v3.8.0.1

Basis and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Schedule Of Company Operated Store Activity

The following table presents active doors for Progressive Leasing:

Active Doors at March 31 (Unaudited)	2018			2017
Progressive Leasing Active Doors1	20,434			18,627

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.

The following table presents store count by ownership type for the Aaron's Business operations:

Stores as of March 31 (Unaudited)	2018			2017
Company-operated Aaron's Branded Stores	1,182			1,155
Franchised Stores	537			688
Systemwide Stores	1,719			1,843

Calculation of Dilutive Stock Awards

The following table shows the calculation of dilutive share-based awards:

	Three Months Ended   March 31,
(Shares In Thousands)	2018			2017
Weighted Average Shares Outstanding	70,105			71,318
Dilutive Effect of Share-Based Awards	1,913			1,068
Weighted Average Shares Outstanding Assuming Dilution	72,018			72,386

Accounts Receivable Net of Allowances

Accounts receivable, net of allowances, consist of the following:

(In Thousands)	March 31, 2018				December 31, 2017
Customers	$	43,797			$	48,661
Corporate	11,893				23,431
Franchisee	25,743				27,795
Accounts Receivable	$	81,433			$	99,887

The following is a summary of the Company’s loans receivable, net:

(In Thousands)	March 31, 2018				December 31, 2017
Credit Card Loans1	$	87,608			$	89,728
Acquired Loans2	12,819				16,213
Loans Receivable, Gross	100,427				105,941
Allowance for Loan Losses	(10,699		)		(11,454		)
Unamortized Fees	(7,958		)		(8,375		)
Loans Receivable, Net of Allowances and Unamortized Fees	$	81,770			$	86,112

¹ "Credit Card Loans" are loans originated after the 2015 acquisition of DAMI.

² "Acquired Loans" are credit card loans the Company purchased in the 2015 acquisition of DAMI.

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)	2018				2017
Bad Debt Expense	$	46,542			$	31,985
Provision for Returns and Uncollected Renewal Payments	4,916				4,150
Accounts Receivable Provision	$	51,458			$	36,135

Schedule of Lease Merchandise

The following is a summary of lease merchandise, net of accumulated depreciation and allowances:

(In Thousands)	March 31, 2018				December 31, 2017
Merchandise on Lease	$	903,133			$	908,268
Merchandise not on Lease	228,963				243,867
Lease Merchandise, net of Accumulated Depreciation and Allowances	$	1,132,096			$	1,152,135

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)	2018				2017
Beginning Balance	$	35,629			$	33,399
Merchandise Written off, net of Recoveries	(40,511		)		(30,140		)
Provision for Write-offs	44,470				30,790
Ending Balance	$	39,588			$	34,049

Loan Portfolio Credit Quality Indicators

Below is a summary of the credit quality of the Company's loan portfolio as of March 31, 2018 and December 31, 2017 by Fair Isaac and Company (FICO) score as determined at the time of loan origination:

FICO Score Category	March 31, 2018			December 31, 2017
600 or Less	2.0	%		1.7	%
Between 600 and 700	77.0	%		76.5	%
700 or Greater	21.0	%		21.8	%

Schedule of Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following:

(In Thousands)	March 31, 2018				December 31, 2017
Prepaid Expenses	$	38,692			$	31,509
Prepaid Insurance	32,722				36,735
Assets Held for Sale	9,853				10,118
Deferred Tax Asset	7,556				11,589
Other Assets	28,741				26,548
Prepaid Expenses and Other Assets	$	117,564			$	116,499

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

(In Thousands)	March 31, 2018				December 31, 2017
Accounts Payable	$	68,419			$	80,821
Accrued Insurance Costs	40,799				41,680
Accrued Salaries and Benefits	46,834				46,511
Accrued Real Estate and Sales Taxes	33,224				31,054
Deferred Rent	29,535				29,912
Other Accrued Expenses and Liabilities	70,200				74,832
Accounts Payable and Accrued Expenses	$	289,011			$	304,810

Changes in Accumulated Other Comprehensive Income

Changes in accumulated other comprehensive income for the three months ended March 31, 2018 are as follows:

(In Thousands)	Foreign Currency
Balance at January 1, 2017	$	774
Other Comprehensive Loss	(477		)
Balance at March 31, 2018	$	297

Schedule of Impact of Adoption of New Revenue Standard

The impact of adoption on the condensed consolidated statements of earnings and balance sheets was as follows:

Condensed Consolidated Statements of Earnings

Three Months Ended March 31, 2018
(In Thousands)	As Reported			Balance Without ASC 606 Adoption			Effect of Change Higher/(Lower)
Franchise Royalties and Fees	$	12,862		$	10,766		$	2,096
Operating Expenses	390,232			388,396			1,836
OPERATING PROFIT	70,064			69,804			260
EARNINGS BEFORE INCOME TAXES	66,752			66,492			260
INCOME TAXES	14,506			14,442			64
NET EARNINGS	$	52,246		$	52,050		$	196

Condensed Consolidated Balance Sheets

Balance at March 31, 2018
(In Thousands)	As Reported			Balance Without ASC 606 Adoption			Effect of Change Higher/(Lower)
Deferred Income Taxes Payable	$	241,137		$	241,696		$	(559	)
Customer Deposits and Advance Payments	74,150			72,058			2,092
Total Liabilities	962,817			961,284			1,533
Retained Earnings	1,867,895			1,869,428			(1,533		)
Total Shareholders’ Equity	1,756,192			1,757,725			(1,533		)
Total Liabilities & Shareholders’ Equity	$	2,719,009		$	2,719,009		$	—

Condensed Comprehensive Statements of Income

Three Months Ended March 31, 2018
(In Thousands)	As Reported			Balance Without ASC 606 Adoption			Effect of Change Higher/(Lower)
Net Earnings	52,246			52,050			196
Comprehensive Income	$	51,769		$	51,573		$	196

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