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Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2017
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table presents the summary of the preliminary estimated fair value of the assets acquired and liabilities assumed in the SEI acquisition as of the July 27, 2017 acquisition date:
(In Thousands)
Amounts Recognized as of Acquisition Date
Purchase Price
$
140,000

Settlement of Pre-existing Accounts Receivable
3,452

Reimbursement for Insurance Costs
(100
)
Consideration Transferred
143,352

Estimated Fair Value of Identifiable Assets Acquired and Liabilities Assumed:
 
Cash and Cash Equivalents
34

Receivables
1,448

Lease Merchandise
40,941

Property, Plant and Equipment
8,279

Other Intangibles1
16,472

Prepaid Expenses and Other Assets
440

Total Identifiable Assets Acquired
67,614

Accounts Payable and Accrued Expenses
(5,470
)
Customer Deposits and Advance Payments
(2,500
)
Capital Leases
(4,630
)
Total Liabilities Assumed
(12,600
)
Goodwill2
88,338

Net Assets Acquired
$
55,014

1 Identifiable intangible assets are further disaggregated in the following table.
2 The total goodwill recognized in conjunction with the SEI acquisition, all of which is expected to be deductible for tax purposes, has been assigned to the Aaron’s Business operating segment. The purchase price exceeded the fair value of the net assets acquired, which resulted in the recognition of goodwill, primarily due to synergies created from the expected future benefits to the Company’s omnichannel platform, implementation of the Company's operational capabilities, expected inventory supply chain synergies between the Aaron’s Business and Progressive Leasing, and control of the Company's brand name in new geographic markets. Goodwill also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce.
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination
The estimated intangible assets attributable to the SEI acquisition are comprised of the following:
 
Fair Value
(in thousands)
 
Weighted Average Life
(in years)
Non-compete Agreements
$
1,155

 
5.0
Customer Contracts
2,527

 
1.0
Customer Relationships
3,960

 
2.0
Reacquired Franchise Rights
3,231

 
4.1
Favorable Operating Leases
5,599

 
4.6
Total Acquired Intangible Assets1
$
16,472

 
 
1 Acquired definite-lived intangible assets have a total weighted average life of 3.3 years.