Cash America 2014 Annual Report Download - page 131

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
116
Accumulated Other Comprehensive Income (Loss)
The unrealized gain on marketable equity securities for the year ended December 31, 2014 is composed of a
$111.6 million gain and income tax expense of $39.6 million and relates to the available-for-sale shares of Enova
common stock held by the Company. These securities are not yet registered with the SEC. Accordingly, the
Company has calculated the adjustment to AOCI for the change in market value based on the market determined
stock price of Enova on December 31, 2014, less an adjustment factor due to the unregistered nature of the shares.
The gain on marketable equity securities reclassified out of AOCI for the year ended December 31, 2013 is
composed of a $1.0 million gain and income tax expense of $0.3 million. The gain and income tax expense are
included in “Other revenue” and “Provision for income taxes,” respectively, in the consolidated statements of
income.
Components of AOCI, after tax, for the years ended December 31, 2014, 2013 and 2012 are shown below
(dollars in thousands).
Unrealized
Derivatives
Gain (Loss),
Net of Tax
Foreign
Currency
Tra ns lation
Gain (Loss),
Net of Tax
Marketable
Securities,
NetofTax
Total
Balance at January 1, 2012 $
(12
) $ (6,078) $
(806
) $ (6,896)
Other comprehensive income (loss) 12 8,952
1,060
10,024
Balance at December 31, 2012
—
2,874 254
3,128
Other comprehensive income before reclassifications
—
1,775 373
2,148
Amounts reclassified from AOCI
—
—
(627
)
(627
)
Net change in AOCI
—
1,775
(254
)
1,521
Balance at December
31, 2013
—
4,649
—
4,649
Other comprehensive income (loss)
—
(7,255
)
71,959
64,704
Spin
-
off of Enova
—
2,606
—
2,606
Net change in AOCI
—
(4,649)
71,959
67,310
Balance at December 31, 2014 $
—
$
—
$
71,959
$71,959
15. Employee Benefit Plans
The 401(k) Savings Plan is open to substantially all U.S. employees of the Company. New employees are
automatically enrolled in the 401(k) Savings Plan unless they elect not to participate. The Nonqualified Savings
Plan is available to certain members of management. Participants may contribute up to 75% of their eligible
earnings to the 401(k) Savings Plan, subject to regulatory and other plan restrictions. Nonqualified Savings Plan
participants may contribute up to 100% of their annual bonus and up to 50% of their other eligible compensation to
the Nonqualified Savings Plan. The Company makes matching cash contributions of 50% of each participant’s
contributions to the 401(k) Savings Plan, based on participant contributions of up to 5% of eligible compensation.
Company contributions vest at the rate of 20% each year after one year of service; thus a participant is 100% vested
after five years of service. The Company’s consolidated contributions to the 401(k) Savings Plan and the
Nonqualified Savings Plan were $3.5 million, $3.3 million and $3.2 million for the years ended December 31, 2014,
2013 and 2012, respectively.
In addition to the plans mentioned above, the Company established a SERP for its officers in 2003. Under
this defined contribution plan, the Company makes an annual supplemental cash contribution to the SERP based on
the objectives of the plan as approved by the Management Development and Compensation Committee of the Board
of Directors. The Company recorded consolidated compensation expense of $0.5 million, $0.6 million and $0.8
million for SERP contributions for the years ended December 31, 2014, 2013 and 2012, respectively.