Basis and Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2017 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule Of Company Operated Store Activity |
The following table presents store count by ownership type for the Aaron's Business operations: | | | | | | | Stores as of March 31 (Unaudited) | 2017 | | 2016 | Company-operated stores | | | | Aaron's Branded | 1,155 |
| | 1,223 |
| HomeSmart | — |
| | 82 |
| Total Company-operated stores | 1,155 |
| | 1,305 |
| Franchised stores | 688 |
| | 729 |
| Systemwide stores | 1,843 |
| | 2,034 |
|
The following table presents active doors for Progressive Leasing: | | | | | | | Active Doors at March 31 (Unaudited) | 2017 | | 2016 | Progressive Leasing Active Doors1 | 18,627 |
| | 13,521 |
|
1 An active door is a retail store location at which at least one virtual lease-to-own transaction has been completed during the trailing three month period. |
| Calculation of Dilutive Stock Awards |
The following table shows the calculation of dilutive share-based awards: | | | | | | | | Three Months Ended
March 31, | (Shares In Thousands) | 2017 | | 2016 | Weighted average shares outstanding | 71,318 |
| | 72,634 |
| Dilutive effect of share-based awards | 1,068 |
| | 583 |
| Weighted average shares outstanding assuming dilution | 72,386 |
| | 73,217 |
|
|
| Accounts Receivable Net of Allowances |
Accounts receivable, net of allowances, consist of the following: | | | | | | | | | (In Thousands) | March 31, 2017 |
| December 31, 2016 | Customers | $ | 33,026 |
| | $ | 36,227 |
| Corporate | 27,596 |
| | 26,375 |
| Franchisee | 33,087 |
| | 33,175 |
| | $ | 93,709 |
| | $ | 95,777 |
|
The following is a summary of the Company’s loans receivable, net: | | | | | | | | | | (In Thousands) | | March 31, 2017 | | December 31, 2016 | Credit Card Loans | | $ | 70,525 |
| | $ | 64,794 |
| Acquired Loans | | 27,714 |
| | 33,840 |
| Loans Receivable, Gross | | 98,239 |
| | 98,634 |
| | | | | | Allowance for Loan Losses | | (7,215 | ) | | (6,624 | ) | Unamortized Fees | | (7,431 | ) | | (7,206 | ) | Loans Receivable, Net | | $ | 83,593 |
| | $ | 84,804 |
|
|
| Components of the Accounts Receivable Provision |
The following table shows the amounts recognized for bad debt expense and provision for returns and uncollected payments: | | | | | | | | | | Three Months Ended March 31, | (In Thousands) | 2017 | | 2016 | Bad debt expense | $ | 31,985 |
| | $ | 27,939 |
| Provision for returns and uncollected renewal payments | 4,150 |
| | 6,575 |
| Accounts receivable provision | $ | 36,135 |
| | $ | 34,514 |
|
|
| Schedule of Lease Merchandise |
The following is a summary of lease merchandise, net of accumulated depreciation and allowances: | | | | | | | | | (In Thousands) | March 31, 2017 | | December 31, 2016 | Merchandise on Lease | $ | 783,178 |
| | $ | 786,936 |
| Merchandise Not on Lease | 201,377 |
| | 212,445 |
| Lease Merchandise, net of Accumulated Depreciation and Allowances | $ | 984,555 |
| | $ | 999,381 |
|
|
| Allowance for Lease Merchandise |
The following table shows the components of the allowance for lease merchandise write-offs: | | | | | | | | | | Three Months Ended March 31, | (In Thousands) | 2017 | | 2016 | Beginning Balance | $ | 33,399 |
| | $ | 33,405 |
| Merchandise Written off, net of Recoveries | (30,140 | ) | | (32,737 | ) | Provision for Write-offs | 30,790 |
| | 33,906 |
| Ending Balance | $ | 34,049 |
| | $ | 34,574 |
|
|
| Loan Portfolio Credit Quality Indicators |
Below is a summary of the credit quality of the Company’s loan portfolio as of March 31, 2017 and December 31, 2016 by Fair Issac and Company (FICO) score as determined at the time of loan origination: | | | | | | | FICO Score Category | March 31, 2017 | | December 31, 2016 | 600 or Less | 1.8 | % | | 1.8 | % | Between 600 and 700 | 77.4 | % | | 78.1 | % | 700 or Greater | 20.8 | % | | 20.1 | % |
|
| Schedule of Prepaid Expenses and Other Assets |
Prepaid expenses and other assets consist of the following: | | | | | | | | | (In Thousands) | March 31, 2017 | | December 31, 2016 | Prepaid Expenses | $ | 75,524 |
| | $ | 75,485 |
| Assets Held for Sale | 8,749 |
| | 8,866 |
| Deferred Tax Asset | 5,912 |
| | 5,912 |
| Income Tax Receivable | 8,672 |
| | 11,884 |
| Other Assets | 22,073 |
| | 18,881 |
| | $ | 120,930 |
| | $ | 121,028 |
|
|
| Schedule of Accounts Payable and Accrued Expenses |
Accounts payable and accrued expenses consist of the following: | | | | | | | | | (In Thousands) | March 31, 2017 | | December 31, 2016 | Accounts Payable | $ | 52,063 |
| | $ | 71,941 |
| Accrued Insurance Costs | 43,138 |
| | 47,649 |
| Accrued Salaries and Benefits | 46,266 |
| | 41,612 |
| Income Taxes Payable | 37,663 |
| | 3,592 |
| Accrued Real Estate and Sales Taxes | 30,397 |
| | 32,986 |
| Deferred Rent | 31,211 |
| | 31,859 |
| Other Accrued Expenses and Liabilities | 66,314 |
| | 68,127 |
| | $ | 307,052 |
| | $ | 297,766 |
|
|
| Changes in Accumulated Other Comprehensive Income (Loss) by Component |
Changes in accumulated other comprehensive loss for the three months ended March 31, 2017 are as follows: | | | | | (In Thousands) | Foreign Currency | Balance at January 1, 2017 | $ | (531 | ) | Other Comprehensive Income | 203 |
| Balance at March 31, 2017 | $ | (328 | ) |
|