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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2014
Dec. 31, 2013
Assets    
Cash and cash equivalents $ 45,913 [1] $ 10,531
Receivables held for sale 123,791 [2] 82,503
Retail installment contracts held for investment, net 21,444,601 [3] 20,219,609
Unsecured consumer loans, net 1,233,637 [4] 954,189
Restricted cash 2,007,946 [1] 1,563,613
Receivables from dealers, held for investment, net 85,194 [5] 94,745
Accrued interest receivable 344,658 319,157
Leased vehicles, net 3,567,546 2,023,433
Furniture and equipment, net of accumulated depreciation of $58,587 and $58,117, respectively 30,405 25,712
Federal, state and other income taxes receivable 7,487 372,338
Deferred tax asset 220,338 197,041
Goodwill 74,056 74,056
Intangible assets 53,637 54,664
Other assets 493,187 410,305
Total assets 29,732,396 26,401,896
Liabilities:    
Notes payable — credit facilities, $3,300,000 and $3,650,000 to affiliates, respectively 7,762,950 [6] 8,099,773
Notes payable — secured structured financings 18,391,660 [7] 15,195,887
Accrued interest payable — $6,485 and $11,563 to affiliates, respectively 24,452 26,512
Accounts payable and accrued expenses — $43,930 and $39,772 to affiliates, respectively 281,250 283,106
Federal, state and other income taxes payable 81,145 7,623
Other liabilities 88,681 102,163
Total liabilities 26,630,138 23,715,064
Commitments and contingencies (Notes 5 and 10)      
Equity:    
Common stock, $0.01 par value - 1,100,000,000 shares authorized; 348,931,490 and 346,763,261 shares issued and 348,928,336 and 346,760,107 shares outstanding, respectively 3,489 3,468
Additional paid-in capital 1,550,513 1,409,463
Accumulated other comprehensive loss (4,129) (2,853)
Retained earnings 1,552,385 1,276,754
Total stockholders’ equity 3,102,258 2,686,832
Total liabilities and equity $ 29,732,396 $ 26,401,896
[1] Cash and cash equivalents and restricted cash — The carrying amount of cash and cash equivalents, including restricted cash, approximated fair value at June 30, 2014 and December 31, 2013, due to the short maturity of these instruments and is considered a Level 1 measurement.
[2] Receivables held for sale — Receivables held for sale are carried at the lower of cost or market, as determined on an aggregate basis. The estimated fair value is based on the prices obtained or expected to be obtained in the subsequent sales and is considered a Level 2 measurement.
[3] Retail installment contracts held for investment — Retail installment contracts held for investment are carried at amortized cost, net of loan loss allowance. The estimated fair value is calculated based on estimated market rates for similar contracts with similar credit risks and is considered a Level 3 measurement.
[4] Unsecured consumer loans, net — Unsecured consumer loans are carried at amortized cost, net of loan loss allowance. Carrying value approximates fair value for unsecured revolving loans because the loans are short term in duration, do not have a defined maturity date and/or are at a market-based interest rate. For unsecured amortizing loans, the estimated fair value is calculated based on estimated market rates for similar loans with similar credit risks and is considered a level 3 measurement.
[5] Receivables from dealers, held for investment, net — Receivables from dealers held for investment are carried at amortized cost, net of loan loss allowance. The estimated fair value is calculated based on estimated market rates for similar receivables with similar credit risks and is considered a Level 3 measurement.
[6] Notes payable — credit facilities — The carrying amount of notes payable related to revolving credit facilities is estimated to approximate fair value as of June 30, 2014 and December 31, 2013. Management believes that the terms of these credit agreements approximate market terms for similar credit agreements. The fair value of notes payable is considered a Level 3 measurement.
[7] Notes payable — secured structured financings — The estimated fair value of notes payable related to secured structured financings is calculated based on market quotes for the Company’s publicly traded debt and estimated market rates currently available from recent transactions involving similar debt with similar credit risks, and is considered a Level 2 measurement.