v3.20.2

Basis and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2020
Accounting Policies [Abstract] |
Schedule Of Company Operated Store Activity | The following table presents invoice volume for Progressive Leasing:
For the Three Months Ended June 30 (Unaudited and In Thousands) | 2020 |  | 2019
Progressive Leasing Invoice Volume1 | $ | 394,335 |  |  | $ | 403,410 |
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 following table presents store count by ownership type for the Aaron's Business operations:
Stores as of June 30 (Unaudited) | 2020 |  | 2019
Company-operated Aaron's Branded Stores | 1,098 |  |  | 1,171 |
Franchised Stores | 316 |  |  | 357 |
Systemwide Stores | 1,414 |  |  | 1,528 |
Calculation of Dilutive Stock Awards | The following table shows the calculation of dilutive share-based awards:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
(Shares In Thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Weighted Average Shares Outstanding | 67,097 |  |  | 67,687 |  |  | 66,959 |  |  | 67,492 |
Dilutive Effect of Share-Based Awards1 | 426 |  |  | 1,106 |  |  | — |  |  | 1,292 |
Weighted Average Shares Outstanding Assuming Dilution | 67,523 |  |  | 68,793 |  |  | 66,959 |  |  | 68,784 |
1 There was no dilutive effect to the earnings (loss) per common share for the six months ended June 30, 2020 due to the net loss incurred in the year-to-date period.
Accounts Receivable Net of Allowances | Accounts receivable, net of allowances, consist of the following:
(In Thousands) | June 30, 2020 |  | December 31, 2019
Customers | $ | 57,134 |  |  | $ | 76,819 |
Corporate | 12,141 |  |  | 14,109 |
Franchisee | 10,658 |  |  | 13,231 |
Accounts Receivable | $ | 79,933 |  |  | $ | 104,159 |
The following is a summary of the Company’s loans receivable, net:
(In Thousands) | June 30, 2020 |  | December 31, 2019
Loans Receivable, Gross | $ | 96,519 |  |  | $ | 96,387 |
Unamortized Fees | (6,956) |  |  | (6,223) |
Loans Receivable, Amortized Cost | 89,563 |  |  | 90,164 |
Allowance for Loan Losses | (30,693) |  |  | (14,911) |
Loans Receivable, Net of Allowances and Unamortized Fees | $ | 58,870 |  |  | $ | 75,253 |
Components of the Accounts Receivable Provision | The following table shows the amounts recognized for bad debt expense and provision for returns and uncollected payments:
| Six Months Ended June 30, |  |
(In Thousands) | 2020 |  | 2019
Bad Debt Expense1 | $ | 1,016 |  |  | $ | 1,166 |
Provision for Returns and Uncollectible Renewal Payments | 157,571 |  |  | 136,445 |
Accounts Receivable Provision | $ | 158,587 |  |  | $ | 137,611 |
1 Bad debt expense is recorded within operating expenses in 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) | June 30, 2020 |  | December 31, 2019
Merchandise on Lease, net of Accumulated Depreciation and Allowances | $ | 969,364 |  |  | $ | 1,156,798 |
Merchandise Not on Lease, net of Accumulated Depreciation and Allowances | 150,276 |  |  | 276,619 |
Lease Merchandise, net of Accumulated Depreciation and Allowances | $ | 1,119,640 |  |  | $ | 1,433,417 |
Allowance for Lease Merchandise | The following table shows the components of the allowance for lease merchandise write-offs, which is included within lease merchandise, net within the condensed consolidated balance sheets:
| Six Months Ended June 30, |  |
(In Thousands) | 2020 |  | 2019
Beginning Balance | $ | 61,185 |  |  | $ | 46,694 |
Merchandise Written off, net of Recoveries | (119,221) |  |  | (105,571) |
Provision for Write-offs | 130,039 |  |  | 117,994 |
Ending Balance | $ | 72,003 |  |  | $ | 59,117 |
Loan Portfolio Credit Quality Indicators | Below is a summary of the credit quality of the Company's loan portfolio as of June 30, 2020 and December 31, 2019 by Fair Isaac and Company (FICO) score as determined at the time of loan origination:
FICO Score Category | June 30, 2020 |  | December 31, 2019
600 or Less | 7.5 | % |  | 6.7 | %
Between 600 and 700 | 79.8 | % |  | 80.1 | %
700 or Greater | 12.7 | % |  | 13.2 | %
The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year:
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |
As of June 30, 2020 | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Total
FICO Score Category: |  |  |  |  |  |  |  |  |  |  |  |  |
600 or Less | $ | 3,237 |  |  | $ | 2,781 |  |  | $ | 840 |  |  | $ | 130 |  |  | $ | 86 |  |  | $ | 16 |  |  | $ | 7,090 |
Between 600 and 700 | 24,541 |  |  | 25,584 |  |  | 10,656 |  |  | 6,042 |  |  | 3,485 |  |  | 962 |  |  | 71,270 |
700 or Greater | 4,248 |  |  | 3,078 |  |  | 1,604 |  |  | 1,123 |  |  | 929 |  |  | 221 |  |  | 11,203 |
Total Amortized Cost | $ | 32,026 |  |  | $ | 31,443 |  |  | $ | 13,100 |  |  | $ | 7,295 |  |  | $ | 4,500 |  |  | $ | 1,199 |  |  | $ | 89,563 |
Schedule of Prepaid Expenses and Other Assets | Prepaid expenses and other assets consist of the following:
(In Thousands) | June 30, 2020 |  | December 31, 2019
Prepaid Expenses | $ | 49,134 |  |  | $ | 45,034 |
Prepaid Insurance | 29,086 |  |  | 26,393 |
Assets Held for Sale | 9,193 |  |  | 10,131 |
Deferred Tax Asset | 826 |  |  | 826 |
Other Assets | 25,681 |  |  | 31,887 |
Prepaid Expenses and Other Assets | $ | 113,920 |  |  | $ | 114,271 |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following:
(In Thousands) | June 30, 2020 |  | December 31, 2019
Accounts Payable | $ | 56,680 |  |  | $ | 89,959 |
Accrued Insurance Costs | 54,314 |  |  | 44,032 |
Accrued Salaries and Benefits | 53,636 |  |  | 43,972 |
Accrued Real Estate and Sales Taxes | 34,394 |  |  | 32,763 |
Other Accrued Expenses and Liabilities | 50,158 |  |  | 62,090 |
Accounts Payable and Accrued Expenses | $ | 249,182 |  |  | $ | 272,816 |
Schedule of Goodwill | The following table provides information related to the carrying amount of goodwill by operating segment.
(In Thousands) | Progressive Leasing |  | Aaron’s Business |  | Total
Balance at December 31, 2019 | $ | 288,801 |  |  | $ | 447,781 |  |  | $ | 736,582 |
Acquisition Accounting Adjustments | — |  |  | 53 |  |  | 53 |
Disposals, Currency Translation and Other Adjustments | — |  |  | (941) |  |  | (941) |
Impairment Loss | — |  |  | (446,893) |  |  | (446,893) |
Balance at June 30, 2020 | $ | 288,801 |  |  | $ | — |  |  | $ | 288,801 |
Schedule of Stockholders Equity | Changes in stockholders' equity for the six months ended June 30, 2020 and 2019 are as follows:
| Treasury Stock |  |  |  | Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity
(In Thousands, Except Per Share) | Shares |  | Amount |  |  |  |  |  |  |  |  |
Balance, December 31, 2019 | (24,034) |  |  | $ | (627,940) |  |  | $ | 45,376 |  |  | $ | 290,229 |  |  | $ | 2,029,613 |  |  | $ | (19) |  | $ | 1,737,259 |
