XML 30 R14.htm IDEA: XBRL DOCUMENT v3.23.3
PROPERTY AND EQUIPMENT, NET
 9 Months Ended
Sep. 30, 2023
PROPERTY AND EQUIPMENT, NET  
PROPERTY AND EQUIPMENT, NET

5.   PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following as of September 30, 2023 and December 31, 2022 (in millions):

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2023

    

2022

Construction in progress

​

$

2.7

​

$

7.7

Building

​

​

—

​

​

68.8

Furniture and equipment

​

 

309.7

​

 

291.3

Total property and equipment

​

 

312.4

​

 

367.8

Less accumulated depreciation

​

 

(206.8)

​

 

(259.6)

Property and equipment, net

​

$

105.6

​

$

108.2

​

Depreciation expense using the straight-line method was $8.5 million and $8.6 million for the three months ended September 30, 2023 and 2022, respectively, and $25.4 million and $25.8 million for the nine months ended September 30, 2023 and 2022, respectively.

Effective July 27, 2023, the Company entered into an agreement to sell its former headquarters building with a tentative close date in the fourth quarter of 2023, subject to customary closing conditions. The Company classified the associated land, building, and certain furniture and equipment of the former headquarters location as held for sale, performed an impairment assessment, and ceased depreciation effective August 1, 2023, as the Company anticipates selling the property held for sale in less than twelve months. In connection with the sale, the Company anticipates providing seller financing to the purchaser in the form of a promissory note for a portion of the purchase price of the former headquarters. As of September 30, 2023, the total value of the property held for sale on the condensed consolidated balance sheet was $8.7 million. The impact of ceasing depreciation of the property held for sale did not result in a material impact to the condensed consolidated financial statements.