Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 26, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CASH AMERICA INTERNATIONAL INC | |
Entity Central Index Key | 807,884 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 25,412,546 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Assets, Current [Abstract] | |||
Cash and cash equivalents | $ 19,811,000 | $ 53,042,000 | $ 19,291,000 |
Pawn loans | 257,241,000 | 252,168,000 | 264,612,000 |
Merchandise held for disposition, net | 234,227,000 | 212,849,000 | 215,263,000 |
Pawn loan fees and service charges receivable | 53,470,000 | 53,648,000 | 54,501,000 |
Consumer loans, net | 30,648,000 | 44,853,000 | 44,531,000 |
Income taxes receivable | 1,476,000 | 8,881,000 | 0 |
Prepaid expenses and other assets | 24,078,000 | 21,377,000 | 34,562,000 |
Deferred tax assets | 0 | 0 | 9,562,000 |
Investment in equity securities | 66,354,000 | 131,584,000 | 0 |
Current assets of discontinued operations | 0 | 0 | 447,187,000 |
Total current assets | 687,305,000 | 778,402,000 | 1,089,509,000 |
Property and equipment, net | 174,572,000 | 201,054,000 | 209,784,000 |
Goodwill | 487,569,000 | 487,569,000 | 488,700,000 |
Intangible assets, net | 40,916,000 | 45,828,000 | 47,472,000 |
Other assets | 9,497,000 | 9,594,000 | 10,560,000 |
Noncurrent assets of discontinued operations | 0 | 0 | 267,689,000 |
Total assets | 1,399,859,000 | 1,522,447,000 | 2,113,714,000 |
Current liabilities: | |||
Accounts payable and accrued expenses | 72,981,000 | 74,331,000 | 69,410,000 |
Customer deposits | 21,302,000 | 17,314,000 | 19,271,000 |
Income taxes currently payable | 0 | 0 | 1,414,000 |
Deferred Tax Liabilities, Net, Current | 4,967,000 | 27,820,000 | 0 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 0 | 0 | 85,295,000 |
Total current liabilities | 99,250,000 | 119,465,000 | 175,390,000 |
Deferred tax liabilities | 69,454,000 | 72,432,000 | 64,968,000 |
Other liabilities | 747,000 | 878,000 | 1,019,000 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 0 | 0 | 539,782,000 |
Long-term debt | 206,239,000 | 196,470,000 | 206,022,000 |
Total liabilities | 375,690,000 | 389,245,000 | 987,181,000 |
Stockholders Equity [Abstract] | |||
Common stock, $0.10 par value per share, 80,000,000 shares authorized, 30,235,164 shares issued | 3,024,000 | 3,024,000 | 3,024,000 |
Additional paid-in capital | 85,475,000 | 86,388,000 | 87,718,000 |
Retained earnings | 1,041,218,000 | 1,030,387,000 | 1,091,629,000 |
Accumulated other comprehensive income | 30,060,000 | 71,959,000 | 2,073,000 |
Treasury shares, at cost (4,604,936 shares, 1,379,345 shares and 1,428,495 shares as of September 30, 2015 and 2014, and as of December 31, 2014, respectively) | (135,608,000) | (58,556,000) | (57,911,000) |
Total equity | 1,024,169,000 | 1,133,202,000 | 1,126,533,000 |
Total liabilities and equity | $ 1,399,859,000 | $ 1,522,447,000 | $ 2,113,714,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Statement of Financial Position [Abstract] | |||
Common stock, par value per share | $ 0.1 | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 80,000,000 | 80,000,000 | 80,000,000 |
Common Stock, Shares issued | 3,024,000 | 3,024,000 | |
Treasury shares, at cost | 4,604,936 | 1,428,495 | 1,379,345 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Revenues [Abstract] | |||||
Pawn loan fees and service charges | $ 82,435 | $ 85,313 | $ 236,647 | $ 246,490 | |
Proceeds from disposition of merchandise | 136,666 | 155,087 | 447,582 | 478,314 | |
Consumer loan fees | 20,543 | 24,831 | 60,173 | 74,490 | |
Other | 1,546 | 1,779 | 5,014 | 5,959 | |
Total revenue | 241,190 | 267,010 | 749,416 | 805,253 | |
Cost of Revenue [Abstract] | |||||
Disposed merchandise | 98,881 | 114,293 | 316,825 | 343,367 | |
Consumer loan loss provision | 7,349 | 8,614 | 16,549 | 24,061 | |
Total Cost of Revenue | 106,230 | 122,907 | 333,374 | 367,428 | |
Gross Profit [Abstract] | |||||
Net revenue | 134,960 | 144,103 | 416,042 | 437,825 | |
Operating Expenses [Abstract] | |||||
Operations and administration | 109,875 | 124,435 | 339,519 | 370,565 | |
Depreciation and amortization | 13,700 | 15,106 | 42,778 | 45,430 | |
Gain on divestitures | (106) | 5,176 | (307) | 5,176 | |
Total Expenses | 123,469 | 144,717 | 381,990 | 421,171 | |
Operating Income (Loss) [Abstract] | |||||
Income (Loss) from Operations | 11,491 | (614) | 34,052 | 16,654 | |
Income from Continuing Operations | |||||
Interest expense | (3,448) | (4,324) | (10,649) | (22,781) | |
Interest income | 53 | 3 | 60 | 7,647 | |
Foreign currency transaction (loss) gain | 0 | (4) | 32 | 113 | |
Loss on early extinguishment of debt | 0 | (5,991) | (607) | (22,553) | |
Gain on disposition of equity securities | 0 | 1,225 | 0 | ||
Income from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | |||||
Income (Loss) from Continuing Operations before Income Taxes | 8,096 | (10,930) | 24,113 | (20,920) | |
Provision (benefit) for income taxes | 3,058 | (1,560) | 9,159 | (3,041) | |
Net Income (Loss) Attributable to Parent [Abstract] | |||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 5,038 | (9,370) | 14,954 | (17,879) | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 19,286 | 0 | 94,503 | |
Net Income Attributable to Cash America International, Inc. | $ 5,038 | $ 9,916 | $ 14,954 | $ 76,624 | |
Earnings Per Share: | |||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.19 | $ (0.32) | $ 0.54 | $ (0.62) | |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0.66 | 0 | 3.28 | |
Basic (in dollars per share) | 0.19 | 0.34 | 0.54 | 2.66 | |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.19 | (0.32) | 0.54 | (0.62) | |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0.66 | 0 | 3.22 | |
Diluted (in dollars per share) | $ 0.19 | $ 0.34 | $ 0.54 | $ 2.61 | |
Weighted Average Number of Shares Outstanding, Basic [Abstract] | |||||
Basic (in shares) | [1] | 26,539 | 29,186 | 27,511 | 28,808 |
Diluted (in shares) | [2] | 26,773 | 29,312 | 27,675 | 29,371 |
Dividends declared per common share | $ 0.05000 | $ 0.035000 | $ 0.150 | $ 0.105 | |
[1] | Includes vested and deferred RSUs of 278 and 299 for the three months ended September 30, 2015 and 2014, respectively. Includes Director Deferred Shares of 32 for both the three months ended September 30, 2015 and 2014. Includes vested and deferred RSUs of 294 and 306 for the nine months ended September 30, 2015 and 2014, respectively. Includes Director Deferred Shares of 32 for both the nine months ended September 30, 2015 and 2014. | ||||
[2] | , respectively. Weighted average diluted shares excludes 40 and 5 anti-dilutive shares for the nine months ended September 30, 2015 and 2014, respectively. When a net loss exists, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share computation.(d) Earnings per share amounts included in this information may not sum due to rounding differences. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Statement of Comprehensive Income [Abstract] | |||||||
Net Income attributable to Cash America International, Inc. | $ 5,038 | $ 9,916 | $ 14,954 | $ 76,624 | |||
Other comprehensive gain (loss), net of tax: | |||||||
Marketable Securities | (27,589) | [1] | 0 | [1] | (41,899) | 0 | |
Foreign currency translation gain (loss) | [2] | 0 | (5,925) | 0 | (2,576) | ||
Total other comprehensive (loss) gain, net of tax | (27,589) | (5,925) | (41,899) | (2,576) | |||
Comprehensive (loss) income attributable to Cash America International, Inc. | $ (22,551) | $ 3,991 | $ (26,945) | $ 74,048 | |||
[1] | (b) Net of tax benefit of $2,809 and $1,254 for the three and nine months ended September 30, 2014, respectively. | ||||||
[2] | (a) Net of tax benefit of $15,198 and $23,085 for the three and nine months ended September 30, 2015, respectively. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax (provision)/benefit of marketable securities unrealized gain | $ 15,198 | $ 23,085 | ||
Tax (provision)/ benefit of foreign currency translation gain | $ 2,809 | $ 1,254 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury shares, at cost | ||
Beginning Balance at Dec. 31, 2013 | $ 1,082,423 | $ 3,024 | $ 150,833 | $ 1,017,981 | $ 4,649 | $ (94,064) | ||
Beginning Balance, in shares, at Dec. 31, 2013 | (30,235,164) | (2,224,902) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares issued under stock-based plans | 0 | $ 5,836 | ||||||
Shares issued under stock-based plans, in shares | 135,046 | |||||||
Adjustments to APIC, stock-based plans | (5,836) | |||||||
Stock-based compensation expense | 4,825 | 4,825 | ||||||
Income tax benefit from stock-based compensation | (110) | (110) | ||||||
Adjustments to APIC, Equity Component of Convertible Debt | (30,267) | (61,994) | $ 31,727 | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 747,085 | |||||||
Net Income attributable to Cash America International, Inc. | 76,624 | 76,624 | ||||||
Dividends paid | (2,976) | (2,976) | ||||||
Foreign currency translation gain (loss), net of tax | (2,576) | [1] | (2,576) | |||||
Marketable Securities | 0 | |||||||
Purchases of treasury shares, in shares | (36,574) | |||||||
Purchases of treasury shares | (1,410) | $ (1,410) | ||||||
Balance at Sep. 30, 2014 | 1,126,533 | $ 3,024 | 87,718 | 1,091,629 | 2,073 | $ (57,911) | ||
Balance, in shares, at Sep. 30, 2014 | (30,235,164) | (1,379,345) | ||||||
Beginning Balance at Dec. 31, 2014 | 1,133,202 | $ 3,024 | 86,388 | 1,030,387 | 71,959 | $ (58,556) | ||
Beginning Balance, in shares, at Dec. 31, 2014 | (30,235,164) | (1,428,495) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares issued under stock-based plans | (1,604) | $ 4,292 | ||||||
Shares issued under stock-based plans, in shares | 112,757 | |||||||
Adjustments to APIC, stock-based plans | (5,896) | |||||||
Stock-based compensation expense | 4,728 | 4,728 | ||||||
Income tax benefit from stock-based compensation | 255 | 255 | ||||||
Net Income attributable to Cash America International, Inc. | 14,954 | 14,954 | ||||||
Dividends paid | (4,123) | (4,123) | ||||||
Foreign currency translation gain (loss), net of tax | [1] | 0 | ||||||
Marketable Securities | (41,899) | (41,899) | ||||||
Purchases of treasury shares, in shares | (3,289,198) | |||||||
Purchases of treasury shares | (81,344) | $ (81,344) | ||||||
Balance at Sep. 30, 2015 | $ 1,024,169 | $ 3,024 | $ 85,475 | $ 1,041,218 | $ 30,060 | $ (135,608) | ||
Balance, in shares, at Sep. 30, 2015 | (30,235,164) | (4,604,936) | ||||||
[1] | (a) Net of tax benefit of $15,198 and $23,085 for the three and nine months ended September 30, 2015, respectively. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Net Income attributable to Cash America International, Inc. | $ 14,954,000 | $ 76,624,000 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 94,503,000 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 14,954,000 | (17,879,000) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Depreciation and amortization | 42,778,000 | 45,430,000 |
Amortization of debt discount and issuance costs | 1,508,000 | 2,684,000 |
Consumer loan loss provision | 16,549,000 | 24,061,000 |
Stock-based compensation | 4,728,000 | 4,825,000 |
Deferred income taxes, net | (2,747,000) | 7,483,000 |
Excess income tax benefit from stock-based compensation | (255,000) | 0 |
Non-cash loss (gain) on extinguishment of debt | 216,000 | 3,090,000 |
Non-cash loss (gain) on divestitures | (307,000) | 5,176,000 |
Non-cash gain(loss) on disposition of equity securities | (1,225,000) | 0 |
Other | 6,876,000 | 5,641,000 |
Interest Income from Investment Note Receivable | 0 | (7,630,000) |
Changes in operating assets and liabilities, net of assets acquired: | ||
Merchandise other than forfeited | (2,041,000) | 2,841,000 |
Pawn loan fees and service charges receivable | 7,000 | (1,935,000) |
Finance and service charges on consumer loans | 556,000 | 2,468,000 |
Restricted Cash | 33,000 | 7,940,000 |
Prepaid Expense and Other Assets | (6,522,000) | 306,000 |
Accounts payable and accrued expenses | 581,000 | (15,651,000) |
Current and noncurrent income taxes | 7,660,000 | 10,557,000 |
Other operating assets and liabilities | 4,046,000 | 4,862,000 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 87,395,000 | 84,269,000 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 348,530,000 |
Net cash provided by operating activities | 87,395,000 | 432,799,000 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Pawn loans made | (589,329,000) | (626,524,000) |
Pawn loans repaid | 330,705,000 | 349,896,000 |
Principal recovered through dispositions of forfeited pawn loans | 225,835,000 | 243,818,000 |
Consumer loans made or purchased | (367,996,000) | (498,948,000) |
Consumer loans repaid | 364,922,000 | 482,210,000 |
Acquisitions, net of cash acquired | 0 | (1,204,000) |
Purchases of property and equipment | (11,498,000) | (32,596,000) |
Proceeds from Disposition of Marketable Equity Securities | 351,000 | 0 |
Proceeds from Divestiture | 2,943,000 | 21,534,000 |
Proceeds from note receivable | 0 | 424,646,000 |
Dividends Received | 0 | 122,384,000 |
Other investing activities | (1,027,000) | (313,000) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (45,094,000) | 484,903,000 |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | (218,924,000) |
Net cash (used in) provided by investing activities | (45,094,000) | 265,979,000 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Net proceeds (payments) under bank lines of credit | 21,789,000 | (184,165,000) |
Debt issuance costs paid | (80,000) | (408,000) |
Payments on/repurchases of notes payable | (12,020,000) | (380,450,000) |
Excess income tax benefit from stock-based compensation | 255,000 | 0 |
Treasury shares purchased | (81,344,000) | (1,410,000) |
Dividends paid | (4,123,000) | (2,976,000) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (75,523,000) | (569,409,000) |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | (69,543,000) |
Net cash used in financing activities | (75,523,000) | (638,952,000) |
Effect of exchange rates on cash | (9,000) | (3,522,000) |
Net (decrease) increase in cash and cash equivalents | (33,231,000) | 56,304,000 |
Change in cash and cash equivalents from discontinued operations | 0 | (56,761,000) |
Change in cash and cash equivalents from discontinued operations | (33,231,000) | (457,000) |
Cash and cash equivalents at beginning of year | 53,042,000 | 19,748,000 |
Cash and cash equivalents at end of period | $ 19,811,000 | $ 19,291,000 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies Basis of Presentation The consolidated financial statements include all of the accounts of Cash America International, Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany accounts and transactions other than those related to Enova International, Inc. (“Enova”), which previously comprised the Company’s e-commerce segment (as discussed further below), have been eliminated in consolidation. Upon completion of the distribution of approximately 80% of the outstanding shares of Enova common stock to the Company’s shareholders on November 13, 2014 (the “Enova Spin-off”), the Company reclassified Enova’s financial results to discontinued operations in the Company’s consolidated financial statements as of September 30, 2014 and for the three and nine months ended September 30, 2014 . 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 “Interest income,” “Interest income from 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. See Note 2 for further discussion of discontinued operations. Unless stated otherwise, the discussion of the Company’s business and financial information throughout this Quarterly Report on Form 10-Q refers to the Company’s continuing operations and results from continuing operations. The financial statements presented as of September 30, 2015 and 2014 and for the three- and nine-month periods ended September 30, 2015 and 2014 are unaudited but, in management’s opinion, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for such interim periods. The consolidated balance sheet data as of December 31, 2014 included herein was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”). Operating results for the three- and nine-month periods are not necessarily indicative of the results that may be expected for the full fiscal year. The Company has one reportable operating segment. The Company’s primary line of business is pawn lending. 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 offered by the Company include short-term loans (commonly referred to as payday loans) and installment loans. The Company also offers check cashing services through its franchised check cashing centers and some Company-owned lending locations, in addition to offering prepaid debit cards, which are issued and serviced by a third party, through some of its Company-owned lending locations. In July 2015, the Company ceased offering certain ancillary products and services, including money orders, wire transfers and auto insurance. Because the Company has only one reportable segment, all required financial segment information can be found directly in the consolidated financial statements. The Company evaluates the performance of its reportable segment based on income from operations. These financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . 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 and is not amortized. In accordance with Accounting Standards Codification (“ASC”) 350-20-35, Goodwill—Subsequent Measurement (“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 has one reportable operating segment, which serves as the only reporting unit for goodwill assessment. The Company completed its annual assessment of goodwill as of June 30, 2015 and determined that the fair value for the Company’s reporting unit exceeded its carrying value, and, as a result, no impairment was indicated at that date. As of June 30, 2015, the excess fair value over the carrying value was 9% and represented an increase from 3% as of December 31, 2014, which was shortly after the Enova Spin-off in November 2014. 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. Any of these factors could represent a potential triggering event that would indicate an impairment review should be performed. For the three months ended September 30, 2015 , there were no changes in the factors described above that would significantly impact the fair value of the Company and suggest an impairment review should be performed. The Company will continue to monitor for events and circumstances that could negatively impact the key assumptions in determining its fair value. Accounting Standards to be Adopted in Future Periods In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05”), which defines specific criteria that entities must apply to determine if a cloud computing arrangement includes an in-substance software license. The result of the assessment will direct the entity to apply either software licensing or service contract guidance to record the related fees. ASU 2015-05 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015 and can be prospectively or retrospectively applied. Early adoption is permitted. The Company does not expect that the adoption of ASU 2015-05 will have a material effect on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. In addition, since ASU 2015-03 does not address presentation or subsequent measurement of debt issuance costs specifically related to line-of-credit arrangements, the FASB also issued ASU 2015-15, Interest—Imputed Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), in August 2015. ASU 2015-15 states that, for line-of-credit arrangements, entities can continue to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt costs ratably over the term of the arrangement. ASU 2015-03 and ASU 2015-15 apply to all business entities, are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015 and should be retrospectively applied. Early adoption is permitted. The Company does not expect that the adoption of ASU 2015-03 and ASU 2015-15 will have a material effect on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“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. Entities are permitted to apply ASU 2015-02 either retrospectively or through a modified retrospective approach. Early adoption is permitted. The Company does not expect that the adoption of ASU 2015-02 will have a material effect on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Section A—Summary and Amendments That Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs—Contracts with Customers (Subtopic 340-40) (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition . 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) (“ASU 2015-14”), which defers the effective date of ASU 2014-09 by one year. For public business entities, ASU 2014-09 will now be effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted at, but not before, the original effective date, which is for fiscal years, and interim periods within those years, beginning after December 15, 2016. Entities are permitted to apply ASU 2014-09 either retrospectively or through an alternative transition model. The Company is still assessing the potential impact of ASU 2014-09 on its consolidated financial statements. |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. Discontinued Operations On November 13, 2014, the Company completed the Enova Spin-off by distributing net assets of $79.6 million through a distribution of Enova common shares to the Company’s shareholders. The Enova Spin-off was part of the Company’s strategy to focus on its core pawn operations business, and consequently, the net assets, operating results, and cash flows of the Company’s previously-held Enova business are presented separately as discontinued operations for the three and nine months ended September 30, 2014 and as of September 30, 2014 . 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 carrying amounts of the major classes of the assets and liabilities for the discontinued operations as of September 30, 2014 are shown below (dollars in thousands): As of September 30, 2014 Assets Cash and cash equivalents $ 104,241 Consumer loans, net 303,694 Other receivables and prepaid expenses 12,738 Current and deferred tax assets 26,514 Current assets of discontinued operations 447,187 Property and equipment, net 35,598 Goodwill 210,361 Other non-current assets 21,730 Non-current assets of discontinued operations 267,689 Total assets of discontinued operations $ 714,876 Liabilities Accounts payable and accrued expenses $ 71,926 Note payable to Cash America International, Inc. 13,369 Current liabilities of discontinued operations 85,295 Deferred tax liabilities 45,656 Other liabilities 105 Long-term debt 494,021 Non-current liabilities of discontinued operations 539,782 Total liabilities of discontinued operations $ 625,077 Total assets less total liabilities of discontinued operations $ 89,799 Summarized income statements for the discontinued operations for the three and nine months ended September 30, 2014 are shown below (dollars in thousands, except per share data): Three Months Ended Nine Months Ended September 30, 2014 September 30, 2014 Total Revenue $ 205,168 $ 615,115 Total Cost of Revenue 72,919 205,661 Net Revenue 132,249 409,454 Expenses Operations and administration 81,296 221,727 Depreciation and amortization 5,338 13,772 Total Expenses 86,634 235,499 Income from Operations 45,615 173,955 Interest expense, net (13,136 ) (25,201 ) Foreign currency transaction loss (155 ) (552 ) Income before Income Taxes 32,324 148,202 Provision for income taxes 13,038 53,699 Net Income from Discontinued Operations $ 19,286 $ 94,503 Diluted Income per Share from Discontinued Operations $ 0.66 $ 3.22 The following table sets forth the supplemental cash flow information for the discontinued operations for the nine months ended September 30, 2014 (dollars in thousands): Nine Months Ended September 30, 2014 Significant non-cash investing items Consumer loans renewed $ 244,238 |
Credit Quality Information On P
Credit Quality Information On Pawn Loans | 9 Months Ended |
Sep. 30, 2015 | |
Credit Quality Information On Pawn Loans [Abstract] | |
Credit Quality Information On Pawn Loans | 3. Credit Quality Information on Pawn Loans In its pawn loan portfolio, the Company monitors the type and adequacy of collateral compared to historical forfeiture rates, average loan amounts and gross profit margins, among other factors. If a pawn loan defaults, the Company relies on the disposition of forfeited merchandise 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 carrying value of the merchandise. 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. Therefore, the balance of “Pawn loans” in the consolidated balance sheets includes delinquent loans that are in the process of being moved to merchandise held for disposition but have not yet been transferred. 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 September 30, 2015 and 2014 and December 31, 2014 , the Company had current pawn loans outstanding of $248.2 million , $256.4 million and $244.1 million , respectively, and delinquent pawn loans outstanding of $9.0 million , $8.2 million and $8.0 million , respectively. |
Consumer Loans, Credit Quality
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans | 9 Months Ended |
Sep. 30, 2015 | |
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans [Abstract] | |
Consumer Loans, Credit Quality Information on Consumer Loans, Allowance and Liability for Estimated Losses on Consumer Loans and Guarantees of Consumer Loans | 4. Consumer Loans, Credit Quality Information on Consumer Loans, Allowance and Liability for Estimated Losses on Consumer Loans and Guarantees of Consumer Loans 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. 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. Generally, 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 earned fees and interest) at a level estimated to be adequate to absorb credit losses inherent in the portfolio. The allowance for estimated 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 Company’s credit services organization and credit access business programs (“CSO programs”) is included in “Accounts payable and accrued expenses” in the consolidated balance sheets. Increases or decreases in the allowance and the liability for estimated losses are reduced by charge-offs and increased by recoveries and recorded as “Consumer loan loss provision” in the consolidated statements of income. In determining the allowance or liability for estimated losses on consumer loans, the Company applies a documented systematic methodology. In calculating the allowance or liability for loan losses, outstanding loans are divided into discrete groups of short-term loans and installment loans and are analyzed as current or delinquent. 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 loans, the Company uses a migration analysis to estimate losses inherent in the portfolio once an adequate period of time has elapsed in order for the Company to generate a meaningful indication of performance history. 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. Prior to the establishment of an indicative migration analysis, the Company estimates future losses for its installment loans based on the historical charge-off experience of the total portfolio on a static pool basis. The Company fully reserves or charges off consumer loans once the loan has been classified as delinquent for 60 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 the loan became delinquent, as defined above. Recoveries on loans previously charged to the allowance, including the sale of delinquent loans to unaffiliated third parties, are credited to the allowance when collected or when sold to a third party. The components of Company-owned consumer loan portfolio receivables as of September 30, 2015 and 2014 and December 31, 2014 were as follows (dollars in thousands): As of As of As of September 30, 2015 September 30, 2014 December 31, 2014 Short-term loans Current loans $ 25,913 $ 36,879 $ 38,492 Delinquent loans 3,351 6,099 4,462 Total consumer loans, gross 29,264 42,978 42,954 Less: allowance for losses (2,038 ) (3,650 ) (2,736 ) Consumer loans, net $ 27,226 $ 39,328 $ 40,218 Installment loans Current loans $ 2,039 $ 3,992 $ 3,486 Delinquent loans 2,569 2,831 2,575 Total consumer loans, gross 4,608 6,823 6,061 Less: allowance for losses (1,186 ) (1,620 ) (1,426 ) Consumer loans, net $ 3,422 $ 5,203 $ 4,635 Total consumer loans Current loans $ 27,952 $ 40,871 $ 41,978 Delinquent loans 5,920 8,930 7,037 Total consumer loans, gross 33,872 49,801 49,015 Less: allowance for losses (3,224 ) (5,270 ) (4,162 ) Consumer loans, net $ 30,648 $ 44,531 $ 44,853 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 three and nine months ended September 30, 2015 and 2014 were as follows (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Short-term loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 2,106 $ 3,431 $ 2,736 $ 3,960 Consumer loan loss provision 3,780 6,635 8,855 17,863 Charge-offs (4,434 ) (7,369 ) (14,560 ) (21,654 ) Recoveries 586 953 5,007 3,481 Balance at end of period $ 2,038 $ 3,650 $ 2,038 $ 3,650 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 159 $ 440 $ 402 $ 272 Consumer loan loss provision (37 ) 10 (280 ) 178 Balance at end of period $ 122 $ 450 $ 122 $ 450 Installment loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 1,427 $ 962 $ 1,426 $ 951 Consumer loan loss provision 3,251 2,486 6,514 6,140 Charge-offs (3,744 ) (2,345 ) (7,659 ) (7,056 ) Recoveries 252 517 905 1,585 Balance at end of period $ 1,186 $ 1,620 $ 1,186 $ 1,620 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 1,763 $ 1,155 $ 658 $ 758 Consumer loan loss provision 355 (517 ) 1,460 (120 ) Balance at end of period $ 2,118 $ 638 $ 2,118 $ 638 Total consumer loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 3,533 $ 4,393 $ 4,162 $ 4,911 Consumer loan loss provision 7,031 9,121 15,369 24,003 Charge-offs (8,178 ) (9,714 ) (22,219 ) (28,710 ) Recoveries 838 1,470 5,912 5,066 Balance at end of period $ 3,224 $ 5,270 $ 3,224 $ 5,270 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 1,922 $ 1,595 $ 1,060 $ 1,030 Consumer loan loss provision 318 (507 ) 1,180 58 Balance at end of period $ 2,240 $ 1,088 $ 2,240 $ 1,088 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. The guarantee represents an obligation to purchase specific loans that go into default. Short-term loans that the Company guarantees generally have terms of less than 90 days. Unsecured installment loans that the Company guarantees generally have terms of up to twelve months. Secured installment loans that the Company guarantees have terms of up to 48 months. As of September 30, 2015 and 2014 and December 31, 2014 , the amount of consumer loans guaranteed by the Company was $12.3 million , $11.8 million and $9.8 million , respectively, representing amounts due under consumer loans originated by third-party lenders under the CSO programs. The liability for estimated losses on consumer loans guaranteed by the Company of $2.2 million , $1.1 million and $1.1 million , as of September 30, 2015 and 2014 and December 31, 2014 , respectively, is included in “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. |
Investments In Enova Investment
Investments In Enova Investments in Enova | 9 Months Ended |
Sep. 30, 2015 | |
Investments In Enova [Abstract] | |
Investments in Enova | 5. Investment in Enova Upon completion of the Enova Spin-off, the Company retained approximately 20 percent, or 6,596,927 shares of Enova common stock, and the Company has agreed, pursuant to a private letter ruling it obtained in connection with the Enova Spin-off, 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 (the “LTIPs”) as described below) no later than two years after the date of the Enova Spin-off. As of September 30, 2015 , the Company owned 6,521,463 shares and had allocated 556,990 of these retained shares for delivery under the LTIPs that existed prior to the Enova Spin-off, resulting in the Company’s implied residual ownership in Enova equal to approximately 18 percent of the outstanding Enova common stock as of September 30, 2015 . See table below for additional information. All of the retained shares of Enova common stock (including shares retained for delivery under the Company’s LTIPs as described below) are classified as “available-for-sale securities” in accordance with ASC 320, Investments-Debt and Equity Securities (“ASC 320”). The Company does not account for its investment in Enova common stock under the equity method for the following reasons. The Company does not have the ability to significantly influence the strategy or the operating or financial policies of Enova. The Company does not share employees or management with Enova and does not participate in any policy-making process of Enova. The Company does not have the right to vote on matters put before Enova stockholders as it has granted Enova a proxy to vote its shares in the same proportion as the other stockholders of Enova on all such matters. In addition, the Company has agreed to divest its ownership in Enova within two years following the Enova Spin-off. While Mr. Feehan, the Company’s Chief Executive Officer as of the date of this report, serves as one of seven members of Enova’s Board of Directors, he does not serve on any committees of Enova’s Board of Directors, and the Company is not able to influence his future election to Enova’s Board of Directors because it does not have voting power with respect to the shares of Enova that it owns. The Company also does not have any material business relationships with Enova. 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 restricted stock units (“RSUs”), vested deferred RSUs, and unvested deferred RSUs that were granted by the Company under the LTIPs to certain of its officers, directors and employees, as well as shares that are deliverable to certain directors who have elected to defer a portion of their director fees to be paid in the form of common stock of the Company (“Director Deferred Shares”), if such equity awards and Director Deferred Shares were outstanding under the LTIPs on 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 LTIPs and/or the applicable award agreement. The delivery of the Enova shares of common stock will occur periodically based on the vesting or deferral terms that are applicable to the RSU awards or Director Deferred Shares. In the event the award does not vest or if shares are withheld to pay taxes for vested awards, the Enova shares will be retained by the Company and sold. As of September 30, 2015 , the Company’s cost basis in its investment in Enova common stock was approximately $20.0 million , and an unrealized gain of approximately $46.4 million was included in “Accumulated other comprehensive income.” For the nine months ended September 30, 2015 , the Company recognized a gain of approximately $1.2 million for the disposition of Enova common stock as a result of the issuance of shares under LTIP agreements. The Company’s investment in Enova common stock is included in “Investment in equity securities” in the consolidated balance sheets. Activity during the nine months ended September 30, 2015 for the Enova shares retained by the Company is shown below (shares in ones): Enova Shares Attributed to the Company (a) Potential Enova Shares to be Delivered Under the LTIPs Total Enova Shares Held by the Company Enova shares at December 31, 2014 5,911,840 685,087 6,596,927 Forfeitures (b) 47,014 (47,014 ) — Shares delivered under the LTIPs — (56,925 ) (56,925 ) Shares withheld for taxes (b) (c) 5,619 (24,158 ) (18,539 ) Shares held as of September 30, 2015 5,964,473 556,990 6,521,463 % ownership of Enova as of September 30, 2015 18.07 % 1.69 % 19.76 % (a) Does not include shares retained for delivery under the LTIPs. (b) Shares initially allocated for delivery under the LTIPs that were forfeited prior to vesting or were withheld for taxes are attributed to the Company and are to be disposed of by the Company. (c) For shares withheld for taxes during the nine months ended September 30, 2015 , 18,539 shares were sold on the open market, and 5,619 shares remain to be sold. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | 6. Long-term Debt The Company’s long-term debt instruments and balance outstanding as of September 30, 2015 and 2014 and December 31, 2014 were as follows (dollars in thousands): Balance as of September 30, December 31, 2015 2014 2014 Line of credit due 2018 $ 21,789 $ 9,552 $ — 5.75% senior unsecured notes due 2018 184,450 196,470 196,470 Total long-term debt $ 206,239 $ 206,022 $ 196,470 Line of Credit The Company and its domestic subsidiaries as guarantors have a credit agreement with a syndicate of financial institutions as lenders that was entered into on March 30, 2011 and later amended (the “Credit Agreement”). The Credit Agreement, as amended, provides for a line of credit in an aggregate principal amount of up to $280.0 million permitting revolving credit loans (the “Line of Credit”). The Credit Agreement contains an accordion feature whereby the Line of Credit may be increased up to an additional $100.0 million with the consent of any increasing lenders. On October 6, 2015, the Credit Agreement was amended to remove the multi-currency subfacility, which had previously given the Company the ability to borrow up to $50.0 million in specified foreign currencies. In addition, the amendment adjusted two financial covenants, including a reduction in the minimum net worth covenant and an increase in the maximum restricted payments covenant. Interest on the Line of Credit is charged, at the Company’s option, at either the London Interbank Offered Rate (“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 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 Line of Credit ranging from 0.25% to 0.50% ( 0.38% as of September 30, 2015 ) based on the Company’s cash flow leverage ratios. The weighted average interest rate (including margin) on the Line of Credit was 2.96% and 2.97% as of September 30, 2015 and 2014 , respectively. The Company had $21.8 million and $9.6 million of borrowings outstanding under the Line of Credit as of September 30, 2015 and 2014 , respectively. As of September 30, 2015 , borrowings under the Line of Credit consisted of two pricing tranches with maturity dates ranging from two to six days, and as of September 30, 2014 , borrowings under the Line of Credit consisted of two pricing tranches with maturity dates ranging from three to seven days. The Company had no borrowings outstanding under the Line of Credit as of December 31, 2014 . The Company may routinely refinance its borrowings pursuant to the terms of its Line of Credit. Therefore, these borrowings would be considered part of the applicable line of credit and as long-term debt. Letter of Credit Facility When the Company entered into the Credit Agreement, it also entered into a Standby Letter of Credit Agreement (the “LC Agreement”) for the issuance of up to $20.0 million in letters of credit (the “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 $6.0 million issued under its Letter of Credit Facility as of September 30, 2015 . $300.0 million 5.75% Senior Unsecured Notes On May 15, 2013, the Company issued and sold $300.0 million in aggregate principal amount of 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. The 2018 Senior Notes will mature on May 15, 2018, and there are no scheduled payments of principal due before the maturity date. The 2018 Senior Notes were originally sold to qualified institutional buyers under Rule 144A of the Securities Act and Regulation S of the Securities Act outside the United States, and all 2018 Senior Notes were subsequently registered under the Securities Act pursuant to an exchange offer. The 2018 Senior Notes are senior unsecured debt obligations of the Company and are guaranteed by all of the Company’s subsidiaries (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 September 30, 2015 , Cash America International, Inc., on a stand-alone unconsolidated basis (the “Parent Company”), had no independent assets or operations. As of September 30, 2015 , all of the Guarantors were 100% owned by the Company. The Indenture, dated as of May 15, 2013, that governs the 2018 Senior Notes, among the Company, the guarantors party thereto and the trustee (“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. As of September 30, 2015 , the outstanding balance of the 2018 Senior Notes was $184.5 million , compared to $196.5 million as of September 30, 2014 . During the second quarter of 2015 , the Company repurchased $12.0 million principal amount of the 2018 Senior Notes for cash consideration of $12.4 million . In connection with these purchases, the Company recorded a loss on early extinguishment of debt of approximately $0.6 million , which consisted of $0.4 million in premium paid and $0.2 million in expense for the write-off of deferred loan costs. The loss is included in “Loss on early extinguishment of debt” in the consolidated statements of income. Debt Agreement Compliance The debt agreements for the Line of Credit and the 2018 Senior Notes require the Company to maintain certain financial ratios. As of September 30, 2015 , the Company believes it was in compliance with all covenants or other requirements set forth in its debt agreements. On June 26, 2015, Wilmington Savings Fund Society, FSB, as trustee (the “Trustee”) under the 2018 Senior Notes Indenture that governs the 2018 Senior Notes, filed a lawsuit against the Company in the United States District Court for the Southern District of New York. The lawsuit alleges that the Enova Spin-off was not permitted by the 2018 Senior Notes Indenture, and the Trustee is seeking a remedy equal to principal and accrued and unpaid interest, plus a make-whole premium, to be paid to the holders of the 2018 Senior Notes. The Company disagrees with the assertion in the lawsuit that the Enova Spin-off was not permitted under the 2018 Senior Notes Indenture. The Company also disagrees that a make-whole premium would be due to the holders of the 2018 Senior Notes even if it is determined that the Enova Spin-off was not permitted under the 2018 Senior Notes Indenture. The Company believes the position taken by the Trustee is without merit, and the Company intends to vigorously defend its position. Regardless of the outcome of this claim, the Company has ample liquidity and capital resources to sustain its ongoing operations and to repay the 2018 Senior Notes, including any make-whole premium on the 2018 Senior Notes, if such a premium were to be finally determined to be payable, notwithstanding the Company’s belief that such a premium is not payable. The Company’s sources of liquidity include availability under the Line of Credit, which had $258.2 million in available borrowings as of September 30, 2015 . As of September 30, 2015 , the Company had $184.5 million in aggregate principal amount of 2018 Senior Notes outstanding, and a make-whole premium on such principal balance as of September 30, 2015 would be approximately $20.9 million . |
Equity (Notes)
Equity (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 7. Equity Share Repurchases On January 28, 2015, the Board of Directors of the Company authorized a share repurchase program for the repurchase of up to 4.0 million shares of the Company’s common stock (the “January 2015 Authorization”) and canceled the Company’s previous share repurchase authorization from January 2013 (the “2013 Authorization”). On October 28, 2015, the Board of Directors of the Company authorized a new share repurchase program for the repurchase of up to 3.0 million shares of the Company’s common stock (the “October 2015 Authorization”), which will take effect once all shares under the January 2015 Authorization have been repurchased. During the nine months ended September 30, 2015 , the Company purchased 3,258,166 shares under the January 2015 Authorization for a total investment of $80.7 million , including commissions. This included the purchase of 829,666 shares under an accelerated share repurchase (“ASR”) agreement. In May 2015, the Company entered into an ASR agreement with a financial institution. Under the ASR agreement, the Company paid $22.0 million i n cash to the financial institution on May 14, 2015 and received an initial delivery of 684,230 shares that were valued at $18.7 million , based on the then-current market price of the Company’s stock. The payment to the financial institution was recorded as two separate transactions: an initial treasury stock transaction and a forward contract indexed to the Company’s common stock. The initial treasury stock transaction was recorded as an $18.7 million increase in treasury shares. The ASR forward contract was recorded as a $3.3 million decrease to additional paid-in capital and reflected the value of stock to be delivered upon final settlement. The initial delivery of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share. Following the final settlement of the ASR agreement on August 5, 2015, the Company received from the financial institution an additional 145,436 shares as determined by the average daily volume weighted average price, less an agreed upon discount, of the Company’s common stock during the duration of the ASR agreement. Upon settlement, the $3.3 million balance in additional paid-in capital, which reflected the value of common stock initially held back by the financial institution, was reclassified to treasury shares. Accumulated Other Comprehensive Income The reclassification adjustments from accumulated other comprehensive income (“AOCI”) to net income for the three and nine months ended September 30, 2015 and 2014 were as follows (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Foreign currency translation gain (loss), net of tax Marketable securities, net of tax Total Foreign currency translation gain (loss), net of tax Marketable securities, net of tax Total Balance at the beginning of period $ — $ 57,649 $ 57,649 $ — $ 71,959 $ 71,959 Other comprehensive loss before reclassifications — (27,589 ) (27,589 ) — (41,109 ) (41,109 ) Amounts reclassified from AOCI (a) — — — — (790 ) (790 ) Net change in AOCI — (27,589 ) (27,589 ) — (41,899 ) (41,899 ) Balance at the end of period $ — $ 30,060 $ 30,060 $ — $ 30,060 $ 30,060 (a) Includes a $1,225 gain on available-for-sale securities that was reclassified into “Gain on disposition of equity securities” in the consolidated statement of income for the nine months ended September 30, 2015 . For the nine months ended September 30, 2015 , the tax impact of this reclassification was $435 . Three Months Ended Nine Months Ended September 30, 2014 September 30, 2014 Foreign net of tax Marketable Total Foreign net of tax Marketable Total Balance at the beginning of period $ 7,998 $ — $ 7,998 $ 4,649 $ — $ 4,649 Other comprehensive loss before reclassifications (5,973 ) — (5,973 ) (2,624 ) — (2,624 ) Amounts reclassified from AOCI (a) 48 — 48 48 — 48 Net change in AOCI (5,925 ) — (5,925 ) (2,576 ) — (2,576 ) Balance at the end of period $ 2,073 $ — $ 2,073 $ 2,073 $ — $ 2,073 (a) Includes a $74 foreign currency loss related to the divestiture of the Company’s Mexico-based pawn operations that was reclassified into “(Gain) loss on divestiture” in the consolidated statements of income for both the three and nine months ended September 30, 2014. The tax impact of this reclassification was $26 . |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 8. 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 period. 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 period. When a net loss exists, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share computation. RSUs issued under the Company’s stock-based employee compensation plans are included in diluted shares from the grant date of the award. The dilutive effect of performance-based RSU awards is adjusted at each balance sheet date throughout the requisite service period based on the level of performance that management estimates is the most probable at that date. The following table sets forth the reconciliation of numerators and denominators of basic and diluted net income per share computations for the three and nine months ended September 30, 2015 and 2014 (dollars and shares in thousands, except per share amounts): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Numerator: Net Income (Loss) from Continuing Operations $ 5,038 $ (9,370 ) $ 14,954 $ (17,879 ) Net Income from Discontinued Operations — 19,286 — 94,503 Net Income attributable to Cash America International, Inc. $ 5,038 $ 9,916 $ 14,954 $ 76,624 Denominator: Total weighted average basic shares (a) 26,539 29,186 27,511 28,808 Shares applicable to stock-based compensation 234 126 164 99 Convertible debt (b) — — — 464 Total weighted average diluted shares (c) 26,773 29,312 27,675 29,371 Net Income (Loss) from Continuing Operations - basic $ 0.19 $ (0.32 ) $ 0.54 $ (0.62 ) Net Income from Discontinued Operations - basic — 0.66 — 3.28 Net Income Attributable to Cash America International, Inc. - basic $ 0.19 $ 0.34 $ 0.54 $ 2.66 Net Income (Loss) from Continuing Operations - diluted $ 0.19 $ (0.32 ) $ 0.54 $ (0.62 ) Net Income from Discontinued Operations - diluted — 0.66 — 3.22 Net Income Attributable to Cash America International, Inc. - diluted (d) $ 0.19 $ 0.34 $ 0.54 $ 2.61 (a) Includes vested and deferred RSUs of 278 and 299 for the three months ended September 30, 2015 and 2014 , respectively. Includes Director Deferred Shares of 32 for both the three months ended September 30, 2015 and 2014 . Includes vested and deferred RSUs of 294 and 306 for the nine months ended September 30, 2015 and 2014 , respectively. Includes Director Deferred Shares of 32 for both the nine months ended September 30, 2015 and 2014 . (b) On May 15, 2014, the Company called its outstanding 5.25% Convertible Senior Notes due May 15, 2029 that were issued and sold by the Company on May 19, 2009 (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, not the shares related to the principal payment, were included in weighted average diluted shares because the Company intended to pay the principal portion of the notes in cash. (c) There were no anti-dilutive shares for the three months ended September 30, 2015 and 2014 , respectively. Weighted average diluted shares excludes 40 and 5 anti-dilutive shares for the nine months ended September 30, 2015 and 2014 , respectively. When a net loss exists, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share computation. (d) Earnings per share amounts included in this information may not sum due to rounding differences. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information Supplemental Disclosures of Cash Flow Information | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 9. Supplemental Disclosures of Cash Flow Information The following table sets forth certain non-cash activities for the Company’s continuing operations for the nine months ended September 30, 2015 and 2014 (dollars in thousands): Nine Months Ended 2015 2014 Non-cash investing and financing activities: Pawn loans forfeited and transferred to merchandise held for disposition $ 250,843 $ 265,274 Pawn loans renewed $ 157,718 $ 193,750 Fair value of common shares issued for conversion of convertible debt $ — $ 31,727 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements Recurring Fair Value Measurements In accordance with ASC 820, Fair Value Measurements and Disclosures (“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, other than Level 1, 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 and liabilities that are measured at fair value on a recurring basis as of September 30, 2015 and 2014 and December 31, 2014 are as follows (dollars in thousands): September 30, Fair Value Measurements Using 2015 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Deferred Director Shares $ 10,406 $ 10,406 $ — $ — Investment in equity securities 66,354 66,354 — — Total $ 76,760 $ 76,760 $ — $ — September 30, Fair Value Measurements Using 2014 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Deferred Director Shares $ 12,739 $ 12,739 $ — $ — Total $ 12,739 $ 12,739 $ — $ — December 31, Fair Value Measurements Using 2014 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Deferred Director Shares $ 12,838 $ 12,259 $ 579 $ — Investment in equity securities 131,584 — 131,584 — Total $ 144,422 $ 12,259 $ 132,163 $ — Nonqualified Savings Plan-related assets and Deferred Director Shares 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 as Level 1 and based on net asset values. As of September 30, 2015 , as a result of the Enova Spin-off, the portion of the Deferred Director Shares measured at fair value represented shares of Enova common stock. As of September 30, 2015 , the Company’s investment in equity securities represented the Company’s available-for-sale shares of Enova common stock that it retained in connection with the Enova Spin-off. See Note 5. As of September 30, 2015 , the equity securities representing Enova common stock, both those included in Deferred Director Shares and investment in equity securities in the table above, are classified as Level 1 and based on the market-determined stock price of Enova. During the three months ended September 30, 2015, the equity securities representing Enova common stock, both those included in Deferred Director Shares and investment in equity securities in the table above, were transferred to Level 1 from Level 2 as a result of the registration of these shares with the SEC in September 2015. Prior to September 2015, the Enova common shares were 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, but rather 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 nine months ended September 30, 2015 and 2014 , there were no other 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 September 30, 2015 and 2014 and December 31, 2014 that are not measured at fair value in the consolidated balance sheets are as follows (dollars in thousands): Carrying Value Estimated Fair Value September 30, September 30, Fair Value Measurement Using 2015 2015 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 19,811 $ 19,811 $ 19,811 $ — $ — Pawn loans 257,241 257,241 — — 257,241 Short-term loans, net 27,226 27,226 — — 27,226 Installment loans, net 3,422 3,422 — — 3,422 Pawn loan fees and service charges receivable 53,470 53,470 — — 53,470 Total $ 361,170 $ 361,170 $ 19,811 $ — $ 341,359 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 2,240 $ 2,240 $ — $ — $ 2,240 Line of credit 21,789 22,726 — 22,726 — Senior unsecured notes 184,450 184,911 — 184,911 — Total $ 208,479 $ 209,877 $ — $ 207,637 $ 2,240 Carrying Value Estimated Fair Value September 30, September 30, Fair Value Measurement Using 2014 2014 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 19,291 $ 19,291 $ 19,291 $ — $ — Pawn loans 264,612 264,612 — — 264,612 Short-term loans, net 39,328 39,328 — — 39,328 Installment loans, net 5,203 5,203 — — 5,203 Pawn loan fees and service charges receivable 54,501 54,501 — — 54,501 Total $ 382,935 $ 382,935 $ 19,291 $ — $ 363,644 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 1,088 $ 1,088 $ — $ — $ 1,088 Line of credit 9,552 10,035 — 10,035 $ — Senior unsecured notes 196,470 203,838 — 203,838 — Total $ 207,110 $ 214,961 $ — $ 213,873 $ 1,088 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 $ — $ — 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 $ 403,711 $ 403,711 $ 53,042 $ — $ 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 Pawn loans generally have maturity periods of less than 90 days . Because of this short maturity period, the carrying value of pawn loans approximates the fair value of these loans. 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 approximates the fair value. Pawn loan fees and service charges revenue and the related pawn loan fees and service charges receivable 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 the 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. Therefore, the carrying value approximates the fair value. 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 approximate 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 September 30, 2015 , the 2018 Senior 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. |
Reorganization Reorganization
Reorganization Reorganization | 9 Months Ended |
Sep. 30, 2015 | |
Reorganizations [Abstract] | |
Corporate Reorganization [Text Block] | 11. Reorganization Expenses 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 (the “Reorganization”). The Reorganization continued through the first quarter of 2015. In connection with the Reorganization, the Company recognized aggregate expenses of $8.4 million for severance and other employee-related costs, of which $0.9 million was recognized as expense during the nine months ended September 30, 2015 and is included in “Operations and administration” in the consolidated statements of income. During the three and nine months ended September 30, 2014, the Company recognized expenses of $6.1 million in connection with the Reorganization. As of September 30, 2015 , the Company had made payments of approximately $7.8 million for the Reorganization and had accrued approximately $0.6 million for future payments. Accrued amounts for the Reorganization are included in “Accounts payable and accrued expenses” in the consolidated balance sheets. |
Significant Accounting Polici20
Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation The consolidated financial statements include all of the accounts of Cash America International, Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany accounts and transactions other than those related to Enova International, Inc. (“Enova”), which previously comprised the Company’s e-commerce segment (as discussed further below), have been eliminated in consolidation. Upon completion of the distribution of approximately 80% of the outstanding shares of Enova common stock to the Company’s shareholders on November 13, 2014 (the “Enova Spin-off”), the Company reclassified Enova’s financial results to discontinued operations in the Company’s consolidated financial statements as of September 30, 2014 and for the three and nine months ended September 30, 2014 . 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 “Interest income,” “Interest income from 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. See Note 2 for further discussion of discontinued operations. Unless stated otherwise, the discussion of the Company’s business and financial information throughout this Quarterly Report on Form 10-Q refers to the Company’s continuing operations and results from continuing operations. The financial statements presented as of September 30, 2015 and 2014 and for the three- and nine-month periods ended September 30, 2015 and 2014 are unaudited but, in management’s opinion, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for such interim periods. The consolidated balance sheet data as of December 31, 2014 included herein was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”). Operating results for the three- and nine-month periods are not necessarily indicative of the results that may be expected for the full fiscal year. The Company has one reportable operating segment. The Company’s primary line of business is pawn lending. 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 offered by the Company include short-term loans (commonly referred to as payday loans) and installment loans. The Company also offers check cashing services through its franchised check cashing centers and some Company-owned lending locations, in addition to offering prepaid debit cards, which are issued and serviced by a third party, through some of its Company-owned lending locations. In July 2015, the Company ceased offering certain ancillary products and services, including money orders, wire transfers and auto insurance. Because the Company has only one reportable segment, all required financial segment information can be found directly in the consolidated financial statements. The Company evaluates the performance of its reportable segment based on income from operations. These financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . |
Goodwill and Intangible Assets, Policy [Policy Text Block] | 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 and is not amortized. In accordance with Accounting Standards Codification (“ASC”) 350-20-35, Goodwill—Subsequent Measurement (“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 has one reportable operating segment, which serves as the only reporting unit for goodwill assessment. The Company completed its annual assessment of goodwill as of June 30, 2015 and determined that the fair value for the Company’s reporting unit exceeded its carrying value, and, as a result, no impairment was indicated at that date. As of June 30, 2015, the excess fair value over the carrying value was 9% and represented an increase from 3% as of December 31, 2014, which was shortly after the Enova Spin-off in November 2014. 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. Any of these factors could represent a potential triggering event that would indicate an impairment review should be performed. For the three months ended September 30, 2015 , there were no changes in the factors described above that would significantly impact the fair value of the Company and suggest an impairment review should be performed. The Company will continue to monitor for events and circumstances that could negatively impact the key assumptions in determining its fair value. |
Accounting Standards to be Adopted in Future Periods | Accounting Standards to be Adopted in Future Periods In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05”), which defines specific criteria that entities must apply to determine if a cloud computing arrangement includes an in-substance software license. The result of the assessment will direct the entity to apply either software licensing or service contract guidance to record the related fees. ASU 2015-05 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015 and can be prospectively or retrospectively applied. Early adoption is permitted. The Company does not expect that the adoption of ASU 2015-05 will have a material effect on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. In addition, since ASU 2015-03 does not address presentation or subsequent measurement of debt issuance costs specifically related to line-of-credit arrangements, the FASB also issued ASU 2015-15, Interest—Imputed Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), in August 2015. ASU 2015-15 states that, for line-of-credit arrangements, entities can continue to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt costs ratably over the term of the arrangement. ASU 2015-03 and ASU 2015-15 apply to all business entities, are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015 and should be retrospectively applied. Early adoption is permitted. The Company does not expect that the adoption of ASU 2015-03 and ASU 2015-15 will have a material effect on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“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. Entities are permitted to apply ASU 2015-02 either retrospectively or through a modified retrospective approach. Early adoption is permitted. The Company does not expect that the adoption of ASU 2015-02 will have a material effect on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Section A—Summary and Amendments That Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs—Contracts with Customers (Subtopic 340-40) (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition . 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) (“ASU 2015-14”), which defers the effective date of ASU 2014-09 by one year. For public business entities, ASU 2014-09 will now be effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted at, but not before, the original effective date, which is for fiscal years, and interim periods within those years, beginning after December 15, 2016. Entities are permitted to apply ASU 2014-09 either retrospectively or through an alternative transition model. The Company is still assessing the potential impact of ASU 2014-09 on its consolidated financial statements. |
Discontinued Operations Discoun
