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Significant Judgments, Estimates and Assumptions | 3 Months Ended
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Mar. 31, 2023
Significant Judgments, Estimates and Assumptions |
Significant Judgments, Estimates and Assumptions | 3. Significant Judgments, Estimates and Assumptions The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Future differences arising between actual results and the judgments, estimates and assumptions made by the Company at the reporting date, or future changes to estimates and assumptions, could necessitate adjustments to the underlying reported amounts of assets, liabilities, revenues and expenses in future reporting periods. Judgments, estimates and underlying assumptions are evaluated on an ongoing basis by management and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances and such changes are reflected in the assumptions when they occur. Significant items subject to estimates and judgments during the three months ended March 31, 2023 related to the preliminary purchase price allocations for the acquisitions of IAA and VeriTread and the valuation of the redeemable non-controlling interest recognized in connection with the acquisition of VeriTread. Given the date of the acquisition in relation to the reporting date, the fair value estimates of assets acquired and liabilities assumed is pending the completion of various items, including obtaining further information regarding the identification and valuation of all assets acquired and liabilities assumed. Accounting for business combinations requires estimates with respect to the fair value of the assets acquired and liabilities assumed. Such estimates of fair value require valuation methods which rely on significant estimates and assumptions. In connection with the acquisitions of IAA and VeriTread, the valuation of intangible assets required significant estimates and assumptions and included estimates regarding future cash flows, growth rates, attrition rates, royalty rates, obsolescence rates, discount rates, terminal value and forecasted period assumptions, as applicable. The Company based these estimates on historical and anticipated results, industry trends, economic analysis, and various other assumptions that it believes are reasonable, including assumptions as to the occurrence of future events. In addition, in connection with the acquisition of IAA, the valuation of property, plant, and equipment required significant estimates and assumptions, including estimates regarding market value. Preliminary estimates were based on valuation market, income and cost approaches, as applicable. In connection with the acquisition of VeriTread, management applied judgement and assessed that it is probable that the redeemable non-controlling interest will be redeemed at a future date. At the end of each reporting period, if redemption of the redeemable non-controlling interest continues to be probable, then the carrying value of the redeemable non-controlling interest is adjusted to its estimated redemption value as one of the allowable methods under the applicable accounting standards. The valuation of the redemption value at acquisition, and at each reporting period, requires management to assess whether VeriTread and the Company will be able to successfully achieve certain integration milestones and performance targets over a three-year period. The valuation of the estimated redemption value also includes estimates such as future cash flows, growth rates and discount rates, among others. ​

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