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Acquisitions and Divestitures (Tables) | 3 Months Ended
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Mar. 31, 2022
Business Combinations [Abstract] |
Acquisition assets acquired and liabilities assumed | Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their fair values. The following table provides the 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) | $ | 25,255 |
Prepaid expenses and other assets | 700 |
Rental merchandise |
On rent | 340,575 |
Property assets | 171,455 |
Operating lease right-of-use assets | 9,136 |
Deferred income taxes | 28,559 |
Goodwill | 219,530 |
Other intangible assets | 520,000 |
Total assets acquired | $ | 1,315,210 |
LIABILITIES ASSUMED |
Accounts payable - trade | 16,023 |
Accrued liabilities | 11,716 |
Operating lease liabilities | 9,689 |
Deferred income taxes | (116,410) |
Total liabilities assumed | (78,982) |
Total equity value | $ | 1,394,192 |
(1) Includes gross contractual receivables of $61.6 million related to merchandise lease contracts, of which $34.7 million were estimated to be uncollectible.
Finite-Lived Intangible Assets Acquired as Part of Business Combination | 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 $340.6 million of rental merchandise and $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 | The unaudited pro forma financial information is as follows:
|  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  | 2021 |  | 2020
|  |  |  |  | (unaudited) |  | (unaudited)
Pro Forma total revenues |  |  |  |  | $ | 1,231,386 |  |  | $ | 986,747 |
Pro Forma net earnings (loss)(1) |  |  |  |  | 56,413 |  |  | (12,687) |
(1)Total pro forma adjustments to net earnings (loss) represented decreases of $13.2 million and $101.9 million for the three months ended March 31, 2021 and 2020, respectively. Pro forma adjustments to net loss in 2020 include retro-active impacts related to purchase price allocation adjustments recorded, subsequent to the date of acquisition, within the measurement period described above. 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 and 2020 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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