XML 42 R26.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Accounting Policies [Abstract] |
Allowance for Lease Merchandise | The following table shows the components of the allowance for lease merchandise write-offs, which is included within lease merchandise, net in the consolidated balance sheets:
| Year Ended December 31,
(In Thousands) | 2021 |  | 2020 |  | 2019
Beginning Balance | $ | 45,992 |  |  | $ | 47,362 |  |  | $ | 35,784 |
Net Book Value of Merchandise Written off | (128,031) |  |  | (142,830) |  |  | (156,889) |
Recoveries | 9,422 |  |  | 10,128 |  |  | 14,951 |
Provision for Write-offs | 126,984 |  |  | 131,332 |  |  | 153,516 |
Ending Balance | $ | 54,367 |  |  | $ | 45,992 |  |  | $ | 47,362 |
Calculation of Dilutive Stock Awards | The following table shows the calculation of dilutive share-based awards:
| Year Ended December 31,
(Shares In Thousands) | 2021 |  | 2020 |  | 2019
Weighted Average Shares Outstanding | 66,026 |  |  | 67,261 |  |  | 67,322 |
Dilutive Effect of Share-Based Awards | 390 |  |  | 761 |  |  | — |
Weighted Average Shares Outstanding Assuming Dilution | 66,416 |  |  | 68,022 |  |  | 67,322 |
Allowance for Doubtful Accounts | The following table shows the components of the accounts receivable allowance:
| Year Ended December 31,
(In Thousands) | 2021 |  | 2020 |  | 2019
Beginning Balance | $ | 56,364 |  |  | $ | 65,573 |  |  | $ | 53,159 |
Net Book Value of Accounts Written Off | (247,789) |  |  | (278,576) |  |  | (290,562) |
Recoveries | 37,914 |  |  | 46,010 |  |  | 26,734 |
Accounts Receivable Provision | 224,744 |  |  | 223,357 |  |  | 276,242 |
Ending Balance | $ | 71,233 |  |  | $ | 56,364 |  |  | $ | 65,573 |
The following table shows the amounts recognized for bad debt expense and provision for returns and uncollected payments for the fiscal years presented:
| Year Ended December 31,
(In Thousands) | 2021 |  | 2020 |  | 2019
Bad Debt Expense 1 | $ | 2 |  |  | $ | 86 |  |  | $ | 1,337 |
Provision for Uncollected Renewal Payments 2 | 224,742 |  |  | 223,271 |  |  | 274,905 |
Accounts Receivable Provision | $ | 224,744 |  |  | $ | 223,357 |  |  | $ | 276,242 |
1 Bad debt expense is recorded within operating expenses in the consolidated statements of earnings. 2 Provision for uncollected renewal payments is recorded as a reduction to lease revenues and fees in the consolidated statements of earnings.
Loan Portfolio Credit Quality Indicators | Below is a summary of the credit quality of the Company’s loan portfolio as of December 31, 2021 and 2020 by FICO score as determined at the time of loan origination:
| December 31,
FICO Score Category | 2021 |  | 2020
600 or Less | 7.7 | % |  | 7.5 | %
Between 600 and 700 | 78.0 | % |  | 79.3 | %
700 or Greater | 12.7 | % |  | 13.2 | %
No Score Identified | 1.6 | % |  | — | %
The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year:
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2021 | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
FICO Score Category: |  |  |  |  |  |  |  |  |  |  |  |  |
600 or Less | $ | 9,353 |  |  | $ | 2,459 |  |  | $ | 700 |  |  | $ | 209 |  |  | $ | 35 |  |  | $ | 29 |  |  | $ | 12,785 |
Between 600 and 700 | 86,487 |  |  | 25,350 |  |  | 7,506 |  |  | 2,409 |  |  | 1,667 |  |  | 1,524 |  |  | 124,943 |
700 or Greater | 14,886 |  |  | 3,146 |  |  | 737 |  |  | 432 |  |  | 248 |  |  | 388 |  |  | 19,837 |
No Score Identified | 2,539 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,539 |
Total Amortized Cost | $ | 113,265 |  |  | $ | 30,955 |  |  | $ | 8,943 |  |  | $ | 3,050 |  |  | $ | 1,950 |  |  | $ | 1,941 |  |  | $ | 160,104 |
Schedule of Prepaid Expenses and Other Assets | Prepaid expenses and other assets consist of the following:
| December 31,
(In Thousands) | 2021 |  | 2020
Prepaid Expenses | $ | 28,283 |  |  | $ | 19,590 |
Prepaid Software Expenses | 7,102 |  |  | 3,440 |
Unamortized Initial Direct Costs on Lease Agreement Originations | 5,326 |  |  | 4,986 |
Prepaid Insurance | 40 |  |  | 3,639 |
Other Assets | 7,446 |  |  | 7,899 |
Prepaid Expenses and Other Assets | $ | 48,197 |  |  | $ | 39,554 |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following:
| December 31,
(In Thousands) | 2021 |  | 2020
Accounts Payable | $ | 13,741 |  |  | $ | 8,630 |
Accrued Salaries and Benefits | 25,861 |  |  | 18,120 |
Accrued Sales and Personal Property Taxes | 14,851 |  |  | 12,933 |
Income Taxes Payable | 2,782 |  |  | 18,183 |
Uncertain Tax Position 1 | 48,451 |  |  | 2,748 |
Other Accrued Expenses and Liabilities | 30,268 |  |  | 17,635 |
Accounts Payable and Accrued Expenses | $ | 135,954 |  |  | $ | 78,249 |
1 The uncertain tax position at December 31, 2021 is primarily related to the Company’s tax treatment of the $175.0 million settlement payment made in 2020 to the FTC as discussed in Note 10 and Note 11.

X
- Definition Allowance for Doubtful Accounts, Table + References No definition available. + Details
Name: | prg_AllowanceForDoubtfulAccountsTableTableTextBlock
Namespace Prefix: | prg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Allowance For Lease Merchandise + References No definition available. + Details
Name: | prg_AllowanceForLeaseMerchandiseTableTextBlock
Namespace Prefix: | prg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Dilutive Securities Used In Calculation Of Diluted Earnings Per Share Table + References No definition available. + Details
Name: | prg_ScheduleOfDilutiveSecuritiesUsedInCalculationOfDilutedEarningsPerShareTableTableTextBlock
Namespace Prefix: | prg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
Name: | us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration