Upbound (UPBD) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Document and Company Informatio

Document and Company Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 29, 2020
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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	NASDAQ
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		53,825,727
Entity Registrant Name	RENT A CENTER INC DE
Entity Central Index Key	0000933036
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Store
Rentals and fees	$ 534,737	$ 551,680	$ 1,102,737	$ 1,115,034
Merchandise sales	108,080	70,842	209,460	175,312
Installment sales	17,643	17,270	32,390	32,706
Other	775	1,244	1,497	1,908
Total store revenues	661,235	641,036	1,346,084	1,324,960
Franchise
Merchandise sales	18,047	10,673	30,484	19,129
Royalty income and fees	4,464	4,216	9,117	8,530
Total revenues	683,746	655,925	1,385,685	1,352,619
Store
Cost of rentals and fees	157,124	155,658	322,579	311,030
Cost of merchandise sold	102,960	76,034	201,717	179,425
Cost of installment sales	6,092	5,682	11,117	10,606
Total cost of store revenues	266,176	237,374	535,413	501,061
Franchise cost of merchandise sold	18,038	10,480	30,562	18,621
Total cost of revenues	284,214	247,854	565,975	519,682
Gross profit	399,532	408,071	819,710	832,937
Store expenses
Labor	129,929	152,899	283,723	314,555
Other store expenses	160,756	149,225	322,474	313,019
General and administrative expenses	32,943	38,534	72,118	71,458
Depreciation and amortization	14,348	15,121	29,261	30,894
Other charges and (gains)	7,921	(77,537)	9,624	(44,167)
Total operating expenses	345,897	278,242	717,200	685,759
Operating profit	53,635	129,829	102,510	147,178
Interest expense	4,161	10,092	8,608	19,481
Interest income	(265)	(1,997)	(409)	(2,871)
Earnings before income taxes	49,739	121,734	94,311	130,568
Income tax expense	11,246	27,279	6,526	28,790
Net earnings	$ 38,493	$ 94,455	$ 87,785	$ 101,778
Basic earnings per common share	$ 0.72	$ 1.74	$ 1.62	$ 1.88
Diluted earnings per common share	$ 0.70	$ 1.70	$ 1.58	$ 1.83

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Income Statement - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net earnings	$ 38,493	$ 94,455	$ 87,785	$ 101,778
Other comprehensive income (loss)
Foreign currency translation adjustments, net of tax of $5 and $(57), $(1,034) and $81 for the three and six months ended June 30, 2020 and 2019, respectively	17	(217)	(3,889)	304
foreign currency translation tax adjustment	5	(57)	(1,034)	81
Total other comprehensive income (loss)	17	(217)	(3,889)	304
Comprehensive income	$ 38,510	$ 94,238	$ 83,896	$ 102,082

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 206,426	$ 70,494
Receivables, net of allowance for doubtful accounts of $8,238 and $5,601 in 2020 and 2019, respectively	76,983	84,123
Allowance for doubtful accounts	8,238	5,601
Prepaid expenses and other assets	33,853	46,043
Rental merchandise, net
On rent	645,522	697,270
Held for rent	91,647	138,418
Merchandise held for installment sale	4,317	4,878
Property assets, net of accumulated depreciation of $538,774 and $522,826 in 2020 and 2019, respectively	151,431	166,138
Property assets, accumulated depreciation	538,774	522,826
Operating lease right-of-use assets	273,143	281,566
Deferred tax asset	14,889	14,889
Goodwill	70,217	70,217
Other intangible assets, net	8,200	8,762
Total Assets	1,576,628	1,582,798
LIABILITIES
Accounts payable - trade	145,870	168,120
Accrued liabilities	305,965	275,777
Operating lease liabilities	281,344	285,041
Deferred tax liability	166,165	163,984
Senior debt, net	190,708	230,913
Total Liabilities	1,090,052	1,123,835
STOCKHOLDERS' EQUITY
Common stock, $.01 par value; 250,000,000 shares authorized; 111,711,051 and 111,166,229 shares issued in 2020 and 2019, respectively	$ 1,101	$ 1,110
Common stock - par value	$ 0.01	$ 0.01
Common stock - shares authorized	250,000,000	250,000,000
Common stock - shares issued	111,711,051	111,166,229
Additional paid-in capital	$ 871,915	$ 869,617
Retained earnings	1,003,599	947,875
Treasury stock at cost, 57,889,659 and 56,428,482 shares in 2020 and 2019	$ (1,375,480)	$ (1,348,969)
Treasury stock - shares at cost	57,889,659	56,428,482
Accumulated other comprehensive loss	$ (14,559)	$ (10,670)
Total Stockholders' Equity	486,576	458,963
Total Liabilities and Stockholders' Equity	$ 1,576,628	$ 1,582,798

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity Condensed Consolidated Statements of Stockholders' Equity - 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]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares, outstanding		109,910
Total stockholders' equity	$ 286,517	$ 1,099	$ 838,436	$ 805,924	$ (1,347,677)	$ (11,265)
ASU adoption adjustment	(1,976)			(1,976)
Net earnings	7,323			7,323
Total other comprehensive income (loss)	521					521
Exercise of stock options, shares		284
Exercise of stock options	2,892	$ 3	2,889
Vesting of restricted share units, shares		218
Vesting of restricted share units	0	$ 2	(2)
Tax effect of stock awards vested and options exercised	(1,734)		(1,734)
Stock-based compensation	709		709
Net earnings	101,778			101,778
Total other comprehensive income (loss)	304
Common stock, shares, outstanding		110,412
Total stockholders' equity	294,252	$ 1,104	840,298	811,271	(1,347,677)	(10,744)
Net earnings	94,455			94,455
Total other comprehensive income (loss)	(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)
Common stock, shares, outstanding		111,166
Total stockholders' equity	458,963	$ 1,110	869,617	947,875	(1,348,969)	(10,670)
ASU adoption adjustment	(769)			(769)
Net earnings	49,292			49,292
Total other comprehensive income (loss)	(3,906)					(3,906)
Purchase of treasury stock	(26,525)	$ (14)			(26,511)
Exercise of stock options, shares		69
Exercise of stock options	1,195	$ 1	1,194
Vesting of restricted share units, shares		434
Vesting of restricted share units	0	$ 4	(4)
Tax effect of stock awards vested and options exercised	(5,270)		(5,270)
Stock-based compensation	3,043		3,043
Net earnings	87,785			87,785
Total other comprehensive income (loss)	(3,889)
Purchase of treasury stock	(26,500)
Common stock, shares, outstanding		111,669
Total stockholders' equity	476,023	$ 1,101	868,580	996,398	(1,375,480)	(14,576)
Net earnings	38,493			38,493
Total other comprehensive income (loss)	17
Exercise of stock options, shares		42
Exercise of stock options	486	$ 0	486
Stock-based compensation	2,849		2,849
Dividends declared	(31,292)			(31,292)
Common stock, shares, outstanding		111,711
Total stockholders' equity	$ 486,576	$ 1,101	$ 871,915	$ 1,003,599	$ (1,375,480)	$ (14,559)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net earnings	$ 87,785	$ 101,778
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation of rental merchandise	310,810	309,211
Bad debt expense	7,900	5,978
Stock-based compensation expense	5,892	2,691
Depreciation of property assets	28,706	30,809
Loss on sale or disposal of property assets	698	1,472
Amortization of intangibles	561	85
Amortization of financing fees	795	1,958
Deferred income taxes	2,146	10,814
Changes in operating assets and liabilities
Rental merchandise	(211,865)	(253,259)
Receivables	(918)	(2,995)
Prepaid expenses and other assets	12,190	15,384
Operating lease right-of-use assets and lease liabilities	4,726	5,868
Accounts payable - trade	(22,250)	(18,182)
Accrued liabilities	27,543	(26,194)
Net cash provided by operating activities	254,719	185,418
Cash flows from investing activities
Purchase of property assets	(14,750)	(5,088)
Proceeds from sale of property assets	187	13,792
Hurricane insurance recovery proceeds	158	995
Acquisitions of businesses	0	155
Net cash (used in) provided by investing activities	(14,405)	9,544
Cash flows from financing activities
Share repurchases	26,511	0
Exercise of stock options	1,682	4,310
Shares withheld for payment of employee tax withholdings	(5,270)	(1,733)
Debt issuance costs	0	157
Proceeds from debt	198,000	5,400
Repayments of debt	(239,000)	(5,400)
Dividends paid	31,554	0
Net cash (used in) provided by financing activities	(102,653)	2,420
Effect of exchange rate changes on cash	(1,729)	366
Net increase in cash and cash equivalents	135,932	197,748
Cash and cash equivalents at beginning of period	70,494	155,391
Cash and cash equivalents at end of period	$ 206,426	$ 353,139

