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Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Leases | 25. Leases The Company's breakdown of lease expense is as follows:
Year ended December 31, |  | 2023 |  | 2022 |  | 2021
Operating lease cost |  | $ | 192.1 |  |  | $ | 23.0 |  |  | $ | 17.9 |
Finance lease cost |  |  |  |  |  |
Amortization of leased assets |  | 11.3 |  |  | 10.2 |  |  | 10.8 |
Interest on lease liabilities |  | 1.3 |  |  | 0.8 |  |  | 0.8 |
Short-term lease cost |  | 17.0 |  |  | 12.2 |  |  | 10.0 |
Sublease income |  | (0.6) |  |  | (0.1) |  |  | — |
|  | $ | 221.1 |  |  | $ | 46.1 |  |  | $ | 39.5 |
Operating Leases The Company has entered into leases for various properties used for auctions or offices, the majority of which are non-cancellable. The Company also has leases for computer equipment, software, motor vehicles and small office equipment where it is not in the best interest of the Company to purchase these assets. With the exception of one lease expiring in 2092, the majority of the Company's operating leases have a fixed term with a remaining life between one month and 16 years, with renewal options included in the contracts. The leases have varying contract terms, escalation clauses and renewal options. Generally, there are no restrictions placed upon the lessee by entering into these leases, other than restrictions on use of property, sub-letting and alterations. The Company has not included any purchase options available within its operating lease portfolio in its determination of its operating lease liability. The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
2024 | $ | 211.9 |
2025 | 189.2 |
2026 | 176.4 |
2027 | 166.8 |
2028 | 157.1 |
Thereafter | 1,225.9 |
Total future minimum lease payments | $ | 2,127.3 |
less: imputed interest | (655.0) |
Total operating lease liability | $ | 1,472.3 |
less: operating lease liability - current | (118.0) |
Total operating lease liability - non current | $ | 1,354.3 |
At December 31, 2023, the weighted average remaining lease term for operating leases is 12.4 years (December 31, 2022: 12.4 years) and the weighted average discount rate is 4.3% (December 31, 2022: 3.9%). There are no additional undiscounted commitments for leases not yet commenced at December 31, 2023 (December 31, 2022: nil). Finance Leases The Company has entered into finance lease arrangements for certain vehicles, computer and yard equipment, fixtures, and office furniture. The majority of the leases have a fixed term with a remaining life of one month to five years with renewal options included in the contracts. In certain of these leases, the Company has the option to purchase the leased asset at fair market value or a stated residual value at the end of the lease term. For certain leases such as vehicle leases, the Company has included renewal options in the measurement of its lease balances. At December 31, 2023, the net carrying amount of computer and yard equipment and other assets under finance leases is $25.1 million (December 31, 2022: $24.1 million), and is included in the total property, plant and equipment as disclosed on the consolidated balance sheets. Assets recorded under finance leases are as follows:
At December 31, 2023 |  | Cost |  | Accumulated depreciation |  | Net book value
Auto equipment |  | $ | 27.6 |  |  | $ | (13.0) |  |  | $ | 14.6 |
Computer equipment |  | 15.4 |  |  | (8.4) |  |  | 7.0 |
Yard and others |  | 10.9 |  |  | (7.4) |  |  | 3.5 |
|  | $ | 53.9 |  |  | $ | (28.8) |  |  | $ | 25.1 |
At December 31, 2022 |  | Cost |  | Accumulated depreciation |  | Net book value
Auto equipment |  | $ | 22.1 |  |  | $ | (9.5) |  |  | $ | 12.6 |
Computer equipment |  | 14.3 |  |  | (8.0) |  |  | 6.3 |
Yard and others |  | 14.1 |  |  | (8.9) |  |  | 5.2 |
|  | $ | 50.5 |  |  | $ | (26.4) |  |  | $ | 24.1 |
The future aggregate minimum lease payments under non-cancellable finance leases are as follows:
2024 | $ | 10.7 |
2025 | 7.6 |
2026 | 5.9 |
2027 | 3.6 |
2028 | 0.5 |
Total future minimum lease payments | $ | 28.3 |
less: imputed interest | (2.4)
Total finance lease liability | $ | 25.9 |
less: finance lease liability - current | (9.5)
Total finance lease liability - non current | $ | 16.4 |
At December 31, 2023, the weighted average remaining lease term for finance leases is 3.2 years (December 31, 2022: 3.2 years) and the weighted average discount rate is 5.7% (December 31, 2022: 4.4%). Subleases At December 31, 2023, the total future minimum sublease payments expected to be received under non-cancellable subleases is $2.6 million (2022: $1.0 million; 2021: nil).
