2016 Q4 Form 10-Q Financial Statement
#000093303616000064 Filed on October 28, 2016
Income Statement
| Concept | 2016 Q4 | 2016 Q3 | 2015 Q3 |
|---|---|---|---|
| Revenue | $684.1M | $693.9M | $791.6M |
| YoY Change | -13.82% | -12.35% | 3.56% |
| Cost Of Revenue | $241.4M | $236.7M | $303.0M |
| YoY Change | -9.76% | -21.9% | 34.9% |
| Gross Profit | $442.7M | $457.2M | $488.6M |
| YoY Change | -15.9% | -6.42% | -9.48% |
| Gross Profit Margin | 64.72% | 65.89% | 61.72% |
| Selling, General & Admin | $432.8M | $419.6M | $451.1M |
| YoY Change | -4.31% | -6.98% | -3.24% |
| % of Gross Profit | 97.76% | 91.77% | 92.32% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $19.80M | $19.70M | $20.00M |
| YoY Change | -1.98% | -1.5% | 7.9% |
| % of Gross Profit | 4.47% | 4.31% | 4.09% |
| Operating Expenses | $450.7M | $440.5M | $482.0M |
| YoY Change | -5.53% | -8.61% | -2.39% |
| Operating Profit | -$159.3M | $16.70M | $6.565M |
| YoY Change | -423.08% | 154.38% | -85.7% |
| Interest Expense | -$11.60M | $11.71M | $12.49M |
| YoY Change | -3.33% | -6.24% | 4.25% |
| % of Operating Profit | 70.12% | 190.25% | |
| Other Income/Expense, Net | $0.00 | ||
| YoY Change | |||
| Pretax Income | -$170.9M | $5.131M | -$5.772M |
| YoY Change | -84.91% | -188.89% | -116.91% |
| Income Tax | -$24.50M | -$1.050M | -$1.680M |
| % Of Pretax Income | -20.46% | ||
| Net Earnings | -$146.4M | $6.181M | -$4.092M |
| YoY Change | -85.36% | -251.05% | -115.78% |
| Net Earnings / Revenue | -21.4% | 0.89% | -0.52% |
| Basic Earnings Per Share | -$2.76 | $0.12 | -$0.08 |
| Diluted Earnings Per Share | -$2.76 | $0.12 | -$0.08 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 53.15M shares | 53.16M shares | 53.06M shares |
| Diluted Shares Outstanding | 53.45M shares | 53.33M shares |
Balance Sheet
| Concept | 2016 Q4 | 2016 Q3 | 2015 Q3 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $95.40M | $130.3M | $60.10M |
| YoY Change | 57.95% | 116.81% | -3.06% |
| Cash & Equivalents | $95.40M | $130.3M | $60.07M |
| Short-Term Investments | |||
| Other Short-Term Assets | $55.00M | $57.60M | $75.50M |
| YoY Change | -65.37% | -23.71% | -11.8% |
| Inventory | $1.002B | $970.4M | $1.122B |
| Prepaid Expenses | |||
| Receivables | $69.80M | $59.20M | $63.30M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $1.222B | $1.218B | $1.320B |
| YoY Change | -14.23% | -7.79% | -2.16% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $316.4M | $315.1M | $331.3M |
| YoY Change | -4.38% | -4.9% | -0.12% |
| Goodwill | $55.31M | $206.8M | $1.375B |
| YoY Change | -73.17% | -84.96% | 0.6% |
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | |||
| YoY Change | |||
| Total Long-Term Assets | $380.5M | $531.3M | $1.719B |
| YoY Change | -30.74% | -69.08% | 0.52% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $1.222B | $1.218B | $1.320B |
| Total Long-Term Assets | $380.5M | $531.3M | $1.719B |
| Total Assets | $1.603B | $1.749B | $3.039B |
| YoY Change | -18.83% | -42.45% | -0.66% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $108.2M | $97.60M | $112.9M |
| YoY Change | 12.24% | -13.55% | -3.34% |
| Accrued Expenses | $332.2M | $315.8M | $367.5M |
| YoY Change | -0.12% | -14.07% | 13.46% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $440.4M | $413.4M | $480.4M |
| YoY Change | 2.66% | -13.95% | 9.01% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $724.2M | $724.9M | $914.4M |
| YoY Change | -24.23% | -20.72% | -6.23% |
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $724.2M | $724.9M | $914.4M |
| YoY Change | -24.23% | -20.72% | -6.23% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $440.4M | $413.4M | $480.4M |
| Total Long-Term Liabilities | $724.2M | $724.9M | $914.4M |
| Total Liabilities | $1.338B | $1.243B | $1.637B |
| YoY Change | -15.91% | -24.07% | -2.24% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | $800.6M | $1.038B | $1.936B |
| YoY Change | -13.25% | -46.36% | 0.64% |
| Common Stock | $828.2M | $826.5M | $822.4M |
| YoY Change | 1.07% | 0.49% | 1.44% |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | $1.348B | $1.348B | $1.348B |
| YoY Change | 0.0% | 0.0% | 0.0% |
| Treasury Stock Shares | 56.37M shares | 56.37M shares | 56.37M shares |
| Shareholders Equity | $264.9M | $506.1M | $1.402B |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $1.603B | $1.749B | $3.039B |
| YoY Change | -18.83% | -42.45% | -0.66% |
Cashflow Statement
| Concept | 2016 Q4 | 2016 Q3 | 2015 Q3 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$146.4M | $6.181M | -$4.092M |
| YoY Change | -85.36% | -251.05% | -115.78% |
| Depreciation, Depletion And Amortization | $19.80M | $19.70M | $20.00M |
| YoY Change | -1.98% | -1.5% | 7.9% |
| Cash From Operating Activities | -$20.80M | $71.70M | $60.10M |
| YoY Change | 13.66% | 19.3% | -1154.39% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$14.30M | -$18.60M | -$18.20M |
| YoY Change | -27.78% | 2.2% | -9.9% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $800.0K | $1.600M | $3.300M |
| YoY Change | -134.78% | -51.52% | -1200.0% |
