v3.10.0.1

Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2018
Accounting Policies [Abstract] |
Schedules of Company Operated Store Activity | The following table presents store count by ownership type for the Aaron’s Business operations:
Stores at December 31 (Unaudited) | 2018 |  | 2017 |  | 2016
Company-operated Aaron's Branded Stores | 1,312 |  |  | 1,175 |  |  | 1,165 |
Franchised Stores 1 | 377 |  |  | 551 |  |  | 699 |
Systemwide Stores | 1,689 |  |  | 1,726 |  |  | 1,864 |
1 As of December 31, 2018, 2017 and 2016, the Company has awarded 388, 580 and 749 franchises, respectively. DAMI, which was acquired by Progressive Leasing on October 15, 2015, partners with merchants to provide a variety of revolving credit products originated through two third-party federally insured banks to customers that may not qualify for traditional prime lending (called "second-look" financing programs). The following table presents invoice volume for Progressive Leasing:
For the Year Ended December 31 (Unaudited and In Thousands) | 2018 |  | 2017 |  | 2016
Progressive Leasing Invoice Volume 1 | $ | 1,429,550 |  |  | $ | 1,160,732 |  |  | $ | 884,812 |
1 Invoice volume is defined as the retail price of lease merchandise acquired and then leased to customers during the period, net of returns.
Schedule of Lease Merchandise | The following is a summary of lease merchandise, net of accumulated depreciation and allowances:
| December 31,
(In Thousands) | 2018 |  | 2017
Merchandise on Lease | $ | 1,053,684 |  |  | $ | 908,268 |
Merchandise Not on Lease | 264,786 |  |  | 243,867 |
Lease Merchandise, net of Accumulated Depreciation and Allowances | $ | 1,318,470 |  |  | $ | 1,152,135 |
Allowance for Lease Merchandise | The following table shows the components of the allowance for lease merchandise write-offs:
| Year ended December 31,
(In Thousands) | 2018 |  | 2017 |  | 2016
Beginning Balance | $ | 35,629 |  |  | $ | 33,399 |  |  | $ | 33,405 |
Merchandise Written off, net of Recoveries | (181,252 | ) |  | (143,230 | ) |  | (134,110 | )
Provision for Write-offs | 192,317 |  |  | 145,460 |  |  | 134,104 |
Ending Balance | $ | 46,694 |  |  | $ | 35,629 |  |  | $ | 33,399 |
Calculation of Dilutive Stock Awards | The following table shows the calculation of dilutive share-based awards:
| Year Ended December 31,
(Shares In Thousands) | 2018 |  | 2017 |  | 2016
Weighted Average Shares Outstanding | 69,128 |  |  | 70,837 |  |  | 72,354 |
Dilutive Effect of Share-Based Awards | 1,469 |  |  | 1,284 |  |  | 659 |
Weighted Average Shares Outstanding Assuming Dilution | 70,597 |  |  | 72,121 |  |  | 73,013 |
Accounts Receivable Net of Allowances | Accounts receivable, net of allowances, consist of the following:
| December 31,
(In Thousands) | 2018 |  | 2017
Customers | $ | 60,879 |  |  | $ | 48,661 |
Corporate | 18,171 |  |  | 23,431 |
Franchisee | 19,109 |  |  | 27,795 |
| $ | 98,159 |  |  | $ | 99,887 |
The following is a summary of the Company’s loans receivable, net:
| December 31,
(In Thousands) | 2018 |  | 2017
Credit Card Loans 1 | $ | 90,406 |  |  | $ | 89,728 |
Acquired Loans 2 | 5,688 |  |  | 16,213 |
Loans Receivable, Gross | 96,094 |  |  | 105,941 |
Allowance for Loan Losses | (12,970 | ) |  | (11,454 | )
Unamortized Fees | (6,971 | ) |  | (8,375 | )
Loans Receivable, Net of Allowances and Unamortized Fees | $ | 76,153 |  |  | $ | 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.
