0001808834-21-000047 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2021	Apr. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-39628
Entity Registrant Name	PROG HOLDINGS, INC.
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	85-2484385
Entity Address, Address Line One	256 W. Data Drive
Entity Address, Address Line Two
Entity Address, City or Town	Draper,
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84020-2315
City Area Code	385
Local Phone Number	351-1369
Title of 12(b) Security	Common Stock, $0.50 Par Value
Trading Symbol	PRG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		67,349,696
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001808834
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS:
Cash and Cash Equivalents	$ 151,151	$ 36,645
Accounts Receivable (net of allowances of $47,757 in 2021 and $56,364 in 2020)	53,996	61,254
Lease Merchandise (net of accumulated depreciation and allowances of $376,517 in 2021 and $409,307 in 2020)	574,581	610,263
Loans Receivable (net of allowances and unamortized fees of $56,499 in 2021 and $52,274 in 2020)	91,368	79,148
Property, Plant and Equipment, Net	26,144	26,705
Operating Lease Right-of-Use Assets	19,691	20,613
Goodwill	288,801	288,801
Other Intangibles, Net	149,000	154,421
Prepaid Expenses and Other Assets	44,066	39,554
Total Assets	1,398,798	1,317,404
LIABILITIES & SHAREHOLDERS’ EQUITY:
Accounts Payable and Accrued Expenses	105,146	78,249
Deferred Income Tax Liability	132,467	126,938
Customer Deposits and Advance Payments	45,806	46,565
Operating Lease Liabilities	28,423	29,516
Debt	50,000	50,000
Total Liabilities	361,842	331,268
Commitments and Contingencies (Note 5)
SHAREHOLDERS' EQUITY:
Common Stock, Par Value $0.50 Per Share: Authorized: 225,000,000 Shares at March 31, 2021 and December 31, 2020; Shares Issued: 90,752,123 at March 31, 2021 and December 31, 2020	45,376	45,376
Additional Paid-in Capital	314,026	318,263
Retained Earnings	1,315,866	1,236,378
Stockholders' Equity before Treasury Stock, Total	1,675,268	1,600,017
Less: Treasury Shares at Cost
Common Stock: 23,402,427 Shares at March 31, 2021 and 23,029,434 at December 31, 2020	(638,312)	(613,881)
Total Shareholders’ Equity	1,036,956	986,136
Total Liabilities & Shareholders’ Equity	$ 1,398,798	$ 1,317,404

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 47,757	$ 56,364
Lease Merchandise, accumulated depreciation and allowances	376,517	409,307
Loans Receivable, allowances and unamortized fees	$ 56,499	$ 52,274
Common Stock, Par Value (in dollars per share)	$ 0.50	$ 0.50
Common Stock, Shares Authorized (in shares)	225,000,000	225,000,000
Common Stock, Shares Issued (in shares)	90,752,123	90,752,123
Treasury Shares (in shares)	23,402,427	23,029,434

Condensed Consolidated Statements of Earnings (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES:
Revenues	$ 721,001	$ 668,442
Interest and Fees on Loans Receivable	13,019	9,908
COSTS AND EXPENSES:
Depreciation of Lease Merchandise	505,057	463,919
Provision for Lease Merchandise Write-offs	18,640	55,714
Operating Expenses	91,196	98,984
COSTS AND EXPENSES	614,893	618,617
OPERATING PROFIT	106,108	49,825
Interest Expense	(512)	0
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAX	105,596	49,825
INCOME TAX EXPENSE (BENEFIT)	26,108	(7,857)
NET EARNINGS FROM CONTINUING OPERATIONS	79,488	57,682
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX	0	(337,687)
Net Earnings (Loss)	$ 79,488	$ (280,005)
BASIC EARNINGS (LOSS) PER SHARE
Continuing Operations (in dollars per share)	$ 1.17	$ 0.86
Discontinued Operations (in dollars per share)	0	(5.05)
Total Basis Earnings (Loss) Per Share (in dollars per share)	1.17	(4.19)
DILUTED EARNINGS (LOSS) PER SHARE
Continuing Operations (in dollars per share)	1.16	0.85
Discontinued Operations (in dollars per share)	0	(4.98)
Total Diluted Earnings (Loss) Per Share (in dollars per share)	$ 1.16	$ (4.13)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	67,730	66,822
Assuming Dilution (in shares)	68,260	67,864
Lease Revenues and Fees
REVENUES:
Revenues	$ 707,982	$ 658,534

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Earnings (Loss)	$ 79,488	$ (280,005)
Other Comprehensive Loss:
Foreign Currency Translation Adjustment	0	(1,754)
Total Other Comprehensive Loss	0	(1,754)
Comprehensive Income (Loss)	$ 79,488	$ (281,759)

- Definition

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

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES:
Net Earnings (Loss)	$ 79,488	$ (280,005)
Adjustments to Reconcile Net Earnings (Loss) to Cash Provided by Operating Activities:
Depreciation of Lease Merchandise	505,057	597,407
Other Depreciation and Amortization	7,114	25,267
Provisions for Accounts Receivable and Loan Losses	42,964	97,804
Stock-Based Compensation	4,163	5,619
Deferred Income Taxes	5,529	(90,268)
Impairment of Goodwill and Other Assets	0	466,030
Non-Cash Lease Expense	229	26,895
Other Changes, Net	(179)	839
Changes in Operating Assets and Liabilities, Net of Effects of Acquisitions and Dispositions:
Additions to Lease Merchandise	(490,710)	(556,807)
Book Value of Lease Merchandise Sold or Disposed	21,335	114,762
Accounts Receivable	(29,238)	(68,420)
Prepaid Expenses and Other Assets	(4,422)	9,347
Income Tax Receivable	0	(44,137)
Operating Lease Right-of-Use Assets and Liabilities	(400)	(25,579)
Accounts Payable and Accrued Expenses	26,897	(43,584)
Customer Deposits and Advance Payments	(759)	(7,410)
Cash Provided by Operating Activities	167,068	227,760
INVESTING ACTIVITIES:
Investments in Loans Receivable	(48,720)	(21,997)
Proceeds from Loans Receivable	30,821	14,956
Outflows on Purchases of Property, Plant and Equipment	(1,844)	(23,587)
Proceeds from Property, Plant and Equipment	12	906
Outflows on Acquisitions of Businesses and Customer Agreements, Net of Cash Acquired	0	(855)
Cash Used in Investing Activities	(19,731)	(30,577)
FINANCING ACTIVITIES:
Borrowings on Revolving Facility, Net	0	300,000
Proceeds from Debt	0	5,625
Repayments on Debt	0	(392)
Dividends Paid	0	(2,668)
Acquisition of Treasury Stock	(28,102)	0
Issuance of Stock Under Stock Option Plans	282	528
Shares Withheld for Tax Payments	(5,011)	(5,877)
Debt Issuance Costs	0	(1,020)
Cash (Used in) Provided by Financing Activities	(32,831)	296,196
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	0	(117)
Increase in Cash and Cash Equivalents	114,506	493,262
Cash and Cash Equivalents at Beginning of Period	36,645	57,755
Cash and Cash Equivalents at End of Period	$ 151,151	$ 551,017

Basis and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis and Summary of Significant Accounting Policies

BASIS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

As described elsewhere in this Quarterly Report on Form 10-Q, the Coronavirus Disease ("COVID-19") pandemic has led to significant market disruption and has impacted many aspects of our operations, directly and indirectly. Throughout these notes to the condensed consolidated financial statements, the impacts of the COVID-19 pandemic on the financial results for the three months ended March 31, 2021 have been identified under the respective sections. For a discussion of significant estimates made by management regarding allowances for lease merchandise, accounts receivable, and loans receivable, as well as operational measures taken as a result of the COVID-19 pandemic, see Item 2. "Management’s Discussion and Analysis of Financial Condition and Results of Operations", including the "COVID-19 Pandemic," "Results of Operations", and "Liquidity and Capital Resources" below.

Description of Business

PROG Holdings, Inc. ("we," "our," "us," the "Company", or "PROG Holdings") is a financial technology holding company with two operating and reportable segments: (i) Progressive Leasing, a leading provider of in-store and e-commerce lease-to-own solutions; and (ii) Vive Financial ("Vive"), which offers omnichannel second-look revolving credit products.

On November 30, 2020, PROG Holdings, Inc. (previously Aaron's Holdings Company, Inc.) completed the separation of its Aaron's Business segment from its Progressive Leasing and Vive segments. The separation was effected through a tax-free distribution of all outstanding shares of common stock of The Aaron's Company, Inc. ("The Aaron's Company") to the PROG Holdings shareholders of record as of the close of business on November 27, 2020 (referred to as the "separation and distribution transaction"). All direct revenues and expenses of the Aaron's Business are presented as discontinued operations for all periods through the separation and distribution date of November 30, 2020. The cash flows related to the Aaron's Business have not been segregated and are included in the condensed consolidated statements of cash flows for the three months ended March 31, 2020. With the exception of Note 2, the notes to the condensed consolidated financial statements reflect the continuing operations of PROG Holdings. See Note 2 below for additional information regarding discontinued operations.

Our Progressive Leasing segment provides consumers with lease-purchase solutions through its point-of-sale partner locations and through its e-commerce website partners in the United States (collectively, "POS partners"). It does so by purchasing merchandise from the POS partners desired by customers and, in turn, leasing that merchandise to the customers through a cancellable lease-to-own transaction. Progressive Leasing has no stores of its own, but rather offers lease-purchase solutions to the customers of traditional and e-commerce retailers.

Our Vive segment primarily serves customers that may not qualify for traditional prime lending offers who desire to purchase goods and services from participating merchants. Vive offers customized programs, with services that include revolving loans through private label and Vive-branded credit cards. Vive's current network of POS partner locations and e-commerce websites includes furniture, mattresses, home exercise equipment, and home improvement retailers, as well as medical and dental service providers.

Basis of Presentation

The preparation of the Company's condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates.

The accompanying unaudited condensed consolidated financial statements do not include all information required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included in the accompanying unaudited condensed consolidated financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report") filed with the U.S. Securities and Exchange Commission on February 26, 2021. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of operating results for the full year.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of PROG Holdings, Inc. and its subsidiaries, each of which is wholly-owned. Intercompany balances and transactions between consolidated entities have been eliminated.

Accounting Policies and Estimates

See Note 1 to the consolidated financial statements in the 2020 Annual Report for an expanded discussion of accounting policies and estimates.

