v3.10.0.1

Basis and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2018
Accounting Policies [Abstract] |
Schedule Of Company Operated Store Activity | The following table presents invoice volume for Progressive Leasing:
For the Three Months Ended September 30 (Unaudited and In Thousands) | 2018 |  | 2017
Progressive Leasing Invoice Volume 1 | $ | 355,005 |  |  | $ | 281,724 |
1 Invoice volume is defined as the retail price of lease merchandise acquired and then leased to customers during the period, net of returns. The Aaron's Business offers furniture, consumer electronics, home appliances and accessories to consumers primarily with a month-to-month, lease-to-own agreement with no credit needed through the Company's Aaron's-branded stores in the United States and Canada and its e-commerce website. This operating segment also supports franchisees of its Aaron's-branded stores. In addition, the Aaron's Business segment includes the operations of Woodhaven Furniture Industries, which manufactures and supplies the majority of the upholstered furniture and bedding leased and sold in Company-operated and franchised stores. The Company acquired the store operations of eight franchisees during the nine months ended September 30, 2018 and four franchisees during the year ended December 31, 2017. Refer to Note 2 to these condensed consolidated financial statements. The following table presents store count by ownership type for the Aaron's Business operations:
Stores as of September 30 (Unaudited) | 2018 |  | 2017
Company-operated Aaron's Branded Stores | 1,267 |  |  | 1,181 |
Franchised Stores | 432 |  |  | 569 |
Systemwide Stores | 1,699 |  |  | 1,750 |
Calculation of Dilutive Stock Awards | The following table shows the calculation of dilutive share-based awards:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Shares In Thousands) | 2018 |  | 2017 |  | 2018 |  | 2017
Weighted Average Shares Outstanding | 68,819 |  |  | 70,746 |  |  | 69,521 |  |  | 70,914 |
Dilutive Effect of Share-Based Awards | 1,320 |  |  | 1,349 |  |  | 1,475 |  |  | 1,143 |
Weighted Average Shares Outstanding Assuming Dilution | 70,139 |  |  | 72,095 |  |  | 70,996 |  |  | 72,057 |
Accounts Receivable Net of Allowances | Accounts receivable, net of allowances, consist of the following:
(In Thousands) | September 30, 2018 |  | December 31, 2017
Customers | $ | 54,463 |  |  | $ | 48,661 |
Corporate | 15,500 |  |  | 23,431 |
Franchisee | 22,348 |  |  | 27,795 |
Accounts Receivable | $ | 92,311 |  |  | $ | 99,887 |
The following is a summary of the Company’s loans receivable, net:
(In Thousands) | September 30, 2018 |  | December 31, 2017
Credit Card Loans 1 | $ | 90,944 |  |  | $ | 89,728 |
Acquired Loans 2 | 7,656 |  |  | 16,213 |
Loans Receivable, Gross | 98,600 |  |  | 105,941 |
Allowance for Loan Losses | (13,138 | ) |  | (11,454 | )
Unamortized Fees | (7,400 | ) |  | (8,375 | )
Loans Receivable, Net of Allowances and Unamortized Fees | $ | 78,062 |  |  | $ | 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 September 30, |  | Nine Months Ended September 30,
(In Thousands) | 2018 |  | 2017 |  | 2018 |  | 2017
Bad Debt Expense 1 | $ | 64,235 |  |  | $ | 50,705 |  |  | $ | 160,886 |  |  | $ | 118,749 |
Provision for Returns and Uncollected Renewal Payments 2 | 11,451 |  |  | 9,331 |  |  | 27,877 |  |  | 23,393 |
Accounts Receivable Provision | $ | 75,686 |  |  | $ | 60,036 |  |  | $ | 188,763 |  |  | $ | 142,142 |
1 Bad debt expense is recorded within operating expenses in the condensed consolidated financial statements. 2 The provision for returns and uncollected renewal payments is recorded as a reduction to lease revenues and fees within the condensed consolidated financial statements.
Schedule of Lease Merchandise | The following is a summary of lease merchandise, net of accumulated depreciation and allowances:
(In Thousands) | September 30, 2018 |  | December 31, 2017
Merchandise on Lease | $ | 933,569 |  |  | $ | 908,268 |
Merchandise not on Lease | 263,243 |  |  | 243,867 |
Lease Merchandise, net of Accumulated Depreciation and Allowances | $ | 1,196,812 |  |  | $ | 1,152,135 |
Allowance for Lease Merchandise | The following table shows the components of the allowance for lease merchandise write-offs:
| Nine Months Ended |  | Year Ended
(In Thousands) | September 30, 2018 |  | December 31, 2017
Beginning Balance | $ | 35,629 |  |  | $ | 33,399 |
Merchandise Written off, net of Recoveries | (130,946 | ) |  | (143,230 | )
Provision for Write-offs | 146,091 |  |  | 145,460 |
Ending Balance | $ | 50,774 |  |  | $ | 35,629 |
Loan Portfolio Credit Quality Indicators | Below is a summary of the credit quality of the Company's loan portfolio as of September 30, 2018 and December 31, 2017 by Fair Isaac and Company (FICO) score as determined at the time of loan origination:
FICO Score Category | September 30, 2018 |  | December 31, 2017
600 or Less | 3.1 | % |  | 1.7 | %
Between 600 and 700 | 77.5 | % |  | 76.5 | %
700 or Greater | 19.4 | % |  | 21.8 | %
Schedule of Prepaid Expenses and Other Assets | Prepaid expenses and other assets consist of the following:
(In Thousands) | September 30, 2018 |  | December 31, 2017
Prepaid Expenses | $ | 37,981 |  |  | $ | 31,509 |
Prepaid Insurance | 33,370 |  |  | 36,735 |
Assets Held for Sale | 9,626 |  |  | 10,118 |
Deferred Tax Asset | 7,556 |  |  | 11,589 |
Other Assets | 27,822 |  |  | 26,548 |
Prepaid Expenses and Other Assets | $ | 116,355 |  |  | $ | 116,499 |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following:
(In Thousands) | September 30, 2018 |  | December 31, 2017
Accounts Payable | $ | 98,460 |  |  | $ | 80,821 |
Accrued Insurance Costs | 42,268 |  |  | 41,680 |
Accrued Salaries and Benefits | 49,849 |  |  | 46,511 |
Accrued Real Estate and Sales Taxes | 31,184 |  |  | 31,054 |
Deferred Rent | 27,454 |  |  | 29,912 |
Other Accrued Expenses and Liabilities | 69,181 |  |  | 74,832 |
Accounts Payable and Accrued Expenses | $ | 318,396 |  |  | $ | 304,810 |
Changes in Accumulated Other Comprehensive Income | Changes in accumulated other comprehensive income for the nine months ended September 30, 2018 are as follows:
(In Thousands) | Foreign Currency
Balance at January 1, 2018 | $ | 774 |
Other Comprehensive Loss | (715 | )
Balance at September 30, 2018 | $ | 59 |
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 September 30, 2018 |  |  |  |  |  |
(In Thousands) | As Reported | Balance Without ASC 606 Adoption | Effect of Change Higher/(Lower)
Franchise Royalties and Fees | $ | 10,153 |  | $ | 8,118 |  | $ | 2,035 |
Operating Expenses | 420,602 |  | 418,928 |  | 1,674 |
OPERATING PROFIT | 57,286 |  | 56,924 |  | 362 |
EARNINGS BEFORE INCOME TAXES | 53,415 |  | 53,053 |  | 362 |
INCOME TAXES | 9,695 |  | 9,606 |  | 89 |
NET EARNINGS | $ | 43,720 |  | $ | 43,447 |  | $ | 273 |
Nine Months Ended September 30, 2018
(In Thousands) | As Reported | Balance Without ASC 606 Adoption | Effect of Change Higher/(Lower)
Franchise Royalties and Fees | $ | 35,140 |  | $ | 28,962 |  | $ | 6,178 |
Operating Expenses | 1,199,171 |  | 1,193,819 |  | 5,352 |
OPERATING PROFIT | 201,281 |  | 200,455 |  | 826 |
EARNINGS BEFORE INCOME TAXES | 170,147 |  | 169,321 |  | 826 |
INCOME TAXES | 35,680 |  | 35,478 |  | 202 |
NET EARNINGS | $ | 134,467 |  | $ | 133,843 |  | $ | 624 |
Condensed Consolidated Balance Sheets
Balance at September 30, 2018
(In Thousands) | As Reported | Balance Without ASC 606 Adoption | Effect of Change Higher/(Lower)
Deferred Income Taxes Payable | $ | 248,102 |  | $ | 248,522 |  | $ | (420 | )
Customer Deposits and Advance Payments | 71,554 |  | 70,028 |  | 1,526 |
Total Liabilities | 935,392 |  | 934,286 |  | 1,106 |
Retained Earnings | 1,945,961 |  | 1,947,067 |  | (1,106 | )
Total Shareholders’ Equity | 1,763,506 |  | 1,764,612 |  | (1,106 | )
Total Liabilities & Shareholders’ Equity | $ | 2,698,898 |  | $ | 2,698,898 |  | $ | — |
Condensed Comprehensive Statements of Income
Three Months Ended September 30, 2018 |  |  |
(In Thousands) | As Reported | Balance Without ASC 606 Adoption | Effect of Change Higher/(Lower)
Comprehensive Income | $ | 44,017 |  | $ | 43,744 |  | $ | 273 |
Nine Months Ended September 30, 2018
(In Thousands) | As Reported | Balance Without ASC 606 Adoption | Effect of Change Higher/(Lower)
Comprehensive Income | $ | 133,752 |  | $ | 133,128 |  | $ | 624 |

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