Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

IAA

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The purchase price was determined as follows:

Cash consideration	$	1,714.2
Fair value of common shares issued	3,712.9
Fair value of exchanged IAA equity awards attributable to pre-combination service	13.1
Reimbursement of sell-side acquisition costs	48.8
Repayment of IAA net debt	1,157.1
Total fair value of consideration transferred	$	6,646.1

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Purchase price	$	6,646.1
Assets acquired:
Cash and cash equivalents	166.6
Trade and other receivables	496.8
Inventory	57.1
Other current assets	28.0
Income taxes receivable	0.6
Property, plant and equipment	618.5
Operating lease right-of-use assets	1,281.0
Other non-current assets	34.8
Intangible assets	2,712.1
Liabilities assumed:
Auction proceeds payable	60.7
Trade and other liabilities	258.4
Current operating lease liability	75.2
Income taxes payable	3.7
Long-term operating lease liability	1,186.3
Other non-current liabilities	23.8
Deferred tax liabilities	688.5
Fair value of identifiable net assets acquired	3,098.9
Goodwill acquired on acquisition	$	3,547.2

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes the preliminary fair values of the identifiable intangible assets acquired:

Asset	Preliminary fair value at acquisition		Weighted average amortization period
Customer relationships	$	2,293.5	15 years
Developed technology	245.2		4 years
Trade names and trademarks	166.6		5 years
Software under development	6.8		—
Total	$	2,712.1	13.4 years

Business Acquisition, Pro Forma

	Year ended December 31,
	2023		2022
Revenue	$	4,155.2	$	3,832.7
Net income	374.4		127.1

VeriTread

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Total cash consideration paid	$	28.1
Fair value of previously held interest	4.3
Purchase price	$	32.4
Assets acquired:
Cash and cash equivalents	3.4
Trade and other receivables, and other current assets	0.9
Intangible assets	14.7
Liabilities assumed:
Trade and other liabilities	1.1
Fair value of identifiable net assets acquired	17.9
Redeemable non-controlling interest	(8.9)
Non-controlling interest	(1.8)
Goodwill acquired on acquisition	$	25.2

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes the fair values of the identifiable intangible assets acquired:

Asset	Fair value at acquisition		Weighted average amortization period
Customer relationships	$	7.2	5 years
Software and technology assets	7.1		7 years
Trade names and trademarks	0.4		2 years
Total	$	14.7	5.9 years