Earnings (Loss) Per Share

Earnings per share is computed by dividing net earnings (loss) by the weighted average number of shares of common stock outstanding during the period. The computation of earnings per share assuming dilution includes the dilutive effect of stock options, restricted stock units ("RSUs"), restricted stock awards ("RSAs") and performance share units ("PSUs") and awards issuable under the Company's employee stock purchase plan ("ESPP") (collectively, "share-based awards") as determined under the treasury stock method. The following table shows the calculation of dilutive share-based awards:


	Three Months Ended March 31,
(Shares In Thousands)	2021	2020
Weighted Average Shares Outstanding	67,730	66,822
Dilutive Effect of Share-Based Awards	530	1,042
Weighted Average Shares Outstanding Assuming Dilution	68,260	67,864

Approximately 289,000 and 919,000 weighted-average share-based awards were excluded from the computation of earnings per share assuming dilution during the three months ended March 31, 2021 and 2020, respectively, as the awards would have been anti-dilutive for the periods presented.

Revenue Recognition

Lease Revenues and Fees

Our Progressive Leasing segment provides merchandise, consisting primarily of furniture, appliances, electronics, jewelry, mobile phones and accessories, mattresses, automobile electronics and accessories, and a variety of other products to its customers for lease under terms agreed to by the customer. Progressive Leasing offers customers of traditional and e-commerce retailers a lease-purchase solution through leases with payment terms that can generally be renewed up to 12 months. Progressive Leasing does not require deposits upon inception of customer agreements. The customer has the right to acquire ownership either through early buyout options or through payment of all required lease payments. The agreements are cancellable at any time by either party without penalty.

Progressive Leasing's lease revenues are earned prior to the lease payment due date and are recorded net of related sales taxes as earned. Payment due date terms include weekly, bi-weekly, semi-monthly and monthly frequencies. Revenue recorded prior to the payment due date results in unbilled receivables recognized in accounts receivable, net of allowances in the accompanying condensed consolidated balance sheets. Progressive Leasing lease revenues are recorded net of a provision for returns and uncollectible renewal payments.

All of Progressive Leasing's customer agreements are considered operating leases. It maintains ownership of the lease merchandise until all payment obligations are satisfied under the lease ownership agreements. Initial direct costs related to lease purchase agreements are capitalized as incurred and amortized as operating expense over the estimated lease term. The capitalized costs have been classified within prepaid expenses and other assets in the accompanying condensed consolidated balance sheets.

Interest and Fees on Loans Receivable

Vive extends or declines credit to an applicant through its bank partners based upon the applicant's credit rating and other factors. Qualifying applicants receive a credit card to finance their initial purchase and to use in subsequent purchases at the merchant or other participating merchants for an initial 24-month period, which Vive may renew if the cardholder remains in good standing.

Vive acquires the loan receivable from merchants through its third-party bank partners at a discount from the face value of the loan. The discount is comprised of a merchant fee discount and a promotional fee discount, if applicable.

The merchant fee discount represents a pre-negotiated, nonrefundable discount that generally ranges from 3% to 25% of the loan face value. The discount is designed to cover the risk of loss related to the portfolio of cardholder charges and Vive's direct origination costs. The merchant fee discount and origination costs are presented net on the condensed consolidated balance

sheets in loans receivable. Cardholders generally have an initial 24-month period that the card is active. The merchant fee discount, net of the origination costs, is amortized on a net basis and is recorded as interest and fee revenue on loans receivable in the condensed consolidated statements of earnings on a straight-line basis over the initial 24-month period.

The discount from the face value of the loan on the acquisition of the loan receivable from the merchant through the third-party bank partners may also include a promotional fee discount, which generally ranges from 1% to 8%. The promotional fee discount is intended to compensate the holder of the loan receivable (i.e. Vive) for deferred or reduced interest rates that are offered to the cardholder for a specified period on the outstanding loan balance (generally for six, 12 or 18 months). The promotional fee discount is amortized as interest and fee revenue on loans receivable in the condensed consolidated statements of earnings on a straight-line basis over the promotional interest period (i.e., over six, 12 or 18 months, depending on the promotion). The unamortized promotional fee discount is presented net on the condensed consolidated balance sheets in loans receivable.

The customer is typically required to make monthly minimum payments of at least 3.5% of the outstanding loan balance, which includes outstanding interest. Fixed and variable interest rates, typically 27% to 35.99%, are compounded daily for cards that do not qualify for deferred or reduced interest promotional periods. Interest income, which is recognized based upon the amount of the loans outstanding, is recognized as interest and fees on loans receivable when earned if collectibility is reasonably assured. For credit cards that provide deferred interest, if the balance is not paid off during the promotional period or if the cardholder defaults, interest is billed to the customers at standard rates and the cumulative amount owed is charged to the cardholder account in the month that the promotional period expires. For credit cards that provide reduced interest, if the balance is not paid off during the promotional period, interest is billed to the cardholder at standard rates in the month that the promotional period expires or when the cardholder defaults. The Company recognizes interest revenue during the promotional period based on its historical experience related to cardholders that fail to pay off balances during the promotional period if collectibility is reasonably assured.

Annual fees are charged to cardholders at the commencement of the loan and on each subsequent anniversary date. Annual fees are deferred and recognized into revenue on a straight-line basis over a one-year period. Under the provisions of the credit card agreements, Vive also may assess fees for missed or late payments, which are recognized as revenue in the billing period in which they are assessed if collectibility is reasonably assured. Annual fees and other fees discussed are recognized as interest and fee revenue on loans receivable in the condensed consolidated statements of earnings.

Accounts Receivable

Accounts receivable consist primarily of receivables due from customers of Progressive Leasing and amounted to $54.0 million and $61.3 million, net of allowances, as of March 31, 2021 and December 31, 2020, respectively.

The Company maintains an accounts receivable allowance, which primarily relates to its Progressive Leasing operations and, to a lesser extent, receivables from Vive's POS partners. The Company’s policy is to record an allowance for returns and uncollectible renewal payments based on historical collection experience. Other qualitative factors are considered in estimating the allowance, such as current and forecasted business trends including, but not limited to, the potential unfavorable impacts of the COVID-19 pandemic on our businesses. We believe government stimulus measures in 2020 contributed to the favorable payment trends we experienced following those measures, and that the government stimulus payments issued starting in mid-March 2021 have positively influenced recent customer payment trends, and will continue to do so during the second quarter of 2021. We believe additional government stimulus measures may positively influence future payment trends as well. Given the significant uncertainty regarding the impacts of the COVID-19 pandemic on our business, including the existence and/or extent of any future government stimulus measures, a high level of estimation was involved in determining the allowance as of March 31, 2021; therefore, actual future accounts receivable write-offs could differ materially from the allowance. The Progressive Leasing provision for returns and uncollectible renewal payments is recorded as a reduction of lease revenues and fees within the condensed consolidated statements of earnings. The Progressive Leasing segment writes off lease receivables that are 120 days or more contractually past due.

The following table shows the components of the accounts receivable allowance:


	Three Months Ended March 31,
(In Thousands)	2021		2020
Beginning Balance	$	56,364	$	65,573
Accounts Written Off, Net of Recoveries	(45,103)		(72,951)
Accounts Receivable Provision1	36,496		76,274
Ending Balance	$	47,757	$	68,896

1 Substantially all of the Accounts Receivable Provision is recorded as a reduction of lease revenues and fees within the condensed consolidated statements of earnings.

Lease Merchandise

Progressive Leasing's merchandise consists primarily of furniture, appliances, electronics, jewelry, mobile phones and accessories, mattresses, and a variety of other products and is recorded at the lower of depreciated cost or net realizable value. Progressive Leasing depreciates lease merchandise to a 0% salvage value generally over 12 months. Depreciation is accelerated upon early buyout. All of Progressive Leasing's merchandise, net of accumulated depreciation and allowances, represents on-lease merchandise.

The Company records a provision for write-offs using the allowance method. The allowance method for lease merchandise write-offs estimates the merchandise losses incurred but not yet identified by management as of the end of the accounting period based on historical write-off experience. Other qualitative factors are considered in estimating the allowance, such as current and forecasted business trends including, but not limited to, the potential unfavorable impacts of the COVID-19 pandemic on our business. We believe government stimulus measures in 2020 contributed to the favorable payment trends we experienced following those measures, and that the government stimulus payments issued starting in mid-March 2021 have positively influenced recent customer payment trends, and will continue to do so during the second quarter of 2021. We believe any additional government stimulus measures may positively influence future payment trends as well. Given the significant uncertainty regarding the impacts of the COVID-19 pandemic on our business, including the existence and/or extent of any future government stimulus measures, a high level of estimation was involved in determining the allowance as of March 31, 2021. Continued strong customer payment activity could result in some portion of the of the allowance being reversed in future periods and actual future lease merchandise write-offs could differ materially from the allowance as of March 31, 2021.

The following table shows the components of the allowance for lease merchandise write-offs, which is included within lease merchandise, net in the condensed consolidated balance sheets:


	Three Months Ended March 31,
(In Thousands)	2021		2020
Beginning Balance	$	45,992	$	47,362
Merchandise Written off, Net of Recoveries	(25,546)		(40,159)
Provision for Write-offs	18,640		55,714
Ending Balance	$	39,086	$	62,917

Vendor Incentives and Rebates Provided to POS Partners

Progressive Leasing has agreements with some of its POS partners that require additional consideration to be paid to the POS partner, including payments for exclusivity, rebates based on lease volume originations generated through the POS partners, and payments to the POS partners for marketing or other development initiatives to promote additional lease originations through these POS partners. Payments made to POS partners as consideration for them providing exclusivity to Progressive Leasing for lease-to-own transactions with customers of the POS partner are expensed on a straight-line basis over the exclusivity term. Rebates are accrued over the period the POS partner is earning the rebate, which is typically based on quarterly or annual lease origination volumes. Payments made to POS partners for marketing or development initiatives are expensed on a straight-line basis over the period the POS partner is earning the funds or the specified marketing term. Progressive Leasing expensed $4.1 million and $3.5 million for the three months ended March 31, 2021 and 2020, respectively, related to additional consideration provided to POS partners, which is classified within operating expenses in the condensed consolidated statements of earnings.

Loans Receivable, Net

Gross loans receivable represents the principal balances of credit card charges at Vive's participating merchants that remain due from cardholders, plus unpaid interest and fees due from cardholders. The allowance and unamortized fees represent uncollectible amounts; merchant fee discounts, net of capitalized origination costs; promotional fee discounts; and deferred annual card fees.

