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Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2018
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 franchisee acquisition as of December 31, 2017, as well as measurement period adjustments made during the three months ended March 31, 2018:
(In Thousands)
Amounts Recognized as of Acquisition Date (as adjusted)1
 
Acquisition Accounting Adjustments2
 
Amounts Recognized as of Acquisition Date (as adjusted)
Purchase Price
$
140,000

 
$
—

 
$
140,000

Settlement of Pre-existing Accounts Receivable SEI owed Aaron's, Inc.
3,452

 
—

 
3,452

Reimbursement for Insurance Costs
(100
)
 
—

 
(100
)
Working Capital Adjustment
188

 
—

 
188

Consideration Transferred
143,540

 
—

 
143,540

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

 
—

 
34

Receivables
1,448

 
—

 
1,448

Lease Merchandise
40,941

 
—

 
40,941

Property, Plant and Equipment
8,832

 
—

 
8,832

Other Intangibles3
13,578

 
201

 
13,779

Prepaid Expenses and Other Assets
440

 
—

 
440

Total Identifiable Assets Acquired
65,273

 
201

 
65,474

Accounts Payable and Accrued Expenses
(6,534
)
 
(164
)
 
(6,698
)
Customer Deposits and Advance Payments
(2,500
)
 
—

 
(2,500
)
Capital Leases
(4,514
)
 
—

 
(4,514
)
Total Liabilities Assumed
(13,548
)
 
(164
)
 
(13,712
)
Goodwill4
91,815

 
(37
)
 
91,778

Net Assets Acquired
$
51,725

 
$
37

 
$
51,762


1 As previously reported in Note 2 to the consolidated financial statements in the 2017 Annual Report.
2 The acquisition accounting adjustments relate to further information obtained during the period regarding the fair value of assumed favorable and unfavorable property operating leases based on comparable market terms of similar leases based on information that existed as of the acquisition date, which the Company expects to complete prior to the one year anniversary date of the acquisition.
3 Identifiable intangible assets are further disaggregated in the table set forth below.
4 The total goodwill recognized in conjunction with the franchisee 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 franchisee acquisition are comprised of the following:
 
Fair Value
(in thousands)
 
Weighted Average Life
(in years)
Non-compete Agreements
$
1,244

 
5.0
Customer Lease Contracts
2,154

 
1.0
Customer Relationships
3,215

 
2.0
Reacquired Franchise Rights
3,640

 
4.1
Favorable Operating Leases
3,526

 
11.3
Total Acquired Intangible Assets1
$
13,779

 
 
1 Acquired definite-lived intangible assets have a total weighted average life of 5.1 years.