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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | Leases The Company has operating and finance leases for office and warehouse facilities, headquarters, call centers, machinery and certain computer and communications equipment which provide the right to use the underlying assets in exchange for agreed upon lease payments, determined by the payment schedule contained in each lease. The Company’s lease portfolio consists primarily of operating leases which expire at various dates through 2032. In the first quarter of 2024, the Company recorded an operating right-of-use ("ROU") asset and related lease liability of $0.7 million related to a three year term extension of an existing administrative office location consisting of approximately 16,200 square feet. In the second quarter of 2024, the Company recorded an ROU asset and related lease liability of approximately of $0.5 million related to a thirty-seven month term lease of an existing sales office location consisting of approximately 6,600 square feet. In the third quarter of 2024, the Company recorded an ROU asset and related liability of approximately $1.4 million related to a five year term lease for administrative offices consisting of approximately 13,000 square feet. The Company's operating lease costs, included in continuing operations, was $4.3 million and $4.3 million for the three months ended September 30, 2024 and 2023, respectively, and $13.0 million and $12.7 million for the nine months ended September 30, 2024 and 2023, respectively. The Company has sublease agreements for unused facilities, as well as excess space in facilities we are currently occupying, which expire at various dates through 2028. Total sublease income of $0.6 million and $1.8 million was recorded for the three and nine months ended September 30, 2024 and 2023, respectively. Information relating to operating and finance leases for continuing and discontinued operations as of September 30, 2024 and December 31, 2023:
|  | Nine Months Ended September 30, |  | Year Ended December 31, |
|  | 2024 |  | 2023 |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating and finance leases |  | 6.7 years |  | 7.2 years |
Weighted Average Discount Rate |  |  |  |  |
Operating and finance leases |  | 5.4 | % |  | 5.4 | % |
ROU assets obtained in exchange for operating and finance lease obligations (in millions) |  | $ | 2.6 |  |  | $ | 6.3 |  |
Maturities of lease liabilities were as follows (in millions):
Year Ending December 31 | Operating Leases |  |
2024 (adjusted for nine months of payments) | $ | 4.8 |  |  |
2025 | 18.3 |  |  |
2026 | 16.3 |  |  |
2027 | 12.3 |  |  |
2028 | 12.2 |  |  |
2029 | 12.4 |  |  |
Thereafter | 28.6 |  |  |
Total lease payments | 104.9 |  |  |
Less: interest | (18.6) |  |  |
Total present value of lease liabilities | $ | 86.3 |  |  |
Leases | Leases The Company has operating and finance leases for office and warehouse facilities, headquarters, call centers, machinery and certain computer and communications equipment which provide the right to use the underlying assets in exchange for agreed upon lease payments, determined by the payment schedule contained in each lease. The Company’s lease portfolio consists primarily of operating leases which expire at various dates through 2032. In the first quarter of 2024, the Company recorded an operating right-of-use ("ROU") asset and related lease liability of $0.7 million related to a three year term extension of an existing administrative office location consisting of approximately 16,200 square feet. In the second quarter of 2024, the Company recorded an ROU asset and related lease liability of approximately of $0.5 million related to a thirty-seven month term lease of an existing sales office location consisting of approximately 6,600 square feet. In the third quarter of 2024, the Company recorded an ROU asset and related liability of approximately $1.4 million related to a five year term lease for administrative offices consisting of approximately 13,000 square feet. The Company's operating lease costs, included in continuing operations, was $4.3 million and $4.3 million for the three months ended September 30, 2024 and 2023, respectively, and $13.0 million and $12.7 million for the nine months ended September 30, 2024 and 2023, respectively. The Company has sublease agreements for unused facilities, as well as excess space in facilities we are currently occupying, which expire at various dates through 2028. Total sublease income of $0.6 million and $1.8 million was recorded for the three and nine months ended September 30, 2024 and 2023, respectively. Information relating to operating and finance leases for continuing and discontinued operations as of September 30, 2024 and December 31, 2023:
|  | Nine Months Ended September 30, |  | Year Ended December 31, |
|  | 2024 |  | 2023 |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating and finance leases |  | 6.7 years |  | 7.2 years |
Weighted Average Discount Rate |  |  |  |  |
Operating and finance leases |  | 5.4 | % |  | 5.4 | % |
ROU assets obtained in exchange for operating and finance lease obligations (in millions) |  | $ | 2.6 |  |  | $ | 6.3 |  |
Maturities of lease liabilities were as follows (in millions):
Year Ending December 31 | Operating Leases |  |
2024 (adjusted for nine months of payments) | $ | 4.8 |  |  |
2025 | 18.3 |  |  |
2026 | 16.3 |  |  |
2027 | 12.3 |  |  |
2028 | 12.2 |  |  |
2029 | 12.4 |  |  |
Thereafter | 28.6 |  |  |
Total lease payments | 104.9 |  |  |
Less: interest | (18.6) |  |  |
Total present value of lease liabilities | $ | 86.3 |  |  |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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