Upbound (UPBD) 10-Q 30 Oct 20 2020 Q3 Quarterly report Financial data

Document and Company Informatio

Document and Company Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 22, 2020
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		54,170,466
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	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Store
Rentals and fees	$ 579,573	$ 550,795	$ 1,682,310	$ 1,665,829
Merchandise sales	91,233	65,552	300,693	240,864
Installment sales	16,580	16,952	48,970	49,658
Other	844	1,054	2,341	2,962
Total store revenues	688,230	634,353	2,034,314	1,959,313
Franchise
Merchandise sales	19,069	11,178	49,553	30,307
Royalty income and fees	4,716	3,840	13,833	12,370
Total revenues	712,015	649,371	2,097,700	2,001,990
Store
Cost of rentals and fees	167,027	161,971	489,606	473,001
Cost of merchandise sold	95,177	70,575	296,894	250,000
Cost of installment sales	5,713	5,527	16,830	16,133
Total cost of store revenues	267,917	238,073	803,330	739,134
Franchise cost of merchandise sold	19,070	11,302	49,632	29,923
Total cost of revenues	286,987	249,375	852,962	769,057
Gross profit	425,028	399,996	1,244,738	1,232,933
Store expenses
Labor	150,493	158,666	434,216	473,221
Other store expenses	140,818	150,366	463,292	463,385
General and administrative expenses	41,576	34,364	113,694	105,822
Depreciation and amortization	13,810	14,894	43,071	45,788
Other (gains) and charges	(1,856)	2,859	7,768	(41,308)
Total operating expenses	344,841	361,149	1,062,041	1,046,908
Operating profit	80,187	38,847	182,697	186,025
Debt refinancing charges	0	2,168	0	2,168
Interest expense	3,350	6,733	11,958	26,214
Interest income	(152)	(85)	(561)	(2,956)
Earnings before income taxes	76,989	30,031	171,300	160,599
Income tax expense (benefit)	12,959	(1,246)	19,485	27,544
Net earnings	$ 64,030	$ 31,277	$ 151,815	$ 133,055
Basic earnings per common share	$ 1.19	$ 0.57	$ 2.80	$ 2.46
Diluted earnings per common share	$ 1.15	$ 0.56	$ 2.73	$ 2.39

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Income Statement - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net earnings	$ 64,030	$ 31,277	$ 151,815	$ 133,055
Other comprehensive income (loss)
Foreign currency translation adjustments, net of tax of $162 and $(91), $(872) and $(11) for the three and six months ended September 30, 2020 and 2019, respectively		(344)	(3,280)	(40)
foreign currency translation tax adjustment	162	(91)	(872)	(11)
Total other comprehensive income (loss)	609	(344)	(3,280)	(40)
Comprehensive income	$ 64,639	30,933	$ 148,535	$ 133,015
Accumulated Other comprehensive (Loss) Income [Member]
Other comprehensive income (loss)
Total other comprehensive income (loss)		$ (344)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 227,398	$ 70,494
Receivables, net of allowance for doubtful accounts of $7,916 and $5,601 in 2020 and 2019, respectively	75,471	84,123
Allowance for doubtful accounts	7,916	5,601
Prepaid expenses and other assets	40,172	46,043
Rental merchandise, net
On rent	680,955	697,270
Held for rent	119,903	138,418
Merchandise held for installment sale	4,287	4,878
Property assets, net of accumulated depreciation of $550,958 and $522,826 in 2020 and 2019, respectively	145,298	166,138
Property assets, accumulated depreciation	550,958	522,826
Operating lease right-of-use assets	280,845	281,566
Deferred tax asset	14,889	14,889
Goodwill	70,217	70,217
Other intangible assets, net	8,130	8,762
Total Assets	1,667,565	1,582,798
LIABILITIES
Accounts payable - trade	176,304	168,120
Accrued liabilities	305,919	275,777
Operating lease liabilities	283,784	285,041
Deferred tax liability	168,622	163,984
Senior debt, net	190,599	230,913
Total Liabilities	1,125,228	1,123,835
STOCKHOLDERS' EQUITY
Common stock, $.01 par value; 250,000,000 shares authorized; 112,023,559 and 111,166,229 shares issued in September 30, 2020 and December 31, 2019, respectively	$ 1,103	$ 1,110
Common stock - par value	$ 0.01	$ 0.01
Common stock - shares authorized	250,000,000	250,000,000
Common stock - shares issued	112,023,559	111,166,229
Additional paid-in capital	$ 878,965	$ 869,617
Retained earnings	1,051,760	947,875
Treasury stock at cost, 57,889,659 and 56,428,482 shares in September 30, 2020 and December 31, 2019	$ (1,375,541)	$ (1,348,969)
Treasury stock - shares at cost	57,889,659	56,428,482
Accumulated other comprehensive loss	$ (13,950)	$ (10,670)
Total Stockholders' Equity	542,337	458,963
Total Liabilities and Stockholders' Equity	$ 1,667,565	$ 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 (Loss) Income [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	133,055			133,055
Total other comprehensive income (loss)	(40)
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)					(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)
Net earnings	31,277			31,277
Total other comprehensive income (loss)	(344)					(344)
Exercise of stock options, shares		105
Exercise of stock options	1,503	$ 1	1,502
Stock-based compensation	1,952		1,952
Dividends declared	(13,707)			(13,707)
MP Acquisition, shares		439
MP Acquisition	19,169	$ 4	19,165
Common stock, shares, outstanding		111,106
Total stockholders' equity	431,740	$ 1,110	866,316	923,296	(1,347,677)	(11,305)
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	151,815			151,815
Total other comprehensive income (loss)	(3,280)
Purchase of treasury stock	(26,600)
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					17
Exercise of stock options, shares		42
Exercise of stock options	486		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)
Net earnings	64,030			64,030
Total other comprehensive income (loss)	609
Purchase of treasury stock	(61)	$ 0			(61)
Exercise of stock options, shares		226
Exercise of stock options	4,055	$ 2	4,053
Vesting of restricted share units, shares		87
Vesting of restricted share units	0	$ 0	0
Stock-based compensation	2,997		2,997
Dividends declared	(15,869)			(15,869)
Common stock, shares, outstanding		112,024
Total stockholders' equity	$ 542,337	$ 1,103	$ 878,965	$ 1,051,760	$ (1,375,541)	$ (13,950)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net earnings	$ 151,815	$ 133,055
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation of rental merchandise	471,530	455,143
Bad debt expense	10,959	11,591
Stock-based compensation expense	8,889	4,644
Depreciation of property assets	42,268	45,551
Loss on sale or disposal of property assets	1,067	278
Amortization of intangibles	810	237
Amortization of financing fees	1,186	2,574
Write-off of debt financing fees	0	2,168
Deferred income taxes	4,383	16,629
Changes in operating assets and liabilities, net of acquired assets
Rental merchandise	(435,722)	(387,098)
Receivables	(2,465)	(11,891)
Prepaid expenses and other assets	5,871	10,080
Operating lease right-of-use assets and lease liabilities	(536)	5,305
Accounts payable - trade	8,184	(8,796)
Accrued liabilities	27,987	(51,341)
Net cash provided by operating activities	296,226	228,129
Cash flows from investing activities
Purchase of property assets	(22,557)	(12,010)
Proceeds from sale of property assets	196	16,922
Hurricane insurance recovery proceeds	158	995
Acquisitions of businesses	700	28,722
Net cash used in investing activities	(22,903)	(22,815)
Cash flows from financing activities
Share repurchases	26,572	0
Exercise of stock options	5,737	5,813
Shares withheld for payment of employee tax withholdings	(5,270)	(1,733)
Debt issuance costs	0	8,454
Proceeds from debt	198,000	285,400
Repayments of debt	(239,500)	(568,140)
Dividends paid	47,329	0
Net cash used in financing activities	(114,934)	(287,114)
Effect of exchange rate changes on cash	(1,485)	91
Net increase (decrease) in cash and cash equivalents	156,904	(81,709)
Cash and cash equivalents at beginning of period	70,494	155,391
Cash and cash equivalents at end of period	$ 227,398	$ 73,682

Basis of Presentation (Notes)

Basis of Presentation (Notes)	9 Months Ended
	Sep. 30, 2020
Basis of Presentation [Abstract]
Basis of Presentation [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 and Preferred Lease 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, 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, were reopened in the second quarter of 2020 and continue to remain 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 the "Company", “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 nine months ended September 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 nine months ended September 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. Following our adoption of this ASU, deferred implementation costs related to cloud computing arrangements are recorded to prepaid expenses and other assets in our condensed consolidated balance sheet and subsequently amortized to other store expenses in our condensed consolidated statement of operations. Impacts to our financial statements resulting from the adoption of this ASU were immaterial to our financial statements for the nine months ended September 30, 2020.

Acquisitions and Store Sales (N

Acquisitions and Store Sales (Notes)	9 Months Ended
	Sep. 30, 2020
Acquisitions [Abstract]
Acquisitions and store sales [Text Block]	Acquisitions and Store SalesOn 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.
Subsequent Events	California Refranchise Sale On July 22, 2020, we entered into an asset purchase agreement to sell all 99 Rent-A-Center Business corporate stores in the state of California to an experienced franchisee. The sale was consummated on October 5, 2020 for cash consideration of approximately $16 million, including approximately $1 million paid for related franchise fees. In accordance with the criteria included in US GAAP, assets sold in connection with the sale were classified as assets held for sale and reported at their net book value as of September 30, 2020, including idle and on-rent inventory of approximately $31.1 million and property assets of approximately $0.8 million.

Revenues Revenues (Notes)

Revenues Revenues (Notes)	9 Months Ended
	Sep. 30, 2020
Revenues [Abstract]
Revenues [Text Block]	Revenues The following table disaggregates our revenue for the periods ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 Rent-A-Center Business Preferred Lease Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 414,798 $ 153,306 $ 11,469 $ — $ 579,573 Merchandise sales 42,459 48,096 678 — 91,233 Installment sales 16,580 — — — 16,580 Other 386 257 12 189 844 Total store revenues 474,223 201,659 12,159 189 688,230 Franchise Merchandise sales — — — 19,069 19,069 Royalty income and fees — — — 4,716 4,716 Total revenues $ 474,223 $ 201,659 $ 12,159 $ 23,974 $ 712,015 Nine Months Ended September 30, 2020 Rent-A-Center Business Preferred Lease Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 1,193,301 $ 454,744 $ 34,265 $ — $ 1,682,310 Merchandise sales 144,887 153,774 2,032 — 300,693 Installment sales 48,970 — — — 48,970 Other 1,222 511 19 589 2,341 Total store revenues 1,388,380 609,029 36,316 589 2,034,314 Franchise Merchandise sales — — — 49,553 49,553 Royalty income and fees — — — 13,833 13,833 Total revenues $ 1,388,380 $ 609,029 $ 36,316 $ 63,975 $ 2,097,700 Three Months Ended September 30, 2019 Rent-A-Center Business Preferred Lease Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 389,421 $ 148,711 $ 12,663 $ — $ 550,795 Merchandise sales 29,185 35,667 700 — 65,552 Installment sales 16,952 — — — 16,952 Other 939 108 7 — 1,054 Total store revenues 436,497 184,486 13,370 — 634,353 Franchise Merchandise sales — — — 11,178 11,178 Royalty income and fees — — — 3,840 3,840 Total revenues $ 436,497 $ 184,486 $ 13,370 $ 15,018 $ 649,371 Nine Months Ended September 30, 2019 Rent-A-Center Business Preferred Lease Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 1,196,800 $ 431,008 $ 38,021 $ — $ 1,665,829 Merchandise sales 112,678 125,963 2,223 — 240,864 Installment sales 49,658 — — — 49,658 Other 2,514 426 22 — 2,962 Total store revenues 1,361,650 557,397 40,266 — 1,959,313 Franchise Merchandise sales — — — 30,307 30,307 Royalty income and fees — — — 12,370 12,370 Total revenues $ 1,361,650 $ 557,397 $ 40,266 $ 42,677 $ 2,001,990 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 September 30, 2020 and December 31, 2019, we had $41.9 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 September 30, 2020 and December 31, 2019, we had $3.0 million and $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.

