Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CASH AMERICA INTERNATIONAL INC | |
Entity Central Index Key | 807,884 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 24,004,086 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Assets, Current [Abstract] | |||
Cash and cash equivalents | $ 48,321 | $ 23,153 | $ 120,058 |
Pawn loans | 210,724 | 248,713 | 210,060 |
Merchandise held for disposition, net | 223,660 | 241,549 | 196,024 |
Pawn loan fees and service charges receivable | 44,942 | 52,798 | 43,784 |
Consumer loans, net | 23,986 | 31,291 | 31,897 |
Income taxes receivable | 0 | 0 | 2,990 |
Prepaid expenses and other assets | 21,828 | 22,642 | 25,589 |
Investment in equity securities | 40,368 | 42,613 | 116,261 |
Total current assets | 613,829 | 662,759 | 746,663 |
Property and equipment, net | 164,245 | 171,598 | 191,749 |
Goodwill | 488,022 | 488,022 | 487,569 |
Intangible assets, net | 38,000 | 39,536 | 44,194 |
Other assets | 6,719 | 6,823 | 5,815 |
Total assets | 1,310,815 | 1,368,738 | 1,475,990 |
Current liabilities: | |||
Accounts payable and accrued expenses | 60,554 | 74,586 | 63,214 |
Customer deposits | 21,555 | 18,864 | 19,828 |
Income taxes currently payable | 3,524 | 3,063 | 0 |
Total current liabilities | 85,633 | 96,513 | 83,042 |
Deferred tax liabilities | 66,631 | 64,372 | 93,832 |
Other liabilities | 653 | 723 | 927 |
Long-term debt | 179,173 | 208,971 | 192,838 |
Total liabilities | 332,090 | 370,579 | 370,639 |
Stockholders Equity [Abstract] | |||
Common stock, $0.10 par value per share, 80,000,000 shares authorized, 30,235,164 shares issued | 3,024 | 3,024 | 3,024 |
Additional paid-in capital | 82,620 | 86,557 | 84,650 |
Retained earnings | 1,061,221 | 1,052,567 | 1,036,794 |
Accumulated other comprehensive income | 13,492 | 14,842 | 62,099 |
Treasury shares, at cost (6,080,997 shares, 2,525,192 shares and 5,362,684 shares as of March 31, 2016 and 2015, and as of December 31, 2015, respectively) | (181,632) | (158,831) | (81,216) |
Total equity | 978,725 | 998,159 | 1,105,351 |
Total liabilities and equity | $ 1,310,815 | $ 1,368,738 | $ 1,475,990 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Statement of Financial Position [Abstract] | |||
Common stock, par value per share | $ 0.1 | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 80,000,000 | 80,000,000 | 80,000,000 |
Common Stock, Value, Issued | $ 3,024 | $ 3,024 | $ 3,024 |
Treasury shares, at cost | 6,080,997 | 5,362,684 | 2,525,192 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Revenues [Abstract] | |||
Pawn loan fees and service charges | $ 79,685 | $ 77,313 | |
Proceeds from disposition of merchandise | 178,297 | 172,213 | |
Consumer loan fees | 18,107 | 20,319 | |
Other | 1,116 | 1,917 | |
Total revenue | 277,205 | 271,762 | |
Cost of Revenue [Abstract] | |||
Disposed merchandise | 129,218 | 119,884 | |
Consumer loan loss provision | 3,943 | 4,787 | |
Total Cost of Revenue | 133,161 | 124,671 | |
Gross Profit [Abstract] | |||
Net revenue | 144,044 | 147,091 | |
Operating Expenses [Abstract] | |||
Operations and administration | 110,791 | 116,338 | |
Depreciation and amortization | 13,505 | 14,519 | |
Total Expenses | 124,296 | 130,857 | |
Operating Income (Loss) [Abstract] | |||
Income from Operations | 19,748 | 16,234 | |
Income from Continuing Operations | |||
Interest expense | (3,919) | (3,644) | |
Interest income | 20 | 2 | |
Foreign currency transaction gain | 0 | 39 | |
Loss on early extinguishment of debt | (11) | 0 | |
Gain on disposition of equity securities | 117 | 126 | |
Income from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | |||
Income before Income Taxes | 15,955 | 12,757 | |
Provision for income taxes | 5,322 | 4,912 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||
Net Income | $ 10,633 | $ 7,845 | |
Earnings Per Share: | |||
Basic (in dollars per share) | $ 0.43 | $ 0.27 | |
Diluted (in dollars per share) | $ 0.42 | $ 0.27 | |
Weighted Average Number of Shares Outstanding, Basic [Abstract] | |||
Basic (in shares) | [1] | 24,811 | 28,692 |
Diluted (in shares) | [2] | 25,121 | 28,780 |
Dividends declared per common share | $ 0.080 | $ 0.050 | |
[1] | Includes vested and deferred RSUs of 292 and 306 for the three months ended March 31, 2016 and 2015, respectively. | ||
[2] | 2015, respectively. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 10,633 | $ 7,845 |
Other comprehensive gain (loss), net of tax: | ||
Change in fair value of marketable equity securities before reclassification | (1,275) | (9,779) |
Amounts Reclassified from Accumulated Other Comprehensive Income Net of Tax | (75) | (81) |
Total other comprehensive loss, net of tax (b) | (1,350) | (9,860) |
Comprehensive (loss) income | $ 9,283 | $ (2,015) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Gain on disposition of equity securities | $ 117 | $ 126 |
Income Tax Expense (Benefit) | 5,322 | 4,912 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Income Tax Expense (Benefit) | 702 | 5,386 |
Available-for-sale Securities [Member] | ||
Gain on disposition of equity securities | 117 | 126 |
Income Tax Expense (Benefit) | $ 42 | $ 45 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury shares, at cost |
Beginning Balance at Dec. 31, 2014 | $ 1,133,202 | $ 3,024 | $ 86,388 | $ 1,030,387 | $ 71,959 | $ (58,556) |
Beginning Balance, in shares, at Dec. 31, 2014 | (30,235,164) | (1,428,495) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under stock-based plans | (292) | $ 3,132 | ||||
Shares issued under stock-based plans, in shares | 75,573 | |||||
Adjustments to APIC, stock-based plans | (3,424) | |||||
Stock-based compensation expense | 1,598 | 1,598 | ||||
Income tax benefit from stock-based compensation | 88 | 88 | ||||
Net Income | 7,845 | 7,845 | ||||
Dividends paid | (1,438) | (1,438) | ||||
Marketable securities unrealized gain (loss) | (9,860) | (9,860) | ||||
Purchases of treasury shares, in shares | (1,172,270) | |||||
Purchases of treasury shares | (25,792) | $ (25,792) | ||||
Balance at Mar. 31, 2015 | 1,105,351 | $ 3,024 | 84,650 | 1,036,794 | 62,099 | $ (81,216) |
Balance, in shares, at Mar. 31, 2015 | (30,235,164) | (2,525,192) | ||||
Beginning Balance at Dec. 31, 2015 | 998,159 | $ 3,024 | 86,557 | 1,052,567 | 14,842 | $ (158,831) |
Beginning Balance, in shares, at Dec. 31, 2015 | (30,235,164) | (5,362,684) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under stock-based plans | (273) | $ 5,437 | ||||
Shares issued under stock-based plans, in shares | 183,467 | |||||
Adjustments to APIC, stock-based plans | (5,710) | |||||
Stock-based compensation expense | 1,773 | 1,773 | ||||
Net Income | 10,633 | 10,633 | ||||
Dividends paid | (1,979) | (1,979) | ||||
Marketable securities unrealized gain (loss) | (1,350) | (1,350) | ||||
Purchases of treasury shares, in shares | (901,780) | |||||
Purchases of treasury shares | (28,238) | $ (28,238) | ||||
Balance at Mar. 31, 2016 | $ 978,725 | $ 3,024 | $ 82,620 | $ 1,061,221 | $ 13,492 | $ (181,632) |
Balance, in shares, at Mar. 31, 2016 | (30,235,164) | (6,080,997) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net Income | $ 10,633 | $ 7,845 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | ||
Depreciation and amortization | 13,505 | 14,519 |
Amortization of debt discount and issuance costs | 495 | 488 |
Consumer loan loss provision | 3,943 | 4,787 |
Stock-based compensation | 1,773 | 1,598 |
Deferred income taxes, net | 3,003 | (989) |
Non-cash loss (gain) on extinguishment of debt | 41 | 0 |
Non-cash gain(loss) on disposition of equity securities | (117) | (126) |
Other | 2,355 | 1,842 |
Changes in operating assets and liabilities, net of assets acquired: | ||
Merchandise other than forfeited | 10,547 | 6,235 |
Pawn loan fees and service charges receivable | 7,856 | 9,864 |
Finance and service charges on consumer loans | (127) | 181 |
Prepaid Expense and Other Assets | 1,769 | (4,522) |
Accounts payable and accrued expenses | (13,426) | (10,430) |
Current and noncurrent income taxes | 461 | 5,979 |
Other operating assets and liabilities | 2,691 | 2,543 |
Net cash provided by operating activities | 45,402 | 39,814 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Pawn loans made | (177,925) | (167,709) |
Pawn loans repaid | 128,777 | 130,409 |
Principal recovered through dispositions of forfeited pawn loans | 92,128 | 87,878 |
Consumer loans made or purchased | (96,321) | (136,803) |
Consumer loans repaid | 98,174 | 144,422 |
Purchases of property and equipment | (4,617) | (3,580) |
Other investing activities | (125) | (185) |
Net cash provided by investing activities | 40,091 | 54,432 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Net payments under bank lines of credit | (27,108) | 0 |
Repurchases of notes payable | (3,000) | 0 |
Treasury shares purchased | (28,238) | (25,792) |
Dividends paid | (1,979) | (1,438) |
Net cash used in financing activities | (60,325) | (27,230) |
Net increase in cash and cash equivalents | 25,168 | 67,016 |
Cash and cash equivalents at beginning of year | 23,153 | 53,042 |
Cash and cash equivalents at end of period | 48,321 | 120,058 |
Supplemental Cash Flow Elements [Abstract] | ||
Pawn Loans Forfeited And Transferred To Merchandise Held For Disposition | 86,575 | 78,761 |
Pawn loans renewed | $ 50,428 | $ 54,467 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies Basis of Presentation The consolidated financial statements include all of the accounts of Cash America International, Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements presented as of March 31, 2016 and 2015 and for the three-month periods ended March 31, 2016 and 2015 are unaudited but, in management’s opinion, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for such interim periods. The consolidated balance sheet data as of December 31, 2015 included herein was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”). Operating results for the three-month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the full fiscal year. 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. 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 offered by the Company are either written by the Company or by a third-party lender through the Company’s credit services organization or credit access business programs (“CSO programs”) and include short-term loans (commonly referred to as payday loans) and installment loans. Revenue from consumer loan fees includes interest income, finance charges and fees for services provided through the CSO programs (“CSO fees”). For more information on the Company’s CSO programs, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—the Company’s Business—Consumer Loan Activities .” 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. The Company has one reportable operating segment, and therefore all required financial segment information can be found directly in the consolidated financial statements. The Company evaluates the performance of its reportable segment based on income from operations. These financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Goodwill and Other Indefinite Lived Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination and is not amortized. In accordance with Accounting Standards Codification (“ASC”) 350-20-35, Goodwill—Subsequent Measurement (“ASC 350”), the Company tests goodwill and intangible assets with an indefinite life for potential impairment annually as of June 30 and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount, which would result in impairment. The Company has one reportable operating segment, which serves as the only reporting unit for goodwill assessment. The Company completed its annual assessment of goodwill as of June 30, 2015 and determined that the fair value for the Company’s reporting unit exceeded its carrying value, and, as a result, no impairment was indicated at that date. As of June 30, 2015, the excess fair value over the carrying value was 9% . 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 March 31, 2016, 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 March 31, 2016 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. Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which simplifies several aspects related to the accounting for share-based payment transactions. Per ASU 2016-09: (1) all excess tax benefits and tax deficiencies should be recognized as income tax expense or benefit in the income statement, rather than in additional paid-in capital under current guidance; (2) excess tax benefits should be classified along with other income tax cash flows as an operating activity on the statement of cash flows, rather than as a separate cash inflow from financing activities and cash outflow from operating activities under current guidance; (3) cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity; and (4) an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest, as under current guidance, or account for forfeitures when they occur. ASU 2016-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. Effective January 1, 2016, the Company elected to early adopt ASU 2016-09. The Company prospectively applied the guidance dictating that excess tax benefits be recognized on the income statement. For the three months ended March 31, 2016, the Company recognized an excess income tax benefit of $0.6 million that reduced the income tax provision and increased net income on the consolidated statement of income. The Company retrospectively applied the guidance dictating the presentation of excess tax benefits as an operating cash flow and included the $0.6 million excess income tax benefit as part of “Current and noncurrent income taxes” presented as an operating activity on the consolidated statement of cash flows for the three months ended March 31, 2016. For the three months ended March 31, 2015, the $0.1 million excess tax benefit presented as offsetting operating and financing activities in the consolidated cash flow statements within the quarterly report filed on Form 10-Q for the three months ended March 31, 2015 was eliminated from the presentation due to the adoption of this guidance. In addition, the Company retrospectively applied the guidance dictating that cash paid by an employer when directly withholding shares for tax-withholding purposes be classified as a financing activity, and, consistent with prior period presentation, these amounts were included as part of “Treasury shares purchased” presented as a financing activity on the consolidated statement of cash flows for the three months ended March 31, 2016 and 2015. Finally, the Company elected to account for forfeitures when they occur. 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 all deferred tax assets and liabilities be classified as noncurrent 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 noncurrent 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 early adopted ASU 2015-17 on January 1, 2016 and retrospectively applied ASU 2015-17 for all periods presented. The impact of this change in accounting principle on amounts previously reported on the consolidated balance sheet as of March 31, 2015 was a reclassification of $22.9 million previously reported as “Current deferred tax liabilities” in the current liabilities section of the consolidated balance sheet to “Deferred tax liabilities” in the noncurrent liabilities section of the consolidated balance sheet. As of December 31, 2015, the impact of this change in accounting principle resulted in a reclassification of $7.7 million previously reported as “Current deferred tax assets” in the current assets section of the consolidated balance sheet to “Deferred tax liabilities” in the noncurrent liabilities section of the consolidated balance sheet. 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. On January 1, 2016, the Company retrospectively adopted ASU 2015-03 and ASU 2015-15. As a result, unamortized debt issuance costs related to the Company’s $300.0 million in aggregate principal amount of 5.75% senior notes due 2018 (the “2018 Senior Notes”) of $2.3 million , $3.6 million and $2.6 million as of March 31, 2016 and 2015 and December 31, 2015 , respectively, were reclassified from “Other assets” to a reduction of “Long-term debt” on the Company’s consolidated balance sheets. Unamortized debt issuance costs related to the Company’s $280.0 million line of credit due 2018 (the “Line of Credit”) of $1.2 million , $1.5 million and $1.4 million as of March 31, 2016 and 2015 and December 31, 2015 , respectively, remain in “Other assets” on the Company’s consolidated balance sheets. Adoption of ASU 2015-03 and ASU 2015-15 did not impact the results of operations, retained earnings or cash flows in the current or previous reporting periods. 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. The Company prospectively adopted ASU 2015-02 on January 1, 2016, and the adoption did not have a material effect on its financial position or results of operations. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which provides guidance for reporting entities that are required to evaluate whether they should consolidate certain legal entities. In accordance with ASU 2015-02, all legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Entities are permitted to apply ASU 2015-02 either retrospectively or through a modified retrospective approach. The Company retrospectively adopted ASU 2015-02 on January 1, 2016, and the adoption did not have a material effect on its financial position or results of operations. Accounting Standards to be Adopted in Future Periods In March 2016, the FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transaction to the Equity Method of Accounting (“ASU 2016-07”), which eliminates the requirement that when an investment qualifies for the use of the equity method as a result of an increase in the level of ownership interest or degree of influence, the investor must adjust the investment, results of operations and retained earnings retrospectively as if the equity method had been in effect during all previous periods in which the investment had been held. ASU 2016-07 requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. In addition, ASU 2016-07 requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. ASU 2016-07 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, and should be applied prospectively. Early adoption is permitted. The Company does not expect that the adoption of ASU 2016-07 will have a material effect on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 824) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to recognize the following for all leases with terms longer than 12 months: (a) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (b) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. In addition, ASU 2016-02 aligns lessor accounting with the lessee accounting model and 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”). ASU 2016-02 is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. Entities must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is still assessing the potential impact of ASU 2016-02 on its consolidated financial statements. In January 2016, the 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 May 2014, the FASB issued 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) , which defers the effective date of ASU 2014-09 by one year. In addition, in March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”), which further clarifies the implementation guidance on principal versus agent considerations contained in ASU 2014-09. For public business entities, ASU 2014-09 and ASU 2016-08 are 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 and ASU 2016-08 either retrospectively or through an alternative transition model. The Company is still assessing the potential impact of ASU 2014-09 and ASU 2016-08 on its consolidated financial statements. |
Credit Quality Information On P
Credit Quality Information On Pawn Loans | 3 Months Ended |
Mar. 31, 2016 | |
Credit Quality Information On Pawn Loans [Abstract] | |
Credit Quality Information On Pawn Loans | 2. 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 March 31, 2016 and 2015 and December 31, 2015 , the Company had current pawn loans outstanding of $203.2 million , $202.9 million and $241.6 million , respectively, and delinquent pawn loans outstanding of $7.5 million , $7.2 million and $7.1 million , respectively. |
Consumer Loans, Credit Quality
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans | 3 Months Ended |
Mar. 31, 2016 | |
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans [Abstract] | |
Consumer Loans, Credit Quality Information on Consumer Loans, Allowance and Liability for Estimated Losses on Consumer Loans and Guarantees of Consumer Loans | 3. Consumer Loans, Credit Quality Information on Consumer Loans, Allowance and Liability for Estimated Losses on Consumer Loans and Guarantees of Consumer Loans Current and Delinquent Consumer Loans The Company classifies its consumer loans as either current or delinquent. Short-term loans are considered delinquent when payment of an amount due is not made as of the due date. Installment loans are considered delinquent when a customer misses two payments. The Company allows for normal payment processing time before considering a loan delinquent but does not provide for any additional grace period. The Company generally does not accrue interest on delinquent consumer loans. In addition, delinquent consumer loans generally may not be renewed, and if, during its attempt to collect on a delinquent consumer loan, the Company allows additional time for payment through a payment plan or a promise to pay, it is still considered delinquent. Generally, all payments received are first applied against accrued but unpaid interest and fees and then against the principal balance of the loan. Allowance and Liability for Estimated Losses on Consumer Loans The Company monitors the performance of its consumer loan portfolio and maintains either an allowance or liability for estimated losses on consumer loans (including earned fees and interest) at a level estimated to be adequate to absorb credit losses inherent in the portfolio. The allowance for estimated losses on the 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. The components of Company-owned consumer loan portfolio receivables as of March 31, 2016 and 2015 and December 31, 2015 were as follows (dollars in thousands): As of As of As of March 31, 2016 March 31, 2015 December 31, 2015 Short-term loans Current loans $ 20,798 $ 26,775 $ 26,304 Delinquent loans 2,055 3,533 2,723 Total consumer loans, gross 22,853 30,308 29,027 Less: Allowance for losses (1,164 ) (2,034 ) (1,651 ) Consumer loans, net $ 21,689 $ 28,274 $ 27,376 Installment loans Current loans $ 1,519 $ 2,664 $ 2,027 Delinquent loans 1,865 2,150 3,133 Total consumer loans, gross 3,384 4,814 5,160 Less: Allowance for losses (1,087 ) (1,191 ) (1,245 ) Consumer loans, net $ 2,297 $ 3,623 $ 3,915 Total consumer loans Current loans $ 22,317 $ 29,439 $ 28,331 Delinquent loans 3,920 5,683 5,856 Total consumer loans, gross 26,237 35,122 34,187 Less: Allowance for losses (2,251 ) (3,225 ) (2,896 ) Consumer loans, net $ 23,986 $ 31,897 $ 31,291 Changes in the allowance for losses for Company-owned consumer loans and the liability for estimated losses on the Company’s guarantees of third-party lender-owned consumer loans through the CSO programs for the three months ended March 31, 2016 and 2015 were as follows (dollars in thousands): Three Months Ended March 31, 2016 2015 Short-term loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 1,651 $ 2,736 Consumer loan loss provision 2,371 3,306 Charge-offs (3,569 ) (5,715 ) Recoveries 711 1,707 Balance at end of period $ 1,164 $ 2,034 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 30 $ 402 Consumer loan loss provision (4 ) (187 ) Balance at end of period $ 26 $ 215 Installment loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 1,245 $ 1,426 Consumer loan loss provision 3,038 1,300 Charge-offs (3,560 ) (1,907 ) Recoveries 364 372 Balance at end of period $ 1,087 $ 1,191 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 1,956 $ 658 Consumer loan loss provision (1,462 ) 368 Balance at end of period $ 494 $ 1,026 Total consumer loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 2,896 $ 4,162 Consumer loan loss provision 5,409 4,606 Charge-offs (7,129 ) (7,622 ) Recoveries 1,075 2,079 Balance at end of period $ 2,251 $ 3,225 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 1,986 $ 1,060 Consumer loan loss provision (1,466 ) 181 Balance at end of period $ 520 $ 1,241 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 twelve 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 26 months. As of March 31, 2016 and 2015 and December 31, 2015 , the amount of consumer loans guaranteed by the Company, excluding unearned CSO fees, was $7.7 million , $8.7 million and $11.1 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 $0.5 million , $1.2 million and $2.0 million , as of March 31, 2016 and 2015 and December 31, 2015 , respectively, is included in “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. |
Investments In Enova Investment
Investments In Enova Investments in Enova | 3 Months Ended |
Mar. 31, 2016 | |
Investments In Enova [Abstract] | |
Investments in Enova | 4. Investment in Enova Upon completion of the distribution of approximately 80% of the outstanding shares of Enova International, Inc. (“Enova”) common stock to the Company’s shareholders in November 2014 (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 November 13, 2016, which is 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”) on approximately the same date as the Enova Spin-off in order to efficiently dispose of the shares in open market dispositions over a two-year period. Due to unanticipated delays in the registration process, the Company’s shares of Enova common stock were not registered until September 15, 2015. Shortly after the shares were registered, the Company filed a supplemental request with the Internal Revenue Service requesting an extension of the original two-year period to dispose of its retained shares of Enova common stock. In March 2016, the Internal Revenue Service granted the request and extended the date by which the Company was required to dispose of its shares of Enova common stock to September 15, 2017. 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 prior to September 15, 2017, as discussed above. While Daniel R. Feehan, the Company’s Executive Chairman of the Board, serves as one of nine members of Enova’s Board of Directors, he does not serve on any committees of Enova’s Board of Directors, and the Company is not able to influence his future election to Enova’s Board of Directors because it does not have voting power with respect to the shares of Enova that it owns. The Company also does not have any material business relationships with Enova. The retained shares of Enova common stock include a portion of shares of Enova common stock that may be delivered by the Company to holders of certain outstanding unvested restricted stock units (“RSUs”), vested deferred RSUs, and unvested deferred RSUs that were granted by the Company under the LTIPs to certain of its officers, directors and employees, as well as shares that are deliverable to certain directors who have elected to defer a portion of their director fees to be paid in the form of common stock of the Company (“Director Deferred Shares”), if such equity awards and Director Deferred Shares were outstanding under the LTIPs on the date of the Enova Spin-off. Such RSU awards and Director Deferred Shares will be payable by the Company in both shares of Company common stock and Enova common stock, subject to the terms of the LTIPs and/or the applicable award agreements. The delivery of the Enova shares of common stock occurs 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 March 31, 2016 , the Company owned 6,426,468 shares and had allocated 427,333 of these retained shares for delivery under the LTIPs (as described above), resulting in the Company’s implied residual ownership in Enova equal to approximately 18 percent of the outstanding Enova common stock as of March 31, 2016 . See table below for additional information. As of March 31, 2016 , the Company’s cost basis in its investment in Enova common stock was approximately $19.5 million , and an unrealized gain of approximately $20.9 million was included in “Accumulated other comprehensive income.” For both the three months ended March 31, 2016 and 2015 , the Company recognized a gain of approximately $0.1 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, and the unrealized gain on the Company’s investment in Enova common stock comprises the entire balance of “Accumulated other comprehensive income” as of March 31, 2016 and 2015 and December 31, 2015 . Activity during the three months ended March 31, 2016 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 at December 31, 2015 5,964,106 511,505 6,475,611 Forfeitures (c) 35,029 (35,029 ) — Shares delivered under the LTIPs — (31,833 ) (31,833 ) Shares withheld for taxes and sold (17,310 ) (17,310 ) Shares held as of March 31, 2016 5,999,135 427,333 6,426,468 Approximate % ownership of Enova as of March 31, 2016 18.1 % 1.3 % 19.4 % (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. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | 5. Long-term Debt The Company’s long-term debt instruments and balance outstanding as of March 31, 2016 and 2015 and December 31, 2015 were as follows (dollars in thousands): Balance as of March 31, December 31, 2016 2015 2015 Line of credit due 2018 $ — $ — $ 27,108 5.75% senior unsecured notes due 2018: 5.75% senior unsecured notes due 2018, outstanding principal 181,450 196,470 184,450 Unamortized debt issuance costs (2,277 ) (3,632 ) (2,587 ) 5.75% senior unsecured notes due 2018, net of debt issuance costs 179,173 192,838 181,863 Total long-term debt $ 179,173 $ 192,838 $ 208,971 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 (“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. 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 March 31, 2016 ) based on the Company’s cash flow leverage ratios. The Company had no borrowings outstanding under the Line of Credit as of March 31, 2016 and 2015 . The Company had $27.1 million 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. The weighted average interest rate (including margin) on the Line of Credit was 3.48% as of December 31, 2015 . The Company may routinely refinance its borrowings pursuant to the terms of its Line of Credit. Therefore, these borrowings are considered part of the applicable line of credit and as long-term debt. Letter of Credit Facility When the Company entered into the Credit Agreement, it also entered into a Standby Letter of Credit Agreement (the “LC Agreement”) for the issuance of up to $20.0 million in letters of credit (the “Letter of Credit Facility”) that is guaranteed by the Company’s domestic subsidiaries and matures on March 31, 2018. In the event that an amount is paid by the issuing bank under a standby letter of credit, it will be due and payable by the Company on demand, and amounts due by the Company under the LC Agreement will bear interest annually at a rate that is the lesser of (a) 2% above the prime rate for Wells Fargo Bank, National Association or (b) the maximum rate of interest permissible under applicable laws. The LC Agreement also requires the Company to pay quarterly fees equal to the applicable margin set forth in the LC Agreement on the undrawn amount of the credit outstanding. The Company had standby letters of credit of $6.0 million issued under its Letter of Credit Facility as of March 31, 2016 . $300.0 million 5.75% Senior Unsecured Notes On May 15, 2013, the Company issued and sold $300.0 million in aggregate principal amount of the 2018 Senior Notes. The 2018 Senior Notes bear interest at a rate of 5.75% annually on the principal amount, payable semi-annually in arrears on May 15 and November 15 of each year. The 2018 Senior Notes will mature on May 15, 2018, and there are no scheduled payments of principal due before the maturity date. The 2018 Senior Notes were originally sold to qualified institutional buyers under Rule 144A of the Securities Act and Regulation S of the Securities Act outside the United States, and all 2018 Senior Notes were subsequently registered under the Securities Act pursuant to an exchange offer. The 2018 Senior Notes are senior unsecured debt obligations of the Company and are guaranteed by all of the Company’s subsidiaries (the “Guarantors”). The Guarantors have guaranteed fully and unconditionally, on a joint and several basis, the obligations to pay principal and interest for the 2018 Senior Notes. As of March 31, 2016 , Cash America International, Inc., on a stand-alone unconsolidated basis (the “Parent Company”), had no independent assets or operations. As of March 31, 2016 , 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 plus accrued and unpaid interest, if any, as of the date of repurchase. 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 March 31, 2016 , the Company believes it was in compliance with all covenants or other requirements set forth in its debt agreements. On 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. Discovery in this lawsuit has been completed, and the parties have filed cross-motions for summary judgment that have not yet been ruled on by the court. 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. One of the Company’s primary sources of liquidity is the Line of Credit, which had $280.0 million in availability and was undrawn as of March 31, 2016 . As of March 31, 2016 , the Company had $181.5 million in aggregate principal amount of 2018 Senior Notes outstanding, excluding unamortized debt issuance costs, and a make-whole premium on such principal balance as of March 31, 2016 would have been approximately $17.3 million . |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 6. Net Income Per Share Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the period. 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 net income per share calculations for the three months ended March 31, 2016 and 2015 (dollars and shares in thousands, except per share amounts): Three Months Ended 2016 2015 Numerator: Net Income $ 10,633 $ 7,845 Denominator: Total weighted average basic shares (a) 24,811 28,692 Shares applicable to stock-based compensation (b) 310 88 Total weighted average diluted shares (c) 25,121 28,780 Net Income - basic $ 0.43 $ 0.27 Net Income - diluted $ 0.42 $ 0.27 (a) Includes vested and deferred RSUs of 292 and 306 for the three months ended March 31, 2016 and 2015 , respectively. (b) Includes shares related to unvested RSU awards. (c) Excludes 144 and 53 anti-dilutive shares for the three months ended March 31, 2016 and 2015 , respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. 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 March 31, 2016 and 2015 and December 31, 2015 are as follows (dollars in thousands): March 31, Fair Value Measurements Using 2016 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Director Deferred Shares (a) $ 11,716 $ 11,716 $ — $ — Investment in equity securities 40,368 40,368 — — Total $ 52,084 $ 52,084 $ — $ — March 31, Fair Value Measurements Using 2015 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Director Deferred Shares (a) $ 13,083 $ 12,571 $ 512 $ — Investment in equity securities 116,261 — 116,261 — Total $ 129,344 $ 12,571 $ 116,773 $ — December 31, Fair Value Measurements Using 2015 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Director Deferred Shares (a) $ 10,767 $ 10,767 $ — $ — Investment in equity securities 42,613 42,613 — — Total $ 53,380 $ 53,380 $ — $ — (a) Only includes the portion of the Director Deferred Shares that are payable in Enova common stock. 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 a result of the Enova Spin-off, the portion of the Director Deferred Shares measured at fair value represented shares of Enova common stock. The Company’s investment in equity securities represented the Company’s available-for-sale shares of Enova common stock that it retained in connection with the Enova Spin-off. See Note 4 . As of March 31, 2016 and 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 classified as Level 1 and based on the market-determined stock price of Enova. In September 2015, the equity securities representing Enova common stock, both those included in Deferred Director Shares and investment in equity securities in the table above, were transferred to Level 1 from Level 2 as a result of the registration of these shares with the SEC. As of March 31, 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 three months ended March 31, 2016 and 2015 , there were no transfers of assets in or out of Level 1 or Level 2 fair value measurements. Fair Value Measurements on a Non-Recurring Basis The Company measures non-financial assets and liabilities such as property and equipment and intangible assets at fair value on a nonrecurring basis or when events or circumstances indicate that the carrying amount of the assets may be impaired. Financial Assets and Liabilities Not Measured at Fair Value The Company’s financial assets and liabilities as of March 31, 2016 and 2015 and December 31, 2015 that are not measured at fair value in the consolidated balance sheets are as follows (dollars in thousands): Carrying Value Estimated Fair Value March 31, March 31, Fair Value Measurement Using 2016 2016 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 48,321 $ 48,321 $ 48,321 $ — $ — Pawn loans 210,724 210,724 — — 210,724 Consumer loans, net — Short-term 21,689 21,689 — — 21,689 Consumer loans, net — Installment 2,297 2,297 — — 2,297 Pawn loan fees and service charges receivable 44,942 44,942 — — 44,942 Total $ 327,973 $ 327,973 $ 48,321 $ — $ 279,652 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 520 $ 520 $ — $ — $ 520 Senior unsecured notes, outstanding principal 181,450 177,821 — 177,821 — Total $ 181,970 $ 178,341 $ — $ 177,821 $ 520 Carrying Value Estimated Fair Value March 31, March 31, Fair Value Measurement Using 2015 2015 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 120,058 $ 120,058 $ 120,058 $ — $ — Pawn loans 210,060 210,060 — — 210,060 Consumer loans, net — Short-term 28,274 28,274 — — 28,274 Consumer loans, net — Installment 3,623 3,623 — — 3,623 Pawn loan fees and service charges receivable 43,784 43,784 — — 43,784 Total $ 405,799 $ 405,799 $ 120,058 $ — $ 285,741 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 1,241 $ 1,241 $ — $ — $ 1,241 Senior unsecured notes, outstanding principal 196,470 204,329 — 204,329 — Total $ 197,711 $ 205,570 $ — $ 204,329 $ 1,241 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 Consumer loans, net — Short-term 27,376 27,376 — — 27,376 Consumer loans, net — Installment 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, outstanding principal 184,450 185,603 — 185,603 — Total $ 213,544 $ 215,743 $ — $ 213,757 $ 1,986 Pawn loans generally have maturity periods of less than 90 days . Because of this short maturity period, the carrying value of pawn loans approximates the fair value of these loans. Short-term loans and installment loans, collectively, represent “Consumer loans, net” on the consolidated balance sheet and are carried net of the allowance for estimated loan losses, which is calculated by applying historical loss rates combined with recent default trends to the gross consumer loan balance. The unobservable inputs used to calculate the fair value of these loans include historical loss rates, recent default trends and estimated remaining loan terms; therefore, the carrying value approximates the fair value. Pawn loan fees and service charges revenue 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. Pawn 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 approximate the fair value. The Company measures the fair value of long-term debt instruments using Level 2 inputs. The fair values of the Company’s long-term debt instruments are estimated based on market values for debt issues with similar characteristics or rates currently available for debt with similar terms. As of March 31, 2016 , the 2018 Senior Notes had a lower 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 $3.7 million , $2.8 million and $3.5 million as of March 31, 2016 and 2015 and December 31, 2015 , 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 March 31, 2016 . |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 8. Subsequent Events On April 28, 2016, the Company and First Cash Financial Services, Inc., a Delaware corporation (“FCFS”), announced the execution of an Agreement and Plan of Merger (the “Merger Agreement”) entered into among the Company, FCFS and Frontier Merger Sub, LLC, a Texas limited liability company and a direct wholly owned subsidiary of FCFS. Pursuant to the Merger Agreement, the companies will combine in an all-stock merger of equals. Upon completion of the transaction, the combined company will be named FirstCash, Inc., will be headquartered in Fort Worth, Texas, and will have one of the largest retail pawn store footprints in Latin America and the United States, with over 2,000 locations across four countries. The transaction is expected to close in the second half of 2016, subject to the satisfaction of customary closing conditions, the expiration or termination of the applicable Hart-Scott-Rodino waiting period and certain approvals by the shareholders of both the Company and FCFS. Under the terms of the Merger Agreement, which was unanimously approved by the boards of directors of both the Company and FCFS, the Company’s shareholders will receive a fixed exchange ratio of 0.84 FCFS shares for each Company share they own. Following the close of the transaction, FCFS shareholders will own approximately 58% of the combined company, and the Company’s shareholders will own approximately 42%. Pending completion of the transaction, both companies expect to continue paying quarterly cash dividends under each company’s existing dividend policy, and the respective stock repurchase programs of the Company and FCFS will be suspended. See Part II, “Item 1A. Risk Factors” for additional information. |
Significant Accounting Polici17
Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation The consolidated financial statements include all of the accounts of Cash America International, Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements presented as of March 31, 2016 and 2015 and for the three-month periods ended March 31, 2016 and 2015 are unaudited but, in management’s opinion, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for such interim periods. The consolidated balance sheet data as of December 31, 2015 included herein was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”). Operating results for the three-month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the full fiscal year. 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. 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 offered by the Company are either written by the Company or by a third-party lender through the Company’s credit services organization or credit access business programs (“CSO programs”) and include short-term loans (commonly referred to as payday loans) and installment loans. Revenue from consumer loan fees includes interest income, finance charges and fees for services provided through the CSO programs (“CSO fees”). For more information on the Company’s CSO programs, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—the Company’s Business—Consumer Loan Activities .” 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. The Company has one reportable operating segment, and therefore all required financial segment information can be found directly in the consolidated financial statements. The Company evaluates the performance of its reportable segment based on income from operations. These financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Indefinite Lived Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination and is not amortized. In accordance with Accounting Standards Codification (“ASC”) 350-20-35, Goodwill—Subsequent Measurement (“ASC 350”), the Company tests goodwill and intangible assets with an indefinite life for potential impairment annually as of June 30 and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount, which would result in impairment. The Company has one reportable operating segment, which serves as the only reporting unit for goodwill assessment. The Company completed its annual assessment of goodwill as of June 30, 2015 and determined that the fair value for the Company’s reporting unit exceeded its carrying value, and, as a result, no impairment was indicated at that date. As of June 30, 2015, the excess fair value over the carrying value was 9% . 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 March 31, 2016, 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 March 31, 2016 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. |
Adopted Accounting Standards [Policy Text Block] | Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which simplifies several aspects related to the accounting for share-based payment transactions. Per ASU 2016-09: (1) all excess tax benefits and tax deficiencies should be recognized as income tax expense or benefit in the income statement, rather than in additional paid-in capital under current guidance; (2) excess tax benefits should be classified along with other income tax cash flows as an operating activity on the statement of cash flows, rather than as a separate cash inflow from financing activities and cash outflow from operating activities under current guidance; (3) cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity; and (4) an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest, as under current guidance, or account for forfeitures when they occur. ASU 2016-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. Effective January 1, 2016, the Company elected to early adopt ASU 2016-09. The Company prospectively applied the guidance dictating that excess tax benefits be recognized on the income statement. For the three months ended March 31, 2016, the Company recognized an excess income tax benefit of $0.6 million that reduced the income tax provision and increased net income on the consolidated statement of income. The Company retrospectively applied the guidance dictating the presentation of excess tax benefits as an operating cash flow and included the $0.6 million excess income tax benefit as part of “Current and noncurrent income taxes” presented as an operating activity on the consolidated statement of cash flows for the three months ended March 31, 2016. For the three months ended March 31, 2015, the $0.1 million excess tax benefit presented as offsetting operating and financing activities in the consolidated cash flow statements within the quarterly report filed on Form 10-Q for the three months ended March 31, 2015 was eliminated from the presentation due to the adoption of this guidance. In addition, the Company retrospectively applied the guidance dictating that cash paid by an employer when directly withholding shares for tax-withholding purposes be classified as a financing activity, and, consistent with prior period presentation, these amounts were included as part of “Treasury shares purchased” presented as a financing activity on the consolidated statement of cash flows for the three months ended March 31, 2016 and 2015. Finally, the Company elected to account for forfeitures when they occur. 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 all deferred tax assets and liabilities be classified as noncurrent 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 noncurrent 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 early adopted ASU 2015-17 on January 1, 2016 and retrospectively applied ASU 2015-17 for all periods presented. The impact of this change in accounting principle on amounts previously reported on the consolidated balance sheet as of March 31, 2015 was a reclassification of $22.9 million previously reported as “Current deferred tax liabilities” in the current liabilities section of the consolidated balance sheet to “Deferred tax liabilities” in the noncurrent liabilities section of the consolidated balance sheet. As of December 31, 2015, the impact of this change in accounting principle resulted in a reclassification of $7.7 million previously reported as “Current deferred tax assets” in the current assets section of the consolidated balance sheet to “Deferred tax liabilities” in the noncurrent liabilities section of the consolidated balance sheet. 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. On January 1, 2016, the Company retrospectively adopted ASU 2015-03 and ASU 2015-15. As a result, unamortized debt issuance costs related to the Company’s $300.0 million in aggregate principal amount of 5.75% senior notes due 2018 (the “2018 Senior Notes”) of $2.3 million , $3.6 million and $2.6 million as of March 31, 2016 and 2015 and December 31, 2015 , respectively, were reclassified from “Other assets” to a reduction of “Long-term debt” on the Company’s consolidated balance sheets. Unamortized debt issuance costs related to the Company’s $280.0 million line of credit due 2018 (the “Line of Credit”) of $1.2 million , $1.5 million and $1.4 million as of March 31, 2016 and 2015 and December 31, 2015 , respectively, remain in “Other assets” on the Company’s consolidated balance sheets. Adoption of ASU 2015-03 and ASU 2015-15 did not impact the results of operations, retained earnings or cash flows in the current or previous reporting periods. 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. The Company prospectively adopted ASU 2015-02 on January 1, 2016, and the adoption did not have a material effect on its financial position or results of operations. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which provides guidance for reporting entities that are required to evaluate whether they should consolidate certain legal entities. In accordance with ASU 2015-02, all legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Entities are permitted to apply ASU 2015-02 either retrospectively or through a modified retrospective approach. The Company retrospectively adopted ASU 2015-02 on January 1, 2016, and the adoption did not have a material effect on its financial position or results of operations. |
Accounting Standards to be Adopted in Future Periods | Accounting Standards to be Adopted in Future Periods In March 2016, the FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transaction to the Equity Method of Accounting (“ASU 2016-07”), which eliminates the requirement that when an investment qualifies for the use of the equity method as a result of an increase in the level of ownership interest or degree of influence, the investor must adjust the investment, results of operations and retained earnings retrospectively as if the equity method had been in effect during all previous periods in which the investment had been held. ASU 2016-07 requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. In addition, ASU 2016-07 requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. ASU 2016-07 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, and should be applied prospectively. Early adoption is permitted. The Company does not expect that the adoption of ASU 2016-07 will have a material effect on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 824) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to recognize the following for all leases with terms longer than 12 months: (a) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (b) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. In addition, ASU 2016-02 aligns lessor accounting with the lessee accounting model and 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”). ASU 2016-02 is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. Entities must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is still assessing the potential impact of ASU 2016-02 on its consolidated financial statements. In January 2016, the 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 May 2014, the FASB issued 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) , which defers the effective date of ASU 2014-09 by one year. In addition, in March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”), which further clarifies the implementation guidance on principal versus agent considerations contained in ASU 2014-09. For public business entities, ASU 2014-09 and ASU 2016-08 are 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 and ASU 2016-08 either retrospectively or through an alternative transition model. The Company is still assessing the potential impact of ASU 2014-09 and ASU 2016-08 on its consolidated financial statements. |
Consumer Loans, Credit Qualit18
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and 2015 and December 31, 2015 were as follows (dollars in thousands): As of As of As of March 31, 2016 March 31, 2015 December 31, 2015 Short-term loans Current loans $ 20,798 $ 26,775 $ 26,304 Delinquent loans 2,055 3,533 2,723 Total consumer loans, gross 22,853 30,308 29,027 Less: Allowance for losses (1,164 ) (2,034 ) (1,651 ) Consumer loans, net $ 21,689 $ 28,274 $ 27,376 Installment loans Current loans $ 1,519 $ 2,664 $ 2,027 Delinquent loans 1,865 2,150 3,133 Total consumer loans, gross 3,384 4,814 5,160 Less: Allowance for losses (1,087 ) (1,191 ) (1,245 ) Consumer loans, net $ 2,297 $ 3,623 $ 3,915 Total consumer loans Current loans $ 22,317 $ 29,439 $ 28,331 Delinquent loans 3,920 5,683 5,856 Total consumer loans, gross 26,237 35,122 34,187 Less: Allowance for losses (2,251 ) (3,225 ) (2,896 ) Consumer loans, net $ 23,986 $ 31,897 $ 31,291 |
Changes In Allowance For Losses | Changes in the allowance for losses for Company-owned consumer loans and the liability for estimated losses on the Company’s guarantees of third-party lender-owned consumer loans through the CSO programs for the three months ended March 31, 2016 and 2015 were as follows (dollars in thousands): Three Months Ended March 31, 2016 2015 Short-term loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 1,651 $ 2,736 Consumer loan loss provision 2,371 3,306 Charge-offs (3,569 ) (5,715 ) Recoveries 711 1,707 Balance at end of period $ 1,164 $ 2,034 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 30 $ 402 Consumer loan loss provision (4 ) (187 ) Balance at end of period $ 26 $ 215 Installment loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 1,245 $ 1,426 Consumer loan loss provision 3,038 1,300 Charge-offs (3,560 ) (1,907 ) Recoveries 364 372 Balance at end of period $ 1,087 $ 1,191 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 1,956 $ 658 Consumer loan loss provision (1,462 ) 368 Balance at end of period $ 494 $ 1,026 Total consumer loans Allowance for losses for Company-owned consumer loans: Balance at beginning of period $ 2,896 $ 4,162 Consumer loan loss provision 5,409 4,606 Charge-offs (7,129 ) (7,622 ) Recoveries 1,075 2,079 Balance at end of period $ 2,251 $ 3,225 Liability for third-party lender-owned consumer loans: Balance at beginning of period $ 1,986 $ 1,060 Consumer loan loss provision (1,466 ) 181 Balance at end of period $ 520 $ 1,241 |
Investments In Enova Investme19
Investments In Enova Investment in Enova (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investment in Enova [Abstract] | |
