0000933036-19-000039 | 10-Q | XBRL Viewer

Document and Company Information - shares	6 Months Ended
Document and Company Information - shares	Jun. 30, 2019	Aug. 05, 2019
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-38047
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-0491516
Entity Address, Address Line One	5501 Headquarters Drive
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75024
City Area Code	972
Local Phone Number	801-1100
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	RCII
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,270,026
Entity Registrant Name	RENT A CENTER INC DE
Entity Central Index Key	0000933036
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Store
Rentals and fees	$ 551,680	$ 562,403	$ 1,115,034	$ 1,127,117
Merchandise sales	70,842	64,990	175,312	172,346
Installment sales	17,270	17,374	32,706	33,778
Other	1,244	2,271	1,908	4,855
Total store revenues	641,036	647,038	1,324,960	1,338,096
Franchise
Merchandise sales	10,673	4,880	19,129	8,514
Royalty income and fees	4,216	3,812	8,530	7,163
Total revenues	655,925	655,730	1,352,619	1,353,773
Store
Cost of rentals and fees	155,658	156,041	311,030	312,136
Cost of merchandise sold	76,034	65,562	179,425	161,915
Cost of installment sales	5,682	5,617	10,606	10,859
Total cost of store revenues	237,374	227,220	501,061	484,910
Franchise
Franchise cost of merchandise sold	10,480	4,624	18,621	7,999
Total cost of revenues	247,854	231,844	519,682	492,909
Gross profit	408,071	423,886	832,937	860,864
Operating expenses
Labor	152,899	164,172	314,555	345,246
Other store expenses	149,225	156,854	313,019	342,803
General and administrative expenses	38,534	41,792	71,458	86,662
Depreciation and amortization	15,121	17,428	30,894	35,328
Other (gains) and charges	(77,537)	16,489	(44,167)	33,944
Total operating expenses	278,242	396,735	685,759	843,983
Operating profit	129,829	27,151	147,178	16,881
Interest expense	10,092	10,806	19,481	22,166
Interest income	(1,997)	(202)	(2,871)	(411)
Earnings (loss) before income taxes	121,734	16,547	130,568	(4,874)
Income tax expense	27,279	2,794	28,790	1,216
Net earnings (loss)	$ 94,455	$ 13,753	$ 101,778	$ (6,090)
Basic earnings (loss) per common share	$ 1.74	$ 0.26	$ 1.88	$ (0.11)
Diluted earnings (loss) per common share	$ 1.70	$ 0.25	$ 1.83	$ (0.11)

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net earnings (loss)	$ 94,455	$ 13,753	$ 101,778	$ (6,090)
Foreign currency translation adjustments, net of tax of $(57) and $(565), and $81 and $(127), for the three and six months ended 2019 and 2018, respectively	(217)	(2,125)	304	(477)
Total other comprehensive income (loss)	(217)	(2,125)	304	(477)
Comprehensive income (loss)	$ 94,238	$ 11,628	$ 102,082	$ (6,567)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Comprehensive Income (Loss) Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Foreign currency translation tax adjustment	$ (57)	$ (565)	$ 81	$ (127)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 353,139	$ 155,391
Receivables, net of allowance for doubtful accounts of $4,349 and $4,883 in 2019 and 2018, respectively	65,666	69,645
Prepaid expenses and other assets	36,251	51,352
Rental merchandise, net
On rent	625,865	683,808
Held for rent	113,253	123,662
Merchandise held for installment sale	3,874	3,834
Property assets, net of accumulated depreciation of $554,092 and $551,750 in 2019 and 2018, respectively	197,750	226,323
Operating lease right-of-use assets	265,767	0
Deferred tax asset	25,568	25,558
Goodwill	56,815	56,845
Other intangible assets, net	265	499
Total Assets	1,744,213	1,396,917
LIABILITIES
Accounts payable - trade	95,656	113,838
Accrued liabilities	314,415	337,459
Operating lease liabilities	271,635	0
Deferred tax liability	129,941	119,061
Senior notes, net	540,676	540,042
Total Liabilities	1,352,323	1,110,400
STOCKHOLDERS' EQUITY
Common stock, $.01 par value; 250,000,000 shares authorized; 110,562,098 and 109,909,504 shares issued in 2019 and 2018, respectively	1,105	1,099
Additional paid-in capital	843,697	838,436
Retained earnings	905,726	805,924
Treasury stock at cost, 56,369,752 shares in 2019 and 2018	(1,347,677)	(1,347,677)
Accumulated other comprehensive loss	(10,961)	(11,265)
Total Stockholders' Equity	391,890	286,517
Total Liabilities and Stockholders' Equity	$ 1,744,213	$ 1,396,917

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4,349	$ 4,883
Property assets, accumulated depreciation	$ 554,092	$ 551,750
Common stock - par value	$ 0.01	$ 0.01
Common stock - shares authorized	250,000,000	250,000,000
Common stock - shares issued	110,562,098	109,909,504
Treasury stock - shares at cost	56,369,752	56,369,752

Condensed Consolidated Statements of Stockholders' Equity Statement - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other comprehensive Income (Loss) [Member]
Common stock, shares, outstanding		109,682
Total Stockholders' Equity	$ 272,443	$ 1,097	$ 831,271	$ 798,743	$ (1,347,677)	$ (10,991)
Net earnings (loss)	(19,843)			(19,843)
Foreign currency translation adjustments, net of tax of $(57) and $(565), and $81 and $(127), for the three and six months ended 2019 and 2018, respectively	1,648					1,648
Exercise of stock options, shares		36
Exercise of stock options	374		374
Vesting of restricted share units, shares		66
Vesting of restricted share units	(1)		(1)
Shares withheld for employee taxes on awards vested & exercised	(195)		(195)
Stock-based compensation	1,862		1,862
Net earnings (loss)	(6,090)
Foreign currency translation adjustments, net of tax of $(57) and $(565), and $81 and $(127), for the three and six months ended 2019 and 2018, respectively	(477)
Common stock, shares, outstanding		109,784
Total Stockholders' Equity	254,977	$ 1,097	833,311	777,589	(1,347,677)	(9,343)
ASU adoption adjustment	(1,311)			(1,311)
Net earnings (loss)	13,753			13,753
Foreign currency translation adjustments, net of tax of $(57) and $(565), and $81 and $(127), for the three and six months ended 2019 and 2018, respectively	(2,125)					(2,125)
Exercise of stock options, shares		61
Exercise of stock options	597	$ 1	596
Vesting of restricted share units, shares		25
Vesting of restricted share units	0
Stock-based compensation	1,133		1,133
Common stock, shares, outstanding		109,870
Total Stockholders' Equity	268,335	$ 1,098	835,040	791,342	(1,347,677)	(11,468)
Common stock, shares, outstanding		109,910
Total Stockholders' Equity	286,517	$ 1,099	838,436	805,924	(1,347,677)	(11,265)
Net earnings (loss)	7,323	0	0	7,323	0	0
Foreign currency translation adjustments, net of tax of $(57) and $(565), and $81 and $(127), for the three and six months ended 2019 and 2018, respectively	521	$ 0	0	0	0	521
Exercise of stock options, shares		284
Exercise of stock options	2,892	$ 3	2,889	0	0	0
Vesting of restricted share units, shares		218
Vesting of restricted share units	0	$ 2	(2)	0	0	0
Shares withheld for employee taxes on awards vested & exercised	(1,734)	0	(1,734)	0	0	0
Stock-based compensation	709	$ 0	709	0	0	0
Net earnings (loss)	101,778			101,778
Foreign currency translation adjustments, net of tax of $(57) and $(565), and $81 and $(127), for the three and six months ended 2019 and 2018, respectively	304
Common stock, shares, outstanding		110,412
Total Stockholders' Equity	294,252	$ 1,104	840,298	811,271	(1,347,677)	(10,744)
ASU adoption adjustment	(1,976)	$ 0	0	(1,976)	0	0
Net earnings (loss)	94,455			94,455
Foreign currency translation adjustments, net of tax of $(57) and $(565), and $81 and $(127), for the three and six months ended 2019 and 2018, respectively	(217)					(217)
Exercise of stock options, shares		101
Exercise of stock options	1,418	$ 1	1,417
Vesting of restricted share units, shares		49
Vesting of restricted share units	0
Stock-based compensation	1,982		1,982
Common stock, shares, outstanding		110,562
Total Stockholders' Equity	$ 391,890	$ 1,105	$ 843,697	$ 905,726	$ (1,347,677)	$ (10,961)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net earnings (loss)	$ 101,778	$ (6,090)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities
Depreciation of rental merchandise	309,211	308,776
Bad debt expense	5,978	5,846
Stock-based compensation expense	2,691	2,995
Depreciation of property assets	30,809	35,017
Loss on sale or disposal of property assets	1,472	2,423
Amortization of intangibles	85	310
Amortization of financing fees	1,958	2,701
Deferred income taxes	10,814	1,492
Changes in operating assets and liabilities, net of effects of acquisitions
Rental merchandise	(253,259)	(229,068)
Receivables	(2,995)	(5,700)
Prepaid expenses and other assets	15,384	10,982
Operating lease right-of-use assets and lease liabilities	5,868	0
Accounts payable - trade	(18,182)	2,044
Accrued liabilities	(26,194)	11,178
Net cash provided by operating activities	185,418	142,906
Cash flows from investing activities
Purchase of property assets	(5,088)	(15,695)
Proceeds from sale of property assets	13,792	14,792
Hurricane insurance recovery proceeds	995	0
Acquisitions of businesses	(155)	(761)
Net cash provided by (used in) investing activities	9,544	(1,664)
Cash flows from financing activities
Exercise of stock options	4,310	970
Shares withheld for payment of employee tax withholdings	(1,733)	(271)
Debt issuance costs	157	0
Proceeds from debt	5,400	26,850
Repayments of debt	(5,400)	(125,010)
Net cash provided by (used in) financing activities	2,420	(97,461)
Effect of exchange rate changes on cash	366	84
Net increase in cash and cash equivalents	197,748	43,865
Cash and cash equivalents at beginning of period	155,391	72,968
Cash and cash equivalents at end of period	$ 353,139	$ 116,833

