Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

19. Leases

The Company enters into commercial leases for various auctions sites, branches and offices, the majority of which are non-cancellable, and additional operating leases for computer equipment, motor vehicles and small office equipment. With the exception of one lease expiring in 2092, the majority of the Company’s operating leases have a fixed term with a remaining life between one month and 20 years, with renewal options included in the contracts. The leases have varying contract terms, escalation clauses and renewal options.

The Company also enters into finance lease arrangements for certain vehicles, computer and yard equipment, fixtures, and office furniture, the majority of these leases have a fixed term with a remaining life of one month to five years with renewal options included in the contracts.

The Company’s breakdown of lease expense is as follows:

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	59.9	$	6.1	$	132.1	$	17.1
Finance lease cost
Amortization of leased assets	$	2.6	$	2.5	$	8.5	$	7.7
Interest on lease liabilities	$	0.3	$	0.2	$	0.9	$	0.5
Short-term lease cost	$	4.7	$	2.8	$	12.4	$	9.2
Sublease income	$	—	$	—	$	(0.1)	$	—
	$	67.5	$	11.6	$	153.8	$	34.5

Leases

19. Leases

The Company enters into commercial leases for various auctions sites, branches and offices, the majority of which are non-cancellable, and additional operating leases for computer equipment, motor vehicles and small office equipment. With the exception of one lease expiring in 2092, the majority of the Company’s operating leases have a fixed term with a remaining life between one month and 20 years, with renewal options included in the contracts. The leases have varying contract terms, escalation clauses and renewal options.

The Company also enters into finance lease arrangements for certain vehicles, computer and yard equipment, fixtures, and office furniture, the majority of these leases have a fixed term with a remaining life of one month to five years with renewal options included in the contracts.

The Company’s breakdown of lease expense is as follows:

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	59.9	$	6.1	$	132.1	$	17.1
Finance lease cost
Amortization of leased assets	$	2.6	$	2.5	$	8.5	$	7.7
Interest on lease liabilities	$	0.3	$	0.2	$	0.9	$	0.5
Short-term lease cost	$	4.7	$	2.8	$	12.4	$	9.2
Sublease income	$	—	$	—	$	(0.1)	$	—
	$	67.5	$	11.6	$	153.8	$	34.5