Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
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 | ||
Entity Common Stock Shares Outstanding | 24,471,110 | ||
Document Fiscal Year | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 689,783,158 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 23,153 | $ 53,042 |
Restricted Cash | 27 | 0 |
Pawn loans | 248,713 | 252,168 |
Merchandise held for disposition, net | 241,549 | 212,849 |
Pawn loan fees and service charges receivable | 52,798 | 53,648 |
Consumer loans, net | 31,291 | 44,853 |
Income Taxes Receivable | 0 | 8,881 |
Prepaid expenses and other assets | 22,642 | 21,377 |
Deferred tax assets | 7,672 | 0 |
Investment in equity securities | 42,613 | 131,584 |
Total current assets | 670,431 | 778,402 |
Property and equipment, net | 171,598 | 201,054 |
Goodwill | 488,022 | 487,569 |
Intangible assets, net | 39,536 | 45,828 |
Other assets | 9,410 | 9,594 |
Total assets | 1,378,997 | 1,522,447 |
Current liabilities: | ||
Accounts payable and accrued expenses | 74,586 | 74,331 |
Customer deposits | 18,864 | 17,314 |
Income taxes currently payable | 3,063 | 0 |
Current deferred tax liabilities | 0 | 27,820 |
Total current liabilities | 96,513 | 119,465 |
Deferred tax liabilities | 72,044 | 72,432 |
Other liabilities | 723 | 878 |
Long-term debt | 211,558 | 196,470 |
Total liabilities | 380,838 | 389,245 |
Stockholders' Equity | ||
Common stock, $0.10 par value per share, 80,000,000 shares authorized, 30,235,164 shares issued | 3,024 | 3,024 |
Additional paid-in capital | 86,557 | 86,388 |
Retained earnings | 1,052,567 | 1,030,387 |
Accumulated other comprehensive (loss) income | 14,842 | 71,959 |
Treasury shares, at cost (5,362,684 shares and 1,428,495 shares as of December 31, 2015 and 2014, respectively) | (158,831) | (58,556) |
Total equity | 998,159 | 1,133,202 |
Total liabilities and equity | $ 1,378,997 | $ 1,522,447 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value per share | $ 0.1 | $ 0.1 |
Authorized to issue of shares | 80,000,000 | 80,000,000 |
Common stock, shares issued | 30,235,164 | 30,235,164 |
Treasury shares at cost | 5,362,684 | 1,428,495 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenue | ||||
Pawn loan fees and service charges | $ 318,987 | $ 329,368 | $ 311,799 | |
Proceeds from disposition of merchandise | 620,757 | 660,006 | 595,439 | |
Consumer loan fees | 82,501 | 97,674 | 113,211 | |
Other | 7,246 | 7,648 | 10,037 | |
Total Revenue | 1,029,491 | 1,094,696 | 1,030,486 | |
Cost of Revenue | ||||
Disposed merchandise | 439,242 | 474,137 | 410,613 | |
Consumer loan loss provision | 23,105 | 31,009 | 33,359 | |
Total Cost of Revenue | 462,347 | 505,146 | 443,972 | |
Gross Profit | ||||
Net Revenue | 567,144 | 589,550 | 586,514 | |
Expenses | ||||
Operation and administration | 454,912 | 490,465 | 469,218 | |
Depreciation and amortization | 56,251 | 60,942 | 56,128 | |
(Gain) loss on divestitures | (307) | 5,176 | 0 | |
Total Expenses | 510,856 | 556,583 | 525,346 | |
Operating Income Loss | ||||
Income from Operations | 56,288 | 32,967 | 61,168 | |
Income From Continuing Operations | ||||
Interest expense | (14,457) | (26,520) | (36,319) | |
Interest income | 100 | 7,647 | 19,862 | |
Foreign currency transaction loss | 32 | 113 | 17 | |
Loss on extinguishment of debt | (607) | (22,553) | (607) | |
Gain on disposition of equity securities | 1,688 | 0 | 0 | |
Equity in loss of unconsolidated subsidiary | 0 | 0 | (136) | |
Income From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest | ||||
Income before Income Taxes | 43,044 | (8,346) | 43,985 | |
Provision for income taxes | 15,478 | 2,041 | (15,505) | |
Net Income Including Portion Attributable to Noncontrolling Interest | ||||
Net Income (Loss) from Continuing Operations before Noncontrolling Interest | 27,566 | (10,387) | 59,490 | |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 308 | |
Net Income (Loss) from Continuing Operations | 27,566 | (10,387) | 59,182 | |
Net Income from Discontinued Operations, Net of Tax | 0 | 109,025 | 83,346 | |
Net Income Loss | ||||
Net Income Attributable to Cash America International, Inc. | $ 27,566 | $ 98,638 | $ 142,528 | |
Earnings Per Share: | ||||
Basic earnings per share - continuing operations | $ 1.02 | $ (0.36) | $ 2.07 | |
Basic earnings per share - discontinued operations | 0 | 3.77 | 2.91 | |
Basic earnings per share | 1.02 | 3.41 | 4.97 | |
Diluted earnings per share - continuing operations | 1.01 | (0.36) | 1.93 | |
Diluted earnings per share - discontinued operations | 0 | 3.72 | 2.72 | |
Diluted earnings per share | $ 1.01 | $ 3.36 | $ 4.66 | |
Weighted average common shares outstanding: | ||||
Basic | [1] | 27,022 | 28,901 | 28,657 |
Diluted | [2] | 27,238 | 29,341 | 30,613 |
Dividends declared per common share | $ 0.200 | $ 0.140 | $ 0.140 | |
[1] | Includes vested and deferred RSUs of 291, 304 and 307 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”) of 32, 32 and 31 for the years ended December 31, 2015, 2014 and 2013, respectively. | |||
[2] | Excludes 49, 70, and 12 anti-dilutive shares for the years ended December 31, 2015 and 2014 and 2013, respectively. (e) Since a net loss from continuing operations exists for the year ended December 31, 2014, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share calculation. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||
Net income | $ 27,566 | $ 98,638 | $ 142,836 |
Other comprehensive (loss) gain, net of tax: | |||
Change in fair value of marketable securities | (57,117) | 71,959 | (254) |
Foreign currency translation (loss) gain | 0 | (7,255) | 1,664 |
Total other comprehensive (loss) gain, net of tax | (57,117) | 64,704 | 1,410 |
Comprehensive income | (29,551) | 163,342 | 144,246 |
Net loss (income) attributable to the noncontrolling interest | 0 | 0 | (308) |
Foreign currency translation loss (gain) attributable to the noncontrolling interest | 0 | 0 | 111 |
Total Comprehensive income attributable to the noncontrolling interest | 0 | 0 | (197) |
Comprehensive Income attributable to Cash America International, Inc. | $ (29,551) | $ 163,342 | $ 144,049 |
Consolidated Statements Of Com6
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Tax (provision)/benefit of marketable securities unrealized gain (loss) | $ 31,468 | $ (39,676) | $ 136 |
Tax (provision)/benefit of foreign currency translation gain (loss) | $ 0 | $ (1,827) | $ (1,177) |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total Equity [Member] |
Beginning Balance at Dec. 31, 2012 | $ 990,620 | $ 3,024 | $ 157,613 | $ 879,434 | $ 3,128 | $ (51,304) | $ (1,275) | $ 991,895 |
Beginning Balance, in shares, at Dec. 31, 2012 | (30,235,164) | (1,351,712) | ||||||
Shares issued under stock-based plans | 0 | (4,871) | $ (4,871) | 0 | ||||
Shares issued under stock-based plans, in shares | 127,087 | |||||||
Stock-based compensation expense | 4,908 | 4,908 | 4,908 | |||||
Income tax benefit from stock-based compensation | 595 | 595 | 595 | |||||
Purchase and conversion of convertible debt | (7,621) | (7,621) | (7,621) | |||||
Net income attributable to Cash America International, Inc. | 142,528 | 142,528 | 142,528 | |||||
Dividends paid | (3,981) | (3,981) | (3,981) | |||||
Foreign currency translation gain (loss), net of tax | 1,664 | 1,775 | (111) | 1,775 | ||||
Marketable securities unrealized gain (loss), net of tax | (254) | (254) | (254) | |||||
Purchases of treasury shares, in shares | (1,000,277) | |||||||
Purchases of treasury shares | (47,631) | $ (47,631) | (47,631) | |||||
Loss attributable to noncontrolling interests | 308 | 308 | ||||||
Purchase of noncontrolling interest | 1,287 | 209 | 1,078 | 209 | ||||
Ending Balance at Dec. 31, 2013 | 1,082,423 | $ 3,024 | 150,833 | 1,017,981 | 4,649 | $ (94,064) | 0 | 1,082,423 |
Ending Balance, in shares, at Dec. 31, 2013 | (30,235,164) | (2,224,902) | ||||||
Shares issued under stock-based plans | 0 | (6,677) | $ (6,677) | 0 | ||||
Shares issued under stock-based plans, in shares | 154,851 | |||||||
Stock-based compensation expense | 4,454 | 4,454 | 4,454 | |||||
Purchase and conversion of convertible debt | (30,267) | (61,994) | $ 31,727 | (30,267) | ||||
Purchase and conversion of convertible debt, shares | 747,085 | |||||||
Reduction in income tax benefit from stock-based compensation | (228) | (228) | (228) | |||||
Net income attributable to Cash America International, Inc. | 98,638 | 98,638 | 98,638 | |||||
Dividends paid | (3,986) | (3,986) | (3,986) | |||||
Foreign currency translation gain (loss), net of tax | (7,255) | (7,255) | (7,255) | |||||
Marketable securities unrealized gain (loss), net of tax | 71,959 | 71,959 | 71,959 | |||||
Purchases of treasury shares, in shares | (105,529) | |||||||
Purchases of treasury shares | (2,896) | $ (2,896) | (2,896) | |||||
Loss attributable to noncontrolling interests | 0 | |||||||
Spin off of Enova | (79,640) | (82,246) | 2,606 | (79,640) | ||||
Ending Balance at Dec. 31, 2014 | 1,133,202 | $ 3,024 | 86,388 | 1,030,387 | 71,959 | $ (58,556) | 0 | 1,133,202 |
Ending Balance, in shares, at Dec. 31, 2014 | (30,235,164) | (1,428,495) | ||||||
Shares issued under stock-based plans | (2,136) | (6,428) | $ (4,292) | (2,136) | ||||
Shares issued under stock-based plans, in shares | 112,757 | |||||||
Stock-based compensation expense | 6,342 | 6,342 | 6,342 | |||||
Income tax benefit from stock-based compensation | 255 | 255 | 255 | |||||
Net income attributable to Cash America International, Inc. | 27,566 | 27,566 | 27,566 | |||||
Dividends paid | (5,386) | (5,386) | (5,386) | |||||
Foreign currency translation gain (loss), net of tax | 0 | |||||||
Marketable securities unrealized gain (loss), net of tax | (57,117) | (57,117) | (57,117) | |||||
Purchases of treasury shares, in shares | (4,046,946) | |||||||
Purchases of treasury shares | (104,567) | $ (104,567) | (104,567) | |||||
Loss attributable to noncontrolling interests | 0 | |||||||
Ending Balance at Dec. 31, 2015 | $ 998,159 | $ 3,024 | $ 86,557 | $ 1,052,567 | $ 14,842 | $ (158,831) | $ 0 | $ 998,159 |
Ending Balance, in shares, at Dec. 31, 2015 | (30,235,164) | (5,362,684) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | |||
Net income | $ 27,566 | $ 98,638 | $ 142,836 |
Net Income from Discontinued Operations, Net of Tax | 0 | 109,025 | 83,346 |
Income (Loss) from Continuing Operations | 27,566 | (10,387) | 59,490 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 56,251 | 60,942 | 56,128 |
Amortization of debt discount | 2,009 | 3,173 | 6,206 |
Consumer loan loss provision | 23,105 | 31,009 | 33,359 |
Stock-based compensation | 6,342 | 4,454 | 4,908 |
Deferred income taxes, net | (4,381) | 13,042 | 4,057 |
Excess income tax benefit from stock-based compensation | (255) | 0 | (595) |
Non-cash loss (gain) on extinguishment of debt | 216 | 3,090 | 0 |
Non-cash loss (gain) on divestiture | (307) | 5,176 | 0 |
Non-cash gain(loss) on disposition of equity securities | (1,688) | 0 | 0 |
Other | 9,080 | 7,956 | 2,638 |
Interest Income from Investment Note Receivable | 0 | 0 | (19,844) |
Changes in operating assets and liabilities, net of assets acquired | |||
Merchandise held for disposition | (885) | 6,959 | 7,308 |
Pawn loan fees and service charges receivable | 712 | (1,082) | (680) |
Finance and service charges on consumer loans | 1,066 | 3,187 | 1,673 |
Retricted cash | (33) | (7,940) | 8,000 |
Prepaid expenses and other assets | (5,023) | 220 | (2,419) |
Accounts payable and accrued expenses | 1,825 | (10,957) | 9,424 |
Current and noncurrent income taxes | 12,199 | 148 | (14,477) |
Other operating assets and liabilities | 1,597 | 2,905 | 1,587 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 129,462 | 127,775 | 140,763 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 393,374 | 445,417 |
Net cash provided by operating activities | 129,462 | 521,149 | 586,180 |
Cash Flows from Investing Activities | |||
Pawn loans made | (785,143) | (817,360) | (745,103) |
Pawn loans repaid | 434,646 | 453,987 | 422,855 |
Principal recovered through dispositions of forfeited pawn loans | 315,996 | 339,170 | 288,684 |
Consumer loans made or purchased | (487,770) | (668,387) | (734,317) |
Consumer loans repaid | 476,785 | 643,645 | 702,993 |
Acquisitions, net of cash acquired | (1,109) | (1,207) | (165,284) |
Purchases of property and equipment | (20,436) | (37,910) | (46,400) |
Proceeds from sale of marketable securities | 516 | 0 | 6,616 |
Proceeds From Sales Of Assets | 2,943 | 21,534 | 0 |
Proceeds from Notes Receivable | 0 | 431,034 | 36,187 |
Dividends Received | 0 | 122,384 | 0 |
Other investing activities | (896) | 246 | 776 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (64,468) | 487,136 | (232,993) |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | (261,073) | (404,036) |
Net cash used in investing activities | (64,468) | 226,063 | (637,029) |
Cash Flows from Financing Activities | |||
Net borrowings (repayments) under bank lines of credit | 27,108 | (193,718) | (107,294) |
Issuance of long-term debt | 0 | 0 | 300,000 |
Debt issuance costs paid | (280) | (483) | (10,406) |
Payments on/repurchase of notes payable | (12,020) | (380,450) | (41,990) |
Excess income tax benefit from stock-based compensation | 255 | 0 | 595 |
Treasury shares purchased | (104,567) | (2,896) | (47,631) |
Dividends paid | (5,386) | (3,986) | (3,981) |
Purchase of noncontrolling interest | 0 | 0 | (4) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (94,890) | (581,533) | 89,289 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | (75,938) | (36,187) |
Net cash provided by (used in) financing activities | (94,890) | (657,471) | 53,102 |
Effect of exchange rates on cash | 7 | (6,206) | 3,601 |
Net increase (decrease) in cash and cash equivalents | (29,889) | 83,535 | 5,854 |
Net Cash Provided by (Used in) Discontinued Operations | 0 | (50,241) | (9,934) |
Net Cash Provided by (Used in) Continuing Operations | (29,889) | 33,294 | (4,080) |
Cash and cash equivalents at beginning of year | 53,042 | 19,748 | 23,828 |
Cash and cash equivalents at end of period | $ 23,153 | $ 53,042 | $ 19,748 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies Nature of the Company Cash America International, Inc. and its subsidiaries (collectively, the “Company”) provide specialty financial services to individuals in the United States through its storefront lending locations and franchised check cashing centers. The Company has one reportable operating segment. The Company’s primary line of business is pawn lending. Pawn loans are short-term loans made on the pledge of tangible personal property. Pawn loan fees and service charges are generated from the Company’s pawn loan portfolio. In relation to its pawn lending operations, the Company also disposes of collateral from unredeemed pawn loans and liquidates a smaller volume of merchandise purchased directly from customers or from third parties. The Company also offered pawn loans in Mexico until the sale of its Mexico-based operations in August 2014. Another component of the Company's business is originating, arranging, guaranteeing or purchasing consumer loans in some of its locations. Consumer loans provide customers with cash, typically in exchange for an obligation to repay the amount advanced plus fees and any applicable interest. Consumer loans that the Company offers include short-term loans (commonly referred to as payday loans) and installment loans. Short-term consumer loan products that the Company offers include unsecured short-term loans written by the Company or by a third-party lender through the Company’s credit services organization and credit access business programs (“CSO programs”) , as further described under “Consumer Loans and Allowance and Liability for Estimated Losses on Consumer Loans—Revenue Recognition—Consumer Loans”. Installment consumer loans are longer-term, multi-payment loans that require the pay-down of the outstanding principal balance in multiple installments. Installment loan products that the Company offers are unsecured and can either be written by the Company or by a third-party lender through the CSO programs. The Company previously offered installment loans secured by a customer’s vehicle, but it ceased offering that product in the latter half of 2015. A small component of the Company’s business includes the offering of check cashing services through franchised check cashing centers, for which the Company receives franchise fees. In addition, in some of its Company-operated lending locations, the Company offers check cashing services, as well as prepaid debit cards that are issued and serviced through a third party. In July 2015, the Company ceased offering certain ancillary products and services, including money orders, wire transfers and auto insurance, consistent with its strategy to emphasize pawn-related services in its Company-operated locations. Basis of Presentation The consolidated financial statements include all of the accounts of the Company. All significant intercompany accounts and transactions other than those related to Enova 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 for the years ended December 31, 2014 and 2013. 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. See Note 2 for further discussion of discontinued operations. Unless stated otherwise, the discussion of the Company’s business and financial information throughout this Annual Report on Form 10-K refers to the Company’s continuing operations and results from continuing operations. Through April 2013, the Company had a contractual relationship with a third party entity, Huminal, S.A. de C.V., sociedad anónima de capital variable (“Huminal”), to compensate and maintain the labor force of its Mexico pawn operations. The Company qualified as the primary beneficiary of Huminal in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). Therefore, the results and balances of Huminal were consolidated and allocated to net income attributable to noncontrolling interests. In May 2013, the Company acquired all of the outstanding common stock of Huminal, and Huminal became a wholly-owned subsidiary of the Company as of that date. The Company accounted for this transaction as a change in ownership interests that does not result in a change in control. Operating Segment and Geographic Information The Company operates within one reportable operating segment. 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. The following table presents the Company’s revenue by geographic region for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): Year Ended December 31, Revenue 2015 2014 2013 United States $ 1,029,491 $ 1,077,199 $ 1,003,961 Mexico (a) — 17,497 26,525 Total revenue $ 1,029,491 $ 1,094,696 $ 1,030,486 (a) The Company sold its Mexico-based pawn operations in August 2014. See Note 3 . Use of Estimates The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods presented. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition on pawn loan fees and service charges, allowance for losses on consumer loans, certain equity securities, goodwill, long-lived and intangible assets, income taxes, contingencies and litigation. Management bases its estimates on historical experience, empirical data and various other assumptions that are believed to be reasonable under the circumstances, and the results form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates. Foreign Currency Translations Prior to the sale of the Company’s Mexico-based pawn operations in August 2014 (see Note 3 ) and the Enova Spin-off in November 2014 (see Note 2 ), the Company had operations outside of the United States that involved foreign currency transactions and translations. The functional currencies for the Company’s former subsidiaries that served residents of the United Kingdom, Australia, Canada, Mexico and Brazil were the British pound, the Australian dollar, the Canadian dollar, the Mexican peso and the Brazilian real, respectively. The assets and liabilities associated with these operations were translated into U.S. dollars at the exchange rates in effect at each applicable balance sheet date, and the resulting adjustments were recorded in “Accumulated other comprehensive income (loss)” (“AOCI”) as a separate component of equity. Revenue and expenses were translated at the monthly average exchange rates occurring during each period. The Company no longer has operations outside of the United States and is no longer involved in foreign currency transactions and translations. Cash and Cash Equivalents The Company considers cash on hand in operating locations, deposits in banks and short-term investments with original maturities of 90 days or less as cash and cash equivalents. Restricted Cash Restricted cash represents the amount mandated by the Consumer Financial Protection Bureau (“CFPB”) through its November 20, 2013 Consent Order to be set aside for payments to customers in connection with the Company’s voluntary program initiated in 2012 to reimburse Ohio customers in connection with certain legal collections proceedings initiated by the Company in Ohio (“the Ohio Reimbursement Program”). See Note 13 for further discussion of the reimbursements to Ohio customers in connection with the Ohio Reimbursement Program. As of December 31, 2015 and 2014, the remaining balance of restricted cash was $27 thousand and $60 thousand , respectively, and was included in “Prepaid expenses and other assets” in the consolidated balance sheets. Changes in restricted cash are reflected in “Cash flows from operating activities” in the consolidated statement of cash flows. Pawn Loans, Pawn Loan Fees and Service Charges Revenue Recognition—Pawn Lending Pawn loan fees and service charges revenue includes interest, service charges and extension fees and are typically calculated as a percentage of the pawn loan amount based on the size and duration of the transaction, as permitted by applicable laws. Other fees, such as origination fees, storage fees and lost ticket fees are generally a fixed amount per pawn loan. P awn loan fees and service charges revenue and the related pawn loan fees and service charges receivable are accrued ratably over the term of the loan for the portion of those pawn loans estimated to be collectible. Pawn Loans and Pawn Loan Fees and Service Charges Receivable Pawn loans are short-term loans made on the pledge of tangible personal property. The pawn loan amount is generally assessed as a percentage of the personal property’s estimated disposition value. The typical loan term is 30 to 90 days and, in many cases, an additional grace period (typically 10 to 60 days) may be available to the borrower. A pawn loan is considered delinquent if the customer does not repay or, where allowed by law, renew or extend the loan on or prior to its contractual maturity date plus any applicable grace period. Pawn loan fees and service charges do not accrue on delinquent pawn loans. When a pawn loan is considered delinquent, any accrued pawn loan fees and service charges are reversed, and no additional pawn loan fees and service charges are accrued. Pawn loans written during each calendar month are aggregated and tracked for performance. This empirical data allows the Company to analyze the characteristics of its outstanding pawn loan portfolio and estimate the collectability of the pawn loan fees and service charges. Consumer Loans and Allowance and Liability for Estimated Losses on Consumer Loans Revenue Recognition—Consumer Loans Revenue from consumer loan fees includes interest income, finance charges, fees for services provided through the CSO programs (“CSO fees”), service charges, minimum fees, late fees, nonsufficient funds fees and any other fees or charges permitted by applicable laws and pursuant to the agreement with the borrower and the type of loan. For short-term loans, interest, finance charges and origination fees are recognized on an effective yield basis over the term of the loan. Other fees, such as late fees and nonsufficient funds fees, are recognized when assessed to the customer. For installment loans, revenue is recognized on an effective yield basis over the term of the loan, and other fees, such as late fees and nonsufficient funds fees, are recognized when assessed to the customer. CSO fees for short-term loans and installment loans are recognized ratably over the term of the loan. Unpaid and accrued interest and fees are included in “Consumer loans, net” in the consolidated balance sheets. Through the Company’s CSO programs, the Company provides services and receives fees related to a third-party lender’s consumer loan products by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws. Services offered under the CSO programs include credit-related services such as arranging loans with third-party lenders (“CSO loans”). In addition, the Company guarantees consumer loan payment obligations to the third-party lender in the event that the customer defaults on the loan. CSO loans are not included in the Company’s consolidated financial statements, but the Company has established a liability for the estimated losses in support of the guarantee on these loans in its consolidated balance sheets. In the event that the customer defaults on a CSO loan, the Company purchases the specific loan, and the outstanding loan balance and related allowance for estimated losses is then included in “Consumer loans, net” in the Company’s consolidated financial statements. 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 consumer loans owned by the Company reduces the outstanding loan balance in the consolidated balance sheets. The liability for estimated losses related to loans guaranteed under the Company’s 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 increased by charge-offs and decreased by recoveries, and the net change is 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 in determining 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. Merchandise Held for Disposition, Proceeds from and Cost of Disposed Merchandise Proceeds From and Cost of Disposed Merchandise Upon the sale of merchandise, the Company realizes gross profit, which is the difference between the amount of proceeds from the sale and the cost of sales, which is either the Company’s cost basis in the loan (the amount loaned) or the amount paid for purchased merchandise. Customers may purchase merchandise on a layaway plan under which the customer agrees to pay the purchase price for the item plus a layaway fee, makes an initial cash deposit representing a small portion of the disposition price and pays the balance in regularly scheduled, non-interest bearing payments. The Company segregates the layaway item and holds it until the customer has paid the full disposition price. If the customer fails to make a required payment, the item is returned to merchandise held for disposition. The layaway fee is recognized as revenue, and any amounts previously paid toward the item are returned to the customer as store credit. Interim customer payments for layaway sales are recorded as customer deposits and subsequently recognized as revenue during the period in which the final payment is received. Merchandise Held for Disposition Merchandise held for disposition consists primarily of forfeited collateral from pawn loans not repaid and merchandise that is purchased directly from customers or from third parties. The carrying value of the forfeited collateral and other merchandise held for disposition is stated at the lower of cost (which is the cost basis in the loan or the amount paid for purchased merchandise) or fair value. The Company provides an allowance for returns and an allowance for losses based on management’s evaluation of a variety of factors, including historical shrinkage and obsolescence rates for inventory. The allowance deducted from the carrying value of merchandise held for disposition was $2.8 million and $2.4 million as of December 31, 2015 and 2014 , respectively. The allowance deducted from the carrying value of merchandise held for disposition is recorded in the Company’s balance sheets in “Merchandise held for disposition, net.” In addition, the Company provides an allowance for returns based on historical return rates. Customers can return merchandise and receive a full refund, a replacement item of comparable value or store credit if the merchandise is returned within the first seven days of purchase. Following the seven-day period and up to 30 days, customers can receive a replacement item of comparable value or store credit. Based on management’s analysis of historical refund trends, the Company provided a return allowance of $0.3 million as of December 31, 2015 and 2014 , which is recorded in the Company’s balance sheets in “Accounts payable and accrued expenses.” Property and Equipment Property and equipment is recorded at cost. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of income. Costs associated with repair and maintenance activities are expensed as incurred. Depreciation expense is generally provided on a straight-line basis, using the following estimated useful lives: Buildings and building improvements 7 to 40 years Leasehold improvements 2 to 10 years Furniture, fixtures and equipment 3 to 7 years Computer hardware and software 2 to 5 years Software Development Costs The Company applies ASC 350, Internal Use Software (“ASC 350”) to its software purchase and development activities. Under ASC 350, eligible internal and external costs incurred for software purchase and development activities, as well as for upgrades and enhancements that result in additional functionality of the applications, are capitalized. Internal and external training and maintenance costs are charged to expense as incurred or over the related service period. When a software application is placed in service, the Company begins amortizing the related capitalized software costs using the straight-line method based on its estimated useful life, which currently ranges from two to five years , except the Company’s proprietary point-of-sale system, which is being amortized over 10 years . Goodwill and Other Indefinite Lived Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination and is not amortized. In accordance with 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 the 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 uses the income approach to complete its annual goodwill assessment. The income approach uses future cash flows and estimated terminal values for the Company’s reporting unit that are discounted using a market participant perspective to determine the fair value of the reporting unit, which is then compared to the carrying value of that reporting unit to determine if there is impairment. The income approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other publicly-traded companies that are similar but not identical from an operational and economic standpoint. The Company completed its annual assessment of goodwill as of June 30, 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% compared to 3% as of December 31, 2014, which was shortly after the Enova Spin-off in November 2014. A change in calculation assumptions, such as an increase in the weighted-average cost of capital, could cause the carrying value of the reporting unit to exceed its fair value as of June 30, 2015, which could have potentially resulted in an impairment loss. As part of the goodwill assessment, the Company also considers the market value of its equity, which is the observable market value of the Company based on the quoted market prices of the Company’s common stock at the measurement date. The Company compares the market value of its equity to the carrying value of its equity. As of June 30, 2015, the market value of the Company’s equity was observed to be lower than the carrying value of equity. The Company’s common stock price increased from June 30, 2015 to December 31, 2015, thereby reducing the difference between the market value of the Company’s equity and the carrying value of equity. Management continues to acknowledge the need to monitor and re-evaluate any future discrepancies between these values and consider the implications for an impairment of goodwill in future periods. The Company is considered to be at risk for a future impairment of its goodwill in the event of a decline in general economic, market or business conditions, or if there are 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. There were no changes in the factors described above between the June 30, 2015 assessment and December 31, 2015 that would significantly impact the fair value of the Company and indicate 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. The Company performed its annual indefinite-lived intangible asset impairment test as of June 30, 2015 . The Company’s indefinite-lived intangible assets consist of trademarks, trade names, and licenses and had a carrying amount of $15.0 million as of June 30, 2015. The Company elected to perform a qualitative assessment in accordance with Accounting Standards Update (“ASU”) 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment , and determined that no conditions existed that would make it more likely than not that the indefinite-lived intangible assets were impaired. Therefore, no further quantitative assessment was required. There were no triggering events between the June 30, 2015 assessment and December 31, 2015 that would require a re-assessment of the Company’s indefinite-lived intangible assets. As of December 31, 2015 , the Company had $488.0 million of goodwill, of which $ 356.7 million is expected to be deductible for tax purposes. See Note 8 for additional discussion of the Company’s goodwill activity. Long-Lived Assets Other Than Goodwill and Indefinite-Lived Intangible Assets An evaluation of the recoverability of property and equipment and intangible assets subject to amortization is performed whenever the facts and circumstances indicate that the carrying value may be impaired. An impairment loss is recognized if the future undiscounted cash flows associated with the asset and the estimated fair value of the asset are less than the asset’s corresponding carrying value. The amount of the impairment loss, if any, is the excess of the asset’s carrying value over its estimated fair value. The Company amortizes intangible assets subject to amortization on the basis of their expected periods of benefit, generally three to 10 years. The costs of start-up activities and organization costs are charged to expense as incurred. Hedging and Derivatives Activity As a policy, the Company does not hold, issue or trade derivative instruments for speculative purposes. The Company has formerly used foreign currency forward contracts for hedging exposure with its foreign operations although the Company no longer has foreign operations following the Enova Spin-off and the sale of its Mexico-based pawn operations. The Company may periodically enter into forward sale contracts with a major gold bullion bank to sell refined gold that is acquired in the normal course of business from the Company’s liquidation of forfeited gold merchandise. These contracts are not accounted for as derivatives because they meet the criteria for the normal purchases and normal sales scope exception in ASC 815, Derivatives and Hedging. Equity Securities The Company has marketable equity securities that are held in its Nonqualified Savings Plan, marketable equity securities for its retained shares of Enova common stock, and a cost-method investment, each as described further below. The Company accounts for its marketable equity securities and its cost-method investment in accordance with ASC 323, Investments—Equity Method and Joint Ventures , and ASC 325, Investments—Other—Cost Method Investments , respectively. The Company holds marketable equity securities in its Nonqualified Saving Plan for certain employees. See Note 15 for a description of that plan. The securities are classified as trading securities, but the unrealized gains and losses on these securities offset and have no net impact on the Company's net income. These securities are recorded at fair value and have an offsetting liability of equal amount. The plan costs associated with these securities are included in “Operations and administration expenses” in the consolidated statements of income. The assets related to the Nonqualified Saving Plan are held in “Other Assets,” and the offsetting liability is held in “Accounts payable and accrued expenses” in the consolidated balance sheets. The Company retained approximately 20% of the outstanding shares of Enova common stock after the Enova Spin-off. The shares of Enova common stock held by the Company are classified as available-for-sale, and unrecognized gains and losses, net of tax, are recorded in “Accumulated other comprehensive income (loss)” in the consolidated statements of equity. As a result of the registration of these shares with the SEC in September 2015, these shares are carried on the consolidated balance sheet as of December 31, 2015 based on the market-determined stock price of Enova. Prior to September 2015, as the Enova shares were not-yet-registered securities with the SEC, these shares 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 these shares. The Company has an investment in a non-publicly traded entity that is not controlled by the Company, and over which the Company does not exercise significant influence. The investment is recorded using the cost method, under which the investment is carried at initial value, is adjusted for cash contributions and distributions and is subject to evaluation for impairment. The cost-method investment is included in “Other assets” on the Company’s consolidated balance sheets. The Company evaluates its marketable securities and its cost-method investment for impairment if circumstances arise that indicate that an impairment may exist. If an impairment of an equity security is determined to be other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary-impairment is identified. Operations and Administration Expenses Operations expenses include all expenses directly related to the Company’s storefront locations, the operations management for each operating district and region, the Company’s centralized jewelry processing center and the Company’s call centers for customer service and collections. Administration expenses include expenses related to corporate service functions. Operations and administration expenses include expenses incurred for personnel, occupancy and other charges. Personnel expenses include salaries and wages, payroll taxes, incentive expenses and health insurance. Occupancy expenses include rent, property taxes, insurance, utilities, data communication expense and maintenance. Other expenses include marketing, legal, selling, travel and other office expenses. Beginning in the first quarter of 2015, costs related to corporate office-based management supervision of the Company’s locations were reclassified from operations expense to administration expense to better align expenses with the Company’s current operating structure. Amounts in all prior periods have been reclassified to conform to this current presentation. Marketing expenses consist of marketing costs such as television, radio and print advertising and other marketing costs. Marketing costs, including the production costs associated with other marketing initiatives are expensed as incurred. These expenses are included in “Operations and administration expenses” in the consolidated statements of income. Marketing expenses were $6.3 million , $8.0 million and $12.4 million , respectively, for the years ended December 31, 2015 , 2014 and 2013 , respectively. Stock-Based Compensation The Company accounts for its stock-based employee co |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2014 and 2013. Upon completion of the Enova Spin-off, the Company retained approximately 20 percent of the shares of Enova common stock. See Note 9 for additional information related to the Company’s investment in Enova. 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. Summarized income statement and supplemented cash flow information for discontinued operations for the years ended December 31, 2014 and 2013 , is shown below (dollars in thousands, except per share data). Information for the year ended December 31, 2014 includes only income, expenses and cash flow activity prior to the date of the Enova Spin-off. Year Ended December 31, 2014 2013 Total Revenue $ 705,778 $ 766,169 Total Cost of Revenue 229,816 317,896 Net Revenue 475,962 448,273 Expenses Operations and administration 256,466 280,515 Depreciation and amortization 15,698 17,143 Total Expenses 272,164 297,658 Income from Operations 203,798 150,615 Interest expense, net (31,301 ) (19,788 ) Foreign currency transaction loss (539 ) (1,222 ) Income before Income Taxes 171,958 129,605 Provision for income taxes 62,933 46,259 Net Income from Discontinued Operations $ 109,025 $ 83,346 Diluted Income per Share from Discontinued Operations $ 3.72 $ 2.72 Year Ended December 31, 2014 2013 Cash flows from investing activities Capital expenditures $ 11,681 $ 14,872 Significant non-cash operating items Non-cash interest expense on note payable to Cash America $ — $ 19,844 Significant non-cash investing items Consumer loans renewed $ 262,458 $ 500,797 Cash paid during the year for: Interest $ 7,630 $ — Income taxes (a) $ 758 $ 170 (a) Represents cash paid for state and local income taxes. Federal income tax payments for 2014 and 2013 were made by Cash America. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions and Divestitures Acquisitions Goodwill arising from the acquisitions discussed below consists largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn lending locations acquired. All goodwill associated with these acquisitions is expected to be deductible for tax purposes. Acquisition of 34 Pawn Lending Locations in Georgia and North Carolina In December 2013, the Company completed the acquisition of substantially all of the assets of a 34 -store chain of pawn lending locations owned by PawnMart, Inc. that consisted of 31 locations in Georgia and three locations in North Carolina. The aggregate purchase price for the acquisition was $61.1 million , of which $0.5 million was paid in 2014. The acquisition price was paid in cash and funded by available cash and borrowings under the Company’s line of credit. The Company incurred $0.6 million of acquisition costs related to the acquisition, which were expensed. The allocation of the purchase price for this acquisition is as follows (dollars in thousands): Pawn loans $ 10,510 Merchandise acquired 3,695 Pawn loan fees and service charges receivable 1,639 Property and equipment 2,631 Goodwill 35,190 Intangible assets 6,834 Other assets 1,262 Other liabilities (218 ) Customer deposits (426 ) Net assets acquired 61,117 Cash consideration payable as of December 31, 2013 (500 ) Total consideration paid for acquisition, net of cash acquired, as of December 31, 2013 60,617 Cash paid in 2014 related to holdbacks 500 Total cash paid for acquisition $ 61,117 Acquisition of 41 Pawn Lending Locations in Texas In August 2013, the Company completed the acquisition of substantially all of the assets of a chain of pawn lending locations in Texas that included 41 operating locations and the rights to one additional Texas pawn lending location (that was under construction but not open for business at the time of the acquisition), all of which were acquired from TDP Superstores Corp. and operated primarily under the name “Top Dollar Pawn.” The aggregate consideration paid for the acquisition was $103.7 million . The acquisition price was paid in cash and funded by available cash and borrowings under the Company’s line of credit. The Company incurred approximately $0.4 million of acquisition costs related to this transaction, which were expensed. The allocation of the purchase price for this acquisition is as follows (dollars in thousands): Pawn loans $ 14,468 Merchandise acquired 8,024 Pawn loan fees and service charges receivable 2,094 Property and equipment 4,230 Goodwill 62,335 Intangible assets 14,404 Other assets 383 Other liabilities (829 ) Customer deposits (1,365 ) Total consideration paid for acquisition, net of cash acquired $ 103,744 Other Acquisitions In addition to the acquisitions discussed above, the Company acquired two , one and one lending locations for $1.1 million , $0.7 million and $0.7 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. Divestitures On August 25, 2014, the Company completed the divestiture of its 47 pawn lending locations in Mexico for cash consideration of $18.5 million , net of cash held at the date of divestiture, including consideration related to a non-compete agreement. These sold locations represented all of the locations operated by the Company in Mexico. The Company recorded a loss of $2.8 million on the sale and a $2.1 million expense related to an uncollectible receivable incurred as a result of the Company’s discontinuation of its Mexico-based pawn operations. The combined amounts are included in “Loss on divestitures” in the Company’s consolidated statements of income and cash flows. The Company included $6.4 million of goodwill in the carrying value of the business in accordance with ASC 350, Intangibles—Goodwill and Other . The Company used the proceeds from the sale for general corporate purposes. Following the sale, the Company had no continuing involvement with these entities. This divestiture did not qualify as a discontinued operation in accordance with ASU 2014-08 as it did not have a major effect on the Company’s operations and financial results. On August 25, 2014, the Company also completed the divestiture of its five pawn lending locations in Colorado for cash consideration of $3.0 million , net of cash held at the date of divestiture. These locations represented all of the locations operated by the Company in Colorado. The Company recorded a loss of $0.3 million on the sale, which is included in “Loss on divestitures” in the Company’s consolidated statements of income and cash flows. The Company used the proceeds from the sale for general corporate purposes. In addition to the divestitures discussed above, the Company sold 12 lending locations through various transactions in 2015 for aggregate cash consideration of $2.9 million and an aggregate gain on sale of $0.3 million . |
Credit Quality Information On P
Credit Quality Information On Pawn Loans | 12 Months Ended |
Dec. 31, 2015 | |
Credit Quality Information On Pawn Loans [Abstract] | |
Credit Quality Information On Pawn Loans | 4. 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 December 31, 2015 and 2014 , the Company had current pawn loans outstanding of $241.6 million and $244.1 million , respectively, and delinquent pawn loans outstanding of $7.1 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 | 12 Months Ended |
Dec. 31, 2015 | |
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans [Abstract] | |
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans | 5. Consumer Loans, Credit Quality Information on Consumer Loans, Allowance and Liability for Estimated Losses on Consumer Loans and Guarantees of Consumer Loans The components of Company-owned consumer loan portfolio receivables as of December 31, 2015 and 2014 were as follows (dollars in thousands): As of December 31, 2015 2014 Short-term loans Current loans $ 26,304 $ 38,492 Delinquent loans 2,723 4,462 Total consumer loans, gross 29,027 42,954 Less: Allowance for losses (1,651 ) (2,736 ) Consumer loans, net $ 27,376 $ 40,218 Installment loans Current loans $ 2,027 $ 3,486 Delinquent loans 3,133 2,575 Total consumer loans, gross 5,160 6,061 Less: Allowance for losses (1,245 ) (1,426 ) Consumer loans, net $ 3,915 $ 4,635 Total consumer loans Current loans $ 28,331 $ 41,978 Delinquent loans 5,856 7,037 Total consumer loans, gross 34,187 49,015 Less: Allowance for losses (2,896 ) (4,162 ) Consumer loans, net $ 31,291 $ 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 years ended December 31, 2015 , 2014 and 2013 were as follows (dollars in thousands): Year Ended December 31, 2015 2014 2013 Short-term loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 2,736 $ 3,960 $ 4,039 Consumer loan loss provision 11,733 23,139 27,549 Charge-offs (18,592 ) (28,956 ) (32,972 ) Recoveries 5,774 4,593 5,344 Balance at end of period $ 1,651 $ 2,736 $ 3,960 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 402 $ 272 $ 308 Consumer loan loss provision (372 ) 130 (36 ) Balance at end of period $ 30 $ 402 $ 272 Installment loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 1,426 $ 951 $ 740 Consumer loan loss provision 10,446 7,840 5,652 Charge-offs (11,797 ) (9,229 ) (6,688 ) Recoveries 1,170 1,864 1,247 Balance at end of period $ 1,245 $ 1,426 $ 951 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 658 $ 758 $ 564 Consumer loan loss provision 1,298 (100 ) 194 Balance at end of period $ 1,956 $ 658 $ 758 Total consumer loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 4,162 $ 4,911 $ 4,779 Consumer loan loss provision 22,179 30,979 33,201 Charge-offs (30,389 ) (38,185 ) (39,660 ) Recoveries 6,944 6,457 6,591 Balance at end of period $ 2,896 $ 4,162 $ 4,911 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 1,060 $ 1,030 $ 872 Consumer loan loss provision 926 30 158 Balance at end of period $ 1,986 $ 1,060 $ 1,030 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 the remaining outstanding installment loans that are secured by a customer’s vehicle, which the Company ceased offering in the latter half of 2015. The guarantee represents an obligation to purchase specific loans that go into default. See Note 13 for additional information related to these guarantees. |
Prepaid Expenses And Other Asse
Prepaid Expenses And Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Prepaid Expense and Other Assets [Abstract] | |
Prepaid Expenses And Other Assets | 6. Prepaid Expenses and Other Assets Prepaid expenses and other assets as of December 31, 2015 and 2014 were as follows (dollars in thousands): As of December 31, 2015 2014 Nonqualified plan-related assets $ 10,576 $ 12,838 Due from third-party lender 4,780 1,267 Prepaid insurance 1,392 1,621 Prepaid hardware and software maintenance 2,028 2,475 Other prepaid expenses and receivables 3,866 3,176 Total $ 22,642 $ 21,377 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | 7. Property and Equipment Major classifications of property and equipment as of December 31, 2015 and 2014 were as follows (dollars in thousands): As of December 31, 2015 2014 Cost Accumulated Depreciation Net Cost Accumulated Depreciation Net Land $ 6,291 $ — $ 6,291 $ 5,335 $ — $ 5,335 Buildings and leasehold improvements 240,295 (160,865 ) 79,430 237,247 (146,698 ) 90,549 Furniture, fixtures and equipment 156,196 (126,065 ) 30,131 155,150 (114,577 ) 40,573 Computer software 144,397 (88,651 ) 55,746 139,277 (74,680 ) 64,597 Total $ 547,179 $ (375,581 ) $ 171,598 $ 537,009 $ (335,955 ) $ 201,054 The Company recognized depreciation expense of $49.8 million , $54.4 million and $50.6 million during 2015 , 2014 and 2013 , respectively. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | 8. Goodwill and Other Intangible Assets Goodwill and indefinite lived intangible assets are tested for impairment at least annually. See Note 1 for further discussion of the Company’s goodwill testing in 2015 . Goodwill Changes in the carrying value of goodwill for the years ended December 31, 2015 and 2014 are shown in the table below (dollars in thousands): 2015 2014 Balance as of January 1, $ 487,569 $ 495,214 Acquisitions 453 165 Divestitures — (7,508 ) Effect of foreign currency translations — (302 ) Balance as of December 31, $ 488,022 $ 487,569 Acquired Intangible Assets Acquired intangible assets subject to amortization as of December 31, 2015 and 2014 , were as follows (dollars in thousands): As of December 31, 2015 2014 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Non-competition agreements $ 18,928 $ (15,098 ) $ 3,830 $ 18,848 $ (13,520 ) $ 5,328 Customer relationships 45,763 (25,131 ) 20,632 45,771 (20,407 ) 25,364 Trademarks and other 586 (494 ) 92 586 (451 ) 135 Total $ 65,277 $ (40,723 ) $ 24,554 $ 65,205 $ (34,378 ) $ 30,827 Acquired intangible assets subject to amortization are amortized on a straight-line basis. Non-competition agreements are amortized over the applicable terms of the contract, typically from two to ten years. Customer relationships are generally amortized over three to ten years, based on the period over which economic benefits are provided. Trademarks are generally amortized from one to three years. Amortization Amortization expense for acquired intangible assets was $6.4 million , $6.6 million and $5.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. For each of the five years following December 31, 2015 , estimated future amortization expense is as follows (dollars in thousands): 2016 2017 2018 2019 2020 Total Estimated future amortization expense 6,079 5,491 5,190 4,747 2,355 $ 23,862 Indefinite-Lived Intangible Assets As of both December 31, 2015 and 2014 , $9.7 million and $5.3 million of licenses and trademarks, respectively, obtained in conjunction with acquisitions were not subject to amortization. Costs to renew licenses with indefinite lives are expensed as incurred and recorded in “Operations and administration expenses” in the consolidated statements of income. |
Investments In Enova
Investments In Enova | 12 Months Ended |
Dec. 31, 2015 | |
Investment in Enova [Abstract] | |
Investments in Enova | 9. 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 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. At the time of the private letter ruling, Company management believed that the Company’s shares of Enova common stock would be registered with the Securities and Exchange Commission (“SEC”) as close to the Enova Spin-off date as possible in order to efficiently dispose of the shares in open market dispositions over a two-year period. Due to delays in the registration process, the Company’s shares of Enova common stock were not registered until September 15, 2015, thereby only allowing the Company slightly over a year to dispose of its shares of Enova stock. In November 2015, the Company sent a supplemental request to the Internal Revenue Service requesting that the Company be allowed to extend the original two-year period to dispose of its retained shares of Enova common stock by an additional year. The Company anticipates that it will receive a response from the Internal Revenue Service in the first half of 2016. As of December 31, 2015 , the Company owned 6,475,611 shares and had allocated 511,505 of these retained shares for delivery under the LTIPs that existed prior to the Enova Spin-off (as described below), resulting in the Company’s implied residual ownership in Enova equal to approximately 18 percent of the outstanding Enova common stock as of December 31, 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 because 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, subject to any potential extension permitted by the Internal Revenue Service, if any, as discussed above. While Daniel R. Feehan, the Company’s Executive Chairman of the Board, serves as one of eight 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 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 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 agreements. 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 and shares are forfeited or if shares are withheld to pay taxes for vested awards, the Enova shares will be retained by the Company and sold. As of December 31, 2015 , the Company’s cost basis in its investment in Enova common stock was approximately $19.6 million , and an unrealized gain of approximately $23.0 million was included in “Accumulated other comprehensive income.” For the year ended December 31, 2015 , the Company recognized a gain of approximately $1.7 million for the disposition of Enova common stock as a result of the distribution of shares for payment of RSU awards, as well as the sale of shares that were withheld to pay taxes for issued awards. The Company’s investment in Enova common stock is included in “Investment in equity securities” in the consolidated balance sheets. Activity during the year ended December 31, 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 (b) Total Enova Shares Held by the Company Enova shares as of December 31, 2014 5,911,840 685,087 6,596,927 Forfeitures (c) 52,266 (52,266 ) — Shares delivered under the LTIPs — (90,052 ) (90,052 ) Shares withheld for taxes and sold — (31,264 ) (31,264 ) Shares held as of December 31, 2015 5,964,106 511,505 6,475,611 % ownership of Enova as of December 31, 2015 18.07 % 1.55 % 19.62 % (a) Does not include shares retained for delivery under the LTIPs. (b) The Enova shares payable for vested deferred RSUs and Director Deferred Shares are held in a rabbi trust. (c) Shares initially allocated for delivery under the LTIPs that were forfeited prior to vesting are attributed to the Company and are to be disposed of by the Company. |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable And Accrued Expenses | 10. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses as of December 31, 2015 and 2014 , were as follows (dollars in thous ands): As of December 31, 2015 2014 Trade accounts payable $ 18,182 $ 13,800 Accrued taxes, other than income taxes 5,936 8,242 Accrued payroll, annual incentive and fringe benefits 32,123 41,613 Accrued interest payable 1,648 1,658 Accrual for consumer loan payments rejected for non-sufficient funds 570 1,049 Deferred CSO fees 9,933 3,025 Liability for losses on third-party lender-owned consumer loans 1,986 1,060 Other accrued liabilities 4,208 3,884 Total $ 74,586 $ 74,331 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | 11. Long-Term Debt The Company’s long-term debt instruments and balances outstanding as of December 31, 2015 and 2014 , were as follows (dollars in thousands): As of December 31, 2015 2014 Line of credit due 2018 $ 27,108 $ — 5.75% senior unsecured notes due 2018 184,450 196,470 Total long-term debt $ 211,558 $ 196,470 Line of Credit The Company has 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 is guaranteed by the Company’s domestic subsidiaries and matures on March 31, 2018. 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. In addition to previous amendments, the Credit Agreement was amended on October 6, 2015 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. The removal of the multi-currency subfacility did not decrease the total amount of borrowing capacity under the Credit Agreement. In addition, the amendment adjusted two financial covenants, including a reduction in the minimum net worth covenant and an increase in the maximum restricted payment covenant. The Credit Agreement was also amended in December 2014, and the amendment provided (i) that any acceleration or demand for acceleration, repayment, redemption or repurchase of or any default or event of default under the $300.0 million in aggregate principal amount of 5.75% Senior Notes due 2018 (the “2018 Senior Notes”) or the Indenture dated as of May 15, 2013 that governs the 2018 Senior Notes (the “2018 Senior Notes Indenture”), among the Company, the guarantors party thereto and Wilmington Savings Fund Society, FSB, as trustee (the “Trustee”) proximately caused by the Enova Spin-off (“Other Debt Action”) will not result in a default or event of default under the Credit Agreement. In addition, any such Other Debt Action will not be deemed an event that could reasonably be expected to give rise to or have a material adverse effect under the Credit Agreement, and (ii) until such time as the Company notifies the Administrative Agent for the Credit Agreement that the provision described in subsection (i) above is no longer required, the Company is subject to a minimum level of liquidity as defined in the amendment. Interest on the 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 December 31, 2015 ) based on the Company’s cash flow leverage ratios. The weighted average interest rate (including margin) on the Line of Credit was 3.48% as of December 31, 2015 . The Company had $27.1 million of borrowings outstanding under the Line of Credit as of December 31, 2015 , which consisted of two pricing tranches with maturity dates ranging from five to eight days. As of December 31, 2014 , the Company had no borrowings outstanding under the Line of Credit. The Company routinely refinances such borrowings pursuant to the terms of its Line of Credit. Therefore, these borrowings are considered part of the applicable Line of Credit and are classified 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 under its Letter of Credit Facility as of December 31, 2015 . $300.0 Million 5.75% Senior Unsecured Notes On May 15, 2013 , the Company issued and sold the 2018 Senior Notes. The 2018 Senior Notes bear interest at a rate of 5.75% annually on the principal amount, payable semi-annually in arrears on May 15 and November 15 of each year. 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 December 31, 2015 , Cash America International, Inc., on a stand-alone unconsolidated basis (the “Parent Company”), had no independent assets or operations. As of December 31, 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 December 31, 2015 , the outstanding balance of the 2018 Senior Notes was $184.5 million , compared to $196.5 million as of December 31, 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. During the year ended December 31, 2014 , the Company repurchased $103.5 million aggregate principal amount of the 2018 Senior Notes for aggregate cash consideration of $107.2 million plus accrued interest. In connection with these purchases, the Company recorded a loss on early extinguishment of debt of approximately $6.0 million , which is included in “Loss on early extinguishment of debt” in the consolidated statements of income. For each of the five years after December 31, 2015 , required principal payments under the terms of the long-term debt, including the Company’s Line of Credit, are as follows (dollars in thousands): 2016 2017 2018 2019 2020 Total Required principal payments — — 211,558 — — $ 211,558 Debt No Longer Outstanding Variable Rate Senior Unsecured Notes When the Company entered into the Credit Agreement, it also entered into a $50.0 million term loan facility under which it issued variable rate senior unsecured notes that were guaranteed by all of the Company’s domestic subsidiaries (the “2018 Variable Rate Notes”). The maturity date of the 2018 Variable Rate Notes was March 31, 2018 , but in connection with the proceeds received from Enova’s repayment of amounts owed to the Company under the Company’s outstanding note receivable from Enova in 2014, the Company prepaid the entire amount outstanding on the 2018 Variable Rate Notes. In conjunction with the prepayment of the 2018 Variable Rate Notes during the three months ended June 30, 2014, the Company recorded a loss on early extinguishment of debt of approximately $0.1 million , which is included in “Loss on early extinguishment of debt” in the consolidated statements of income. 2029 Convertible Notes On May 19, 2009, the Company completed the offering of the 2029 Convertible Notes. During 2014, the Company notified the holders of its outstanding 2029 Convertible Notes that on May 15, 2014, it would redeem all outstanding 2029 Convertible Notes, and as a result of this notification, all holders of outstanding 2029 Convertible Notes elected conversion on May 15, 2014. Pursuant to the terms of the 2029 Convertible Notes, the Company elected to pay cash for the $44.4 million of principal amount of all converted notes outstanding at that date, plus accrued interest, and to re-issue 747,085 shares of common stock held in treasury for the amount in excess of principal owed to noteholders as a result of the net-share settlement provisions in the Indenture that governs the 2029 Convertible Notes. In accordance with ASC 470, Debt , no gain or loss was recorded in the consolidated statements of income for the conversion. Additionally, the Company’s consolidated shareholders’ equity was not changed as a result of this activity. During the three months ended March 31, 2014 and prior to the conversion of the 2029 Convertible Notes, the Company repurchased $58.6 million principal amount of the 2029 Convertible Notes in privately-negotiated transactions for aggregate cash consideration of $89.5 million plus accrued interest. In connection with these purchases, the Company recorded a loss on early extinguishment of debt of approximately $1.5 million , which is included in “Loss on early extinguishment of debt” in the consolidated statements of income, and a $30.3 million decrease to additional paid-in capital, which is included in “Repurchases and conversion of convertible debt” in the consolidated statements of equity. Contractual interest expense recognized for the 2029 Convertible Notes was $1.3 million and $5.9 million for the year ended December 31, 2014 and 2013 , respectively. Additionally, interest expense related to non-cash amortization of the discount represented $0.7 million and $3.3 million for the year ended December 31, 2014 and 2013 , respectively. Private Placement Notes On May 9, 2014, the Company and its domestic subsidiaries, as guarantors, entered into an Omnibus Waiver, Consent and Amendment Agreement (the “Waiver and Amendment”) with respect to its 6.09% Series A senior unsecured notes due 2016, 7.26% senior unsecured notes due 2017, 6.00% Series A senior unsecured notes due 2019, 6.21% Series B senior unsecured notes due 2021 and its 6.58% Series B senior unsecured notes due 2022 (collectively, the “Private Placement Notes”), which provided for the release of Enova and its subsidiaries as guarantors of the Private Placement Notes upon completion of the issuance of debt by Enova. The Waiver and Amendment also required the Company to prepay the entire outstanding balance of Private Placement Notes, including any applicable make-whole premium. The Company completed the prepayment of the Private Placement Notes in June 2014, which included an aggregate principal repayment of $106.2 million and a make-whole premium of $14.3 million . Additionally, in conjunction with this prepayment, the Company recorded a $0.6 million expense to write-off remaining deferred financing costs associated with the Private Placement Notes. The expenses for the make-whole premium and the write-off of the deferred financing costs totaling $14.9 million are included in “Loss on early extinguishment of debt” in the consolidated statements of income. Debt Agreement Compliance The debt agreements for the Line of Credit and the 2018 Senior Notes require the Company to maintain certain financial ratios. As of December 31, 2015 , the Company believes it was in compliance with all covenants or other requirements set forth in the debt agreements. O n June 26, 2015, the Trustee under the 2018 Senior Notes Indenture, 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 $252.9 million in unused amounts as of December 31, 2015 . As of December 31, 2015 , the Company had $184.5 million in aggregate principal amount of 2018 Senior Notes outstanding, and a make-whole premium on such principal balances as of December 31, 2015 would have been approximately $18.7 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 12. Income Taxes The components of the Company’s deferred tax assets and liabilities as of December 31, 2015 and 2014 were as follows (dollars in thousands): As of December 31, 2015 2014 Deferred tax assets: Deferred finish-out allowances from lessors $ 226 $ 157 Tax over book accrual of pawn loan fees and service charges 4,903 4,752 Allowance for consumer loan losses 1,768 1,778 Deferred compensation 12,941 8,524 Deferred state credits and net operating losses 2,334 1,358 Other 1,540 2,548 Total deferred tax assets 23,712 19,117 Deferred tax liabilities: Amortizable intangible assets $ 54,264 $ 46,551 Property and equipment 23,694 32,359 Investment in equity securities 7,828 39,294 Other 1,156 1,165 Total deferred tax liabilities 86,942 119,369 Net deferred tax liabilities before valuation allowance $ (63,230 ) $ (100,252 ) Valuation allowance (1,142 ) — Net deferred tax liabilities after valuation allowance $ (64,372 ) (100,252 ) Balance sheet classification: Current deferred tax assets (liabilities) $ 7,672 $ (27,820 ) Noncurrent deferred tax liabilities (72,044 ) (72,432 ) Net deferred tax liabilities $ (64,372 ) $ (100,252 ) The components of the provision for income taxes and the income to which it relates for the years ended December 31, 2015 , 2014 and 2013 , were as follows (dollars in thousands): Year Ended December 31, 2015 2014 2013 Income (loss) from continuing operations before income taxes: Domestic $ 43,044 $ (7,938 ) $ 47,475 Foreign — (408 ) (3,490 ) Income (loss) from continuing operations before income taxes 43,044 (8,346 ) 43,985 Current provision (benefit): Federal $ 19,741 $ (12,823 ) $ (20,908 ) Foreign — 531 (752 ) State and local 118 1,291 2,098 Total current provision (benefit) for income taxes 19,859 (11,001 ) (19,562 ) Deferred (benefit) provision: Federal $ (4,524 ) $ 12,962 $ 3,740 State and local 143 80 317 Total deferred (benefit) provision for income taxes (4,381 ) 13,042 4,057 Total provision (benefit) for income taxes $ 15,478 $ 2,041 $ (15,505 ) For the year ended December 31, 2015 , the Company recorded income tax expense of $15.5 million on a pre-tax income of $43.0 million , compared to income tax expense of $2.0 million on a pre-tax loss of $8.3 million for the year ended December 31, 2014 . Despite incurring a pre-tax loss, income tax expense was recorded in 2014 primarily as a result of the tax impact of the write-off of non-deductible goodwill associated with the sale of the Company’s Mexico-based pawn operations and an additional valuation allowance associated with the 2014 losses in Mexico. An income tax benefit was recorded in 2013 primarily due to the recognition of a $33.2 million tax benefit in 2013 associated with the Creazione Deduction (as defined and explained below), as well as the release of reserves established for unrecognized tax benefits associated with the Company’s Mexico operations. In January 2013, the Company’s Mexico-based pawn operations that were owned by Creazione Estilo, S.A. de C.V., a Mexican sociedad anónima de capital variable (“Creazione”), and operated under the name Prenda Fácil were sold by Creazione to another wholly-owned subsidiary of the Company, CA Empeños Mexico, S. de R.L. de C.V. (“Empeños”), and began operating exclusively under the name “Cash America casa de empeño.” As of December 31, 2013, Creazione’s assets had been liquidated and it had entered into formal liquidation proceedings. In connection with the liquidation of Creazione, the Company included a deduction on its 2013 federal income tax return for its tax basis in the stock of Creazione and recognized an income tax benefit of $33.2 million as a result of the deduction (the “Creazione Deduction”). The Company believes that it met the requirements for this deduction and that it should be treated as an ordinary loss, which reduced the Company’s cash taxes paid in 2013. The Company obtained a private letter ruling from the Internal Revenue Service with respect to one of the various factors that it considered in making this determination. Income tax expense included in the Company’s income (loss) from continuing and discontinued operations, respectively, is as follows (dollars in thousands): Year Ended December 31, 2015 2014 2013 Continuing operations $ 15,478 $ 2,041 $ (15,505 ) Discontinued operations — 62,933 46,259 Total $ 15,478 $ 64,974 $ 30,754 A reconciliation of income taxes for continuing operations with amounts computed at the statutory federal rate is as follows (dollars in thousands): Year Ended December 31, 2015 2014 2013 Tax provision (benefit) computed at the federal statutory income tax rate $ 15,063 $ (2,922 ) $ 15,396 State and local income taxes, net of federal tax benefits (973 ) 818 1,883 Nondeductible lobbying 111 639 553 Foreign tax difference (1 ) 216 (221 ) Investment in subsidiaries (a) — — (23,907 ) Valuation allowance 1,142 (11,266 ) (8,915 ) Non-recoverable foreign net deferred tax assets — 12,042 — Non-deductible goodwill — 2,232 — Tax effect of Regulatory Penalty (b) — — 895 Change in reserve for uncertain tax benefits, net — — (1,021 ) Other 136 282 (168 ) Total provision (benefit) $ 15,478 $ 2,041 $ (15,505 ) Effective tax rate 36.0 % (24.5 )% (35.3 )% (a) Relates to the Creazione Deduction for the year ended December 31, 2013. (b) Represents the tax effect of the $2.5 million penalty paid to the CFPB, which is nondeductible for tax purposes, in connection with the Regulatory Penalty. See Note 13 . As of December 31, 2013, the Company had net operating losses totaling $58.6 million related to its Mexico subsidiary, Creazione. Mexico allows a ten -year carryforward period, and, if unutilized, these net operating losses will expire in varying amounts beginning in 2018 . Due to the Company’s withdrawal of operations in Mexico and the liquidation of Creazione, these net operating losses are expected to expire unutilized. As a result, in 2014, the Company wrote off Creazione’s remaining net deferred tax assets and the associated valuation allowance against those deferred tax assets. The Company had a valuation allowance of $1.1 million as of December 31, 2015, which was recorded in 2015 and related to the deferred assets associated with certain state net operating losses. In 2014, the Company, in connection with its anticipated liquidation of Creazione, released a $12.5 million valuation allowance related to the deferred tax assets at Creazione and also released a $1.3 million valuation allowance in connection with the sale of Empeños. In 2013, the Company released a $9.3 million valuation allowance related to the deferred tax asset associated with the Company’s excess tax basis over its basis for financial reporting purposes in the stock of Creazione and recorded an additional $1.3 million valuation allowance related to deferred tax assets at Empeños. See Note 1 for additional information on the Company’s evaluation of the recoverability of its deferred tax assets and establishment of related valuation allowances. The aggregate change in the balance of the unrecognized tax benefits for the years ended December 31, 2015 , 2014 and 2013 is summarized below (dollars in thousands): 2015 2014 2013 Balance as of January 1, $ — $ — $ 1,021 Decrease due to lapse of statute of limitations — — (1,021 ) Balance as of December 31, $ — $ — $ — During 2013, the statute of limitations expired related to the Mexico tax returns of Creazione for periods before it was acquired by the Company (pre-2008). As a result, the Company released reserves established for unrecognized tax benefits of $1.0 million and the related accrued interest and penalties of $1.9 million . Consistent with the Company’s accounting policy, the release of the $1.0 million was recorded in the tax provision. The release of the $1.9 million of reserves related to interest and penalties was recorded through a reduction of interest and administrative expenses. As of December 31, 2015 , the Company’s 2011 through 2014 tax years were open to examination by the Internal Revenue Service and major state taxing jurisdictions, and the 2010 through 2014 tax years of the Company’s former Mexican subsidiaries were open to examination by the Mexican taxing authorities. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 13. Commitments and Contingencies Leases The Company leases certain of its facilities under operating leases with terms generally from one to 10 years and certain rights to extend for additional periods. Future minimum rentals due under non-cancelable leases are as follows for each of the years ending December 31 (dollars in thousands): 2016 2017 2018 2019 2020 Thereafter Total Future minimum rentals due under non-cancelable leases 55,807 45,553 37,084 29,282 18,965 33,250 $ 219,941 Rent expense was $60.7 million , $61.8 million and $58.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Guarantees 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 the remaining outstanding installment loans that are secured by a customer’s vehicle, which the Company ceased offering in the latter half of 2015. The guarantee represents an obligation to purchase specific loans that go into default. Short-term loans that the Company guarantees generally have terms of 45 days or less. Unsecured installment loans that the Company guarantees generally have terms of up to 12 months. Secured installment loans that the Company guarantees, which the Company ceased offering in the latter half of 2015, have remaining terms of up to 30 months. As of December 31, 2015 and 2014 , the amount of consumer loans guaranteed by the Company was $11.1 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 $2.0 million and $1.1 million as of December 31, 2015 and 2014 , respectively, is included in “Accounts payable and accrued expenses” in the consolidated balance sheets. Litigation On August 6, 2004, James E. Strong filed a purported class action lawsuit in the State Court of Cobb County, Georgia against Georgia Cash America, Inc., Cash America International, Inc. (together with Georgia Cash America, Inc., “Cash America”), Daniel R. Feehan (the Company’s chief executive officer at that time), and several unnamed officers, directors, owners and “stakeholders” of Cash America. In August 2006, James H. Greene and Mennie Johnson were permitted to join the lawsuit as named plaintiffs, and in June 2009, the court agreed to the removal of James E. Strong as a named plaintiff. The lawsuit alleged many different causes of action, among the most significant of which is that Cash America made illegal short-term loans in Georgia in violation of Georgia’s usury law, the Georgia Industrial Loan Act and Georgia’s Racketeer Influenced and Corrupt Organizations Act. First National Bank of Brookings, South Dakota and Community State Bank of Milbank, South Dakota for some time made loans to Georgia residents through Cash America’s Georgia operating locations. The complaint in this lawsuit claims that Cash America was the true lender with respect to the loans made to Georgia borrowers and that First National Bank of Brookings, South Dakota and Community State Bank of Milbank, South Dakota’s involvement in the process is “a mere subterfuge.” Based on this claim, the suit alleged that Cash America was the “de facto” lender and was illegally operating in Georgia. The complaint sought unspecified compensatory damages, attorney’s fees, punitive damages and the trebling of any compensatory damages. In November 2009, the case was certified as a class action lawsuit. This case was scheduled to go to trial in November 2013, but on October 9, 2013, the parties agreed to a settlement that was approved by the trial court on January 16, 2014. In accordance with ASC 450, Contingencies , the Company recognized a liability in 2013 in the amount of $18.0 million . The liability was recorded in “Accounts payable and accrued liabilities” in the consolidated balance sheets and “Operations and administration expense” in the consolidated statements of income for the year ended December 31, 2013. In February 2014, the amount to be paid in connection with the settlement was substantially finalized, and the amount was not materially different than the liability accrued by the Company at December 31, 2013. The final payments in connection with the settlement were paid during the first six months of 2014. The Company denies all of the material allegations of the lawsuit and denies any and all liability or wrongdoing in connection with the conduct described in the lawsuit, but the Company agreed to the settlement to eliminate the uncertainty, distraction, burden and expense of further litigation. See “Debt Agreement Compliance” in Note 11 for information on a lawsuit filed against the Company related to the 2018 Senior Notes. The Company is also a defendant in certain routine litigation matters encountered in the ordinary course of its business. Certain of these matters are covered to an extent by insurance. In the opinion of management, the resolution of these matters is not expected to have a material adverse effect on the Company’s financial position, results of operations or liquidity. Consumer Financial Protection Bureau On November 20, 2013, the Company consented to the issuance of a Consent Order by the CFPB pursuant to which it agreed, without admitting or denying any of the facts or conclusions made by the CFPB from its 2012 review of the Company, to pay a civil money penalty of $5.0 million ( $2.5 million was allocated to each of the Company’s retail services and e-commerce segments that existed at the time) (the “Regulatory Penalty”), which is non-deductible for tax purposes. The Company also agreed to set aside $8.0 million of cash for a period of 180 days to fund any further payments to any remaining eligible Ohio customers in connection with the Ohio Reimbursement Program. The $8.0 million of cash set aside was classified as restricted cash on the Company’s consolidated balance sheets beginning in November 2013. In June 2014, following the expiration of the 180-day extended claims period, the Company released $7.9 million of the restricted cash. As of December 31, 2015, the remaining balance in restricted cash was approximately $27 thousand , reflecting the amount of refunds that were still outstanding as of that date. Voluntary Reimbursements to Ohio Customers On December 4, 2012, the Company announced the Ohio Reimbursement Program. As of December 31, 2012, based on Company information and third-party conclusions, the Company estimated the cost of the Ohio Reimbursement Program and related expenses to be approximately $13.4 million before taxes and recorded this amount in “Accounts payable and accrued expenses” in the consolidated balance sheets and in “Operations and administration expense” in the consolidated statements of income for the year ended December 31, 2012. During the year ended December 31, 2013, the Company reimbursed approximately $6.4 million to customers and incurred $1.7 million of related expenses in connection with this program. In addition, the Company decreased its liability related to the Ohio Reimbursement Program during the years ended December 31, 2013 and 2014 by $5.0 million and $0.3 million , respectively, after the assessment of claims made to date and related matters. As of December 31, 2014, the Company’s remaining liability associated with the Ohio Reimbursement Program was approximately $30 thousand . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Equity | 14. Equity Share Repurchases On January 24, 2013, the Company’s Board of Directors authorized a share repurchase program for the repurchase of up to 2.5 million shares of the Company’s common stock (the “2013 Authorization”). On January 28, 2015, the Company’s Board of Directors 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 2013 Authorization, under which the Company purchased 1,029,609 shares from January 2013 to December 2014. On October 28, 2015, the Company’s Board of Directors authorized the most recent share repurchase program for the repurchase of up to 3.0 million shares of the Company’s common stock (the “October 2015 Authorization”) to become effective after the completion of the January 2015 Authorization. The October 2015 authorization became effective in December 2015 after all shares under the January 2015 Authorization had been purchased. During the year ended December 31, 2015, the Company purchased 4,015,866 shares under the January 2015 Authorization and the October 2015 Authorization for a total investment of $103.9 million , including commissions. This included the purchase of 829,666 shares under an accelerated share repurchase (“ASR”) agreement. The following table summarizes the aggregate shares purchased under the board authorizations during each of the three years ended December 31: Year Ended December 31, 2015 2014 2013 Shares purchased under October 2015 Authorization, January 2015 Authorization and 2013 Authorization 4,015,866 62,909 966,700 Aggregate amount (in thousands) $ 103,874 $ 1,343 $ 46,052 Average price paid per share $ 25.87 $ 21.35 $ 47.64 In May 2015, the Company entered into an ASR agreement with a financial institution. Under the ASR agreement, the Company paid $22.0 million in 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. Periodically, shares are purchased in the open market in connection with dividend reinvestment for dividends paid on Director Deferred Shares. Activities during each of the three years ended December 31 are summarized as follows (dollars in thousands): Year Ended December 31, 2015 2014 2013 Purchases: Number of shares 244 120 99 Aggregate amount $ 6 $ 4 $ 4 Accumulated Other Comprehensive Income (Loss) (“AOCI”) The net change in AOCI from marketable equity securities for the year ended December 31, 2015 is composed of an $88.6 million loss and an income tax benefit of $31.5 million and relates to the available-for-sale shares of Enova common stock held by the Company. The gain on marketable equity securities reclassified out of AOCI for the year ended December 31, 2015 is composed of a $1.7 million gain and income tax expense of $0.6 million . The gain and income tax expense are included in “Gain on disposition of equity securities” and “Provision for income taxes,” respectively, in the consolidated statements of income. Components of AOCI, after tax, for the years ended December 31, 2015 , 2014 and 2013 are shown below (dollars in thousands): Foreign Currency Translation Gain (Loss), Net of Tax Marketable Securities Gain (Loss), Net of Tax Total Balance as of January 1, 2013 $ 2,874 $ 254 $ 3,128 Other comprehensive income before reclassifications 1,775 373 2,148 Amounts reclassified from AOCI — (627 ) (627 ) Net change in AOCI 1,775 (254 ) 1,521 Balance as of December 31, 2013 4,649 — 4,649 Other comprehensive (loss) income (7,255 ) 71,959 64,704 Spin-off of Enova 2,606 — 2,606 Net change in AOCI (4,649 ) 71,959 67,310 Balance as of December 31, 2014 — 71,959 71,959 Other comprehensive loss before reclassifications — (56,028 ) (56,028 ) Amounts reclassified from AOCI — (1,089 ) (1,089 ) Net change in AOCI — (57,117 ) (57,117 ) Balance as of December 31, 2015 $ — $ 14,842 $ 14,842 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 15. Employee Benefit Plans The Company has a 401(k) Savings Plan that is open to substantially all employees of the Company. New employees are automatically enrolled in the 401(k) Savings Plan unless they elect not to participate. The Company has a Nonqualified Savings Plan that is available to certain members of management. Participants may contribute up to 75% of their eligible earnings to the 401(k) Savings Plan, subject to regulatory and other plan restrictions. Nonqualified Savings Plan participants may contribute up to 100% of their annual bonus and up to 50% of their other eligible compensation to the Nonqualified Savings Plan. The Company makes matching cash contributions of 50% of each participant’s contributions to the 401(k) Savings Plan, based on participant contributions of up to 5% of eligible compensation. Company contributions vest at the rate of 20% each year after one year of service; thus a participant is 100% vested after five years of service. The Company’s consolidated contributions to the 401(k) Savings Plan and the Nonqualified Savings Plan were $3.2 million , $3.5 million and $3.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. In addition to the plans mentioned above, the Company established a Supplemental Executive Retirement Plan (“SERP”) for its officers in 2003. Under this defined contribution plan, the Company makes an annual supplemental cash contribution to the SERP based on the objectives of the plan as approved by the Management Development and Compensation Committee of the Board of Directors. The Company recorded consolidated compensation expense of $0.7 million , $0.5 million and $0.6 million for SERP contributions for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Nonqualified Savings Plan and the SERP are nonqualified deferred compensation plans. Benefits under the Nonqualified Savings Plan and SERP are considered unfunded as the assets in the plans are subject to the claims of the Company’s general creditors in the event of the Company’s insolvency or bankruptcy. As of December 31, 2015 and 2014 , the Company held securities in rabbi trusts to pay benefits under these plans. The securities held in the rabbi trusts are classified as trading securities, and the unrealized gains and losses on these securities are netted with the costs of the plans in “Operations and administration expense” in the consolidated statements of income. Amounts included in the consolidated balance sheets relating to the Nonqualified Savings Plan and the SERP as of December 31, 2015 and 2014 were as follows (dollars in thousands): As of December 31, 2015 2014 Prepaid expenses and other assets $ 10,576 $ 12,259 Accounts payable and accrued expenses 10,576 12,259 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | 16. Stock-Based Compensation The Cash America International, Inc. 2014 Long-Term Incentive Plan (the “2014 LTIP”) became effective on May 22, 2014 when it was approved by the shareholders of the Company, and the 2014 LTIP will terminate May 21, 2024, unless terminated earlier by the Board of Directors. The Company’s previous long-term incentive plan, the Cash America International, Inc. First Amended and Restated 2004 Long-Term Incentive Plan, as amended, terminated on April 21, 2014 in accordance with the provisions of that plan, and no new awards may be made under that plan. Under the 2014 LTIP, the Company is authorized to issue up to 3,400,000 shares of its common stock, and awards that may be granted under the 2014 LTIP include incentive stock options (intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended), nonqualified stock options, stock appreciation rights, performance units, restricted stock, RSUs and other share-based or share-related awards or in connection with Director Deferred Shares. As of December 31, 2015 , there were 2,677,126 shares available for future grants under the 2014 LTIP. The Company has granted RSU awards to Company officers, certain employees and to non-management members of the Board of Directors. Each vested RSU entitles the holder to receive a share of common stock of the Company, except for certain RSUs that entitle the holder to receive a share of common stock of the Company and a fractional share of Enova common stock, as described below. RSUs granted in 2015 were granted under the 2014 LTIP. RSU awards granted in 2015 to Company officers and certain employees vest over a four-year period, and shares will be issued upon vesting of the RSUs. RSU awards granted in 2015 to members of the Board of Directors vest on the last day of each of the first 12 calendar months beginning with the month in which the awards were granted, and shares will be issued 13 months after the grant date, unless the director has elected to defer the issuance to a later date. For certain RSU awards granted to some officers in 2003, shares will be issued for vested RSUs upon the officer’s separation from employment with the Company. In addition, for RSU awards granted prior to 2015, some officers and members of the Board of Directors have elected to defer receipt of shares to be issued under vested RSUs to dates that are later than the vesting date set forth in the award agreement. As of December 31, 2015 , the outstanding RSUs granted to Company officers and certain employees had original vesting periods ranging from two to 15 years and remaining vesting periods of up to four years. In connection with the Enova Spin-off, the RSUs that were outstanding as of November 13, 2014 will be payable by the Company in both shares of Company common stock and Enova common stock, subject to the terms of the Company’s long-term incentive plans and the applicable award agreements. The delivery of the Enova shares will occur periodically based on the vesting terms of the award agreements. See Note 9 for more information about the shares of Enova common stock that the Company has retained for delivery under the LTIPs. In accordance with ASC 718, the total grant date fair value of RSU grants is amortized to expense based on the requisite service period, which is in line with the applicable vesting period for each award, and the grant date fair value of each RSU is based on the Company’s closing stock price on the day before the grant date. For those RSU awards granted prior to the Enova Spin-off, the Company’s closing stock price used to measure the grant date fair value has not been adjusted for the Enova Spin-off. For RSU awards granted before 2015 to executive officers of the Company, a portion of these annual RSU grants vests over time, and another portion vests subject to the Company’s achievement of certain performance objectives over a three-year period (“Performance RSUs”). RSU awards granted in 2015 to executive officers did not include Performance RSUs. For Performance RSUs, the total grant date fair value is based on the Company’s estimate at the time of the grant of the most probable outcome expected to be achieved. The grant date fair values of the Performance RSUs granted in 2013 and 2014 were based on the maximum number of RSUs that may vest under the award. Expense for Performance RSUs is recognized over the vesting period and is adjusted for current expected performance levels. All RSU awards granted are subject to clawback provisions. Compensation expense for RSUs totaled $6.3 million ( $4.0 million net of related taxes), $4.1 million ( $2.6 million net of related taxes) and $4.6 million ( $2.9 million net of related taxes) for the years ended December 31, 2015 , 2014 and 2013 , respectively. Total estimated future compensation costs related to RSUs as of December 31, 2015 were $14.5 million , which will be recognized over a weighted average vesting period of approximately 3.3 years. The following table summarizes the RSU activity for the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Units Weighted Average Fair Value at Date of Grant (a) Units Weighted Average Fair Value at Date of Grant (a) Units Weighted Average Fair Value at Date of Grant (a) Outstanding at beginning of year 1,116,893 $ 29.36 766,695 $ 36.06 772,322 $ 32.57 Units granted 292,776 22.53 666,172 27.22 190,846 49.82 Shares issued (b) (112,757 ) 37.08 (154,851 ) 40.32 (127,087 ) 34.48 Units forfeited (109,128 ) 32.35 (161,123 ) 41.90 (69,386 ) 37.91 Outstanding at end of year 1,187,784 $ 26.67 1,116,893 $ 29.36 766,695 $ 36.06 Units vested at end of year 290,754 $ 25.70 303,276 $ 25.50 311,546 $ 24.98 (a) For RSU awards granted prior to the Enova Spin-off, the weighted average fair value at date of grant is based on the price of the Company's common stock and has not been adjusted for the Enova Spin-off. (b) Shares issued only include the Company’s common shares issued to satisfy RSU awards. See below or in Note 9 for information on the shares of Enova common stock distributed to satisfy applicable RSU awards. The Company satisfies its RSU awards by reissuing the Company’s common shares held in treasury when RSU awards vest and are issued. In addition, when RSU awards vest and are issued, RSU recipients may elect to have the Company withhold shares as partial payment of taxes for their issued RSUs, and the shares withheld remain in treasury. For the years ended December 31, 2015 , 2014 and 2013 , the Company withheld 30,836 , 42,499 and 33,479 shares, respectively, of its common stock valued at approximately $0.7 million , $1.5 million and $1.6 million , respectively, as partial payment of taxes upon issuance of shares for RSUs. With respect to RSU awards that are payable in shares of Company stock and Enova stock, the Company distributes shares of Enova common stock that the Company has retained for delivery under the LTIPs. When Enova shares are distributed for vested RSUs, the recipients may elect to have the Company withhold shares as partial payment of taxes for their Enova shares distributed for vested RSUs, and the withheld Enova shares are sold immediately by the Company pursuant to the requirements of the Private Letter Ruling obtained from the Internal Revenue Service in connection with the Enova Spin-off. For the year ended December 31, 2015 , the Company distributed 90,052 shares of Enova common stock in connection with vested RSU awards and withheld and sold 31,264 shares of Enova common stock as partial payment of taxes. See Note 9 for additional information on the Company’s shares of Enova common stock. The RSUs forfeited for the year ended December 31, 2015 were primarily related to shares forfeited by employees who left the Company in 2015 and to a grant of Performance RSUs made to executive officers for which the performance measures were not met on the vesting date, which was January 1, 2015. As of December 31, 2015 , the outstanding RSU awards had an aggregate intrinsic value of $38.8 million , which included $35.6 million and $3.2 million related to Company common stock and Enova common stock, respectively. As of December 31, 2015 , the outstanding vested deferred RSU awards had an aggregate intrinsic value of $10.4 million , including $8.7 million and $1.7 million related to Company common stock and Enova common stock, respectively. |
Supplemental Disclosures Of Cas
Supplemental Disclosures Of Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosures Of Cash Flow Information | 17. Supplemental Disclosures of Cash Flow Information The following table sets forth certain cash and non-cash activities for the Company’s continuing operations for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): Year Ended December 31, 2015 2014 2013 Cash paid during the year for: Interest $ 12,686 $ 26,528 $ 28,223 Income taxes 7,474 36,506 37,779 Non-cash investing and financing activities: Pawn loans forfeited and transferred to merchandise held for disposition $ 352,155 $ 364,157 $ 329,653 Pawn loans renewed 212,745 254,400 269,559 Consumer loans renewed 7,541 8,432 9,674 Shares of Enova common stock distributed under stock-based plans (See Note 9) 1,551 — — Liabilities assumed in acquisitions — — 3,132 Spin-off of Enova (See Note 2) — 79,640 — Fair value of shares issued for conversion of convertible debt (See Note 11) — 31,727 — |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 18. 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 and reflect the Company’s own assumptions. The Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2015 and 2014 are as follows (dollars in thousands): December 31, Fair Value Measurements Using 2015 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Director Deferred Shares $ 10,767 $ 10,767 $ — $ — Investment in equity securities 42,613 42,613 — — Total $ 53,380 $ 53,380 $ — $ — December 31, Fair Value Measurements Using 2014 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Director Deferred 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 Director Deferred 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 December 31, 2015 and 2014 , as a result of the Enova Spin-off, a portion of the Director Deferred Shares measured at fair value represented shares of Enova common stock, and the remaining portion represented Company stock. As of December 31, 2015 and 2014 , the Company’s investment in equity securities represents the Company’s available-for-sale shares of Enova common stock that it retained in connection with the Enova Spin-off. See Note 9 . As of December 31, 2015 , the equity securities representing Enova common stock, both those included in Director Deferred Shares and investment in equity securities in the table above, are classified as Level 1 and based on market-determined stock price of Enova. During the year ended December 31, 2015 , the equity securities representing Enova common stock, both those included in Director Deferred 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 years ended December 31, 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 December 31, 2015 and 2014 that are not measured at fair value in the consolidated balance sheets are as follows (dollars in thousands): Carrying Value Estimated Fair Value December 31, December 31, Fair Value Measurement Using 2015 2015 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 23,153 $ 23,153 $ 23,153 $ — $ — Pawn loans 248,713 248,713 — — 248,713 Short-term loans, net 27,376 27,376 — — 27,376 Installment loans, net 3,915 3,915 — — 3,915 Pawn loan fees and service charges receivable 52,798 52,798 — — 52,798 Total $ 355,955 $ 355,955 $ 23,153 $ — $ 332,802 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 1,986 $ 1,986 $ — $ — $ 1,986 Line of credit 27,108 28,154 — 28,154 — Senior unsecured notes 184,450 185,603 — 185,603 — Total $ 213,544 $ 215,743 $ — $ 213,757 $ 1,986 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 approximated the fair value. Pawn loan fees and service charges revenue includes interest, service charges and extension fees and are typically calculated as a percentage of the pawn loan amount based on the size and duration of the transaction, as permitted by applicable laws. Other fees, such as origination fees, storage fees and lost ticket fees are generally a fixed amount per pawn loan. P awn loan fees and service charges revenue and the related pawn loan fees and service charges receivable are accrued ratably over the term of the loan for the portion of those pawn loans estimated to be collectible. The Company uses historical performance data to determine collectability of pawn loan fees and service charges receivable. Additionally, pawn loan fee and service charge rates are determined by regulations and bear no valuation relationship to the capital markets’ interest rate movements. 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 approximated the fair value. The Company measures the fair value of long-term debt instruments using Level 2 inputs. The fair values of the Company’s long-term debt instruments are estimated based on market values for debt issues with similar characteristics or rates currently available for debt with similar terms. As of December 31, 2015 , the Company’s 2018 Senior Notes had a higher fair market value than the carrying value due to the difference in yield when compared to similar senior unsecured notes. The Company’s cost-method investment in a non-publicly traded entity amounted to $3.5 million and $2.4 million at December 31, 2015 and 2014, respectively, and is included in “Other assets” on the Company’s consolidated balance sheets. The Company has not estimated the fair value of this investment because its fair value is not readily determinable. Under the cost method, the investment is carried at initial value, is adjusted for cash contributions and distributions, and is subject to evaluation for impairment. When circumstances indicate there may have been a reduction in the value of an investment in an unconsolidated entity, the Company evaluates whether the loss in value is other than temporary. If the loss is other than temporary, the Company recognizes an impairment charge to reflect the cost-method investment at fair value. No impairment indicators for this investment were noted as of December 31, 2015. |
Reorganization Reorganization
Reorganization Reorganization | 12 Months Ended |
Dec. 31, 2015 | |
Reorganizations [Abstract] | |
Corporate Reorganization [Text Block] | 19. Reorganization In the third quarter of 2014, the Company initiated a reorganization to better align the corporate and operating cost structure with its remaining storefront operations after the Enova Spin-off (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 and $7.5 million was recognized as expense during 2015 and 2014, respectively, and is included in “Operations and administration” in the consolidated statements of income. As of December 31, 2015, the Company had made payments of approximately $8.2 million for the Reorganization and had accrued approximately $0.2 million for future payments. Accrued amounts for the Reorganization are included in “Accounts payable and accrued expenses” in the consolidated balance sheets. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | 20. Quarterly Financial Data (Unaudited) The Company’s operations are subject to seasonal fluctuations. Net income tends to be highest during the first and fourth calendar quarters when the Company’s typical business cycle causes revenue levels to be seasonally highest. The first quarter benefits from high average loan balances at the beginning of the period, followed by higher loan redemptions. The first quarter also benefits from high merchandise sales, primarily due to customers using federal tax refund proceeds to purchase merchandise in the first quarter. The fourth quarter routinely benefits from the highest levels of pawn loan and consumer loan balances and merchandise sales during the holiday season. The following is a summary of the quarterly results of operations for the years ended December 31, 2015 and 2014 (dollars in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter 2015 (a) Total revenue $ 271,762 $ 236,464 $ 241,190 $ 280,075 Cost of revenue 124,671 102,473 106,230 128,973 Net revenue 147,091 133,991 134,960 151,102 Net income attributable to Cash America International, Inc. 7,845 2,071 5,038 12,612 Diluted net income per share $ 0.27 $ 0.08 $ 0.19 $ 0.49 Diluted weighted average common shares 28,780 27,508 26,773 25,865 2014 (a) Total revenue $ 284,635 $ 253,608 $ 267,010 $ 289,443 Cost of revenue 132,162 112,359 122,907 137,718 Net revenue 152,473 141,249 144,103 151,725 Net income (loss) from continuing operations 3,237 (11,746 ) (9,370 ) 7,492 Net income from discontinued operations 42,500 32,717 19,286 14,522 Net income attributable to Cash America International, Inc. 45,737 20,971 9,916 22,014 Diluted net income (loss) per share - continuing operations (b) $ 0.11 $ (0.41 ) $ (0.32 ) $ 0.26 Diluted net income per share - discontinued operations $ 1.44 $ 1.12 $ 0.66 $ 0.50 Diluted net income per share $ 1.55 $ 0.72 $ 0.34 $ 0.75 Diluted weighted average common shares 29,500 29,256 29,312 29,284 (a) The sum of the quarterly per share amounts may not sum to each full year amount presented in the Company’s financial statements because these calculations are made independently for each quarter and for the full year and take into account the weighted average number of common shares outstanding for each period, including the effect of dilutive securities for that period. For information about the Company’s calculation of diluted weighted average common shares, see Note 1 . (b) Since a net loss exists for the second and third quarters of 2014, all potentially dilutive securities are anti-dilutive and are therefore excluded from the per-share calculations. |
Significant Accounting Polici29
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | |
Use Of Estimates | Use of Estimates The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods presented. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition on pawn loan fees and service charges, allowance for losses on consumer loans, certain equity securities, goodwill, long-lived and intangible assets, income taxes, contingencies and litigation. Management bases its estimates on historical experience, empirical data and various other assumptions that are believed to be reasonable under the circumstances, and the results form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates. |
Foreign Currency Translations | Foreign Currency Translations Prior to the sale of the Company’s Mexico-based pawn operations in August 2014 (see Note 3 ) and the Enova Spin-off in November 2014 (see Note 2 ), the Company had operations outside of the United States that involved foreign currency transactions and translations. The functional currencies for the Company’s former subsidiaries that served residents of the United Kingdom, Australia, Canada, Mexico and Brazil were the British pound, the Australian dollar, the Canadian dollar, the Mexican peso and the Brazilian real, respectively. The assets and liabilities associated with these operations were translated into U.S. dollars at the exchange rates in effect at each applicable balance sheet date, and the resulting adjustments were recorded in “Accumulated other comprehensive income (loss)” (“AOCI”) as a separate component of equity. Revenue and expenses were translated at the monthly average exchange rates occurring during each period. |
Cash And Cash Equivalents | Cash and Cash Equivalents The Company considers cash on hand in operating locations, deposits in banks and short-term investments with original maturities of 90 days or less as cash and cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash represents the amount mandated by the Consumer Financial Protection Bureau (“CFPB”) through its November 20, 2013 Consent Order to be set aside for payments to customers in connection with the Company’s voluntary program initiated in 2012 to reimburse Ohio customers in connection with certain legal collections proceedings initiated by the Company in Ohio (“the Ohio Reimbursement Program”). See Note 13 for further discussion of the reimbursements to Ohio customers in connection with the Ohio Reimbursement Program. As of December 31, 2015 and 2014, the remaining balance of restricted cash was $27 thousand and $60 thousand , respectively, and was included in “Prepaid expenses and other assets” in the consolidated balance sheets. Changes in restricted cash are reflected in “Cash flows from operating activities” in the consolidated statement of cash flows. |
Pawn Loan Fees And Service Charges | Pawn Loans, Pawn Loan Fees and Service Charges Revenue Recognition—Pawn Lending Pawn loan fees and service charges revenue includes interest, service charges and extension fees and are typically calculated as a percentage of the pawn loan amount based on the size and duration of the transaction, as permitted by applicable laws. Other fees, such as origination fees, storage fees and lost ticket fees are generally a fixed amount per pawn loan. P awn loan fees and service charges revenue and the related pawn loan fees and service charges receivable are accrued ratably over the term of the loan for the portion of those pawn loans estimated to be collectible. Pawn Loans and Pawn Loan Fees and Service Charges Receivable Pawn loans are short-term loans made on the pledge of tangible personal property. The pawn loan amount is generally assessed as a percentage of the personal property’s estimated disposition value. The typical loan term is 30 to 90 days and, in many cases, an additional grace period (typically 10 to 60 days) may be available to the borrower. A pawn loan is considered delinquent if the customer does not repay or, where allowed by law, renew or extend the loan on or prior to its contractual maturity date plus any applicable grace period. Pawn loan fees and service charges do not accrue on delinquent pawn loans. When a pawn loan is considered delinquent, any accrued pawn loan fees and service charges are reversed, and no additional pawn loan fees and service charges are accrued. Pawn loans written during each calendar month are aggregated and tracked for performance. This empirical data allows the Company to analyze the characteristics of its outstanding pawn loan portfolio and estimate the collectability of the pawn loan fees and service charges. |
Consumer Loans And Allownce And Liabilities For Estimated Losses On Consumer Loans | Consumer Loans and Allowance and Liability for Estimated Losses on Consumer Loans Revenue Recognition—Consumer Loans Revenue from consumer loan fees includes interest income, finance charges, fees for services provided through the CSO programs (“CSO fees”), service charges, minimum fees, late fees, nonsufficient funds fees and any other fees or charges permitted by applicable laws and pursuant to the agreement with the borrower and the type of loan. For short-term loans, interest, finance charges and origination fees are recognized on an effective yield basis over the term of the loan. Other fees, such as late fees and nonsufficient funds fees, are recognized when assessed to the customer. For installment loans, revenue is recognized on an effective yield basis over the term of the loan, and other fees, such as late fees and nonsufficient funds fees, are recognized when assessed to the customer. CSO fees for short-term loans and installment loans are recognized ratably over the term of the loan. Unpaid and accrued interest and fees are included in “Consumer loans, net” in the consolidated balance sheets. Through the Company’s CSO programs, the Company provides services and receives fees related to a third-party lender’s consumer loan products by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws. Services offered under the CSO programs include credit-related services such as arranging loans with third-party lenders (“CSO loans”). In addition, the Company guarantees consumer loan payment obligations to the third-party lender in the event that the customer defaults on the loan. CSO loans are not included in the Company’s consolidated financial statements, but the Company has established a liability for the estimated losses in support of the guarantee on these loans in its consolidated balance sheets. In the event that the customer defaults on a CSO loan, the Company purchases the specific loan, and the outstanding loan balance and related allowance for estimated losses is then included in “Consumer loans, net” in the Company’s consolidated financial statements. 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 consumer loans owned by the Company reduces the outstanding loan balance in the consolidated balance sheets. The liability for estimated losses related to loans guaranteed under the Company’s 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 increased by charge-offs and decreased by recoveries, and the net change is 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 in determining 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. |
Merchandise Held For Disposition And Cost Of Disposed Merchandise | Merchandise Held for Disposition, Proceeds from and Cost of Disposed Merchandise Proceeds From and Cost of Disposed Merchandise Upon the sale of merchandise, the Company realizes gross profit, which is the difference between the amount of proceeds from the sale and the cost of sales, which is either the Company’s cost basis in the loan (the amount loaned) or the amount paid for purchased merchandise. Customers may purchase merchandise on a layaway plan under which the customer agrees to pay the purchase price for the item plus a layaway fee, makes an initial cash deposit representing a small portion of the disposition price and pays the balance in regularly scheduled, non-interest bearing payments. The Company segregates the layaway item and holds it until the customer has paid the full disposition price. If the customer fails to make a required payment, the item is returned to merchandise held for disposition. The layaway fee is recognized as revenue, and any amounts previously paid toward the item are returned to the customer as store credit. Interim customer payments for layaway sales are recorded as customer deposits and subsequently recognized as revenue during the period in which the final payment is received. Merchandise Held for Disposition Merchandise held for disposition consists primarily of forfeited collateral from pawn loans not repaid and merchandise that is purchased directly from customers or from third parties. The carrying value of the forfeited collateral and other merchandise held for disposition is stated at the lower of cost (which is the cost basis in the loan or the amount paid for purchased merchandise) or fair value. The Company provides an allowance for returns and an allowance for losses based on management’s evaluation of a variety of factors, including historical shrinkage and obsolescence rates for inventory. The allowance deducted from the carrying value of merchandise held for disposition was $2.8 million and $2.4 million as of December 31, 2015 and 2014 , respectively. The allowance deducted from the carrying value of merchandise held for disposition is recorded in the Company’s balance sheets in “Merchandise held for disposition, net.” In addition, the Company provides an allowance for returns based on historical return rates. Customers can return merchandise and receive a full refund, a replacement item of comparable value or store credit if the merchandise is returned within the first seven days of purchase. Following the seven-day period and up to 30 days, customers can receive a replacement item of comparable value or store credit. Based on management’s analysis of historical refund trends, the Company provided a return allowance of $0.3 million as of December 31, 2015 and 2014 , which is recorded in the Company’s balance sheets in “Accounts payable and accrued expenses.” |
Property And Equipment | Property and Equipment Property and equipment is recorded at cost. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of income. Costs associated with repair and maintenance activities are expensed as incurred. Depreciation expense is generally provided on a straight-line basis, using the following estimated useful lives: Buildings and building improvements 7 to 40 years Leasehold improvements 2 to 10 years Furniture, fixtures and equipment 3 to 7 years Computer hardware and software 2 to 5 years |
Software Development Costs | Software Development Costs The Company applies ASC 350, Internal Use Software (“ASC 350”) to its software purchase and development activities. Under ASC 350, eligible internal and external costs incurred for software purchase and development activities, as well as for upgrades and enhancements that result in additional functionality of the applications, are capitalized. Internal and external training and maintenance costs are charged to expense as incurred or over the related service period. When a software application is placed in service, the Company begins amortizing the related capitalized software costs using the straight-line method based on its estimated useful life, which currently ranges from two to five years , except the Company’s proprietary point-of-sale system, which is being amortized over 10 years . |
Goodwill And Other Intangible Assets | Goodwill and Other Indefinite Lived Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination and is not amortized. In accordance with 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 the 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 uses the income approach to complete its annual goodwill assessment. The income approach uses future cash flows and estimated terminal values for the Company’s reporting unit that are discounted using a market participant perspective to determine the fair value of the reporting unit, which is then compared to the carrying value of that reporting unit to determine if there is impairment. The income approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other publicly-traded companies that are similar but not identical from an operational and economic standpoint. The Company completed its annual assessment of goodwill as of June 30, 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% compared to 3% as of December 31, 2014, which was shortly after the Enova Spin-off in November 2014. A change in calculation assumptions, such as an increase in the weighted-average cost of capital, could cause the carrying value of the reporting unit to exceed its fair value as of June 30, 2015, which could have potentially resulted in an impairment loss. As part of the goodwill assessment, the Company also considers the market value of its equity, which is the observable market value of the Company based on the quoted market prices of the Company’s common stock at the measurement date. The Company compares the market value of its equity to the carrying value of its equity. As of June 30, 2015, the market value of the Company’s equity was observed to be lower than the carrying value of equity. The Company’s common stock price increased from June 30, 2015 to December 31, 2015, thereby reducing the difference between the market value of the Company’s equity and the carrying value of equity. Management continues to acknowledge the need to monitor and re-evaluate any future discrepancies between these values and consider the implications for an impairment of goodwill in future periods. The Company is considered to be at risk for a future impairment of its goodwill in the event of a decline in general economic, market or business conditions, or if there are 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. There were no changes in the factors described above between the June 30, 2015 assessment and December 31, 2015 that would significantly impact the fair value of the Company and indicate 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. The Company performed its annual indefinite-lived intangible asset impairment test as of June 30, 2015 . The Company’s indefinite-lived intangible assets consist of trademarks, trade names, and licenses and had a carrying amount of $15.0 million as of June 30, 2015. The Company elected to perform a qualitative assessment in accordance with Accounting Standards Update (“ASU”) 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment , and determined that no conditions existed that would make it more likely than not that the indefinite-lived intangible assets were impaired. Therefore, no further quantitative assessment was required. There were no triggering events between the June 30, 2015 assessment and December 31, 2015 that would require a re-assessment of the Company’s indefinite-lived intangible assets. As of December 31, 2015 , the Company had $488.0 million of goodwill, of which $ 356.7 million is expected to be deductible for tax purposes. See Note 8 for additional discussion of the Company’s goodwill activity. |
Long-Lived Assets Other Than Goodwill And Other Intangible Assets | Long-Lived Assets Other Than Goodwill and Indefinite-Lived Intangible Assets An evaluation of the recoverability of property and equipment and intangible assets subject to amortization is performed whenever the facts and circumstances indicate that the carrying value may be impaired. An impairment loss is recognized if the future undiscounted cash flows associated with the asset and the estimated fair value of the asset are less than the asset’s corresponding carrying value. The amount of the impairment loss, if any, is the excess of the asset’s carrying value over its estimated fair value. The Company amortizes intangible assets subject to amortization on the basis of their expected periods of benefit, generally three to 10 years. The costs of start-up activities and organization costs are charged to expense as incurred. |
Hedging And Derivatives Activity | Hedging and Derivatives Activity As a policy, the Company does not hold, issue or trade derivative instruments for speculative purposes. The Company has formerly used foreign currency forward contracts for hedging exposure with its foreign operations although the Company no longer has foreign operations following the Enova Spin-off and the sale of its Mexico-based pawn operations. The Company may periodically enter into forward sale contracts with a major gold bullion bank to sell refined gold that is acquired in the normal course of business from the Company’s liquidation of forfeited gold merchandise. These contracts are not accounted for as derivatives because they meet the criteria for the normal purchases and normal sales scope exception in ASC 815, Derivatives and Hedging. |
Equity Securities | Equity Securities The Company has marketable equity securities that are held in its Nonqualified Savings Plan, marketable equity securities for its retained shares of Enova common stock, and a cost-method investment, each as described further below. The Company accounts for its marketable equity securities and its cost-method investment in accordance with ASC 323, Investments—Equity Method and Joint Ventures , and ASC 325, Investments—Other—Cost Method Investments , respectively. The Company holds marketable equity securities in its Nonqualified Saving Plan for certain employees. See Note 15 for a description of that plan. The securities are classified as trading securities, but the unrealized gains and losses on these securities offset and have no net impact on the Company's net income. These securities are recorded at fair value and have an offsetting liability of equal amount. The plan costs associated with these securities are included in “Operations and administration expenses” in the consolidated statements of income. The assets related to the Nonqualified Saving Plan are held in “Other Assets,” and the offsetting liability is held in “Accounts payable and accrued expenses” in the consolidated balance sheets. The Company retained approximately 20% of the outstanding shares of Enova common stock after the Enova Spin-off. The shares of Enova common stock held by the Company are classified as available-for-sale, and unrecognized gains and losses, net of tax, are recorded in “Accumulated other comprehensive income (loss)” in the consolidated statements of equity. As a result of the registration of these shares with the SEC in September 2015, these shares are carried on the consolidated balance sheet as of December 31, 2015 based on the market-determined stock price of Enova. Prior to September 2015, as the Enova shares were not-yet-registered securities with the SEC, these shares 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 these shares. The Company has an investment in a non-publicly traded entity that is not controlled by the Company, and over which the Company does not exercise significant influence. The investment is recorded using the cost method, under which the investment is carried at initial value, is adjusted for cash contributions and distributions and is subject to evaluation for impairment. The cost-method investment is included in “Other assets” on the Company’s consolidated balance sheets. The Company evaluates its marketable securities and its cost-method investment for impairment if circumstances arise that indicate that an impairment may exist. If an impairment of an equity security is determined to be other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary-impairment is identified. |
Operations And Administration Expenses | Operations and Administration Expenses Operations expenses include all expenses directly related to the Company’s storefront locations, the operations management for each operating district and region, the Company’s centralized jewelry processing center and the Company’s call centers for customer service and collections. Administration expenses include expenses related to corporate service functions. Operations and administration expenses include expenses incurred for personnel, occupancy and other charges. Personnel expenses include salaries and wages, payroll taxes, incentive expenses and health insurance. Occupancy expenses include rent, property taxes, insurance, utilities, data communication expense and maintenance. Other expenses include marketing, legal, selling, travel and other office expenses. Beginning in the first quarter of 2015, costs related to corporate office-based management supervision of the Company’s locations were reclassified from operations expense to administration expense to better align expenses with the Company’s current operating structure. Amounts in all prior periods have been reclassified to conform to this current presentation. Marketing expenses consist of marketing costs such as television, radio and print advertising and other marketing costs. Marketing costs, including the production costs associated with other marketing initiatives are expensed as incurred. These expenses are included in “Operations and administration expenses” in the consolidated statements of income. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for its stock-based employee compensation plans in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”). The Company recognizes compensation expense over the requisite service period, which is in line with the applicable vesting period for each stock-based award. For performance-based stock awards, compensation expense is originally based on the number of shares that would vest if the Company achieved the level of performance that management estimates is the most probable outcome at the grant date. Throughout the requisite service period, management monitors the probability of achievement of the performance condition and adjusts stock-based compensation expense if necessary. |
Income Taxes | Income Taxes The provision for income taxes is based on income before income taxes as reported for financial statement purposes. Deferred income taxes are provided for in accordance with the assets and liability method of accounting for income taxes in order to recognize the tax effects of temporary differences between financial statement and income tax accounting. The Company performs an evaluation of the recoverability of its deferred tax assets on a quarterly basis. The Company establishes a valuation allowance if it is more likely than not (greater than 50 percent ) that all or some portion of the deferred tax asset will not be realized. The Company analyzes several factors, including the nature and frequency of operating losses, the Company’s carryforward period for any losses, the reversal of future taxable temporary differences, the expected occurrence of future income or loss and the feasibility of available tax planning strategies to protect against the loss of deferred tax assets. The Company accounts for uncertainty in income taxes in accordance with ASC 740, Accounting for Uncertainty in Income Taxes (“ASC 740”). ASC 740 requires that a more-likely-than-not threshold be met before the benefit of a tax position may be recognized in the consolidated financial statements and prescribes how such benefit should be measured. It also provides guidance on recognition adjustment, classification, accrual of interest and penalties, accounting in interim periods, disclosure and transition. See Note 12 for further discussion. It is the Company’s policy to classify interest and penalties on income tax liabilities as interest expense and operations and administration expense, respectively. |