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2019
Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation The interim condensed consolidated financial statements of Rent-A-Center, Inc. included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to the SEC’s rules and regulations, although we believe the disclosures are adequate to make the information presented not misleading. We suggest these financial statements be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2018. In our opinion, the accompanying unaudited interim financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary to present fairly our results of operations and cash flows for the periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. These financial statements include the accounts of Rent-A-Center, Inc. and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. Unless the context indicates otherwise, references to “Rent-A-Center” refer only to Rent-A-Center, Inc., the parent, and references to “we,” “us” and “our” refer to the consolidated business operations of Rent-A-Center and any or all of its direct and indirect subsidiaries. We report four operating segments: Core U.S., Acceptance Now, Mexico and Franchising. Our Core U.S. segment consists of company-owned rent-to-own stores in the United States and Puerto Rico that lease household durable goods to customers on a rent-to-own basis. We also offer merchandise on an installment sales basis in certain of our stores under the names “Get It Now” and “Home Choice.” Our Acceptance Now segment, which operates in the United States and Puerto Rico, generally offers the rent-to-own transaction to consumers who do not qualify for financing from the traditional retailer through kiosks located within such retailers’ locations. Those kiosks can be staffed by an Acceptance Now employee (staffed locations) or employ a virtual solution where customers initiate the rent-to-own transaction online in the retailers' locations using our virtual solution (virtual locations). Our Mexico segment consists of our company-owned rent-to-own stores in Mexico that lease household durable goods to customers on a rent-to-own basis. Rent-A-Center Franchising International, Inc., an indirect, wholly owned subsidiary of Rent-A-Center, is a franchisor of rent-to-own stores. Our Franchising segment’s primary source of revenue is the sale of rental merchandise to its franchisees, who in turn offer the merchandise to the general public for rent or purchase under a rent-to-own transaction. The balance of our Franchising segment’s revenue is generated primarily from royalties based on franchisees’ monthly gross revenues. Newly Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which replaces existing accounting literature relating to the classification of, and accounting for, leases. Under ASU 2016-02, a company must recognize for all leases (with the exception of leases with terms of 12 months or less) a liability representing a lessee's obligation to make lease payments arising from a lease, and a right-of-use asset representing the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting is largely unchanged, with certain improvements to align lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. Adoption under ASU 2016-02 requires the use of a modified retrospective transition method to measure leases at the beginning of the earliest period presented in the consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, allowing companies to apply a transition method for adoption of the new standard as of the adoption date, with recognition of any cumulative-effects as adjustments to the opening balance of retained earnings in the period of adoption. We adopted these ASU's beginning January 1, 2019 and elected the transition method under ASU 2018-11. The company's rent-to-own agreements which comprise the majority of our annual revenue fall within the scope of ASU 2016-02 under lessor accounting, however, the new standard does not significantly affect the timing of recognition or presentation of revenue for our rental contracts. As a lessee, the new standard affected a substantial portion of our lease contracts. As of June 30, 2019, we have $265.8 million operating lease right-of-use assets and $271.6 million operating lease liabilities in our condensed consolidated balance sheet. Upon adoption, we identified impairment losses related to closure of our product service centers and Core U.S. stores resulting in a cumulative-effect decrease of $2.0 million, net of tax, to our January 1, 2019 retained earnings balance. There were no significant effects to our condensed consolidated statements of operations or condensed consolidated statements of cash flows. We elected a package of optional practical expedients in our adoption of the new standard, including the option to retain the current classification for leases entered into prior to the date of adoption; the option not to reassess initial direct costs for capitalization for leases entered into prior to the date of adoption; and the option not to separate lease and non-lease components for our rent-to-own agreements as a lessor, and our real estate, and certain equipment leases, as a lessee. In conjunction with the adoption of the new lease accounting standard, we implemented a new back-office lease administration and accounting system to support the new accounting and disclosure requirements as a lessee. In addition, we implemented changes to our previous accounting policies, processes, and internal controls to ensure compliance with the new standard. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a company to reclassify to retained earnings the disproportionate income tax effects of the Tax Act on items with accumulated other comprehensive income that the FASB refers to as having been stranded in accumulated other comprehensive income. The adoption of ASU 2018-02 was required for us beginning January 1, 2019. We elected not to exercise the option to reclassify stranded tax effects within accumulated other comprehensive income in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act (or portion thereof) is recorded.

Revenues Revenues (Notes)

6 Months Ended

Jun. 30, 2019

Revenues [Abstract]

Revenues [Text Block]

Revenues

The following table disaggregates our revenue for the periods ended June 30, 2019 and 2018:



	Three Months Ended June 30, 2019
	Core U.S.		Acceptance Now		Mexico		Franchising		Consolidated
(In thousands)
Store
Rentals and fees	$	399,799	$	139,104	$	12,777	$	—	$	551,680
Merchandise sales	32,935		37,140		767		—		70,842
Installment sales	17,270		—		—		—		17,270
Other	1,092		145		7		—		1,244
Total store revenues	451,096		176,389		13,551		—		641,036
Franchise
Merchandise sales	—		—		—		10,673		10,673
Royalty income and fees	—		—		—		4,216		4,216
Total revenues	$	451,096	$	176,389	$	13,551	$	14,889	$	655,925



	Six Months Ended June 30, 2019
	Core U.S.		Acceptance Now		Mexico		Franchising		Consolidated
(In thousands)
Store
Rentals and fees	$	807,379	$	282,297	$	25,358	$	—	$	1,115,034
Merchandise sales	83,493		90,296		1,523		—		175,312
Installment sales	32,706		—		—		—		32,706
Other	1,575		318		15		—		1,908
Total store revenues	925,153		372,911		26,896		—		1,324,960
Franchise
Merchandise sales	—		—		—		19,129		19,129
Royalty income and fees	—		—		—		8,530		8,530
Total revenues	$	925,153	$	372,911	$	26,896	$	27,659	$	1,352,619



	Three Months Ended June 30, 2018
	Core U.S.		Acceptance Now		Mexico		Franchising		Consolidated
(In thousands)
Store
Rentals and fees	$	410,108	$	140,799	$	11,496	$	—	$	562,403
Merchandise sales	26,109		38,077		804		—		64,990
Installment sales	17,374		—		—		—		17,374
Other	2,129		135		7		—		2,271
Total store revenues	455,720		179,011		12,307		—		647,038
Franchise
Merchandise sales	—		—		—		4,880		4,880
Royalty income and fees	—		—		—		3,812		3,812
Total revenues	$	455,720	$	179,011	$	12,307	$	8,692	$	655,730



	Six Months Ended June 30, 2018
	Core U.S.		Acceptance Now		Mexico		Franchising		Consolidated
(In thousands)
Store
Rentals and fees	$	822,750	$	281,623	$	22,744	$	—	$	1,127,117
Merchandise sales	76,693		94,083		1,570		—		172,346
Installment sales	33,778		—		—		—		33,778
Other	4,540		291		24		—		4,855
Total store revenues	937,761		375,997		24,338		—		1,338,096
Franchise
Merchandise sales	—		—		—		8,514		8,514
Royalty income and fees	—		—		—		7,163		7,163
Total revenues	$	937,761	$	375,997	$	24,338	$	15,677	$	1,353,773

Rental-Purchase Agreements

Core U.S., Acceptance Now, and Mexico

Rentals and Fees. Merchandise is leased to customers pursuant to rental purchase agreements, which provide for weekly, semi-monthly or monthly rental terms with non-refundable rental payments. At the expiration of each rental term, customers renew the rental agreement by pre-paying for the next rental term. Generally, the customer has the right to acquire title of the merchandise either through a purchase option or through payment of all required rental terms. Customers can terminate the agreement at the end of any rental term without penalty. Therefore rental transactions are accounted for as operating leases and rental revenue is recognized over the rental term. Cash received for rental payments, including processing fees, prior to the period in which it should be recognized, is deferred and recognized according to the rental term. Revenue related to various payment, reinstatement or late fees is recognized when paid by the customer at the point service is provided. Rental merchandise is depreciated using the income forecasting method and is recognized in cost of sales over the rental term. We offer additional product plans along with our rental agreements which provide customers with liability protection against significant damage or loss of a product, and club membership benefits, including various discount programs and product service and replacement benefits in the event merchandise is damaged or lost. Customers renew product plans in conjunction with their rental term renewals, and can cancel the plans at any time. Revenue for product plans is recognized over the term of the plan. Costs incurred related to product plans are primarily recognized in cost of sales. At June 30, 2019 and December 31, 2018, we had $41.6 million and $42.1 million, respectively, in deferred revenue included in accrued liabilities related to our rental purchase agreements.

Revenue from contracts with customers

Core U.S., Acceptance Now, and Mexico

Merchandise Sales. Merchandise sales include payments received for the exercise of the early purchase option offered through our rental purchase agreements or merchandise sold through point of sale transactions. Revenue for merchandise sales is recognized when payment is received and ownership of the merchandise passes to the customer. The remaining net value of merchandise sold is recorded to cost of sales at the time of the transaction.

Installment Sales. Revenue from the sale of merchandise in our retail installment stores is recognized when the installment note is signed and control of the merchandise has passed to the customer. The cost of merchandise sold through installment agreements is recognized in cost of sales at the time of the transaction. We offer extended service plans with our installment agreements which are administered by third parties and provide customers with product service maintenance beyond the term of the installment agreement. Payments received for extended service plans are deferred and recognized, net of related costs, when the installment payment plan is complete and the service plan goes into effect. Customers can cancel extended service plans at any time during the installment agreement and receive a refund for payments previously made towards the plan. At June 30, 2019 and December 31, 2018, we had $2.8 million and $3.0 million, respectively, in deferred revenue included in accrued liabilities related to extended service plans.

Other. Other revenue primarily consisted of external maintenance and repair services provided by the Company’s service department, in addition to other miscellaneous product plans offered to our rental and installment customers. We completed the shut down of our service department operations early in the first quarter of 2019. Revenue for other product plans is recognized in accordance with the terms of the applicable plan agreement.

Franchising

Merchandise Sales. Revenue from the sale of rental merchandise is recognized upon shipment of the merchandise to the franchisee.