Summary Investment Holdings [Table Text Block] | 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 at December 31, 2015 5,964,106 511,505 6,475,611 Forfeitures (c) 35,029 (35,029 ) — Shares delivered under the LTIPs — (31,833 ) (31,833 ) Shares withheld for taxes and sold (17,310 ) (17,310 ) Shares held as of March 31, 2016 5,999,135 427,333 6,426,468 Approximate % ownership of Enova as of March 31, 2016 18.1 % 1.3 % 19.4 % (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. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule Of Long-Term Debt | The Company’s long-term debt instruments and balance outstanding as of March 31, 2016 and 2015 and December 31, 2015 were as follows (dollars in thousands): Balance as of March 31, December 31, 2016 2015 2015 Line of credit due 2018 $ — $ — $ 27,108 5.75% senior unsecured notes due 2018: 5.75% senior unsecured notes due 2018, outstanding principal 181,450 196,470 184,450 Unamortized debt issuance costs (2,277 ) (3,632 ) (2,587 ) 5.75% senior unsecured notes due 2018, net of debt issuance costs 179,173 192,838 181,863 Total long-term debt $ 179,173 $ 192,838 $ 208,971 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Numerators And Denominators For Basic And Diluted Earnings Per Share | The following table sets forth the reconciliation of numerators and denominators of basic and diluted net income per share calculations for the three months ended March 31, 2016 and 2015 (dollars and shares in thousands, except per share amounts): Three Months Ended 2016 2015 Numerator: Net Income $ 10,633 $ 7,845 Denominator: Total weighted average basic shares (a) 24,811 28,692 Shares applicable to stock-based compensation (b) 310 88 Total weighted average diluted shares (c) 25,121 28,780 Net Income - basic $ 0.43 $ 0.27 Net Income - diluted $ 0.42 $ 0.27 (a) Includes vested and deferred RSUs of 292 and 306 for the three months ended March 31, 2016 and 2015 , respectively. (b) Includes shares related to unvested RSU awards. (c) Excludes 144 and 53 anti-dilutive shares for the three months ended March 31, 2016 and 2015 , respectively. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and 2015 and December 31, 2015 are as follows (dollars in thousands): March 31, Fair Value Measurements Using 2016 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Director Deferred Shares (a) $ 11,716 $ 11,716 $ — $ — Investment in equity securities 40,368 40,368 — — Total $ 52,084 $ 52,084 $ — $ — March 31, Fair Value Measurements Using 2015 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Director Deferred Shares (a) $ 13,083 $ 12,571 $ 512 $ — Investment in equity securities 116,261 — 116,261 — Total $ 129,344 $ 12,571 $ 116,773 $ — December 31, Fair Value Measurements Using 2015 Level 1 Level 2 Level 3 Financial assets: Nonqualified Savings Plan-related assets and Director Deferred Shares (a) $ 10,767 $ 10,767 $ — $ — Investment in equity securities 42,613 42,613 — — Total $ 53,380 $ 53,380 $ — $ — |
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 March 31, 2016 and 2015 and December 31, 2015 that are not measured at fair value in the consolidated balance sheets are as follows (dollars in thousands): Carrying Value Estimated Fair Value March 31, March 31, Fair Value Measurement Using 2016 2016 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 48,321 $ 48,321 $ 48,321 $ — $ — Pawn loans 210,724 210,724 — — 210,724 Consumer loans, net — Short-term 21,689 21,689 — — 21,689 Consumer loans, net — Installment 2,297 2,297 — — 2,297 Pawn loan fees and service charges receivable 44,942 44,942 — — 44,942 Total $ 327,973 $ 327,973 $ 48,321 $ — $ 279,652 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 520 $ 520 $ — $ — $ 520 Senior unsecured notes, outstanding principal 181,450 177,821 — 177,821 — Total $ 181,970 $ 178,341 $ — $ 177,821 $ 520 Carrying Value Estimated Fair Value March 31, March 31, Fair Value Measurement Using 2015 2015 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 120,058 $ 120,058 $ 120,058 $ — $ — Pawn loans 210,060 210,060 — — 210,060 Consumer loans, net — Short-term 28,274 28,274 — — 28,274 Consumer loans, net — Installment 3,623 3,623 — — 3,623 Pawn loan fees and service charges receivable 43,784 43,784 — — 43,784 Total $ 405,799 $ 405,799 $ 120,058 $ — $ 285,741 Financial liabilities: Liability for estimated losses on consumer loans guaranteed by the Company $ 1,241 $ 1,241 $ — $ — $ 1,241 Senior unsecured notes, outstanding principal 196,470 204,329 — 204,329 — Total $ 197,711 $ 205,570 $ — $ 204,329 $ 1,241 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 Consumer loans, net — Short-term 27,376 27,376 — — 27,376 Consumer loans, net — Installment 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, outstanding principal 184,450 185,603 — 185,603 — Total $ 213,544 $ 215,743 $ — $ 213,757 $ 1,986 |
Significant Accounting Polici23
Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2015 | May. 10, 2013USD ($) | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 9.00% | ||||
Number of Operating Segments | 1 | ||||
Line Of Credit Up To $280,000 Due 2018 [Member] | |||||
Maximum borrowing capacity | $ 280 | ||||
ASU 2016-09 [Member] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0.6 | $ 0.1 | |||
ASU 2015-17 [Member] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 22.9 | $ 7.7 | |||
ASU 2015-03 and ASU 2015-15 [Member] | 5.75% senior unsecured notes due 2018 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (2.3) | (3.6) | (2.6) | ||
ASU 2015-03 and ASU 2015-15 [Member] | Line Of Credit Up To $280,000 Due 2018 [Member] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 1.2 | $ 1.5 | $ 1.4 |
Credit Quality Information On24
Credit Quality Information On Pawn Loans (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Credit Quality Information On Pawn Loans [Abstract] | |||
Delinquent Pawn Loans | $ 7.5 | $ 7.1 | $ 7.2 |
Performing pawn loans outstanding | $ 203.2 | $ 241.6 | $ 202.9 |
Consumer Loans, Credit Qualit25
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrual For Third Party Lender Owned Consumer Loans | $ 520 | $ 1,986 | $ 1,241 | $ 1,060 |
Days for delinquent loans to be charged off | 60 days | |||
Active consumer loans owned by third-party lenders | $ 7,700 | 11,100 | 8,700 | |
Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Delinquent loans expiry period (in days) | 1 day | |||
Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Delinquent loans expiry period (in days) | 59 days | |||
Short Term Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrual For Third Party Lender Owned Consumer Loans | $ 26 | 30 | 215 | 402 |
Guaranteed Loans Term Available | 45 days | |||
Installment Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrual For Third Party Lender Owned Consumer Loans | $ 494 | $ 1,956 | $ 1,026 | $ 658 |
Guaranteed Loans Term Available | 26 months | |||
Unsecured installment loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Guaranteed Loans Term Available | 12 months |
Consumer Loans, Credit Qualit26
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 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||||
Current loans | $ 22,317 | $ 28,331 | $ 29,439 | |
Delinquent loans | 3,920 | 5,856 | 5,683 | |
Total consumer loans, gross | 26,237 | 34,187 | 35,122 | |
Less: allowance for losses | (2,251) | (2,896) | (3,225) | $ (4,162) |
Consumer loans, net | 23,986 | 31,291 | 31,897 | |
Short-Term Loans [Member] | ||||
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||||
Current loans | 20,798 | 26,304 | 26,775 | |
Delinquent loans | 2,055 | 2,723 | 3,533 | |
Total consumer loans, gross | 22,853 | 29,027 | 30,308 | |
Less: allowance for losses | (1,164) | (1,651) | (2,034) | (2,736) |
Consumer loans, net | 21,689 | 27,376 | 28,274 | |
Installment Loans [Member] | ||||
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||||
Current loans | 1,519 | 2,027 | 2,664 | |
Delinquent loans | 1,865 | 3,133 | 2,150 | |
Total consumer loans, gross | 3,384 | 5,160 | 4,814 | |
Less: allowance for losses | (1,087) | (1,245) | (1,191) | $ (1,426) |
Consumer loans, net | $ 2,297 | $ 3,915 | $ 3,623 |
Consumer Loans, Credit Qualit27
Consumer Loans, Credit Quality Information And Allowances And Liabilities For Estimated Losses On Consumer Loans (Changes In Allowance For Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | $ 2,896 | $ 4,162 |
Consumer loan loss provision | 5,409 | 4,606 |
Charge-offs | (7,129) | (7,622) |
Recoveries | 1,075 | 2,079 |
Balance at end of period | 2,251 | 3,225 |
Liability for Third-Party Lender-Owned Consumer Loans [Roll Forward] | ||
Balance at beginning of period | 1,986 | 1,060 |
(Decrease) increase in liability | (1,466) | 181 |
Balance at end of period | 520 | 1,241 |
Short-Term Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 1,651 | 2,736 |
Consumer loan loss provision | 2,371 | 3,306 |
Charge-offs | (3,569) | (5,715) |
Recoveries | 711 | 1,707 |
Balance at end of period | 1,164 | 2,034 |
Liability for Third-Party Lender-Owned Consumer Loans [Roll Forward] | ||
Balance at beginning of period | 30 | 402 |
(Decrease) increase in liability | (4) | (187) |
Balance at end of period | 26 | 215 |
Installment Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 1,245 | 1,426 |
Consumer loan loss provision | 3,038 | 1,300 |
Charge-offs | (3,560) | (1,907) |
Recoveries | 364 | 372 |
Balance at end of period | 1,087 | 1,191 |
Liability for Third-Party Lender-Owned Consumer Loans [Roll Forward] | ||
Balance at beginning of period | 1,956 | 658 |
(Decrease) increase in liability | (1,462) | 368 |
Balance at end of period | $ 494 | $ 1,026 |
Investments In Enova Investme28
Investments In Enova Investment In Enova (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Nov. 13, 2014 | ||
Schedule of Investments [Line Items] | |||||
Shares held at beginning | 6,475,611 | ||||
Forfeitures | [1] | 0 | |||
Shares issued | (31,833) | ||||
Withheld | (17,310) | ||||
% ownership of Enova | 19.40% | ||||
Investment Owned, Balance, Shares | 6,475,611 | ||||
Marketable securities unrealized gain (loss) | $ (1,350) | $ (9,860) | |||
Gain on disposition of equity securities | 117 | 126 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Schedule of Investments [Line Items] | |||||
Marketable securities unrealized gain (loss) | $ (1,350) | $ (9,860) | |||
Available-for-sale Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Shares held at beginning | [2] | 5,964,106 | |||
Forfeitures | [1],[2] | (35,029) | |||
