XML 63 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Progressive Acquisition Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $)
0 Months Ended
Jun. 30, 2014
Dec. 31, 2013
Apr. 14, 2014
Progressive Finance Holdings, LLC
Apr. 14, 2014
Progressive Finance Holdings, LLC
Secondary Escrow Deposit
Business Acquisition [Line Items]        
Estimated Purchase Price     $ 705,810,000  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]        
Cash and Cash Equivalents     5,810,000  
Receivables     27,581,000 [1] 15,800,000
Lease Merchandise     138,198,000  
Property, Plant and Equipment     4,010,000  
Other Intangibles     333,000,000 [2]  
Prepaid Expenses and Other Assets     893,000  
Total Identifiable Assets Acquired     509,492,000  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]        
Accounts Payable and Accrued Expenses     (23,342,000)  
Deferred Income Taxes Payable     (48,298,000)  
Customer Deposits and Advance Payments     (10,000,000)  
Total Liabilities Assumed     (81,640,000)  
Goodwill 516,570,000 239,181,000 277,958,000 [3]  
Net Assets Acquired     705,810,000  
Cash Consideration     185,454,000 15,800,000
Escrow deposit, distribution term       36 months
Customer receivables, gross     22,700,000  
Customer receivables, allowance for doubtful accounts     10,900,000  
Business acquisition, goodwill, expected tax deductible amount     $ 236,300,000  
[1] Receivables include $15.8 million related to the secondary escrow amount, which the Company expects to recover prior to termination of the escrow agreement 36 months from the April 14, 2014 closing date. The gross amount due under customer-related receivables we acquired was $22.7 million, of which $10.9 million is expected to be uncollectible.
[2] Identifiable intangible assets are further disaggregated in the following table.
[3] The total goodwill recognized in conjunction with the Progressive acquisition has been assigned to the Progressive operating segment. Of the goodwill recognized as part of this acquisition, $236.3 million is expected to be deductible for tax purposes. The primary reasons the purchase price of the acquisition exceeded the fair value of the net assets acquired, which resulted in the recognition of goodwill, is primarily related to synergistic value created from the combination of Progressive's virtual customer payment capabilities with the Company's leading traditional lease-to-own model. Goodwill also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce.