Cash America 2012 Annual Report Download - page 129
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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
104
2. Significant Accounting Policies
Basis of Presentation
The consolidated financial statements include all of the accounts of the Company. All significant
intercompany accounts and transactions have been eliminated in consolidation.
Prior to 2012, the Company had a contractual relationship with a third-party entity, Huminal, S.A. de C.V., a
Mexican sociedad anónima de capital variable ("Huminal"), to compensate and maintain the labor force of its Mexico-
based pawn operations that formerly operated under the name “Prenda Fácil” (“Prenda Fácil”). Prenda Fácil was
owned by Creazione Estilo, S.A. de C.V., a Mexican sociedad anónima de capital variable (“Creazione”). On January
1, 2012, the labor force of the Mexico pawn operations was transferred from Huminal to a wholly-owned subsidiary of
Creazione. However, Prenda Fácil qualifies as the primary beneficiary of Huminal in accordance with Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”).
Therefore, the results and balances of Huminal are consolidated and allocated to net income attributable to
noncontrolling interests. In January 2013, the Company’s remaining Mexico-based pawn operations were sold by
Creazione to another wholly-owned subsidiary, CA Empeños Mexico, S. de R.L. de C.V., and began operating
exclusively under the name “Cash America case de empeño.” In connection with the reorganization of the Company’s
Mexico-based pawn lending operations during 2012 (the “Mexico Reorganization”), the Company intends to liquidate
the remaining assets of Creazione, which are insignificant, in 2013. See Note 4 for additional discussion.