Discontinued Operations Discountinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The carrying amounts of the major classes of the assets and liabilities for the discontinued operations as of September 30, 2014 are shown below (dollars in thousands): As of September 30, 2014 Assets Cash and cash equivalents $ 104,241 Consumer loans, net 303,694 Other receivables and prepaid expenses 12,738 Current and deferred tax assets 26,514 Current assets of discontinued operations 447,187 Property and equipment, net 35,598 Goodwill 210,361 Other non-current assets 21,730 Non-current assets of discontinued operations 267,689 Total assets of discontinued operations $ 714,876 Liabilities Accounts payable and accrued expenses $ 71,926 Note payable to Cash America International, Inc. 13,369 Current liabilities of discontinued operations 85,295 Deferred tax liabilities 45,656 Other liabilities 105 Long-term debt 494,021 Non-current liabilities of discontinued operations 539,782 Total liabilities of discontinued operations $ 625,077 Total assets less total liabilities of discontinued operations $ 89,799 Summarized income statements for the discontinued operations for the three and nine months ended September 30, 2014 are shown below (dollars in thousands, except per share data): Three Months Ended Nine Months Ended September 30, 2014 September 30, 2014 Total Revenue $ 205,168 $ 615,115 Total Cost of Revenue 72,919 205,661 Net Revenue 132,249 409,454 Expenses Operations and administration 81,296 221,727 Depreciation and amortization 5,338 13,772 Total Expenses 86,634 235,499 Income from Operations 45,615 173,955 Interest expense, net (13,136 ) (25,201 ) Foreign currency transaction loss (155 ) (552 ) Income before Income Taxes 32,324 148,202 Provision for income taxes 13,038 53,699 Net Income from Discontinued Operations $ 19,286 $ 94,503 Diluted Income per Share from Discontinued Operations $ 0.66 $ 3.22 The following table sets forth the supplemental cash flow information for the discontinued operations for the nine months ended September 30, 2014 (dollars in thousands): Nine Months Ended September 30, 2014 Significant non-cash investing items Consumer loans renewed $ 244,238 |
Consumer Loans, Credit Qualit22
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans [Abstract] | |
Components Of Company-Owned Consumer Loans And Receivables | The components of Company-owned consumer loan portfolio receivables as of September 30, 2015 and 2014 and December 31, 2014 were as follows (dollars in thousands): As of As of As of September 30, 2015 September 30, 2014 December 31, 2014 Short-term loans Current loans $ 25,913 $ 36,879 $ 38,492 Delinquent loans 3,351 6,099 4,462 Total consumer loans, gross 29,264 42,978 42,954 Less: allowance for losses (2,038 ) (3,650 ) (2,736 ) Consumer loans, net $ 27,226 $ 39,328 $ 40,218 Installment loans Current loans $ 2,039 $ 3,992 $ 3,486 Delinquent loans 2,569 2,831 2,575 Total consumer loans, gross 4,608 6,823 6,061 Less: allowance for losses (1,186 ) (1,620 ) (1,426 ) Consumer loans, net $ 3,422 $ 5,203 $ 4,635 Total consumer loans Current loans $ 27,952 $ 40,871 $ 41,978 Delinquent loans 5,920 8,930 7,037 Total consumer loans, gross 33,872 49,801 49,015 Less: allowance for losses (3,224 ) (5,270 ) (4,162 ) Consumer loans, net $ 30,648 $ 44,531 $ 44,853 |
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 three and nine months ended September 30, 2015 and 2014 were as follows (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Short-term loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 2,106 $ 3,431 $ 2,736 $ 3,960 Consumer loan loss provision 3,780 6,635 8,855 17,863 Charge-offs (4,434 ) (7,369 ) (14,560 ) (21,654 ) Recoveries 586 953 5,007 3,481 Balance at end of period $ 2,038 $ 3,650 $ 2,038 $ 3,650 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 159 $ 440 $ 402 $ 272 Consumer loan loss provision (37 ) 10 (280 ) 178 Balance at end of period $ 122 $ 450 $ 122 $ 450 Installment loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 1,427 $ 962 $ 1,426 $ 951 Consumer loan loss provision 3,251 2,486 6,514 6,140 Charge-offs (3,744 ) (2,345 ) (7,659 ) (7,056 ) Recoveries 252 517 905 1,585 Balance at end of period $ 1,186 $ 1,620 $ 1,186 $ 1,620 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 1,763 $ 1,155 $ 658 $ 758 Consumer loan loss provision 355 (517 ) 1,460 (120 ) Balance at end of period $ 2,118 $ 638 $ 2,118 $ 638 Total consumer loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 3,533 $ 4,393 $ 4,162 $ 4,911 Consumer loan loss provision 7,031 9,121 15,369 24,003 Charge-offs (8,178 ) (9,714 ) (22,219 ) (28,710 ) Recoveries 838 1,470 5,912 5,066 Balance at end of period $ 3,224 $ 5,270 $ 3,224 $ 5,270 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 1,922 $ 1,595 $ 1,060 $ 1,030 Consumer loan loss provision 318 (507 ) 1,180 58 Balance at end of period $ 2,240 $ 1,088 $ 2,240 $ 1,088 |
Investments In Enova Investme23
Investments In Enova Investment in Enova (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investment in Enova [Abstract] | |
Summary Investment Holdings [Table Text Block] | As of September 30, 2015 , the Company’s cost basis in its investment in Enova common stock was approximately $20.0 million , and an unrealized gain of approximately $46.4 million was included in “Accumulated other comprehensive income.” For the nine months ended September 30, 2015 , the Company recognized a gain of approximately $1.2 million for the disposition of Enova common stock as a result of the issuance of shares under LTIP agreements. The Company’s investment in Enova common stock is included in “Investment in equity securities” in the consolidated balance sheets. Activity during the nine months ended September 30, 2015 for the Enova shares retained by the Company is shown below (shares in ones): Enova Shares Attributed to the Company (a) Potential Enova Shares to be Delivered Under the LTIPs Total Enova Shares Held by the Company Enova shares at December 31, 2014 5,911,840 685,087 6,596,927 Forfeitures (b) 47,014 (47,014 ) — Shares delivered under the LTIPs — (56,925 ) (56,925 ) Shares withheld for taxes (b) (c) 5,619 (24,158 ) (18,539 ) Shares held as of September 30, 2015 5,964,473 556,990 6,521,463 % ownership of Enova as of September 30, 2015 18.07 % 1.69 % 19.76 % (a) Does not include shares retained for delivery under the LTIPs. (b) Shares initially allocated for delivery under the LTIPs that were forfeited prior to vesting or were withheld for taxes are attributed to the Company and are to be disposed |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule Of Long-Term Debt | The Company’s long-term debt instruments and balance outstanding as of September 30, 2015 and 2014 and December 31, 2014 were as follows (dollars in thousands): Balance as of September 30, December 31, 2015 2014 2014 Line of credit due 2018 $ 21,789 $ 9,552 $ — 5.75% senior unsecured notes due 2018 184,450 196,470 196,470 Total long-term debt $ 206,239 $ 206,022 $ 196,470 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Foreign currency translation gain (loss), net of tax Marketable securities, net of tax Total Foreign currency translation gain (loss), net of tax Marketable securities, net of tax Total Balance at the beginning of period $ — $ 57,649 $ 57,649 $ — $ 71,959 $ 71,959 Other comprehensive loss before reclassifications — (27,589 ) (27,589 ) — (41,109 ) (41,109 ) Amounts reclassified from AOCI (a) — — — — (790 ) (790 ) Net change in AOCI — (27,589 ) (27,589 ) — (41,899 ) (41,899 ) Balance at the end of period $ — $ 30,060 $ 30,060 $ — $ 30,060 $ 30,060 (a) Includes a $1,225 gain on available-for-sale securities that was reclassified into “Gain on disposition of equity securities” in the consolidated statement of income for the nine months ended September 30, 2015 . For the nine months ended September 30, 2015 , the tax impact of this reclassification was $435 . Three Months Ended Nine Months Ended September 30, 2014 September 30, 2014 Foreign net of tax Marketable Total Foreign net of tax Marketable Total Balance at the beginning of period $ 7,998 $ — $ 7,998 $ 4,649 $ — $ 4,649 Other comprehensive loss before reclassifications (5,973 ) — (5,973 ) (2,624 ) — (2,624 ) Amounts reclassified from AOCI (a) 48 — 48 48 — 48 Net change in AOCI (5,925 ) — (5,925 ) (2,576 ) — (2,576 ) Balance at the end of period $ 2,073 $ — $ 2,073 $ 2,073 $ — $ 2,073 (a) Includes a $74 foreign currency loss related to the divestiture of the Company’s Mexico-based pawn operations that was reclassified into “(Gain) loss on divestiture” in the consolidated statements of income for both the three and nine months ended September 30, 2014. The tax impact of this reclassification was $26 . |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Numerators And Denominators For Basic And Diluted Earnings Per Share | The following table sets forth the reconciliation of numerators and denominators of basic and diluted net income per share computations for the three and nine months ended September 30, 2015 and 2014 (dollars and shares in thousands, except per share amounts): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Numerator: Net Income (Loss) from Continuing Operations $ 5,038 $ (9,370 ) $ 14,954 $ (17,879 ) Net Income from Discontinued Operations — 19,286 — 94,503 Net Income attributable to Cash America International, Inc. $ 5,038 $ 9,916 $ 14,954 $ 76,624 Denominator: Total weighted average basic shares (a) 26,539 29,186 27,511 28,808 Shares applicable to stock-based compensation 234 126 164 99 Convertible debt (b) — — — 464 Total weighted average diluted shares (c) 26,773 29,312 27,675 29,371 Net Income (Loss) from Continuing Operations - basic $ 0.19 $ (0.32 ) $ 0.54 $ (0.62 ) Net Income from Discontinued Operations - basic — 0.66 — 3.28 Net Income Attributable to Cash America International, Inc. - basic $ 0.19 $ 0.34 $ 0.54 $ 2.66 Net Income (Loss) from Continuing Operations - diluted $ 0.19 $ (0.32 ) $ 0.54 $ (0.62 ) Net Income from Discontinued Operations - diluted — 0.66 — 3.22 Net Income Attributable to Cash America International, Inc. - diluted (d) $ 0.19 $ 0.34 $ 0.54 $ 2.61 (a) Includes vested and deferred RSUs of 278 and 299 for the three months ended September 30, 2015 and 2014 , respectively. Includes Director Deferred Shares of 32 for both the three months ended September 30, 2015 and 2014 . Includes vested and deferred RSUs of 294 and 306 for the nine months ended September 30, 2015 and 2014 , respectively. Includes Director Deferred Shares of 32 for both the nine months ended September 30, 2015 and 2014 . (b) On May 15, 2014, the Company called its outstanding 5.25% Convertible Senior Notes due May 15, 2029 that were issued and sold by the Company on May 19, 2009 (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, not the shares related to the principal payment, were included in weighted average diluted shares because the Company intended to pay the principal portion of the notes in cash. (c) There were no anti-dilutive shares for the three months ended September 30, 2015 and 2014 , respectively. Weighted average diluted shares excludes 40 and 5 anti-dilutive shares for the nine months ended September 30, 2015 and 2014 , respectively. When a net loss exists, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share computation. (d) Earnings per share amounts included in this information may not sum due to rounding differences. |
Supplemental Disclosures of C27
Supplemental Disclosures of Cash Flow Information Supplemental Disclsoures of Cash Flow Informaiton (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table sets forth certain non-cash activities for the Company’s continuing operations for the nine months ended September 30, 2015 and 2014 (dollars in thousands): Nine Months Ended 2015 2014 Non-cash investing and financing activities: Pawn loans forfeited and transferred to merchandise held for disposition $ 250,843 $ 265,274 Pawn loans renewed $ 157,718 $ 193,750 Fair value of common shares issued for conversion of convertible debt $ — $ 31,727 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets (Liabilities) Measured On Recurring Basis | The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2015 and 2014 and December 31, 2014 are as follows (dollars in thousands): September 30, Fair Value Measurements Using 2015 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Deferred Director Shares $ 10,406 $ 10,406 $ — $ — Investment in equity securities 66,354 66,354 — — Total $ 76,760 $ 76,760 $ — $ — September 30, Fair Value Measurements Using 2014 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Deferred Director Shares $ 12,739 $ 12,739 $ — $ — Total $ 12,739 $ 12,739 $ — $ — December 31, Fair Value Measurements Using 2014 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Deferred Director Shares $ 12,838 $ 12,259 $ 579 $ — Investment in equity securities 131,584 — 131,584 — Total $ 144,422 $ 12,259 $ 132,163 $ — |
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 September 30, 2015 and 2014 and December 31, 2014 that are not measured at fair value in the consolidated balance sheets are as follows (dollars in thousands): Carrying Value Estimated Fair Value September 30, September 30, Fair Value Measurement Using 2015 2015 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 19,811 $ 19,811 $ 19,811 $ — $ — Pawn loans 257,241 257,241 — — 257,241 Short-term loans, net 27,226 27,226 — — 27,226 Installment loans, net 3,422 3,422 — — 3,422 Pawn loan fees and service charges receivable 53,470 53,470 — — 53,470 Total $ 361,170 $ 361,170 $ 19,811 $ — $ 341,359 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 2,240 $ 2,240 $ — $ — $ 2,240 Line of credit 21,789 22,726 — 22,726 — Senior unsecured notes 184,450 184,911 — 184,911 — Total $ 208,479 $ 209,877 $ — $ 207,637 $ 2,240 Carrying Value Estimated Fair Value September 30, September 30, Fair Value Measurement Using 2014 2014 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 19,291 $ 19,291 $ 19,291 $ — $ — Pawn loans 264,612 264,612 — — 264,612 Short-term loans, net 39,328 39,328 — — 39,328 Installment loans, net 5,203 5,203 — — 5,203 Pawn loan fees and service charges receivable 54,501 54,501 — — 54,501 Total $ 382,935 $ 382,935 $ 19,291 $ — $ 363,644 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 1,088 $ 1,088 $ — $ — $ 1,088 Line of credit 9,552 10,035 — 10,035 $ — Senior unsecured notes 196,470 203,838 — 203,838 — Total $ 207,110 $ 214,961 $ — $ 213,873 $ 1,088 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 $ — $ — 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 $ 403,711 $ 403,711 $ 53,042 $ — $ 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 |