Receivables and Allowance for D

Receivables and Allowance for Doubtful Accounts(Notes)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 was $8.5 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) September 30, 2020 December 31, 2019 Installment sales receivables $ 57,939 $ 56,370 Trade and notes receivables 25,448 33,354 Total receivables 83,387 89,724 Less allowance for doubtful accounts (7,916) (5,601) Total receivables, net of allowance for doubtful accounts $ 75,471 $ 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 $0.9 million and $1.5 million at September 30, 2020 and December 31, 2019, respectively. The allowance for doubtful accounts related to installment sales receivable was $7.0 million and $4.1 million at September 30, 2020 and December 31, 2019, respectively. Changes in our allowance for doubtful accounts are as follows: (In thousands) September 30, 2020 Beginning allowance for doubtful accounts $ 5,601 Bad debt expense (1) 10,959 Accounts written off (9,141) Recoveries 497 Ending allowance for doubtful accounts $ 7,916 (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)	9 Months Ended
	Sep. 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 a lease 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 containers 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 Nine Months Ended (in thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Operating lease cost included in other store expenses (1) $ 34,682 $ 36,441 $ 106,559 $ 111,226 Operating lease cost included in other charges 121 2,933 1,081 10,185 Sublease receipts (2,180) (2,065) (6,641) (5,559) Total operating lease charges $ 32,623 $ 37,309 $ 100,999 $ 115,852 (1) Includes short-term lease costs, which are not significant. Supplemental cash flow information related to leases: Nine Months Ended (in thousands) September 30, 2020 September 30, 2019 Cash paid for amounts included in measurement of operating lease liabilities $ 85,794 $ 91,235 Cash paid for short-term operating leases not included in operating lease liabilities 17,466 21,247 Right-of-use assets obtained in exchange for new operating lease liabilities 74,095 36,371 Weighted-average discount rate and weighted-average remaining lease term: (in thousands) September 30, 2020 December 31, 2019 Weighted-average discount rate (1) 7.0 % 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 September 30, 2020: (In thousands) Operating Leases 2020 $ 29,607 2021 101,986 2022 73,861 2023 48,490 2024 31,687 Thereafter 34,289 Total undiscounted operating lease liabilities 319,920 Less: Interest (36,136) Total present value of operating lease liabilities $ 283,784 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 September 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 $0.8 million for the nine-months ended September 30, 2020 in our condensed consolidated statement of operations.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 11.4% for the nine months ended September 30, 2020, compared to 17.2% 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)	9 Months Ended
	Sep. 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 $198.0 million at September 30, 2020. We had no amounts outstanding under our ABL Credit Agreement at September 30, 2020 and had $209.3 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 September 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 $5.7 million and $1.7 million, respectively. We also utilize the ABL Credit Facility for the issuance of letters of credit. As of September 30, 2020, we have issued letters of credit in the aggregate outstanding amount of $90.7 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 September 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 September 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 September 30, 2020 was 0.375%. We paid $0.6 million of commitment fees during the third 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 September 30, 2020 was 1.58 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 September 30, 2020 for each of the years ending December 31: (in thousands) Term Loan ABL Credit Facility Total 2020 $ 500 $ — $ 500 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 $ 198,000 $ — $ 198,000

Fair Value (Notes)

Fair Value (Notes)	9 Months Ended
	Sep. 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 September 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)	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Other Charges	Other Charges Store Consolidations. During the first nine months of 2020, we closed 25 Rent-A-Center Business stores, resulting in pre-tax charges of $1.2 million in other miscellaneous shutdown and holding costs, $0.4 million in lease impairment charges, and $0.1 million in disposal of fixed assets. During the first nine months of 2019, we closed 83 Rent-A-Center Business stores, resulting in pre-tax charges of $3.1 million in lease impairment, $1.7 million in other miscellaneous shutdown and holding costs, $0.8 million in disposal of fixed assets, and $0.4 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 nine months ended September 30, 2020 consisting of $1.1 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 nine months of 2019 related to these initiatives included pre-tax charges of $4.7 million in lease impairment charges, $2.8 million in severance and other payroll-related costs, $2.2 million in other miscellaneous shutdown and holding 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 nine months of 2020, we incurred approximately $1.0 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 $0.8 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 $0.7 million of inventory write-offs and $0.1 million in disposal of fixed assets during the first nine months of 2020. Activity with respect to other charges for the nine months ended September 30, 2020 is summarized in the below table: (in thousands) Accrued Charges at December 31, 2019 Charges & Adjustments Payments & Adjustments Accrued Charges at September 30, 2020 Cash charges: Labor costs $ 738 $ 1,610 $ (1,450) $ 898 Lease obligations (1) — (645) 645 — Shutdown and holding costs — 1,573 (1,573) — Total cash charges $ 738 2,538 $ (2,378) $ 898 Non-cash charges: Rental merchandise losses (2) 721 Asset impairments (3) 1,376 Other (4) 3,133 Total other charges $ 7,768 (1) Includes lease abatement credits related to renegotiated lease agreements in response to COVID-19. (2) Reflects losses due to looting. (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 looting, as well as a write-down of capitalized software in the first nine months of 2020. (4) Other primarily includes legal settlement reserves, state tax audit assessment reserves, expenses related to COVID-19, partially offset by proceeds received from the sale of a class action claim and insurance proceeds related to Hurricane Maria in 2017.