Economic conditions and loan performance trends are closely monitored to manage and evaluate exposure to credit risk. Trends in delinquency rates are an indicator of credit risk within the loans receivable portfolio, including the migration of loans between delinquency categories over time. Charge-off rates represent another indicator of the potential for future credit losses. The risk in the loans receivable portfolio is correlated with broad economic trends, such as current and projected unemployment rates, stock market volatility, and changes in medium and long-term risk-free rates, which are considered in determining the allowance for loan losses and can have a material effect on credit performance.

The Company calculates the allowance for loan losses based on internal historical loss information and incorporates observable and forecasted macroeconomic data over a twelve-month reasonable and supportable forecast period. Incorporating macroeconomic data could have a material impact on the measurement of the allowance to the extent that forecasted data changes significantly, such as higher forecasted unemployment rates and the observed significant market volatility associated with the COVID-19 pandemic. For any periods beyond the twelve-month reasonable and supportable forecast period described above, the Company reverts to using historical loss information on a straight-line basis over a period of six months and utilizes historical loss information for the remaining life of the portfolio. The Company may also consider other qualitative factors in estimating the allowance, as necessary. For the purposes of determining the allowance as of March 31, 2021, management considered other qualitative factors such as the beneficial impact of government stimulus measures to our customer base that were not fully factored into the macroeconomic forecasted data. We believe those stimulus measures have contributed to the recent favorable cardholder payment trends we are experiencing at Vive, and we believe that any additional government stimulus measures may positively influence future cardholder payment trends as well. We also considered the uncertain nature and extent of any future government stimulus programs and the potential impact, if any, these programs may have on the ability of Vive's cardholders to make payments as they come due. The allowance for loan losses is maintained at a level considered appropriate to cover expected future losses of principal, interest and fees on active loans in the loans receivable portfolio. The appropriateness of the allowance is evaluated at each period end. To the extent that actual results differ from estimates of uncollectible loans receivable, including the significant uncertainties caused by the COVID-19 pandemic, the Company's results of operations and liquidity could be materially affected.

Delinquent loans receivable includes those that are 30 days or more past due based on their contractual billing dates. In response to the COVID-19 pandemic, the Company has granted affected customers payment deferrals while allowing them to maintain their delinquency status for an additional 30 days per deferral. The Company places loans receivable on nonaccrual status when they are greater than 90 days past due or upon notification of cardholder bankruptcy, death or fraud. The Company discontinues accruing interest and fees and amortizing merchant fee discounts and promotional fee discounts for loans receivable in nonaccrual status. Loans receivable are removed from nonaccrual status when cardholder payments resume, the loan becomes 90 days or less past due and collection of the remaining amounts outstanding is deemed probable. Payments received on nonaccrual loans are allocated according to the same payment hierarchy methodology applied to loans that are accruing interest. Loans receivable are charged off no later than the end of the following month after the billing cycle in which the loans receivable become 120 days past due.

Vive extends or declines credit to an applicant through its bank partners based upon the applicant's credit rating and other factors. Below is a summary of the credit quality of the Company's loan portfolio as of March 31, 2021 and December 31, 2020 by Fair Isaac and Company (FICO) score as determined at the time of loan origination:


FICO Score Category	March 31, 2021		December 31, 2020
600 or Less	7.4	%	7.5	%
Between 600 and 700	79.5	%	79.3	%
700 or Greater	13.1	%	13.2	%

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following:


(In Thousands)	March 31, 2021		December 31, 2020
Prepaid Expenses	$	28,176	$	23,030
Unamortized Initial Direct Costs on Lease Agreement Originations	5,275		4,986
Prepaid Insurance	2,874		3,639
Other Assets	7,741		7,899
Prepaid Expenses and Other Assets	$	44,066	$	39,554

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


(In Thousands)	March 31, 2021		December 31, 2020
Accounts Payable	$	9,301	$	8,630
Accrued Salaries and Benefits	19,587		18,120
Accrued Sales and Personal Property Taxes	17,600		12,933
Income Taxes Payable	38,642		18,183
Other Accrued Expenses and Liabilities	20,016		20,383
Accounts Payable and Accrued Expenses	$	105,146	$	78,249

Debt

On November 24, 2020, the Company entered into a credit agreement with a consortium of lenders providing for a $350.0 million senior unsecured revolving credit facility (the “Revolving Facility”), under which revolving borrowings became available at the completion of the separation and distribution transaction, and under which all borrowings and commitments will mature or terminate on November 24, 2025. The Company expects that the Revolving Facility will be used to provide for working capital and capital expenditures, to finance future permitted acquisitions, and for other general corporate purposes. The Company had $50.0 million of outstanding borrowings and $300.0 million total available credit under the Revolving Facility as of March 31, 2021.

At March 31, 2021, the Company was in compliance with all covenants related to its outstanding debt. See Note 8 to the consolidated financial statements in the 2020 Annual Report for further information regarding the Company's indebtedness.

Goodwill

Goodwill represents the excess of the purchase price paid over the fair value of the identifiable net tangible and intangible assets acquired in connection with business acquisitions. Progressive Leasing is the only reporting unit with goodwill. Impairment occurs when the carrying amount of goodwill is not recoverable from future cash flows. The Company’s goodwill is not amortized but is subject to an impairment test at the reporting unit level annually as of October 1 and more frequently if events or circumstances indicate that an impairment may have occurred. Factors which could necessitate an interim impairment assessment include a sustained decline in the Company’s stock price, prolonged negative industry or economic trends and significant underperformance relative to historical results, projected future operating results, or the Company fails to successfully execute on one or more elements of Progressive Leasing's strategic plans. The Company completed its annual goodwill impairment test as of October 1, 2020 and concluded that no impairment had occurred. The Company determined that there were no events or circumstances that occurred during the first quarter of 2021 that would more likely than not reduce the fair value of Progressive Leasing below its carrying amount.

Shareholders' Equity

Changes in shareholders' equity for the three months ended March 31, 2021 and 2020 are as follows:


	Treasury Stock			Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
(In Thousands)	Shares	Amount
Balance, December 31, 2020	(23,029)	$	(613,881)	$	45,376	$	318,263	$	1,236,378	$	—	$	986,136
Stock-Based Compensation	—	—		—		4,163		—		—		4,163
Reissued Shares	216	3,671		—		(8,400)		—		—		(4,729)
Repurchased Shares	(589)	(28,102)		—		—		—		—		(28,102)
Net Earnings	—	—		—		—		79,488		—		79,488
Balance, March 31, 2021	(23,402)	$	(638,312)	$	45,376	$	314,026	$	1,315,866	$	—	$	1,036,956


	Treasury Stock			Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
(In Thousands, Except Per Share)	Shares	Amount
Balance, December 31, 2019	(24,034)	$	(627,940)	$	45,376	$	290,229	$	2,029,613	$	(19)	$	1,737,259
Opening Balance Sheet Adjustment - ASU 2016-13, net of taxes	—	—		—		—		(6,715)		—		(6,715)
Cash Dividends, $0.04 per share	—	—		—		—		(2,700)		—		(2,700)
Stock-Based Compensation	—	—		—		5,878		—		—		5,878
Reissued Shares	368	7,291		—		(12,640)		—		—		(5,349)
Repurchased Shares	—	—		—		—		—		—		—
Net Loss	—	—		—		—		(280,005)		—		(280,005)
Foreign Currency Translation Adjustment	—	—		—		—		—		(1,754)		(1,754)
Balance, March 31, 2020	(23,666)	$	(620,649)	$	45,376	$	283,467	$	1,740,193	$	(1,773)	$	1,446,614

Fair Value Measurement

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets.

Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3—Valuations based on unobservable inputs reflecting the Company's own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

The Company measures a liability related to its non-qualified deferred compensation plan, which represents benefits accrued for plan participants and is valued at the quoted market prices of the participants' investment election, at fair value on a recurring basis. The Company maintains certain financial assets and liabilities that are not measured at fair value but for which fair value is disclosed.

The fair values of the Company's other current financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable, approximate their carrying values due to their short-term nature. The fair value of any revolving credit borrowings also approximate their carrying amounts.

Recent Accounting Pronouncements

Pending Adoption

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848) (“ASU 2020-04”). The standard provides temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of the London Interbank Overnight ("LIBO") rate or another reference rate expected to be discontinued. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. The provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to have completed. The Company's Revolving Facility currently references the LIBO rate for determining interest payable on outstanding borrowings. The amendments in ASU 2020-04 are elective and apply to all entities that have contracts referencing the LIBO rate. The new guidance provides an expedient which simplifies accounting analyses under current GAAP for contract modifications if the change is directly related to a change from the LIBO rate to a new interest rate index. The Company is continuing to evaluate the provisions of ASU 2020–04 and the impacts of transitioning to an alternative rate; however, we do not expect it to have a material impact to the Company's consolidated financial statements or to any key terms of our Revolving Facility other than the discontinuation of the LIBO rate.

Discontinued Operations

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

As discussed in Note 1 above, on November 30, 2020, PROG Holdings completed the separation and distribution of its Aaron's Business segment, and the requirements for the presentation of Aaron's Business as a discontinued operation were met on that date. Accordingly, all direct revenues and expenses of the Aaron's Business operations have been classified within discontinued operations, net of income tax, within our condensed consolidated statements of earnings for all periods through the separation and distribution date of November 30, 2020. Corporate overhead costs previously reported as expenses of the Aaron’s Business segment did not qualify for classification within discontinued operations and have been classified as expenses within continuing operations for all periods presented through the separation and distribution date of November 30, 2020. The following table summarizes the major classes of line items constituting the loss of our Aaron's Business segment, which are included within the loss from discontinued operations, net of income tax, in the condensed consolidated statements of earnings and the operating and investing cash flows of the discontinued operations.


	Three Months Ended March 31,
(In Thousands)	2020
Revenues	$	432,831
Operating Loss	(458,720)
Loss from Discontinued Operations Before Income Tax1	(464,278)
Income Tax Benefit from Discontinued Operations	(126,591)
Loss from Discontinued Operations, Net of Income Tax	$	(337,687)

Cash Flows:
Cash Provided by Operating Activities - Discontinued Operations	$	80,022
Cash Used in Investing Activities - Discontinued Operations	$	21,684

1 Loss from Discontinued Operations Before Income Tax during the three months ended March 31, 2020 reflects a $446.9 million goodwill impairment loss related to the Aaron's Business segment and $14.1 million related to an early termination fee for a sales and marketing contract.

