Cash America 2011 Annual Report Download - page 134
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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
103
7. Property and Equipment
Major classifications of property and equipment at December 31, 2011 and 2010 were as follows (dollars in
thousands):
As of December 31,
2011 2010
Accumulated Accumulated
Cost Depreciation Net Cost Depreciation Net
Land $5,335 $ - $5,335 $5,168 $ - $5,168
Buildings and leasehold improvements 210,337 (111,946) 98,391 185,469 (99,705) 85,764
Furniture, fixtures and equipment 135,487 (88,422) 47,065 115,576 (76,185) 39,391
Computer software 151,142 (55,504) 95,638 131,826 (39,829) 91,997
Total $502,301 $(255,872) $246,429 $438,039 $(215,719) $222,320
The Company recognized depreciation expense of $47.9 million, $39.1 million and $35.6 million during 2011,
2010 and 2009, respectively.
8. Goodwill and Other Intangible Assets
Goodwill is tested for impairment at least annually. The acquisition and purchase price adjustments to
goodwill reflected below primarily represent the difference between the estimated supplemental payments for the
acquisitions and the actual amounts paid as described in Note 3.
The Company realigned its reportable segments in the second quarter of 2010, and allocated a portion of the
goodwill relating to its previously reported cash advance segment to the retail services segment based on the relative
fair values of those reporting units. The remainder of the goodwill related to the previously reported cash advance
segment remained in the e-commerce segment. As a result of the segment realignment and reallocation, the Company
reallocated the goodwill in the retail services segment by approximately $40.5 million as of January 1, 2009. In
addition, acquisition and purchase price adjustments affecting goodwill for the years ended December 31, 2010 and
2009 have been reallocated based on the relative fair values of the reporting units.
Goodwill
Changes in the carrying value of goodwill for the years ended December 31, 2011 and 2010 were as follows
(dollars in thousands):
Retail
Services E-Commerce Consolidated
Balance as of January 1, 2011 $ 333,042 $ 210,282 $ 543,324
Acquisitions and purchase price adjustments 26,679 - 26,679
Effect of foreign currency translation (7,282) - (7,282)
Balance as of December 31, 2011 $ 352,439 $ 210,282 $ 562,721
Balance as of January 1, 2010 $ 296,409 $ 197,083 $ 493,492
Acquisitions and purchase price adjustments 27,473 18,857 46,330
Allocation resulting from segment realignment 5,658 (5,658) -
Effect of foreign currency translation 3,502 - 3,502
Balance as of December 31, 2010 $ 333,042 $ 210,282 $ 543,324