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Acquisitions (Notes)
 9 Months Ended
Sep. 30, 2014
Business Combinations [Abstract]  
Acquisitions
Acquisitions

The Company completed acquisitions during the nine months ended September 30, 2014 as described below consistent with its strategy to continue its expansion of pawn stores in selected markets. The purchase price of each acquisition was allocated to assets and liabilities acquired based upon their estimated fair market values at the date of acquisition. The excess purchase price over the estimated fair market value of the net assets acquired has been recorded as goodwill. The goodwill arising from these acquisitions consist largely of the synergies and economies of scale expected from combining the operations of the Company and the pawn stores acquired.

In August 2014, the Company acquired from Cash America of Mexico, Inc. the operating entity owning the pawn loans, inventory, layaways and other operating assets and liabilities of 47 large format pawn stores located in 13 states in Mexico (“Mexico Acquisition”). The purchase price for the all-cash transaction was approximately $18,481,000, net of cash acquired and subject to certain working capital adjustments. The estimated fair values of the assets and liabilities acquired are preliminary, as the Company is gathering information to finalize the valuation of these assets and liabilities. The assets, liabilities and results of operations of the locations are included in the Company’s consolidated results as of the acquisition date, August 25, 2014.

Additionally, during the nine months ended September 30, 2014, 10 pawn stores located in two U.S. states were acquired in three separate asset purchase transactions (“Other U.S. Acquisitions”) for an aggregate purchase price of $14,534,000, net of cash acquired, and was composed of $14,384,000 in cash and payables to the sellers of $150,000.

The preliminary allocations of the purchase prices for the Company's acquisitions during the nine months ended September 30, 2014 (the “2014 acquisitions”) are as follows (in thousands):
 
Mexico Acquisition
 
Other U.S. Acquisitions
 
Total
Pawn loans
$
5,355

 
$
2,523

 
$
7,878

Consumer loans, net
—

 
306

 
306

Inventory
5,052

 
2,090

 
7,142

Other current assets
691

 
254

 
945

Deferred tax assets, current
1,372

 
—

 
1,372

Property and equipment
2,343

 
328

 
2,671

Goodwill (1)
5,784

 
8,844

 
14,628

Intangible assets (2)
1,100

 
650

 
1,750

Other non-current assets
25

 
15

 
40

Deferred tax assets, non-current
426

 
—

 
426

Current liabilities
(3,667
)
 
(476
)
 
(4,143
)
Purchase price
$
18,481

 
$
14,534

 
$
33,015



(1)
Substantially all of the goodwill is expected to be deductible for foreign and U.S. income tax purposes.

(2)
Intangible assets primarily consist of customer relationships, which are included in other non-current assets in the accompanying condensed consolidated balance sheets. Customer relationships are generally amortized over 5 years.

During the nine months ended September 30, 2014, revenue from the 2014 acquisitions since the acquisition dates was $4,943,000. The combined transaction and one-time integration costs of the 2014 acquisitions recorded during the nine months ended September 30, 2014 were approximately $375,000. During the nine months ended September 30, 2014, the net earnings from the 2014 acquisitions since the acquisition dates (including acquisition and integration costs) were not material.