Segment Information (Notes)

Segment Information (Notes)	9 Months Ended
	Sep. 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 and nine months ended September 30, 2020 and 2019 is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Revenues Rent-A-Center Business $ 474,223 $ 436,497 $ 1,388,380 $ 1,361,650 Preferred Lease 201,659 184,486 609,029 557,397 Mexico 12,159 13,370 36,316 40,266 Franchising 23,974 15,018 63,975 42,677 Total revenues $ 712,015 $ 649,371 $ 2,097,700 $ 2,001,990 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Gross profit Rent-A-Center Business $ 332,742 $ 306,881 $ 966,347 $ 945,392 Preferred Lease 78,727 80,113 238,433 246,821 Mexico 8,655 9,286 25,615 27,966 Franchising 4,904 3,716 14,343 12,754 Total gross profit $ 425,028 $ 399,996 $ 1,244,738 $ 1,232,933 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Operating profit Rent-A-Center Business $ 99,950 $ 52,175 $ 253,025 $ 170,411 Preferred Lease 16,073 21,830 40,528 66,077 Mexico 1,724 1,213 3,743 3,906 Franchising 3,146 1,135 8,694 4,716 Total segments 120,893 76,353 305,990 245,110 Corporate (40,706) (37,506) (123,293) (59,085) Total operating profit $ 80,187 $ 38,847 $ 182,697 $ 186,025 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Depreciation and amortization Rent-A-Center Business $ 4,926 $ 5,037 $ 14,759 $ 15,619 Preferred Lease 541 379 1,542 1,040 Mexico 104 82 292 317 Franchising 15 3 28 42 Total segments 5,586 5,501 16,621 17,018 Corporate 8,224 9,393 26,450 28,770 Total depreciation and amortization $ 13,810 $ 14,894 $ 43,071 $ 45,788 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Capital expenditures Rent-A-Center Business $ 5,721 $ 4,129 $ 10,205 $ 5,594 Preferred Lease 20 24 106 125 Mexico 116 35 205 65 Total segments 5,857 4,188 10,516 5,784 Corporate 1,950 2,734 12,041 6,226 Total capital expenditures $ 7,807 $ 6,922 $ 22,557 $ 12,010 (in thousands) September 30, 2020 December 31, 2019 On rent rental merchandise, net Rent-A-Center Business $ 417,212 $ 411,482 Preferred Lease 249,266 268,845 Mexico 14,477 16,943 Total on rent rental merchandise, net $ 680,955 $ 697,270 (in thousands) September 30, 2020 December 31, 2019 Held for rent rental merchandise, net Rent-A-Center Business $ 112,176 $ 131,086 Preferred Lease 1,969 1,254 Mexico 5,758 6,078 Total held for rent rental merchandise, net $ 119,903 $ 138,418 (in thousands) September 30, 2020 December 31, 2019 Assets by segment Rent-A-Center Business $ 916,894 $ 953,151 Preferred Lease 337,752 357,859 Mexico 33,957 33,707 Franchising 12,044 11,095 Total segments 1,300,647 1,355,812 Corporate 366,918 226,986 Total assets $ 1,667,565 $ 1,582,798

Stock-Based Compensation (Notes

Stock-Based Compensation (Notes)	9 Months Ended
	Sep. 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. During the nine months ended September 30, 2020, the Company repurchased 1,463,377 shares of our common stock for an aggregate purchase price of $26.6 million, which includes shares having aggregate purchase price of $10.0 million that were purchased under a former repurchase program that was previously authorized by our Board of Directors. No shares were repurchased during the nine months ended September 30, 2019. Under the March 2020 authorization, $58.4 million remains available for repurchases in the open market and privately negotiated transactions. We recognized $3.0 million and $2.0 million in compensation expense related to stock options and restricted stock units during the three months ended September 30, 2020 and 2019, respectively, and $8.9 million and $4.6 million during the nine months ended September 30, 2020 and 2019, respectively. During the nine months ended September 30, 2020, we granted approximately 390,000 stock options, 400,000 market-based performance restricted stock units and 192,000 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 54.72%, a risk-free interest rate of 0.22% 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 nine months ended September 30, 2020 was $24.47 and the weighted-average grant-date fair value was $6.94. 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 nine months ended September 30, 2020 was $29.05 and $25.06, respectively.

Contingencies (Notes)

Contingencies (Notes)	9 Months Ended
	Sep. 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. Nevertheless, we cannot predict the impact of future developments affecting our claims and lawsuits, and any resolution of a claim or lawsuit or reserve within a particular fiscal period may materially and adversely impact our results of operations for that period. 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. After several rounds of negotiations, in September 2020, the CAG proposed revised terms. In both cases, 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

Earnings Per Common Share (Note

Earnings Per Common Share (Notes)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Numerator: Net earnings $ 64,030 $ 31,277 $ 151,815 $ 133,055 Denominator: Weighted-average shares outstanding 53,985 54,487 54,186 54,190 Effect of dilutive stock awards 1,621 1,571 1,476 1,563 Weighted-average dilutive shares 55,606 56,058 55,662 55,753 Basic earnings per common share $ 1.19 $ 0.57 $ 2.80 $ 2.46 Diluted earnings per common share $ 1.15 $ 0.56 $ 2.73 $ 2.39 Anti-dilutive securities excluded from diluted loss per common share: Anti-dilutive performance share units — 260 324 260 Anti-dilutive stock options 907 974 1,238 1,047

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 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.
Newly adopted accounting pronouncements [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 nine months ended September 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 nine months ended September 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. Following our adoption of this ASU, deferred implementation costs related to cloud computing arrangements are recorded to prepaid expenses and other assets in our condensed consolidated balance sheet and subsequently amortized to other store expenses in our condensed consolidated statement of operations. Impacts to our financial statements resulting from the adoption of this ASU were immaterial to our financial statements for the nine months ended September 30, 2020.