Basis of Presentation (Notes)

Basis of Presentation (Notes)	6 Months Ended
	Jun. 30, 2020
Basis of Presentation [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	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 (the "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, 2019. 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. COVID-19 During the first quarter of 2020, the respiratory disease caused by a novel coronavirus (“COVID-19”) began to spread worldwide causing the World Health Organization to declare the outbreak a pandemic, and resulting in significant disruptions to the U.S. and world economies. In response to the issuance of U.S. federal guidelines to contain the spread of the COVID-19 virus, state and local jurisdictions implemented various containment measures, including temporary shelter-in-place orders and closure of non-essential businesses. The effects of these containment measures negatively impacted our operations resulting in the temporary or partial closure of certain locations in all of our U.S. operating segments during the first half of 2020. In addition, certain of our Mexico locations were also temporarily closed in accordance with jurisdictional ordinances issued in Mexico. In response to these restrictions and negative impacts to our operations, we implemented certain measures to reduce operating expenses and cash flow uses in order to mitigate these effects. In addition, we implemented additional electronic payment methods for our Rent-A-Center Business customers. While the pandemic is ongoing and uncertainties remain that may not allow us to accurately predict the full impact that COVID-19 will ultimately have on our business, as of June 30, 2020, all locations in our Rent-A-Center Business, Franchising and Mexico operating segments, and staffed Preferred Lease locations temporarily or partially closed at the onset of the pandemic have reopened and are fully operational. Use of Estimates In preparing financial statements in conformity with U.S. generally accepted accounting principles, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent losses and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. In applying accounting principles, we must often make individual estimates and assumptions regarding expected outcomes or uncertainties. Our estimates, judgments and assumptions are continually evaluated based on available information and experience. However, uncertainties, including future unknown impacts of the COVID-19 pandemic, may affect certain estimates and assumptions inherent in the financial reporting process, which may impact reported amounts of assets and liabilities in future periods and cause actual results to differ from those estimates. Principles of Consolidation and Nature of Operations These financial statements included herein 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: Rent-A-Center Business, Preferred Lease, Mexico and Franchising. Our Rent-A-Center Business segment consists of company-owned lease-to-own stores in the United States and Puerto Rico that lease household durable goods to customers on a lease-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 Rent-A-Center Business segment operates through our company-owned stores and e-commerce platform through rentacenter.com. Our Preferred Lease segment, which operates in the United States and Puerto Rico, and includes the operations of Merchants Preferred (as defined in Note 2 below) acquired in August 2019, generally offers the lease-to-own transaction to consumers who do not qualify for financing from the traditional retailer through kiosks located within such retailer's locations, including staffed options, unstaffed or virtual options, or a combination of the two (the hybrid model). The hybrid model can be staffed by a Preferred Lease employee (staffed locations) or employ a virtual solution where customers, either directly or with the assistance of a representative of the third-party retailer, initiate the lease-to-own transaction online in the retailers' locations using our virtual solutions (virtual locations). Our Mexico segment consists of our company-owned lease-to-own stores in Mexico that lease household durable goods to customers on a lease-to-own basis. Rent-A-Center Franchising International, Inc., an indirect, wholly owned subsidiary of Rent-A-Center, is a franchisor of lease-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 lease-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 June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires immediate recognition of estimated current expected credit losses, rather than recognition when incurred. We adopted ASU 2016-13 and all related amendments, including ASU 2020-02 and ASU 2020-03, beginning January 1, 2020, using a modified retrospective approach. Under such approach, we recognized a cumulative-effect of the guidance as an adjustment to the opening balance of retained earnings for the quarter ended March 31, 2020. The application of this new methodology is limited to our installment notes receivables and trade receivables with our franchisees, primarily related to merchandise sales. The comparative information has not been restated and continues to be reported under the accounting standards in effect for periods ending prior to January 1, 2020. The cumulative effect as of January 1, 2020 resulting from the adoption of ASU 2016-13 and related amendments was a net decrease to opening retained earnings in our condensed consolidated balance sheet of $0.8 million. See Note 4 for additional information regarding our trade and note receivables and related allowances for doubtful accounts. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the subsequent measurement of goodwill by eliminating the hypothetical purchase price allocation and instead using the difference between the carrying amount and the fair value of the reporting unit. We adopted ASU 2017-04 beginning January 1, 2020, using a prospective approach. There was no impact on our financial statements for the six months ended June 30, 2020 resulting from the adoption of this ASU. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which removes, modifies, and adds certain disclosure requirements in ASC 820, to improve the effectiveness of the fair value measurement disclosures. We adopted ASU 2018-13 beginning January 1, 2020, using a prospective approach. There was no impact on our financial statements for the six months ended June 30, 2020 resulting from the adoption of this ASU. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40); Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement, which requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement, if those costs would be capitalized by the customer in a software licensing agreement under the internal-use software guidance in ASC 350-40. We adopted ASU 2018-15 beginning January 1, 2020, using a prospective approach. Impacts to our financial statements resulting from the adoption of this ASU were immaterial to our financial statements for the six months ended June 30, 2020.

Acquisitions Acquisitions (Note

Acquisitions Acquisitions (Notes)	12 Months Ended
	Dec. 31, 2019
Acquisitions [Abstract]
Acquisitions [Text Block]	Acquisitions On August 13, 2019, we completed the acquisition of substantially all of the assets of C/C Financial Corp. dba Merchants Preferred ("Merchants Preferred"), a nationwide provider of virtual lease-to-own services. The aggregate purchase price was approximately $46.4 million, including net cash consideration of approximately $28.0 million, and 701,918 shares of our common stock valued at $27.31 per share, as of the date of closing, less working capital adjustments of approximately $0.9 million. Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their fair values. The following table provides the final estimated fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date: (in thousands) August 13, 2019 Receivables $ 1,813 Prepaid expenses and other assets 154 Rental merchandise 17,904 Software 4,300 Right of use operating leases 404 Other intangible assets 8,900 Goodwill 13,403 Lease liabilities (487) Net identifiable assets acquired $ 46,391 The fair value measurements were primarily based on significant unobservable inputs (level 3) developed using company-specific information. Certain fair value estimates were determined based on an independent valuation of the net assets acquired, including identifiable intangible assets, relating to dealer relationships of $8.9 million, and software of $4.3 million. The fair value for dealer relationships and software were estimated using common industry valuation methods for similar asset types, based primarily on cost inputs and projected cash flows. The dealer relationships and software assets were both assigned remaining lives of 10 years. In addition, we recorded goodwill of $13.4 million, which consists of the excess of the net purchase price over the fair value of the net assets acquired. The goodwill is not deductible for tax purposes.

Revenues Revenues (Notes)

Revenues Revenues (Notes)	6 Months Ended
	Jun. 30, 2020
Revenues [Abstract]
Revenues [Text Block]	Revenues The following table disaggregates our revenue for the periods ended June 30, 2020 and 2019: Three Months Ended June 30, 2020 Rent-A-Center Business Preferred Lease Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 385,338 $ 139,440 $ 9,959 $ — $ 534,737 Merchandise sales 55,741 51,690 649 — 108,080 Installment sales 17,643 — — — 17,643 Other 470 113 3 189 775 Total store revenues 459,192 191,243 10,611 189 661,235 Franchise Merchandise sales — — — 18,047 18,047 Royalty income and fees — — — 4,464 4,464 Total revenues $ 459,192 $ 191,243 $ 10,611 $ 22,700 $ 683,746 Six Months Ended June 30, 2020 Rent-A-Center Business Preferred Lease Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 778,503 $ 301,438 $ 22,796 $ — $ 1,102,737 Merchandise sales 102,428 105,678 1,354 — 209,460 Installment sales 32,390 — — — 32,390 Other 836 254 7 400 1,497 Total store revenues 914,157 407,370 24,157 400 1,346,084 Franchise Merchandise sales — — — 30,484 30,484 Royalty income and fees — — — 9,117 9,117 Total revenues $ 914,157 $ 407,370 $ 24,157 $ 40,001 $ 1,385,685 Three Months Ended June 30, 2019 Rent-A-Center Business Preferred Lease 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 Rent-A-Center Business Preferred Lease 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 Rental-Purchase Agreements Rent-A-Center Business, Preferred Lease, and Mexico Rentals and Fees. Rental 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 may renew the rental agreement 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 rental agreement at the end of any rental term without penalty. Therefore, rental transactions are accounted for as operating leases. Rental payments received at our Rent-A-Center Business, Preferred Lease (excluding virtual) and Mexico locations must be prepaid in advance of the next rental term. Under the virtual business model, revenues are earned prior to the rental payment due date. Therefore, virtual business revenue is accrued prior to receipt of the rental payment, net of estimated returns and uncollectible renewal payments. Under both models, rental revenue is recognized over the rental term. See Note 4 for additional information regarding accrued rental revenue and the related allowances for returns and uncollectible payments. Cash received for rental payments, including fees, prior to the period in which it should be recognized, is deferred and recognized according to the rental term. At June 30, 2020 and December 31, 2019, we had $42.5 million and $39.9 million, respectively, in deferred revenue included in accrued liabilities related to our rental purchase agreements. 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 also 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, product service and replacement benefits in the event merchandise is damaged or lost, and payment insurance in the event eligible customers become unemployed. 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. Revenue from contracts with customers Rent-A-Center Business, Preferred Lease, 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 period and receive a refund for payments previously made towards the plan. At both June 30, 2020 and December 31, 2019, we had $2.9 million in deferred revenue included in accrued liabilities related to extended service plans. Other. Other revenue primarily consists of other miscellaneous product plans offered to our rental and installment customers. 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 accrued and recognized as rental payments and merchandise 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

Receivables and Allowance for D

Receivables and Allowance for Doubtful Accounts(Notes)	6 Months Ended
	Jun. 30, 2020
Receivables and Allowance for Doubtful Accounts [Abstract]
Receivables and Allowance for Doubtful Accounts [Text Block]	Receivables and Allowance for Doubtful Accounts Installment sales receivables consist primarily of receivables due from customers for the sale of merchandise in our retail installment stores. Installment sales receivable associated with the sale of merchandise at our Get It Now and Home Choice stores generally consist of the sales price of the merchandise purchased and any additional fees for services the customer has chosen, less the customer’s down payment. No interest is accrued and interest income is recognized each time a customer makes a payment, generally on a monthly basis. Interest paid on installment agreements for the six months ended June 30, 2020 was $5.6 million. Trade and notes receivables consist primarily of amounts owed from our franchisees for inventory purchases, earned royalties and other obligations; and other corporate related receivables. Credit is extended based on an evaluation of a franchisee’s financial condition and collateral is generally not required. Trade receivables are generally due within 30 days. Receivables consist of the following: (In thousands) June 30, 2020 December 31, 2019 Installment sales receivables $ 56,687 $ 56,370 Trade and notes receivables 28,534 33,354 Total receivables 85,221 89,724 Less allowance for doubtful accounts (8,238) (5,601) Total receivables, net of allowance for doubtful accounts $ 76,983 $ 84,123 We have established an allowance for doubtful accounts for our installment notes receivable. Our policy for determining the allowance is primarily based on historical loss experience, as well as the results of management’s review and analysis of the payment and collection of the installment notes receivable within the previous year. We believe our allowance is adequate to absorb all expected losses. Our policy is to charge off installment notes receivable that are 120 days or more past due. Charge-offs are applied as a reduction to the allowance for doubtful accounts and any recoveries of previously charged off balances are applied as an increase to the allowance for doubtful accounts. The allowance for our Franchising trade and note receivables is determined by considering a number of factors, including the length of time receivables are past due, previous loss history, the franchisee’s current ability to pay its obligation, and the condition of the general economy and the industry as a whole. Trade receivables that are more than 90 days past due are either written-off or fully reserved in our allowance for doubtful accounts. Payments subsequently received on such receivables are credited to the allowance for doubtful accounts. The allowance for doubtful accounts related to trade and notes receivable was $1.4 million and $1.5 million at June 30, 2020 and December 31, 2019, respectively. The allowance for doubtful accounts related to installment sales receivable was $6.8 million and $4.1 million at June 30, 2020 and December 31, 2019, respectively. Changes in our allowance for doubtful accounts are as follows: (In thousands) June 30, 2020 Beginning allowance for doubtful accounts $ 5,601 Bad debt expense (1) 7,900 Accounts written off (5,620) Recoveries 357 Ending allowance for doubtful accounts $ 8,238 (1) Uncollectible installment payments, franchisee obligations, and other corporate receivables are recognized in other store operating expenses in our condensed consolidated financial statements.

Leases Leases (Notes)

Leases Leases (Notes)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases [Text Block]	Leases We lease space for all of our Rent-A-Center Business and Mexico stores under operating leases expiring at various times through 2027. In addition, we lease space for certain support facilities under operating leases expiring at various times through 2032. 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 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 include month-to-month leases in operating lease right-of-use assets and operating lease liabilities in our condensed consolidated balance sheet. In certain situations involving the sale of a Rent-A-Center Business corporate store to a franchisee, we enter into lease a assignment agreement with the buyer, but we remain 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 in our condensed consolidated balance sheet. We lease vehicles for all of our Rent-A-Center Business 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 not to separate the lease and non-lease components and account for these as a single component. We have also elected to use 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 our adoption of ASU 2016-02. 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 Three Months Ended Six Months Ended Six Months Ended (in thousands) June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Operating lease cost included in other store expenses (1) $ 34,438 $ 38,232 $ 71,877 $ 74,785 Operating lease cost included in other charges 191 5,111 960 7,252 Sublease receipts (2,144) (1,818) (4,461) (3,494) Total operating lease charges $ 32,485 $ 41,525 $ 68,376 $ 78,543 (1) Includes short-term lease costs, which are not significant. Supplemental cash flow information related to leases: Six Months Ended Six Months Ended (in thousands) June 30, 2020 June 30, 2019 Cash paid for amounts included in measurement of operating lease liabilities $ 57,639 $ 61,333 Cash paid for short-term operating leases not included in operating lease liabilities 12,071 14,451 Right-of-use assets obtained in exchange for new operating lease liabilities 47,285 10,540 Weighted-average discount rate and weighted-average remaining lease term: (in thousands) June 30, 2020 December 31, 2019 Weighted-average discount rate (1) 7.3 % 7.7 % Weighted-average remaining lease term (in years) 4 4 (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, 2020: (In thousands) Operating Leases 2020 $ 67,972 2021 95,500 2022 67,476 2023 42,722 2024 26,790 Thereafter 29,323 Total undiscounted operating lease liabilities 329,783 Less: Interest (48,439) Total present value of operating lease liabilities $ 281,344 In response to the COVID-19 pandemic and related government restrictions negatively impacting our operations, we renegotiated certain store lease agreements in the second quarter to obtain rent relief in the near term, in order to help offset the negative financial impacts of COVID-19. As of June 30, 2020, we have renegotiated approximately 500 lease agreements, receiving near term rent abatements of approximately $2.3 million and rent deferrals of approximately $2.2 million. On April 10, 2020, the Financial Accounting Standards Board ("FASB") staff issued a question-and-answer document providing guidance for lease concessions provided to lessees in response to the effects of COVID-19. Such guidance allows lessees to make an election not to evaluate whether a lease concession provided by a lessor should be accounted for as a lease modification in the event the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We elected this practical expedient in our accounting for any lease concessions provided in connection with our renegotiated lease agreements that did not result in a substantial increase in the rights of or obligations to the lessor. As a result of this election we recognized rent abatement credits of approximately $0.6 million for the three-months ended June 30, 2020 in our condensed consolidated statement of operations.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax [Text Block]	Income Taxes On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act”), which includes modifications to the limitation on business interest expense deductions and net operating loss provisions. The effective tax rate was 6.9% for the six months ended June 30, 2020, compared to 22.0% in 2019, primarily as a result of the tax benefit of net operating loss carrybacks at a 35% tax rate that became available as a result of the CARES Act.

