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Share-based Payments (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Compensation costs related to share-based payments | Share-based payments consist of the following compensation costs:
Year ended December 31, |  | 2023 |  | 2022 |  | 2021
Selling, general and administrative: |  |  |  |  |  |
Stock option compensation expense |  | $ | 7.7 |  |  | $ | 12.2 |  |  | $ | 8.4 |
Equity-classified share units |  | 32.0 |  |  | 22.0 |  |  | 12.6 |
Liability-classified share units |  | 2.5 |  |  | — |  |  | (0.6) |
Employee share purchase plan |  | 4.7 |  |  | 2.8 |  |  | 2.7 |
|  | 46.9 |  |  | 37.0 |  |  | 23.1 |
Acquisition-related and integration costs: |  |  |  |  |  |
Acceleration of share-based payments expense |  | 6.8 |  |  | — |  |  | — |
Share-based continuing employment costs |  | 3.8 |  |  | 7.5 |  |  | 10.8 |
|  | 10.6 |  |  | 7.5 |  |  | 10.8 |
|  | $ | 57.5 |  |  | $ | 44.5 |  |  | $ | 33.9 |
Summary of stock option activity | Stock option activity is presented below:
| Stock options |  | Premium-priced stock options
| Common shares under option |  | WA exercise price |  | WA remaining contractual life (in years) |  | Aggregate intrinsic value |  | Common shares under option |  | WA exercise price |  | WA remaining contractual life (in years) |  | Aggregate intrinsic value
Outstanding, December 31, 2020 | 1,985,754 |  | $ | 34.95 |  |  | 7.7 |  | $ | 68.7 |  |  | — |  | $ | — |  |  | — |  |  | $ | — |
Granted | 758,256 |  | 56.29 |  |  | — |  |  | — |  |  | 1,017,064 |  | 91.24 |  |  | — |  |  | — |
Exercised | (495,021) |  | 32.83 |  |  | — |  |  | 14.1 |  |  | — |  | — |  |  | — |  |  | — |
Forfeited | (40,932) |  | 45.86 |  |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |
Outstanding, December 31, 2021 | 2,208,057 |  | $ | 42.55 |  |  | 7.7 |  | $ | 41.9 |  |  | 1,017,064 |  | $ | 91.24 |  |  | 5.7 |  | $ | — |
Granted | 710,847 |  | 58.08 |  |  | — |  |  | — |  |  | 119,157 |  | 91.37 |  |  | — |  |  | — |
Exercised | (159,920) |  | 36.72 |  |  | — |  |  | 4.5 |  |  | — |  | — |  |  | — |  |  | — |
Forfeited | (28,689) |  | 48.09 |  |  | — |  |  | — |  |  | (17,789) |  | 90.93 |  |  | — |  |  | — |
Outstanding, December 31, 2022 | 2,730,295 |  | $ | 46.88 |  |  | 7.3 |  | $ | 31.2 |  |  | 1,118,432 |  | $ | 91.26 |  |  | 4.7 |  | $ | — |
Granted | 262,725 |  | 58.09 |  |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |
Assumed in acquisition (note 4) | 187,727 |  | 50.96 |  |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |
Exercised | (721,503) |  | 47.67 |  |  | — |  |  | 10.3 |  |  | — |  | — |  |  | — |  |  | — |
Forfeited | (140,162) |  | 53.84 |  |  | — |  |  | — |  |  | (225,765) |  | 91.26 |  |  | — |  |  | — |
Outstanding, December 31, 2023 | 2,319,082 |  | $ | 47.82 |  |  | 6.3 |  | $ | 44.5 |  |  | 892,667 |  | $ | 91.26 |  |  | 3.6 |  | $ | — |
Exercisable, December 31, 2023 | 1,462,603 |  | $ | 42.15 |  |  | 5.1 |  | $ | 36.3 |  |  | 86,206 |  | $ | 91.37 |  |  | 2.8 |  | $ | — |
