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Operating Expenses

6 Months Ended

Jun. 30, 2023

8. Operating Expenses

Acquisition-related and Integration Costs

Acquisition-related and integration costs consist of operating expenses incurred in connection with business combinations, such as due diligence, advisory, legal, integration, severance, acceleration of share-based payments expense and share-based continuing employment costs.

The following is a summary of our acquisition-related and integration costs:


	Three months ended				Six months ended
	June 30,				June 30,
	2023		2022		2023		2022
IAA
Financing	$	—	$	—	$	30.0	$	—
Severance		8.7		—		22.7		—
Integration		12.0		—		17.1		—
Acceleration of share-based payments expense		0.9		—		5.9		—
Legal		2.6		—		12.1		—
Investment banking, consulting and other acquisition-related costs		2.7		—		64.3		—
Settlement of pre-existing contractual arrangement		16.3				16.3
		43.2		—		168.4		—

Other acquisitions		3.1		3.4		4.1		13.0
Total acquisition-related and integration costs	$	46.3	$	3.4	$	172.5	$	13.0

During the second quarter of 2023, the Company paid $20.0 million to settle a pre-existing contractual arrangement held by IAA prior to the acquisition for the benefit of the combined business. The payment extinguished $3.7 million of related pre-acquisition accrued liabilities recognized on the balance sheet at acquisition and $16.3 million was recognized in acquisition-related and integration costs during the three months ended June 30, 2023.

Depreciation and Amortization


	Three months ended				Six months ended
	June 30,				June 30,
	2023		2022		2023		2022
Depreciation	$	25.5	$	7.9	$	37.0	$	15.6
Amortization		84.1		16.4		108.8		32.9
	$	109.6	$	24.3	$	145.8	$	48.5