Leases | 25. Leases The Company's breakdown of lease expense is as follows:
Year ended December 31, |  | 2023 |  | 2022 |  | 2021
Operating lease cost |  | $ | 192.1 |  |  | $ | 23.0 |  |  | $ | 17.9 |
Finance lease cost |  |  |  |  |  |
Amortization of leased assets |  | 11.3 |  |  | 10.2 |  |  | 10.8 |
Interest on lease liabilities |  | 1.3 |  |  | 0.8 |  |  | 0.8 |
Short-term lease cost |  | 17.0 |  |  | 12.2 |  |  | 10.0 |
Sublease income |  | (0.6) |  |  | (0.1) |  |  | — |
|  | $ | 221.1 |  |  | $ | 46.1 |  |  | $ | 39.5 |
Operating Leases The Company has entered into leases for various properties used for auctions or offices, the majority of which are non-cancellable. The Company also has leases for computer equipment, software, motor vehicles and small office equipment where it is not in the best interest of the Company to purchase these assets. With the exception of one lease expiring in 2092, the majority of the Company's operating leases have a fixed term with a remaining life between one month and 16 years, with renewal options included in the contracts. The leases have varying contract terms, escalation clauses and renewal options. Generally, there are no restrictions placed upon the lessee by entering into these leases, other than restrictions on use of property, sub-letting and alterations. The Company has not included any purchase options available within its operating lease portfolio in its determination of its operating lease liability. The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
2024 | $ | 211.9 |
2025 | 189.2 |
2026 | 176.4 |
2027 | 166.8 |
2028 | 157.1 |
Thereafter | 1,225.9 |
Total future minimum lease payments | $ | 2,127.3 |
less: imputed interest | (655.0) |
Total operating lease liability | $ | 1,472.3 |
less: operating lease liability - current | (118.0) |
Total operating lease liability - non current | $ | 1,354.3 |
At December 31, 2023, the weighted average remaining lease term for operating leases is 12.4 years (December 31, 2022: 12.4 years) and the weighted average discount rate is 4.3% (December 31, 2022: 3.9%). There are no additional undiscounted commitments for leases not yet commenced at December 31, 2023 (December 31, 2022: nil). Finance Leases The Company has entered into finance lease arrangements for certain vehicles, computer and yard equipment, fixtures, and office furniture. The majority of the leases have a fixed term with a remaining life of one month to five years with renewal options included in the contracts. In certain of these leases, the Company has the option to purchase the leased asset at fair market value or a stated residual value at the end of the lease term. For certain leases such as vehicle leases, the Company has included renewal options in the measurement of its lease balances. At December 31, 2023, the net carrying amount of computer and yard equipment and other assets under finance leases is $25.1 million (December 31, 2022: $24.1 million), and is included in the total property, plant and equipment as disclosed on the consolidated balance sheets. Assets recorded under finance leases are as follows:
At December 31, 2023 |  | Cost |  | Accumulated depreciation |  | Net book value
Auto equipment |  | $ | 27.6 |  |  | $ | (13.0) |  |  | $ | 14.6 |
Computer equipment |  | 15.4 |  |  | (8.4) |  |  | 7.0 |
Yard and others |  | 10.9 |  |  | (7.4) |  |  | 3.5 |
|  | $ | 53.9 |  |  | $ | (28.8) |  |  | $ | 25.1 |
At December 31, 2022 |  | Cost |  | Accumulated depreciation |  | Net book value
Auto equipment |  | $ | 22.1 |  |  | $ | (9.5) |  |  | $ | 12.6 |
Computer equipment |  | 14.3 |  |  | (8.0) |  |  | 6.3 |
Yard and others |  | 14.1 |  |  | (8.9) |  |  | 5.2 |
|  | $ | 50.5 |  |  | $ | (26.4) |  |  | $ | 24.1 |
The future aggregate minimum lease payments under non-cancellable finance leases are as follows:
2024 | $ | 10.7 |
2025 | 7.6 |
2026 | 5.9 |
2027 | 3.6 |
2028 | 0.5 |
Total future minimum lease payments | $ | 28.3 |
less: imputed interest | (2.4)
Total finance lease liability | $ | 25.9 |
less: finance lease liability - current | (9.5)
Total finance lease liability - non current | $ | 16.4 |
At December 31, 2023, the weighted average remaining lease term for finance leases is 3.2 years (December 31, 2022: 3.2 years) and the weighted average discount rate is 5.7% (December 31, 2022: 4.4%). Subleases At December 31, 2023, the total future minimum sublease payments expected to be received under non-cancellable subleases is $2.6 million (2022: $1.0 million; 2021: nil).

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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