Cash America 2015 Annual Report Download - page 124

TheCompany’sfinancialassetsthataremeasuredatfairvalueonarecurringbasisasofDecember31,
2015 and 2014 are as follows (dollars in thousands):
December 31, Fair Value Measurements Using
2015 Level 1 Level 2 Level 3
Financial assets:
Nonqualified Savings Plan-related assets and
Director Deferred Shares $10,767 $10,767 $—$—
Investment in equity securities 42,613 42,613 — —
Total $53,380 $53,380 $—$—
December31, FairValueMeasurementsUsing
2014 Level 1 Level 2 Level 3
Financial assets:
Nonqualified Savings Plan-related assets and
Director Deferred Shares $12,838 $12,259 $579 $—
Investment in equity securities 131,584 — 131,584 —
Total $ 144,422 $ 12,259 $ 132,163 $ —
Nonqualified Savings Plan-related assets and Director Deferred Shares have an offsetting liability of equal
amount, which is included in “Accounts payable and accrued expenses” in the consolidated balance sheets. The
Nonqualified Savings Plan-related assets include marketable equity securities, which are classified as Level 1 and
based on net asset values. As of December 31, 2015 and 2014, as a result of the Enova Spin-off, a portion of the
Director Deferred Shares measured at fair value represented shares of Enova common stock, and the remaining
portion represented Company stock. As of December 31, 2015 and 2014, the Company’s investment in equity
securities represents the Company’s available-for-sale shares of Enova common stock that it retained in connection
with the Enova Spin-off. See Note 9. As of December 31, 2015, the equity securities representing Enova common
stock, both those included in Director Deferred Shares and investment in equity securities in the table above, are
classified as Level 1 and based on market-determined stock price of Enova.
During the year ended December 31, 2015, the equity securities representing Enova common stock, both
those included in Director Deferred Shares and investment in equity securities in the table above, were transferred
to Level 1 from Level 2 as a result of the registration of these shares with the SEC in September 2015. Prior to
September 2015, the Enova common shares were classified as Level 2, as they were not-yet-registered securities
with the SEC as of that date, and accordingly, were not carried at the fair value of the quoted Enova stock prices, but
rather the Company valued these shares using the market determined stock price of Enova, less an adjustment factor
due to the unregistered nature of the shares. During the years ended December 31, 2015 and 2014, there were no
other transfers of assets in or out of Level 1 or Level 2 fair value measurements.
Fair Value Measurements on a Non-Recurring Basis
The Company measures non-financial assets and liabilities such as property and equipment and intangible
assets at fair value on a nonrecurring basis or when events or circumstances indicate that the carrying amount of the
assets may be impaired.
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
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