Significant Accounting Polici29
Significant Accounting Policies (Details) | 6 Months Ended | 9 Months Ended |
Jun. 30, 2015 | Sep. 30, 2015 | |
Accounting Policies [Abstract] | ||
Spin off transaction, percentage of common stock distributed | 80.00% | |
Number of Operating Segments | 1 | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 9.00% | |
Percentage change of fair value in excess of carrying value | 3.00% |
Discontinued Operations Balance
Discontinued Operations Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Nov. 13, 2014 | Sep. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets | $ 1,399,859 | $ 1,522,447 | $ 2,113,714 | |
Current assets, discontinued operations | 0 | 0 | 447,187 | |
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | ||||
Current liabilities of discontinued operations | 0 | 0 | 85,295 | |
Noncurrent liabilities of discontinued operations | $ 0 | $ 0 | 539,782 | |
Enova [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net assets distributed | $ 79,600 | |||
Cash and Cash Equivalents | 104,241 | |||
Consumer loans, net | 303,694 | |||
Other Receivables and Prepaid Expenses | 12,738 | |||
Current and Deferred Tax Assets | 26,514 | |||
Current assets, discontinued operations | 447,187 | |||
Property, Plant, and Equipment, Net | 35,598 | |||
Goodwill | 210,361 | |||
Other Noncurrent Assets | 21,730 | |||
Noncurrent assets of discontinued operations | 267,689 | |||
Total assets of discontinued operations | 714,876 | |||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | ||||
Accounts Payable and Accrued Liabilities, Current | 71,926 | |||
Notes Payable, Current | 13,369 | |||
Current liabilities of discontinued operations | 85,295 | |||
Deferred Tax Liabilities | 45,656 | |||
Other Liabilities | 105 | |||
Long-term Debt | 494,021 | |||
Noncurrent liabilities of discontinued operations | 539,782 | |||
Total liabilities of discontinued operations | 625,077 | |||
Total Assets Less Total Liabilities of Discontinued Operations | $ 89,799 |
Discontinued Operations Income
Discontinued Operations Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net income from discontinued operations | $ 0 | $ 19,286 | $ 0 | $ 94,503 |
Diluted income per share from discontinued operations | $ 0 | $ 0.66 | $ 0 | $ 3.22 |
Enova [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenue | $ 205,168 | $ 615,115 | ||
Total cost of revenue | 72,919 | 205,661 | ||
Net revenue | 132,249 | 409,454 | ||
Operating and administration | 81,296 | 221,727 | ||
Depreciation and amortization | 5,338 | 13,772 | ||
Total expense | 86,634 | 235,499 | ||
Income from operations | 45,615 | 173,955 | ||
Interest Expense | (13,136) | (25,201) | ||
Foreign currency transaction gain (loss) | (155) | (552) | ||
Income before income taxes | 32,324 | 148,202 | ||
Provision for income taxes | 13,038 | 53,699 | ||
Net income from discontinued operations | $ 19,286 | $ 94,503 | ||
Diluted income per share from discontinued operations | $ 0.66 | $ 3.22 |
Discontinued Operations Supplem
Discontinued Operations Supplemental Cash Flow (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2014USD ($) | |
Enova [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Consumer Loans Renewed | $ 244,238 |
Credit Quality Information On33
Credit Quality Information On Pawn Loans (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Credit Quality Information On Pawn Loans [Abstract] | |||
Delinquent Pawn Loans | $ 9 | $ 8 | $ 8.2 |
Performing pawn loans outstanding | $ 248.2 | $ 244.1 | $ 256.4 |
Consumer Loans, Credit Qualit34
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended | ||||
Jun. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accrual For Third Party Lender Owned Consumer Loans | $ 1,922 | $ 2,240 | $ 1,060 | $ 1,088 | $ 1,595 | $ 1,030 |
Days for delinquent loans to be charged off | 60 days | |||||
Active consumer loans owned by third-party lenders | $ 12,300 | 9,800 | 11,800 | |||
Minimum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Delinquent loans expiry period (in days) | 1 day | |||||
Maximum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Delinquent loans expiry period (in days) | 59 days | |||||
Short Term Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accrual For Third Party Lender Owned Consumer Loans | $ 159 | $ 122 | 402 | 450 | 440 | 272 |
Guaranteed Loans Term Available | 90 days | |||||
Installment Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accrual For Third Party Lender Owned Consumer Loans | $ 1,763 | $ 2,118 | $ 658 | $ 638 | $ 1,155 | $ 758 |
Guaranteed Loans Term Available | 48 months | |||||
Unsecured installment loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Guaranteed Loans Term Available | 12 months |
Consumer Loans, Credit Qualit35
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans (Components Of Company-Owned Consumer Loans And Receivables) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||||||
Current loans | $ 27,952 | $ 41,978 | $ 40,871 | |||
Delinquent loans | 5,920 | 7,037 | 8,930 | |||
Total consumer loans, gross | 33,872 | 49,015 | 49,801 | |||
Less: allowance for losses | (3,224) | $ (3,533) | (4,162) | (5,270) | $ (4,393) | $ (4,911) |
Consumer loans, net | 30,648 | 44,853 | 44,531 | |||
Short-Term Loans [Member] | ||||||
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||||||
Current loans | 25,913 | 38,492 | 36,879 | |||
Delinquent loans | 3,351 | 4,462 | 6,099 | |||
Total consumer loans, gross | 29,264 | 42,954 | 42,978 | |||
Less: allowance for losses | (2,038) | (2,106) | (2,736) | (3,650) | (3,431) | (3,960) |
Consumer loans, net | 27,226 | 40,218 | 39,328 | |||
Installment Loans [Member] | ||||||
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||||||
Current loans | 2,039 | 3,486 | 3,992 | |||
Delinquent loans | 2,569 | 2,575 | 2,831 | |||
Total consumer loans, gross | 4,608 | 6,061 | 6,823 | |||
Less: allowance for losses | (1,186) | $ (1,427) | (1,426) | (1,620) | $ (962) | $ (951) |
Consumer loans, net | $ 3,422 | $ 4,635 | $ 5,203 |
Consumer Loans, Credit Qualit36
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans (Changes In Allowance For Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | $ 3,533 | $ 4,393 | $ 4,162 | $ 4,911 |
Consumer loan loss provision | 7,031 | 9,121 | 15,369 | 24,003 |
Charge-offs | (8,178) | (9,714) | (22,219) | (28,710) |
Recoveries | 838 | 1,470 | 5,912 | 5,066 |
Balance at end of period | 3,224 | 5,270 | 3,224 | 5,270 |
Liability for Third-Party Lender-Owned Consumer Loans [Roll Forward] | ||||
Balance at beginning of period | 1,922 | 1,595 | 1,060 | 1,030 |
(Decrease) increase in liability | 318 | (507) | 1,180 | 58 |
Balance at end of period | 2,240 | 1,088 | 2,240 | 1,088 |
Short-Term Loans [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 2,106 | 3,431 | 2,736 | 3,960 |
Consumer loan loss provision | 3,780 | 6,635 | 8,855 | 17,863 |
Charge-offs | (4,434) | (7,369) | (14,560) | (21,654) |
Recoveries | 586 | 953 | 5,007 | 3,481 |
Balance at end of period | 2,038 | 3,650 | 2,038 | 3,650 |
Liability for Third-Party Lender-Owned Consumer Loans [Roll Forward] | ||||
Balance at beginning of period | 159 | 440 | 402 | 272 |
(Decrease) increase in liability | (37) | 10 | (280) | 178 |
Balance at end of period | 122 | 450 | 122 | 450 |
Installment Loans [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 1,427 | 962 | 1,426 | 951 |
Consumer loan loss provision | 3,251 | 2,486 | 6,514 | 6,140 |
Charge-offs | (3,744) | (2,345) | (7,659) | (7,056) |
Recoveries | 252 | 517 | 905 | 1,585 |
Balance at end of period | 1,186 | 1,620 | 1,186 | 1,620 |
Liability for Third-Party Lender-Owned Consumer Loans [Roll Forward] | ||||
Balance at beginning of period | 1,763 | 1,155 | 658 | 758 |
(Decrease) increase in liability | 355 | (517) | 1,460 | (120) |
Balance at end of period | $ 2,118 | $ 638 | $ 2,118 | $ 638 |
Investments In Enova Investme37
Investments In Enova Investment In Enova (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015USD ($)shares | Sep. 30, 2014USD ($) | [2] | Sep. 30, 2015USD ($)shares | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)shares | |||
Schedule of Investments [Line Items] | ||||||||
Shares held at beginning | 6,596,927 | |||||||
Forfeitures | [1] | 0 | ||||||
Shares issued | (56,925) | |||||||
Withheld | (18,539) | |||||||
Shares held at period end | 6,521,463 | 6,521,463 | ||||||
% ownership of Enova | 0.1976 | |||||||
Investment Owned, Balance, Shares | 6,521,463 | 6,596,927 | 6,521,463 | |||||
Marketable securities unrealized gain (loss) | $ | $ (27,589) | [2] | $ 0 | $ (41,899) | $ 0 | |||
Gain on disposition of equity securities | $ | $ 0 | 1,225 | $ 0 | |||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Marketable securities unrealized gain (loss) | $ | $ (41,899) | |||||||
Available-for-sale Securities [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares held at beginning | [3] | 5,911,840 | ||||||
Forfeitures | [1],[3] | 47,014 | ||||||
Shares issued | [3] | 0 | ||||||
Withheld | [3] | 5,619 | ||||||
Shares held at period end | [3] | 5,964,473 | 5,964,473 | |||||
% ownership of Enova | [3] | 0.1807 | ||||||
Investment Owned, Balance, Shares | [3] | 5,964,473 | 5,911,840 | 5,964,473 | ||||
Shares Subject to Nonvested Awards [Member] | Shares Subject to Common Stock Awards [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares held at beginning | 685,087 | |||||||
Forfeitures | (47,014) | |||||||
Shares issued | (56,925) | |||||||
Withheld | (24,158) | |||||||
Shares held at period end | 556,990 | 556,990 | ||||||
% ownership of Enova | 0.0169 | |||||||
Investment Owned, Balance, Shares | 556,990 | 685,087 | 556,990 | |||||
Enova [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Marketable securities unrealized gain (loss) | $ | $ 46,400 | |||||||
Enova [Member] | Common Stock [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment Owned, at Cost | $ | $ 20,000 | |||||||
[1] | Shares initially allocated for delivery under the LTIPs that were forfeited prior to vesting or were withheld for taxes are attributed to the Company and are to be disposed of by the Company. (c) For shares withheld for taxes during the nine months ended September 30, 2015, 18,539 shares were sold on the open market, and 5,619 shares remain to be sold. | |||||||
[2] | (b) Net of tax benefit of $2,809 and $1,254 for the three and nine months ended September 30, 2014, respectively. | |||||||
[3] | Does not include shares retained for delivery under the LTIPs. |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | May. 10, 2013USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)pricing_tranch | Sep. 30, 2014USD ($)pricing_tranch | Dec. 31, 2014USD ($) | May. 15, 2013 |
Debt Instrument [Line Items] | ||||||||
Gains (Losses) on Extinguishment of Debt | $ 0 | $ 600,000 | $ (5,991,000) | $ (607,000) | $ (22,553,000) | |||
Line Of Credit Up To $280,000 Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 280,000,000 | |||||||
Commitment fee, percentage | 0.38% | |||||||
Weighted average interest rate | 2.96% | 2.97% | 2.96% | 2.97% | ||||
Line of Credit Facility, Amount Outstanding | $ 21,789,000 | $ 9,552,000 | $ 21,789,000 | $ 9,552,000 | $ 0 | |||
Line Of Credit Up To $100,000 Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 100,000,000 | |||||||
Number Of Pricing Tranches | pricing_tranch | 2 | 2 | ||||||
Variable Rate Senior Unsecured Note Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 50,000,000 | |||||||
Standby Letters Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Letter of credit facility, amount | 20,000,000 | $ 20,000,000 | ||||||
Line of Credit Facility, Amount Outstanding | $ 6,000,000 | $ 6,000,000 | ||||||
5.75% senior unsecured notes due 2018 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maturity year | 2,018 | |||||||
Debt instrument, interest rate | 5.75% | 5.75% | ||||||
Note Redeem Rate | 100.00% | |||||||
Note Repurchase Rate | 101.00% | |||||||
Long-term Debt | $ 184,450,000 | $ 196,470,000 | $ 184,450,000 | $ 196,470,000 | $ 196,470,000 | |||
Ownership Percentage | 100.00% | |||||||
Debt Instrument, Repurchased Face Amount | 12,000,000 | |||||||
Repayments of Long-term Debt | 12,400,000 | |||||||
Payments of Debt Extinguishment Costs | 400,000 | |||||||
Write off of Deferred Debt Issuance Cost | $ 200,000 | |||||||
Minimum | Line Of Credit Up To $280,000 Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee, percentage | 0.25% | |||||||
Minimum | Line Of Credit Up To $100,000 Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument maturity days | 2 days | 3 days | ||||||
Minimum | LIBOR [Member] | Line Of Credit Up To $280,000 Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 2.00% | |||||||
