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Note 5 - Leases | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Lessee, Operating and Finance Leases [Text Block] | 5. Leases: We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC 842, Leases ("ASC 842"). The following table presents the consolidated lease cost and cash paid for amounts included in the measurement of lease liabilities for finance and operating leases for the three and nine months ended September 30, 2023 and 2022, respectively:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost (1) |  | $ | 8.2 |  |  | $ | 11.6 |  |  | $ | 25.6 |  |  | $ | 36.8 |
Sublease income |  |  | (0.3 | ) |  |  | (0.5 | ) |  |  | (1.0 | ) |  |  | (1.6 | )
Finance lease costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of finance lease assets (2) |  |  | 3.8 |  |  |  | 3.1 |  |  |  | 10.6 |  |  |  | 9.6 |
Interest on finance lease liabilities (3) |  |  | 0.4 |  |  |  | — |  |  |  | 0.7 |  |  |  | 0.4 |
Total lease cost |  | $ | 12.1 |  |  | $ | 14.2 |  |  | $ | 35.9 |  |  | $ | 45.2 |
Other information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash outflows from operating leases |  | $ | (8.2 | ) |  | $ | (12.7 | ) |  | $ | (25.9 | ) |  | $ | (37.9 | )
Operating cash outflows from finance leases |  | $ | (0.4 | ) |  | $ | — |  |  | $ | (0.7 | ) |  | $ | (0.4 | )
Financing cash outflows from finance leases |  | $ | (10.4 | ) |  | $ | (11.7 | ) |  | $ | (13.2 | ) |  | $ | (13.5 | )
_______________ (1) Included in "Cost of revenues" and "Selling, general and administrative" expenses in our accompanying condensed consolidated statements of operations (2) Included in "Depreciation and amortization of fixed assets" in our accompanying condensed consolidated statements of operations (3) Included in "Interest expense" in our accompanying condensed consolidated statements of operations The following table presents weighted-average remaining lease terms and weighted-average discount rates for the consolidated finance and operating leases as of September 30, 2023 and 2022, respectively:
|  | September 30, |
|  | 2023 |  |  | 2022 |
Weighted-average remaining lease term - operating leases (in years) |  |  | 8.4 |  |  |  | 8.5 |
Weighted-average remaining lease term - finance leases (in years) |  |  | 3.4 |  |  |  | 1.5 |
Weighted-average discount rate - operating leases |  |  | 3.9 | % |  |  | 3.9 | %
Weighted-average discount rate - finance leases |  |  | 4.1 | % |  |  | 2.6 | %
Our ROU assets and lease liabilities for finance leases were $43.6 million and $35.0 million, respectively, as of September 30, 2023. Our ROU assets and lease liabilities for finance leases were $10.7 million and $4.2 million, respectively, as of December 31, 2022. Our ROU assets for finance leases were included in "Fixed assets, net" in our accompanying condensed consolidated balance sheets. Our lease liabilities for finance leases were included in the "Short-term debt and current portion of long-term debt" and "Long-term debt" in our accompanying condensed consolidated balance sheets (see Note 10. Debt). Maturities of lease liabilities for the remainder of 2023 and the years through 2028 and thereafter are as follows:
|  | September 30, 2023 |
Years Ending |  | Operating Leases |  |  | Finance Leases |
2023 |  | $ | 8.4 |  |  | $ | 2.8 |
2024 |  |  | 32.6 |  |  |  | 14.4 |
2025 |  |  | 32.5 |  |  |  | 13.1 |
2026 |  |  | 31.0 |  |  |  | 2.9 |
2027 |  |  | 30.8 |  |  |  | 2.4 |
2028 and thereafter |  |  | 134.1 |  |  |  | 1.9 |
Total lease payments |  |  | 269.4 |  |  |  | 37.5 |
Less: Amount representing interest |  |  | (40.9 | ) |  |  | (2.8 | )
Present value of total lease payments |  | $ | 228.5 |  |  | $ | 34.7 |

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