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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2018
Segment Information [Abstract] |
Segment Information | Segment information for the three and six months ended June 30, 2018 and 2017 is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2018 |  | 2017 |  | 2018 |  | 2017
Revenues |  |  |  |  |  |  |
Core U.S. | $ | 455,720 |  |  | $ | 457,025 |  |  | $ | 937,761 |  |  | $ | 947,924 |
Acceptance Now | 179,011 |  |  | 203,321 |  |  | 375,997 |  |  | 437,867 |
Mexico | 12,307 |  |  | 12,014 |  |  | 24,338 |  |  | 23,114 |
Franchising | 8,692 |  |  | 5,275 |  |  | 15,677 |  |  | 10,716 |
Total revenues | $ | 655,730 |  |  | $ | 677,635 |  |  | $ | 1,353,773 |  |  | $ | 1,419,621 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2018 |  | 2017 |  | 2018 |  | 2017
Gross profit |  |  |  |  |  |  |
Core U.S. | $ | 325,219 |  |  | $ | 318,006 |  |  | $ | 661,460 |  |  | $ | 655,960 |
Acceptance Now | 86,050 |  |  | 103,934 |  |  | 174,855 |  |  | 218,363 |
Mexico | 8,549 |  |  | 8,381 |  |  | 16,871 |  |  | 16,202 |
Franchising | 4,068 |  |  | 2,212 |  |  | 7,678 |  |  | 4,671 |
Total gross profit | $ | 423,886 |  |  | $ | 432,533 |  |  | $ | 860,864 |  |  | $ | 895,196 |
Beginning in 2018, we implemented an intercompany book value adjustment charge for all rental merchandise transfers from Acceptance Now locations to Core U.S. stores. For the three and six months ended June 30, 2018, book value adjustments on intercompany rental merchandise transfers were $2.9 million and $6.4 million, respectively, resulting in a corresponding increase in gross profit for the Core U.S. and decrease in gross profit for Acceptance Now.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2018 |  | 2017 |  | 2018 |  | 2017
Operating profit (loss) |  |  |  |  |  |  |
Core U.S. | $ | 43,527 |  |  | $ | 30,980 |  |  | $ | 71,914 |  |  | $ | 55,382 |
Acceptance Now | 29,157 |  |  | 18,597 |  |  | 44,587 |  |  | 39,216 |
Mexico | 887 |  |  | (41 | ) |  | 1,384 |  |  | 120 |
Franchising | 1,909 |  |  | 1,092 |  |  | 3,165 |  |  | 2,533 |
Total segments | 75,480 |  |  | 50,628 |  |  | 121,050 |  |  | 97,251 |
Corporate | (48,329 | ) |  | (51,501 | ) |  | (104,169 | ) |  | (96,972 | )
Total operating profit (loss) | $ | 27,151 |  |  | $ | (873 | ) |  | $ | 16,881 |  |  | $ | 279 |
Beginning in 2018, we implemented an intercompany book value adjustment charge for all rental merchandise transfers from Acceptance Now locations to Core U.S. stores. For the three and six months ended June 30, 2018, book value adjustments for inventory charge-offs related to intercompany rental merchandise transfers were $0.5 million and $1.2 million, respectively, resulting in a corresponding increase in operating profit for the Core U.S. and decrease in operating profit for Acceptance Now.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2018 |  | 2017 |  | 2018 |  | 2017
Depreciation, amortization and impairment of intangibles |  |  |  |  |  |  |
Core U.S. | $ | 6,440 |  |  | $ | 7,882 |  |  | $ | 13,266 |  |  | $ | 15,990 |
Acceptance Now | 432 |  |  | 629 |  |  | 867 |  |  | 1,415 |
Mexico | 273 |  |  | 526 |  |  | 617 |  |  | 1,053 |
Franchising | 44 |  |  | 44 |  |  | 88 |  |  | 88 |
Total segments | 7,189 |  |  | 9,081 |  |  | 14,838 |  |  | 18,546 |
Corporate | 10,239 |  |  | 9,627 |  |  | 20,490 |  |  | 18,703 |
Total depreciation, amortization and impairment of intangibles | $ | 17,428 |  |  | $ | 18,708 |  |  | $ | 35,328 |  |  | $ | 37,249 |
We recorded an impairment of intangibles of $3.9 million in the Acceptance Now segment during the first quarter of 2017 that is not included in the table above. The impairment charge was recorded to Other Charges in the Condensed Consolidated Statement of Operations.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2018 |  | 2017 |  | 2018 |  | 2017
Capital expenditures |  |  |  |  |  |  |
Core U.S. | $ | 4,325 |  |  | $ | 8,600 |  |  | $ | 9,215 |  |  | $ | 14,708 |
Acceptance Now | 35 |  |  | 612 |  |  | 80 |  |  | 1,095 |
Mexico | 35 |  |  | 24 |  |  | 38 |  |  | 47 |
Total segments | 4,395 |  |  | 9,236 |  |  | 9,333 |  |  | 15,850 |
Corporate | 2,651 |  |  | 8,875 |  |  | 6,362 |  |  | 24,309 |
Total capital expenditures | $ | 7,046 |  |  | $ | 18,111 |  |  | $ | 15,695 |  |  | $ | 40,159 |
(in thousands) | June 30, 2018 |  | December 31, 2017
On rent rental merchandise, net |  |  |
Core U.S. | $ | 377,142 |  |  | $ | 408,993 |
Acceptance Now | 248,510 |  |  | 278,443 |
Mexico | 14,985 |  |  | 14,367 |
Total on rent rental merchandise, net | $ | 640,637 |  |  | $ | 701,803 |
(in thousands) | June 30, 2018 |  | December 31, 2017
Held for rent rental merchandise, net |  |  |
Core U.S. | $ | 135,563 |  |  | $ | 156,039 |
Acceptance Now | 1,336 |  |  | 4,940 |
Mexico | 4,761 |  |  | 6,209 |
Total held for rent rental merchandise, net | $ | 141,660 |  |  | $ | 167,188 |
(in thousands) | June 30, 2018 |  | December 31, 2017
Assets by segment |  |  |
Core U.S. | $ | 703,499 |  |  | $ | 776,296 |
Acceptance Now | 314,773 |  |  | 350,970 |
Mexico | 27,540 |  |  | 33,529 |
Franchising | 4,434 |  |  | 3,802 |
Total segments | 1,050,246 |  |  | 1,164,597 |
Corporate | 316,041 |  |  | 256,184 |
Total assets | $ | 1,366,287 |  |  | $ | 1,420,781 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: 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=68060357&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8736-108599 + Details
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