Shares issued | [2] | 0 | |||
Withheld | [2] | ||||
Shares held at period end | [2] | 5,999,135 | |||
% ownership of Enova | [2] | 18.10% | |||
Investment Owned, Balance, Shares | [2] | 5,964,106 | 5,999,135 | ||
Shares Subject to Nonvested Awards [Member] | Shares Subject to Common Stock Awards [Member] | |||||
Schedule of Investments [Line Items] | |||||
Shares held at beginning | 511,505 | ||||
Forfeitures | (35,029) | ||||
Shares issued | (31,833) | ||||
Withheld | (17,310) | ||||
Shares held at period end | 427,333 | ||||
% ownership of Enova | 1.29% | ||||
Investment Owned, Balance, Shares | 511,505 | 427,333 | |||
Enova [Member] | |||||
Schedule of Investments [Line Items] | |||||
Shares held at period end | 6,426,468 | ||||
Investment Owned, Balance, Shares | 6,426,468 | 6,426,468 | 6,596,927 | ||
Enova [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Schedule of Investments [Line Items] | |||||
Marketable securities unrealized gain (loss) | $ 20,900 | ||||
Enova [Member] | Common Stock [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment Owned, at Cost | $ 19,500 | ||||
[1] | ) 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. | ||||
[2] | Does not include shares retained for delivery under the LTIPs. |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | May. 10, 2013USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)pricing_tranch | May. 15, 2013 |
Debt Instrument [Line Items] | |||||
Gains (Losses) on Extinguishment of Debt | $ (11,000) | $ 0 | |||
Line Of Credit Up To $280,000 Due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 280,000,000 | ||||
Commitment fee, percentage | 0.38% | ||||
Weighted average interest rate | 3.48% | ||||
Number Of Pricing Tranches | pricing_tranch | 2 | ||||
Line of Credit Facility, Amount Outstanding | $ 0 | 0 | $ 27,108,000 | ||
Line Of Credit Up To $100,000 Due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 100,000,000 | ||||
Standby Letters Of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Letter of credit facility, amount | 20,000,000 | ||||
Line of Credit Facility, Amount Outstanding | $ 6,000,000 | ||||
5.75% senior unsecured notes due 2018 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity year | 2,018 | ||||
Debt instrument, interest rate | 5.75% | ||||
Note Redeem Rate | 100.00% | ||||
Note Repurchase Rate | 101.00% | ||||
Long-term Debt, Gross | $ 181,450,000 | 196,470,000 | 184,450,000 | ||
Long-term Debt | $ 179,173,000 | $ 192,838,000 | $ 181,863,000 | ||
Ownership Percentage | 100.00% | ||||
Make whole payment premium | $ 17,300,000 | ||||
Minimum | Line Of Credit Up To $280,000 Due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Commitment fee, percentage | 0.25% | ||||
Debt instrument maturity days | 5 days | ||||
Minimum | LIBOR [Member] | Line Of Credit Up To $280,000 Due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument basis spread on variable rate | 2.00% | ||||
Minimum | Agent's Base Rate [Member] | Line Of Credit Up To $280,000 Due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument basis spread on variable rate | 0.50% | ||||
Maximum | Line Of Credit Up To $280,000 Due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Commitment fee, percentage | 0.50% | ||||
Debt instrument maturity days | 8 days | ||||
Maximum | LIBOR [Member] | Line Of Credit Up To $280,000 Due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument basis spread on variable rate | 3.25% | ||||
Maximum | Agent's Base Rate [Member] | Line Of Credit Up To $280,000 Due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument basis spread on variable rate | 1.75% |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 179,173 | $ 208,971 | $ 192,838 |
Line Of Credit Up To Two Hundred Eighty Thousand Dollars Due Two Thousand Eighteen [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | $ 0 | 27,108 | 0 |
Line of Credit Due Twenty Eighteen [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity year | 2,018 | ||
5.75% senior unsecured notes due 2018 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 181,450 | 184,450 | 196,470 |
Unamortized Debt Issuance Cost | (2,277) | (2,587) | (3,632) |
Total debt | $ 179,173 | $ 181,863 | $ 192,838 |
Debt instrument, maturity year | 2,018 | ||
Debt instrument, interest rate | 5.75% |
Net Income Per Share (Reconcili
Net Income Per Share (Reconciliation Of Numerators And Denominators For Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Earnings Per Share [Abstract] | |||
Net Income | $ 10,633 | $ 7,845 | |
Total weighted average basic shares | [1] | 24,811 | 28,692 |
Shares applicable to stock-based compensation | [2] | 310 | 88 |
Total weighted average diluted shares | [3] | 25,121 | 28,780 |
Net Income - basic | $ 0.43 | $ 0.27 | |
Net Income - diluted | $ 0.42 | $ 0.27 | |
Vested restricted stock units, in shares | 292 | 306 | |
Anti-dilutive shares | 144 | 53 | |
[1] | Includes vested and deferred RSUs of 292 and 306 for the three months ended March 31, 2016 and 2015, respectively. | ||
[2] | Includes shares related to unvested RSU awards. | ||
[3] | 2015, respectively. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative)(Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||
Cash And Cash Equivalent Maturity Period | 90 days | ||
Cost Method Investments | $ 3.7 | $ 3.5 | $ 2.8 |
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 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonqualified Savings Plan-related assets and Director Deferred Shares | $ 11,716 | $ 10,767 | $ 13,083 |
Investment in equity securities | 40,368 | 42,613 | 116,261 |
Total | 52,084 | 53,380 | 129,344 |
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 | 11,716 | 10,767 | 12,571 |
Investment in equity securities | 40,368 | 42,613 | 0 |
Total | 52,084 | 53,380 | 12,571 |
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 | 0 | 512 |
Investment in equity securities | 0 | 0 | 116,261 |
Total | 0 | 0 | 116,773 |
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 | 0 |
Investment in equity securities | 0 | 0 | 0 |
Total | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Not Measured At Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Carrying Value [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | $ 48,321 | $ 23,153 | $ 120,058 |
Pawn loans | 210,724 | 248,713 | 210,060 |
Short-term loans, net | 21,689 | 27,376 | 28,274 |
Installment loans, net | 2,297 | 3,915 | 3,623 |
Pawn loan fees and service charges receivable | 44,942 | 52,798 | 43,784 |
Total | 327,973 | 355,955 | 405,799 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Liability for estimated losses on consumer loans guaranteed by the Company | 520 | 1,986 | 1,241 |
Line of credit | 27,108 | ||
Senior unsecured notes, outstanding principal | 181,450 | 184,450 | 196,470 |
Total | 181,970 | 213,544 | 197,711 |
Estimated Fair Value [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 48,321 | 23,153 | 120,058 |
Pawn loans | 210,724 | 248,713 | 210,060 |
Short-term loans, net | 21,689 | 27,376 | 28,274 |
Installment loans, net | 2,297 | 3,915 | 3,623 |
Pawn loan fees and service charges receivable | 44,942 | 52,798 | 43,784 |
Total | 327,973 | 355,955 | 405,799 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Liability for estimated losses on consumer loans guaranteed by the Company | 520 | 1,986 | 1,241 |
Line of credit | 28,154 | ||
Senior unsecured notes, outstanding principal | 177,821 | 185,603 | 204,329 |
Total | 178,341 | 215,743 | 205,570 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 48,321 | 23,153 | 120,058 |
Pawn loans | 0 | 0 | 0 |
Short-term loans, net | 0 | 0 | 0 |
Installment loans, net | 0 | 0 | 0 |
Pawn loan fees and service charges receivable | 0 | 0 | 0 |
Total | 48,321 | 23,153 | 120,058 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Liability for estimated losses on consumer loans guaranteed by the Company | 0 | 0 | 0 |
Line of credit | 0 | ||
Senior unsecured notes, outstanding principal | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 0 | 0 | 0 |
Pawn loans | 0 | 0 | 0 |
Short-term loans, net | 0 | 0 | 0 |
Installment loans, net | 0 | 0 | 0 |
Pawn loan fees and service charges receivable | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Liability for estimated losses on consumer loans guaranteed by the Company | 0 | 0 | 0 |
Line of credit | 28,154 | ||
Senior unsecured notes, outstanding principal | 177,821 | 185,603 | 204,329 |
Total | 177,821 | 213,757 | 204,329 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 0 | 0 | 0 |
Pawn loans | 210,724 | 248,713 | 210,060 |
Short-term loans, net | 21,689 | 27,376 | 28,274 |
Installment loans, net | 2,297 | 3,915 | 3,623 |
Pawn loan fees and service charges receivable | 44,942 | 52,798 | 43,784 |
Total | 279,652 | 332,802 | 285,741 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Liability for estimated losses on consumer loans guaranteed by the Company | 520 | 1,986 | 1,241 |
Line of credit | 0 | ||
Senior unsecured notes, outstanding principal | 0 | 0 | 0 |
Total | $ 520 | $ 1,986 | $ 1,241 |
Subsequent Events (Details)
Subsequent Events (Details) | Apr. 28, 2016store | Mar. 31, 2016 |
% ownership | 19.40% | |
Subsequent Event [Member] | ||
Exchange ratio of CSH share to FCFS share | 0.84 | |
Subsequent Event [Member] | FirstCash [Member] | ||
Number of Stores | 2,000 | |
Subsequent Event [Member] | CSH [Member] | ||
% ownership | 42.00% | |
Subsequent Event [Member] | FCFS [Member] | ||
% ownership | 58.00% |