Royalty Income and Fees. Franchise royalties, including franchisee contributions to corporate advertising funds, represent sales-based royalties calculated as a percentage of gross rental payments and sales. Royalty revenue is recognized as rental payments and sales occur. Franchise fees are initial fees charged to franchisees for new or converted franchise stores. Franchise fee revenue is recognized on a straight-line basis over the term of the franchise agreement. At June 30, 2019 and December 31, 2018, we had $4.4 million and $4.1 million, respectively, in deferred revenue included in accrued liabilities related to franchise fees.

Receivables and Allowance for Doubtful Accounts Receivables and Allowance for Doubtful Accounts (Notes)

6 Months Ended

Jun. 30, 2019

Receivables and Allowance for Doubtful Accounts [Abstract]

Receivables and Allowance for Doubtful Accounts [Text Block]

Receivables and Allowance for Doubtful Accounts

Receivables consist of the following:



(In thousands)	June 30, 2019			December 31, 2018
Installment sales receivable	$	52,332		$	54,746
Trade and notes receivables	17,683			19,782
Total receivables	70,015			74,528
Less allowance for doubtful accounts	(4,349		)	(4,883		)
Total receivables, net of allowance for doubtful accounts	$	65,666		$	69,645

The allowance for doubtful accounts related to installment sales receivable was $2.9 million and $3.6 million at June 30, 2019 and December 31, 2018, respectively. The allowance for doubtful accounts related to trade and notes receivable was $1.4 million and $1.3 million at June 30, 2019 and December 31, 2018, respectively.

Changes in our allowance for doubtful accounts are as follows:



(In thousands)	June 30, 2019
Beginning allowance for doubtful accounts	$	4,883
Bad debt expense	5,978
Accounts written off	(6,773		)
Recoveries	261
Ending allowance for doubtful accounts	$	4,349

Leases Leases (Notes)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases [Text Block]

Leases

We lease space for all of our Core U.S. and Mexico stores under operating leases expiring at various times through 2024. Most of our store leases are five year leases and contain renewal options for additional periods ranging from three to five years at rental rates adjusted according to agreed-upon formulas. We evaluate all leases to determine if it is likely that we will exercise future renewal options and in most cases we are not reasonably certain of exercise due to competing market rental rates and lack of significant penalty or business disruption incurred by not exercising the renewal options. We have elected not to use the short-term lease exemption for our real estate leases. Therefore, we include month-to-month leases in operating lease right-of-use assets and operating lease liabilities on our condensed consolidated balance sheet. In certain store sales, we enter into lease assignment agreements with the buyer, but remain as the primary obligor under the original lease for the remaining active term. These assignments are therefore classified as subleases and the original lease is included in our operating lease right-of-use assets and operating lease liabilities on our condensed consolidated balance sheet.

We lease vehicles for all of our Core U.S. stores under operating leases with lease terms expiring twelve months after the start date of the lease. We classify these leases as short-term and have elected the short-term lease exemption for our vehicle leases, and have therefore excluded them from our operating lease right-of-use assets within our condensed consolidated balance sheet. We also lease vehicles for all of our Mexico stores which have terms expiring at various times through 2022 with rental rates adjusted periodically for inflation. Finally, we have a minimal number of equipment leases, primarily related to temporary storage and certain back office technology hardware assets.

For all of the leases described above, we have elected to use the practical expedient not to separate the lease and non-lease components and account for these as a single component. We have also elected the practical expedients that remove the requirement to reassess whether expired or existing contracts contain leases and the requirement to reassess the lease classification for any existing leases prior to the adoption date.

Operating lease right-of-use assets and operating lease liabilities are discounted using our incremental borrowing rate, since the implicit rate is not readily determinable. We do not currently have any financing leases.

Operating lease costs are recorded on a straight-line basis within other store expenses in our condensed consolidated statements of operations.

Total operating lease costs by expense type:



	Three Months Ended			Six Months Ended
(in thousands)	June 30, 2019			June 30, 2019
Operating lease cost included in other store expenses⁽¹⁾	$	38,232		$	74,785
Operating lease cost included in other (gains) and charges	5,111			7,252
Sublease receipts	(1,818		)	(3,494		)
Total operating lease charges	$	41,525		$	78,543

⁽¹⁾Includes short-term lease costs, which are not significant.

Supplemental cash flow information related to leases:



	Six Months Ended
(in thousands)	June 30, 2019
Cash paid for amounts included in measurement of operating lease liabilities	$	61,333
Cash paid for short-term operating leases not included in operating lease liabilities	14,451
Right-of-use assets obtained in exchange for new operating lease liabilities	10,540

Weighted-average discount rate and weighted-average remaining lease term:



(in thousands)	June 30, 2019
Weighted-average discount rate⁽¹⁾	8.0	%
Weighted-average remaining lease term (in years)	3

⁽¹⁾January 1, 2019 incremental borrowing rate was used for leases in existence at the time of adoption of ASU 2016-02.

Reconciliation of undiscounted operating lease liabilities to the present value operating lease liabilities at June 30, 2019:



(In thousands)	Operating Leases
2019	$	61,288
2020	104,264
2021	72,264
2022	43,637
2023	19,536
Thereafter	5,893
Total undiscounted operating lease liabilities	306,882
Less: Interest	(35,247		)
Total present value of operating lease liabilities	$	271,635

In accordance with ASC 840, future minimum rental payments for operating leases with remaining lease terms in excess of one year, at December 31, 2018:



(In thousands)	Operating Leases
2019	$	145,345
2020	116,785
2021	80,362
2022	47,417
2023	16,460
Thereafter	2,280
Total future minimum rental payments	408,649

Senior Debt

6 Months Ended

Jun. 30, 2019

Senior Debt [Abstract]

Senior Debt

Until August 5, 2019, we were party to a Credit Agreement with BBVA Compass Bank, HSBC, and SunTrust Bank, as syndication agents, JPMorgan Chase Bank, N.A., as administrative agent (the "Agent"), and the several lenders from time to time parties thereto, dated March 19, 2014, as amended on February 1, 2016, September 30, 2016, March 31, 2017, June 6, 2017, and December 12, 2018 (the “Fifth Amendment”) and as so amended, (the "Prior Credit Agreement"), which provided prior to its termination a senior credit facility consisting of a $200 million revolving credit facility (the "Prior Revolving Facility").

There were no outstanding borrowings under the Prior Revolving Facility at June 30, 2019 or December 31, 2018. Total unamortized debt issuance costs reported in the Condensed Consolidated Balance Sheet at June 30, 2019 and December 31, 2018 were $1.4 million and $2.6 million, respectively. The Prior Revolving Facility was scheduled to mature on December 31, 2019. We also utilized the Prior Revolving Facility for the issuance of letters of credit. As of June 30, 2019, issued letters of credit under the Prior Revolving Facility amounted to $92 million in the aggregate.

Borrowings under the Prior Revolving Facility bore interest at varying rates equal to either the Eurodollar rate plus 1.50% to 3.00%, or the prime rate plus 0.50% to 2.00% (ABR), at our election. The margins on the Eurodollar loans and on the ABR loans for borrowings under the Prior Revolving Facility were 1.75% and 0.75%, respectively, at June 30, 2019. A commitment fee equal to 0.30% to 0.50% of the unused portion of the Prior Revolving Facility was payable quarterly and fluctuated dependent upon increases or decreases in our Consolidated Total Leverage Ratio as of the end of the previous quarter as defined by a pricing grid included in the Prior Credit Agreement. The commitment fee for the second quarter of 2019 was $0.6 million, equal to 0.40% of the unused portion of the Prior Revolving Facility based on our Total Leverage Ratio as of December 31, 2018.

In connection with entering into the Fifth Amendment to the Prior Credit Agreement, we recorded a write-down of previously unamortized debt issuance costs of approximately $0.5 million in the fourth quarter of 2018. In addition, we paid arrangement and amendment fees to the Agent and the lenders that provided their consent to the Fifth Amendment of approximately $2.1 million, which were capitalized in the fourth quarter of 2018 and will be amortized to interest expense over the remaining term of the Prior Credit Agreement.

On August 5, 2019, (the "Closing Date") we entered into a new a Term Loan Credit Agreement (the “Term Loan Credit Agreement”) providing for a seven-year $200 million senior secured term loan facility and an Asset Based Loan Credit Agreement (the “ABL Credit Agreement”) providing a five-year asset-based revolving credit facility (the “ABL Credit Facility”) with commitments of

$300 million, the proceeds of which were used, in part, to prepay in full and terminate commitments under the Prior Credit Agreement (the "Refinancing"). In connection with the Refinancing, we irrevocably deposited $551,019,061.81, the redemption price for all of our outstanding senior notes, and the indentures under which the senior notes were issued were satisfied and discharged. The senior notes will be redeemed on August 15, 2019, at a price equal to 100% of their principal amount plus accrued but unpaid interest.

Term Loan Credit Agreement

The Term Loan Credit Agreement, which matures on August 5, 2026, amortizes in equal quarterly installments at a rate of 1.00% per annum of the original principal amount thereof, with the remaining balance due at final maturity. Interest on the Term Loan Credit Agreement will accrue at the Eurodollar rate plus an applicable margin equal to 4.50%.

The Term Loan Credit Agreement permits the Company to prepay the term loans, in whole or in part, without penalty on or after the six-month anniversary of the Closing Date. It also permits the Company to incur incremental term loans in an aggregate amount equal to $150 million plus the amount of voluntary prepayments of the term loans and an unlimited amount subject to a pro forma consolidated senior secured leverage ratio of not greater than 2.00 to 1.00, subject to certain other conditions.

The obligations under the Term Loan Credit Agreement are guaranteed by certain of our subsidiaries. The Term Loan Credit Agreement and the guarantees are secured on a first-priority basis by substantially all of the tangible and intangible assets of the company and the guarantors, other than collateral subject to a first-priority lien under the ABL Credit Agreement, consisting of, among other things, accounts receivable, inventory and bank accounts (and funds on deposit therein), in which the Term Loan Credit Agreement and the guarantees have a second-priority security interest, in each case, subject to certain exceptions.