| Cash From Investing Activities | -$13.60M | -$17.00M | -$14.90M |
| YoY Change | -38.46% | 14.09% | -27.67% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -4.900M | -4.900M | -54.30M |
| YoY Change | -112.01% | -90.98% | -363.59% |
| NET CHANGE | |||
| Cash From Operating Activities | -20.80M | 71.70M | 60.10M |
| Cash From Investing Activities | -13.60M | -17.00M | -14.90M |
| Cash From Financing Activities | -4.900M | -4.900M | -54.30M |
| Net Change In Cash | -39.30M | 49.80M | -9.100M |
| YoY Change | -9925.0% | -647.25% | 59.65% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$20.80M | $71.70M | $60.10M |
| Capital Expenditures | -$14.30M | -$18.60M | -$18.20M |
| Free Cash Flow | -$6.500M | $90.30M | $78.30M |
| YoY Change | -533.33% | 15.33% | 440.0% |
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|
2468247000 | USD | |
| CY2016Q3 | rcii |
Storerevenues
Storerevenues
|
688657000 | USD |
| rcii |
Storerevenues
Storerevenues
|
2260606000 | USD | |
| CY2015Q4 | rcii |
Term Loan Amount Outstanding
TermLoanAmountOutstanding
|
221100000 | USD |
| CY2016Q3 | rcii |
Term Loan Amount Outstanding
TermLoanAmountOutstanding
|
192400000 | USD |
| CY2016Q3 | rcii |
Term Loan Maximum Borrowing Capacity
TermLoanMaximumBorrowingCapacity
|
225000000 | USD |
| CY2015Q4 | rcii |
Unsecuredlineofcreditamountoutstanding
Unsecuredlineofcreditamountoutstanding
|
14600000 | USD |
| CY2016Q3 | rcii |
Unsecuredlineofcreditmaximumfacility
Unsecuredlineofcreditmaximumfacility
|
20000000 | USD |
| CY2015Q4 | us-gaap |
Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
|
96355000 | USD |
| CY2016Q3 | us-gaap |
Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
|
97578000 | USD |
| CY2015Q4 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
69320000 | USD |
| CY2016Q3 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
59200000 | USD |
| CY2015Q4 | us-gaap |
Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
|
332553000 | USD |
| CY2016Q3 | us-gaap |
Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
|
315821000 | USD |
| CY2015Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
482448000 | USD |
| CY2016Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
508629000 | USD |
| CY2015Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
|
-11044000 | USD |
| CY2016Q3 | us-gaap |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
|
-10893000 | USD |
| CY2015Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
818339000 | USD |
| CY2016Q3 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
825358000 | USD |
| CY2015Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
3614000 | USD |
| CY2016Q3 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
3244000 | USD |
| us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
2339000 | USD | |
| us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
2345000 | USD | |
| us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
2605000 | USD | |
| us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
1761000 | USD | |
| CY2015Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
2676685 | shares |
| CY2016Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3999515 | shares |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3431945 | shares | |
| CY2015Q4 | us-gaap |
Assets
Assets
|
1974468000 | USD |
| CY2016Q3 | us-gaap |
Assets
Assets
|
1748806000 | USD |
| CY2014Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
46126000 | USD |
| CY2015Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
60072000 | USD |
| CY2015Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
60363000 | USD |
| CY2016Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
130305000 | USD |
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
13946000 | USD | |
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
69942000 | USD | |
| CY2015Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2016Q3 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2015Q3 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.24 | |
| us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.72 | ||
| CY2016Q3 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.08 | |
| us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.24 | ||
| CY2015Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2016Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2015Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
250000000 | shares |
| CY2016Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
250000000 | shares |
| CY2015Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
109441911 | shares |
| CY2016Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
109519369 | shares |
| CY2015Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
1094000 | USD |
| CY2016Q3 | us-gaap |
Common Stock Value
CommonStockValue
|
1095000 | USD |
| CY2015Q3 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-6018000 | USD |
| us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
43045000 | USD | |
| CY2016Q3 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
5260000 | USD |
| us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
41340000 | USD | |
| CY2015Q3 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
302993000 | USD |
| us-gaap |
Cost Of Revenue
CostOfRevenue
|
892853000 | USD | |
| CY2016Q3 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
236651000 | USD |
| us-gaap |
Cost Of Revenue
CostOfRevenue
|
786820000 | USD | |
| CY2015Q4 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
119245000 | USD |
| CY2016Q3 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
104424000 | USD |
| us-gaap |
Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
|
-103433000 | USD | |
| us-gaap |
Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
|
-14821000 | USD | |
| us-gaap |
Depreciation
Depreciation
|
56855000 | USD | |
| us-gaap |
Depreciation
Depreciation
|
58044000 | USD | |
| CY2015Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.08 | |
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.87 | ||
| CY2016Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.12 | |
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.78 | ||
| CY2015Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.08 | |
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.87 | ||
| CY2016Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.12 | |
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.77 | ||
| us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-2105000 | USD | |
| us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-4690000 | USD | |
| us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
84000 | USD | |
| us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
0 | USD | |
| us-gaap |
Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
|
84000 | USD | |
| us-gaap |
Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
|
0 | USD | |
| CY2015Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
7777000 | USD |
| CY2016Q3 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
5741000 | USD |
| us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-9672000 | USD | |
| us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-3569000 | USD | |
| CY2015Q3 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
39590000 | USD |
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
127463000 | USD | |
| CY2016Q3 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
38187000 | USD |
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
121383000 | USD | |
| CY2015Q4 | us-gaap |
Goodwill
Goodwill
|
206122000 | USD |
| CY2016Q3 | us-gaap |
Goodwill
Goodwill
|
206755000 | USD |
| CY2015Q3 | us-gaap |
Gross Profit
GrossProfit
|
488612000 | USD |
| us-gaap |
Gross Profit
GrossProfit
|
1591734000 | USD | |
| CY2016Q3 | us-gaap |
Gross Profit
GrossProfit
|
457226000 | USD |
| us-gaap |
Gross Profit
GrossProfit
|
1492328000 | USD | |
| CY2016Q3 | us-gaap |
Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
|
4400000 | USD |
| CY2016Q3 | us-gaap |
Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
|
47000000 | USD |
| CY2015Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-5772000 | USD |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
76178000 | USD | |
| CY2016Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
5131000 | USD |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
57602000 | USD | |
| CY2015Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-1680000 | USD |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
29825000 | USD | |
| CY2016Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-1050000 | USD |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
16414000 | USD | |
| us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
-28929000 | USD | |
| us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
1223000 | USD | |
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
8610000 | USD | |
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
1127000 | USD | |
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
15434000 | USD | |
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-3014000 | USD | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-125791000 | USD | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-101691000 | USD | |
| CY2015Q3 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
273000 | shares |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
313000 | shares | |
| CY2016Q3 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
299000 | shares |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
281000 | shares | |
| CY2015Q3 | us-gaap |
Interest Expense
InterestExpense
|
12490000 | USD |
| us-gaap |
Interest Expense
InterestExpense
|
37211000 | USD | |
| CY2016Q3 | us-gaap |
Interest Expense
InterestExpense
|
11710000 | USD |
| us-gaap |
Interest Expense
InterestExpense
|
35424000 | USD | |
| us-gaap |
Inventory Write Down
InventoryWriteDown
|
34700000 | USD | |
| CY2015Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
153000 | USD |
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
525000 | USD | |
| CY2016Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
141000 | USD |
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
346000 | USD | |
| CY2016Q3 | us-gaap |
Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
|
90700000 | USD |
| CY2015Q4 | us-gaap |
Liabilities
Liabilities
|
1503986000 | USD |
| CY2016Q3 | us-gaap |
Liabilities
Liabilities
|
1242745000 | USD |
| CY2015Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1974468000 | USD |
| CY2016Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1748806000 | USD |
| CY2015Q4 | us-gaap |
Line Of Credit
LineOfCredit
|
190000000 | USD |
| CY2016Q3 | us-gaap |
Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
|
675000000 | USD |
| us-gaap |
Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
|
0.40 | ||
| CY2016Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
|
182813000 | USD |
| CY2016Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
563000 | USD |
| CY2016Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
|
2250000 | USD |
| CY2016Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
|
2250000 | USD |
| CY2016Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
|
2250000 | USD |
| CY2016Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
2250000 | USD |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-165221000 | USD | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-254549000 | USD | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-68023000 | USD | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-45419000 | USD | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
249295000 | USD | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
374600000 | USD | |
| CY2015Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4092000 | USD |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
46353000 | USD | |
| CY2016Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
6181000 | USD |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
41188000 | USD | |
| CY2015Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
482047000 | USD |
| us-gaap |
Operating Expenses
OperatingExpenses
|
1478870000 | USD | |
| CY2016Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
440526000 | USD |
| us-gaap |
Operating Expenses
OperatingExpenses
|
1399648000 | USD | |
| CY2015Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
6565000 | USD |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
112864000 | USD | |
| CY2016Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
16700000 | USD |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
92680000 | USD | |
| CY2015Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-1926000 | USD |
| us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-3308000 | USD | |
| CY2016Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-921000 | USD |
| us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
152000 | USD | |
| CY2015Q3 | us-gaap |
Other Sales Revenue Net
OtherSalesRevenueNet
|
4475000 | USD |
| us-gaap |
Other Sales Revenue Net
OtherSalesRevenueNet
|
14631000 | USD | |
| CY2016Q3 | us-gaap |
Other Sales Revenue Net
OtherSalesRevenueNet
|
2633000 | USD |
| us-gaap |
Other Sales Revenue Net
OtherSalesRevenueNet
|
10001000 | USD | |
| us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
38251000 | USD | |
| us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
21291000 | USD | |
| us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
19063000 | USD | |
| us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
3086000 | USD | |
| CY2015Q3 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
18256000 | USD |
| us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
61125000 | USD | |
| CY2016Q3 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
18655000 | USD |
| us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
46839000 | USD | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
61125000 | USD | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
46839000 | USD | |
| CY2015Q4 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
158807000 | USD |
| CY2016Q3 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
57624000 | USD |
| us-gaap |
Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
|
390535000 | USD | |
| us-gaap |
Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
|
51610000 | USD | |
| us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
12165000 | USD | |
| us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
4506000 | USD | |
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1394000 | USD | |
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
0 | USD | |
| CY2015Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
330939000 | USD |
| CY2016Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
315085000 | USD |
| us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
10850000 | USD | |
| us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
11247000 | USD | |
| us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
518983000 | USD | |
| us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
284868000 | USD | |
| us-gaap |
Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
|
2300000 | USD | |
| CY2015 | us-gaap |
Restructuring Charges
RestructuringCharges
|
4569000 | USD |
| CY2015Q3 | us-gaap |
Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
|
10936000 | USD |
| us-gaap |
Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
|
16440000 | USD | |
| CY2016Q3 | us-gaap |
Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
|
956000 | USD |
| us-gaap |
Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
|
22240000 | USD | |
| CY2015Q4 | us-gaap |
Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
|
4668000 | USD |
| CY2016Q3 | us-gaap |
Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
|
3666000 | USD |
| CY2015Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
1009770000 | USD |
| CY2016Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
1038178000 | USD |
| CY2015Q3 | us-gaap |
Revenues
Revenues
|
791605000 | USD |
| us-gaap |
Revenues
Revenues
|
2484587000 | USD | |
| CY2016Q3 | us-gaap |
Revenues
Revenues
|
693877000 | USD |
| us-gaap |
Revenues
Revenues
|
2279148000 | USD | |
| CY2016Q3 | us-gaap |
Secured Debt
SecuredDebt
|
192376000 | USD |
| CY2015Q4 | us-gaap |
Senior Notes
SeniorNotes
|
542740000 | USD |
| CY2016Q3 | us-gaap |
Senior Notes
SeniorNotes
|
542740000 | USD |
| CY2015 | us-gaap |
Severance Costs1
SeveranceCosts1
|
3340000 | USD |
| CY2015Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2000000 | USD |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
6948000 | USD | |
| CY2016Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2626000 | USD |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
7439000 | USD | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
|
424000 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
9.20 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.020 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
0.4402 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.3588 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0185 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.0079 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
912000 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
2.96 | ||
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
11.68 | ||
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P3Y6M | ||
| CY2015Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
470482000 | USD |
| CY2016Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
506061000 | USD |
| CY2015Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
56369752 | shares |
| CY2016Q3 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
56369752 | shares |
| CY2015Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
1347677000 | USD |
| CY2016Q3 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
1347677000 | USD |
| CY2015Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
53333000 | shares |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
53357000 | shares | |
| CY2015Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
53060000 | shares |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
53044000 | shares | |
| CY2016Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
53155000 | shares |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
53111000 | shares | |
| us-gaap |
Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Borrowings under the Revolving Facility bear interest at varying rates equal to either the </font><font style="font-family:inherit;font-size:10pt;">Eurodollar rate</font><font style="font-family:inherit;font-size:10pt;"> plus </font><font style="font-family:inherit;font-size:10pt;">1.50%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">2.75%</font><font style="font-family:inherit;font-size:10pt;">, or the </font><font style="font-family:inherit;font-size:10pt;">prime</font><font style="font-family:inherit;font-size:10pt;"> rate plus </font><font style="font-family:inherit;font-size:10pt;">0.50%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">1.75%</font><font style="font-family:inherit;font-size:10pt;"> (ABR), at our election.</font></div></div> | ||
| us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU 2014-09,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Revenue from Contracts with Customers (Topic 606)</font><font style="font-family:inherit;font-size:10pt;">, which clarifies existing accounting literature relating to how and when a company recognizes revenue. Under ASU 2014-09, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB approved a one-year deferral of the effective date. In March 2016, the FASB issued ASU 2016-08,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)</font><font style="font-family:inherit;font-size:10pt;">, which amends ASU 2014-09 relating to how and when a company recognizes revenue when another party is involved in providing a good or service to a customer. Under Topic 606, a company will recognize revenue on a gross basis when it provides a good or service to a customer (acts