In order to facilitate an effective separation and distribution, the Company entered into several agreements with The Aaron's Company, which governs the nature of the relationship between and responsibilities of the two companies following the separation. For more detailed information concerning the agreements, see Note 2 to the Company's Annual Report for the year ended December 31, 2020. No changes have been made to any of the agreements as of March 31, 2021. Payments and expense reimbursements for transition services were not material during the quarter ended March 31, 2021 and are not expected to be material in future periods.

Fair Value Measurement

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

FAIR VALUE MEASUREMENT

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes financial liabilities measured at fair value on a recurring basis:


(In Thousands)	March 31, 2021						December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Deferred Compensation Liability	$	—	$	2,050	$	—	$	—	$	1,740	$	—

The Company maintains the PROG Holdings, Inc. Deferred Compensation Plan, which is an unfunded, nonqualified deferred compensation plan for a select group of management, highly compensated employees and non-employee directors. The liability is recorded in accounts payable and accrued expenses in the condensed consolidated balance sheets. The liability represents benefits accrued for plan participants and is valued at the quoted market prices of the participants’ investment elections, which consist of equity and debt "mirror" funds. As such, the Company has classified the deferred compensation liability as a Level 2 liability.

Financial Assets and Liabilities Not Measured at Fair Value for Which Fair Value is Disclosed

Vive's loans receivable are measured at amortized cost, net of an allowance for loan losses on the condensed consolidated balance sheets. In estimating fair value for Vive's loans receivable, the Company utilized a discounted cash flow methodology. The Company used various unobservable inputs reflecting its own assumptions, such as contractual future principal and interest cash flows, future loss rates, and discount rates (which consider current interest rates and are adjusted for credit risk, among other factors).

The following table summarizes the fair value of Vive's loans receivable:


(In Thousands)	March 31, 2021						December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Loans Receivable, Net	$	—	$	—	$	137,830	$	—	$	—	$	119,895

- Definition

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

+ References + Details

Loans Receivable

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Loans Receivable

LOANS RECEIVABLE

The following is a summary of the Company’s loans receivable, net:


(In Thousands)	March 31, 2021		December 31, 2020
Loans Receivable, Gross	$	147,867	$	131,422
Unamortized Fees	(11,843)		(10,147)
Loans Receivable, Amortized Cost	136,024		121,275
Allowance for Loan Losses	(44,656)		(42,127)
Loans Receivable, Net of Allowances and Unamortized Fees	$	91,368	$	79,148

The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year:


(In Thousands)
As of March 31, 2021	2021		2020		2019		2018		2017		Prior		Total
FICO Score Category:
600 or Less	3,401		5,203		1,366		422		62		48		10,502
Between 600 and 700	32,993		50,210		14,000		5,252		3,174		2,361		107,990
700 or Greater	6,128		8,020		1,392		844		548		600		17,532
Total Amortized Cost	$	42,522	$	63,433	$	16,758	$	6,518	$	3,784	$	3,009	$	136,024

Included in the table below is an aging of the loans receivable, gross balance:


(Dollar Amounts in Thousands)
Aging Category	March 31, 2021			December 31, 2020
30-59 days past due	3.5		%	5.7		%
60-89 days past due	1.9		%	2.6		%
90 or more days past due	2.8		%	3.1		%
Past due loans receivable	8.2		%	11.4		%
Current loans receivable	91.8		%	88.6		%

Balance of Credit Card Loans on Nonaccrual Status	2,327			1,962
Balance of Loans Receivable 90 or More Days Past Due and Still Accruing Interest and Fees	$	—		$	—

The tables below present the components of the allowance for loan losses for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
(In Thousands)	2021		2020
Beginning Balance	$	42,127	$	14,911
CECL Transition Adjustment 1	—		9,463
Provision for Loan Losses	6,468		12,722
Charge-offs	(4,883)		(6,201)
Recoveries	944		699
Ending Balance	$	44,656	$	31,594

1 Upon the January 1, 2020 adoption of CECL, the Company increased its allowance for loan losses by $9.5 million. The increase was recorded as a cumulative-effect non-cash adjustment of $6.7 million, net of tax, to the opening balance of the Company's 2020 retained earnings.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Legal and Regulatory Proceedings From time to time, the Company is party to various legal and regulatory proceedings arising in the ordinary course of business. Some of the proceedings to which the Company is currently a party are described below. The Company believes it has meritorious defenses to all of the claims described below, and intends to vigorously defend against the claims. However, these proceedings are still developing and due to the inherent uncertainty in litigation, regulatory and similar adversarial proceedings, there can be no guarantee that the Company will ultimately be successful in these proceedings, or in others to which it is currently a party. Substantial losses from these proceedings or the costs of defending them could have a material adverse impact upon the Company’s business, financial position and results of operations. The Company establishes an accrued liability for legal and regulatory proceedings when it determines that a loss is both probable and the amount of the loss can be reasonably estimated. The Company continually monitors its litigation and regulatory exposure and reviews the adequacy of its legal and regulatory reserves on a quarterly basis. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. As of March 31, 2021 and December 31, 2020, the Company had accrued $0.1 million for pending legal and regulatory matters for which it believes losses are probable and is the Company's best estimate of its exposure to loss. The Company records legal and regulatory liabilities in accounts payable and accrued expenses in the condensed consolidated balance sheets. The Company estimates that the aggregate range of reasonably possible loss in excess of accrued liabilities for such probable loss contingencies is between zero and $0.2 million. At March 31, 2021, the Company estimated that the aggregate range of loss for all material pending legal and regulatory proceedings for which a loss is reasonably possible, but less likely than probable (i.e., excluding the contingencies described in the preceding paragraph), is immaterial. Those matters for which a reasonable estimate is not possible are not included within estimated ranges and, therefore, the estimated ranges do not represent the Company's maximum loss exposure. The Company’s estimates for legal and regulatory accruals, aggregate probable loss amounts and reasonably possible loss amounts, are all subject to the uncertainties and variables described above. Regulatory Inquiries In January 2021, the Company, along with other lease-to-own companies, received a subpoena from the California Department of Financial Protection and Innovation (the “DFPI”) requesting the production of documents regarding the Company’s compliance with state consumer protection laws, including new legislation that went into effect on January 1, 2021. Although the Company believes it is in compliance with all applicable consumer financial laws and regulations in California, this inquiry could lead to an enforcement action and/or a consent order, and substantial costs, including legal fees, fines, penalties, and remediation expenses. While the Company intends to preserve defenses surrounding the jurisdiction of DFPI in this matter, it anticipates cooperating with the DFPI in responding to its inquiry. Litigation Matters In Stein v. Aaron's, Inc., et. al., filed in the United States District Court for the Southern District of New York on February 28, 2020, the plaintiffs allege that from March 2, 2018 through February 19, 2020, the Company made certain misleading public statements about the Company's business, operations, and prospects. The allegations underlying the lawsuit principally relate to the FTC's inquiry into disclosures related to lease-to-own and other financial products offered by the Company through its historical Aaron's Business and Progressive Leasing segments. The Company believes the claims are without merit and intends to vigorously defend against this lawsuit. The case has been transferred to the United States District Court for the Northern District of Georgia, where the Company has filed a motion to dismiss the case and a final briefing on that motion was filed on November 17, 2020. No ruling has been made on the motion to dismiss. Other Contingencies At March 31, 2021, the Company had non-cancelable commitments primarily related to certain consulting and information technology services agreements, software licenses, hardware and software maintenance, and minimum contractually required customer loan amounts to be originated through and acquired from Vive's third-party federally insured banks of $19.8 million. Payments under these commitments are scheduled to be $10.5 million through the remainder of 2021, $4.7 million in 2022, $3.8 million in 2023, $0.5 million in 2024 and $0.3 million in 2025 and thereafter. Management regularly assesses the Company’s insurance deductibles, monitors the Company's litigation and regulatory exposure with the Company's attorneys and evaluates its loss experience. The Company also enters into various contracts in the normal course of business that may subject it to risk of financial loss if counterparties fail to perform their contractual obligations. Off-Balance Sheet Risk The Company, through its Vive segment, has unconditionally cancellable unfunded lending commitments totaling approximately $349.7 million and $287.3 million as of March 31, 2021 and December 31, 2020, respectively, that do not give rise to revenues and cash flows. These unfunded commitments arise in the ordinary course of business from credit card agreements with individual cardholders that give them the ability to borrow, against unused amounts, up to the maximum credit limit assigned to their account. While these unfunded amounts represent the total available unused lines of credit, the Company does not anticipate that all cardholders will utilize their entire available line at any given point in time. Commitments to extend unsecured credit are agreements to lend to a cardholder so long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

Segments

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segments

SEGMENTS

As of March 31, 2021, the Company has two operating and reportable segments: Progressive Leasing and Vive. As discussed in Note 1 above, the Company spun-off its Aaron's Business segment effective November 30, 2020 through the tax-free distribution of all outstanding common stock of The Aaron's Company, Inc. to the PROG Holdings shareholders. All direct revenues and expenses of the Aaron's Business operations have been classified within discontinued operations, net of income tax, within our consolidated statements of earnings for all periods through the November 30, 2020 separation and distribution date.

Progressive Leasing partners with traditional and e-commerce retailers, primarily in the furniture and appliance, jewelry, mobile phones and accessories, mattresses, and automobile electronics and accessories industries to offer a lease-purchase solution for customers who may not have access to traditional credit-based financing options. It does so by offering leases with monthly, semi-monthly, bi-weekly and weekly payment models.

Vive offers a variety of second-look financing programs originated through third-party federally insured banks to customers of participating merchants and, together with Progressive Leasing, allows the Company to provide retail partners with below-prime customers one source for financing and leasing transactions.