The Term Loan Credit Agreement contains covenants that are usual and customary for facilities and transactions of this type and that, among other things, restrict the ability of the company and its restricted subsidiaries to:


•	create certain liens and enter into certain sale and lease-back transactions;


•	create, assume, incur or guarantee certain indebtedness;


•	pay dividends or make other distributions on, or repurchase or redeem, the company’s capital stock or certain other debt;


•	make other restricted payments; and


•	consolidate or merge with, or convey, transfer or lease all or substantially all of the company’s and its restricted subsidiaries’ assets, to another person.

These covenants are subject to a number of other limitations and exceptions set forth in the Term Loan Credit Agreement.

The Term Loan Credit Agreement provides for customary events of default, including, but not limited to, failure to pay principal and interest, failure to comply with covenants, agreements or conditions, and certain events of bankruptcy or insolvency involving the Company and its significant subsidiaries.

ABL Credit Agreement

The ABL Credit Facility will mature on August 5, 2024. The Borrowers (as defined in the ABL Credit Agreement) may borrow only up to the lesser of the level of the then-current borrowing base and the committed maximum borrowing capacity of $300 million. Interest is payable on the ABL Credit Facility at a fluctuating rate of interest determined by reference to the Eurodollar rate plus an applicable margin of 1.50% to 2.00%. A commitment fee equal to 0.250% to 0.375% of the unused portion of the ABL Credit Facility fluctuates dependent upon average utilization for the prior month as defined by a pricing grid included in the ABL Credit Agreement.

Letters of credit are limited to the lesser of (x) $150 million, subject to certain limitations, and (y) the aggregate unused availability then in effect.

Subject to certain conditions, the ABL Credit Facility may be expanded by up to $100 million in additional commitments, subject to a pro forma fixed charge coverage ratio being greater than 1.10 to 1.00.

The obligations under the ABL Credit Agreement are guaranteed by the company and certain of the company’s subsidiaries. The ABL Credit Agreement and the guarantees are secured on a first-priority basis on all our and the guarantors’ accounts receivable, inventory and bank accounts (and funds on deposit therein) and a second-priority basis on all of the tangible and intangible assets (second in priority to the liens securing the Term Loan Credit Agreement) of such persons, in each case, subject to certain exceptions.

The ABL Credit Agreement contains covenants that are usual and customary for facilities and transactions of this type and are substantially the same as covenants in the Term Loan Credit Agreement. The ABL Credit Facility also requires the maintenance of a Consolidated Fixed Charge Coverage Ratio (as defined in the ABL Credit Agreement) of 1.10 to 1.00 at the end of each fiscal

quarter when either (i) certain specified events of default have occurred and are continuing or (ii) availability is less than or equal to the greater of $33.75 million and 15% of the line cap then in effect.

The ABL Credit Agreement provides for customary events of default that are substantially the same as events of default in the Term Loan Credit Agreement.

Liquidity

Our primary liquidity requirements are for rental merchandise purchases. Other capital requirements include expenditures for property assets and debt service. Our primary sources of liquidity have been cash provided by operations. We also utilize our ABL Credit Facility for the issuance of letters of credit, as well as to manage normal fluctuations in operational cash flow caused by the timing of cash receipts. In that regard, we may from time to time draw funds under our ABL Credit Facility for general corporate purposes. Amounts are drawn as needed due to the timing of cash flows and are generally paid down as cash is generated by our operating activities. We believe cash flow generated from operations and availability under our ABL Credit Facility, will be sufficient to fund our operations during the next 12 months.

Senior Notes	6 Months Ended
Senior Notes	Jun. 30, 2019
Subsidiary Guarantors - Senior Notes [Abstract]
Senior Notes	Senior Notes On November 2, 2010, we issued $300 million in senior unsecured notes due November 2020, bearing interest at 6.625%, pursuant to an indenture dated November 2, 2010, among Rent-A-Center, Inc., its subsidiary guarantors and The Bank of New York Mellon Trust Company, as trustee. A portion of the proceeds of this offering were used to repay approximately $200.0 million of outstanding term debt under a prior credit agreement. The remaining net proceeds were used to repurchase shares of our common stock. The principal amount of the 6.625% notes outstanding as of June 30, 2019 and December 31, 2018, was $292.7 million, reduced by $0.8 million and $1.2 million of unamortized issuance costs, respectively. On May 2, 2013, we issued $250 million in senior unsecured notes due May 2021, bearing interest at 4.75%, pursuant to an indenture dated May 2, 2013, among Rent-A-Center, Inc., its subsidiary guarantors and The Bank of New York Mellon Trust Company, as trustee. A portion of the proceeds of this offering were used to repurchase shares of our common stock under a $200.0 million accelerated stock buyback program. The remaining net proceeds were used to repay outstanding revolving debt under a prior credit agreement. The principal amount of the 4.75% notes outstanding as of June 30, 2019 and December 31, 2018, was $250.0 million, reduced by $1.2 million and $1.5 million of unamortized issuance costs, respectively. Certain of Rent-A-Center's subsidiaries fully, jointly and severally, and unconditionally guaranteed the obligations of Rent-A-Center with respect to the 6.625% notes and the 4.75% notes. The only direct or indirect subsidiaries of Rent-A-Center that were not guarantors were minor subsidiaries. There were no restrictions on the ability of any of the subsidiary guarantors to transfer funds to Rent-A-Center in the form of loans, advances or dividends, except as provided by applicable law. On July 15, 2019, Rent-A-Center instructed the trustee under the indentures governing the 6.625% and 4.75% senior notes to issue a conditional notice of full redemption to the holders of the outstanding 6.625% and 4.75% senior notes. On August 5, 2019, in connection with the Refinancing, Rent-A-Center irrevocably deposited the redemption price for the 6.625% and 4.75% senior notes with the trustee, and the indentures were satisfied and discharged. The 6.625% and 4.75% senior notes will be redeemed on August 15, 2019, at a price equal to 100% of their principal amount plus accrued and unpaid interest to, but excluding, the redemption date. As a result, Rent-A-Center and its subsidiary guarantors have been released from their respective obligations under the 6.625% and 4.75% senior notes as of August 5, 2019.

Fair Value

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value

We follow a three-tier fair value hierarchy, which classifies the inputs used in measuring fair values, in determining the fair value of our non-financial assets and non-financial liabilities, which consist primarily of goodwill. These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. There were no changes in the methods and assumptions used in measuring fair value during the period.

At June 30, 2019, our financial instruments include cash and cash equivalents, receivables, payables and senior notes. The carrying amount of cash and cash equivalents, receivables and payables approximates fair value at June 30, 2019 and December 31, 2018, because of the short maturities of these instruments.

The fair value of our senior notes was based on Level 1 inputs and was as follows at June 30, 2019 and December 31, 2018:



	June 30, 2019							December 31, 2018
(in thousands)	Carrying Value		Fair Value		Difference			Carrying Value		Fair Value		Difference
6.625% senior notes	$	292,740	$	292,740	$	—		$	292,740	$	285,509	$	(7,231	)
4.75% senior notes	250,000		248,750		(1,250		)	250,000		239,050		(10,950		)
Total senior notes	$	542,740	$	541,490	$	(1,250	)	$	542,740	$	524,559	$	(18,181	)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Other (Gains) and Charges

6 Months Ended

Jun. 30, 2019

Restructuring Costs and Asset Impairment Charges [Abstract]

Other (Gains) and Charges

Cost Savings Initiatives. During 2018, we began execution of multiple cost savings initiatives, including reductions in overhead and supply chain, resulting in pre-tax charges during the first half of 2019 consisting of $5.0 million in lease impairment charges, $2.8 million in severance and other payroll-related costs, $1.6 million in other miscellaneous shutdown costs, and $0.4 million in disposal of fixed assets. Costs incurred during the first six months of 2018 related to these initiatives included pre-tax charges of $6.8 million in contract termination fees, $6.2 million in severance and other payroll-related costs, $1.9 million in legal and advisory fees, $1.0 million in other miscellaneous shutdown costs, $0.9 million in lease obligation costs, $0.4 million related to the write-down of capitalized software, and $0.1 million in disposal of fixed assets.

Store Consolidation Plan. During the first half of 2019, we closed 66 Core U.S. stores, resulting in pre-tax charges of $2.3 million in lease impairment charges, $0.9 million in other miscellaneous shutdown costs, $0.7 million in disposal of fixed assets, and $0.3 million in severance and other payroll-related costs. During the first six months of 2018, we closed 109 Core U.S. stores and 8 locations in Mexico, resulting in pre-tax charges of $8.7 million, consisting of $7.0 million in lease obligation costs, $1.0 million in disposal of fixed assets, $0.5 million in other miscellaneous shutdown costs, and $0.2 million in severance and other payroll-related costs.

Vintage Settlement. On April 22, 2019, we agreed to settle (the "Vintage Settlement") all litigation with Vintage Rodeo Parent, LLC, Vintage Rodeo Acquisition, Inc., Vintage Capital Management, LLC (collectively, "Vintage Capital") and B. Riley Financial, Inc. ("B. Riley") relating to our termination of the Agreement and Plan of Merger (the "Merger Agreement") among Vintage Rodeo Parent, LLC, Vintage Rodeo Acquisition, Inc. and Rent-A-Center, Inc. In the Vintage Settlement, we received a payment of $92.5 million in cash in May 2019, of which we retained net pre-tax proceeds of approximately $80 million following payment of all remaining costs, fees and expenses relating to the termination (the "Vintage Settlement Proceeds"). The Vintage Settlement was recorded as a pre-tax gain upon receipt.

Write-down of Capitalized Software. During the first six months of 2018 we discontinued certain IT software projects and as a result incurred pre-tax charges of $1.9 million, related to the write-down of capitalized assets.

Activity with respect to other charges for the six months ended June 30, 2019 is summarized in the below table:



(in thousands)	Accrued Charges at December 31, 2018		Charges & Adjustments			Payments & Adjustments			Accrued Charges at June 30, 2019
Cash charges:
Labor reduction costs	$	7,623	$	3,145		$	(8,525	)	$	2,243
Lease obligation costs⁽¹⁾	4,882		—			(4,882		)	—
Other miscellaneous	—		2,565			(2,565		)	—
Total cash charges	$	12,505	5,710			$	(15,972	)	$	2,243
Non-cash charges:
Asset impairments⁽²⁾			8,283
Other⁽³⁾			(58,160		)
Total other (gains) and charges			$	(44,167	)

⁽¹⁾ Upon adoption of ASU 2016-02, previously accrued lease obligation costs related to discontinued operations were eliminated and are now reflected as an adjustment to our operating lease right-of-use assets in our condensed consolidated balance sheet.

