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Operating Segment Information | 12 Months Ended
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Sep. 30, 2014
Segment Reporting [Abstract] |
Operating Segment Information | OPERATING SEGMENT INFORMATION (AS RESTATED) Segment information is prepared on the same basis that our chief operating decision maker reviews financial information for operational decision-making purposes. We currently report our segments as follows:
• | U.S. & Canada — All business activities in the United States and Canada
• | Latin America — All business activities in Mexico and other parts of Latin America
• | Other International — Our equity interest in the net income of Cash Converters International
There are no inter-segment revenues, and the amounts below were determined in accordance with the same accounting principles used in our consolidated financial statements. The following tables present operating segment information for the three years ending September 30, 2014, 2013 and 2012, including reclassifications discussed in Note 1 and restatements discussed in Note 2.
| Fiscal Year Ended September 30, 2014
| U.S. & Canada |  | Latin America |  | Other International |  | Total Segments |  | Corporate Items |  | Consolidated
| As Restated (See Note 2)
| (in thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Merchandise sales | $ | 327,720 |  |  | $ | 60,302 |  |  | $ | — |  |  | $ | 388,022 |  |  | $ | — |  |  | $ | 388,022 |
Jewelry scrapping sales | 89,941 |  |  | 6,302 |  |  | — |  |  | 96,243 |  |  | — |  |  | 96,243 |
Pawn service charges | 217,891 |  |  | 30,487 |  |  | — |  |  | 248,378 |  |  | — |  |  | 248,378 |
Consumer loan fees and interest | 166,764 |  |  | 53,377 |  |  | — |  |  | 220,141 |  |  | — |  |  | 220,141 |
Other revenues | 2,701 |  |  | 2,161 |  |  | — |  |  | 4,862 |  |  | — |  |  | 4,862 |
Total revenues | 805,017 |  |  | 152,629 |  |  | — |  |  | 957,646 |  |  | — |  |  | 957,646 |
Merchandise cost of goods sold | 206,593 |  |  | 42,044 |  |  | — |  |  | 248,637 |  |  | — |  |  | 248,637 |
Jewelry scrapping cost of goods sold | 67,029 |  |  | 5,807 |  |  | — |  |  | 72,836 |  |  | — |  |  | 72,836 |
Consumer loan bad debt | 46,339 |  |  | 19,605 |  |  | — |  |  | 65,944 |  |  | — |  |  | 65,944 |
Net revenues | 485,056 |  |  | 85,173 |  |  | — |  |  | 570,229 |  |  | — |  |  | 570,229 |
Operating expenses (income): |  |  |  |  |  |  |  |  |  |  |
Operations | 335,445 |  |  | 81,621 |  |  | — |  |  | 417,066 |  |  | — |  |  | 417,066 |
Administrative | — |  |  | — |  |  | — |  |  | — |  |  | 62,096 |  |  | 62,096 |
Depreciation | 17,265 |  |  | 5,873 |  |  | — |  |  | 23,138 |  |  | 6,663 |  |  | 29,801 |
Amortization | 399 |  |  | 2,004 |  |  | — |  |  | 2,403 |  |  | 3,072 |  |  | 5,475 |
(Gain) loss on sale or disposal of assets | (6,620 | ) |  | 27 |  |  | — |  |  | (6,593 | ) |  | 964 |  |  | (5,629 | )
Interest expense (income), net | (16 | ) |  | 19,501 |  |  | — |  |  | 19,485 |  |  | 7,605 |  |  | 27,090 |
Equity in net income of unconsolidated affiliates | — |  |  | — |  |  | (5,948 | ) |  | (5,948 | ) |  | — |  |  | (5,948 | )
Restructuring | — |  |  | — |  |  | — |  |  | — |  |  | 6,664 |  |  | 6,664 |
Impairment on investments | — |  |  | — |  |  | 7,940 |  |  | 7,940 |  |  | — |  |  | 7,940 |
Other expense (income) | (5 | ) |  | (5 | ) |  | 115 |  |  | 105 |  |  | 375 |  |  | 480 |
Segment contribution (loss) | $ | 138,588 |  |  | $ | (23,848 | ) |  | $ | (2,107 | ) |  | $ | 112,633 |  |  |  |  |  |  |
Income (loss) from continuing operations before income taxes |  |  |  |  |  | $ | 112,633 |  |  | $ | (87,439 | ) |  | $ | 25,194 |
| Fiscal Year Ended September 30, 2013
| U.S. & Canada |  | Latin America |  | Other International |  | Total Segments |  | Corporate Items |  | Consolidated
| As Restated (See Note 2)
| (in thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Merchandise sales | $ | 310,521 |  |  | $ | 57,564 |  |  | $ | — |  |  | $ | 368,085 |  |  | $ | — |  |  | $ | 368,085 |
Jewelry scrapping sales | 123,162 |  |  | 8,540 |  |  | — |  |  | 131,702 |  |  | — |  |  | 131,702 |
Pawn service charges | 221,775 |  |  | 29,579 |  |  | — |  |  | 251,354 |  |  | — |  |  | 251,354 |
Consumer loan fees and interest | 169,098 |  |  | 42,527 |  |  | — |  |  | 211,625 |  |  | — |  |  | 211,625 |
Other revenues | 2,887 |  |  | 2,976 |  |  | 1,539 |  |  | 7,402 |  |  | — |  |  | 7,402 |
Total revenues | 827,443 |  |  | 141,186 |  |  | 1,539 |  |  | 970,168 |  |  | — |  |  | 970,168 |
Merchandise cost of goods sold | 183,147 |  |  | 35,470 |  |  | — |  |  | 218,617 |  |  | — |  |  | 218,617 |
Jewelry scrapping cost of goods sold | 88,637 |  |  | 7,496 |  |  | — |  |  | 96,133 |  |  | — |  |  | 96,133 |
Consumer loan bad debt | 40,780 |  |  | 11,714 |  |  | — |  |  | 52,494 |  |  | — |  |  | 52,494 |
Net revenues | 514,879 |  |  | 86,506 |  |  | 1,539 |  |  | 602,924 |  |  | — |  |  | 602,924 |
Operating expenses (income): |  |  |  |  |  |  |  |  |  |  |
Operations | 326,216 |  |  | 62,889 |  |  | 1,095 |  |  | 390,200 |  |  | — |  |  | 390,200 |
Administrative | — |  |  | — |  |  | — |  |  | — |  |  | 52,339 |  |  | 52,339 |
Depreciation | 15,814 |  |  | 5,222 |  |  | — |  |  | 21,036 |  |  | 6,822 |  |  | 27,858 |
Amortization | 393 |  |  | 1,711 |  |  | — |  |  | 2,104 |  |  | 1,381 |  |  | 3,485 |
Loss on sale or disposal of assets | 209 |  |  | 17 |  |  | — |  |  | 226 |  |  | 1,133 |  |  | 1,359 |
Interest expense, net | 16 |  |  | 11,279 |  |  | — |  |  | 11,295 |  |  | 3,873 |  |  | 15,168 |
Equity in net income of unconsolidated affiliates | — |  |  | — |  |  | (13,240 | ) |  | (13,240 | ) |  | — |  |  | (13,240 | )
Impairment of investments | — |  |  | — |  |  | 43,198 |  |  | 43,198 |  |  | — |  |  | 43,198 |
Other expense (income) | (3 | ) |  | (218 | ) |  | 1,553 |  |  | 1,332 |  |  | 745 |  |  | 2,077 |
Segment contribution (loss) | $ | 172,234 |  |  | $ | 5,606 |  |  | $ | (31,067 | ) |  | $ | 146,773 |  |  |  |  |  |  |
Income (loss) from continuing operations before income taxes |  |  |  |  |  | $ | 146,773 |  |  | $ | (66,293 | ) |  | $ | 80,480 |
| Fiscal Year Ended September 30, 2012
| U.S. & Canada |  | Latin America |  | Other International |  | Total Segments |  | Corporate Items |  | Consolidated
| As Restated (See Note 2)
| (in thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Merchandise sales | $ | 291,497 |  |  | $ | 41,567 |  |  | $ | — |  |  | $ | 333,064 |  |  | $ | — |  |  | $ | 333,064 |
Jewelry scrapping sales | 191,905 |  |  | 10,576 |  |  | — |  |  | 202,481 |  |  | — |  |  | 202,481 |
Pawn service charges | 210,601 |  |  | 22,937 |  |  | — |  |  | 233,538 |  |  | — |  |  | 233,538 |
Consumer loan fees and interest | 161,768 |  |  | 25,980 |  |  | — |  |  | 187,748 |  |  | — |  |  | 187,748 |
