428,495 shares as of March 31, 2014, June 30, 2014, September 30, 2014, and December 31, 2014, respectively) | -58,556 | -57,911 | -58,045 | -90,227 | -94,064 | |||
Total equity | 1,133,202 | 1,126,533 | 1,121,886 | 1,097,442 | 1,082,423 | 990,620 | 907,590 | |
Total liabilities and equity | $1,522,447 | $2,113,714 | $2,180,337 | $2,342,499 | $2,505,144 | |||
Common stock, par value per share | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | |||
Authorized to issue of shares | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | |||
Common stock, shares issued | 30,235,164 | 30,235,164 | 30,235,164 | 30,235,164 | 30,235,164 | |||
Common stock, shares outstanding | 30,235,164 | 30,235,164 | 30,235,164 | 30,235,164 | 30,235,164 | |||
Treasury shares at cost | 1,428,495 | 1,379,345 | 1,382,602 | 2,140,368 | 2,224,902 |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts Schedule (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance For Valuation Of Inventory | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $949 | $851 | $700 |
Charged to Expense | 1,451 | 98 | 151 |
Deductions | 0 | 0 | 0 |
Balance at End of Period | 2,400 | 949 | 851 |
Tax Valuation Allowance | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 13,824 | 21,846 | 0 |
Charged to Expense | 859 | 1,773 | 21,846 |
Deductions | -14,683 | -9,795 | 0 |
Balance at End of Period | $0 | $13,824 | $21,846 |