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Income Taxes | 12 Months Ended
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Sep. 30, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES (AS RESTATED) The following table shows the significant components of the income tax provision from continuing operations:
| Fiscal Year Ended September 30,
| 2014 |  | 2013 |  | 2012
| As Restated (See Note 2)
| (in thousands)
Current: |  |  |  |  |
Federal | $ | 21,928 |  |  | $ | 39,641 |  |  | $ | 58,736 |
State and foreign | (10,498 | ) |  | 1,490 |  |  | 7,667 |
| 11,430 |  |  | 41,131 |  |  | 66,403 |
Deferred: |  |  |  |  |
Federal | (1,220 | ) |  | (17,689 | ) |  | 1,894 |
State and foreign | (4,954 | ) |  | 2,756 |  |  | (632 | )
| (6,174 | ) |  | (14,933 | ) |  | 1,262 |
Total income tax expense | $ | 5,256 |  |  | $ | 26,198 |  |  | $ | 67,665 |
The following table shows a reconciliation of income taxes calculated at the statutory rate and the provision for income taxes attributable to continuing operations:
| Fiscal Year Ended September 30,
| 2014 |  | 2013 |  | 2012
| As Restated (See Note 2)
| (in thousands)
Income taxes at the federal statutory rate | $ | 8,818 |  |  | $ | 28,170 |  |  | $ | 74,942 |
Non-deductible expense related to incentive stock options | — |  |  | — |  |  | (633 | )
State income tax, net of federal benefit | (910 | ) |  | 1,169 |  |  | 272 |
Change in valuation allowance | 481 |  |  | 681 |  |  | 1,099 |
Federal tax credits | (124 | ) |  | (314 | ) |  | (923 | )
Foreign tax credit | (2,174 | ) |  | (3,263 | ) |  | (4,342 | )
Foreign rate differential | (445 | ) |  | 85 |  |  | (2,842 | )
Other | (390 | ) |  | (330 | ) |  | 92 |
Total income tax expense | $ | 5,256 |  |  | $ | 26,198 |  |  | $ | 67,665 |
Effective tax rate | 21 | % |  | 33 | % |  | 32 | %
Our effective tax rates were approximately 21%, 33% and 32% for the fiscal years ended September 30, 2014, 2013 and 2012, respectively. The following table shows significant components of our deferred tax assets and liabilities:
| September 30,
| 2014 |  | 2013
| As Restated (See Note 2)
| (in thousands)
Deferred tax assets: |  |  |
Albemarle & Bond loss carryforward | $ | 4,067 |  |  | $ | 15,020 |
Tax over book inventory | 15,599 |  |  | 12,520 |
Accrued liabilities | 16,536 |  |  | 15,340 |
Pawn service charges receivable | 3,450 |  |  | 3,450 |
Tax over book depreciation | 1,066 |  |  | — |
State and foreign net operating loss carry-forwards | 198 |  |  | 659 |
Total deferred tax assets | 40,916 |  |  | 46,989 |
Deferred tax liabilities: |  |  |
Tax over book amortization | — |  |  | 12,593 |
Foreign income and dividends | 476 |  |  | 5,371 |
Tax over book depreciation | 8,299 |  |  | 2,026 |
Stock compensation | 875 |  |  | 1,442 |
Prepaid expenses | 1,388 |  |  | 1,359 |
Total deferred tax liabilities | 11,038 |  |  | 22,791 |
Net deferred tax asset | 29,878 |  |  | 24,198 |
Valuation allowance | (164 | ) |  | (659 | )
Net deferred tax asset | $ | 29,714 |  |  | $ | 23,539 |
Deferred taxes are not provided for temporary differences of approximately $16.8 million representing earnings of non-U.S. subsidiaries intended to be permanently reinvested outside the U.S. We estimate that, upon distribution of our share of these earnings, we would be subject to U.S. income taxes of approximately $2.7 million as of September 30, 2014. At September 30, 2014 and 2013, we provided deferred income taxes on all undistributed earnings from Cash Converters International, and recorded dividends of approximately $5.1 million and $5.1 million, respectively. Any taxes paid to foreign governments on these earnings may be used in whole or in part as credits against the U.S. tax on any dividends distributed from such earnings. Under FASB ASC 740-10-25 Accounting for Uncertainty in Income Taxes, a tax position must be more-likely-than-not to be sustained upon examination, based on the technical merits of the position to be recognized in the financial statements. In making the determination of sustainability, we must presume the appropriate taxing authority with full knowledge of all relevant information will examine tax positions. FASB ASC 740-10-25 also prescribes how the benefit should be measured, including the consideration of any penalties and interest. It requires that the standard be applied to the balances of tax assets and liabilities as of the beginning of the period of adoption and that a corresponding adjustment be made to the opening balance of equity. We recognize interest and penalties related to unrecognized tax benefits as “Income tax expense” in our consolidated statements of operations, which were nominal during fiscal 2014, 2013 and 2012. We are subject to U.S., Mexico, U.K. and Canada income taxes as well as to income taxes levied by various state and local jurisdictions. With few exceptions, we are no longer subject to examinations by tax authorities for years before the tax year ended September 30, 2009. Management believes that adequate provisions have been made for any adjustments that may result from tax examinations.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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