Opening Balance Sheet Adjustment - ASU 2016-13, net of taxes | — |  |  | — |  |  | — |  |  | — |  |  | (6,715) |  |  | — |  | (6,715) |
Cash Dividends, $0.04 per share | — |  |  | — |  |  | — |  |  | — |  |  | (2,700) |  |  | — |  | (2,700) |
Stock-Based Compensation | — |  |  | — |  |  | — |  |  | 5,878 |  |  | — |  |  | — |  | 5,878 |
Reissued Shares | 368 |  |  | 7,291 |  |  | — |  |  | (12,640) |  |  | — |  |  | — |  | (5,349) |
Net Loss | — |  |  | — |  |  | — |  |  | — |  |  | (280,005) |  |  | — |  | (280,005) |
Foreign Currency Translation Adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,754) |  | (1,754) |
Balance, March 31, 2020 | (23,666) |  |  | $ | (620,649) |  |  | $ | 45,376 |  |  | $ | 283,467 |  |  | $ | 1,740,193 |  |  | $ | (1,773) |  | $ | 1,446,614 |
Cash Dividends, $0.04 per share | — |  |  | — |  |  | — |  |  | — |  |  | (2,701) |  |  | — |  | (2,701) |
Stock-Based Compensation | — |  |  | — |  |  | — |  |  | 6,856 |  |  | — |  |  | — |  | 6,856 |
Reissued Shares | 53 |  |  | 1,392 |  |  | — |  |  | 330 |  |  | — |  |  | — |  | 1,722 |
Repurchased Shares | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | — |
Net Earnings | — |  |  | — |  |  | — |  |  | — |  |  | 68,377 |  |  | — |  | 68,377 |
Foreign Currency Translation Adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 331 |  | 331 |
Balance, June 30, 2020 | (23,613) |  |  | $ | (619,257) |  |  | $ | 45,376 |  |  | $ | 290,653 |  |  | $ | 1,805,869 |  |  | $ | (1,442) |  | $ | 1,521,199 |
| Treasury Stock |  |  |  | Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity
(In Thousands, Except Per Share) | Shares |  | Amount |  |  |  |  |  |  |  |  |
Balance, December 31, 2018 | (23,568) |  |  | $ | (567,847) |  |  | $ | 45,376 |  |  | $ | 278,922 |  |  | $ | 2,005,344 |  |  | $ | (1,087) |  | $ | 1,760,708 |
Opening Balance Sheet Adjustment - ASC 842, net of taxes | — |  |  | — |  |  | — |  |  | — |  |  | 2,592 |  |  | — |  | 2,592 |
Cash Dividends, $0.035 per share | — |  |  | — |  |  | — |  |  | — |  |  | (2,363) |  |  | — |  | (2,363) |
Stock-Based Compensation | — |  |  | — |  |  | — |  |  | 7,050 |  |  | — |  |  | — |  | 7,050 |
Reissued Shares | 493 |  |  | 4,264 |  |  | — |  |  | (15,245) |  |  | — |  |  | — |  | (10,981) |
Net Earnings | — |  |  | — |  |  | — |  |  | — |  |  | 56,078 |  |  | — |  | 56,078 |
Foreign Currency Translation Adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 424 |  | 424 |
Balance, March 31, 2019 | (23,075) |  |  | $ | (563,583) |  |  | $ | 45,376 |  |  | $ | 270,727 |  |  | $ | 2,061,651 |  |  | $ | (663) |  | $ | 1,813,508 |
Cash Dividends, $0.035 per share | — |  |  | — |  |  | — |  |  | — |  |  | (2,386) |  |  | — |  | (2,386) |
Stock-Based Compensation | — |  |  | — |  |  | — |  |  | 6,522 |  |  | — |  |  | — |  | 6,522 |
Reissued Shares | 113 |  |  | 2,776 |  |  | — |  |  | 284 |  |  | — |  |  | — |  | 3,060 |
Repurchased Shares | (243) |  |  | (14,414) |  |  | — |  |  | — |  |  | — |  |  | — |  | (14,414) |
Net Earnings | — |  |  | — |  |  | — |  |  | — |  |  | 42,650 |  |  | — |  | 42,650 |
Foreign Currency Translation Adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 618 |  | 618 |
Balance, June 30, 2019 | (23,205) |  |  | $ | (575,221) |  |  | $ | 45,376 |  |  | $ | 277,533 |  |  | $ | 2,101,915 |  |  | $ | (45) |  | $ | 1,849,558 |

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