Disaggregated Revenue

The following table presents revenue by source and by segment for the three months ended March 31, 2021:


	Three Months Ended March 31, 2021
(In Thousands)	Progressive Leasing		Vive		Total
Lease Revenues and Fees1	$	707,982	$	—	$	707,982
Interest and Fees on Loans Receivable2	—		13,019		13,019
Total	$	707,982	$	13,019	$	721,001

1 Revenue within the scope of ASC 842, Leases.

2 Revenue within the scope of ASC 310, Credit Card Interest & Fees.

The following table presents revenue by source and by segment for the three months ended March 31, 2020:


	Three Months Ended March 31, 2020
(In Thousands)	Progressive Leasing		Vive		Total
Lease Revenues and Fees1	$	658,534	$	—	$	658,534
Interest and Fees on Loans Receivable2	—		9,908		9,908
Total	$	658,534	$	9,908	$	668,442

1 Revenue within the scope of ASC 842, Leases.

2 Revenue within the scope of ASC 310, Credit Card Interest & Fees.

Measurement of Segment Profit or Loss and Segment Assets

The Company evaluates performance and allocates resources based on revenues and earnings (loss) before income taxes from operations. The Company determines earnings (loss) before income taxes for all reportable segments in accordance with U.S. GAAP. Interest expense is allocated from the Progressive Leasing segment to the Vive segment based on the balance of outstanding intercompany debt.

The Company incurred various corporate overhead expenses for certain executive management, finance, treasury, tax, audit, legal, risk management, and other overhead functions during the three months ended March 31, 2021 and 2020. For 2020, the Company allocated a predetermined portion of these corporate overhead costs to the Progressive Leasing and Vive segments, which are reflected as expenses of these segments in calculating the earnings before income taxes for the three months ended March 31, 2020. The remaining unallocated corporate expenses represent corporate overhead costs that were previously assigned to the Aaron's Business segment and are in addition to the overhead costs allocated to the Progressive Leasing and Vive segments for the three months ended March 31, 2020. These unallocated corporate overhead expenses have been classified as continuing operations since the costs were not directly attributable to the discontinued operations of the Aaron's Business. These costs are reflected below as unallocated corporate expenses in 2020. The allocation of corporate overhead costs to the Progressive Leasing and Vive segments is consistent with how the chief operating decision maker analyzed performance and allocated resources among the segments of the Company during 2020. For 2021, corporate overhead expenses incurred are primarily reflected as expenses of the Progressive Leasing segment and an immaterial amount was allocated to the Vive segment. The following is a summary of earnings (loss) before income taxes by segment:


	Three Months Ended March 31,
(In Thousands)	2021		2020
Earnings Before Income Taxes:
Progressive Leasing	$	104,172	$	62,707
Vive	1,424		(7,152)
Unallocated Corporate Expenses	—		(5,730)
Total Earnings Before Income Taxes	$	105,596	$	49,825

The following is a summary of total assets by segment:


(In Thousands)	March 31, 2021		December 31, 2020
Assets:
Progressive Leasing	$	1,277,420	$	1,209,650
Vive	121,378		107,754
Total Assets	$	1,398,798	$	1,317,404

