XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.21.1

Other Charges (Notes) | 3 Months Ended
--- | ---
Mar. 31, 2021
Restructuring and Related Activities [Abstract] |
Other Charges | Other ChargesAcima Holdings Acquisition. As described in Note 2, on February 17, 2021, we completed the acquisition of Acima Holdings, a leading provider of virtual lease-to-own solutions. Included in the aggregate consideration issued to the former owners of Acima Holdings was 8,096,595 of common shares, valued at $414.1 million, subject to 36-month vesting conditions under restricted stock agreements, which will be recognized over the vesting term as stock compensation expense. During the three months ended March 31, 2021, we recognized approximately $15.9 million in stock compensation expense related to these restricted stock agreements. The fair value of assets acquired as part of the transaction included $520 million in intangible assets and $170 million in developed technology. During the three months ended March 31, 2021, we recognized approximately $1.3 million in depreciation expense and approximately $14.0 million in amortization expense related to these assets. Furthermore, during the three months ended March 31, 2021 we recognized approximately $16.4 million in transaction costs associated with the closing of the transaction, and approximately $3.2 million in post-acquisition integration costs, including $2.8 million in employee severance and $0.4 million in reorganization advisory fees. Activity with respect to Other charges for the three months ended March 31, 2021 is summarized in the below table:
(in thousands) | Accrued Charges at December 31, 2020 |  | Charges & Adjustments |  | Payments & Adjustments |  | Accrued Charges at March 31, 2021
Cash charges: |  |  |  |  |  |  |
Acima Holdings transaction costs | $ | 5,005 |  |  | $ | 16,406 |  |  | $ | (20,893) |  |  | $ | 518 |
Acima Holdings integration costs | — |  |  | 3,244 |  |  | (447) |  |  | 2,797 |
Other cash charges(1) | 344 |  |  | 197 |  |  | (541) |  |  | — |
Total cash charges | $ | 5,349 |  |  | 19,847 |  |  | $ | (21,881) |  |  | $ | 3,315 |
Non-cash charges: |  |  |  |  |  |  |
Depreciation and amortization of acquired assets(2) |  |  | 15,258 |  |  |  |  |
Acima Holdings employees stock agreements(3) |  |  | 15,882 |  |  |  |  |
Asset impairments(4) |  |  | 132 |  |  |  |  |
Total other charges |  |  | $ | 51,119 |  |  |  |  |
(1) Represents employee severance, shutdown and holding expenses related to store closures. (2) Represents depreciation recorded on the incremental fair value of acquired software and amortization of the fair value of intangible assets acquired in connection with the acquisition of Acima Holdings as described Note 2. (3) Represents stock compensation expense recognized in the first quarter of 2021, related to common shares issued to Acima Holdings employees subject to vesting restrictions, as described in Note 2. (4) Asset impairments primarily includes impairments of operating lease right-of-use assets and other property assets related to the closure of Rent-A-Center Business stores in the first three months of 2021.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
Name: | us-gaap_RestructuringImpairmentAndOtherActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration