Cash America 2015 Annual Report Download - page 101
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The allocation of the purchase price for this acquisition is as follows (dollars in thousands):
Pawn loans $ 14,468
Merchandise acquired 8,024
Pawn loan fees and service charges receivable 2,094
Property and equipment 4,230
Goodwill 62,335
Intangible assets 14,404
Other assets 383
Other liabilities (829)
Customer deposits (1,365)
Total consideration paid for acquisition, net of cash acquired $ 103,744
Other Acquisitions
In addition to the acquisitions discussed above, the Company acquired two, one and one lending locations
for$1.1million,$0.7millionand$0.7millionduringtheyearsendedDecember31,2015,2014and2013,
respectively.
Divestitures
On August 25, 2014, the Company completed the divestiture of its 47 pawn lending locations in Mexico for
cash consideration of $18.5 million, net of cash held at the date of divestiture, including consideration related to a
non-compete agreement. These sold locations represented all of the locations operated by the Company in Mexico.
The Company recorded a loss of $2.8 million on the sale and a $2.1 million expense related to an uncollectible
receivable incurred as a result of the Company’s discontinuation of its Mexico-based pawn operations. The
combined amounts are included in “Loss on divestitures” in the Company’s consolidated statements of income and
cash flows. The Company included $6.4 million of goodwill in the carrying value of the business in accordance
with ASC 350, Intangibles—Goodwill and Other. The Company used the proceeds from the sale for general
corporate purposes. Following the sale, the Company had no continuing involvement with these entities. This
divestiture did not qualify as a discontinued operation in accordance with ASU 2014-08 as it did not have a major
effect on the Company’s operations and financial results.
On August 25, 2014, the Company also completed the divestiture of its five pawn lending locations in
Colorado for cash consideration of $3.0 million, net of cash held at the date of divestiture. These locations
represented all of the locations operated by the Company in Colorado. The Company recorded a loss of $0.3 million
on the sale, which is included in “Loss on divestitures” in the Company’s consolidated statements of income and
cash flows. The Company used the proceeds from the sale for general corporate purposes.
In addition to the divestitures discussed above, the Company sold 12 lending locations through various
transactions in 2015 for aggregate cash consideration of $2.9 million and an aggregate gain on sale of $0.3 million.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
97