PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following as of September 30, 2024 and December 31, 2023 (in millions):


	September 30, 2024		December 31, 2023
Construction in progress	$	0.7	$	1.5
Furniture and equipment	295.7		322.9
Total property and equipment	296.4		324.4
Less accumulated depreciation	(187.7)		(215.2)
Property and equipment, net	$	108.7	$	109.2

Depreciation expense using the straight-line method was $8.6 million and $8.5 million for the three months ended September 30, 2024 and 2023, respectively, and $25.2 million and $25.4 million for the nine months ended September 30, 2024 and 2023, respectively.

The sale of the Company’s former headquarters, including the associated land, building, and certain furniture and equipment of the former headquarters location (“the Property”), was completed on June 28, 2024. In connection with the sale, the Company provided seller financing to the purchaser of the Property (“the Purchaser”) in the form of a secured promissory note for a portion of the purchase price of the Property. The total purchase price of the Property was $12.0 million and was comprised of $5.0 million cash and $7.0 million of seller financing. On June 30, 2024, the Company recognized a gain on the sale of property held for sale of $1.0 million representing the difference between the property held for sale balance and the net present value of the consideration on the date of disposal of the Property, less expenses incurred.

The $7.0 million in seller financing is in the form of a secured promissory note receivable to be repaid with an interest rate of 4.0% per annum, payable quarterly in arrears. The loan principal shall be repaid to the Company upon the earlier of the following: (a) the second anniversary of the closing date of the sale of the Property or (b) the closing of a sale of the Property by the Purchaser to a third party who is not related to the Purchaser. The Company will accrue interest income monthly based on the agreed upon principal amount and interest rate.