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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net income $ 121.8 $ 274.4
Adjustments for items not affecting cash:    
Depreciation and amortization 246.9 72.8
Share-based payments expense 39.9 31.4
Deferred income tax (benefit) expense (31.4) 7.9
Unrealized foreign exchange loss (gain) 5.4 (5.3)
Gain on disposition of property, plant and equipment (4.4) (170.5)
Loss on redemption of Notes 3.3 4.8
Amortization of debt issuance costs 7.1 3.1
Amortization of right-of-use assets 72.9 13.9
Change in fair value of derivatives 0.0 (1.2)
Gain on remeasurement of investment upon acquisition (1.4) 0.0
Other, net 7.0 2.8
Net changes in operating assets and liabilities (260.4) 29.8
Net cash provided by operating activities 206.7 263.9
Investing activities:    
Property, plant and equipment additions (153.6) (26.3)
Proceeds on disposition of property, plant and equipment 31.6 165.2
Intangible asset additions (83.3) (28.2)
Issuance of loans receivable (18.8) (7.0)
Repayment of loans receivable 2.3 4.7
Other (0.6) 0.0
Net cash (used in) provided by investing activities (3,002.3) 108.3
Financing activities:    
Issuance of Series A Senior Preferred Shares and common stock, net of issuance costs 496.9 0.0
Dividends paid to common stockholders (248.7) (85.3)
Dividends paid to Series A Senior Preferred shareholders (21.9) 0.0
Proceeds from exercise of options and share option plans 15.5 5.8
Payment of withholding taxes on issuance of shares (14.6) (3.9)
Net decrease in short-term debt (23.9) (4.2)
Proceeds from long-term debt 3,175.0 0.0
Repayment of long-term debt (603.3) (1,094.9)
Payment of debt issue costs (41.7) (3.6)
Repayment of finance lease obligations (8.3) (7.9)
Proceeds from equipment financing obligations 11.1 0.0
Repayment of equipment financing obligations (5.3) 0.0
Payment of contingent consideration (2.0) 0.0
Net cash provided by (used in) financing activities 2,728.8 (1,194.0)
Effect of changes in foreign currency rates on cash, cash equivalents, and restricted cash 0.1 (25.6)
Decrease (66.7) (847.4)
Beginning of period 625.9 1,362.5
Cash and cash equivalents, and restricted cash, end of period 559.2 515.1
IAA    
Investing activities:    
Acquisitions, net of cash acquired (2,755.2) 0.0
VeriTread    
Investing activities:    
Acquisitions, net of cash acquired (24.7) 0.0
SmartEquip    
Investing activities:    
Acquisitions, net of cash acquired $ 0.0 $ (0.1)