Minimum | Agent's Base Rate [Member] | Line Of Credit Up To $280,000 Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 0.50% | |||||||
Maximum | Line Of Credit Up To $280,000 Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee, percentage | 0.50% | |||||||
Maximum | Line Of Credit Up To $100,000 Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument maturity days | 6 days | 7 days | ||||||
Maximum | LIBOR [Member] | Line Of Credit Up To $280,000 Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 3.25% | |||||||
Maximum | Agent's Base Rate [Member] | Line Of Credit Up To $280,000 Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 1.75% |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 206,239 | $ 196,470 | $ 206,022 |
Line Of Credit Up To Two Hundred Eighty Thousand Dollars Due Two Thousand Eighteen [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | $ 21,789 | 0 | 9,552 |
Line of Credit Due Twenty Eighteen [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity year | 2,018 | ||
5.75% senior unsecured notes due 2018 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 184,450 | $ 196,470 | $ 196,470 |
Debt instrument, maturity year | 2,018 | ||
Debt instrument, interest rate | 5.75% |
Equity Equity Narrative (Detail
Equity Equity Narrative (Details) - USD ($) $ in Millions | Aug. 05, 2015 | May. 11, 2015 | Sep. 30, 2015 | Jan. 28, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchased During Period, Shares | 3,258,166 | |||
Stock Repurchased During Period, Value | $ 18.7 | $ 80.7 | ||
AcceleratedShareRepurchaseAgreement [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchased During Period, Shares | 684,230 | 829,666 | ||
Adjustments to additional paid in capital, Accelerated share repurchases | $ 3.3 | |||
Accelerated Share Repurchases, Initial Cash Paid | $ 22 | |||
Accelerated Share Repurchase Program Shares Adjustment | 145,436 | |||
Maximum | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Number of Shares Authorized to be Repurchased | 4,000,000 |
Equity Equity AOCI (Details)
Equity Equity AOCI (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance at beginning of year | $ 57,649,000 | $ 7,998,000 | $ 71,959,000 | $ 4,649,000 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (27,589,000) | (5,973,000) | (41,109,000) | (2,624,000) | |||
Amounts Reclassified from Accumulated Other Comprehensive Income Net of Tax | 0 | [1] | 48,000 | [1] | (790,000) | 48,000 | |
Net Change in Accumulated Other Comprehensive Income | (27,589,000) | (5,925,000) | (41,899,000) | (2,576,000) | |||
Balance at end of period | 30,060,000 | $ 57,649,000 | 2,073,000 | 30,060,000 | 2,073,000 | ||
Gain on disposition of equity securities | 0 | 1,225,000 | 0 | ||||
Income Tax Expense (Benefit) | 3,058,000 | (1,560,000) | 9,159,000 | (3,041,000) | |||
Foreign Currency Gain (Loss) [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance at beginning of year | 0 | 7,998,000 | 0 | 4,649,000 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | (5,973,000) | 0 | (2,624,000) | |||
Amounts Reclassified from Accumulated Other Comprehensive Income Net of Tax | 48,000 | [1] | 0 | 48,000 | |||
Net Change in Accumulated Other Comprehensive Income | 0 | (5,925,000) | 0 | (2,576,000) | |||
Balance at end of period | 0 | 0 | 2,073,000 | 0 | 2,073,000 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 74,000 | ||||||
Income Tax Expense (Benefit) | 26,000 | ||||||
Available-for-sale Securities [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Balance at beginning of year | 57,649,000 | 0 | 71,959,000 | 0 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (27,589,000) | 0 | (41,109,000) | 0 | |||
Amounts Reclassified from Accumulated Other Comprehensive Income Net of Tax | 0 | [1] | 0 | [1] | (790,000) | 0 | |
Net Change in Accumulated Other Comprehensive Income | (27,589,000) | 0 | (41,899,000) | 0 | |||
Balance at end of period | $ 30,060,000 | $ 57,649,000 | $ 0 | 30,060,000 | $ 0 | ||
Income Tax Expense (Benefit) | $ 435,000 | ||||||
[1] | eclassification adjustments from accumulated other comprehensive income (“AOCI”) to net income for the three and nine months ended September 30, 2015 and 2014 were as follows (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Foreigncurrencytranslationgain (loss), netof tax Marketablesecurities, netof tax Total Foreigncurrencytranslationgain (loss), netof tax Marketablesecurities, netof tax TotalBalance at the beginning of period$— $57,649 $57,649 $— $71,959 $71,959Other comprehensive loss before reclassifications— (27,589) (27,589) — (41,109) (41,109)Amounts reclassified from AOCI (a)— — — — (790) (790)Net change in AOCI— (27,589) (27,589) — (41,899) (41,899)Balance at the end of period$— $30,060 $30,060 $— $30,060 $30,060 (a) Includes a $1,225 gain on available-for-sale securities that was reclassified into “Gain on disposition of equity securities” in the consolidated statement of income for the nine months ended September 30, 2015. For the nine months ended September 30, 2015, the tax impact of this reclassification was $435. Three Months Ended Nine Months Ended September 30, 2014 September 30, 2014 Foreigncurrencytranslationgain (loss), net of tax Marketablesecurities, netof tax Total Foreigncurrencytranslationgain (loss), net of tax Marketablesecurities, netof tax TotalBalance at the beginning of period$7,998 $— $7,998 $4,649 $— $4,649Other comprehensive loss before reclassifications(5,973) — (5,973) (2,624) — (2,624)Amounts reclassified from AOCI (a)48 — 48 48 — 48Net change in AOCI(5,925) — (5,925) (2,576) — (2,576)Balance at the end of period$2,073 $— $2,073 $2,073 $— $2,073 |
Net Income Per Share (Reconcili
Net Income Per Share (Reconciliation Of Numerators And Denominators For Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | May. 15, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||||
Net Income (Loss) from Continuing Operations | $ 5,038 | $ (9,370) | $ 14,954 | $ (17,879) | ||
Net Income from Discontinued Operations | 0 | 19,286 | 0 | 94,503 | ||
Net Income Attributable to Cash America International, Inc. | $ 5,038 | $ 9,916 | $ 14,954 | $ 76,624 | ||
Total weighted average basic shares | [1] | 26,539,000 | 29,186,000 | 27,511,000 | 28,808,000 | |
Shares applicable to stock-based compensation | [2] | 234,000 | 126,000 | 164,000 | 99,000 | |
Convertible debt | [3] | 0 | 0 | 0 | 464,000 | |
Total weighted average diluted shares | [4] | 26,773,000 | 29,312,000 | 27,675,000 | 29,371,000 | |
Net Income (Loss) from Continuing Operations - basic | $ 0.19 | $ (0.32) | $ 0.54 | $ (0.62) | ||
Net Income from Discontinued Operations - basic | 0 | 0.66 | 0 | 3.28 | ||
Net Income Attributable to Cash America International, Inc. - basic | 0.19 | 0.34 | 0.54 | 2.66 | ||
Net Income (Loss) from Continuing Operations - diluted | 0.19 | (0.32) | 0.54 | (0.62) | ||
Net Income from Discontinued Operations - diluted | 0 | 0.66 | 0 | 3.22 | ||
Net Income Attributable to Cash America International, Inc. - diluted (d) | $ 0.19 | $ 0.34 | $ 0.54 | $ 2.61 | ||
Vested restricted stock units, in shares | 278,000 | 299,000 | 294,000 | 306,000 | ||
Non-qualified savings plan, in shares | 32,000 | 32,000 | 32,000 | 32,000 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 747,085 | |||||
Anti-dilutive shares | 40,000 | 5,000 | ||||
[1] | Includes vested and deferred RSUs of 278 and 299 for the three months ended September 30, 2015 and 2014, respectively. Includes Director Deferred Shares of 32 for both the three months ended September 30, 2015 and 2014. Includes vested and deferred RSUs of 294 and 306 for the nine months ended September 30, 2015 and 2014, respectively. Includes Director Deferred Shares of 32 for both the nine months ended September 30, 2015 and 2014. | |||||
[2] | . | |||||
[3] | On May 15, 2014, the Company called its outstanding 5.25% Convertible Senior Notes due May 15, 2029 that were issued and sold by the Company on May 19, 2009 (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, not the shares related to the principal payment, were included in weighted average diluted shares because the Company intended to pay the principal portion of the notes in cash. | |||||
[4] | , respectively. Weighted average diluted shares excludes 40 and 5 anti-dilutive shares for the nine months ended September 30, 2015 and 2014, respectively. When a net loss exists, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share computation.(d) Earnings per share amounts included in this information may not sum due to rounding differences. |
Supplemental Disclosures of C43
Supplemental Disclosures of Cash Flow Information Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ||
Pawn Loans Forfeited And Transferred To Merchandise Held For Disposition | $ 250,843 | $ 265,274 |
Pawn loans renewed | 157,718 | 193,750 |
Fair value of shares paid for conversion of convertible debt | $ 0 | $ 31,727 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative)(Details) | 9 Months Ended |
Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | |
Cash And Cash Equivalent Maturity Period | 90 days |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Assets(Liabilities) Measured On Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonqualified savings plan assets | $ 10,406 | $ 12,838 | $ 12,739 |
Investment in equity securities | 66,354 | 131,584 | |
Total | 76,760 | 144,422 | 12,739 |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonqualified savings plan assets | 10,406 | 12,259 | 12,739 |
Investment in equity securities | 66,354 | 0 | |
Total | 76,760 | 12,259 | 12,739 |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonqualified savings plan assets | 0 | 579 | 0 |
Investment in equity securities | 0 | 131,584 | |
Total | 0 | 132,163 | 0 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonqualified savings plan assets | 0 | 0 | 0 |
Investment in equity securities | 0 | 0 | |
Total | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Not Measured At Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Carrying Value [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | $ 19,811 | $ 53,042 | $ 19,291 |
Pawn loans | 257,241 | 252,168 | 264,612 |
Short-term loans, net | 27,226 | 40,218 | 39,328 |
Installment loans, net | 3,422 | 4,635 | 5,203 |
Pawn loan fees and service charges receivable | 53,470 | 53,648 | 54,501 |
Total | 361,170 | 403,711 | 382,935 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Liability for estimated losses on consumer loans guaranteed by the Company | 2,240 | 1,060 | 1,088 |
Line of credit | 21,789 | 9,552 | |
Senior unsecured notes | 184,450 | 196,470 | 196,470 |
Total | 208,479 | 197,530 | 207,110 |
Estimated Fair Value [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 19,811 | 53,042 | 19,291 |
Pawn loans | 257,241 | 252,168 | 264,612 |
Short-term loans, net | 27,226 | 40,218 | 39,328 |
Installment loans, net | 3,422 | 4,635 | 5,203 |
Pawn loan fees and service charges receivable | 53,470 | 53,648 | 54,501 |
Total | 361,170 | 403,711 | 382,935 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Liability for estimated losses on consumer loans guaranteed by the Company | 2,240 | 1,060 | 1,088 |
Line of credit | 22,726 | 10,035 | |
Senior unsecured notes | 184,911 | 203,346 | 203,838 |
Total | 209,877 | 204,406 | 214,961 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 19,811 | 53,042 | 19,291 |
Pawn loans | 0 | 0 | 0 |
Short-term loans, net | 0 | 0 | 0 |
Installment loans, net | 0 | 0 | 0 |
Pawn loan fees and service charges receivable | 0 | 0 | 0 |
Total | 19,811 | 53,042 | 19,291 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Liability for estimated losses on consumer loans guaranteed by the Company | 0 | 0 | 0 |
Line of credit | 0 | 0 | |
Senior unsecured notes | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 0 | 0 | 0 |
Pawn loans | 0 | 0 | 0 |
Short-term loans, net | 0 | 0 | 0 |
Installment loans, net | 0 | 0 | 0 |
Pawn loan fees and service charges receivable | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Liability for estimated losses on consumer loans guaranteed by the Company | 0 | 0 | 0 |
Line of credit | 22,726 | 10,035 | |
Senior unsecured notes | 184,911 | 203,346 | 203,838 |
Total | 207,637 | 203,346 | 213,873 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 0 | 0 | 0 |
Pawn loans | 257,241 | 252,168 | 264,612 |
Short-term loans, net | 27,226 | 40,218 | 39,328 |
Installment loans, net | 3,422 | 4,635 | 5,203 |
Pawn loan fees and service charges receivable | 53,470 | 53,648 | 54,501 |
Total | 341,359 | 350,669 | 363,644 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Liability for estimated losses on consumer loans guaranteed by the Company | 2,240 | 1,060 | 1,088 |
Line of credit | 0 | 0 | |
Senior unsecured notes | 0 | 0 | 0 |
Total | $ 2,240 | $ 1,060 | $ 1,088 |
Reorganization Reorganization (
Reorganization Reorganization (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Payments for Restructuring | $ 0.9 | $ 6.1 |
Accrued Reorganization Expenses | 0.6 | |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Payments for Restructuring | 7.8 | |
Accrued Reorganization Expenses | $ 8.4 |