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Note 8 - Leases | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Lessee, Operating and Finance Leases [Text Block] | 8. Leases: We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC 842. The lease term for our corporate headquarters ends in 2033 and includes the options to extend for one 10-year renewal period and two 5-year renewal periods. Extension and termination options are considered in the calculation of our ROU assets and lease liabilities when we determine it is reasonably certain that we will exercise those options. 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 years ended December 31, 2023 and 2022:
|  | 2023 |  |  | 2022 |
Lease cost: |  |  |  |  |  |  |  |
Operating lease cost (1) |  | $ | 33.9 |  |  | $ | 47.7 |
Sublease income |  |  | (1.7 | ) |  |  | (2.0 | )
Finance lease cost |  |  |  |  |  |  |  |
Depreciation of finance lease assets (2) |  |  | 14.4 |  |  |  | 12.8 |
Interest on finance lease liabilities (3) |  |  | 1.0 |  |  |  | 0.5 |
Total lease cost |  | $ | 47.6 |  |  | $ | 59.0 |
Other information: |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash outflows from operating leases |  | $ | (34.9 | ) |  | $ | (46.4 | )
Operating cash outflows from finance leases |  | $ | (1.0 | ) |  | $ | (0.5 | )
Financing cash outflows from finance leases |  | $ | (15.7 | ) |  | $ | (14.3 | )
_______________ (1) Included in "Cost of revenues" and "Selling, general and, administrative" expenses in our accompanying consolidated statements of operations (2) Included in "Depreciation and amortization of fixed assets" in our accompanying consolidated statements of operations (3) Included in "Interest expense" in our accompanying 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 for the years ended December 31, 2023 and 2022:
|  | 2023 |  |  | 2022 |
Weighted-average remaining lease term - operating leases (in years) |  |  | 8.2 |  |  |  | 8.5 |
Weighted-average remaining lease term - finance leases (in years) |  |  | 3.1 |  |  |  | 1.7 |
Weighted-average discount rate - operating leases |  |  | 4.0 | % |  |  | 3.8 | %
Weighted-average discount rate - finance leases |  |  | 4.2 | % |  |  | 2.6 | %
Our ROU assets and lease liabilities for finance leases were $41.2 million and $34.5 million, respectively, as of December 31, 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 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 consolidated balance sheets (See Note 15. Debt). Maturities of the continuing lease liabilities for the years through 2029 and thereafter are as follows:
Years Ending |  | Operating Leases |  |  | Finance Leases |
2024 |  | $ | 33.3 |  |  | $ | 15.6 |
2025 |  |  | 34.1 |  |  |  | 13.8 |
2026 |  |  | 32.6 |  |  |  | 3.4 |
2027 |  |  | 32.4 |  |  |  | 2.6 |
2028 |  |  | 31.7 |  |  |  | 1.7 |
2029 and thereafter |  |  | 104.3 |  |  |  | - |
Total lease payments |  |  | 268.4 |  |  |  | 37.1 |
Less: Amount representing interest |  |  | (39.7 | ) |  |  | (2.6 | )
Present value of total lease payments |  | $ | 228.7 |  |  | $ | 34.5 |

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