Allowance for Doubtful Accounts | The following table shows the components of the accounts receivable allowance:
| Year Ended December 31,
(In Thousands) | 2018 |  | 2017 |  | 2016
Beginning Balance | $ | 46,946 |  |  | $ | 35,690 |  |  | $ | 34,861 |
Accounts Written Off, net of Recoveries | (252,330 | ) |  | (192,133 | ) |  | (167,094 | )
Accounts Receivable Provision | 268,088 |  |  | 203,389 |  |  | 167,923 |
Ending Balance | $ | 62,704 |  |  | $ | 46,946 |  |  | $ | 35,690 |
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) | 2018 |  | 2017 |  | 2016
Bad Debt Expense | $ | 227,960 |  |  | $ | 170,574 |  |  | $ | 128,333 |
Provision for Returns and Uncollected Renewal Payments | 40,128 |  |  | 32,815 |  |  | 39,590 |
Accounts Receivable Provision | $ | 268,088 |  |  | $ | 203,389 |  |  | $ | 167,923 |
Loan Portfolio Credit Quality Indicators | Below is a summary of the credit quality of the Company’s loan portfolio as of December 31, 2018 and 2017 by Fair Isaac and Company (FICO) score as determined at the time of loan origination:
| December 31,
FICO Score Category | 2018 |  | 2017
600 or Less | 3.7 | % |  | 1.7 | %
Between 600 and 700 | 77.9 | % |  | 76.5 | %
700 or Greater | 18.4 | % |  | 21.8 | %
Schedule of Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets Prepaid expenses and other assets consist of the following:
| December 31,
(In Thousands) | 2018 |  | 2017
Prepaid Expenses | $ | 30,763 |  |  | $ | 31,509 |
Prepaid Insurance | 27,948 |  |  | 36,735 |
Assets Held for Sale | 6,589 |  |  | 10,118 |
Deferred Tax Asset | 8,761 |  |  | 11,589 |
Other Assets | 24,161 |  |  | 26,548 |
| $ | 98,222 |  |  | $ | 116,499 |
Schedule of Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following:
| December 31,
(In Thousands) | 2018 |  | 2017
Accounts Payable | $ | 88,369 |  |  | $ | 80,821 |
Accrued Insurance Costs | 40,423 |  |  | 41,680 |
Accrued Salaries and Benefits | 40,790 |  |  | 46,511 |
Accrued Real Estate and Sales Taxes | 30,332 |  |  | 31,054 |
Deferred Rent | 27,270 |  |  | 29,912 |
Other Accrued Expenses and Liabilities | 65,969 |  |  | 74,832 |
| $ | 293,153 |  |  | $ | 304,810 |
Schedule of Impact from New Revenue Adoption | The impact of adoption on the consolidated statements of earnings and balance sheets was as follows: Consolidated Statements of Earnings
Twelve Months Ended December 31, 2018
(In Thousands) | As Reported | Balance Without ASC 606 Adoption | Effect of Change Higher/(Lower)
Franchise Royalties and Fees | $ | 44,815 |  | $ | 36,245 |  | $ | 8,570 |
Operating Expenses | 1,618,423 |  | 1,611,210 |  | 7,213 |
OPERATING PROFIT | 289,608 |  | 288,250 |  | 1,358 |
EARNINGS BEFORE INCOME TAXES | 252,204 |  | 250,846 |  | 1,358 |
INCOME TAXES | 55,994 |  | 55,661 |  | 333 |
NET EARNINGS | $ | 196,210 |  | $ | 195,185 |  | $ | 1,025 |
Consolidated Balance Sheets
Balance at December 31, 2018
(In Thousands) | As Reported | Balance Without ASC 606 Adoption | Effect of Change Higher/(Lower)
Deferred Income Taxes Payable | $ | 267,500 |  | $ | 267,790 |  | $ | (290 | )
Customer Deposits and Advance Payments | 80,579 |  | 79,585 |  | 994 |
Total Liabilities | 1,065,984 |  | 1,065,280 |  | 704 |
Retained Earnings | 2,005,344 |  | 2,006,048 |  | (704 | )
Total Shareholders’ Equity | 1,760,708 |  | 1,761,412 |  | (704 | )
Total Liabilities & Shareholders’ Equity | $ | 2,826,692 |  | $ | 2,826,692 |  | $ | — |
Comprehensive Statements of Income
Twelve Months Ended December 31, 2018
(In Thousands) | As Reported | Balance Without ASC 606 Adoption | Effect of Change Higher/(Lower)
Comprehensive Income | $ | 194,349 |  | $ | 193,324 |  | $ | 1,025 |

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- 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://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=84173941&loc=SL6953659-111524 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=82894031&loc=SL6953803-111525 + Details
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