Senior Debt (Notes)

Senior Debt (Notes)	6 Months Ended
	Jun. 30, 2020
Senior Debt [Abstract]
Senior Debt	Senior Debt, net On August 5, 2019, we entered into a new 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 up to $300 million, the proceeds of which were used for the redemption of all of our outstanding senior notes. The amount outstanding under the Term Loan Credit Agreement was $198.5 million at June 30, 2020. We had no amounts outstanding under our ABL Credit Agreement at June 30, 2020 and had $211.2 million available. Proceeds from the Term Loan Credit Agreement were net of original issue discount of $2.0 million upon issuance from the lenders. In addition, in connection with the closing of the Term Loan Credit Agreement and the ABL Credit Agreement, we incurred approximately $6.3 million in debt issuance costs. The original issue discount and debt issuance costs will be amortized over the remaining terms of the respective credit agreements. As of June 30, 2020, the total unamortized balance of debt issuance costs relating to our senior debt and original issue discount reported in the condensed consolidated balance sheet were $6.1 million and $1.7 million, respectively. We also utilize the ABL Credit Facility for the issuance of letters of credit. As of June 30, 2020, we have issued letters of credit in the aggregate outstanding amount of $88.8 million primarily relating to workers compensation insurance claims. 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 margin on the Term Loan Credit Agreement was 4.69% at June 30, 2020. The Term Loan Credit Agreement permits us to prepay the term loans, in whole or in part, without penalty on or after the six-month anniversary of the closing date of the Term Loan Credit Agreement. It also permits us 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 our tangible and intangible assets, 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 our ability to: • create certain liens and enter into certain sale and lease-back transactions; • create, assume, incur or guarantee certain indebtedness; • consolidate or merge with, or convey, transfer or lease all or substantially all of our assets, to another person • pay dividends or make other distributions on, or repurchase or redeem, our capital stock or certain other debt; and • make other restricted payments. These covenants are subject to a number of limitations and exceptions set forth in the Term Loan Credit Agreement. We are currently permitted to pay dividends and repurchase our common stock without limitation. 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. 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. The Borrowing Base is tied to the Eligible Installment Sales Accounts, Inventory and Eligible Rental Contracts, reduced by Reserves, as defined in the ABL Credit Agreement. We provide to the Agent information necessary to calculate the Borrowing Base within 30 days of the end of each calendar month, unless liquidity is less than 15% of the maximum borrowing capacity of the ABL Credit Agreement or $45 million, in which case we must provide weekly information. 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%. The margin on the ABL Credit Facility was 1.69% at June 30, 2020. 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. The commitment fee at June 30, 2020 was 0.250%. We paid $0.4 million of commitment fees during the second quarter of 2020. 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 us and certain of our 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 Fixed Charge Coverage Ratio as of June 30, 2020 was 1.52 to 1.00. 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. The table below shows the scheduled maturity dates of our outstanding debt at June 30, 2020 for each of the years ending December 31: (in thousands) Term Loan ABL Credit Facility Total 2020 $ 1,000 $ — $ 1,000 2021 2,000 — 2,000 2022 2,000 — 2,000 2023 2,000 — 2,000 2024 2,000 — 2,000 Thereafter 189,500 — 189,500 Total senior debt $ 198,500 $ — $ 198,500

Fair Value (Notes)

Fair Value (Notes)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value	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.Our financial instruments include cash and cash equivalents, receivables, payables, and borrowings against our ABL Credit Facility and Term Loan Facility. The carrying amount of cash and cash equivalents, receivables and payables approximates fair value at June 30, 2020 and December 31, 2019, because of the short maturities of these instruments. In addition, the interest rates on our Term Loan Facility and ABL Credit Facility are variable and, therefore, the carrying value of outstanding borrowings approximates their fair value.

Other Charges (Notes)

Other Charges (Notes)	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Other Charges	Other Charges Store Consolidations. During the first six months of 2020, we closed 18 Rent-A-Center Business stores, resulting in pre-tax charges of $0.3 million in lease impairment charges, $0.9 million in other miscellaneous shutdown and holding costs, and $0.1 million in disposal of fixed assets. During the first six months of 2019, we closed 66 Rent-A-Center Business stores, resulting in pre-tax charges of $2.3 million in lease impairment, $0.9 million in other miscellaneous shutdown and holding costs, $0.7 million in disposal of fixed assets, and $0.3 million in severance and other payroll-related costs. Cost Savings Initiatives. During 2018, we began the execution of multiple cost savings initiatives, including reductions in overhead and supply chain operations. In connection with these initiatives, we recorded pre-tax charges during the six months ended June 30, 2020 consisting of $1.0 million in severance and other payroll-related costs, $0.4 million in lease impairment charges, and $0.4 million in other miscellaneous shutdown and holding costs. Costs incurred during the first six months of 2019 related to these initiatives included pre-tax charges 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. COVID-19 Pandemic. In March 2020, national efforts to contain the COVID-19 virus began to be implemented. In connection with COVID-19, during the first six months of 2020, we incurred approximately $0.8 million in sanitization cleaning and personal protective equipment expenses, $0.4 million in payroll-related costs, and $0.2 million in lease expense related to closed stores and idled vehicles, partially offset by real estate lease abatement credits of $0.6 million for our Rent-A-Center Business stores. Social Unrest. During the second quarter of 2020, we incurred expenses resulting from certain civil unrest that occurred in connection with efforts to institute law enforcement and other social and political reforms. In connection with this unrest, approximately 30 Rent-A-Center Business stores were looted and/or damaged, resulting in $0.6 million of inventory write-offs and $0.1 million in disposal of fixed assets. Activity with respect to other charges for the six months ended June 30, 2020 is summarized in the below table: (in thousands) Accrued Charges at December 31, 2019 Charges & Adjustments Payments & Adjustments Accrued Charges at June 30, 2020 Cash charges: Labor costs $ 738 $ 1,484 $ (957) $ 1,265 Lease obligations (1) — (414) 414 — Shutdown and holding costs — 1,307 (1,307) — Total cash charges $ 738 2,377 $ (1,850) $ 1,265 Non-cash charges: Rental merchandise losses (2) 620 Asset impairments (3) 955 Other (4) 5,672 Total other charges $ 9,624 (1) Includes lease abatement credits related to renegotiated lease agreements in response to COVID-19 (2) Looting related to social unrest (3) Asset impairments primarily includes impairments of operating lease right-of-use assets and other property assets related to the closure of Rent-A-Center Business stores and previously closed product service centers, damage related to social unrest, as well as a write-down of capitalized software in the first six months of 2020. (4) Other primarily includes legal settlement reserves, state tax audit assessment reserves, expenses related to COVID-19, partially offset by the receipt of insurance proceeds related to Hurricane Maria.