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Basis and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Description of Business	Description of Business PROG Holdings, Inc. ("we," "our," "us," the "Company", or "PROG Holdings") is a financial technology holding company with two operating and reportable segments: (i) Progressive Leasing, a leading provider of in-store and e-commerce lease-to-own solutions; and (ii) Vive Financial ("Vive"), which offers omnichannel second-look revolving credit products. On November 30, 2020, PROG Holdings, Inc. (previously Aaron's Holdings Company, Inc.) completed the separation of its Aaron's Business segment from its Progressive Leasing and Vive segments. The separation was effected through a tax-free distribution of all outstanding shares of common stock of The Aaron's Company, Inc. ("The Aaron's Company") to the PROG Holdings shareholders of record as of the close of business on November 27, 2020 (referred to as the "separation and distribution transaction"). All direct revenues and expenses of the Aaron's Business are presented as discontinued operations for all periods through the separation and distribution date of November 30, 2020. The cash flows related to the Aaron's Business have not been segregated and are included in the condensed consolidated statements of cash flows for the three months ended March 31, 2020. With the exception of Note 2, the notes to the condensed consolidated financial statements reflect the continuing operations of PROG Holdings. See Note 2 below for additional information regarding discontinued operations. Our Progressive Leasing segment provides consumers with lease-purchase solutions through its point-of-sale partner locations and through its e-commerce website partners in the United States (collectively, "POS partners"). It does so by purchasing merchandise from the POS partners desired by customers and, in turn, leasing that merchandise to the customers through a cancellable lease-to-own transaction. Progressive Leasing has no stores of its own, but rather offers lease-purchase solutions to the customers of traditional and e-commerce retailers. Our Vive segment primarily serves customers that may not qualify for traditional prime lending offers who desire to purchase goods and services from participating merchants. Vive offers customized programs, with services that include revolving loans through private label and Vive-branded credit cards. Vive's current network of POS partner locations and e-commerce websites includes furniture, mattresses, home exercise equipment, and home improvement retailers, as well as medical and dental service providers.
Basis of Presentation	Basis of Presentation The preparation of the Company's condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates. The accompanying unaudited condensed consolidated financial statements do not include all information required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included in the accompanying unaudited condensed consolidated financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report") filed with the U.S. Securities and Exchange Commission on February 26, 2021. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of operating results for the full year.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of PROG Holdings, Inc. and its subsidiaries, each of which is wholly-owned. Intercompany balances and transactions between consolidated entities have been eliminated.
Accounting Policies and Estimates	Accounting Policies and Estimates See Note 1 to the consolidated financial statements in the 2020 Annual Report for an expanded discussion of accounting policies and estimates.
Earnings Per Share	Earnings (Loss) Per ShareEarnings per share is computed by dividing net earnings (loss) by the weighted average number of shares of common stock outstanding during the period. The computation of earnings per share assuming dilution includes the dilutive effect of stock options, restricted stock units ("RSUs"), restricted stock awards ("RSAs") and performance share units ("PSUs") and awards issuable under the Company's employee stock purchase plan ("ESPP") (collectively, "share-based awards") as determined under the treasury stock method.
Revenue Recognition	Revenue Recognition Lease Revenues and Fees Our Progressive Leasing segment provides merchandise, consisting primarily of furniture, appliances, electronics, jewelry, mobile phones and accessories, mattresses, automobile electronics and accessories, and a variety of other products to its customers for lease under terms agreed to by the customer. Progressive Leasing offers customers of traditional and e-commerce retailers a lease-purchase solution through leases with payment terms that can generally be renewed up to 12 months. Progressive Leasing does not require deposits upon inception of customer agreements. The customer has the right to acquire ownership either through early buyout options or through payment of all required lease payments. The agreements are cancellable at any time by either party without penalty. Progressive Leasing's lease revenues are earned prior to the lease payment due date and are recorded net of related sales taxes as earned. Payment due date terms include weekly, bi-weekly, semi-monthly and monthly frequencies. Revenue recorded prior to the payment due date results in unbilled receivables recognized in accounts receivable, net of allowances in the accompanying condensed consolidated balance sheets. Progressive Leasing lease revenues are recorded net of a provision for returns and uncollectible renewal payments. All of Progressive Leasing's customer agreements are considered operating leases. It maintains ownership of the lease merchandise until all payment obligations are satisfied under the lease ownership agreements. Initial direct costs related to lease purchase agreements are capitalized as incurred and amortized as operating expense over the estimated lease term. The capitalized costs have been classified within prepaid expenses and other assets in the accompanying condensed consolidated balance sheets.
Interest and Fees on Loans Receivable	Interest and Fees on Loans Receivable Vive extends or declines credit to an applicant through its bank partners based upon the applicant's credit rating and other factors. Qualifying applicants receive a credit card to finance their initial purchase and to use in subsequent purchases at the merchant or other participating merchants for an initial 24-month period, which Vive may renew if the cardholder remains in good standing. Vive acquires the loan receivable from merchants through its third-party bank partners at a discount from the face value of the loan. The discount is comprised of a merchant fee discount and a promotional fee discount, if applicable. The merchant fee discount represents a pre-negotiated, nonrefundable discount that generally ranges from 3% to 25% of the loan face value. The discount is designed to cover the risk of loss related to the portfolio of cardholder charges and Vive's direct origination costs. The merchant fee discount and origination costs are presented net on the condensed consolidated balance sheets in loans receivable. Cardholders generally have an initial 24-month period that the card is active. The merchant fee discount, net of the origination costs, is amortized on a net basis and is recorded as interest and fee revenue on loans receivable in the condensed consolidated statements of earnings on a straight-line basis over the initial 24-month period. The discount from the face value of the loan on the acquisition of the loan receivable from the merchant through the third-party bank partners may also include a promotional fee discount, which generally ranges from 1% to 8%. The promotional fee discount is intended to compensate the holder of the loan receivable (i.e. Vive) for deferred or reduced interest rates that are offered to the cardholder for a specified period on the outstanding loan balance (generally for six, 12 or 18 months). The promotional fee discount is amortized as interest and fee revenue on loans receivable in the condensed consolidated statements of earnings on a straight-line basis over the promotional interest period (i.e., over six, 12 or 18 months, depending on the promotion). The unamortized promotional fee discount is presented net on the condensed consolidated balance sheets in loans receivable. The customer is typically required to make monthly minimum payments of at least 3.5% of the outstanding loan balance, which includes outstanding interest. Fixed and variable interest rates, typically 27% to 35.99%, are compounded daily for cards that do not qualify for deferred or reduced interest promotional periods. Interest income, which is recognized based upon the amount of the loans outstanding, is recognized as interest and fees on loans receivable when earned if collectibility is reasonably assured. For credit cards that provide deferred interest, if the balance is not paid off during the promotional period or if the cardholder defaults, interest is billed to the customers at standard rates and the cumulative amount owed is charged to the cardholder account in the month that the promotional period expires. For credit cards that provide reduced interest, if the balance is not paid off during the promotional period, interest is billed to the cardholder at standard rates in the month that the promotional period expires or when the cardholder defaults. The Company recognizes interest revenue during the promotional period based on its historical experience related to cardholders that fail to pay off balances during the promotional period if collectibility is reasonably assured. Annual fees are charged to cardholders at the commencement of the loan and on each subsequent anniversary date. Annual fees are deferred and recognized into revenue on a straight-line basis over a one-year period. Under the provisions of the credit card agreements, Vive also may assess fees for missed or late payments, which are recognized as revenue in the billing period in which they are assessed if collectibility is reasonably assured. Annual fees and other fees discussed are recognized as interest and fee revenue on loans receivable in the condensed consolidated statements of earnings.
Accounts Receivable	Accounts ReceivableAccounts receivable consist primarily of receivables due from customers of Progressive Leasing and amounted to $54.0 million and $61.3 million, net of allowances, as of March 31, 2021 and December 31, 2020, respectively.The Company maintains an accounts receivable allowance, which primarily relates to its Progressive Leasing operations and, to a lesser extent, receivables from Vive's POS partners. The Company’s policy is to record an allowance for returns and uncollectible renewal payments based on historical collection experience. Other qualitative factors are considered in estimating the allowance, such as current and forecasted business trends including, but not limited to, the potential unfavorable impacts of the COVID-19 pandemic on our businesses. We believe government stimulus measures in 2020 contributed to the favorable payment trends we experienced following those measures, and that the government stimulus payments issued starting in mid-March 2021 have positively influenced recent customer payment trends, and will continue to do so during the second quarter of 2021. We believe additional government stimulus measures may positively influence future payment trends as well. Given the significant uncertainty regarding the impacts of the COVID-19 pandemic on our business, including the existence and/or extent of any future government stimulus measures, a high level of estimation was involved in determining the allowance as of March 31, 2021; therefore, actual future accounts receivable write-offs could differ materially from the allowance. The Progressive Leasing provision for returns and uncollectible renewal payments is recorded as a reduction of lease revenues and fees within the condensed consolidated statements of earnings. The Progressive Leasing segment writes off lease receivables that are 120 days or more contractually past due.
Lease Merchandise	Lease Merchandise Progressive Leasing's merchandise consists primarily of furniture, appliances, electronics, jewelry, mobile phones and accessories, mattresses, and a variety of other products and is recorded at the lower of depreciated cost or net realizable value. Progressive Leasing depreciates lease merchandise to a 0% salvage value generally over 12 months. Depreciation is accelerated upon early buyout. All of Progressive Leasing's merchandise, net of accumulated depreciation and allowances, represents on-lease merchandise. The Company records a provision for write-offs using the allowance method. The allowance method for lease merchandise write-offs estimates the merchandise losses incurred but not yet identified by management as of the end of the accounting period based on historical write-off experience. Other qualitative factors are considered in estimating the allowance, such as current and forecasted business trends including, but not limited to, the potential unfavorable impacts of the COVID-19 pandemic on our business. We believe government stimulus measures in 2020 contributed to the favorable payment trends we experienced following those measures, and that the government stimulus payments issued starting in mid-March 2021 have positively influenced recent customer payment trends, and will continue to do so during the second quarter of 2021. We believe any additional government stimulus measures may positively influence future payment trends as well. Given the significant uncertainty regarding the impacts of the COVID-19 pandemic on our business, including the existence and/or extent of any future government stimulus measures, a high level of estimation was involved in determining the allowance as of March 31, 2021. Continued strong customer payment activity could result in some portion of the of the allowance being reversed in future periods and actual future lease merchandise write-offs could differ materially from the allowance as of March 31, 2021.
Loans Receivable, Net	Loans Receivable, Net Gross loans receivable represents the principal balances of credit card charges at Vive's participating merchants that remain due from cardholders, plus unpaid interest and fees due from cardholders. The allowance and unamortized fees represent uncollectible amounts; merchant fee discounts, net of capitalized origination costs; promotional fee discounts; and deferred annual card fees. Economic conditions and loan performance trends are closely monitored to manage and evaluate exposure to credit risk. Trends in delinquency rates are an indicator of credit risk within the loans receivable portfolio, including the migration of loans between delinquency categories over time. Charge-off rates represent another indicator of the potential for future credit losses. The risk in the loans receivable portfolio is correlated with broad economic trends, such as current and projected unemployment rates, stock market volatility, and changes in medium and long-term risk-free rates, which are considered in determining the allowance for loan losses and can have a material effect on credit performance. The Company calculates the allowance for loan losses based on internal historical loss information and incorporates observable and forecasted macroeconomic data over a twelve-month reasonable and supportable forecast period. Incorporating macroeconomic data could have a material impact on the measurement of the allowance to the extent that forecasted data changes significantly, such as higher forecasted unemployment rates and the observed significant market volatility associated with the COVID-19 pandemic. For any periods beyond the twelve-month reasonable and supportable forecast period described above, the Company reverts to using historical loss information on a straight-line basis over a period of six months and utilizes historical loss information for the remaining life of the portfolio. The Company may also consider other qualitative factors in estimating the allowance, as necessary. For the purposes of determining the allowance as of March 31, 2021, management considered other qualitative factors such as the beneficial impact of government stimulus measures to our customer base that were not fully factored into the macroeconomic forecasted data. We believe those stimulus measures have contributed to the recent favorable cardholder payment trends we are experiencing at Vive, and we believe that any additional government stimulus measures may positively influence future cardholder payment trends as well. We also considered the uncertain nature and extent of any future government stimulus programs and the potential impact, if any, these programs may have on the ability of Vive's cardholders to make payments as they come due. The allowance for loan losses is maintained at a level considered appropriate to cover expected future losses of principal, interest and fees on active loans in the loans receivable portfolio. The appropriateness of the allowance is evaluated at each period end. To the extent that actual results differ from estimates of uncollectible loans receivable, including the significant uncertainties caused by the COVID-19 pandemic, the Company's results of operations and liquidity could be materially affected. Delinquent loans receivable includes those that are 30 days or more past due based on their contractual billing dates. In response to the COVID-19 pandemic, the Company has granted affected customers payment deferrals while allowing them to maintain their delinquency status for an additional 30 days per deferral. The Company places loans receivable on nonaccrual status when they are greater than 90 days past due or upon notification of cardholder bankruptcy, death or fraud. The Company discontinues accruing interest and fees and amortizing merchant fee discounts and promotional fee discounts for loans receivable in nonaccrual status. Loans receivable are removed from nonaccrual status when cardholder payments resume, the loan becomes 90 days or less past due and collection of the remaining amounts outstanding is deemed probable. Payments received on nonaccrual loans are allocated according to the same payment hierarchy methodology applied to loans that are accruing interest. Loans receivable are charged off no later than the end of the following month after the billing cycle in which the loans receivable become 120 days past due. Vive extends or declines credit to an applicant through its bank partners based upon the applicant's credit rating and other factors.
Goodwill	GoodwillGoodwill represents the excess of the purchase price paid over the fair value of the identifiable net tangible and intangible assets acquired in connection with business acquisitions. Progressive Leasing is the only reporting unit with goodwill. Impairment occurs when the carrying amount of goodwill is not recoverable from future cash flows. The Company’s goodwill is not amortized but is subject to an impairment test at the reporting unit level annually as of October 1 and more frequently if events or circumstances indicate that an impairment may have occurred. Factors which could necessitate an interim impairment assessment include a sustained decline in the Company’s stock price, prolonged negative industry or economic trends and significant underperformance relative to historical results, projected future operating results, or the Company fails to successfully execute on one or more elements of Progressive Leasing's strategic plans. The Company completed its annual goodwill impairment test as of October 1, 2020 and concluded that no impairment had occurred. The Company determined that there were no events or circumstances that occurred during the first quarter of 2021 that would more likely than not reduce the fair value of Progressive Leasing below its carrying amount.
Fair Value Measurement	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3—Valuations based on unobservable inputs reflecting the Company's own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. The Company measures a liability related to its non-qualified deferred compensation plan, which represents benefits accrued for plan participants and is valued at the quoted market prices of the participants' investment election, at fair value on a recurring basis. The Company maintains certain financial assets and liabilities that are not measured at fair value but for which fair value is disclosed. The fair values of the Company's other current financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable, approximate their carrying values due to their short-term nature. The fair value of any revolving credit borrowings also approximate their carrying amounts.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pending Adoption In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848) (“ASU 2020-04”). The standard provides temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of the London Interbank Overnight ("LIBO") rate or another reference rate expected to be discontinued. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. The provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to have completed. The Company's Revolving Facility currently references the LIBO rate for determining interest payable on outstanding borrowings. The amendments in ASU 2020-04 are elective and apply to all entities that have contracts referencing the LIBO rate. The new guidance provides an expedient which simplifies accounting analyses under current GAAP for contract modifications if the change is directly related to a change from the LIBO rate to a new interest rate index. The Company is continuing to evaluate the provisions of ASU 2020–04 and the impacts of transitioning to an alternative rate; however, we do not expect it to have a material impact to the Company's consolidated financial statements or to any key terms of our Revolving Facility other than the discontinuation of the LIBO rate.

Basis and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Calculation of Dilutive Stock Awards

The following table shows the calculation of dilutive share-based awards:


	Three Months Ended March 31,
(Shares In Thousands)	2021	2020
Weighted Average Shares Outstanding	67,730	66,822
Dilutive Effect of Share-Based Awards	530	1,042
Weighted Average Shares Outstanding Assuming Dilution	68,260	67,864

Accounts Receivable Net of Allowances

The following table shows the components of the accounts receivable allowance:


	Three Months Ended March 31,
(In Thousands)	2021		2020
Beginning Balance	$	56,364	$	65,573
Accounts Written Off, Net of Recoveries	(45,103)		(72,951)
Accounts Receivable Provision1	36,496		76,274
Ending Balance	$	47,757	$	68,896

1 Substantially all of the Accounts Receivable Provision is recorded as a reduction of lease revenues and fees within the condensed consolidated statements of earnings.