⁽²⁾ Includes impairments of operating lease right-of-use assets and other property assets related to the closure of RTO stores and our product service centers in the first half of 2019.

⁽³⁾ Other primarily includes the Vintage Settlement Proceeds, offset by the Blair class action settlement (refer to Note 11 for additional details), incremental legal and professional fees related to the termination of the Merger Agreement, and state tax audit assessments.

Segment Information

6 Months Ended

Jun. 30, 2019

Segment Information [Abstract]

Segment Information

The operating segments reported below are the segments for which separate financial information is available and for which segment results are evaluated by the chief operating decision makers. Our operating segments are organized based on factors including, but not limited to, type of business transactions, geographic location and store ownership. All operating segments offer merchandise from four basic product categories: consumer electronics, appliances, computers, furniture and accessories. Our Core U.S. and Franchising segments also offer smartphones.

Segment information for the three and six months ended June 30, 2019 and 2018 is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2019		2018		2019		2018
Revenues
Core U.S.	$	451,096	$	455,720	$	925,153	$	937,761
Acceptance Now	176,389		179,011		372,911		375,997
Mexico	13,551		12,307		26,896		24,338
Franchising	14,889		8,692		27,659		15,677
Total revenues	$	655,925	$	655,730	$	1,352,619	$	1,353,773



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2019		2018		2019		2018
Gross profit
Core U.S.	$	313,871	$	325,219	$	638,511	$	661,460
Acceptance Now	80,380		86,050		166,708		174,855
Mexico	9,411		8,549		18,680		16,871
Franchising	4,409		4,068		9,038		7,678
Total gross profit	$	408,071	$	423,886	$	832,937	$	860,864



	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands)	2019		2018			2019			2018
Operating profit
Core U.S.	$	64,925	$	43,527		$	118,236		$	71,914
Acceptance Now	22,734		29,157			44,247			44,587
Mexico	1,474		887			2,693			1,384
Franchising	1,803		1,909			3,581			3,165
Total segments	90,936		75,480			168,757			121,050
Corporate	38,893		(48,329		)	(21,579		)	(104,169		)
Total operating profit	$	129,829	$	27,151		$	147,178		$	16,881



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2019		2018		2019		2018
Depreciation and amortization
Core U.S.	$	5,110	$	6,440	$	10,582	$	13,266
Acceptance Now	313		432		661		867
Mexico	95		273		235		617
Franchising	9		44		39		88
Total segments	5,527		7,189		11,517		14,838
Corporate	9,594		10,239		19,377		20,490
Total depreciation and amortization	$	15,121	$	17,428	$	30,894	$	35,328



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2019		2018		2019		2018
Capital expenditures
Core U.S.	$	907	$	4,325	$	1,465	$	9,215
Acceptance Now	54		35		101		80
Mexico	27		35		30		38
Total segments	988		4,395		1,596		9,333
Corporate	1,592		2,651		3,492		6,362
Total capital expenditures	$	2,580	$	7,046	$	5,088	$	15,695



(in thousands)	June 30, 2019		December 31, 2018
On rent rental merchandise, net
Core U.S.	$	392,904	$	424,829
Acceptance Now	216,988		242,978
Mexico	15,973		16,001
Total on rent rental merchandise, net	$	625,865	$	683,808



(in thousands)	June 30, 2019		December 31, 2018
Held for rent rental merchandise, net
Core U.S.	$	107,778	$	117,294
Acceptance Now	982		1,207
Mexico	4,493		5,161
Total held for rent rental merchandise, net	$	113,253	$	123,662



(in thousands)	June 30, 2019		December 31, 2018
Assets by segment
Core U.S.	$	922,482	$	714,914
Acceptance Now	281,835		312,151
Mexico	36,605		29,321
Franchising	7,159		4,287
Total segments	1,248,081		1,060,673
Corporate	496,132		336,244
Total assets	$	1,744,213	$	1,396,917

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2019
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Stock-Based Compensation We recognized $2.0 million and $1.1 million in pre-tax compensation expense related to stock options and restricted stock units during the three months ended June 30, 2019 and 2018, respectively, and $2.7 million and $3.0 million during the six months ended June 30, 2019 and 2018, respectively. During the six months ended June 30, 2019, we granted approximately 255,000 stock options, 278,000 market-based performance restricted stock units and 193,000 time-vesting restricted stock units. The stock options granted were valued using a Black-Scholes pricing model with the following assumptions: an expected volatility of 48.28% to 55.17%, a risk-free interest rate of 2.30% to 2.34%, and an expected term of 3.50 to 5.75 years. The weighted-average exercise price of the options granted during the six months ended June 30, 2019 was $20.87 and the weighted-average grant-date fair value was $9.33. Performance-based restricted stock units are valued using a Monte Carlo simulation. Time-vesting restricted stock units are valued using the closing price on the trading day immediately preceding the day of the grant. The weighted-average grant date fair value of the market-based performance and time-vesting restricted stock units granted during the six months ended June 30, 2019 was $15.83 and $11.42, respectively.

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies From time to time, the Company, along with our subsidiaries, is party to various legal proceedings arising in the ordinary course of business. We reserve for loss contingencies that are both probable and reasonably estimable. We regularly monitor developments related to these legal proceedings, and review the adequacy of our legal reserves on a quarterly basis. We do not expect these losses to have a material impact on our condensed consolidated financial statements if and when such losses are incurred. We are subject to unclaimed property audits by states in the ordinary course of business. The property subject to review in the audit process include unclaimed wages, vendor payments and customer refunds. State escheat laws generally require entities to report and remit abandoned and unclaimed property to the state. Failure to timely report and remit the property can result in assessments that could include interest and penalties, in addition to the payment of the escheat liability itself. We routinely remit escheat payments to states in compliance with applicable escheat laws. Blair v. Rent-A-Center, Inc. This matter is a state-wide class action complaint originally filed on March 13, 2017 in the Federal District Court for the Northern District of California. The complaint alleges various claims, including that our cash sales and total rent to own prices exceed the pricing permitted under the Karnette Rental-Purchase Act. Following a court-ordered mediation on March 28, 2019, we reached an agreement in principle to settle this matter for a total of $13 million, including attorneys’ fees. The settlement is in the documentation process and is subject to approval by the court. We have denied any liability in the settlement and agreed to the settlement in order to avoid additional expensive, time-consuming litigation. We recorded the pre-tax charge for this settlement in the first quarter of 2019. Vintage Rodeo Parent, LLC, Vintage Rodeo Acquisition, Inc. and Vintage Capital Management, LLC, and B. Riley Financial, Inc. v. Rent-A-Center, Inc. As announced on April 22, 2019, we agreed to settle all litigation with Vintage Capital and B. Riley relating to our termination of the Merger Agreement. In the settlement, we received a payment of $92.5 million in cash in May 2019. The Vintage Settlement was recorded as a pre-tax gain upon receipt. Velma Russell v. Acceptance Now. This purported class action arising out of calls made by Acceptance Now to customers’ reference (s) was filed on January 29, 2019 in Massachusetts state court. Specifically, plaintiffs seek to certify a class representing any references of customers (within the state of Massachusetts) during the 4 years prior to the filing date that were contacted by Acceptance Now more frequently during a 12 month period than is permitted by Massachusetts state law. The plaintiffs are seeking injunctive relief and statutory damages of $25 per reference which may be tripled to $75 per reference. References are not parties to our consumer arbitration agreement. We operate 12 Acceptance Now locations in Massachusetts. We intend to vigorously defend these claims; however, we cannot assure you that we will be found to have no liability in this matter. Federal Trade Commission civil investigative demand. In April 2019, along with other rent-to-own companies, we received a civil investigative demand from the Federal Trade Commission ("FTC") seeking information regarding certain transactions involving the purchase and sale of customer lease agreements, and whether such transactions violated the FTC Act. Although we believe such transactions were in compliance with the FTC Act, this inquiry could lead to an enforcement action and/or a consent order, and substantial costs. The Company is in the process of responding to this inquiry from the FTC.

Earnings (Loss) Per Common Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Loss Per Common Share

Earnings (Loss) Per Common Share

Summarized basic and diluted earnings per common share were calculated as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2019		2018		2019		2018
Numerator:
Net earnings (loss)	$	94,455	$	13,753	$	101,778	$	(6,090	)
Denominator:
Weighted-average shares outstanding	54,153		53,450		54,042		53,428
Effect of dilutive stock awards⁽¹⁾	1,553		845		1,559		—
Weighted-average dilutive shares	55,706		54,295		55,601		53,428

Basic earnings (loss) per common share	$	1.74	$	0.26	$	1.88	$	(0.11	)
Diluted earnings (loss) per common share	$	1.70	$	0.25	$	1.83	$	(0.11	)
Anti-dilutive securities excluded from diluted loss per common share:
Anti-dilutive restricted share units	—		—		—		797
Anti-dilutive performance share units	263		222		263		1,172
Anti-dilutive stock options	1,107		2,411		1,123		2,801

⁽¹⁾

There was no dilutive effect to the loss per common share for the six months ended June 30, 2018 due to the net loss incurred for respective period.

