Cash America 2014 Annual Report Download - page 137

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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
122
Nonqualified Savings Plan-related assets have an offsetting liability of equal amount, which is included in
“Accounts payable and accrued expenses” in the consolidated balance sheets. The Nonqualified Savings Plan-
related assets include marketable equity securities, which are classified Level 1, and based on quoted market prices.
As of December 31, 2014, as a result of the Enova Spin-off, a portion of the Nonqualified Savings Plan-related
assets included shares of Enova common stock. As of December 31, 2014, the Company’s investment in equity
securities represents the Company’s available-for-sale shares of Enova common stock. The equity securities
representing Enova stock in the table above are classified as Level 2, as they were not yet registered securities with
the SEC as of that date, and accordingly, were not carried at the fair value of the quoted Enova stock prices. The
Company valued these shares using the market determined stock price of Enova, less an adjustment factor due to the
unregistered nature of the shares.
During the years ended December 31, 2014 and 2013, there were no transfers of assets in or out of Level 1
or Level 2 fair value measurements.
Fair Value Measurements on a Non-Recurring Basis
The Company measures non-financial assets and liabilities such as property and equipment and intangible
assets at fair value on a nonrecurring basis or when events or circumstances indicate that the carrying amount of the
assets may be impaired.
Financial Assets and Liabilities Not Measured at Fair Value
The Company’s financial assets and liabilities as of December 31, 2014 and 2013 that are not measured at
fair value in the consolidated balance sheets are as follows (dollars in thousands):
Carrying Value
e
Estimated Fair Value
December 31, December 31, Fair Value Measurement Using
2014 2014 Level 1 Level 2 Level 3
Financial assets:
Cash and cash equivalents $53,042 $53,042 $53,042 $
—
$
—
Restricted cash 60 60
60
—
—
Pawn loans 252,168 252,168
—
—
252,168
Short-term loans, net 40,218 40,218
—
—
40,218
Installment loans, net 4,635 4,635
—
—
4,635
Pawn loan fees and service charges
receivable 53,648 53,648
—
—
53,648
Total $403,771 $403,771 $53,102 $
—
$
350,669
Financial liabilities:
Liability for estimated losses on
consumer loans guaranteed by the
Company $1,060 $1,060 $
—
$
—
$
1,060
Senior unsecured notes 196,470 203,346
—
203,346
—
Total $197,530 $204,406 $
—
$
203,346
$
1,060