Cash America 2014 Annual Report Download - page 59
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44
taxable temporary differences, the expected occurrence of future income or loss and the feasibility of available tax
planning strategies to protect against the loss of deferred tax assets.
As of December 31, 2013, the valuation allowance against the Company’s gross deferred tax assets was
$13.8 million. In 2014, the Company released a $12.5 million valuation allowance in connection with the write off
of the deferred tax assets at its subsidiary, Creazione, as a result of the anticipated liquidation of Creazione and $1.3
million in connection with the sale of the Company’s Mexico-based pawn lending locations. As of December 31,
2014, the Company had no remaining valuation allowance recorded.
The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements
in accordance with ASC 740. ASC 740 requires that a more-likely-than-not threshold be met before the benefit of a
tax position may be recognized in the consolidated financial statements and prescribes how such benefit should be
measured. Management must evaluate tax positions taken on the Company’s tax returns for all periods that are open
to examination by taxing authorities and make a judgment as to whether and to what extent such positions are more
likely than not to be sustained based on merit.
Management’s judgment is required in determining the provision for income taxes, the deferred tax assets
and liabilities and any valuation allowance recorded against deferred tax assets. Management’s judgment is also
required in evaluating whether tax benefits meet the more-likely-than-not threshold for recognition under ASC 740.
RECENT ACCOUNTING PRONOUNCEMENTS
See “Item 8. Financial Statements and Supplementary Data—Note 2” for a discussion of recent accounting
pronouncements that the Company has adopted or will adopt in future periods.