Property and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure

PROPERTY AND EQUIPMENT

Property and equipment consists of the following:

(In millions)	As of
	March 31, 2024		December 31, 2023
Land and land improvements	$	2.9	$	2.9
Building and improvements	58.8		58.8
Data processing equipment and software	49.2		50.0
Office furniture and equipment	2.6		2.6
Total property and equipment	113.5		114.3
Less: Accumulated depreciation on property and equipment	(68.9)		(67.8)
Total property and equipment, net	$	44.6	$	46.5

As the vast majority of our team members now work remotely, we have significant excess space in the two office buildings that we own, which are located in Southfield, Michigan. After exploring options to reduce our office space, we have made the preliminary decision to sell the larger building and consolidate into the smaller building that has served as our headquarters since 1993.

The building that we intend to sell is currently scheduled for auction in mid-May 2024. As there is currently a significant amount of unoccupied office space in our region, we do not know whether the auction will result in a sale. Additionally, we believe the market value of the building and its improvements, together with the related land and land improvements and office furniture and equipment, is significantly less than the carrying value of $27.5 million. We have evaluated the facts and circumstances of the potential auction sale, and we do not believe that the building currently meets all of the criteria necessary for us to reclassify it as held for sale. If we were to reclassify the building as held for sale, we would record an impairment charge to reduce its carrying value to its estimated market value less costs to sell.