Net Income Per Share | Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted net income per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the year. When a net loss exists, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share computation. Restricted stock units (“RSUs”) issued under the Company’s stock-based employee compensation plans are included in diluted shares from the grant date of the award based on the treasury stock method. Performance-based RSU awards are included in diluted shares based on the level of performance that management estimates is the most probable outcome at the grant date. Throughout the requisite service period, management monitors the probability of achievement of the performance condition and adjusts the number of shares included in diluted shares accordingly. The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the years ended December 31, 2015 , 2014 and 2013 (dollars and shares in thousands, except per share amounts): For the year ended December 31, 2015 2014 2013 Numerator: Net Income (Loss) from Continuing Operations $ 27,566 $ (10,387 ) $ 59,182 Net Income from Discontinued Operations, Net of Tax — 109,025 83,346 Net Income Attributable to Cash America International, Inc. 27,566 98,638 142,528 Denominator: Total Weighted Average Basic Shares (a) 27,022 28,901 28,657 Shares Applicable to Stock-based Compensation (b) 216 92 72 Convertible Debt (c) — 348 1,884 Total Weighted Average Diluted Shares (d) 27,238 29,341 30,613 Net Income (Loss) from Continuing Operations – basic $ 1.02 $ (0.36 ) $ 2.07 Net Income from Discontinued Operations – basic $ — $ 3.77 $ 2.91 Net Income Attributable to Cash America International, Inc. - basic (f) $ 1.02 $ 3.41 $ 4.97 Net Income (Loss) from Continuing Operations – diluted (e) $ 1.01 $ (0.36 ) $ 1.93 Net Income from Discontinued Operations – diluted $ — $ 3.72 $ 2.72 Net Income Attributable to Cash America International, Inc. - diluted (f) $ 1.01 $ 3.36 $ 4.66 (a) Includes vested and deferred RSUs of 291 , 304 and 307 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”) of 32 , 32 and 31 for the years ended December 31, 2015 , 2014 and 2013 , respectively. (b) Includes shares related to unvested RSU awards. (c) On May 15, 2014, the Company called its then-outstanding $115.0 million aggregate principal amount of 5.25% Convertible Senior Notes due May 15, 2029 (the “2029 Convertible Notes”), and the noteholders elected to convert such notes. The Company settled the principal portion of the outstanding 2029 Convertible Notes in cash and issued 747,085 of the Company’s common shares related to the conversion spread. Prior to the repayment of the 2029 Convertible Notes, only the shares related to the conversion spread were included in weighted average diluted shares because the Company intended to pay the principal portion of the notes in cash. See Note 11 for further discussion of the 2029 Convertible Notes. (d) Excludes 49 , 70 , and 12 anti-dilutive shares for the years ended December 31, 2015 and 2014 and 2013 , respectively. (e) Since a net loss from continuing operations exists for the year ended December 31, 2014 , all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share calculation. (f) Earnings per share amounts included in this information may not sum due to rounding differences. |
Revision of Prior Period Financial Statement | Revision of Prior Period Financial Statement “Dividends declared per common share” on the consolidated statement of income for the year ended December 31, 2014 was revised to reflect the amount of dividends declared and paid during the year ended December 31, 2014. The previously reported amount of $0.155 per common share was revised to $0.14 per common share. Management determined that the impact on the previously-issued financial statements was immaterial. The correction had no impact on previously-reported net income available to Cash America International, Inc. |
Accounting Standards to be Adopted in Future Periods | Accounting Standards to be Adopted in Future Periods In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires that equity investments, except for those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also impacts the presentation and disclosure requirements for financial instruments. ASU 2016-01 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted only for certain provisions. The Company does not expect that the adoption of ASU 2016-01 will have a material effect on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”), which requires that deferred tax assets and liabilities be classified as non-current on the balance sheet. ASU 2015-17 eliminates the current requirement for an entity to separate deferred income tax liabilities and assets into current and non-current amounts on the balance sheet. ASU 2015-17 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2016 and can be prospectively or retrospectively applied. Early adoption is permitted. The Company does not expect that the adoption of ASU 2015-17 will have a material effect on its consolidated financial statements. In April 2015, the 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 and are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company 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. 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. |
Significant Accounting Polici30
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule Of Revenues By Geographic Region | Year Ended December 31, Revenue 2015 2014 2013 United States $ 1,029,491 $ 1,077,199 $ 1,003,961 Mexico (a) — 17,497 26,525 Total revenue $ 1,029,491 $ 1,094,696 $ 1,030,486 (a) The Company sold its Mexico-based pawn operations in August 2014. See Note 3 . |
Estimated Useful Lives | Property and Equipment Property and equipment is recorded at cost. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of income. Costs associated with repair and maintenance activities are expensed as incurred. Depreciation expense is generally provided on a straight-line basis, using the following estimated useful lives: Buildings and building improvements 7 to 40 years Leasehold improvements 2 to 10 years Furniture, fixtures and equipment 3 to 7 years Computer hardware and software 2 to 5 years |
Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share Computations | The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the years ended December 31, 2015 , 2014 and 2013 (dollars and shares in thousands, except per share amounts): For the year ended December 31, 2015 2014 2013 Numerator: Net Income (Loss) from Continuing Operations $ 27,566 $ (10,387 ) $ 59,182 Net Income from Discontinued Operations, Net of Tax — 109,025 83,346 Net Income Attributable to Cash America International, Inc. 27,566 98,638 142,528 Denominator: Total Weighted Average Basic Shares (a) 27,022 28,901 28,657 Shares Applicable to Stock-based Compensation (b) 216 92 72 Convertible Debt (c) — 348 1,884 Total Weighted Average Diluted Shares (d) 27,238 29,341 30,613 Net Income (Loss) from Continuing Operations – basic $ 1.02 $ (0.36 ) $ 2.07 Net Income from Discontinued Operations – basic $ — $ 3.77 $ 2.91 Net Income Attributable to Cash America International, Inc. - basic (f) $ 1.02 $ 3.41 $ 4.97 Net Income (Loss) from Continuing Operations – diluted (e) $ 1.01 $ (0.36 ) $ 1.93 Net Income from Discontinued Operations – diluted $ — $ 3.72 $ 2.72 Net Income Attributable to Cash America International, Inc. - diluted (f) $ 1.01 $ 3.36 $ 4.66 (a) Includes vested and deferred RSUs of 291 , 304 and 307 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”) of 32 , 32 and 31 for the years ended December 31, 2015 , 2014 and 2013 , respectively. (b) Includes shares related to unvested RSU awards. (c) On May 15, 2014, the Company called its then-outstanding $115.0 million aggregate principal amount of 5.25% Convertible Senior Notes due May 15, 2029 (the “2029 Convertible Notes”), and the noteholders elected to convert such notes. The Company settled the principal portion of the outstanding 2029 Convertible Notes in cash and issued 747,085 of the Company’s common shares related to the conversion spread. Prior to the repayment of the 2029 Convertible Notes, only the shares related to the conversion spread were included in weighted average diluted shares because the Company intended to pay the principal portion of the notes in cash. See Note 11 for further discussion of the 2029 Convertible Notes. (d) Excludes 49 , 70 , and 12 anti-dilutive shares for the years ended December 31, 2015 and 2014 and 2013 , respectively. (e) Since a net loss from continuing operations exists for the year ended December 31, 2014 , all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share calculation. (f) Earnings per share amounts included in this information may not sum due to rounding differences. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Summarized income statement and supplemented cash flow information for discontinued operations for the years ended December 31, 2014 and 2013 , is shown below (dollars in thousands, except per share data). Information for the year ended December 31, 2014 includes only income, expenses and cash flow activity prior to the date of the Enova Spin-off. Year Ended December 31, 2014 2013 Total Revenue $ 705,778 $ 766,169 Total Cost of Revenue 229,816 317,896 Net Revenue 475,962 448,273 Expenses Operations and administration 256,466 280,515 Depreciation and amortization 15,698 17,143 Total Expenses 272,164 297,658 Income from Operations 203,798 150,615 Interest expense, net (31,301 ) (19,788 ) Foreign currency transaction loss (539 ) (1,222 ) Income before Income Taxes 171,958 129,605 Provision for income taxes 62,933 46,259 Net Income from Discontinued Operations $ 109,025 $ 83,346 Diluted Income per Share from Discontinued Operations $ 3.72 $ 2.72 Year Ended December 31, 2014 2013 Cash flows from investing activities Capital expenditures $ 11,681 $ 14,872 Significant non-cash operating items Non-cash interest expense on note payable to Cash America $ — $ 19,844 Significant non-cash investing items Consumer loans renewed $ 262,458 $ 500,797 Cash paid during the year for: Interest $ 7,630 $ — Income taxes (a) $ 758 $ 170 (a) Represents cash paid for state and local income taxes. Federal income tax payments for 2014 and 2013 were made by Cash America. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Thirty Four Georgia And North Carolina Pawn Lending Locations [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The allocation of the purchase price for this acquisition is as follows (dollars in thousands): Pawn loans $ 10,510 Merchandise acquired 3,695 Pawn loan fees and service charges receivable 1,639 Property and equipment 2,631 Goodwill 35,190 Intangible assets 6,834 Other assets 1,262 Other liabilities (218 ) Customer deposits (426 ) Net assets acquired 61,117 Cash consideration payable as of December 31, 2013 (500 ) Total consideration paid for acquisition, net of cash acquired, as of December 31, 2013 60,617 Cash paid in 2014 related to holdbacks 500 Total cash paid for acquisition $ 61,117 |
Forty One Texas Pawn Lending Locations [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The allocation of the purchase price for this acquisition is as follows (dollars in thousands): Pawn loans $ 14,468 Merchandise acquired 8,024 Pawn loan fees and service charges receivable 2,094 Property and equipment 4,230 Goodwill 62,335 Intangible assets 14,404 Other assets 383 Other liabilities (829 ) Customer deposits (1,365 ) Total consideration paid for acquisition, net of cash acquired $ 103,744 |
Consumer Loans, Credit Qualit33
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 were as follows (dollars in thousands): As of December 31, 2015 2014 Short-term loans Current loans $ 26,304 $ 38,492 Delinquent loans 2,723 4,462 Total consumer loans, gross 29,027 42,954 Less: Allowance for losses (1,651 ) (2,736 ) Consumer loans, net $ 27,376 $ 40,218 Installment loans Current loans $ 2,027 $ 3,486 Delinquent loans 3,133 2,575 Total consumer loans, gross 5,160 6,061 Less: Allowance for losses (1,245 ) (1,426 ) Consumer loans, net $ 3,915 $ 4,635 Total consumer loans Current loans $ 28,331 $ 41,978 Delinquent loans 5,856 7,037 Total consumer loans, gross 34,187 49,015 Less: Allowance for losses (2,896 ) (4,162 ) Consumer loans, net $ 31,291 $ 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 years ended December 31, 2015 , 2014 and 2013 were as follows (dollars in thousands): Year Ended December 31, 2015 2014 2013 Short-term loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 2,736 $ 3,960 $ 4,039 Consumer loan loss provision 11,733 23,139 27,549 Charge-offs (18,592 ) (28,956 ) (32,972 ) Recoveries 5,774 4,593 5,344 Balance at end of period $ 1,651 $ 2,736 $ 3,960 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 402 $ 272 $ 308 Consumer loan loss provision (372 ) 130 (36 ) Balance at end of period $ 30 $ 402 $ 272 Installment loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 1,426 $ 951 $ 740 Consumer loan loss provision 10,446 7,840 5,652 Charge-offs (11,797 ) (9,229 ) (6,688 ) Recoveries 1,170 1,864 1,247 Balance at end of period $ 1,245 $ 1,426 $ 951 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 658 $ 758 $ 564 Consumer loan loss provision 1,298 (100 ) 194 Balance at end of period $ 1,956 $ 658 $ 758 Total consumer loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 4,162 $ 4,911 $ 4,779 Consumer loan loss provision 22,179 30,979 33,201 Charge-offs (30,389 ) (38,185 ) (39,660 ) Recoveries 6,944 6,457 6,591 Balance at end of period $ 2,896 $ 4,162 $ 4,911 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 1,060 $ 1,030 $ 872 Consumer loan loss provision 926 30 158 Balance at end of period $ 1,986 $ 1,060 $ 1,030 |
Prepaid Expenses And Other As34
Prepaid Expenses And Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Prepaid Expense and Other Assets [Abstract] | |
Summary Of Prepaid Expenses And Other Assets | Prepaid expenses and other assets as of December 31, 2015 and 2014 were as follows (dollars in thousands): As of December 31, 2015 2014 Nonqualified plan-related assets $ 10,576 $ 12,838 Due from third-party lender 4,780 1,267 Prepaid insurance 1,392 1,621 Prepaid hardware and software maintenance 2,028 2,475 Other prepaid expenses and receivables 3,866 3,176 Total $ 22,642 $ 21,377 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Classifications Of Property And Equipment | Major classifications of property and equipment as of December 31, 2015 and 2014 were as follows (dollars in thousands): As of December 31, 2015 2014 Cost Accumulated Depreciation Net Cost Accumulated Depreciation Net Land $ 6,291 $ — $ 6,291 $ 5,335 $ — $ 5,335 Buildings and leasehold improvements 240,295 (160,865 ) 79,430 237,247 (146,698 ) 90,549 Furniture, fixtures and equipment 156,196 (126,065 ) 30,131 155,150 (114,577 ) 40,573 Computer software 144,397 (88,651 ) 55,746 139,277 (74,680 ) 64,597 Total $ 547,179 $ (375,581 ) $ 171,598 $ 537,009 $ (335,955 ) $ 201,054 |
Goodwill And Other Intangible36
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In The Carrying Value Of Goodwill | Changes in the carrying value of goodwill for the years ended December 31, 2015 and 2014 are shown in the table below (dollars in thousands): 2015 2014 Balance as of January 1, $ 487,569 $ 495,214 Acquisitions 453 165 Divestitures — (7,508 ) Effect of foreign currency translations — (302 ) Balance as of December 31, $ 488,022 $ 487,569 |
Acquired Intangible Assets Subject To Amortization | Acquired intangible assets subject to amortization as of December 31, 2015 and 2014 , were as follows (dollars in thousands): As of December 31, 2015 2014 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Non-competition agreements $ 18,928 $ (15,098 ) $ 3,830 $ 18,848 $ (13,520 ) $ 5,328 Customer relationships 45,763 (25,131 ) 20,632 45,771 (20,407 ) 25,364 Trademarks and other 586 (494 ) 92 586 (451 ) 135 Total $ 65,277 $ (40,723 ) $ 24,554 $ 65,205 $ (34,378 ) $ 30,827 |
Estimated Future Amortization Expense | : |
Accounts Payable And Accrued 37
Accounts Payable And Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable And Accrued Expenses | Accounts payable and accrued expenses as of December 31, 2015 and 2014 , were as follows (dollars in thous ands): As of December 31, 2015 2014 Trade accounts payable $ 18,182 $ 13,800 Accrued taxes, other than income taxes 5,936 8,242 Accrued payroll, annual incentive and fringe benefits 32,123 41,613 Accrued interest payable 1,648 1,658 Accrual for consumer loan payments rejected for non-sufficient funds 570 1,049 Deferred CSO fees 9,933 3,025 Liability for losses on third-party lender-owned consumer loans 1,986 1,060 Other accrued liabilities 4,208 3,884 Total $ 74,586 $ 74,331 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule Of Long-Term Debt | The Company’s long-term debt instruments and balances outstanding as of December 31, 2015 and 2014 , were as follows (dollars in thousands): As of December 31, 2015 2014 Line of credit due 2018 $ 27,108 $ — 5.75% senior unsecured notes due 2018 184,450 196,470 Total long-term debt $ 211,558 $ 196,470 |
Annual Maturities Of Outstanding Long-Term Debt |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components Of Deferred Tax Assets And Liabilities | The components of the Company’s deferred tax assets and liabilities as of December 31, 2015 and 2014 were as follows (dollars in thousands): As of December 31, 2015 2014 Deferred tax assets: Deferred finish-out allowances from lessors $ 226 $ 157 Tax over book accrual of pawn loan fees and service charges 4,903 4,752 Allowance for consumer loan losses 1,768 1,778 Deferred compensation 12,941 8,524 Deferred state credits and net operating losses 2,334 1,358 Other 1,540 2,548 Total deferred tax assets 23,712 19,117 Deferred tax liabilities: Amortizable intangible assets $ 54,264 $ 46,551 Property and equipment 23,694 32,359 Investment in equity securities 7,828 39,294 Other 1,156 1,165 Total deferred tax liabilities 86,942 119,369 Net deferred tax liabilities before valuation allowance $ (63,230 ) $ (100,252 ) Valuation allowance (1,142 ) — Net deferred tax liabilities after valuation allowance $ (64,372 ) (100,252 ) Balance sheet classification: Current deferred tax assets (liabilities) $ 7,672 $ (27,820 ) Noncurrent deferred tax liabilities (72,044 ) (72,432 ) Net deferred tax liabilities $ (64,372 ) $ (100,252 ) |
Components Of Provision For Income Taxes | The components of the provision for income taxes and the income to which it relates for the years ended December 31, 2015 , 2014 and 2013 , were as follows (dollars in thousands): Year Ended December 31, 2015 2014 2013 Income (loss) from continuing operations before income taxes: Domestic $ 43,044 $ (7,938 ) $ 47,475 Foreign — (408 ) (3,490 ) Income (loss) from continuing operations before income taxes 43,044 (8,346 ) 43,985 Current provision (benefit): Federal $ 19,741 $ (12,823 ) $ (20,908 ) Foreign — 531 (752 ) State and local 118 1,291 2,098 Total current provision (benefit) for income taxes 19,859 (11,001 ) (19,562 ) Deferred (benefit) provision: Federal $ (4,524 ) $ 12,962 $ 3,740 State and local 143 80 317 Total deferred (benefit) provision for income taxes (4,381 ) 13,042 4,057 Total provision (benefit) for income taxes $ 15,478 $ 2,041 $ (15,505 ) |
Schedule of Income Tax Expense(benefit) Continuing and Discontinued Operations [Table Text Block] | Income tax expense included in the Company’s income (loss) from continuing and discontinued operations, respectively, is as follows (dollars in thousands): Year Ended December 31, 2015 2014 2013 Continuing operations $ 15,478 $ 2,041 $ (15,505 ) Discontinued operations — 62,933 46,259 Total $ 15,478 $ 64,974 $ 30,754 |
Reconciliation Of Effective Tax Rate | A reconciliation of income taxes for continuing operations with amounts computed at the statutory federal rate is as follows (dollars in thousands): Year Ended December 31, 2015 2014 2013 Tax provision (benefit) computed at the federal statutory income tax rate $ 15,063 $ (2,922 ) $ 15,396 State and local income taxes, net of federal tax benefits (973 ) 818 1,883 Nondeductible lobbying 111 639 553 Foreign tax difference (1 ) 216 (221 ) Investment in subsidiaries (a) — — (23,907 ) Valuation allowance 1,142 (11,266 ) (8,915 ) Non-recoverable foreign net deferred tax assets — 12,042 — Non-deductible goodwill — 2,232 — Tax effect of Regulatory Penalty (b) — — 895 Change in reserve for uncertain tax benefits, net — — (1,021 ) Other 136 282 (168 ) Total provision (benefit) $ 15,478 $ 2,041 $ (15,505 ) Effective tax rate 36.0 % (24.5 )% (35.3 )% (a) Relates to the Creazione Deduction for the year ended December 31, 2013. (b) Represents the tax effect of the $2.5 million penalty paid to the CFPB, which is nondeductible for tax purposes, in connection with the Regulatory Penalty. See Note 13 . |
Aggregate Change In Balance Of Unrecognized Tax Benefits | The aggregate change in the balance of the unrecognized tax benefits for the years ended December 31, 2015 , 2014 and 2013 is summarized below (dollars in thousands): 2015 2014 2013 Balance as of January 1, $ — $ — $ 1,021 Decrease due to lapse of statute of limitations — — (1,021 ) Balance as of December 31, $ — $ — $ — |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rentals Due Under Non-Cancelable Leases | Future minimum rentals due under non-cancelable leases are as follows for each of the years ending December 31 (dollars in thousands): 2016 2017 2018 2019 2020 Thereafter Total Future minimum rentals due under non-cancelable leases 55,807 45,553 37,084 29,282 18,965 33,250 $ 219,941 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Aggregate Shares Purchased | Year Ended December 31, 2015 2014 2013 Shares purchased under October 2015 Authorization, January 2015 Authorization and 2013 Authorization 4,015,866 62,909 966,700 Aggregate amount (in thousands) $ 103,874 $ 1,343 $ 46,052 Average price paid per share $ 25.87 $ 21.35 $ 47.64 |
Activities Of Non-Qualified Savings Plan During Each Of Three Years | Activities during each of the three years ended December 31 are summarized as follows (dollars in thousands): Year Ended December 31, 2015 2014 2013 Purchases: Number of shares 244 120 99 Aggregate amount $ 6 $ 4 $ 4 |
Components Of Accumulated Other Comprehensive Income (Loss) | Components of AOCI, after tax, for the years ended December 31, 2015 , 2014 and 2013 are shown below (dollars in thousands): Foreign Currency Translation Gain (Loss), Net of Tax Marketable Securities Gain (Loss), Net of Tax Total Balance as of January 1, 2013 $ 2,874 $ 254 $ 3,128 Other comprehensive income before reclassifications 1,775 373 2,148 Amounts reclassified from AOCI — (627 ) (627 ) Net change in AOCI 1,775 (254 ) 1,521 Balance as of December 31, 2013 4,649 — 4,649 Other comprehensive (loss) income (7,255 ) 71,959 64,704 Spin-off of Enova 2,606 — 2,606 Net change in AOCI (4,649 ) 71,959 67,310 Balance as of December 31, 2014 — 71,959 71,959 Other comprehensive loss before reclassifications — (56,028 ) (56,028 ) Amounts reclassified from AOCI — (1,089 ) (1,089 ) Net change in AOCI — (57,117 ) (57,117 ) Balance as of December 31, 2015 $ — $ 14,842 $ 14,842 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Amounts Included In The Consolidated Balance Sheets Relating To The Nonqualified Savings Plan And The SERP | Amounts included in the consolidated balance sheets relating to the Nonqualified Savings Plan and the SERP as of December 31, 2015 and 2014 were as follows (dollars in thousands): As of December 31, 2015 2014 Prepaid expenses and other assets $ 10,576 $ 12,259 Accounts payable and accrued expenses 10,576 12,259 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Restricted Stock Unit Activity | The following table summarizes the RSU activity for the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Units Weighted Average Fair Value at Date of Grant (a) Units Weighted Average Fair Value at Date of Grant (a) Units Weighted Average Fair Value at Date of Grant (a) Outstanding at beginning of year 1,116,893 $ 29.36 766,695 $ 36.06 772,322 $ 32.57 Units granted 292,776 22.53 666,172 27.22 190,846 49.82 Shares issued (b) (112,757 ) 37.08 (154,851 ) 40.32 (127,087 ) 34.48 Units forfeited (109,128 ) 32.35 (161,123 ) 41.90 (69,386 ) 37.91 Outstanding at end of year 1,187,784 $ 26.67 1,116,893 $ 29.36 766,695 $ 36.06 Units vested at end of year 290,754 $ 25.70 303,276 $ 25.50 311,546 $ 24.98 |
Supplemental Disclosures Of C44
Supplemental Disclosures Of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Cash And Non-Cash Activities | The following table sets forth certain cash and non-cash activities for the Company’s continuing operations for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): Year Ended December 31, 2015 2014 2013 Cash paid during the year for: Interest $ 12,686 $ 26,528 $ 28,223 Income taxes 7,474 36,506 37,779 Non-cash investing and financing activities: Pawn loans forfeited and transferred to merchandise held for disposition $ 352,155 $ 364,157 $ 329,653 Pawn loans renewed 212,745 254,400 269,559 Consumer loans renewed 7,541 8,432 9,674 Shares of Enova common stock distributed under stock-based plans (See Note 9) 1,551 — — Liabilities assumed in acquisitions — — 3,132 Spin-off of Enova (See Note 2) — 79,640 — Fair value of shares issued for conversion of convertible debt (See Note 11) — 31,727 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets (Liabilities) Measured On Recurring Basis | The Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2015 and 2014 are as follows (dollars in thousands): December 31, Fair Value Measurements Using 2015 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Director Deferred Shares $ 10,767 $ 10,767 $ — $ — Investment in equity securities 42,613 42,613 — — Total $ 53,380 $ 53,380 $ — $ — December 31, Fair Value Measurements Using 2014 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Director Deferred 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 December 31, 2015 and 2014 that are not measured at fair value in the consolidated balance sheets are as follows (dollars in thousands): Carrying Value Estimated Fair Value December 31, December 31, Fair Value Measurement Using 2015 2015 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 23,153 $ 23,153 $ 23,153 $ — $ — Pawn loans 248,713 248,713 — — 248,713 Short-term loans, net 27,376 27,376 — — 27,376 Installment loans, net 3,915 3,915 — — 3,915 Pawn loan fees and service charges receivable 52,798 52,798 — — 52,798 Total $ 355,955 $ 355,955 $ 23,153 $ — $ 332,802 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 1,986 $ 1,986 $ — $ — $ 1,986 Line of credit 27,108 28,154 — 28,154 — Senior unsecured notes 184,450 185,603 — 185,603 — Total $ 213,544 $ 215,743 $ — $ 213,757 $ 1,986 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 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Results Of Operations | The following is a summary of the quarterly results of operations for the years ended December 31, 2015 and 2014 (dollars in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter 2015 (a) Total revenue $ 271,762 $ 236,464 $ 241,190 $ 280,075 Cost of revenue 124,671 102,473 106,230 128,973 Net revenue 147,091 133,991 134,960 151,102 Net income attributable to Cash America International, Inc. 7,845 2,071 5,038 12,612 Diluted net income per share $ 0.27 $ 0.08 $ 0.19 $ 0.49 Diluted weighted average common shares 28,780 27,508 26,773 25,865 2014 (a) Total revenue $ 284,635 $ 253,608 $ 267,010 $ 289,443 Cost of revenue 132,162 112,359 122,907 137,718 Net revenue 152,473 141,249 144,103 151,725 Net income (loss) from continuing operations 3,237 (11,746 ) (9,370 ) 7,492 Net income from discontinued operations 42,500 32,717 19,286 14,522 Net income attributable to Cash America International, Inc. 45,737 20,971 9,916 22,014 Diluted net income (loss) per share - continuing operations (b) $ 0.11 $ (0.41 ) $ (0.32 ) $ 0.26 Diluted net income per share - discontinued operations $ 1.44 $ 1.12 $ 0.66 $ 0.50 Diluted net income per share $ 1.55 $ 0.72 $ 0.34 $ 0.75 Diluted weighted average common shares 29,500 29,256 29,312 29,284 (a) The sum of the quarterly per share amounts may not sum to each full year amount presented in the Company’s financial statements because these calculations are made independently for each quarter and for the full year and take into account the weighted average number of common shares outstanding for each period, including the effect of dilutive securities for that period. |
