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Correction of Immaterial Errors Correction of Immaterial Errors | 12 Months Ended
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Dec. 31, 2013
Correction of Immaterial Errors [Abstract] |
Correction of Immaterial Errors | Note B — Correction of Immaterial Errors During the fourth quarter of 2013, we identified errors in accounting for our estimates for rental merchandise reserves and for the allowance for doubtful accounts, resulting in an immaterial overstatement of on rent merchandise and understatements of held for rent merchandise and receivables which affected periods beginning prior to 2011 through December 31, 2013. In accordance with Staff Accounting Bulletin (SAB) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, management evaluated the materiality of the errors from qualitative and quantitative perspectives, and concluded the errors were immaterial to the prior periods. The errors resulted in an overstatement of on rent merchandise of $14.5 million, an understatement of held for rent merchandise of $1.2 million and an understatement of receivables of $4.0 million, respectively, at December 31, 2012. The errors resulted in an understatement of salaries and other expenses of $2.8 million and $1.8 million for the years ended December 31, 2012 and 2011, respectively, and $0.5 million, $0.2 million and $0.8 million for the three-month periods ended March 31, 2013, June 30, 2013, and September 30, 2013, respectively. The understatement of salaries and other expenses discussed above, adjusted for the related income tax expense impact, resulted in an overstatement of net earnings of $1.8 million and $1.2 million for the years ended December 31, 2012 and 2011, respectively, and $0.3 million, $0.1 million and $0.5 million for the three-month periods ended March 31, 2013, June 30, 2013, and September 30, 2013, respectively. Due to the immaterial nature of the error correction, we revised our historical financial statements based on the amounts discussed above for 2011 and 2012 herein, and will revise the quarters within 2013 when they are published in future filings. We recognized the cumulative effect of the errors in periods prior to those that are presented herein by decreasing retained earnings by $3.0 million as of January 1, 2011.

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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