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2019
Accounting Policies [Abstract]
Principles of Consolidation	These financial statements include the accounts of Rent-A-Center, Inc. and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated.
Newly Adopted Accounting Pronouncements [Policy Text Block]	Newly Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which replaces existing accounting literature relating to the classification of, and accounting for, leases. Under ASU 2016-02, a company must recognize for all leases (with the exception of leases with terms of 12 months or less) a liability representing a lessee's obligation to make lease payments arising from a lease, and a right-of-use asset representing the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting is largely unchanged, with certain improvements to align lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. Adoption under ASU 2016-02 requires the use of a modified retrospective transition method to measure leases at the beginning of the earliest period presented in the consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, allowing companies to apply a transition method for adoption of the new standard as of the adoption date, with recognition of any cumulative-effects as adjustments to the opening balance of retained earnings in the period of adoption. We adopted these ASU's beginning January 1, 2019 and elected the transition method under ASU 2018-11. The company's rent-to-own agreements which comprise the majority of our annual revenue fall within the scope of ASU 2016-02 under lessor accounting, however, the new standard does not significantly affect the timing of recognition or presentation of revenue for our rental contracts. As a lessee, the new standard affected a substantial portion of our lease contracts. As of June 30, 2019, we have $265.8 million operating lease right-of-use assets and $271.6 million operating lease liabilities in our condensed consolidated balance sheet. Upon adoption, we identified impairment losses related to closure of our product service centers and Core U.S. stores resulting in a cumulative-effect decrease of $2.0 million, net of tax, to our January 1, 2019 retained earnings balance. There were no significant effects to our condensed consolidated statements of operations or condensed consolidated statements of cash flows. We elected a package of optional practical expedients in our adoption of the new standard, including the option to retain the current classification for leases entered into prior to the date of adoption; the option not to reassess initial direct costs for capitalization for leases entered into prior to the date of adoption; and the option not to separate lease and non-lease components for our rent-to-own agreements as a lessor, and our real estate, and certain equipment leases, as a lessee. In conjunction with the adoption of the new lease accounting standard, we implemented a new back-office lease administration and accounting system to support the new accounting and disclosure requirements as a lessee. In addition, we implemented changes to our previous accounting policies, processes, and internal controls to ensure compliance with the new standard. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a company to reclassify to retained earnings the disproportionate income tax effects of the Tax Act on items with accumulated other comprehensive income that the FASB refers to as having been stranded in accumulated other comprehensive income. The adoption of ASU 2018-02 was required for us beginning January 1, 2019. We elected not to exercise the option to reclassify stranded tax effects within accumulated other comprehensive income in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act (or portion thereof) is recorded.

Revenues Revenues (Tables)

6 Months Ended

Jun. 30, 2019

Revenues [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table disaggregates our revenue for the periods ended June 30, 2019 and 2018:



	Three Months Ended June 30, 2019
	Core U.S.		Acceptance Now		Mexico		Franchising		Consolidated
(In thousands)
Store
Rentals and fees	$	399,799	$	139,104	$	12,777	$	—	$	551,680
Merchandise sales	32,935		37,140		767		—		70,842
Installment sales	17,270		—		—		—		17,270
Other	1,092		145		7		—		1,244
Total store revenues	451,096		176,389		13,551		—		641,036
Franchise
Merchandise sales	—		—		—		10,673		10,673
Royalty income and fees	—		—		—		4,216		4,216
Total revenues	$	451,096	$	176,389	$	13,551	$	14,889	$	655,925



	Six Months Ended June 30, 2019
	Core U.S.		Acceptance Now		Mexico		Franchising		Consolidated
(In thousands)
Store
Rentals and fees	$	807,379	$	282,297	$	25,358	$	—	$	1,115,034
Merchandise sales	83,493		90,296		1,523		—		175,312
Installment sales	32,706		—		—		—		32,706
Other	1,575		318		15		—		1,908
Total store revenues	925,153		372,911		26,896		—		1,324,960
Franchise
Merchandise sales	—		—		—		19,129		19,129
Royalty income and fees	—		—		—		8,530		8,530
Total revenues	$	925,153	$	372,911	$	26,896	$	27,659	$	1,352,619



	Three Months Ended June 30, 2018
	Core U.S.		Acceptance Now		Mexico		Franchising		Consolidated
(In thousands)
Store
Rentals and fees	$	410,108	$	140,799	$	11,496	$	—	$	562,403
Merchandise sales	26,109		38,077		804		—		64,990
Installment sales	17,374		—		—		—		17,374
Other	2,129		135		7		—		2,271
Total store revenues	455,720		179,011		12,307		—		647,038
Franchise
Merchandise sales	—		—		—		4,880		4,880
Royalty income and fees	—		—		—		3,812		3,812
Total revenues	$	455,720	$	179,011	$	12,307	$	8,692	$	655,730



	Six Months Ended June 30, 2018
	Core U.S.		Acceptance Now		Mexico		Franchising		Consolidated
(In thousands)
Store
Rentals and fees	$	822,750	$	281,623	$	22,744	$	—	$	1,127,117
Merchandise sales	76,693		94,083		1,570		—		172,346
Installment sales	33,778		—		—		—		33,778
Other	4,540		291		24		—		4,855
Total store revenues	937,761		375,997		24,338		—		1,338,096
Franchise
Merchandise sales	—		—		—		8,514		8,514
Royalty income and fees	—		—		—		7,163		7,163
Total revenues	$	937,761	$	375,997	$	24,338	$	15,677	$	1,353,773

Receivables and Allowance for Doubtful Accounts Receivables and Allowance for Doubtful Accounts (Tables)

6 Months Ended

Jun. 30, 2019

Receivables and Allowance for Doubtful Accounts [Abstract]

Receivables [Table Text Block]

Receivables consist of the following:



(In thousands)	June 30, 2019			December 31, 2018
Installment sales receivable	$	52,332		$	54,746
Trade and notes receivables	17,683			19,782
Total receivables	70,015			74,528
Less allowance for doubtful accounts	(4,349		)	(4,883		)
Total receivables, net of allowance for doubtful accounts	$	65,666		$	69,645

Changes in allowance for doubtful accounts [Table Text Block]

Changes in our allowance for doubtful accounts are as follows:



(In thousands)	June 30, 2019
Beginning allowance for doubtful accounts	$	4,883
Bad debt expense	5,978
Accounts written off	(6,773		)
Recoveries	261
Ending allowance for doubtful accounts	$	4,349

Leases Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Operating lease costs [Table Text Block]

Total operating lease costs by expense type:



	Three Months Ended			Six Months Ended
(in thousands)	June 30, 2019			June 30, 2019
Operating lease cost included in other store expenses⁽¹⁾	$	38,232		$	74,785
Operating lease cost included in other (gains) and charges	5,111			7,252
Sublease receipts	(1,818		)	(3,494		)
Total operating lease charges	$	41,525		$	78,543

⁽¹⁾Includes short-term lease costs, which are not significant.

Supplemental cash flow information related to leases:



	Six Months Ended
(in thousands)	June 30, 2019
Cash paid for amounts included in measurement of operating lease liabilities	$	61,333
Cash paid for short-term operating leases not included in operating lease liabilities	14,451
Right-of-use assets obtained in exchange for new operating lease liabilities	10,540

Weighted-average discount rate and weighted-average remaining lease term:



(in thousands)	June 30, 2019
Weighted-average discount rate⁽¹⁾	8.0	%
Weighted-average remaining lease term (in years)	3

⁽¹⁾January 1, 2019 incremental borrowing rate was used for leases in existence at the time of adoption of ASU 2016-02.

Operating lease liability maturity [Table Text Block]

Reconciliation of undiscounted operating lease liabilities to the present value operating lease liabilities at June 30, 2019:



(In thousands)	Operating Leases
2019	$	61,288
2020	104,264
2021	72,264
2022	43,637
2023	19,536
Thereafter	5,893
Total undiscounted operating lease liabilities	306,882
Less: Interest	(35,247		)
Total present value of operating lease liabilities	$	271,635

ASC 840 Operating leases future minimum rental payments [Table Text Block]

In accordance with ASC 840, future minimum rental payments for operating leases with remaining lease terms in excess of one year, at December 31, 2018:



(In thousands)	Operating Leases
2019	$	145,345
2020	116,785
2021	80,362
2022	47,417
2023	16,460
Thereafter	2,280
Total future minimum rental payments	408,649

Fair Value Fair Value (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements, Nonrecurring

The fair value of our senior notes was based on Level 1 inputs and was as follows at June 30, 2019 and December 31, 2018:



	June 30, 2019							December 31, 2018
(in thousands)	Carrying Value		Fair Value		Difference			Carrying Value		Fair Value		Difference
6.625% senior notes	$	292,740	$	292,740	$	—		$	292,740	$	285,509	$	(7,231	)
4.75% senior notes	250,000		248,750		(1,250		)	250,000		239,050		(10,950		)
Total senior notes	$	542,740	$	541,490	$	(1,250	)	$	542,740	$	524,559	$	(18,181	)

Other (Gains) and Charges (Tables)

6 Months Ended

Jun. 30, 2019

Restructuring Costs and Asset Impairment Charges [Abstract]

Other (Gains) and Charges [Table Text Block]

Activity with respect to other charges for the six months ended June 30, 2019 is summarized in the below table:



(in thousands)	Accrued Charges at December 31, 2018		Charges & Adjustments			Payments & Adjustments			Accrued Charges at June 30, 2019
Cash charges:
Labor reduction costs	$	7,623	$	3,145		$	(8,525	)	$	2,243
Lease obligation costs⁽¹⁾	4,882		—			(4,882		)	—
Other miscellaneous	—		2,565			(2,565		)	—
Total cash charges	$	12,505	5,710			$	(15,972	)	$	2,243
Non-cash charges:
Asset impairments⁽²⁾			8,283
Other⁽³⁾			(58,160		)
Total other (gains) and charges			$	(44,167	)

⁽²⁾ Includes impairments of operating lease right-of-use assets and other property assets related to the closure of RTO stores and our product service centers in the first half of 2019.