Acquisitions Acquisitions (Tabl

Acquisitions Acquisitions (Tables)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2020
Revenues [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table disaggregates our revenue for the periods ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 Rent-A-Center Business Preferred Lease Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 414,798 $ 153,306 $ 11,469 $ — $ 579,573 Merchandise sales 42,459 48,096 678 — 91,233 Installment sales 16,580 — — — 16,580 Other 386 257 12 189 844 Total store revenues 474,223 201,659 12,159 189 688,230 Franchise Merchandise sales — — — 19,069 19,069 Royalty income and fees — — — 4,716 4,716 Total revenues $ 474,223 $ 201,659 $ 12,159 $ 23,974 $ 712,015 Nine Months Ended September 30, 2020 Rent-A-Center Business Preferred Lease Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 1,193,301 $ 454,744 $ 34,265 $ — $ 1,682,310 Merchandise sales 144,887 153,774 2,032 — 300,693 Installment sales 48,970 — — — 48,970 Other 1,222 511 19 589 2,341 Total store revenues 1,388,380 609,029 36,316 589 2,034,314 Franchise Merchandise sales — — — 49,553 49,553 Royalty income and fees — — — 13,833 13,833 Total revenues $ 1,388,380 $ 609,029 $ 36,316 $ 63,975 $ 2,097,700 Three Months Ended September 30, 2019 Rent-A-Center Business Preferred Lease Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 389,421 $ 148,711 $ 12,663 $ — $ 550,795 Merchandise sales 29,185 35,667 700 — 65,552 Installment sales 16,952 — — — 16,952 Other 939 108 7 — 1,054 Total store revenues 436,497 184,486 13,370 — 634,353 Franchise Merchandise sales — — — 11,178 11,178 Royalty income and fees — — — 3,840 3,840 Total revenues $ 436,497 $ 184,486 $ 13,370 $ 15,018 $ 649,371 Nine Months Ended September 30, 2019 Rent-A-Center Business Preferred Lease Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 1,196,800 $ 431,008 $ 38,021 $ — $ 1,665,829 Merchandise sales 112,678 125,963 2,223 — 240,864 Installment sales 49,658 — — — 49,658 Other 2,514 426 22 — 2,962 Total store revenues 1,361,650 557,397 40,266 — 1,959,313 Franchise Merchandise sales — — — 30,307 30,307 Royalty income and fees — — — 12,370 12,370 Total revenues $ 1,361,650 $ 557,397 $ 40,266 $ 42,677 $ 2,001,990

Receivables and Allowance for_2

Receivables and Allowance for Doubtful Accounts (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables and Allowance for Doubtful Accounts [Abstract]
Receivables [Table Text Block]	Receivables consist of the following: (In thousands) September 30, 2020 December 31, 2019 Installment sales receivables $ 57,939 $ 56,370 Trade and notes receivables 25,448 33,354 Total receivables 83,387 89,724 Less allowance for doubtful accounts (7,916) (5,601) Total receivables, net of allowance for doubtful accounts $ 75,471 $ 84,123
Changes in allowance for doubtful accounts [Table Text Block]	Changes in our allowance for doubtful accounts are as follows: (In thousands) September 30, 2020 Beginning allowance for doubtful accounts $ 5,601 Bad debt expense (1) 10,959 Accounts written off (9,141) Recoveries 497 Ending allowance for doubtful accounts $ 7,916 (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)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Operating lease costs [Table Text Block]	Total operating lease costs by expense type: Three Months Ended Nine Months Ended (in thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Operating lease cost included in other store expenses (1) $ 34,682 $ 36,441 $ 106,559 $ 111,226 Operating lease cost included in other charges 121 2,933 1,081 10,185 Sublease receipts (2,180) (2,065) (6,641) (5,559) Total operating lease charges $ 32,623 $ 37,309 $ 100,999 $ 115,852 (1) Includes short-term lease costs, which are not significant. Supplemental cash flow information related to leases: Nine Months Ended (in thousands) September 30, 2020 September 30, 2019 Cash paid for amounts included in measurement of operating lease liabilities $ 85,794 $ 91,235 Cash paid for short-term operating leases not included in operating lease liabilities 17,466 21,247 Right-of-use assets obtained in exchange for new operating lease liabilities 74,095 36,371 Weighted-average discount rate and weighted-average remaining lease term: (in thousands) September 30, 2020 December 31, 2019 Weighted-average discount rate (1) 7.0 % 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 September 30, 2020: (In thousands) Operating Leases 2020 $ 29,607 2021 101,986 2022 73,861 2023 48,490 2024 31,687 Thereafter 34,289 Total undiscounted operating lease liabilities 319,920 Less: Interest (36,136) Total present value of operating lease liabilities $ 283,784

Senior debt (Tables)

Senior debt (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 for each of the years ending December 31: (in thousands) Term Loan ABL Credit Facility Total 2020 $ 500 $ — $ 500 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 $ 198,000 $ — $ 198,000

Other Charges (Tables)

