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LEASES | 12 Months Ended
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Dec. 31, 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 2034. 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 $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 lease liability of approximately $1.4 million related to a five year term lease for administrative offices consisting of approximately 13,000 square feet. In the fourth quarter of 2024, the Company recorded ROU assets and related lease liabilities of approximately $1.9 million related to a ten year term lease for an administrative office consisting of approximately 11,000 square feet, a thirty-nine month term lease for administrative offices consisting of approximately 6,000 square feet and a two year term lease of an existing administrative office location consisting of approximately 4,000 square feet. The Company's operating and finance lease costs, included in continuing operations, was $17.4 million, $17.0 million and $15.4 million, for the years ended December 31, 2024, 2023 and 2022, respectively. Information relating to operating leases for continuing and discontinued operations as of December 31, 2024 and 2023:
|  | Year Ended December 31,
|  | 2024 |  | 2023
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 6.5 years |  | 7.2 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 5.4 | % |  | 5.4 | %
ROU assets obtained in exchange for operating and finance lease obligations |  | $ | 4.5 |  |  | $ | 6.3 |
Maturities of lease liabilities were as follows (in millions):
Year Ending December 31 |  |  | Operating Leases |  |
2025 |  |  | 18.4 |  |  |
2026 |  |  | 16.5 |  |  |
2027 |  |  | 12.6 |  |  |
2028 |  |  | 12.1 |  |  |
2029 |  |  | 12.3 |  |  |
Thereafter |  |  | 28.5 |  |  |
Total lease payments |  |  | 100.4 |  |  |
Less: interest |  |  | (17.3) |  |  |
Total present value of lease liabilities |  |  | $ | 83.1 |  |  |
The Company currently leases its headquarters office facility from an entity owned by the Company’s principal shareholders. Total rent expense recorded to related parties was $1.0 million in 2024, 2023 and 2022. The Company has sublease agreements for unused facilities which expire at various dates through 2028. Total sublease income of $4.3 million, $4.1 million and $2.7 million was recorded for the years ended December 31, 2024, 2023 and 2022, respectively. Future rent streams related to sublease agreements consists of $4.0 million to be collected in less than one year, $5.0 million to be collected between one and three years and $0.2 million to be collected between three and five years.
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 2034. 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 $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 lease liability of approximately $1.4 million related to a five year term lease for administrative offices consisting of approximately 13,000 square feet. In the fourth quarter of 2024, the Company recorded ROU assets and related lease liabilities of approximately $1.9 million related to a ten year term lease for an administrative office consisting of approximately 11,000 square feet, a thirty-nine month term lease for administrative offices consisting of approximately 6,000 square feet and a two year term lease of an existing administrative office location consisting of approximately 4,000 square feet. The Company's operating and finance lease costs, included in continuing operations, was $17.4 million, $17.0 million and $15.4 million, for the years ended December 31, 2024, 2023 and 2022, respectively. Information relating to operating leases for continuing and discontinued operations as of December 31, 2024 and 2023:
|  | Year Ended December 31,
|  | 2024 |  | 2023
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 6.5 years |  | 7.2 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 5.4 | % |  | 5.4 | %
ROU assets obtained in exchange for operating and finance lease obligations |  | $ | 4.5 |  |  | $ | 6.3 |
Maturities of lease liabilities were as follows (in millions):
Year Ending December 31 |  |  | Operating Leases |  |
2025 |  |  | 18.4 |  |  |
2026 |  |  | 16.5 |  |  |
2027 |  |  | 12.6 |  |  |
2028 |  |  | 12.1 |  |  |
2029 |  |  | 12.3 |  |  |
Thereafter |  |  | 28.5 |  |  |
Total lease payments |  |  | 100.4 |  |  |
Less: interest |  |  | (17.3) |  |  |
Total present value of lease liabilities |  |  | $ | 83.1 |  |  |
The Company currently leases its headquarters office facility from an entity owned by the Company’s principal shareholders. Total rent expense recorded to related parties was $1.0 million in 2024, 2023 and 2022. The Company has sublease agreements for unused facilities which expire at various dates through 2028. Total sublease income of $4.3 million, $4.1 million and $2.7 million was recorded for the years ended December 31, 2024, 2023 and 2022, respectively. Future rent streams related to sublease agreements consists of $4.0 million to be collected in less than one year, $5.0 million to be collected between one and three years and $0.2 million to be collected between three and five years.

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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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