Segment Information (Tables)

6 Months Ended

Jun. 30, 2019

Segment Information [Abstract]

Segment Information

Segment information for the three and six months ended June 30, 2019 and 2018 is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2019		2018		2019		2018
Revenues
Core U.S.	$	451,096	$	455,720	$	925,153	$	937,761
Acceptance Now	176,389		179,011		372,911		375,997
Mexico	13,551		12,307		26,896		24,338
Franchising	14,889		8,692		27,659		15,677
Total revenues	$	655,925	$	655,730	$	1,352,619	$	1,353,773



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2019		2018		2019		2018
Gross profit
Core U.S.	$	313,871	$	325,219	$	638,511	$	661,460
Acceptance Now	80,380		86,050		166,708		174,855
Mexico	9,411		8,549		18,680		16,871
Franchising	4,409		4,068		9,038		7,678
Total gross profit	$	408,071	$	423,886	$	832,937	$	860,864



	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands)	2019		2018			2019			2018
Operating profit
Core U.S.	$	64,925	$	43,527		$	118,236		$	71,914
Acceptance Now	22,734		29,157			44,247			44,587
Mexico	1,474		887			2,693			1,384
Franchising	1,803		1,909			3,581			3,165
Total segments	90,936		75,480			168,757			121,050
Corporate	38,893		(48,329		)	(21,579		)	(104,169		)
Total operating profit	$	129,829	$	27,151		$	147,178		$	16,881



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2019		2018		2019		2018
Depreciation and amortization
Core U.S.	$	5,110	$	6,440	$	10,582	$	13,266
Acceptance Now	313		432		661		867
Mexico	95		273		235		617
Franchising	9		44		39		88
Total segments	5,527		7,189		11,517		14,838
Corporate	9,594		10,239		19,377		20,490
Total depreciation and amortization	$	15,121	$	17,428	$	30,894	$	35,328



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2019		2018		2019		2018
Capital expenditures
Core U.S.	$	907	$	4,325	$	1,465	$	9,215
Acceptance Now	54		35		101		80
Mexico	27		35		30		38
Total segments	988		4,395		1,596		9,333
Corporate	1,592		2,651		3,492		6,362
Total capital expenditures	$	2,580	$	7,046	$	5,088	$	15,695



(in thousands)	June 30, 2019		December 31, 2018
On rent rental merchandise, net
Core U.S.	$	392,904	$	424,829
Acceptance Now	216,988		242,978
Mexico	15,973		16,001
Total on rent rental merchandise, net	$	625,865	$	683,808



(in thousands)	June 30, 2019		December 31, 2018
Held for rent rental merchandise, net
Core U.S.	$	107,778	$	117,294
Acceptance Now	982		1,207
Mexico	4,493		5,161
Total held for rent rental merchandise, net	$	113,253	$	123,662



(in thousands)	June 30, 2019		December 31, 2018
Assets by segment
Core U.S.	$	922,482	$	714,914
Acceptance Now	281,835		312,151
Mexico	36,605		29,321
Franchising	7,159		4,287
Total segments	1,248,081		1,060,673
Corporate	496,132		336,244
Total assets	$	1,744,213	$	1,396,917

Earnings (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Loss Per Common Share

Summarized basic and diluted earnings per common share were calculated as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2019		2018		2019		2018
Numerator:
Net earnings (loss)	$	94,455	$	13,753	$	101,778	$	(6,090	)
Denominator:
Weighted-average shares outstanding	54,153		53,450		54,042		53,428
Effect of dilutive stock awards⁽¹⁾	1,553		845		1,559		—
Weighted-average dilutive shares	55,706		54,295		55,601		53,428

Basic earnings (loss) per common share	$	1.74	$	0.26	$	1.88	$	(0.11	)
Diluted earnings (loss) per common share	$	1.70	$	0.25	$	1.83	$	(0.11	)
Anti-dilutive securities excluded from diluted loss per common share:
Anti-dilutive restricted share units	—		—		—		797
Anti-dilutive performance share units	263		222		263		1,172
Anti-dilutive stock options	1,107		2,411		1,123		2,801

⁽¹⁾

There was no dilutive effect to the loss per common share for the six months ended June 30, 2018 due to the net loss incurred for respective period.

Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Accounting Policies [Abstract]
Operating lease right-of-use assets	$ 265,767		$ 0
Operating lease liabilities	$ 271,635		$ 0
ASU adoption adjustment		$ (1,976)		$ (1,311)

Revenues Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenues Revenues (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Rentals and fees	$ 551,680	$ 562,403	$ 1,115,034	$ 1,127,117
Merchandise sales	70,842	64,990	175,312	172,346
Installment sales	17,270	17,374	32,706	33,778
Other	1,244	2,271	1,908	4,855
Total store revenues	641,036	647,038	1,324,960	1,338,096
Merchandise sales	10,673	4,880	19,129	8,514
Royalty income and fees	4,216	3,812	8,530	7,163
Total revenues	655,925	655,730	1,352,619	1,353,773
Rental purchase agreements [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	41,600		41,600		$ 42,100
Other product plans [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	2,800		2,800		3,000
Franchise fees [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	4,400		4,400		$ 4,100
Core Us [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	399,799	410,108	807,379	822,750
Merchandise sales	32,935	26,109	83,493	76,693
Installment sales	17,270	17,374	32,706	33,778
Other	1,092	2,129	1,575	4,540
Total store revenues	451,096	455,720	925,153	937,761
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	451,096	455,720	925,153	937,761
Acceptance Now [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	139,104	140,799	282,297	281,623
Merchandise sales	37,140	38,077	90,296	94,083
Installment sales	0	0	0	0
Other	145	135	318	291
Total store revenues	176,389	179,011	372,911	375,997
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	176,389	179,011	372,911	375,997
Mexico [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	12,777	11,496	25,358	22,744
Merchandise sales	767	804	1,523	1,570
Installment sales	0	0	0	0
Other	7	7	15	24
Total store revenues	13,551	12,307	26,896	24,338
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	13,551	12,307	26,896	24,338
Franchising [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	0	0	0	0
Merchandise sales	0	0	0	0
Installment sales	0	0	0	0
Other	0	0	0	0
Total store revenues	0	0	0	0
Merchandise sales	10,673	4,880	19,129	8,514
Royalty income and fees	4,216	3,812	8,530	7,163
Total revenues	$ 14,889	$ 8,692	$ 27,659	$ 15,677

Receivables and Allowance for Doubtful Accounts Receivables and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Receivables [Line Items]
Accounts Receivable, before Allowance for Credit Loss	$ 70,015		$ 74,528
Receivables, net of allowance for doubtful accounts of $4,349 and $4,883 in 2019 and 2018, respectively	65,666		69,645
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	4,349		4,883
Bad debt expense	5,978	$ 5,846
Accounts written off	(6,773)
Recoveries	261
Installment sales receivable [Member]
Receivables [Line Items]
Accounts Receivable, before Allowance for Credit Loss	52,332		54,746
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	2,900		3,600
Trade and notes receivables [Member]
Receivables [Line Items]
Accounts Receivable, before Allowance for Credit Loss	17,683		19,782
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	$ 1,400		$ 1,300

Leases Leases (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Leases Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease charges	$ 41,525	$ 78,543
Sublease receipts	$ (1,818)	(3,494)
Cash paid for amounts included in measurement of operating lease liabilities		61,333
Cash paid for short-term operating leases not included in operating lease liabilities		14,451
Right-of-use assets obtained in exchange for new operating lease liabilities		$ 10,540
Weighted-average discount rate	8.00%	8.00%
Weighted-average remaining lease term		3 years
2019	$ 61,288	$ 61,288
2020	104,264	104,264
2021	72,264	72,264
2022	43,637	43,637
2023	19,536	19,536
Thereafter	5,893	5,893
Total undiscounted operating lease liabilities	306,882	306,882
Less: Interest	(35,247)	(35,247)
Operating lease liabilities	271,635	271,635	$ 0
2019			145,345
2020			116,785
2021			80,362
2022			47,417
2023			16,460
Thereafter			2,280
Total future minimum rental payments			$ 408,649
Other store expenses [Member]
Lessee, Lease, Description [Line Items]
Operating lease charges	38,232	74,785
Other charges [Member]
Lessee, Lease, Description [Line Items]
Operating lease charges	$ 5,111	$ 7,252

Senior Debt (Details)	3 Months Ended		6 Months Ended
Senior Debt (Details)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2019 USD ($)
Senior Debt (Table Details) [Abstract]
Document Period End Date			Jun. 30, 2019
Unamortized Debt Issuance Expense		$ 2,600,000	$ 1,400,000
Letters of credit, amount outstanding			$ 92,000,000
Line of credit commitment fee percentage			0.40%
Line of credit commitment fee			$ 600,000
Debt refinancing charges		500,000
Debt arrangement and amendment fees		$ 2,100,000
Senior note redemption price	$ 551,019,061.81
Senior note redemption price, percent	100.00%
Financial Covenants Ratios (Table Details) [Abstract]
Required consolidated senior secured leverage ratio, minimum	2.00
Required proforma fixed charge coverage ratio, minimum	1.10
Required minimum consolidated fixed charge coverage ratio	1.10
Minimum [Member]
Senior Debt (Table Details) [Abstract]
Line of credit commitment fee percentage	0.25%		0.30%
Maximum [Member]
Senior Debt (Table Details) [Abstract]
Line of credit commitment fee percentage	0.375%		0.50%
Eurodollar [Member]
Senior Debt (Table Details) [Abstract]
Description of variable rate basis			Eurodollar rate
Prime Rate [Member]
Senior Debt (Table Details) [Abstract]
Description of variable rate basis			prime
Revolving credit facility [Member]
Senior Debt (Table Details) [Abstract]
Senior credit facility, maximum amount	$ 300,000,000		$ 200,000,000
Revolving facility, amount outstanding			$ 0
Maturity date			Dec. 31, 2019
Revolving credit facility [Member] \| Eurodollar [Member]
Senior Debt (Table Details) [Abstract]
Margin on Eurodollar rate, actual			1.75%
Revolving credit facility [Member] \| Eurodollar [Member] \| Minimum [Member]
Senior Debt (Table Details) [Abstract]
Basis margin on variable rate	1.50%		1.50%
Revolving credit facility [Member] \| Eurodollar [Member] \| Maximum [Member]
Senior Debt (Table Details) [Abstract]
Basis margin on variable rate	2.00%		3.00%
Revolving credit facility [Member] \| Prime Rate [Member]
Senior Debt (Table Details) [Abstract]
Margin on Prime Rate, actual			0.75%
Revolving credit facility [Member] \| Prime Rate [Member] \| Minimum [Member]
Senior Debt (Table Details) [Abstract]
Basis margin on variable rate			0.50%
Revolving credit facility [Member] \| Prime Rate [Member] \| Maximum [Member]
Senior Debt (Table Details) [Abstract]
Basis margin on variable rate			2.00%
Senior secured term loan [Member]
Senior Debt (Table Details) [Abstract]
Senior credit facility, maximum amount	$ 200,000,000
Senior secured term loan [Member] \| Eurodollar [Member]
Senior Debt (Table Details) [Abstract]
Basis margin on variable rate	4.50%