Other Charges (Tables)	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Other Charges [Table Text Block]	Activity with respect to other charges for the nine months ended September 30, 2020 is summarized in the below table: (in thousands) Accrued Charges at December 31, 2019 Charges & Adjustments Payments & Adjustments Accrued Charges at September 30, 2020 Cash charges: Labor costs $ 738 $ 1,610 $ (1,450) $ 898 Lease obligations (1) — (645) 645 — Shutdown and holding costs — 1,573 (1,573) — Total cash charges $ 738 2,538 $ (2,378) $ 898 Non-cash charges: Rental merchandise losses (2) 721 Asset impairments (3) 1,376 Other (4) 3,133 Total other charges $ 7,768 (1) Includes lease abatement credits related to renegotiated lease agreements in response to COVID-19. (2) Reflects losses due to looting. (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 looting, as well as a write-down of capitalized software in the first nine months of 2020. (4) Other primarily includes legal settlement reserves, state tax audit assessment reserves, expenses related to COVID-19, partially offset by proceeds received from the sale of a class action claim and insurance proceeds related to Hurricane Maria in 2017.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Information [Abstract]
Segment Information	Segment information for the three and nine months ended September 30, 2020 and 2019 is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Revenues Rent-A-Center Business $ 474,223 $ 436,497 $ 1,388,380 $ 1,361,650 Preferred Lease 201,659 184,486 609,029 557,397 Mexico 12,159 13,370 36,316 40,266 Franchising 23,974 15,018 63,975 42,677 Total revenues $ 712,015 $ 649,371 $ 2,097,700 $ 2,001,990 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Gross profit Rent-A-Center Business $ 332,742 $ 306,881 $ 966,347 $ 945,392 Preferred Lease 78,727 80,113 238,433 246,821 Mexico 8,655 9,286 25,615 27,966 Franchising 4,904 3,716 14,343 12,754 Total gross profit $ 425,028 $ 399,996 $ 1,244,738 $ 1,232,933 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Operating profit Rent-A-Center Business $ 99,950 $ 52,175 $ 253,025 $ 170,411 Preferred Lease 16,073 21,830 40,528 66,077 Mexico 1,724 1,213 3,743 3,906 Franchising 3,146 1,135 8,694 4,716 Total segments 120,893 76,353 305,990 245,110 Corporate (40,706) (37,506) (123,293) (59,085) Total operating profit $ 80,187 $ 38,847 $ 182,697 $ 186,025 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Depreciation and amortization Rent-A-Center Business $ 4,926 $ 5,037 $ 14,759 $ 15,619 Preferred Lease 541 379 1,542 1,040 Mexico 104 82 292 317 Franchising 15 3 28 42 Total segments 5,586 5,501 16,621 17,018 Corporate 8,224 9,393 26,450 28,770 Total depreciation and amortization $ 13,810 $ 14,894 $ 43,071 $ 45,788 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Capital expenditures Rent-A-Center Business $ 5,721 $ 4,129 $ 10,205 $ 5,594 Preferred Lease 20 24 106 125 Mexico 116 35 205 65 Total segments 5,857 4,188 10,516 5,784 Corporate 1,950 2,734 12,041 6,226 Total capital expenditures $ 7,807 $ 6,922 $ 22,557 $ 12,010 (in thousands) September 30, 2020 December 31, 2019 On rent rental merchandise, net Rent-A-Center Business $ 417,212 $ 411,482 Preferred Lease 249,266 268,845 Mexico 14,477 16,943 Total on rent rental merchandise, net $ 680,955 $ 697,270 (in thousands) September 30, 2020 December 31, 2019 Held for rent rental merchandise, net Rent-A-Center Business $ 112,176 $ 131,086 Preferred Lease 1,969 1,254 Mexico 5,758 6,078 Total held for rent rental merchandise, net $ 119,903 $ 138,418 (in thousands) September 30, 2020 December 31, 2019 Assets by segment Rent-A-Center Business $ 916,894 $ 953,151 Preferred Lease 337,752 357,859 Mexico 33,957 33,707 Franchising 12,044 11,095 Total segments 1,300,647 1,355,812 Corporate 366,918 226,986 Total assets $ 1,667,565 $ 1,582,798

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Numerator: Net earnings $ 64,030 $ 31,277 $ 151,815 $ 133,055 Denominator: Weighted-average shares outstanding 53,985 54,487 54,186 54,190 Effect of dilutive stock awards 1,621 1,571 1,476 1,563 Weighted-average dilutive shares 55,606 56,058 55,662 55,753 Basic earnings per common share $ 1.19 $ 0.57 $ 2.80 $ 2.46 Diluted earnings per common share $ 1.15 $ 0.56 $ 2.73 $ 2.39 Anti-dilutive securities excluded from diluted loss per common share: Anti-dilutive performance share units — 260 324 260 Anti-dilutive stock options 907 974 1,238 1,047