Segment Information (Notes)

Segment Information (Notes)	6 Months Ended
	Jun. 30, 2020
Segment Information [Abstract]
Segment Information	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 certain basic product categories: furniture, consumer electronics, appliances, computers, and accessories. Smartphones are also offered in our Rent-A-Center Business stores and franchise locations. In addition, in the Rent-A-Center Business segment, we have recently expanded into other product categories including, tires, tools, handbags, jewelry and other accessories. Segment information for the three months ended June 30, 2020 and 2019 is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Revenues Rent-A-Center Business $ 459,192 $ 451,096 $ 914,157 $ 925,153 Preferred Lease 191,243 176,389 407,370 372,911 Mexico 10,611 13,551 24,157 26,896 Franchising 22,700 14,889 40,001 27,659 Total revenues $ 683,746 $ 655,925 $ 1,385,685 $ 1,352,619 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Gross profit Rent-A-Center Business $ 316,047 $ 313,871 $ 633,605 $ 638,511 Preferred Lease 71,391 80,380 159,706 166,708 Mexico 7,432 9,411 16,960 18,680 Franchising 4,662 4,409 9,439 9,038 Total gross profit $ 399,532 $ 408,071 $ 819,710 $ 832,937 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Operating profit Rent-A-Center Business $ 85,132 $ 64,925 $ 153,075 $ 118,236 Preferred Lease 6,233 22,734 24,455 44,247 Mexico 1,052 1,474 2,019 2,693 Franchising 3,029 1,803 5,548 3,581 Total segments 95,446 90,936 185,097 168,757 Corporate (41,811) 38,893 (82,587) (21,579) Total operating profit $ 53,635 $ 129,829 $ 102,510 $ 147,178 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Depreciation and amortization Rent-A-Center Business $ 4,876 $ 5,110 $ 9,833 $ 10,582 Preferred Lease 474 313 1,001 661 Mexico 95 95 188 235 Franchising 10 9 13 39 Total segments 5,455 5,527 11,035 11,517 Corporate 8,893 9,594 18,226 19,377 Total depreciation and amortization $ 14,348 $ 15,121 $ 29,261 $ 30,894 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Capital expenditures Rent-A-Center Business $ 3,504 $ 907 $ 4,484 $ 1,465 Preferred Lease 2 54 86 101 Mexico 52 27 89 30 Total segments 3,558 988 4,659 1,596 Corporate 2,041 1,592 10,091 3,492 Total capital expenditures $ 5,599 $ 2,580 $ 14,750 $ 5,088 (in thousands) June 30, 2020 December 31, 2019 On rent rental merchandise, net Rent-A-Center Business $ 399,647 $ 411,482 Preferred Lease 232,373 268,845 Mexico 13,502 16,943 Total on rent rental merchandise, net $ 645,522 $ 697,270 (in thousands) June 30, 2020 December 31, 2019 Held for rent rental merchandise, net Rent-A-Center Business $ 85,680 $ 131,086 Preferred Lease 1,508 1,254 Mexico 4,459 6,078 Total held for rent rental merchandise, net $ 91,647 $ 138,418 (in thousands) June 30, 2020 December 31, 2019 Assets by segment Rent-A-Center Business $ 866,198 $ 953,151 Preferred Lease 321,883 357,859 Mexico 29,056 33,707 Franchising 14,344 11,095 Total segments 1,231,481 1,355,812 Corporate 345,147 226,986 Total assets $ 1,576,628 $ 1,582,798

Stock-Based Compensation (Notes

Stock-Based Compensation (Notes)	6 Months Ended
	Jun. 30, 2020
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Common Stock and Stock-Based Compensation In March 2020, our Board of Directors authorized a stock repurchase program with respect to the purchase of up to an aggregate of $75 million of Rent-A-Center common stock, superseding our prior authorization. While the program was temporarily suspended due to the COVID-19 pandemic, $58.5 million remains available for repurchases from time to time, in the open market and privately negotiated transactions. During the six months ended June 30, 2020, we repurchased 1,461,177 shares of its common stock for an aggregate purchase price of $26.5 million, which includes shares with an aggregate purchase price of $16.5 million under the March 2020 authorization. No shares were repurchased during the six months ended June 30, 2019. We recognized $2.9 million and $2.0 million in compensation expense related to stock options and restricted stock units during the three months ended June 30, 2020 and 2019, respectively, and $5.9 million and $2.7 million during the six months ended June 30, 2020 and 2019, respectively. During the six months ended June 30, 2020, we granted approximately 349,000 stock options, 269,000 market-based performance restricted stock units and 187,000 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 45.62% to 52.25%, a risk-free interest rate of 0.30% to 1.72%, an expected dividend yield of 4.02% to 8.20%, 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, 2020 was $24.21 and the weighted-average grant-date fair value was $6.75. 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, 2020 was $30.24 and $25.02, respectively.

Contingencies (Notes)

Contingencies (Notes)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies From time to time, we are a party to various legal proceedings and governmental inquiries 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 inquiries, 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. California Attorney General. The California Attorney General (“CAG”) previously issued an investigative subpoena seeking information with respect to our Acceptance Now business practices (now part of the Preferred Lease segment). The request for documents and information was sought in connection with a broader investigation of the lease-to-own industry in California. Since receiving such demand, we have cooperated with the CAG in connection with its investigation and made several productions of requested documents. In March 2020, the CAG put forth proposed settlement terms to address alleged violations of California law. The proposed settlement terms include civil penalties, disgorgement of certain revenues, additional training requirements, and recommended changes to Acceptance Now business practices. We believe that our business practices are in compliance with California law and are continuing to discuss resolution of the inquiry with the CAG. At this point, while we

Earnings Per Common Share (Note

Earnings Per Common Share (Notes)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings 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) 2020 2019 2020 2019 Numerator: Net earnings $ 38,493 $ 94,455 $ 87,785 $ 101,778 Denominator: Weighted-average shares outstanding 53,800 54,153 54,287 54,042 Effect of dilutive stock awards 1,424 1,553 1,401 1,559 Weighted-average dilutive shares 55,224 55,706 55,688 55,601 Basic earnings per common share $ 0.72 $ 1.74 $ 1.62 $ 1.88 Diluted earnings per common share $ 0.70 $ 1.70 $ 1.58 $ 1.83 Anti-dilutive securities excluded from diluted loss per common share: Anti-dilutive restricted share units 145 — 145 — Anti-dilutive performance share units 519 263 519 263 Anti-dilutive stock options 1,349 1,107 1,340 1,123

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Principles of Consolidation	These financial statements included herein include the accounts of Rent-A-Center, Inc. and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated.
New Accounting Pronouncements, Policy [Policy Text Block]	Newly Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires immediate recognition of estimated current expected credit losses, rather than recognition when incurred. We adopted ASU 2016-13 and all related amendments, including ASU 2020-02 and ASU 2020-03, beginning January 1, 2020, using a modified retrospective approach. Under such approach, we recognized a cumulative-effect of the guidance as an adjustment to the opening balance of retained earnings for the quarter ended March 31, 2020. The application of this new methodology is limited to our installment notes receivables and trade receivables with our franchisees, primarily related to merchandise sales. The comparative information has not been restated and continues to be reported under the accounting standards in effect for periods ending prior to January 1, 2020. The cumulative effect as of January 1, 2020 resulting from the adoption of ASU 2016-13 and related amendments was a net decrease to opening retained earnings in our condensed consolidated balance sheet of $0.8 million. See Note 4 for additional information regarding our trade and note receivables and related allowances for doubtful accounts. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the subsequent measurement of goodwill by eliminating the hypothetical purchase price allocation and instead using the difference between the carrying amount and the fair value of the reporting unit. We adopted ASU 2017-04 beginning January 1, 2020, using a prospective approach. There was no impact on our financial statements for the six months ended June 30, 2020 resulting from the adoption of this ASU. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which removes, modifies, and adds certain disclosure requirements in ASC 820, to improve the effectiveness of the fair value measurement disclosures. We adopted ASU 2018-13 beginning January 1, 2020, using a prospective approach. There was no impact on our financial statements for the six months ended June 30, 2020 resulting from the adoption of this ASU. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40); Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement, which requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement, if those costs would be capitalized by the customer in a software licensing agreement under the internal-use software guidance in ASC 350-40. We adopted ASU 2018-15 beginning January 1, 2020, using a prospective approach. Impacts to our financial statements resulting from the adoption of this ASU were immaterial to our financial statements for the six months ended June 30, 2020.