as the principal in a transaction), and on a net basis when it arranges for the good or service to be provided to the customer by another party (acts as an agent in a transaction). ASU 2016-08 provides additional guidance for determining whether a company acts as a principal or agent, depending primarily on whether a company controls goods or services before delivery to the customer. In April 2016, the FASB issued ASU 2016-10,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing</font><font style="font-family:inherit;font-size:10pt;">, which provides additional guidance related to the identification of performance obligations within the contract, and licensing. In May 2016, the FASB issued ASU 2016-12,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients</font><font style="font-family:inherit;font-size:10pt;">, which provides additional guidance related to certain technical areas within ASU 2014-09. The adoption of these additional ASUs must be concurrent with the adoption of ASU 2014-09, which will be required for Rent-A-Center beginning January 1, 2018, with early adoption permitted as of the original effective date. These ASUs allow adoption with either retrospective application to each prior period presented, or retrospective application with the cumulative effect recognized as of the date of initial application. We are currently in the process of determining what impact the adoption of these ASUs will have on our financial position, results of operations and cash flows, and we are evaluating the adoption date and transition alternatives.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Leases (Topic 842)</font><font style="font-family:inherit;font-size:10pt;">, 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 less than 12 months) 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, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers. </font><font style="font-family:inherit;font-size:10pt;">The adoption of ASU 2016-02 will be required for Rent-A-Center beginning January 1, 2019, with early adoption permitted. The ASU must be adopted using a modified retrospective transition, applying the new criteria to all leases existing or entered into after the beginning of the earliest comparative period in the consolidated financial statements. We are currently in the process of determining what impact the adoption of this ASU will have on our financial position, results of operations and cash flows, and we are evaluating the adoption date and transition alternatives.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU 2016-09,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</font><font style="font-family:inherit;font-size:10pt;">, which includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. The adoption of ASU 2016-09 will be required for Rent-A-Center beginning January 1, 2017. ASU 2016-09 requires that certain provisions be adopted using a modified retrospective transition and other provisions retrospectively. We are currently in the process of determining what impact the adoption of this ASU will have on our financial position, results of operations and cash flows, and we are evaluating the adoption date and transition alternatives.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU 2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments</font><font style="font-family:inherit;font-size:10pt;">, which provides guidance on the treatment of cash receipts and cash payments for certain types of cash transactions, to eliminate diversity in practice in the presentation of the cash flow statement. The adoption of ASU 2016-15 will be required for Rent-A-Center on a retrospective basis beginning January 1, 2018, with early adoption permitted. We are currently in the process of determining the adoption date and what impact the adoption of this ASU will have on our presentation of cash flows.</font></div><div style="line-height:120%;padding-top:9px;text-align:justify;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that we adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of any other recently issued standards that are not yet effective are either not applicable to us at this time or will not have a material impact on our consolidated financial statements upon adoption.</font></div></div> | ||
| us-gaap |
Loss Contingency Disclosures
LossContingencyDisclosures
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Contingencies.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 consolidated financial statements if and when such losses are incurred.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are subject to unclaimed property audits by states in the ordinary course of business. A comprehensive multi-state unclaimed property audit is currently in progress. The property subject to review in this audit process includes 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. Management believes it is too early to determine the ultimate outcome of this audit, as our remediation efforts are still in process.</font></div></div> |