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	Oct. 05, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	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		$ 70,217
Description of goodwill recognized						consists of the excess of the net purchase price over the fair value of the net assets acquired
Proceeds from Sale of Property, Plant, and Equipment				196	$ 16,922
Royalty income and fees		4,716	$ 3,840	13,833	$ 12,370
On rent		680,955		680,955		$ 697,270
Property, Plant and Equipment, Net		$ 145,298		$ 145,298		$ 166,138
Subsequent Event [Member]
Business Acquisition [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	$ 16,000
On rent	31,100
Property, Plant and Equipment, Net	$ 800
Subsequent Event, Date	Oct. 5, 2020
Subsequent Event, Description	asset purchase agreement to sell all 99 Rent-A-Center Business corporate stores in the state of California to an experienced franchisee
Subsequent Event [Member] | Franchise fees [Member]
Business Acquisition [Line Items]
Royalty income and fees	$ 1,000
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Rentals and fees	$ 579,573	$ 550,795	$ 1,682,310	$ 1,665,829
Merchandise sales	91,233	65,552	300,693	240,864
Installment sales	16,580	16,952	48,970	49,658
Other	844	1,054	2,341	2,962
Total store revenues	688,230	634,353	2,034,314	1,959,313
Merchandise sales	19,069	11,178	49,553	30,307
Royalty income and fees	4,716	3,840	13,833	12,370
Total revenues	712,015	649,371	2,097,700	2,001,990
Franchise fees [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	4,200		4,200		$ 4,500
Other product plans [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	3,000		3,000		2,900
Rental purchase agreements [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	41,900		41,900		$ 39,900
Rent-A-Center Business [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	414,798	389,421	1,193,301	1,196,800
Merchandise sales	42,459	29,185	144,887	112,678
Installment sales	16,580	16,952	48,970	49,658
Other	386	939	1,222	2,514
Total store revenues	474,223	436,497	1,388,380	1,361,650
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	474,223	436,497	1,388,380	1,361,650
Preferred Lease [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	153,306	148,711	454,744	431,008
Merchandise sales	48,096	35,667	153,774	125,963
Installment sales	0	0	0	0
Other	257	108	511	426
Total store revenues	201,659	184,486	609,029	557,397
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	201,659	184,486	609,029	557,397
Mexico [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	11,469	12,663	34,265	38,021
Merchandise sales	678	700	2,032	2,223
Installment sales	0	0	0	0
Other	12	7	19	22
Total store revenues	12,159	13,370	36,316	40,266
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	12,159	13,370	36,316	40,266
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	589	0
Total store revenues	189	0	589	0
Merchandise sales	19,069	11,178	49,553	30,307
Royalty income and fees	4,716	3,840	13,833	12,370
Total revenues	$ 23,974	$ 15,018	$ 63,975	$ 42,677

Receivables and Allowance for_3

Receivables and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Receivables [Line Items]
Interest paid on installment agreements	$ 8,500
Accounts Receivable, before Allowance for Credit Loss	83,387	$ 89,724
Receivables, net of allowance for doubtful accounts of $7,916 and $5,601 in 2020 and 2019, respectively	75,471	84,123
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	7,916	5,601
Bad debt expense	10,959
Accounts written off	(9,141)
Recoveries	497
Installment sales receivable [Member]
Receivables [Line Items]
Accounts Receivable, before Allowance for Credit Loss	57,939	56,370
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	7,000	4,100
Trade and notes receivables [Member]
Receivables [Line Items]
Accounts Receivable, before Allowance for Credit Loss	25,448	33,354
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	$ 900	$ 1,500

Leases Leases (Details)

Leases Leases (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)store	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)store	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating lease charges	$ 32,623	$ 37,309	$ 100,999	$ 115,852
Sublease receipts	$ (2,180)	(2,065)	(6,641)	(5,559)
Cash paid for amounts included in measurement of operating lease liabilities			85,794	91,235
Cash paid for short-term operating leases not included in operating lease liabilities			17,466	21,247
Right-of-use assets obtained in exchange for new operating lease liabilities			$ 74,095	36,371
Weighted-average discount rate	7.00%		7.00%		7.70%
Weighted average remaining lease term (in years)	4 years		4 years		4 years
2020	$ 29,607		$ 29,607
2021	101,986		101,986
2022	73,861		73,861
2023	48,490		48,490
2024	31,687		31,687
Thereafter	34,289		34,289
Total undiscounted operating lease liabilities	319,920		319,920
Less: Interest	(36,136)		(36,136)
Operating lease liabilities	$ 283,784		$ 283,784		$ 285,041
Operating lease, number of units | store	500		500
Payments for Rent			$ 800
Abatement [Member]
Lessee, Lease, Description [Line Items]
Payments for Rent			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	$ 34,682	36,441	106,559	111,226
Other charges [Member]
Lessee, Lease, Description [Line Items]
Operating lease charges	$ 121	$ 2,933	$ 1,081	$ 10,185

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	11.40%	17.20%

Senior Debt (Details)

