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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 206.0 $ 319.8 $ 151.9
Adjustments for items not affecting cash:      
Depreciation and amortization 352.2 97.2 87.9
Share-based payments expense 55.8 41.7 31.3
Deferred income tax (benefit) expense (65.8) (0.3) 3.9
Unrealized foreign exchange loss (gain) 6.6 (6.5) (0.1)
Gain on disposition of property, plant and equipment (4.9) (170.8) (1.4)
Allowance for expected credit losses 5.9 0.0 0.0
Loss on redemption of Notes 3.3 4.8 0.0
Gain on remeasurement of investment upon acquisition (1.4) 0.0 0.0
Amortization of debt issuance costs 10.1 3.9 2.9
Amortization of right-of-use assets 109.9 19.4 12.8
Other, net 10.0 2.7 4.0
Net changes in operating assets and liabilities (143.7) 151.2 24.4
Net cash provided by operating activities 544.0 463.1 317.6
Investing activities:      
Property, plant and equipment additions (227.9) (32.0) (9.8)
Proceeds on disposition of property, plant and equipment 32.6 165.5 1.9
Intangible asset additions (118.3) (40.0) (33.7)
Repayment of loans receivable 4.0 5.5 1.1
Issuance of loans receivable (18.8) (22.0) (2.6)
Other (1.3) 0.3 0.0
Net cash provided by (used in) investing activities (3,108.3) 77.2 (214.1)
Financing activities:      
Issuance of Series A Senior Preferred Shares and common stock, net of issuance costs 496.9 0.0 0.0
Dividends paid to common stockholders (298.0) (115.2) (103.8)
Acquisition of remaining interest in NCI and dividends paid to NCI 0.0 0.0 (5.7)
Dividends paid to Series A Senior Preferred shareholders (30.4) 0.0 0.0
Proceeds from exercise of options and share option plans 43.7 5.9 16.3
Payment of withholding taxes on issuance of shares (15.9) (4.0) (9.3)
Net increase (decrease) in short-term debt (15.5) 0.8 (21.6)
Proceeds from long-term debt 3,175.0 0.0 1,107.0
Repayment of long-term debt (654.4) (1,131.0) (5.3)
Payment of debt issue costs (41.7) (4.3) (5.7)
Repayment of finance lease and equipment financing obligations (19.2) (10.3) (11.0)
Proceeds of equipment financing obligations 37.6 0.0 0.0
Payment of contingent consideration (1.9) 0.0 0.0
Net cash provided by (used in) financing activities 2,676.2 (1,258.1) 960.9
Effect of changes in foreign currency rates on cash, cash equivalents, and restricted cash 10.1 (18.8) (8.8)
(Decrease) Increase 122.0 (736.6) 1,055.6
Beginning of period 625.9 1,362.5 306.9
Cash, cash equivalents, and restricted cash, end of period 747.9 625.9 1,362.5
IAA      
Investing activities:      
Acquisitions, net of cash acquired (2,753.9) 0.0 0.0
VeriTread      
Investing activities:      
Acquisitions, net of cash acquired (24.7) 0.0 0.0
SmartEquip      
Investing activities:      
Acquisitions, net of cash acquired $ 0.0 $ (0.1) $ (171.0)