Acquisitions Acquisitions (Tabl

Acquisitions Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2020
Acquisitions [Abstract]
Acquisition assets acquired and liabilities assumed [Table Text Block]	Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their fair values. The following table provides the final estimated fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date: (in thousands) August 13, 2019 Receivables $ 1,813 Prepaid expenses and other assets 154 Rental merchandise 17,904 Software 4,300 Right of use operating leases 404 Other intangible assets 8,900 Goodwill 13,403 Lease liabilities (487) Net identifiable assets acquired $ 46,391

Revenues Revenues (Tables)

Revenues Revenues (Tables)	6 Months Ended
	Jun. 30, 2020
Revenues [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table disaggregates our revenue for the periods ended June 30, 2020 and 2019: Three Months Ended June 30, 2020 Rent-A-Center Business Preferred Lease Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 385,338 $ 139,440 $ 9,959 $ — $ 534,737 Merchandise sales 55,741 51,690 649 — 108,080 Installment sales 17,643 — — — 17,643 Other 470 113 3 189 775 Total store revenues 459,192 191,243 10,611 189 661,235 Franchise Merchandise sales — — — 18,047 18,047 Royalty income and fees — — — 4,464 4,464 Total revenues $ 459,192 $ 191,243 $ 10,611 $ 22,700 $ 683,746 Six Months Ended June 30, 2020 Rent-A-Center Business Preferred Lease Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 778,503 $ 301,438 $ 22,796 $ — $ 1,102,737 Merchandise sales 102,428 105,678 1,354 — 209,460 Installment sales 32,390 — — — 32,390 Other 836 254 7 400 1,497 Total store revenues 914,157 407,370 24,157 400 1,346,084 Franchise Merchandise sales — — — 30,484 30,484 Royalty income and fees — — — 9,117 9,117 Total revenues $ 914,157 $ 407,370 $ 24,157 $ 40,001 $ 1,385,685 Three Months Ended June 30, 2019 Rent-A-Center Business Preferred Lease 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 Rent-A-Center Business Preferred Lease 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

Receivables and Allowance for_2

Receivables and Allowance for Doubtful Accounts (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables and Allowance for Doubtful Accounts [Abstract]
Receivables [Table Text Block]	Receivables consist of the following: (In thousands) June 30, 2020 December 31, 2019 Installment sales receivables $ 56,687 $ 56,370 Trade and notes receivables 28,534 33,354 Total receivables 85,221 89,724 Less allowance for doubtful accounts (8,238) (5,601) Total receivables, net of allowance for doubtful accounts $ 76,983 $ 84,123
Changes in allowance for doubtful accounts [Table Text Block]	Changes in our allowance for doubtful accounts are as follows: (In thousands) June 30, 2020 Beginning allowance for doubtful accounts $ 5,601 Bad debt expense (1) 7,900 Accounts written off (5,620) Recoveries 357 Ending allowance for doubtful accounts $ 8,238 (1) Uncollectible installment payments, franchisee obligations, and other corporate receivables are recognized in other store operating expenses in our condensed consolidated financial statements.

Leases Leases (Tables)

Leases Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Operating lease costs [Table Text Block]	Total operating lease costs by expense type: Three Months Ended Three Months Ended Six Months Ended Six Months Ended (in thousands) June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Operating lease cost included in other store expenses (1) $ 34,438 $ 38,232 $ 71,877 $ 74,785 Operating lease cost included in other charges 191 5,111 960 7,252 Sublease receipts (2,144) (1,818) (4,461) (3,494) Total operating lease charges $ 32,485 $ 41,525 $ 68,376 $ 78,543 (1) Includes short-term lease costs, which are not significant. Supplemental cash flow information related to leases: Six Months Ended Six Months Ended (in thousands) June 30, 2020 June 30, 2019 Cash paid for amounts included in measurement of operating lease liabilities $ 57,639 $ 61,333 Cash paid for short-term operating leases not included in operating lease liabilities 12,071 14,451 Right-of-use assets obtained in exchange for new operating lease liabilities 47,285 10,540 Weighted-average discount rate and weighted-average remaining lease term: (in thousands) June 30, 2020 December 31, 2019 Weighted-average discount rate (1) 7.3 % 7.7 % Weighted-average remaining lease term (in years) 4 4 (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, 2020: (In thousands) Operating Leases 2020 $ 67,972 2021 95,500 2022 67,476 2023 42,722 2024 26,790 Thereafter 29,323 Total undiscounted operating lease liabilities 329,783 Less: Interest (48,439) Total present value of operating lease liabilities $ 281,344

Senior debt (Tables)

Senior debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt [Table Text Block]	The table below shows the scheduled maturity dates of our outstanding debt at June 30, 2020 for each of the years ending December 31: (in thousands) Term Loan ABL Credit Facility Total 2020 $ 1,000 $ — $ 1,000 2021 2,000 — 2,000 2022 2,000 — 2,000 2023 2,000 — 2,000 2024 2,000 — 2,000 Thereafter 189,500 — 189,500 Total senior debt $ 198,500 $ — $ 198,500

Other Charges (Tables)

Other Charges (Tables)	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Other Charges [Table Text Block]	Activity with respect to other charges for the six months ended June 30, 2020 is summarized in the below table: (in thousands) Accrued Charges at December 31, 2019 Charges & Adjustments Payments & Adjustments Accrued Charges at June 30, 2020 Cash charges: Labor costs $ 738 $ 1,484 $ (957) $ 1,265 Lease obligations (1) — (414) 414 — Shutdown and holding costs — 1,307 (1,307) — Total cash charges $ 738 2,377 $ (1,850) $ 1,265 Non-cash charges: Rental merchandise losses (2) 620 Asset impairments (3) 955 Other (4) 5,672 Total other charges $ 9,624 (1) Includes lease abatement credits related to renegotiated lease agreements in response to COVID-19 (2) Looting related to social unrest (3) Asset impairments primarily includes impairments of operating lease right-of-use assets and other property assets related to the closure of Rent-A-Center Business stores and previously closed product service centers, damage related to social unrest, as well as a write-down of capitalized software in the first six months of 2020. (4) Other primarily includes legal settlement reserves, state tax audit assessment reserves, expenses related to COVID-19, partially offset by the receipt of insurance proceeds related to Hurricane Maria.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Information [Abstract]
Segment Information	Segment information for the three months ended June 30, 2020 and 2019 is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Revenues Rent-A-Center Business $ 459,192 $ 451,096 $ 914,157 $ 925,153 Preferred Lease 191,243 176,389 407,370 372,911 Mexico 10,611 13,551 24,157 26,896 Franchising 22,700 14,889 40,001 27,659 Total revenues $ 683,746 $ 655,925 $ 1,385,685 $ 1,352,619 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Gross profit Rent-A-Center Business $ 316,047 $ 313,871 $ 633,605 $ 638,511 Preferred Lease 71,391 80,380 159,706 166,708 Mexico 7,432 9,411 16,960 18,680 Franchising 4,662 4,409 9,439 9,038 Total gross profit $ 399,532 $ 408,071 $ 819,710 $ 832,937 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Operating profit Rent-A-Center Business $ 85,132 $ 64,925 $ 153,075 $ 118,236 Preferred Lease 6,233 22,734 24,455 44,247 Mexico 1,052 1,474 2,019 2,693 Franchising 3,029 1,803 5,548 3,581 Total segments 95,446 90,936 185,097 168,757 Corporate (41,811) 38,893 (82,587) (21,579) Total operating profit $ 53,635 $ 129,829 $ 102,510 $ 147,178 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Depreciation and amortization Rent-A-Center Business $ 4,876 $ 5,110 $ 9,833 $ 10,582 Preferred Lease 474 313 1,001 661 Mexico 95 95 188 235 Franchising 10 9 13 39 Total segments 5,455 5,527 11,035 11,517 Corporate 8,893 9,594 18,226 19,377 Total depreciation and amortization $ 14,348 $ 15,121 $ 29,261 $ 30,894 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Capital expenditures Rent-A-Center Business $ 3,504 $ 907 $ 4,484 $ 1,465 Preferred Lease 2 54 86 101 Mexico 52 27 89 30 Total segments 3,558 988 4,659 1,596 Corporate 2,041 1,592 10,091 3,492 Total capital expenditures $ 5,599 $ 2,580 $ 14,750 $ 5,088 (in thousands) June 30, 2020 December 31, 2019 On rent rental merchandise, net Rent-A-Center Business $ 399,647 $ 411,482 Preferred Lease 232,373 268,845 Mexico 13,502 16,943 Total on rent rental merchandise, net $ 645,522 $ 697,270 (in thousands) June 30, 2020 December 31, 2019 Held for rent rental merchandise, net Rent-A-Center Business $ 85,680 $ 131,086 Preferred Lease 1,508 1,254 Mexico 4,459 6,078 Total held for rent rental merchandise, net $ 91,647 $ 138,418 (in thousands) June 30, 2020 December 31, 2019 Assets by segment Rent-A-Center Business $ 866,198 $ 953,151 Preferred Lease 321,883 357,859 Mexico 29,056 33,707 Franchising 14,344 11,095 Total segments 1,231,481 1,355,812 Corporate 345,147 226,986 Total assets $ 1,576,628 $ 1,582,798