Other revenues | 2,594 |  |  | 1,292 |  |  | — |  |  | 3,886 |  |  | — |  |  | 3,886 |
Total revenues | 858,365 |  |  | 102,352 |  |  | — |  |  | 960,717 |  |  | — |  |  | 960,717 |
Merchandise cost of goods sold | 168,133 |  |  | 22,504 |  |  | — |  |  | 190,637 |  |  | — |  |  | 190,637 |
Jewelry scrapping cost of goods sold | 122,604 |  |  | 8,111 |  |  | — |  |  | 130,715 |  |  | — |  |  | 130,715 |
Consumer loan bad debt | 35,330 |  |  | 8,111 |  |  | — |  |  | 43,441 |  |  | — |  |  | 43,441 |
Net revenues | 532,298 |  |  | 63,626 |  |  | — |  |  | 595,924 |  |  | — |  |  | 595,924 |
Operating expenses (income): |  |  |  |  |  |  |  |  |  |  |
Operations | 291,527 |  |  | 37,322 |  |  | — |  |  | 328,849 |  |  | — |  |  | 328,849 |
Administrative | — |  |  | — |  |  | — |  |  | — |  |  | 47,873 |  |  | 47,873 |
Depreciation | 13,075 |  |  | 3,319 |  |  | — |  |  | 16,394 |  |  | 5,457 |  |  | 21,851 |
Amortization | 567 |  |  | 1,370 |  |  | — |  |  | 1,937 |  |  | 19 |  |  | 1,956 |
(Gain) loss on sale or disposal of assets | (260 | ) |  | 12 |  |  | — |  |  | (248 | ) |  | (1 | ) |  | (249 | )
Interest (income) expense, net | (3 | ) |  | (4,507 | ) |  | — |  |  | (4,510 | ) |  | 2,961 |  |  | (1,549 | )
Equity in net income of unconsolidated affiliates | — |  |  | — |  |  | (16,038 | ) |  | (16,038 | ) |  | — |  |  | (16,038 | )
Other income | (647 | ) |  | (5 | ) |  | (236 | ) |  | (888 | ) |  | — |  |  | (888 | )
Segment contribution | $ | 228,039 |  |  | $ | 26,115 |  |  | $ | 16,274 |  |  | $ | 270,428 |  |  |  |  |
Income (loss) from continuing operations before income taxes |  |  |  |  |  | $ | 270,428 |  |  | $ | (56,309 | ) |  | $ | 214,119 |
The following table presents separately identified segment assets:
| U.S. & Canada |  | Latin America |  | Other International |  | Consolidated
| As Restated (See Note 2)
| (in thousands)
Assets at September 30, 2014 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 14,012 |  |  | $ | 9,309 |  |  | $ | 3,157 |  |  | $ | 26,478 |
Restricted cash | — |  |  | 63,495 |  |  | — |  |  | 63,495 |
Pawn loans | 145,258 |  |  | 17,186 |  |  | — |  |  | 162,444 |
Consumer loans, net | 24,126 |  |  | 39,770 |  |  | 99 |  |  | 63,995 |
Service charges and fees receivable, net | 33,851 |  |  | 9,840 |  |  | — |  |  | 43,691 |
Inventory, net | 115,385 |  |  | 22,790 |  |  | — |  |  | 138,175 |
Property and equipment, net | 63,116 |  |  | 23,694 |  |  | — |  |  | 86,810 |
Restricted cash, non-current | — |  |  | 5,070 |  |  | — |  |  | 5,070 |
Non-current consumer loans, net | — |  |  | 85,004 |  |  | — |  |  | 85,004 |
Goodwill | 239,179 |  |  | 107,398 |  |  | — |  |  | 346,577 |
Intangibles, net | 16,304 |  |  | 21,660 |  |  | 42 |  |  | 38,006 |
Total separately identified recorded segment assets | $ | 651,231 |  |  | $ | 405,216 |  |  | $ | 3,298 |  |  | $ | 1,059,745 |
Consumer loans outstanding from unaffiliated lenders (1) | $ | 22,553 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,553 |
Assets at September 30, 2013 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 10,931 |  |  | $ | 9,612 |  |  | $ | 3,260 |  |  | $ | 23,803 |
Restricted cash | — |  |  | 9,176 |  |  | — |  |  | 9,176 |
Pawn loans | 142,930 |  |  | 13,707 |  |  | — |  |  | 156,637 |
Consumer loans, net | 24,877 |  |  | 29,534 |  |  | 2,469 |  |  | 56,880 |
Service charges and fees receivable, net | 34,748 |  |  | 13,966 |  |  | 697 |  |  | 49,411 |
Inventory, net | 121,367 |  |  | 23,833 |  |  | — |  |  | 145,200 |
Property and equipment, net | 67,676 |  |  | 28,198 |  |  | 1,448 |  |  | 97,322 |
Restricted cash, non-current | — |  |  | 3,509 |  |  | — |  |  | 3,509 |
Non-current consumer loans, net | — |  |  | 65,488 |  |  | — |  |  | 65,488 |
Goodwill | 283,199 |  |  | 110,209 |  |  | 39,892 |  |  | 433,300 |
Intangibles, net | 26,380 |  |  | 24,036 |  |  | 1,240 |  |  | 51,656 |
Total separately identified recorded segment assets | $ | 712,108 |  |  | $ | 331,268 |  |  | $ | 49,006 |  |  | $ | 1,092,382 |
Consumer loans outstanding from unaffiliated lenders (1) | $ | 29,171 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,171 |
Assets at September 30, 2012 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 14,820 |  |  | $ | 12,049 |  |  | $ | 1,789 |  |  | $ | 28,658 |
Restricted cash | — |  |  | 7,263 |  |  | — |  |  | 7,263 |
Pawn loans | 140,885 |  |  | 16,763 |  |  | — |  |  | 157,648 |
Consumer loans, net | 18,960 |  |  | 22,309 |  |  | 3,767 |  |  | 45,036 |
Service charges and fees receivable, net | 31,989 |  |  | 20,025 |  |  | 1,114 |  |  | 53,128 |
Inventory, net | 94,449 |  |  | 14,765 |  |  | — |  |  | 109,214 |
Property and equipment, net | 60,947 |  |  | 23,220 |  |  | 1,503 |  |  | 85,670 |
Restricted cash, non-current | — |  |  | 6,872 |  |  | — |  |  | 6,872 |
Non-current consumer loans, net | — |  |  | 46,704 |  |  | — |  |  | 46,704 |
Goodwill | 224,306 |  |  | 110,401 |  |  | 39,956 |  |  | 374,663 |
Intangibles, net | 18,824 |  |  | 21,867 |  |  | 2,946 |  |  | 43,637 |
Total separately identified recorded segment assets | $ | 605,180 |  |  | $ | 302,238 |  |  | $ | 51,075 |  |  | $ | 958,493 |
Consumer loans outstanding from unaffiliated lenders (1) | $ | 25,484 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,484 |
(1) | CSO loans are not recorded in our consolidated balance sheets.
The following table reconciles separately identified recorded segment assets, as shown above, to our consolidated total assets:
| September 30,
| 2014 |  | 2013 |  | 2012
| As Restated (See Note 2)
| (in thousands)
Total separately identified recorded segment assets | $ | 1,059,745 |  |  | $ | 1,092,382 |  |  | $ | 958,493 |
Corporate assets | 350,799 |  |  | 240,586 |  |  | 250,582 |
Total assets | $ | 1,410,544 |  |  | $ | 1,332,968 |  |  | $ | 1,209,075 |
The following tables provide geographic information required by FASB ASC 280-10-50-41:
| Fiscal Year Ended September 30,
| 2014 |  | 2013 |  | 2012
| As Restated (See Note 2)
| (in thousands)
Revenues: |  |  |  |  |
U.S. | $ | 791,451 |  |  | $ | 814,803 |  |  | $ | 847,708 |
Mexico | 152,629 |  |  | 141,186 |  |  | 102,352 |
Canada | 13,566 |  |  | 12,640 |  |  | 10,657 |
U.K. | — |  |  | 1,539 |  |  | — |
Total | $ | 957,646 |  |  | $ | 970,168 |  |  | $ | 960,717 |
| September 30,
| 2014 |  | 2013 |  | 2012
| As Restated (See Note 2)
| (in thousands)
Long-lived assets: |  |  |  |  |
U.S. | $ | 360,203 |  |  | $ | 404,723 |  |  | $ | 317,887 |
Mexico | 153,214 |  |  | 162,914 |  |  | 155,488 |
Canada | 3,787 |  |  | 4,755 |  |  | 10,199 |
U.K. | — |  |  | 42,538 |  |  | 44,363 |
Other | 1,359 |  |  | 42 |  |  | 42 |
Total | $ | 518,563 |  |  | $ | 614,972 |  |  | $ | 527,979 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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