Senior Debt (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Aug. 05, 2019
Debt Instrument [Line Items]
Senior debt, net	$ 198,000,000
Original issue discount		$ 2,000,000
Debt issuance costs		$ 6,300,000
Letters of credit, amount outstanding	$ 90,700,000
Actual fixed charge coverage ratio	1.58
2020	$ 500,000
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	5,700,000
Term loan credit [Member]
Debt Instrument [Line Items]
Senior debt, net	$ 198,000,000
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	$ 500,000
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
ABL Credit Facility amount available	$ 209,300,000
Maturity date	Aug. 5, 2024
Line of credit commitment fee percentage	0.375%
Line of credit commitment fee	$ 600,000
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		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)store	Sep. 30, 2019USD ($)store	Dec. 31, 2019USD ($)
Restructuring Cost and Reserve [Line Items]
Payments for Rent			$ 800
Accrued Charges	$ 898		898		$ 738
Charges & Adjustments			2,538
Payments & Adjustments			(2,378)
Rental merchandise losses			721
Asset impairments			1,376
Other (gains) and charges	(1,856)	$ 2,859	7,768	$ (41,308)
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Accrued Charges	898		898		738
Charges & Adjustments			1,610
Payments & Adjustments			(1,450)
Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Accrued Charges	0		0		0
Charges & Adjustments			(645)
Credits			645
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Accrued Charges	$ 0		0		$ 0
Charges & Adjustments			1,573
Payments & Adjustments			(1,573)
Abatement [Member]
Restructuring Cost and Reserve [Line Items]
Payments for Rent			2,300
Non-Cash Charges [Member]
Restructuring Cost and Reserve [Line Items]
Other			3,133
Store Consolidation Plan [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments				400
Store Consolidation Plan [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments			400	3,100
Store Consolidation Plan [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments			1,200	1,700
Store Consolidation Plan [Member] | Disposal of fixed assets [Member]
Restructuring Cost and Reserve [Line Items]
Disposal of fixed assets			$ 100	$ 800
Store Consolidation Plan [Member] | Rent-A-Center Business [Member]
Restructuring Cost and Reserve [Line Items]
Stores closed | store			25	83
Cost Savings Initiative [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments			$ 1,100	$ 2,800
Cost Savings Initiative [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments			400	4,700
Cost Savings Initiative [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments			400	2,200
Cost Savings Initiative [Member] | Disposal of fixed assets [Member]
Restructuring Cost and Reserve [Line Items]
Disposal of fixed assets				$ 400
COVID-19 Pandemic [Member]
Restructuring Cost and Reserve [Line Items]
Other			1,000
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			800
Social Unrest [Member]
Restructuring Cost and Reserve [Line Items]
Rental merchandise losses			700
Social Unrest [Member] | Disposal of fixed assets [Member]
Restructuring Cost and Reserve [Line Items]
Disposal of fixed assets			$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 712,015	$ 649,371	$ 2,097,700	$ 2,001,990
Gross profit	425,028	399,996	1,244,738	1,232,933
Operating profit	80,187	38,847	182,697	186,025
Depreciation and amortization	13,810	14,894	43,071	45,788
Capital expenditures	7,807	6,922	22,557	12,010
On rent	680,955		680,955		$ 697,270
Rental merchandise held for rent, net	119,903		119,903		138,418
Assets	1,667,565		1,667,565		1,582,798
Rent-A-Center Business [Member]
Segment Reporting Information [Line Items]
Total revenues	474,223	436,497	1,388,380	1,361,650
Gross profit	332,742	306,881	966,347	945,392
Operating profit	99,950	52,175	253,025	170,411
Depreciation and amortization	4,926	5,037	14,759	15,619
Capital expenditures	5,721	4,129	10,205	5,594
On rent	417,212		417,212		411,482
Rental merchandise held for rent, net	112,176		112,176		131,086
Assets	916,894		916,894		953,151
Preferred Lease [Member]
Segment Reporting Information [Line Items]
Total revenues	201,659	184,486	609,029	557,397
Gross profit	78,727	80,113	238,433	246,821
Operating profit	16,073	21,830	40,528	66,077
Depreciation and amortization	541	379	1,542	1,040
Capital expenditures	20	24	106	125
On rent	249,266		249,266		268,845
Rental merchandise held for rent, net	1,969		1,969		1,254
Assets	337,752		337,752		357,859
Mexico [Member]
Segment Reporting Information [Line Items]
Total revenues	12,159	13,370	36,316	40,266
Gross profit	8,655	9,286	25,615	27,966
Operating profit	1,724	1,213	3,743	3,906
Depreciation and amortization	104	82	292	317
Capital expenditures	116	35	205	65
On rent	14,477		14,477		16,943
Rental merchandise held for rent, net	5,758		5,758		6,078
Assets	33,957		33,957		33,707
Franchising [Member]
Segment Reporting Information [Line Items]
Total revenues	23,974	15,018	63,975	42,677
Gross profit	4,904	3,716	14,343	12,754
Operating profit	3,146	1,135	8,694	4,716
Depreciation and amortization	15	3	28	42
Assets	12,044		12,044		11,095
Total Segments [Member]
Segment Reporting Information [Line Items]
Operating profit	120,893	76,353	305,990	245,110
Depreciation and amortization	5,586	5,501	16,621	17,018
Capital expenditures	5,857	4,188	10,516	5,784
Assets	1,300,647		1,300,647		1,355,812
Corporate [Member]
Segment Reporting Information [Line Items]
Operating profit	(40,706)	(37,506)	(123,293)	(59,085)
Depreciation and amortization	8,224	9,393	26,450	28,770
Capital expenditures	1,950	$ 2,734	12,041	$ 6,226
Assets	$ 366,918		$ 366,918		$ 226,986

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Authorized Amount	$ 75,000			$ 75,000
Treasury Stock, Shares, Acquired				1,463,377	0
Purchase of treasury stock	61	$ 26,525		$ 26,600
Stock Repurchased During Period, Value				10,000
Remaining Authorized Repurchase Amount	58,400			58,400
Stock-based compensation expense	$ 3,000		$ 2,000	$ 8,889	$ 4,644
Stock options granted				390,000
Performance-based restricted stock units granted				400,000
Time-vesting restricted stock units granted				192,000
Expected volatility rate, minimum				45.62%
Expected volatility rate, maximum				54.72%
Risk free interest rate, minimum				0.22%
Risk free interest rate, maximum				1.72%
Weighted average exercise price of options granted				$ 24.47
Weighted average grant date fair value of options granted				$ 6.94
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				$ 29.05
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				$ 25.06

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						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Common Share
Net earnings	$ 64,030	$ 38,493	$ 49,292	$ 31,277	$ 94,455	$ 7,323	$ 151,815	$ 133,055
Weighted-average shares outstanding	53,985			54,487			54,186	54,190
Effect of dilutive stock awards	1,621			1,571			1,476	1,563
Weighted-average dilutive shares	55,606			56,058			55,662	55,753
Basic earnings per common share	$ 1.19			$ 0.57			$ 2.80	$ 2.46
Diluted earnings per common share	$ 1.15			$ 0.56			$ 2.73	$ 2.39
Retained Earnings [Member]
Earnings Per Common Share
Net earnings	$ 64,030	$ 38,493	$ 49,292	$ 31,277	$ 94,455	$ 7,323	$ 151,815	$ 133,055
Performance-based restricted stock units [Member]
Earnings Per Common Share
Anti-dilutive securities	0			260			324	260
Stock options [Member]
Earnings Per Common Share
Anti-dilutive securities	907			974			1,238	1,047