Supplemental Disclosure of Customer Receivables

6 Months Ended

Jul. 31, 2011

Supplemental Disclosure of Customer Receivables [Abstract]

Supplemental Disclosure of Customer Receivables

4.      Supplemental Disclosure of Customer Receivables

The following tables present quantitative information about the receivables portfolio managed by the Company:

	Total Outstanding Balance
	of Customer Receivables						60 Days Past Due (1)				Reaged (1)
	January 31,			July 31,			January 31,		July 31,		January 31,		July 31,
(Dollars in Thousands)	2011			2011			2011		2011		2011		2011
Primary program:
Installment	$	537,682		$	482,906		$	39,252	$	25,120	$	86,403	$	73,558
Revolving		24,603			18,064			1,698		947		1,426		1,300
Subtotal		562,285			500,970			40,950		26,067		87,829		74,858
Secondary program:
Installment		113,481			98,736			17,092		10,639		37,379		28,315
Total receivables managed		675,766			599,706		$	58,042	$	36,706	$	125,208	$	103,173
Allowance for uncollectible accounts related to the Primary program		(25,580	)		(17,648	)
Allowance for uncollectible accounts related to the Secondary program		(9,056	)		(7,206	)
Allowances for promotional credit programs		(8,411	)		(4,562	)
Current portion of customer accounts receivable, net		342,754			311,322
Long-term customer accounts receivable, net	$	289,965		$	258,968

(1)  Amounts are based on end of period balances and accounts could be represented in both the past due and reaged columns shown above. The total amount of customer receivables past due one day or greater was $161.0 million and $133.8 million as of January 31, 2011 and July 31, 2011, respectively. These amounts include the 60 days past due totals shown above.

					Net Credit								Net Credit
	Average Balances				Charge-offs (2)				Average Balances				Charge-offs (2)
	Three Months Ended				Three Months Ended				Six Months Ended				Six Months Ended
	July 31,				July 31,				July 31,				July 31,
(Dollars in thousands)	2010		2011		2010		2011		2010		2011		2010		2011
Primary program:
Installment	$	537,333	$	490,412					$	541,023	$	503,316
Revoling		34,306		19,550						36,627		21,155
Subtotal		571,639		509,962	$	6,934	$	8,789		577,650		524,471	$	13,710	$	15,182
Secondary:   Installment		130,958		103,393		2,361		2,857		132,814		106,812		4,730		4,978
Total receivables managed	$	702,597	$	613,355	$	9,295	$	11,646	$	710,464	$	631,283	$	18,440	$	20,160

As of July 31, 2011, the Company changed its charge-off policy such that an account that is delinquent more than 209 days as of the end of each month is charged-off against the allowance for doubtful accounts and interest accrued subsequent to the last payment is reversed and charged against the allowance for uncollectible interest. The change in policy had the impact of accelerating $4.4 million in principal charge-offs and $1.4 million in charge-offs of accrued interest in the current fiscal year three-month and six-month periods.

Following is the activity in the Company's balance in the allowance for doubtful accounts and uncollectible interest for customer receivables for the six months ended July 31, 2011 and 2010:

	Six Months Ended									Six Months Ended
	7/31/2010									7/31/2011
	Primary			Secondary			Total			Primary			Secondary			Total
Allowance at beginning of period	$	26,704		$	9,098		$	35,802		$	25,581		$	9,056		$	34,637
Provision (a)		13,669			7,844			21,513			10,727			4,670			15,397
Principal charge-offs (b)		(14,519	)		(5,072	)		(19,591	)		(16,660	)		(5,425	)		(22,085	)
Interest charge-offs		(2,929	)		(1,364	)		(4,293	)		(3,478	)		(1,542	)		(5,020	)
Recoveries (b)		810			341			1,151			1,478			447			1,925
Allowance at end of period	$	23,735		$	10,847		$	34,582		$	17,648		$	7,206		$	24,854

(a) Includes provision for uncollectible interest, which is included in Finance charges and other.

(b) Charge-offs include the principal amount of losses (excluding accrued and unpaid interest), and recoveries include principal collections during the period shown of previously charged-off balances. These amounts represent net charge-offs.