The following is a summary of the Company’s loans receivable, net:


(In Thousands)	March 31, 2021		December 31, 2020
Loans Receivable, Gross	$	147,867	$	131,422
Unamortized Fees	(11,843)		(10,147)
Loans Receivable, Amortized Cost	136,024		121,275
Allowance for Loan Losses	(44,656)		(42,127)
Loans Receivable, Net of Allowances and Unamortized Fees	$	91,368	$	79,148

Allowance for Lease Merchandise

The following table shows the components of the allowance for lease merchandise write-offs, which is included within lease merchandise, net in the condensed consolidated balance sheets:


	Three Months Ended March 31,
(In Thousands)	2021		2020
Beginning Balance	$	45,992	$	47,362
Merchandise Written off, Net of Recoveries	(25,546)		(40,159)
Provision for Write-offs	18,640		55,714
Ending Balance	$	39,086	$	62,917

Loan Portfolio Credit Quality Indicators

Below is a summary of the credit quality of the Company's loan portfolio as of March 31, 2021 and December 31, 2020 by Fair Isaac and Company (FICO) score as determined at the time of loan origination:


FICO Score Category	March 31, 2021		December 31, 2020
600 or Less	7.4	%	7.5	%
Between 600 and 700	79.5	%	79.3	%
700 or Greater	13.1	%	13.2	%

The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year:


(In Thousands)
As of March 31, 2021	2021		2020		2019		2018		2017		Prior		Total
FICO Score Category:
600 or Less	3,401		5,203		1,366		422		62		48		10,502
Between 600 and 700	32,993		50,210		14,000		5,252		3,174		2,361		107,990
700 or Greater	6,128		8,020		1,392		844		548		600		17,532
Total Amortized Cost	$	42,522	$	63,433	$	16,758	$	6,518	$	3,784	$	3,009	$	136,024

Schedule of Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following:


(In Thousands)	March 31, 2021		December 31, 2020
Prepaid Expenses	$	28,176	$	23,030
Unamortized Initial Direct Costs on Lease Agreement Originations	5,275		4,986
Prepaid Insurance	2,874		3,639
Other Assets	7,741		7,899
Prepaid Expenses and Other Assets	$	44,066	$	39,554

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


(In Thousands)	March 31, 2021		December 31, 2020
Accounts Payable	$	9,301	$	8,630
Accrued Salaries and Benefits	19,587		18,120
Accrued Sales and Personal Property Taxes	17,600		12,933
Income Taxes Payable	38,642		18,183
Other Accrued Expenses and Liabilities	20,016		20,383
Accounts Payable and Accrued Expenses	$	105,146	$	78,249

Schedule of Stockholders Equity

Changes in shareholders' equity for the three months ended March 31, 2021 and 2020 are as follows:


	Treasury Stock			Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
(In Thousands)	Shares	Amount
Balance, December 31, 2020	(23,029)	$	(613,881)	$	45,376	$	318,263	$	1,236,378	$	—	$	986,136
Stock-Based Compensation	—	—		—		4,163		—		—		4,163
Reissued Shares	216	3,671		—		(8,400)		—		—		(4,729)
Repurchased Shares	(589)	(28,102)		—		—		—		—		(28,102)
Net Earnings	—	—		—		—		79,488		—		79,488
Balance, March 31, 2021	(23,402)	$	(638,312)	$	45,376	$	314,026	$	1,315,866	$	—	$	1,036,956


	Treasury Stock			Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
(In Thousands, Except Per Share)	Shares	Amount
Balance, December 31, 2019	(24,034)	$	(627,940)	$	45,376	$	290,229	$	2,029,613	$	(19)	$	1,737,259
Opening Balance Sheet Adjustment - ASU 2016-13, net of taxes	—	—		—		—		(6,715)		—		(6,715)
Cash Dividends, $0.04 per share	—	—		—		—		(2,700)		—		(2,700)
Stock-Based Compensation	—	—		—		5,878		—		—		5,878
Reissued Shares	368	7,291		—		(12,640)		—		—		(5,349)
Repurchased Shares	—	—		—		—		—		—		—
Net Loss	—	—		—		—		(280,005)		—		(280,005)
Foreign Currency Translation Adjustment	—	—		—		—		—		(1,754)		(1,754)
Balance, March 31, 2020	(23,666)	$	(620,649)	$	45,376	$	283,467	$	1,740,193	$	(1,773)	$	1,446,614

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table summarizes the major classes of line items constituting the loss of our Aaron's Business segment, which are included within the loss from discontinued operations, net of income tax, in the condensed consolidated statements of earnings and the operating and investing cash flows of the discontinued operations.


	Three Months Ended March 31,
(In Thousands)	2020
Revenues	$	432,831
Operating Loss	(458,720)
Loss from Discontinued Operations Before Income Tax1	(464,278)
Income Tax Benefit from Discontinued Operations	(126,591)
Loss from Discontinued Operations, Net of Income Tax	$	(337,687)

Cash Flows:
Cash Provided by Operating Activities - Discontinued Operations	$	80,022
Cash Used in Investing Activities - Discontinued Operations	$	21,684

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes financial liabilities measured at fair value on a recurring basis:


(In Thousands)	March 31, 2021						December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Deferred Compensation Liability	$	—	$	2,050	$	—	$	—	$	1,740	$	—

Fair Value of Assets (Liabilities) Not Measured at Fair Value In Consolidated Balance Sheets

The following table summarizes the fair value of Vive's loans receivable:


(In Thousands)	March 31, 2021						December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Loans Receivable, Net	$	—	$	—	$	137,830	$	—	$	—	$	119,895

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Loans Receivable (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Schedule of the Components of Loans Receivable, Net

The following table shows the components of the accounts receivable allowance:


	Three Months Ended March 31,
(In Thousands)	2021		2020
Beginning Balance	$	56,364	$	65,573
Accounts Written Off, Net of Recoveries	(45,103)		(72,951)
Accounts Receivable Provision1	36,496		76,274
Ending Balance	$	47,757	$	68,896

1 Substantially all of the Accounts Receivable Provision is recorded as a reduction of lease revenues and fees within the condensed consolidated statements of earnings.

The following is a summary of the Company’s loans receivable, net:


(In Thousands)	March 31, 2021		December 31, 2020
Loans Receivable, Gross	$	147,867	$	131,422
Unamortized Fees	(11,843)		(10,147)
Loans Receivable, Amortized Cost	136,024		121,275
Allowance for Loan Losses	(44,656)		(42,127)
Loans Receivable, Net of Allowances and Unamortized Fees	$	91,368	$	79,148

Loan Portfolio Credit Quality Indicators


FICO Score Category	March 31, 2021		December 31, 2020
600 or Less	7.4	%	7.5	%
Between 600 and 700	79.5	%	79.3	%
700 or Greater	13.1	%	13.2	%

The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year:


(In Thousands)
As of March 31, 2021	2021		2020		2019		2018		2017		Prior		Total
FICO Score Category:
600 or Less	3,401		5,203		1,366		422		62		48		10,502
Between 600 and 700	32,993		50,210		14,000		5,252		3,174		2,361		107,990
700 or Greater	6,128		8,020		1,392		844		548		600		17,532
Total Amortized Cost	$	42,522	$	63,433	$	16,758	$	6,518	$	3,784	$	3,009	$	136,024

Aging of the Loans Receivable Balance

Included in the table below is an aging of the loans receivable, gross balance:


(Dollar Amounts in Thousands)
Aging Category	March 31, 2021			December 31, 2020
30-59 days past due	3.5		%	5.7		%
60-89 days past due	1.9		%	2.6		%
90 or more days past due	2.8		%	3.1		%
Past due loans receivable	8.2		%	11.4		%
Current loans receivable	91.8		%	88.6		%

Balance of Credit Card Loans on Nonaccrual Status	2,327			1,962
Balance of Loans Receivable 90 or More Days Past Due and Still Accruing Interest and Fees	$	—		$	—

Components of the Allowance for Loan Losses

The tables below present the components of the allowance for loan losses for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
(In Thousands)	2021		2020
Beginning Balance	$	42,127	$	14,911
CECL Transition Adjustment 1	—		9,463
Provision for Loan Losses	6,468		12,722
Charge-offs	(4,883)		(6,201)
Recoveries	944		699
Ending Balance	$	44,656	$	31,594

Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Information on Segments and Reconciliation to Earnings Before Income Taxes from Continuing Operations

The following table presents revenue by source and by segment for the three months ended March 31, 2021:


	Three Months Ended March 31, 2021
(In Thousands)	Progressive Leasing		Vive		Total
Lease Revenues and Fees1	$	707,982	$	—	$	707,982
Interest and Fees on Loans Receivable2	—		13,019		13,019
Total	$	707,982	$	13,019	$	721,001

1 Revenue within the scope of ASC 842, Leases.

2 Revenue within the scope of ASC 310, Credit Card Interest & Fees.

The following table presents revenue by source and by segment for the three months ended March 31, 2020:


	Three Months Ended March 31, 2020
(In Thousands)	Progressive Leasing		Vive		Total
Lease Revenues and Fees1	$	658,534	$	—	$	658,534
Interest and Fees on Loans Receivable2	—		9,908		9,908
Total	$	658,534	$	9,908	$	668,442

1 Revenue within the scope of ASC 842, Leases.

2 Revenue within the scope of ASC 310, Credit Card Interest & Fees.

The following is a summary of earnings (loss) before income taxes by segment:


	Three Months Ended March 31,
(In Thousands)	2021		2020
Earnings Before Income Taxes:
Progressive Leasing	$	104,172	$	62,707
Vive	1,424		(7,152)
Unallocated Corporate Expenses	—		(5,730)
Total Earnings Before Income Taxes	$	105,596	$	49,825

The following is a summary of total assets by segment:


(In Thousands)	March 31, 2021		December 31, 2020
Assets:
Progressive Leasing	$	1,277,420	$	1,209,650
Vive	121,378		107,754
Total Assets	$	1,398,798	$	1,317,404

Basis and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2021 USD ($) shares	Mar. 31, 2021 USD ($)	Mar. 31, 2021 USD ($) store	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($) shares	Dec. 31, 2020 USD ($)
Significant Accounting Policies [Line Items]
Number of operating segments				2	2
Number of reportable segments				2	2
Accounts receivable, after allowance for credit loss	$ 53,996	$ 53,996	$ 53,996	$ 53,996	$ 53,996		$ 61,254
Vendor incentives and rebates			4,100			$ 3,500
Restricted Stock Units (RSUs)
Significant Accounting Policies [Line Items]
Anti-dilutive securities excluded from the computation of earnings per share assuming dilution (in shares) \| shares		289,000				919,000
Progressive Leasing
Significant Accounting Policies [Line Items]
Accounts receivable, after allowance for credit loss	$ 54,000	$ 54,000	$ 54,000	$ 54,000	$ 54,000		$ 61,300
Threshold period past due for write-off of trade accounts receivable	120 days

Basis and Summary of Significant Accounting Policies - Calculation of Dilutive Stock Awards (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Weighted Average Shares Outstanding (in shares)	67,730	66,822
Dilutive Effect of Share-Based Awards (in shares)	530	1,042
Weighted Average Shares Outstanding Assuming Dilution (in shares)	68,260	67,864

Basis and Summary of Significant Accounting Policies - Revenue Recognition Narrative (Details)	3 Months Ended
	Mar. 31, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Promotional fees percent promotional interest period one	6 months
Promotional fees percent promotional interest period two	12 months
Promotional fees percent promotional interest period three	18 months
Credit Card Loans
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Privilege period	24 months
Minimum payment required percentage of outstanding loan balance	3.50%
Minimum \| Credit Card Loans
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Merchant fee percent	3.00%
Promotional fees percent	1.00%
Interest rate fixed and variable	27.00%
Maximum \| Credit Card Loans
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Merchant fee percent	25.00%
Promotional fees percent	8.00%
Interest rate fixed and variable	35.99%
Progressive Finance Holdings, LLC \| Agreement One
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Lease agreement period	12 months