Significant Accounting Polici47
Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2015 | Nov. 13, 2014 | |
Significant Accounting Policies [Line Items] | |||||
Restricted Cash | $ 27 | $ 0 | $ 8,000 | ||
Number of Operating Segments | 1 | ||||
Spin off transaction, percentage of common stock distributed | 80.00% | ||||
Term of pawn loans (in days) | 90 days | ||||
Allowance on carrying value of disposition | $ (2,800) | (2,400) | |||
Return allowance | 300 | 300 | |||
Marketing Expense | $ 6,300 | 8,000 | $ 12,400 | ||
Days for delinquent loans to be charged off | 60 days | ||||
Cash And Cash Equivalent Maturity Period | 90 days | ||||
Indefinite lived intangible assets | $ 15,000 | ||||
Goodwill expected to be tax deductible | $ 356,700 | ||||
Goodwill | $ 488,022 | $ 487,569 | $ 495,214 | ||
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% | ||||
Dividends declared per common share | $ 0.200 | $ 0.140 | $ 0.140 | ||
Point Of Sale System [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Finite-Lived Intangible Assets Useful Life | 10 years | ||||
Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Additional grace period (in days) | 10 days | ||||
Term of pawn loans (in days) | 30 days | ||||
Delinquent loans expiry period (in days) | 1 day | ||||
Minimum [Member] | Software Development [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Finite-Lived Intangible Assets Useful Life | 2 years | ||||
Minimum [Member] | Goodwill And Other Intangible Assets [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Finite-Lived Intangible Assets Useful Life | 3 years | ||||
Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Additional grace period (in days) | 60 days | ||||
Term of pawn loans (in days) | 90 days | ||||
Delinquent loans expiry period (in days) | 59 days | ||||
Maximum [Member] | Software Development [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Finite-Lived Intangible Assets Useful Life | 5 years | ||||
Maximum [Member] | Goodwill And Other Intangible Assets [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Finite-Lived Intangible Assets Useful Life | 10 years | ||||
Scenario, Previously Reported [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Dividends declared per common share | $ 0.155 |
Significant Accounting Polici48
Significant Accounting Policies Schedule Of Revenues By Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | $ 280,075 | $ 241,190 | $ 236,464 | $ 271,762 | $ 289,443 | $ 267,010 | $ 253,608 | $ 284,635 | $ 1,029,491 | $ 1,094,696 | $ 1,030,486 | |
United States [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | 1,029,491 | 1,077,199 | 1,003,961 | |||||||||
Mexico [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | [1] | $ 0 | $ 17,497 | $ 26,525 | ||||||||
[1] | The Company sold its Mexico-based pawn operations in August 2014. See Note 3. |
Significant Accounting Polici49
Significant Accounting Policies (Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Building And Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Building And Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Furniture Fixtures And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Furniture Fixtures And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer Hardware And Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Computer Hardware And Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Significant Accounting Polici50
Significant Accounting Policies (Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | May. 15, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 14, 2014 | ||||||||
Net Income (Loss) from Continuing Operations | $ 7,492 | $ (9,370) | $ (11,746) | $ 3,237 | $ 27,566 | $ (10,387) | $ 59,182 | ||||||||||||||
Net Income from Discontinued Operations, Net of Tax | 14,522 | 19,286 | 32,717 | 42,500 | 0 | 109,025 | 83,346 | ||||||||||||||
Net income attributable to Cash America International, Inc. | $ 12,612 | $ 5,038 | $ 2,071 | $ 7,845 | $ 22,014 | $ 9,916 | $ 20,971 | $ 45,737 | $ 27,566 | $ 98,638 | $ 142,528 | ||||||||||
Total weighted average basic shares | [1] | 27,022,000 | 28,901,000 | 28,657,000 | |||||||||||||||||
Shares applicable to stock-based compensation | [2] | 216,000 | 92,000 | 72,000 | |||||||||||||||||
Convertible debt | [3] | 0 | 348,000 | 1,884,000 | |||||||||||||||||
Total weighted average diluted shares | 25,865,000 | 26,773,000 | 27,508,000 | 28,780,000 | 29,284,000 | 29,312,000 | 29,256,000 | 29,500,000 | 27,238,000 | [4] | 29,341,000 | [4] | 30,613,000 | [4] | |||||||
Basic earnings per share - continuing operations | $ 1.02 | $ (0.36) | $ 2.07 | ||||||||||||||||||
Diluted earnings per share - discontinued operations | $ 0.50 | $ 0.66 | $ 1.12 | $ 1.44 | 0 | 3.72 | 2.72 | ||||||||||||||
Net income - basic | 1.02 | 3.41 | 4.97 | ||||||||||||||||||
Diluted earnings per share - continuing operations | 0.26 | [5] | (0.32) | [5] | (0.41) | [5] | 0.11 | [5] | 1.01 | (0.36) | 1.93 | ||||||||||
Basic earnings per share - discontinued operations | 0 | 3.77 | 2.91 | ||||||||||||||||||
Net income - diluted | $ 0.49 | $ 0.19 | $ 0.08 | $ 0.27 | $ 0.75 | [6] | $ 0.34 | [6] | $ 0.72 | [6] | $ 1.55 | [6] | $ 1.01 | $ 3.36 | $ 4.66 | ||||||
Vested restricted stock units, in shares | 291,000 | 304,000 | 307,000 | ||||||||||||||||||
Non-qualified savings plan, in shares | 32,000 | 32,000 | 31,000 | ||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 49,000 | 70,000 | 12,000 | ||||||||||||||||||
5.25% Convertible Senior Notes Due 2029 [Member] | |||||||||||||||||||||
Debt instrument, interest rate | 5.25% | 5.25% | |||||||||||||||||||
Debt Instrument, Face Amount | $ 115,000 | ||||||||||||||||||||
Purchase and conversion of convertible debt, shares | 747,085 | ||||||||||||||||||||
[1] | Includes vested and deferred RSUs of 291, 304 and 307 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”) of 32, 32 and 31 for the years ended December 31, 2015, 2014 and 2013, respectively. | ||||||||||||||||||||
[2] | Includes shares related to unvested RSU awards. | ||||||||||||||||||||
[3] | On May 15, 2014, the Company called its then-outstanding $115.0 million aggregate principal amount of 5.25% Convertible Senior Notes due May 15, 2029 (the “2029 Convertible Notes”), and the noteholders elected to convert such notes. The Company settled the principal portion of the outstanding 2029 Convertible Notes in cash and issued 747,085 of the Company’s common shares related to the conversion spread. Prior to the repayment of the 2029 Convertible Notes, only the shares related to the conversion spread were included in weighted average diluted shares because the Company intended to pay the principal portion of the notes in cash. See Note 11 for further discussion of the 2029 Convertible Notes. | ||||||||||||||||||||
[4] | Excludes 49, 70, and 12 anti-dilutive shares for the years ended December 31, 2015 and 2014 and 2013, respectively. (e) Since a net loss from continuing operations exists for the year ended December 31, 2014, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share calculation. | ||||||||||||||||||||
[5] | Since a net loss exists for the second and third quarters of 2014, all potentially dilutive securities are anti-dilutive and are therefore excluded from the per-share calculations. | ||||||||||||||||||||
[6] | The sum of the quarterly per share amounts may not sum to each full year amount presented in the Company’s financial statements because these calculations are made independently for each quarter and for the full year and take into account the weighted average number of common shares outstanding for each period, including the effect of dilutive securities for that period. For information about the Company’s calculation of diluted weighted average common shares, see Note 1. |
Discontinued Operations Income
Discontinued Operations Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 13, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Consumer loan fees | $ 82,501 | $ 97,674 | $ 113,211 | |||||
Other | 7,246 | 7,648 | 10,037 | |||||
Consumer loan loss provision | 23,105 | 31,009 | 33,359 | |||||
Interest income | 100 | 7,647 | 19,862 | |||||
Net income from discontinued operations | $ 14,522 | $ 19,286 | $ 32,717 | $ 42,500 | $ 0 | $ 109,025 | $ 83,346 | |
Diluted income per share from discontinued operations | $ 0.50 | $ 0.66 | $ 1.12 | $ 1.44 | $ 0 | $ 3.72 | $ 2.72 | |
Net Asset Distributed | $ 79,640 | $ 0 | $ 79,640 | $ 0 | ||||
Enova [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Total revenue | 705,778 | 766,169 | ||||||
Total cost of revenue | 229,816 | 317,896 | ||||||
Net revenue | 475,962 | 448,273 | ||||||
Operating and administration | 256,466 | 280,515 | ||||||
Depreciation and amortization | 15,698 | 17,143 | ||||||
Total expense | 272,164 | 297,658 | ||||||
Income from operations | 203,798 | 150,615 | ||||||
Interest Expense | (31,301) | (19,788) | ||||||
Foreign currency transaction gain (loss) | (539) | (1,222) | ||||||
Income before income taxes | 171,958 | 129,605 | ||||||
Provision for income taxes | 62,933 | 46,259 | ||||||
Net income from discontinued operations | $ 109,025 | $ 83,346 | ||||||
Diluted income per share from discontinued operations | $ 3.72 | $ 2.72 | ||||||
Net Asset Distributed | $ 79,600 |
Discontinued Operations Supplem
Discontinued Operations Supplemental Cash Flow (Details) - Enova [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Capital Expenditure, Discontinued Operations | $ 11,681 | $ 14,872 | |
Noncash Interest Expense Discontinued Operations | 0 | 19,844 | |
Consumer Loans Renewed | 262,458 | 500,797 | |
Interest Paid, Discontinued Operations | 7,630 | 0 | |
Income Taxes Paid Discontinued Operations | [1] | $ 758 | $ 170 |
[1] | Represents cash paid for state and local income taxes. Federal income tax payments for 2014 and 2013 were made by Cash America. |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Aug. 26, 2014USD ($) | Dec. 31, 2015USD ($)store | Dec. 31, 2014USD ($)store | Dec. 31, 2013USD ($)store | Aug. 27, 2014store | Aug. 25, 2014USD ($)store |
Business Acquisition [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | $ 307 | $ (5,176) | $ 0 | |||
Goodwill | $ 488,022 | 487,569 | $ 495,214 | |||
Thirty Four Georgia And North Carolina Pawn Lending Locations [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of stores | store | 34 | |||||
Acquisition costs | $ 600 | |||||
Net assets acquired | 61,117 | |||||
Business acquisition purchase price | 61,117 | 61,100 | ||||
Other Payments to Acquire Businesses | $ 500 | |||||
Goodwill | $ 35,190 | |||||
Thirty One Georgia Pawn Lending Locations [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of stores | store | 31 | |||||
Three North Carolina Pawn Lending Locations [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of stores | store | 3 | |||||
Forty One Texas Pawn Lending Locations [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of stores | store | 41 | |||||
Acquisition costs | $ 400 | |||||
Business acquisition purchase price | 103,744 | |||||
Goodwill | $ 62,335 | |||||
Other Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of stores | store | 2 | 1 | 1 | |||
Business acquisition purchase price | $ 1,100 | $ 700 | $ 700 | |||
Other Divestitures [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of stores | store | 12 | |||||
Proceeds from Divestiture of Businesses | $ 2,900 | |||||
Mexico Divestitures [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of stores | store | 47 | |||||
Proceeds from Divestiture of Businesses | $ 18,500 | |||||
Gain (Loss) on Disposition of Business | 2,800 | |||||
Gain (Loss) on Sale of Accounts Receivable | 2,100 | |||||
Goodwill | $ 6,400 | |||||
Colorado Divestiture | ||||||
Business Acquisition [Line Items] | ||||||
Number of stores | store | 5 | |||||
Proceeds from Divestiture of Businesses | 3,000 | |||||
Gain (Loss) on Disposition of Business | $ (300) |
Acquisitions (Schedule Of Purch
Acquisitions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 488,022 | $ 487,569 | $ 495,214 |
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,109 | 1,207 | 165,284 |
Thirty Four Georgia And North Carolina Pawn Lending Locations [Member] | |||
Business Acquisition [Line Items] | |||
Pawn loans | 10,510 | ||
Merchandise acquired | 3,695 | ||
Pawn loan fees and service charges receivable | 1,639 | ||
Property and equipment | 2,631 | ||
Goodwill | 35,190 | ||
Intangible assets, net | 6,834 | ||
Other assets | 1,262 | ||
Other liabilities | (218) | ||
Customer deposits | (426) | ||
Cash consideration payable | (500) | ||
Payments to Acquire Businesses, Net of Cash Acquired | 60,617 | ||
Business acquisition purchase price | 61,117 | 61,100 | |
Other Payments to Acquire Businesses | $ 500 | ||
Assets Acquired, Net | 61,117 | ||
Forty One Texas Pawn Lending Locations [Member] | |||
Business Acquisition [Line Items] | |||
Pawn loans | 14,468 | ||
Merchandise acquired | 8,024 | ||
Pawn loan fees and service charges receivable | 2,094 | ||
Property and equipment | 4,230 | ||
Goodwill | 62,335 | ||
Intangible assets, net | 14,404 | ||
Other assets | 383 | ||
Other liabilities | (829) | ||
Customer deposits | (1,365) | ||
Business acquisition purchase price | $ 103,744 |
Credit Quality Information On55
Credit Quality Information On Pawn Loans (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Credit Quality Information On Pawn Loans [Abstract] | ||
Performing pawn loans outstanding | $ 241.6 | $ 244.1 |
Delinquent pawn loans outstanding | $ 7.1 | $ 8 |
Consumer Loans, Credit Qualit56
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 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||||
Current loans | $ 28,331 | $ 41,978 | ||
Delinquent loans | 5,856 | 7,037 | ||
Total consumer loans, gross | 34,187 | 49,015 | ||
Less: Allowance for losses | (2,896) | (4,162) | $ (4,911) | $ (4,779) |
Consumer loans, net | 31,291 | 44,853 | ||
Short Term Loans [Member] | ||||
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||||
Current loans | 26,304 | 38,492 | ||
Delinquent loans | 2,723 | 4,462 | ||
Total consumer loans, gross | 29,027 | 42,954 | ||
Less: Allowance for losses | (1,651) | (2,736) | (3,960) | (4,039) |
Consumer loans, net | 27,376 | 40,218 | ||
Installment Loans [Member] | ||||
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||||
Current loans | 2,027 | 3,486 | ||
Delinquent loans | 3,133 | 2,575 | ||
Total consumer loans, gross | 5,160 | 6,061 | ||
Less: Allowance for losses | (1,245) | (1,426) | $ (951) | $ (740) |
Consumer loans, net | $ 3,915 | $ 4,635 |
Consumer Loans, Credit Qualit57
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans (Changes In Allowance For Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for losses for Company-owned consumer loans: | |||
Balance at beginning of period | $ 4,162 | $ 4,911 | $ 4,779 |
Consumer loan loss provision | 22,179 | 30,979 | 33,201 |
Charge-offs | (30,389) | (38,185) | (39,660) |
Recoveries | (6,944) | (6,457) | (6,591) |
Balance at end of period | 2,896 | 4,162 | 4,911 |
Liability for third-party lender-owned consumer loans: | |||
Balance at beginning of period | 1,060 | 1,030 | 872 |
(Decrease) increase in liability | 926 | 30 | 158 |
Balance at end of period | 1,986 | 1,060 | 1,030 |
Short Term Loans [Member] | |||
Allowance for losses for Company-owned consumer loans: | |||
Balance at beginning of period | 2,736 | 3,960 | 4,039 |
Consumer loan loss provision | 11,733 | 23,139 | 27,549 |
Charge-offs | (18,592) | (28,956) | (32,972) |
Recoveries | (5,774) | (4,593) | (5,344) |
Balance at end of period | 1,651 | 2,736 | 3,960 |
Liability for third-party lender-owned consumer loans: | |||
Balance at beginning of period | 402 | 272 | 308 |
(Decrease) increase in liability | (372) | 130 | (36) |
Balance at end of period | 30 | 402 | 272 |
Installment Loans [Member] | |||
Allowance for losses for Company-owned consumer loans: | |||
Balance at beginning of period | 1,426 | 951 | 740 |
Consumer loan loss provision | 10,446 | 7,840 | 5,652 |
Charge-offs | (11,797) | (9,229) | (6,688) |
Recoveries | (1,170) | (1,864) | (1,247) |
Balance at end of period | 1,245 | 1,426 | 951 |
Liability for third-party lender-owned consumer loans: | |||
Balance at beginning of period | 658 | 758 | 564 |
(Decrease) increase in liability | 1,298 | (100) | 194 |
Balance at end of period | $ 1,956 | $ 658 | $ 758 |
Prepaid Expenses And Other As58
Prepaid Expenses And Other Assets (Summary Of Prepaid Expenses And Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaid Expense and Other Assets [Abstract] | ||
Nonqualified plan related assets | $ 10,576 | $ 12,838 |
Due from third-party lender | 4,780 | 1,267 |
Prepaid insurance | 1,392 | 1,621 |
Prepaid hardware and software maintenance | 2,028 | 2,475 |
Other prepaid expenses | 3,866 | 3,176 |
Total | $ 22,642 | $ 21,377 |
Property And Equipment (Details
Property And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Cost | $ 547,179 | $ 537,009 | |
Accumulated Depreciation | (375,581) | (335,955) | |
Net | 171,598 | 201,054 | |
Depreciation expense | 49,800 | 54,400 | $ 50,600 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 6,291 | 5,335 | |
Accumulated Depreciation | 0 | 0 | |
Net | 6,291 | 5,335 | |
Buildings And Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 240,295 | 237,247 | |
Accumulated Depreciation | (160,865) | (146,698) | |
Net | 79,430 | 90,549 | |
Furniture Fixtures And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 156,196 | 155,150 | |
Accumulated Depreciation | (126,065) | (114,577) | |
Net | 30,131 | 40,573 | |
Computer Software Intangible Asset [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 144,397 | 139,277 | |
Accumulated Depreciation | (88,651) | (74,680) | |
Net | $ 55,746 | $ 64,597 |
Goodwill And Other Intangible60
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2015 | |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Amortization expense for acquired intangible assets | $ 6.4 | $ 6.6 | $ 5.5 | |
Indefinite lived intangible assets | $ 15 | |||
Noncompete Agreements [Member] | Minimum [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Amortization period, in years | 2 years | |||
Noncompete Agreements [Member] | Maximum [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Amortization period, in years | 10 years | |||
Customer Relationships [Member] | Minimum [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Amortization period, in years | 3 years | |||
Customer Relationships [Member] | Maximum [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Amortization period, in years | 10 years | |||
Licensing Agreements [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Indefinite lived intangible assets | $ 9.7 | 9.7 | ||
Trademarks [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Indefinite lived intangible assets | $ 5.3 | $ 5.3 | ||
Trademarks [Member] | Minimum [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Amortization period, in years | 1 year | |||
Trademarks [Member] | Maximum [Member] | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Amortization period, in years | 3 years |
Goodwill And Other Intangible61
Goodwill And Other Intangible Assets (Changes In The Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 487,569 | $ 495,214 |
Acquisitions | 453 | 165 |
Divestitures | 0 | (7,508) |
Effect of foreign currency translation | 0 | (302) |
Goodwill, Ending Balance | $ 488,022 | $ 487,569 |
Goodwill And Other Intangible62
Goodwill And Other Intangible Assets (Acquired Intangible Assets Subject To Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 65,277 | $ 65,205 |
Accumulated Amortization | (40,723) | (34,378) |
Net | 24,554 | 30,827 |
Noncompete Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | 18,928 | 18,848 |
Accumulated Amortization | (15,098) | (13,520) |
Net | 3,830 | 5,328 |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | 45,763 | 45,771 |
Accumulated Amortization | (25,131) | (20,407) |
Net | 20,632 | 25,364 |
Trademarks and other[Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | 586 | 586 |
Accumulated Amortization | (494) | (451) |
Net | $ 92 | $ 135 |
Goodwill And Other Intangible63
Goodwill And Other Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 6,079 |
2,017 | 5,491 |
2,018 | 5,190 |
2,019 | 4,747 |
2,020 | 2,355 |
Total future amortization | $ 23,862 |
Investments In Enova (Details)
Investments In Enova (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | ||
Schedule of Investments [Line Items] | ||||
Gain on disposition of equity securities | $ | $ 1,688 | $ 0 | $ 0 | |
Change in fair value of marketable securities | $ | $ (57,117) | $ 71,959 | $ (254) | |
Shares held at beginning | 6,596,927 | |||
Shares held at period end | 6,596,927 | |||
Enova [Member] | ||||
Schedule of Investments [Line Items] | ||||
Shares held at beginning | 6,596,927 | |||
Forfeitures | 0 | |||
Shares issued | (90,052) | |||
Withheld | (31,264) | |||
Shares held at period end | 6,475,611 | 6,596,927 | ||
% ownership of Enova | 0.1962 | |||
Enova [Member] | Common Stock [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, at Cost | $ | $ 19,600 | |||
Change in fair value of marketable securities | $ | $ 23,000 | |||
Enova [Member] | Marketable securities, net of tax | ||||
Schedule of Investments [Line Items] | ||||
Shares held at beginning | [1] | 5,911,840 | ||
Forfeitures | [1],[2] | (52,266) | ||
Shares issued | 0 | |||
Withheld | 0 | |||
Shares held at period end | [1] | 5,964,106 | 5,911,840 | |
% ownership of Enova | 0.1807 | |||
Enova [Member] | Potential Shares to be Delivered Under the LTIPs [Member] | ||||
Schedule of Investments [Line Items] | ||||
Shares held at beginning | [3] | 685,087 | ||
Forfeitures | [2],[3] | (52,266) | ||
Shares issued | [3] | (90,052) | ||
Withheld | [3] | (31,264) | ||
Shares held at period end | [3] | 511,505 | 685,087 | |
% ownership of Enova | 0.0155 | |||
[1] | Does not include shares retained for delivery under the LTIPs. | |||
[2] | (c) Shares initially allocated for delivery under the LTIPs that were forfeited prior to vesting are attributed to the Company and are to be disposed of by the Company. | |||
[3] | The Enova shares payable for vested deferred RSUs and Director Deferred Shares are held in a rabbi trust |
Accounts Payable And Accrued 65
Accounts Payable And Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Trade accounts payable | $ 18,182 | $ 13,800 |
Accrued taxes, other than income taxes | 5,936 | 8,242 |
Accrued payroll and fringe benefits | 32,123 | 41,613 |
Accrued interest payable | 1,648 | 1,658 |
Accrual for consumer loan payments rejected for non-sufficient funds | 570 | 1,049 |
Deferred Fees On Third Party Lender Owned Consumer Loans | 9,933 | 3,025 |
Liability for losses on third-party lender-owned consumer loans | 1,986 | 1,060 |
Other accrued liabilities | 4,208 | 3,884 |
Total | $ 74,586 | $ 74,331 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) $ in Thousands | May. 15, 2014USD ($)shares | Mar. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)pricing_tranch | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | May. 14, 2014USD ($) |
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 211,558 | ||||||
Proceeds from Dividends Received | 0 | $ 122,384 | $ 0 | ||||
Amortization of debt discount | 2,009 | 3,173 | 6,206 | ||||
Loss on extinguishment of debt | (607) | (22,553) | (607) | ||||
Multi-Currency Line Of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 100,000 | ||||||
Line Of Credit Up To $100,000 Due 2013 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 50,000 | ||||||
Line of Credit Due Two Thousand Eightteen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 280,000 | ||||||
Remaining Borrowing Capacity | $ 252,892 | ||||||
Debt instrument maturity, year | 2,018 | ||||||
Weighted average interest rate | 3.48% | ||||||
Commitment fee percentage | 0.38% | ||||||
Number Of Pricing Tranches | pricing_tranch | 2 | ||||||
Debt Instrument, Issuance Date | Mar. 30, 2011 | ||||||
Long-term Debt | $ 27,108 | 0 | |||||
Variable Rate Senior Unsecured Note Due 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 50,000 | ||||||
Debt instrument, maturity date | Mar. 31, 2018 | ||||||
Loss on extinguishment of debt | 100 | ||||||
5.75% Senior Unsecured Notes Due 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument maturity, year | 2,018 | ||||||
Debt Instrument, Face Amount | $ 300,000 | ||||||
Debt instrument, maturity date | May 15, 2018 | ||||||
Debt Instrument, Issuance Date | May 15, 2013 | ||||||
Debt instrument, interest rate | 5.75% | ||||||
Long-term Debt | $ 184,450 | 196,470 | |||||
Note Redeem Rate | 100.00% | ||||||
Note Repurchase Rate | 101.00% | ||||||
Repayments of Long-term Debt | $ 12,400 | 107,200 | |||||
Loss on extinguishment of debt | 6,000 | ||||||
Payments of Debt Extinguishment Costs | 400 | ||||||
Write off of Deferred Debt Issuance Cost | 200 | ||||||
Original principal amount of repurshased notes | $ 12,000 | 103,500 | |||||
Make whole payment premium | $ 18,700 | ||||||
5.25% Convertible Senior Notes Due 2029 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 115,000 | ||||||
Debt instrument, interest rate | 5.25% | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares | 747,085 | ||||||
Amortization of debt discount | 700 | 3,300 | |||||
Contractual interest expenses | 1,300 | $ 5,900 | |||||
Repayments of Long-term Debt | $ 44,400 | $ 89,500 | |||||
Loss on extinguishment of debt | 1,500 | ||||||
Adjustments to Additional Paid in Capital, Other | 30,300 | ||||||
Original principal amount of repurshased notes | $ 58,600 | ||||||
Letter Of Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letter of credit facility, amount | $ 20,000 | ||||||
Standby Letters Of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line Of Credit Facility, Amount Outstanding | $ 6,000 | ||||||
Waiver And Amendment [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Long-term Debt | 106,200 | ||||||
Payments of Debt Extinguishment Costs | 14,300 | ||||||
Write off of Deferred Debt Issuance Cost | 14,900 | ||||||
Loss on extinguishment of debt | $ 600 | ||||||
Six Point Zero Nine Percentage Senior Unsecured Notes Due Two Thousand Sixteen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 6.09% | ||||||
Seven Point Two Six Percentage Senior Unsecured Notes Due Two Thousand Seventeen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 7.26% | ||||||
Six Point Zero Percentage Senior Unsecured Notes Due Two Thousand Nineteen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 6.00% | ||||||
Six Point Two One Percentage Senior Unsecured Notes Due Two Thousand Twenty One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 6.21% | ||||||
Six Five Eight Senior Unsecured Notes Due Twenty Twenty Two [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 6.58% | ||||||
Minimum [Member] | Line of Credit Due Two Thousand Eightteen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee percentage | 0.25% | ||||||
Debt instrument maturity days | 5 days | ||||||
Minimum [Member] | LIBOR [Member] | Line of Credit Due Two Thousand Eightteen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument basis spread on variable rate | 2.00% | ||||||
Minimum [Member] | Agent Base Rate [Member] | Line of Credit Due Two Thousand Eightteen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument basis spread on variable rate | 0.50% | ||||||
Maximum [Member] | Line of Credit Due Two Thousand Eightteen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee percentage | 0.50% | ||||||
Debt instrument maturity days | 8 days | ||||||
Maximum [Member] | LIBOR [Member] | Line of Credit Due Two Thousand Eightteen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument basis spread on variable rate | 3.25% | ||||||
Maximum [Member] | Agent Base Rate [Member] | Line of Credit Due Two Thousand Eightteen [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 | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Total debt | $ 211,558 | |
Total long-term debt | 211,558 | $ 196,470 |
Line of Credit Due Two Thousand Eightteen [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 27,108 | 0 |
Debt instrument maturity, year | 2,018 | |
5.75% Senior Unsecured Notes Due 2018 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 184,450 | $ 196,470 |
Debt instrument maturity, year | 2,018 | |
Debt instrument, interest rate | 5.75% |
Long-Term Debt (Annual Maturiti
Long-Term Debt (Annual Maturities Of Outstanding Long Term Debt) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Long-term Debt, Unclassified [Abstract] | |
2,016 | $ 0 |
2,017 | 0 |
2,018 | 211,558 |
2,019 | 0 |
2,020 | 0 |
Total debt | $ 211,558 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 1,142 | $ (11,266) | $ (8,915) |
Provision for income taxes | 15,478 | 2,041 | (15,505) |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 43,044 | (8,346) | 43,985 |
Valuation Allowance | $ (1,142) | 0 | |
Reversal Of Valuation Allowance | $ 12,500 | ||
Creazione [Member] | |||
Income Tax Examination [Line Items] | |||
Net operating losses carryforward | $ 58,600 | ||
Carryforward period | 10 years | ||
Net operating losses expiration period year | 2,018 | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 1,300 | ||
Income Tax Benefit From Worthless Stock Deduction | 33,200 | ||
Reversal Of Valuation Allowance | 9,300 | ||
Reversal Of Unrecognized Tax Benefits | 1,000 | ||
Reversal Of Accrued Interest And Penalties | $ 1,900 |
Income Taxes (Components Of Def
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Deferred finish-out allowances from lessors | $ 226 | $ 157 |
Tax over book accrual of pawn loan fees and service charges | 4,903 | 4,752 |
Allowance for consumer loan losses | 1,768 | 1,778 |
Deferred compensation | 12,941 | 8,524 |
Deferred state credits | 2,334 | 1,358 |
Other | 1,540 | 2,548 |
Total deferred tax assets | 23,712 | 19,117 |
Amortizable intangible assets | 54,264 | 46,551 |
Property and equipment | 23,694 | 32,359 |
Convertible debt | 7,828 | 39,294 |
Other | 1,156 | 1,165 |
Total deferred tax liabilities | 86,942 | 119,369 |
Deferred Tax Assets Liabilities Before Valuation Allowance | (63,230) | (100,252) |
Valuation Allowance | (1,142) | 0 |
Net deferred tax liabilities | (64,372) | (100,252) |
Current deferred tax assets | (7,672) | 0 |
Current deferred tax liabilities | 0 | 27,820 |
Non-current deferred tax liabilities, net | $ (72,044) | $ (72,432) |
Income Taxes (Components Of Pro
Income Taxes (Components Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 43,044 | $ (7,938) | $ 47,475 |
Foreign | 0 | (408) | (3,490) |
Income before Income Taxes | 43,044 | (8,346) | 43,985 |
Current provision Federal | 19,741 | (12,823) | (20,908) |
Current provision Foreign | 0 | 531 | (752) |
Current provision State and local | 118 | 1,291 | 2,098 |
Total current provision | 19,859 | (11,001) | (19,562) |
Deferred provision (benefit) Federal | (4,524) | 12,962 | 3,740 |
Deferred provision (benefit) State and local | 143 | 80 | 317 |
Total deferred provision | (4,381) | 13,042 | 4,057 |
Total provision | $ 15,478 | $ 2,041 | $ (15,505) |
Income Taxes Income Taxes Expen
Income Taxes Income Taxes Expense (Benefit) Continuing and Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income Tax Expense (Benefit) | $ 15,478 | $ 2,041 | $ (15,505) |
Tax Effect of Discontinued Operation | 0 | 62,933 | 46,259 |
Total | $ 15,478 | $ 64,974 | $ 30,754 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Tax provision computed at the federal statutory income tax rate | $ (15,063) | $ 2,922 | $ (15,396) | |
State and local income taxes, net of federal tax benefits | (973) | 818 | 1,883 | |
Nondeductible lobbying | 111 | 639 | 553 | |
Foreign tax rate difference | (1) | 216 | (221) | |
Investment in Subsidiaries | 0 | 0 | (23,907) | [1] |
Valuation Allowance | (1,142) | 11,266 | 8,915 | |
Non recoverable foreign net deferred tax assets | 0 | 12,042 | 0 | |
Non deductible goodwill | 0 | 2,232 | 0 | |
Tax effect of Regulatory Penalty | 0 | 0 | 895 | [2] |
Change in reserve for uncertain tax benefits, net | 0 | 0 | (1,021) | |
Other | 136 | 282 | (168) | |
Total provision | $ 15,478 | $ 2,041 | $ (15,505) | |
Effective tax rate | 36.00% | (24.50%) | (35.30%) | |
Penalty Payment | $ 5,000 | |||
Retail Services [Member] | ||||
Penalty Payment | $ 2,500 | |||
[1] | Relates to the Creazione Deduction for the year ended December 31, 2013. | |||
[2] | Represents the tax effect of the $2.5 million penalty paid to the CFPB, which is nondeductible for tax purposes, in connection with the Regulatory Penalty. See Note 13. |
Income Taxes (Aggregate Change
Income Taxes (Aggregate Change In Balance Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Balance at January 1, | $ 0 | $ 0 | $ 1,021 |
Decrease due to lapes of statute of limitations | 0 | 0 | (1,021) |
Balance at December 31, | $ 0 | $ 0 | $ 0 |
Commitments And Contingencies75
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Loss Contingencies [Line Items] | ||||
Rent expense | $ 60,700 | $ 61,800 | $ 58,100 | |
Active consumer loans owned by third-party lenders | 11,100 | 9,800 | ||
Estimated fair value of the liability related to guarantees | 2,000 | 1,100 | ||
Ohio Reimbursements Expense | 0 | $ 13,400 | ||
Reimbursements Paid | 6,400 | |||
Litigation Settlement Amount | 18,000 | |||
Penalty Payment | 5,000 | |||
Restricted Cash | $ 27 | 0 | 8,000 | |
Change in Restricted Cash | 7,900 | |||
Change in customer reimbursement reserve | $ 300 | 5,000 | ||
Cost Incurred In Customer Reimbursements | 1,700 | |||
Retail Services [Member] | ||||
Loss Contingencies [Line Items] | ||||
Penalty Payment | 2,500 | |||
E Commerce [Member] | ||||
Loss Contingencies [Line Items] | ||||
Penalty Payment | $ 2,500 | |||
Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Lease term (in years) | 1 year | |||
Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Lease term (in years) | 10 years | |||
Maximum [Member] | Short Term Loans [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guaranteed Loans Term | 45 days | |||
Maximum [Member] | Unsecured installment loan [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guaranteed Loans Term | 12 months | |||
Maximum [Member] | Secured Installment Loans [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guaranteed Loans Term | 30 months |
Commitments And Contingencies76
Commitments And Contingencies (Future Minimum Rentals Due Under Non-Cancelable Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 55,807 |
2,017 | 45,553 |
2,018 | 37,084 |
2,019 | 29,282 |
2,020 | 18,965 |
Thereafter | 33,250 |
Total | $ 219,941 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 05, 2015 | May. 11, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Equity, Class of Treasury Stock [Line Items] | ||||||
Marketable securities unrealized gain (loss), net of tax | $ (57,117) | $ 71,959 | $ (254) | |||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | (31,468) | 39,676 | (136) | |||
Stock Repurchased During Period, Value | $ 103,874 | $ 1,343 | $ 46,052 | |||
Shares purchased during period, shares | 4,015,866 | 62,909 | 966,700 | |||
Average price paid per share | $ 25.87 | $ 21.35 | $ 47.64 | |||
Gain on disposition of equity securities | $ 1,688 | $ 0 | $ 0 | |||
Income Tax Expense (Benefit) | 15,478 | 2,041 | (15,505) | |||
Accumulated Other Comprehensive Income [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Marketable securities unrealized gain (loss), net of tax | (57,117) | $ 71,959 | $ (254) | |||
Marketable securities, net of tax | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Income Tax Expense (Benefit) | $ 600 | |||||
2013 Authorization [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares purchased during period, shares | 1,029,609 | |||||
ASR [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock Repurchased During Period, Value | $ 18,700 | |||||
Shares purchased during period, shares | 684,230 | 829,666 | ||||
Adjustments to additional paid in capital, Accelerated share repurchases | $ 3,300 | |||||
Accelerated Share Repurchases, Initial Cash Paid | $ 22,000 | |||||
Accelerated Share Repurchase Program Shares Adjustment | 145,436 | |||||
Maximum [Member] | 2013 Authorization [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Board of Directors authorized to purchase shares | 2,500,000 | |||||
Maximum [Member] | January 2015 Authorization [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Board of Directors authorized to purchase shares | 4,000,000 | |||||
Maximum [Member] | October 2015 Authorization [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Board of Directors authorized to purchase shares | 3,000,000 | |||||
Enova [Member] | Common Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | $ (88,600) | |||||
Marketable securities unrealized gain (loss), net of tax | $ 23,000 |
Equity Equity (Aggregate Shares
Equity Equity (Aggregate Shares Purchased) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Stock Repurchased During Period, Shares | 4,015,866 | 62,909 | 966,700 |
Stock Repurchased During Period, Value | $ 103,874 | $ 1,343 | $ 46,052 |
Treasury Stock Acquired, Average Cost Per Share | $ 25.87 | $ 21.35 | $ 47.64 |
Equity (Activities Of Non-Quali
Equity (Activities Of Non-Qualified Savings Plan During Each Of Three Years) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity, Class of Treasury Stock [Line Items] | |||
Aggregate amount | $ 104,567 | $ 2,896 | $ 47,631 |
Non Qualified Deferred Compensation Plans [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Purchases, Number of shares | 244 | 120 | 99 |
Aggregate amount | $ 6 | $ 4 | $ 4 |
Equity (Components Of Accumulat
Equity (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive Income Net Of Tax [Line Items] | |||
Balance at beginning of year | $ 71,959 | $ 4,649 | $ 3,128 |
Other Comprehensive Income Before Reclassifications | (56,028) | (64,704) | (2,148) |
Amounts Reclassified From AOCI | (1,089) | (2,606) | 627 |
Net change in accumulated other comprehensive income | (57,117) | (67,310) | (1,521) |
Balance at end of period | 14,842 | 71,959 | 4,649 |
Provision for income taxes | 15,478 | 2,041 | (15,505) |
Foreigh currency translation gain (loss), net of tax | |||
Comprehensive Income Net Of Tax [Line Items] | |||
Balance at beginning of year | 0 | 4,649 | 2,874 |
Other Comprehensive Income Before Reclassifications | 0 | (7,255) | (1,775) |
Amounts Reclassified From AOCI | 0 | 2,606 | 0 |
Net change in accumulated other comprehensive income | 0 | (4,649) | (1,775) |
Balance at end of period | 0 | 0 | 4,649 |
Marketable securities, net of tax | |||
Comprehensive Income Net Of Tax [Line Items] | |||
Balance at beginning of year | 71,959 | 0 | 254 |
Other Comprehensive Income Before Reclassifications | (56,028) | (71,959) | (373) |
Amounts Reclassified From AOCI | (1,089) | 0 | 627 |
Net change in accumulated other comprehensive income | (57,117) | (71,959) | 254 |
Balance at end of period | $ 14,842 | $ 71,959 | $ 0 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Contribution Plan [Line Items] | |||
Percentage of matching cash contributions | 50.00% | ||
Percentage of maximum contributions | 5.00% | ||
Company's vested contribution description on one year of service | 20.00% | ||
Company's vested contribution description after five years of service | 100.00% | ||
Company's total contributions | $ 3.2 | $ 3.5 | $ 3.3 |
Compensation expenses | $ 0.7 | $ 0.5 | $ 0.6 |
401(k) [Member] | |||
Defined Contribution Plan [Line Items] | |||
Percentage of contributions by participants | 75.00% | ||
Non Qualified Savings Plan [Member] | |||
Defined Contribution Plan [Line Items] | |||
Percentage of contributions by participants | 100.00% |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Included In The Consolidated Balance Sheets Relating To The Nonqualified Savings Plan And The SERP) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaid Expenses And Other Assets [Member] | ||
Defined Contribution Plan [Line Items] | ||
Prepaid expenses and other assets | $ 10,576 | $ 12,259 |
Accounts Payable And Accrued Expenses [Member] | ||
Defined Contribution Plan [Line Items] | ||
Accounts payable and accrued expenses | $ 10,576 | $ 12,259 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized to issue of shares | 80,000,000 | 80,000,000 | ||
Enova [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU issued, Enova shares | 90,052 | |||
Shares withheld for tax, Enova shares | 31,264 | |||
2014 LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized to issue of shares | 3,400,000 | |||
Shares available for future grants | 2,677,126 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares received for the payment of taxes upon issuance of restricted stock units | 30,836 | 42,499 | 33,479 | |
Shares received for the payment of taxes upon issuance of restricted stock units, value | $ 0.7 | $ 1.5 | $ 1.6 | |
Compensation expenses | 6.3 | 4.1 | 4.6 | |
Compensation expenses net of tax | 4 | $ 2.6 | $ 2.9 | |
Unrecognized compensation cost | $ 14.5 | |||
Unrecognized compensation cost, weighted average period (in years) | 3 years 7 months 10 days | |||
Outstanding aggregate intrinsic value | $ 38.8 | |||
Vested aggregate intrinsic value | 10.4 | |||
Restricted Stock Units (RSUs) [Member] | CAI [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding aggregate intrinsic value | 35.6 | |||
Vested aggregate intrinsic value | 8.7 | |||
Restricted Stock Units (RSUs) [Member] | Enova [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding aggregate intrinsic value | 3.2 | |||
Vested aggregate intrinsic value | $ 1.7 | |||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 15 years | |||
Shares Subject to Common Stock Awards [Member] | Enova [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU issued, Enova shares | [1] | 90,052 | ||
Shares withheld for tax, Enova shares | [1] | 31,264 | ||
[1] | The Enova shares payable for vested deferred RSUs and Director Deferred Shares are held in a rabbi trust |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units Outstanding at beginning of year | 1,116,893 | 766,695 | 772,322 | |
Units granted | 292,776 | 666,172 | 190,846 | |
Shares issued | [1] | (112,757) | (154,851) | (127,087) |
Units forfeited | (109,128) | (161,123) | (69,386) | |
Units Outstanding at end of year | 1,187,784 | 1,116,893 | 766,695 | |
Units vested at end of year | 290,754 | 303,276 | 311,546 | |
Outstanding at beginning of year, Weighted Average Fair Value at Date of Grant | [2] | $ 29.36 | $ 36.06 | $ 32.57 |
Units granted, Weighted Average Fair Value at Date of Grant | [2] | 22.53 | 27.22 | 49.82 |
Shares Issued, Weighted Average Fair Value at Date of Grant | [1],[2] | 37.08 | 40.32 | 34.48 |
Units forfeited, Weighted Average Fair Value at Date of Grant | [2] | 32.35 | 41.90 | 37.91 |
Outstanding at end of year, Weighted Average Fair Value at Date of Grant | [2] | 26.67 | 29.36 | 36.06 |
Units vested at end of year, Weighted Average Fair Value at Date of Grant | [2] | $ 25.70 | $ 25.50 | $ 24.98 |
[1] | Shares issued only include the Company’s common shares issued to satisfy RSU awards. See below or in Note 9 for information on the shares of Enova common stock distributed to satisfy applicable RSU awards. | |||
[2] | For RSU awards granted prior to the Enova Spin-off, the weighted average fair value at date of grant is based on the price of the Company's common stock and has not been adjusted for the Enova Spin-off. |
Supplemental Disclosures Of C85
Supplemental Disclosures Of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest | $ 12,686 | $ 26,528 | $ 28,223 |
Income taxes | 7,474 | 36,506 | 37,779 |
Pawn loans forfeited and transferred to merchandise held for disposition | 352,155 | 364,157 | 329,653 |
Pawn loans renewed | 212,745 | 254,400 | 269,559 |
Consumer loans renewed | 7,541 | 8,432 | 9,674 |
Shares of common stock distributed under stock-based plans | 2,136 | 0 | 0 |
Liabilities assumed in acquisitions | 0 | 0 | 3,132 |
Spin-off of Enova | 0 | 79,640 | 0 |
Fair value of shares paid for conversion of convertible debt | 0 | 31,727 | 0 |
Enova [Member] | |||
Shares of common stock distributed under stock-based plans | $ 1,551 | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative)(Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Term of pawn loans (in days) | 90 days | |
Cost Method Investments | $ 3,500,000 | $ 2,400,000 |
Cost-method Investments, Impairment | $ 0 |
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonqualified savings plan-related assets and director deferred shares | $ 10,767 | $ 12,838 |
Investment in equity securities | 42,613 | 131,584 |
Total | 53,380 | 144,422 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonqualified savings plan-related assets and director deferred shares | 10,767 | 12,259 |
Investment in equity securities | 42,613 | 0 |
Total | 53,380 | 12,259 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonqualified savings plan-related assets and director deferred shares | 0 | 579 |
Investment in equity securities | 0 | 131,584 |
Total | 0 | 132,163 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonqualified savings plan-related assets and director deferred shares | 0 | 0 |
Investment in equity securities | 0 | 0 |
Total | $ 0 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Not Measured At Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Value [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | $ 23,153 | $ 53,042 |
Pawn loans | 248,713 | 252,168 |
Installment Loans, net | 3,915 | 4,635 |
Short-term Loans and Line of Credit Accounts, net | 27,376 | 40,218 |
Pawn Loan Fees Service Charges | 52,798 | 53,648 |
Total | 355,955 | 403,711 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liability for estimated losses on consumer loans guaranteed by the Company | 1,986 | 1,060 |
Domestic and Multi-currency Line of Credit | 27,108 | |
Senior unsecured notes | 184,450 | 196,470 |
Total | 213,544 | 197,530 |
Estimated Fair Value [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 23,153 | 53,042 |
Pawn loans | 248,713 | 252,168 |
Installment Loans, net | 3,915 | 4,635 |
Short-term Loans and Line of Credit Accounts, net | 27,376 | 40,218 |
Pawn Loan Fees Service Charges | 52,798 | 53,648 |
Total | 355,955 | 403,711 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liability for estimated losses on consumer loans guaranteed by the Company | 1,986 | 1,060 |
Domestic and Multi-currency Line of Credit | 28,154 | |
Senior unsecured notes | 185,603 | 203,346 |
Total | 215,743 | 204,406 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 23,153 | 53,042 |
Pawn loans | 0 | 0 |
Installment Loans, net | 0 | 0 |
Short-term Loans and Line of Credit Accounts, net | 0 | 0 |
Pawn Loan Fees Service Charges | 0 | 0 |
Total | 23,153 | 53,042 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liability for estimated losses on consumer loans guaranteed by the Company | 0 | 0 |
Domestic and Multi-currency Line of Credit | 0 | |
Senior unsecured notes | 0 | 0 |
Total | 0 | 0 |
Estimated Fair Value [Member] | Level 2 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Pawn loans | 0 | 0 |
Installment Loans, net | 0 | 0 |
Short-term Loans and Line of Credit Accounts, net | 0 | 0 |
Pawn Loan Fees Service Charges | 0 | 0 |
Total | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liability for estimated losses on consumer loans guaranteed by the Company | 0 | 0 |
Domestic and Multi-currency Line of Credit | 28,154 | |
Senior unsecured notes | 185,603 | 203,346 |
Total | 213,757 | 203,346 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Pawn loans | 248,713 | 252,168 |
Installment Loans, net | 3,915 | 4,635 |
Short-term Loans and Line of Credit Accounts, net | 27,376 | 40,218 |
Pawn Loan Fees Service Charges | 52,798 | 53,648 |
Total | 332,802 | 350,669 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liability for estimated losses on consumer loans guaranteed by the Company | 1,986 | 1,060 |
Domestic and Multi-currency Line of Credit | 0 | |
Senior unsecured notes | 0 | 0 |
Total | $ 1,986 | $ 1,060 |
Reorganization Reorganization (
Reorganization Reorganization (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Payments for Restructuring | $ 8.2 | |
Accrued Reorganization Expenses | 0.2 | |
Reorganization Expenses Recognized | 0.9 | $ 7.5 |
Employee Termination Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Reorganization Expenses Recognized | $ 8.4 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||
Total revenue | $ 280,075 | $ 241,190 | $ 236,464 | $ 271,762 | $ 289,443 | $ 267,010 | $ 253,608 | $ 284,635 | $ 1,029,491 | $ 1,094,696 | $ 1,030,486 | |||||||
Cost of revenue | 128,973 | 106,230 | 102,473 | 124,671 | 137,718 | 122,907 | 112,359 | 132,162 | 462,347 | 505,146 | 443,972 | |||||||
Net revenue | 151,102 | 134,960 | 133,991 | 147,091 | 151,725 | 144,103 | 141,249 | 152,473 | 567,144 | 589,550 | 586,514 | |||||||
Net Income (Loss) from Continuing Operations | 7,492 | (9,370) | (11,746) | 3,237 | 27,566 | (10,387) | 59,182 | |||||||||||
Net Income from Discontinued Operations, Net of Tax | 14,522 | 19,286 | 32,717 | 42,500 | 0 | 109,025 | 83,346 | |||||||||||
Net income attributable to Cash America International, Inc. | $ 12,612 | $ 5,038 | $ 2,071 | $ 7,845 | $ 22,014 | $ 9,916 | $ 20,971 | $ 45,737 | $ 27,566 | $ 98,638 | $ 142,528 | |||||||
Diluted earnings per share - continuing operations | $ 0.26 | [1] | $ (0.32) | [1] | $ (0.41) | [1] | $ 0.11 | [1] | $ 1.01 | $ (0.36) | $ 1.93 | |||||||
Diluted earnings per share - discontinued operations | 0.50 | 0.66 | 1.12 | 1.44 | 0 | 3.72 | 2.72 | |||||||||||
Net income - diluted | $ 0.49 | $ 0.19 | $ 0.08 | $ 0.27 | $ 0.75 | [2] | $ 0.34 | [2] | $ 0.72 | [2] | $ 1.55 | [2] | $ 1.01 | $ 3.36 | $ 4.66 | |||
Diluted weighted average common shares | 25,865 | 26,773 | 27,508 | 28,780 | 29,284 | 29,312 | 29,256 | 29,500 | 27,238 | [3] | 29,341 | [3] | 30,613 | [3] | ||||
[1] | Since a net loss exists for the second and third quarters of 2014, all potentially dilutive securities are anti-dilutive and are therefore excluded from the per-share calculations. | |||||||||||||||||
[2] | The sum of the quarterly per share amounts may not sum to each full year amount presented in the Company’s financial statements because these calculations are made independently for each quarter and for the full year and take into account the weighted average number of common shares outstanding for each period, including the effect of dilutive securities for that period. For information about the Company’s calculation of diluted weighted average common shares, see Note 1. | |||||||||||||||||
[3] | Excludes 49, 70, and 12 anti-dilutive shares for the years ended December 31, 2015 and 2014 and 2013, respectively. (e) Since a net loss from continuing operations exists for the year ended December 31, 2014, all potentially dilutive securities are anti-dilutive and are therefore excluded from the diluted per-share calculation. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance For Valuation Of Inventory [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 2,400 | $ 949 | $ 851 |
Additions, Charged to Expense | 400 | 1,451 | 98 |
Deductions | 0 | 0 | 0 |
Balance at End of Period | 2,800 | 2,400 | 949 |
Tax Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 0 | 13,824 | 21,846 |
Additions, Charged to Expense | 1,142 | 859 | 1,773 |
Deductions | 0 | (14,683) | (9,795) |
Balance at End of Period | $ 1,142 | $ 0 | $ 13,824 |