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings 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) 2020 2019 2020 2019 Numerator: Net earnings $ 38,493 $ 94,455 $ 87,785 $ 101,778 Denominator: Weighted-average shares outstanding 53,800 54,153 54,287 54,042 Effect of dilutive stock awards 1,424 1,553 1,401 1,559 Weighted-average dilutive shares 55,224 55,706 55,688 55,601 Basic earnings per common share $ 0.72 $ 1.74 $ 1.62 $ 1.88 Diluted earnings per common share $ 0.70 $ 1.70 $ 1.58 $ 1.83 Anti-dilutive securities excluded from diluted loss per common share: Anti-dilutive restricted share units 145 — 145 — Anti-dilutive performance share units 519 263 519 263 Anti-dilutive stock options 1,349 1,107 1,340 1,123

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
ASU adoption adjustment	$ 800	$ 769	$ 1,976

Acquisitions Acquisitions (Deta

Acquisitions Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2020	Aug. 13, 2019
Business Acquisition [Line Items]
Acquisition date	Aug. 13, 2019
Acquired entity	Merchants Preferred
Description of acquired entity	a nationwide provider of virtual lease-to-own services
Aggregate purchase price	$ 46,400
Cash consideration	$ 28,000
Common stock consideration	701,918 shares of our common stock
Common stock price			$ 27.31
Working capital adjustment	$ 900
Goodwill	$ 70,217	$ 70,217
Description of goodwill recognized	consists of the excess of the net purchase price over the fair value of the net assets acquired
Merchants Preferred [Member]
Business Acquisition [Line Items]
Receivables			$ 1,813
Prepaid expenses and other assets			154
Rental merchandise			17,904
Software			4,300
Right of use operating leases			404
Other intangible assets			8,900
Goodwill			13,403
Lease liabilities			(487)
Net identifiable assets acquired			$ 46,391
Intangible assets remaining lives	10 years

Revenues Revenues (Details)

Revenues Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Rentals and fees	$ 534,737	$ 551,680	$ 1,102,737	$ 1,115,034
Merchandise sales	108,080	70,842	209,460	175,312
Installment sales	17,643	17,270	32,390	32,706
Other	775	1,244	1,497	1,908
Total store revenues	661,235	641,036	1,346,084	1,324,960
Merchandise sales	18,047	10,673	30,484	19,129
Royalty income and fees	4,464	4,216	9,117	8,530
Total revenues	683,746	655,925	1,385,685	1,352,619
Rental purchase agreements [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	42,500		42,500		$ 39,900
Other product plans [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	2,900		2,900		2,900
Franchise fees [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	4,200		4,200		$ 4,500
Rent-A-Center Business [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	385,338	399,799	778,503	807,379
Merchandise sales	55,741	32,935	102,428	83,493
Installment sales	17,643	17,270	32,390	32,706
Other	470	1,092	836	1,575
Total store revenues	459,192	451,096	914,157	925,153
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	459,192	451,096	914,157	925,153
Preferred Lease [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	139,440	139,104	301,438	282,297
Merchandise sales	51,690	37,140	105,678	90,296
Installment sales	0	0	0	0
Other	113	145	254	318
Total store revenues	191,243	176,389	407,370	372,911
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	191,243	176,389	407,370	372,911
Mexico [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	9,959	12,777	22,796	25,358
Merchandise sales	649	767	1,354	1,523
Installment sales	0	0	0	0
Other	3	7	7	15
Total store revenues	10,611	13,551	24,157	26,896
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	10,611	13,551	24,157	26,896
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	189	0	400	0
Total store revenues	189	0	400	0
Merchandise sales	18,047	10,673	30,484	19,129
Royalty income and fees	4,464	4,216	9,117	8,530
Total revenues	$ 22,700	$ 14,889	$ 40,001	$ 27,659

Receivables and Allowance for_3

Receivables and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Receivables [Line Items]
Interest paid on installment agreements	$ 5,600
Accounts Receivable, before Allowance for Credit Loss	85,221	$ 89,724
Receivables, net of allowance for doubtful accounts of $8,238 and $5,601 in 2020 and 2019, respectively	76,983	84,123
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	8,238	5,601
Bad debt expense	7,900
Accounts written off	(5,620)
Recoveries	357
Installment sales receivable [Member]
Receivables [Line Items]
Accounts Receivable, before Allowance for Credit Loss	56,687	56,370
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	6,800	4,100
Trade and notes receivables [Member]
Receivables [Line Items]
Accounts Receivable, before Allowance for Credit Loss	28,534	33,354
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	$ 1,400	$ 1,500

Leases Leases (Details)

Leases Leases (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)store	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)store	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating lease charges	$ 32,485	$ 41,525	$ 68,376	$ 78,543
Sublease receipts	$ (2,144)	(1,818)	(4,461)	(3,494)
Cash paid for amounts included in measurement of operating lease liabilities			57,639	61,333
Cash paid for short-term operating leases not included in operating lease liabilities			12,071	14,451
Right-of-use assets obtained in exchange for new operating lease liabilities			$ 47,285	10,540
Weighted-average discount rate	7.30%		7.30%		7.70%
Weighted average remaining lease term (in years)	4 years		4 years		4 years
2020	$ 67,972		$ 67,972
2021	95,500		95,500
2022	67,476		67,476
2023	42,722		42,722
2024	26,790		26,790
Thereafter	29,323		29,323
Total undiscounted operating lease liabilities	329,783		329,783
Less: Interest	(48,439)		(48,439)
Operating lease liabilities	$ 281,344		$ 281,344		$ 285,041
Operating lease, number of units | store	500		500
Abatement [Member]
Lessee, Lease, Description [Line Items]
Payments for Rent	$ 600		$ 2,300
Deferral [Member]
Lessee, Lease, Description [Line Items]
Payments for Rent			2,200
Other store expenses [Member]
Lessee, Lease, Description [Line Items]
Operating lease charges	34,438	38,232	71,877	74,785
Other charges [Member]
Lessee, Lease, Description [Line Items]
Operating lease charges	$ 191	$ 5,111	$ 960	$ 7,252

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	6.90%	22.00%

Senior Debt (Details)

Senior Debt (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Aug. 05, 2019
Debt Instrument [Line Items]
Senior debt, net	$ 198,500,000
Original issue discount		$ 2,000,000
Debt issuance costs		$ 6,300,000
Letters of credit, amount outstanding	$ 88,800,000
Actual fixed charge coverage ratio	1.52
2020	$ 1,000,000
2021	2,000,000
2022	2,000,000
2023	2,000,000
2024	2,000,000
Thereafter	189,500,000
Original Issue Discount [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	1,700,000
Debt Issuance Costs [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	6,100,000
Term loan credit [Member]
Debt Instrument [Line Items]
Senior debt, net	$ 198,500,000
Maturity date	Aug. 5, 2026
Debt Instrument, Frequency of Periodic Payment	quarterly
Debt Instrument, Periodic Payment, Percent	1.00%
Incremental term loans available	$ 150,000,000
Required consolidated senior secured leverage ratio, minimum	2
2020	$ 1,000,000
2021	2,000,000
2022	2,000,000
2023	2,000,000
2024	2,000,000
Thereafter	189,500,000
Term loan credit [Member] | Maximum [Member]
Debt Instrument [Line Items]
Senior debt, net	$ 200,000,000
Term loan credit [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Basis margin on variable rate	4.50%
Actual margin on variable rate	4.69%
ABL credit facility [Member]
Debt Instrument [Line Items]
Senior debt, net	$ 0
Line of Credit Facility, Remaining Borrowing Capacity	$ 211,200,000
Maturity date	Aug. 5, 2024
Line of credit commitment fee percentage	0.25%
Line of credit commitment fee	$ 400,000
Line of credit additional borrowing capacity	$ 100,000,000
Required proforma fixed charge coverage ratio, minimum	1.10
Required consolidated fixed charge coverage ratio, minimum	1.10
2020	$ 0
2021	0
2022	0
2023	0
2024	0
Thereafter	$ 0
ABL credit facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of credit commitment fee percentage	0.25%
ABL credit facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Senior debt, net	$ 300,000,000
Letters of credit, amount outstanding	$ 150,000,000
Line of credit commitment fee percentage	0.375%
ABL credit facility [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Actual margin on variable rate	1.69%
ABL credit facility [Member] | Eurodollar [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis margin on variable rate	1.50%
ABL credit facility [Member] | Eurodollar [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis margin on variable rate	2.00%

