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Acquisitions and Divestitures (Tables) | 3 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
Acquisition assets acquired and liabilities assumed [Table Text Block] | Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their fair values. The following table provides the preliminary estimated fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date:
(in thousands) | February 17, 2021
Aggregate cash consideration | $ | 1,273,263 |
Aggregate stock consideration, subject to lockup agreements | 120,929 |
Total Purchase price | $ | 1,394,192 |
ASSETS ACQUIRED |
Receivables, net(1) | $ | 30,465 |
Prepaid expenses and other assets | 699 |
Rental merchandise |
On rent | 357,692 |
Property assets | 171,455 |
Operating lease right-of-use assets | 9,136 |
Goodwill | 241,774 |
Other intangible assets | 520,000 |
Total assets acquired | $ | 1,331,221 |
LIABILITIES ASSUMED |
Accounts payable - trade | 16,023 |
Accrued liabilities | 24,277 |
Operating lease liabilities | 9,689 |
Deferred income taxes | (112,960) |
Total liabilities assumed | (62,971) |
Total equity value | $ | 1,394,192 |
(1) Includes gross contractual receivables of $65.2 million related to merchandise lease contracts, of which we have estimated $35.5 million are uncollectible.
Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The fair value measurements for acquired intangible assets and developed technology were primarily based on significant unobservable inputs (level 3) developed using company-specific information. Certain fair value estimates were determined based on an independent valuation of the net assets acquired, including $520 million of identifiable intangible assets with an estimated weighted average useful life of 8 years, as follows:
Asset Class | Estimated Fair Value (in thousands) | Estimated Remaining Useful Life (in years)
Merchant relationships | $ | 380,000 |  | 10
Relationship with existing lessees | 60,000 |  | 1
Trade name | 40,000 |  | 7
Non-compete agreements | 40,000 |  | 3
Pro Forma combined results [Table Text Block] | The unaudited pro forma financial information is as follows:
(in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020
| (unaudited) | (unaudited)
Pro Forma total revenues | $ | 1,231,386 |  | $ | 986,747 |
Pro Forma net earnings(1) | 56,413 |  | (16,966) |
(1)Total pro forma adjustments to net earnings for the three months ended March 31, 2021 and March 31, 2020 were decreases of $13.2 million and $106.2 million, respectively. The amounts of revenue and earnings of Acima Holdings included in our Condensed Consolidated Statements of Operations from the acquisition date of February 17, 2021 are as follows:
(in thousands) | February 17, 2021 - March 31, 2021 | February 17, 2020 - March 31, 2020
| (unaudited) | (unaudited)
Total revenues | $ | 210,569 |  | $ | 143,439 |
Net earnings(1) | 19,006 |  | 21,025 |
(1)Net Earnings for the period February 17, 2021 - March 31, 2021 includes amortization of intangible assets acquired upon closing of the Acima Holdings acquisition

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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