Cash America 2013 Annual Report Download - page 176
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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
151
With respect to the e-commerce segment, the operations for the Company’s domestic and foreign channels are
primarily located within the United States, and the value of any long-lived assets located outside of the United States is
immaterial.
21. Fair Value Measurements
Recurring Fair Value Measurements
In accordance with ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), certain of the Company’s
assets and liabilities, which are carried at fair value, are classified in one of the following three categories:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3: Unobservable inputs that are not corroborated by market data.
The Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2013 and
2012 are as follows (dollars in thousands):
December 31, Fair Value Measurements Using
2013 Level 1 Level 2 Level 3
Financial assets:
Forward currency exchange contracts 1 $ 6 $ - $ 6 $ -
Nonqualified plan-related assets (a) 14,576 14,576 - -
Total $ 14,582 $ 14,576 $ 6 $ -
December 31, Fair Value Measurements Using
2012 Level 1 Level 2 Level 3
Financial assets (liabilities):
Forward currency exchange contracts $ (406) $ - $ (406) $ -
Nonqualified plan-related assets (a) 11,347 11,347 - -
Marketable securities(b) 6,042 6,042 - -
Total $ 16,983 $ 17,389 $ (406) $ -
(a)a
a
The nonqualified plan-related assets have an offsetting liability of equal amount, which is included in "Accounts payable and
accrued expenses" in the consolidated balance sheets.
(b)a
a
a
Cumulative unrealized total gains, net of tax, on these equity securities of $0.3 million as of December 31, 2012 are recorded
in "Accumulated other comprehensive income (loss)" in the consolidated statements of equity. These marketable securities
were sold during the second quarter of 2013.
The Company measures the fair value of its forward currency exchange contracts under Level 2 inputs as defined by
ASC 820. For these forward currency exchange contracts, current market rates are used to determine fair value. The
significant inputs used in these models are derived from observable market transactions.
During the years ended December 31, 2013 and 2012, there were no transfers of assets in or out of Level 1 or Level
2 fair value measurements.