Senior Notes (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Senior Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	May 02, 2013	Nov. 02, 2010
Senior Notes [Line Items]
Carrying value of senior notes		$ 542,740	$ 542,740
Unamortized Debt Issuance Expense		1,400	2,600
Senior note redemption price, percent	100.00%
Senior Notes Due 2020 [Member]
Senior Notes [Line Items]
Initial borrowing in senior notes					$ 300,000
Portion of proceeds from senior notes used to repay outstanding term debt		200,000
Carrying value of senior notes		292,740	292,740
Unamortized Debt Issuance Expense		800	1,200
Senior Notes Due 2021 [Member]
Senior Notes [Line Items]
Initial borrowing in senior notes				$ 250,000
Portion of proceeds from senior notes used to repay outstanding term debt		200,000
Carrying value of senior notes		250,000	250,000
Unamortized Debt Issuance Expense		$ 1,200	$ 1,500

Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of senior notes	$ 542,740	$ 542,740
Amount of difference between fair value and carrying value	(1,250)	(18,181)
Senior Notes Due 2020 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of senior notes	292,740	292,740
Amount of difference between fair value and carrying value	0	(7,231)
Senior Notes Due 2021 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of senior notes	250,000	250,000
Amount of difference between fair value and carrying value	(1,250)	(10,950)
Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes	541,490	524,559
Fair Value, Nonrecurring [Member] \| Senior Notes Due 2020 [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes	292,740	285,509
Fair Value, Nonrecurring [Member] \| Senior Notes Due 2021 [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes	$ 248,750	$ 239,050

Other (Gains) and Charges (Details) $ in Thousands	3 Months Ended		6 Months Ended
Other (Gains) and Charges (Details) $ in Thousands	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) store	Jun. 30, 2018 USD ($) store	Dec. 31, 2018 USD ($)
Other Charges [Line Items]
Vintage Settlement Proceeds	$ 92,500		$ 92,500
Vintage settlement pre-tax proceeds after fees	80,000
Write-down of capitalized assets				$ 1,900
Total other (gains) and charges	(77,537)	$ 16,489	(44,167)	33,944
Labor reduction costs
Other Charges [Line Items]
Accrued restructuring charges	2,243		2,243		$ 7,623
Lease obligation costs
Other Charges [Line Items]
Accrued restructuring charges	0		0		4,882
Other miscellaneous
Other Charges [Line Items]
Accrued restructuring charges	0		0		0
Cost Savings Initiative [Member]
Other Charges [Line Items]
Asset impairments			400	100
Other				1,900
Write-down of capitalized assets				400
Cost Savings Initiative [Member] \| Labor reduction costs
Other Charges [Line Items]
Restructuring cash charges			2,800	6,200
Cost Savings Initiative [Member] \| Lease obligation costs
Other Charges [Line Items]
Asset impairments			5,000
Cost Savings Initiative [Member] \| Contract termination costs
Other Charges [Line Items]
Restructuring cash charges				6,800
Store Consolidation Plan [Member]
Other Charges [Line Items]
Asset impairments			700	1,000
Total other (gains) and charges				8,700
Store Consolidation Plan [Member] \| Labor reduction costs
Other Charges [Line Items]
Restructuring cash charges			300	$ 200
Store Consolidation Plan [Member] \| Lease obligation costs
Other Charges [Line Items]
Asset impairments			$ 2,300
Store Consolidation Plan [Member] \| Core Us [Member]
Other Charges [Line Items]
Number of Stores Closed \| store			66	109
Store Consolidation Plan [Member] \| Mexico [Member]
Other Charges [Line Items]
Number of Stores Closed \| store				8
Charges and adjustments [Member]
Other Charges [Line Items]
Restructuring cash charges			$ 5,710
Charges and adjustments [Member] \| Labor reduction costs
Other Charges [Line Items]
Restructuring cash charges			3,145
Charges and adjustments [Member] \| Lease obligation costs
Other Charges [Line Items]
Restructuring cash charges			0
Charges and adjustments [Member] \| Other miscellaneous
Other Charges [Line Items]
Restructuring cash charges			2,565
Charges and adjustments [Member] \| Cost Savings Initiative [Member] \| Lease obligation costs
Other Charges [Line Items]
Restructuring cash charges				$ 900
Charges and adjustments [Member] \| Cost Savings Initiative [Member] \| Other miscellaneous
Other Charges [Line Items]
Restructuring cash charges			1,600	1,000
Charges and adjustments [Member] \| Store Consolidation Plan [Member] \| Lease obligation costs
Other Charges [Line Items]
Restructuring cash charges				7,000
Charges and adjustments [Member] \| Store Consolidation Plan [Member] \| Other miscellaneous
Other Charges [Line Items]
Restructuring cash charges			900	$ 500
Payments [Member]
Other Charges [Line Items]
Restructuring payments			(15,972)
Payments [Member] \| Labor reduction costs
Other Charges [Line Items]
Restructuring payments			(8,525)
Payments [Member] \| Lease obligation costs
Other Charges [Line Items]
Restructuring payments			(4,882)
Payments [Member] \| Other miscellaneous
Other Charges [Line Items]
Restructuring payments			(2,565)
Restructuring Charges-Total [Member]
Other Charges [Line Items]
Accrued restructuring charges	$ 2,243		2,243		$ 12,505
Non-Cash Charges [Member]
Other Charges [Line Items]
Asset impairments			8,283
Other			$ (58,160)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 655,925	$ 655,730	$ 1,352,619	$ 1,353,773
Gross profit	408,071	423,886	832,937	860,864
Operating profit	129,829	27,151	147,178	16,881
Depreciation and amortization	15,121	17,428	30,894	35,328
Capital expenditures	2,580	7,046	5,088	15,695
Rental merchandise on rent, net	625,865		625,865		$ 683,808
Rental merchandise held for rent, net	113,253		113,253		123,662
Assets	1,744,213		1,744,213		1,396,917
Core U.S. [Member]
Segment Reporting Information [Line Items]
Total revenues	451,096	455,720	925,153	937,761
Gross profit	313,871	325,219	638,511	661,460
Operating profit	64,925	43,527	118,236	71,914
Depreciation and amortization	5,110	6,440	10,582	13,266
Capital expenditures	907	4,325	1,465	9,215
Rental merchandise on rent, net	392,904		392,904		424,829
Rental merchandise held for rent, net	107,778		107,778		117,294
Assets	922,482		922,482		714,914
Acceptance Now [Member]
Segment Reporting Information [Line Items]
Total revenues	176,389	179,011	372,911	375,997
Gross profit	80,380	86,050	166,708	174,855
Operating profit	22,734	29,157	44,247	44,587
Depreciation and amortization	313	432	661	867
Capital expenditures	54	35	101	80
Rental merchandise on rent, net	216,988		216,988		242,978
Rental merchandise held for rent, net	982		982		1,207
Assets	281,835		281,835		312,151
Mexico [Member]
Segment Reporting Information [Line Items]
Total revenues	13,551	12,307	26,896	24,338
Gross profit	9,411	8,549	18,680	16,871
Operating profit	1,474	887	2,693	1,384
Depreciation and amortization	95	273	235	617
Capital expenditures	27	35	30	38
Rental merchandise on rent, net	15,973		15,973		16,001
Rental merchandise held for rent, net	4,493		4,493		5,161
Assets	36,605		36,605		29,321
Franchising [Member]
Segment Reporting Information [Line Items]
Total revenues	14,889	8,692	27,659	15,677
Gross profit	4,409	4,068	9,038	7,678
Operating profit	1,803	1,909	3,581	3,165
Depreciation and amortization	9	44	39	88
Assets	7,159		7,159		4,287
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating profit	90,936	75,480	168,757	121,050
Depreciation and amortization	5,527	7,189	11,517	14,838
Capital expenditures	988	4,395	1,596	9,333
Assets	1,248,081		1,248,081		1,060,673
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Operating profit	38,893	(48,329)	(21,579)	(104,169)
Depreciation and amortization	9,594	10,239	19,377	20,490
Capital expenditures	1,592	$ 2,651	3,492	$ 6,362
Assets	$ 496,132		$ 496,132		$ 336,244

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,000	$ 1,100	$ 2,691	$ 2,995
Stock options granted			255,000
Performance-based restricted stock units granted			278,000
Time-vesting restricted stock units granted			193,000
Expected volatility rate, minimum			48.28%
Expected volatility rate, maximum			55.17%
Risk free interest rate, minimum			2.30%
Risk free interest rate, maximum			2.34%
Expected live, minimum			3 years 6 months
Expected live, maximum			5 years 9 months
Weighted average exercise price of options granted			$ 20.87
Weighted average grant date fair value of options granted			9.33
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of restricted stock units granted			15.83
Performance-based restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of restricted stock units granted			$ 11.42

Contingencies Contingencies (Details)	3 Months Ended	6 Months Ended
Contingencies Contingencies (Details)	Jun. 30, 2019 USD ($) store	Jun. 30, 2019 USD ($) store
Loss Contingencies [Line Items]
Blair Settlement		$ 13,000,000
Vintage Settlement Proceeds	$ 92,500,000	$ 92,500,000
Acceptance Now [Member] \| MASSACHUSETTS
Loss Contingencies [Line Items]
Anow stores in MA \| store	12	12
Minimum [Member]
Loss Contingencies [Line Items]
Velma Russell injunctive relief and statutory damages sought		$ 25
Maximum [Member]
Loss Contingencies [Line Items]
Velma Russell injunctive relief and statutory damages sought		$ 75

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net earnings (loss)	$ 94,455	$ 7,323	$ 13,753	$ (19,843)	$ 101,778	$ (6,090)
Weighted average shares outstanding	54,153		53,450		54,042	53,428
Effect of dilutive stock awards	1,553		845		1,559	0
Weighted-average dilutive shares	55,706		54,295		55,601	53,428
Basic earnings (loss) per common share	$ 1.74		$ 0.26		$ 1.88	$ (0.11)
Diluted earnings (loss) per common share	$ 1.70		$ 0.25		$ 1.83	$ (0.11)
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options	0		0		0	797
Performance-based restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options	263		222		263	1,172
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options	1,107		2,411		1,123	2,801