Other Charges (Details)

Other Charges (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)store	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)store	Jun. 30, 2019USD ($)store	Dec. 31, 2019USD ($)
Restructuring Cost and Reserve [Line Items]
Accrued Charges	$ 1,265		$ 1,265		$ 738
Charges & Adjustments			2,377
Payments & Adjustments			(1,850)
Rental merchandise losses			620
Asset impairments			955
Other charges and (gains)	7,921	$ (77,537)	9,624	$ (44,167)
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Accrued Charges	1,265		1,265		738
Charges & Adjustments			1,484
Payments & Adjustments			(957)
Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Accrued Charges	0		0		0
Charges & Adjustments			(414)
Payments & Adjustments			414
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Accrued Charges	0		0		$ 0
Charges & Adjustments			1,307
Payments & Adjustments			(1,307)
Abatement [Member]
Restructuring Cost and Reserve [Line Items]
Payments for Rent	600		2,300
Non-Cash Charges [Member]
Restructuring Cost and Reserve [Line Items]
Other			5,672
Store Consolidation Plan [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments				300
Store Consolidation Plan [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments			300	2,300
Store Consolidation Plan [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments			900	900
Store Consolidation Plan [Member] | Disposal of fixed assets [Member]
Restructuring Cost and Reserve [Line Items]
Asset Impairment Charges			$ 100	$ 700
Store Consolidation Plan [Member] | Rent-A-Center Business [Member]
Restructuring Cost and Reserve [Line Items]
Stores closed | store			18	66
Cost Savings Initiative [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments			$ 1,000	$ 2,800
Cost Savings Initiative [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments			400	5,000
Cost Savings Initiative [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments			400	1,600
Cost Savings Initiative [Member] | Disposal of fixed assets [Member]
Restructuring Cost and Reserve [Line Items]
Asset Impairment Charges				$ 400
COVID-19 Pandemic [Member]
Restructuring Cost and Reserve [Line Items]
Other			800
COVID-19 Pandemic [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments			400
COVID-19 Pandemic [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments			$ 200
COVID-19 Pandemic [Member] | Abatement [Member]
Restructuring Cost and Reserve [Line Items]
Payments for Rent	600
Social Unrest [Member]
Restructuring Cost and Reserve [Line Items]
Rental merchandise losses	600
Social Unrest [Member] | Disposal of fixed assets [Member]
Restructuring Cost and Reserve [Line Items]
Asset Impairment Charges	$ 100
Social Unrest [Member] | Rent-A-Center Business [Member]
Restructuring Cost and Reserve [Line Items]
Stores closed | store	30

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 683,746	$ 655,925	$ 1,385,685	$ 1,352,619
Gross profit	399,532	408,071	819,710	832,937
Operating profit	53,635	129,829	102,510	147,178
Depreciation and amortization	14,348	15,121	29,261	30,894
Capital expenditures	5,599	2,580	14,750	5,088
Rental merchandise on rent, net	645,522		645,522		$ 697,270
Rental merchandise held for rent, net	91,647		91,647		138,418
Assets	1,576,628		1,576,628		1,582,798
Rent-A-Center Business [Member]
Segment Reporting Information [Line Items]
Total revenues	459,192	451,096	914,157	925,153
Gross profit	316,047	313,871	633,605	638,511
Operating profit	85,132	64,925	153,075	118,236
Depreciation and amortization	4,876	5,110	9,833	10,582
Capital expenditures	3,504	907	4,484	1,465
Rental merchandise on rent, net	399,647		399,647		411,482
Rental merchandise held for rent, net	85,680		85,680		131,086
Assets	866,198		866,198		953,151
Preferred Lease [Member]
Segment Reporting Information [Line Items]
Total revenues	191,243	176,389	407,370	372,911
Gross profit	71,391	80,380	159,706	166,708
Operating profit	6,233	22,734	24,455	44,247
Depreciation and amortization	474	313	1,001	661
Capital expenditures	2	54	86	101
Rental merchandise on rent, net	232,373		232,373		268,845
Rental merchandise held for rent, net	1,508		1,508		1,254
Assets	321,883		321,883		357,859
Mexico [Member]
Segment Reporting Information [Line Items]
Total revenues	10,611	13,551	24,157	26,896
Gross profit	7,432	9,411	16,960	18,680
Operating profit	1,052	1,474	2,019	2,693
Depreciation and amortization	95	95	188	235
Capital expenditures	52	27	89	30
Rental merchandise on rent, net	13,502		13,502		16,943
Rental merchandise held for rent, net	4,459		4,459		6,078
Assets	29,056		29,056		33,707
Franchising [Member]
Segment Reporting Information [Line Items]
Total revenues	22,700	14,889	40,001	27,659
Gross profit	4,662	4,409	9,439	9,038
Operating profit	3,029	1,803	5,548	3,581
Depreciation and amortization	10	9	13	39
Assets	14,344		14,344		11,095
Total Segments [Member]
Segment Reporting Information [Line Items]
Operating profit	95,446	90,936	185,097	168,757
Depreciation and amortization	5,455	5,527	11,035	11,517
Capital expenditures	3,558	988	4,659	1,596
Assets	1,231,481		1,231,481		1,355,812
Corporate [Member]
Segment Reporting Information [Line Items]
Operating profit	(41,811)	38,893	(82,587)	(21,579)
Depreciation and amortization	8,893	9,594	18,226	19,377
Capital expenditures	2,041	$ 1,592	10,091	$ 3,492
Assets	$ 345,147		$ 345,147		$ 226,986

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Authorized Amount	$ 75,000			$ 75,000
Remaining Authorized Repurchase Amount	58,500			$ 58,500
Treasury Stock, Shares, Acquired				1,461,177	0
Purchase of treasury stock		$ 26,525		$ 26,500
Stock Repurchased During Period, Value				16,500
Stock-based compensation expense	$ 2,900		$ 2,000	$ 5,892	$ 2,691
Stock options granted				349,000
Performance-based restricted stock units granted				269,000
Time-vesting restricted stock units granted				187,000
Expected volatility rate, minimum				45.62%
Expected volatility rate, maximum				52.25%
Risk free interest rate, minimum				0.30%
Risk free interest rate, maximum				1.72%
Weighted average exercise price of options granted				$ 24.21
Weighted average grant date fair value of options granted				$ 6.75
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield				4.02%
Expected term				3 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield				8.20%
Expected term				5 years 9 months
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				$ 30.24
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				$ 25.02

Earnings Per Common Share Earni

Earnings Per Common Share Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Common Share
Net earnings	$ 38,493	$ 49,292	$ 94,455	$ 7,323	$ 87,785	$ 101,778
Weighted-average shares outstanding	53,800		54,153		54,287	54,042
Effect of dilutive stock awards	1,424		1,553		1,401	1,559
Weighted-average dilutive shares	55,224		55,706		55,688	55,601
Basic earnings per common share	$ 0.72		$ 1.74		$ 1.62	$ 1.88
Diluted earnings per common share	$ 0.70		$ 1.70		$ 1.58	$ 1.83
Retained Earnings [Member]
Earnings Per Common Share
Net earnings	$ 38,493	$ 49,292	$ 94,455	$ 7,323	$ 87,785	$ 101,778
Restricted share units [Member]
Earnings Per Common Share
Anti-dilutive securities	145		0		145	0
Performance-based restricted stock units [Member]
Earnings Per Common Share
Anti-dilutive securities	519		263		519	263
Stock options [Member]
Earnings Per Common Share
Anti-dilutive securities	1,349		1,107		1,340	1,123