Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

17. Leases

The Company enters into commercial leases for various properties used for auctions or offices, the majority of which are non-cancellable. The Company also has operating leases for computer equipment, motor vehicles and small office equipment. The majority of the Company’s operating leases have a fixed term with a remaining life of one month to 20 years, with renewal options. 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.

The following table summarizes the components of lease expense:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	61.1	$	59.1	$	121.9	$	72.2
Finance lease cost
Amortization of leased assets	3.0		0.6		5.7		5.9
Interest on lease liabilities	0.5		0.2		0.9		0.6
Short-term lease cost	4.6		4.2		10.0		7.7
Sublease income	(0.2)		—		(0.4)		(0.1)
	$	69.0	$	64.1	$	138.1	$	86.3

Leases

17. Leases

The Company enters into commercial leases for various properties used for auctions or offices, the majority of which are non-cancellable. The Company also has operating leases for computer equipment, motor vehicles and small office equipment. The majority of the Company’s operating leases have a fixed term with a remaining life of one month to 20 years, with renewal options. 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.

The following table summarizes the components of lease expense:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	61.1	$	59.1	$	121.9	$	72.2
Finance lease cost
Amortization of leased assets	3.0		0.6		5.7		5.9
Interest on lease liabilities	0.5		0.2		0.9		0.6
Short-term lease cost	4.6		4.2		10.0		7.7
Sublease income	(0.2)		—		(0.4)		(0.1)
	$	69.0	$	64.1	$	138.1	$	86.3