10. Supplemental cash flow information



Six months ended June 30,		2017		2016
Trade and other receivables		(65,529)		(68,680)
Inventory		1,429		(15,871)
Advances against auction contracts		(1,107)		2,897
Prepaid expenses and deposits		5,668		(2,534)
Income taxes receivable		(3,225)		(4,845)
Auction proceeds payable		135,432		171,660
Trade and other payables		(11,734)		(13,152)
Income taxes payable		(4,118)		(9,385)
Share unit liabilities		(6,664)		2,606
Other		2,238		(5,070)
Net changes in operating
assets and liabilities	$	52,390	$	57,626



Six months ended June 30,		2017		2016
Interest paid, net of interest capitalized	$	2,250	$	2,922
Interest received		1,943		984
Net income taxes paid		23,458		36,870

Non-cash transactions:
Non-cash purchase of property, plant
and equipment under capital lease		3,483		756

On December 21, 2016, the Company prepaid interest of $7,540,000 in to escrow. In the three months ended June 30, 2017 the Company prepaid interest of $6,719,000 in to escrow. On May 31, 2017, prepaid interest of $14,259,000 was released from escrow and returned to the Company. Interest for the period from December 21, 2016 to July 14, 2017 of $15,229,000 is payable on July 15, 2017.



		June 30,		December 31,
		2017		2016
Cash and cash equivalents	$	254,103	$	207,867
Restricted cash:
Current		113,391		50,222
Non-current		-		500,000
Cash, cash equivalents, and restricted cash	$	367,494	$	758,089

On December 21, 2016, the Company completed the offering of $500,000,000 aggregate principal amount of 5.375% senior unsecured notes due January 15, 2025 (note 18). Upon the closing of the offering, the gross proceeds from the offering were deposited in to an escrow account. The funds were released from escrow upon the closing of the acquisition of IronPlanet (note 22).

10. Supplemental cash flow information (continued)

In the fourth quarter of 2016, Company early adopted ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash, which requires that the change in the total of cash, cash equivalents, and restricted cash during a reporting period be explained in the Statement of Cash Flows (“SCF”). Therefore, the Company has included its restricted cash balances when reconciling the total beginning and end of period amounts shown on the face of the SCF. The effect of this change is detailed below.



Six months ended June 30,		2016
Net changes in operating assets and liabilities:
As reported	$	(52,931)
Current presentation		57,626
Net cash provided by operating activities:
As reported		37,555
Current presentation		148,112
Effect of changes in foreign currency rates on cash:
As reported		6,077
Current presentation		8,593
Increase (decrease) in cash:
As reported		(43,647)
Current presentation		69,426
Cash and cash equivalents		166,501
Total cash, cash equivalents and restricted cash	$	362,672