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Restructuring | 9 Months Ended
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Sep. 30, 2017
Restructuring and Related Activities [Abstract] |
Restructuring | RESTRUCTURING 2017 Restructuring Program During the three months ended September 30, 2017, the Company initiated a restructuring program that included a further review of the Company-operated Aaron's store portfolio in order to continue rationalizing its store base to better align with marketplace demand. As a result of this restructuring program, the Company closed five underperforming Company-operated stores during the third quarter of 2017 and anticipates closing an additional 12 stores during the remainder of 2017. Total restructuring charges of $0.9 million were recorded for the three months ended September 30, 2017 under the 2017 program, which were comprised primarily of $0.4 million related to Aaron's store contractual lease obligations for closed stores and $0.4 million related to the write-off and impairment of Aaron’s store property, plant and equipment. These costs were included in restructuring expenses in the condensed consolidated statements of earnings. The Company expects to incur approximately $1.0 million of additional charges related to the 2017 restructuring program, which are expected to be incurred primarily during the fourth quarter of 2017. This estimate is subject to change based on future changes in assumptions for the remaining minimum lease obligation for stores closed under the restructuring program, including changes related to sublease assumptions and potential earlier buyouts of leases with landlords. 2016 Restructuring Program During the year ended December 31, 2016, the Company initiated a restructuring program that included a thorough review of the Company-operated Aaron's store portfolio and the subsequent closure or planned closure of underperforming stores. As a result of this restructuring program, the Company closed 56 underperforming Company-operated stores during 2016 and 66 stores during the first nine months of 2017, and anticipates closing an additional three stores during the remainder of 2017. The Company also optimized its home office staff during 2016 and field support during 2016 and 2017, which resulted in a reduction in employee headcount in those areas to more closely align with current business conditions. Total restructuring reversals of $0.1 million were recorded under the 2016 program during the three months ended September 30, 2017. Total restructuring charges of $13.7 million were recorded under the 2016 program during the nine months ended September 30, 2017. Restructuring activity for the three months ended September 30, 2017 was primarily comprised of $0.4 million of reversals related to previously recorded severance expense, partially offset by charges of $0.3 million related to Aaron's store contractual lease obligations for closed stores. These costs were included in restructuring expenses in the condensed consolidated statements of earnings. The Company expects to incur less than $1.0 million of additional charges related to the previously announced store closures. This estimate is subject to change based on future changes in assumptions for the remaining minimum lease obligation for stores closed under the restructuring program, including changes related to sublease assumptions and potential earlier buyouts of leases with landlords. The following table summarizes the balances of the accruals for both programs, which are recorded in accounts payable and accrued expenses in the condensed consolidated balance sheets, and the activity for the nine months ended September 30, 2017:
(In Thousands) | Contractual Lease Obligations |  | Severance
Balance at January 1, 2017 | $ | 10,583 |  |  | $ | 2,079 |
Charges | 12,676 |  |  | 1,306 |
Adjustments 1 | (665 | ) |  | — |
Restructuring Charges | 12,011 |  |  | 1,306 |
Payments | (9,594 | ) |  | (2,176 | )
Balance at September 30, 2017 | $ | 13,000 |  |  | $ | 1,209 |
1 Adjustments relate to early buyouts of leases, changes in sublease assumptions and interest accretion. The following table summarizes restructuring charges by segment for the three and nine months ended September 30, 2017 under both plans:
| Three Months Ended September 30, 2017 |  | Nine Months Ended September 30, 2017
(In Thousands) | Aaron's Business |  | DAMI 1 |  | Total |  | Aaron's Business |  | DAMI 1 |  | Total
Contractual Lease Obligations | $ | 694 |  |  | $ | — |  |  | $ | 694 |  |  | $ | 12,011 |  |  | $ | — |  |  | $ | 12,011 |
Fixed Asset Impairment/Other | 436 |  |  | — |  |  | 436 |  |  | 1,300 |  |  | — |  |  | 1,300 |
Severance | (311 | ) |  | 26 |  |  | (285 | ) |  | 1,042 |  |  | 264 |  |  | 1,306 |
Total Restructuring Expenses | $ | 819 |  |  | $ | 26 |  |  | $ | 845 |  |  | $ | 14,353 |  |  | $ | 264 |  |  | $ | 14,617 |
1 Restructuring charges for DAMI relate primarily to the segment's relocation efforts. Future DAMI restructuring charges are expected to be immaterial. To date, the Company has incurred charges of $34.8 million under the 2016 and 2017 restructuring programs.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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