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Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
We sell installation services to other companies related to us through common or affiliated ownership and/or board of directors and/or management relationships. We also purchase services and materials and pay rent to companies with common or related ownership.
We lease our headquarters and certain other facilities from related parties. See Note 9, Leases, for future minimum lease payments to be paid to these related parties.
The amount of sales to common or related parties as well as the purchases from and rent expense paid to common or related parties were as follows (in millions):
Years ended December 31,
202420232022
Sales$24.6 $20.3 $12.8 
Purchases2.3 2.2 2.2 
Rent1.1 1.2 1.3 
At December 31, 2024 and 2023, we had related party receivables of approximately $1.2 million and $1.8 million, respectively, included on our Consolidated Balance Sheets. These balances primarily represent trade accounts receivable arising during the normal course of business with various related parties. M/I Homes, Inc., a customer whose Chairman, President and Chief Executive Officer rejoined our board of directors in July of 2022, accounted for $1.1 million of the related party accounts receivable balance as of December 31, 2024. Additionally, M/I Homes, Inc. accounted for a significant portion of our related party sales during the year ended December 31, 2024 and 2023. In 2024, we paid $0.8 million to purchase a 35% interest in an aircraft to be used for business travel, together with an affiliate of our Chief Executive Officer, who purchased a 15% interest,
and an unrelated third party who owns the remaining interest. We pay our pro-rata share of ownership costs and our direct operating costs of the airplane to an unrelated third party.
On August 14, 2024, as part of our stock repurchase program, we completed a private share repurchase with PJAM IBP Holdings Inc., whose President is our Chief Executive Officer and is deemed a beneficial owner. We purchased 100 thousand shares of our common stock for a purchase price of approximately $20.7 million, or $206.90 price per share. This represents a 3.0% discount of the last reported price of our common stock on August 13, 2024.