Cash America 2015 Annual Report Download - page 76
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taxable temporary differences, the expected occurrence of future income or loss and the feasibility of available tax
planning strategies to protect against the loss of deferred tax assets.
The Company had a valuation allowance of $1.1 million as of December 31, 2015, which was recorded in
2015 and related to the deferred assets associated with certain state net operating losses. In 2014, the Company, in
connection with its anticipated liquidation of Creazione, released a $12.5 million valuation allowance related to the
deferred tax assets at Creazione and also released a $1.3 million valuation allowance in connection with the sale of
CA Empeños Mexico, S. de R.L. de C.V. (“Empeños”). In 2013, the Company released a $9.3 million valuation
allowance related to the deferred tax asset associated with the Company’s excess tax basis over its basis for
financial reporting purposes in the stock of Creazione and recorded an additional $1.3 million valuation allowance
related to deferred tax assets at Empeños.
The Company accounts for uncertainty in income taxes in accordance with ASC 740, Accounting for
Uncertainty in Income Taxes (“ASC 740”). ASC 740 requires that a more-likely-than-not threshold be met before
the benefit of a tax position may be recognized in the consolidated financial statements and prescribes how such
benefit should be measured. Management must evaluate tax positions taken on the Company’s tax returns for all
periods that are open to examination by taxing authorities and make a judgment as to whether and to what extent
such positions are more likely than not to be sustained based on merit.
Management’s judgment is required in determining the provision for income taxes, the deferred tax assets
and liabilities and any valuation allowance recorded against deferred tax assets. Management’s judgment is also
required in evaluating whether tax benefits meet the more-likely-than-not threshold for recognition under ASC 740.
RECENT ACCOUNTING PRONOUNCEMENTS
See “Item 8. Financial Statements and Supplementary Data—Note 1” for a discussion of recent accounting
pronouncements that the Company has adopted or will adopt in future periods.
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