Basis and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 56,364	$ 65,573
Accounts Written Off, Net of Recoveries	(45,103)	(72,951)
Accounts Receivable Provision1	36,496	76,274
Ending Balance	$ 47,757	$ 56,364

Basis and Summary of Significant Accounting Policies - Lease Merchandise (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Components of the allowance of leases merchandise write-offs:
Beginning Balance	$ 45,992	$ 47,362
Merchandise Written off, Net of Recoveries	(25,546)	(40,159)
Provision for Write-offs	18,640	55,714
Ending Balance	$ 39,086	$ 62,917
Progressive Leasing
Significant Accounting Policies [Line Items]
Lease merchandise salvage value percentage	0.00%
Lease agreement, lease period used as asset useful life	12 months

Basis and Summary of Significant Accounting Policies - Credit Quality Indicators (Details)	Mar. 31, 2021	Dec. 31, 2020
600 or Less
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Percentage of Loan Portfolio per FICO Score	7.40%	7.50%
Between 600 and 700
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Percentage of Loan Portfolio per FICO Score	79.50%	79.30%
700 or Greater
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Percentage of Loan Portfolio per FICO Score	13.10%	13.20%

Basis and Summary of Significant Accounting Policies - Components of Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Prepaid Expenses	$ 28,176	$ 23,030
Unamortized Initial Direct Costs on Lease Agreement Originations	5,275	4,986
Prepaid Insurance	2,874	3,639
Other Assets	7,741	7,899
Prepaid Expenses and Other Assets	$ 44,066	$ 39,554

Basis and Summary of Significant Accounting Policies - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Accounts Payable	$ 9,301	$ 8,630
Accrued Salaries and Benefits	19,587	18,120
Accrued Sales and Personal Property Taxes	17,600	12,933
Income Taxes Payable	38,642	18,183
Other Accrued Expenses and Liabilities	20,016	20,383
Accounts Payable and Accrued Expenses	$ 105,146	$ 78,249

Basis and Summary of Significant Accounting Policies - Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Nov. 24, 2020
Debt Instrument [Line Items]
Proceeds from lines of credit	$ 300,000,000.0
Revolving Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 50,000,000.0	$ 350,000,000.0

Basis and Summary of Significant Accounting Policies - Statements of Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 986,136	$ 1,737,259
Cash Dividends		(2,700)
Stock-Based Compensation	4,163	5,878
Reissued Shares	(4,729)	(5,349)
Repurchased Shares	(28,102)	0
Net Earnings (Loss)	79,488	(280,005)
Foreign Currency Translation Adjustment	0	(1,754)
Ending Balance	$ 1,036,956	$ 1,446,614
Dividends, per share (in dollars per share)		$ 0.04
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member
Revision of prior period, accounting standards update, adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		$ (6,715)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	(23,029)	(24,034)
Beginning Balance	$ (613,881)	$ (627,940)
Reissued Shares (in shares)	216	368
Reissued Shares	$ 3,671	$ 7,291
Repurchased Shares (in shares)	(589)
Repurchased Shares	$ (28,102)
Ending Balance (in shares)	(23,402)	(23,666)
Ending Balance	$ (638,312)	$ (620,649)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	45,376	45,376
Ending Balance	45,376	45,376
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	318,263	290,229
Stock-Based Compensation	4,163	5,878
Reissued Shares	(8,400)	(12,640)
Ending Balance	314,026	283,467
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,236,378	2,029,613
Cash Dividends		(2,700)
Net Earnings (Loss)	79,488	(280,005)
Ending Balance	$ 1,315,866	1,740,193
Retained Earnings \| Revision of prior period, accounting standards update, adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		(6,715)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		(19)
Foreign Currency Translation Adjustment		(1,754)
Ending Balance		$ (1,773)

Discontinued Operations - Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX	$ 0	$ (337,687)
Aaron's Business
Cash Flows:
Impairment of goodwill		446,900
Early termination fee	$ 14,100
Discontinued Operations
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Total Revenues		432,831
Operating (Loss) Profit		(458,720)
(Loss) Earnings before Income Taxes from Discontinued Operations		(464,278)
Income Tax (Benefit) Expense from Discontinued Operations		(126,591)
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX		(337,687)
Cash Flows:
Cash Provided by Operating Activities from Discontinued Operations		80,022
Cash Used in Investing Activities from Discontinued Operations		$ 21,684

Fair Value Measurement - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair value on a recurring basis - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Liability	$ 0	$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Liability	2,050	1,740
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Liability	$ 0	$ 0

Fair Value Measurement - Fair Value for Loan Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Net	$ 0	$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Net	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Net	$ 137,830	$ 119,895

Loans Receivable - Components of Loans Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Loans Receivable, Gross	$ 147,867	$ 131,422
Unamortized Fees	(11,843)	(10,147)
Loans Receivable, Amortized Cost	136,024	121,275
Allowance for Loan Losses	(44,656)	(42,127)	$ (31,594)	$ (14,911)
Loans Receivable, Net of Allowances and Unamortized Fees	$ 91,368	$ 79,148

Loans Receivable - Credit Quality (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 42,522
2019	63,433
2018	16,758
2017	6,518
2016	3,784
Prior	3,009
Loans Receivable, Amortized Cost	136,024	$ 121,275
600 or Less
Financing Receivable, Credit Quality Indicator [Line Items]
2020	3,401
2019	5,203
2018	1,366
2017	422
2016	62
Prior	48
Loans Receivable, Amortized Cost	10,502
Between 600 and 700
Financing Receivable, Credit Quality Indicator [Line Items]
2020	32,993
2019	50,210
2018	14,000
2017	5,252
2016	3,174
Prior	2,361
Loans Receivable, Amortized Cost	107,990
700 or Greater
Financing Receivable, Credit Quality Indicator [Line Items]
2020	6,128
2019	8,020
2018	1,392
2017	844
2016	548
Prior	600
Loans Receivable, Amortized Cost	$ 17,532

Loans Receivable - Aging of the Loans Receivable Balance (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Past due loans receivable	8.20%	11.40%
Current loans receivable	91.80%	88.60%
Balance of Credit Card Loans on Nonaccrual Status	$ 2,327	$ 1,962
30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due loans receivable	3.50%	5.70%
60-89 days past due
Financing Receivable, Past Due [Line Items]
Past due loans receivable	1.90%	2.60%
90 or more days past due
Financing Receivable, Past Due [Line Items]
Past due loans receivable	2.80%	3.10%
Balance of Loans Receivable 90 or More Days Past Due and Still Accruing Interest and Fees	$ 0	$ 0

Loans Receivable - Components of the Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Components of the Allowance For Loan Losses:
Beginning Balance	$ 42,127	$ 14,911
Provision for Loan Losses	6,468	12,722
Charge-offs	(4,883)	(6,201)
Recoveries	944	699
Ending Balance	44,656	31,594
Increase (decrease) to stockholders' equity attributable to parent	1,036,956	1,446,614	$ 986,136	$ 1,737,259
Retained Earnings
Components of the Allowance For Loan Losses:
Increase (decrease) to stockholders' equity attributable to parent	1,315,866	1,740,193	$ 1,236,378	2,029,613
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings
Components of the Allowance For Loan Losses:
Increase (decrease) to stockholders' equity attributable to parent				6,700
Revision of prior period, accounting standards update, adjustment
Components of the Allowance For Loan Losses:
Beginning Balance	$ 0	$ 9,463
Increase (decrease) to stockholders' equity attributable to parent				(6,715)
Revision of prior period, accounting standards update, adjustment \| Retained Earnings
Components of the Allowance For Loan Losses:
Increase (decrease) to stockholders' equity attributable to parent				$ (6,715)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Loss contingency accrual	$ 0.1	$ 0.1
Non-cancelable commitments due in 2023	3.8
Selling and Marketing Expense
Other Commitments [Line Items]
Non-cancelable commitments	19.8
Non-cancelable commitments due remainder of 2021	10.5
Non-cancelable commitments due in 2022	4.7
Non-cancelable commitments due in 2024	0.5
Non-cancelable commitments due in 2025	0.3
Unused credit card lines
Other Commitments [Line Items]
Remaining credit available	349.7	$ 287.3
Minimum
Other Commitments [Line Items]
Range of possible loss not accrued	0.0
Maximum
Other Commitments [Line Items]
Range of possible loss not accrued	$ 0.2

Segments - Narrative (Details) - 3 months ended Mar. 31, 2021	store	segment
Segment Reporting [Abstract]
Number of operating segments	2	2
Number of reportable segments	2	2

Segments Segments - Revenue by source and segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 721,001	$ 668,442
Progressive Leasing
Segment Reporting Information [Line Items]
Revenues	707,982	658,534
Vive
Segment Reporting Information [Line Items]
Revenues	13,019	9,908
Lease Revenues and Fees
Segment Reporting Information [Line Items]
Revenues	707,982	658,534
Lease Revenues and Fees \| Progressive Leasing
Segment Reporting Information [Line Items]
Revenues	707,982	658,534
Lease Revenues and Fees \| Vive
Segment Reporting Information [Line Items]
Revenues	0	0
Interest and Fees on Loans Receivable
Segment Reporting Information [Line Items]
Revenues	13,019	9,908
Interest and Fees on Loans Receivable \| Progressive Leasing
Segment Reporting Information [Line Items]
Revenues	0	0
Interest and Fees on Loans Receivable \| Vive
Segment Reporting Information [Line Items]
Revenues	$ 13,019	$ 9,908

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Segments - Information on Segments and Reconciliation to Earnings Before Income Taxes from Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Earnings Before Income Taxes	$ 105,596	$ 49,825
Total Assets	1,398,798		$ 1,317,404
Progressive Leasing
Segment Reporting Information [Line Items]
Total Assets	1,277,420		1,209,650
Vive
Segment Reporting Information [Line Items]
Total Assets	121,378		$ 107,754
Operating Segments \| Progressive Leasing
Segment Reporting Information [Line Items]
Total Earnings Before Income Taxes	104,172	62,707
Operating Segments \| Vive
Segment Reporting Information [Line Items]
Total Earnings Before Income Taxes	1,424	(7,152)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total Earnings Before Income Taxes	$ 0	$ (5,730)

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details