ESPP valuation assumptions | The significant assumptions used to estimate the fair value of ESPP awards granted in 2023 are presented in the following table on a weighted average basis:
|  | December 31, 2023
Risk free interest rate |  | 5.3 | %
Expected dividend yield |  | 1.81 | %
Expected lives of the ESPP |  | 8 months
Expected volatility |  | 28.1 | %
Schedule of shares issuance activity | Share unit activity is presented below:
| Equity-classified awards |  | Liability-classified awards
| PSUs |  | PSUs with Market Conditions |  | RSUs |  | DSUs
| Number |  | WA grant date fair value |  | Number |  | WA grant date fair value |  | Number |  | WA grant date fair value |  | Number |  | WA grant date fair value
Outstanding, December 31, 2020 | 542,676 |  | $ | 38.09 |  |  | — |  | $ | — |  |  | 134,937 |  | $ | 39.14 |  |  | 137,514 |  | $ | 32.06 |
Granted | 160,713 |  | 57.67 |  |  | 88,305 |  | 65.45 |  |  | 46,675 |  | 60.98 |  |  | 19,075 |  | 58.48 |
Vested and settled | (161,248) |  | 31.14 |  |  | — |  | — |  |  | (93,426) |  | 35.04 |  |  | — |  | — |
Forfeited | (18,523) |  | 47.58 |  |  | — |  | — |  |  | (9,074) |  | 55.81 |  |  | — |  | — |
Outstanding, December 31, 2021 | 523,618 |  | $ | 45.90 |  |  | 88,305 |  | $ | 65.45 |  |  | 79,112 |  | $ | 54.96 |  |  | 156,589 |  | $ | 35.28 |
Granted | 236,855 |  | 58.53 |  |  | 14,574 |  | 69.92 |  |  | 34,495 |  | 57.71 |  |  | 21,824 |  | 58.24 |
Vested and settled | (93,241) |  | 36.42 |  |  | — |  | — |  |  | (37,714) |  | 50.29 |  |  | (70,048) |  | 36.13 |
Forfeited | (4,598) |  | 51.76 |  |  | — |  | — |  |  | (7,869) |  | 60.30 |  |  | — |  | — |
Outstanding at December 31, 2022 | 662,634 |  | $ | 51.71 |  |  | 102,879 |  | $ | 66.08 |  |  | 68,024 |  | $ | 58.32 |  |  | 108,365 |  | $ | 39.35 |
Granted | 94,729 |  | 58.04 |  |  | 80,398 |  | 85.33 |  |  | 425,309 |  | 53.35 |  |  | 24,573 |  | 55.49 |
Assumed in IAA acquisition | — |  | — |  |  | — |  | — |  |  | 366,379 |  | 52.79 |  |  | — |  | — |
Vested and settled | (283,086) |  | 42.23 |  |  | — |  | — |  |  | (309,102) |  | 53.22 |  |  | (32,378) |  | 54.68 |
Forfeited | (58,848) |  | 60.62 |  |  | (9,017) |  | 68.59 |  |  | (10,939) |  | 55.06 |  |  | — |  | — |
Outstanding at December 31, 2023 | 415,429 |  | $ | 58.35 |  |  | 174,260 |  | $ | 74.83 |  |  | 539,671 |  | $ | 53.64 |  |  | 100,560 |  | $ | 38.36 |
Stock options |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Stock options valuation assumptions | The significant assumptions used to estimate the fair value of stock options granted are presented in the following table on a weighted average basis:
|  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Risk free interest rate |  | 4.2 | % |  | 2.2 | % |  | 0.5 | %
Expected dividend yield |  | 1.84 | % |  | 1.74 | % |  | 1.64 | %
Expected lives of the stock options |  | 4 years |  | 4 years |  | 4 years
Expected volatility |  | 35.8 | % |  | 31.8 | % |  | 32.3 | %
Premium-priced stock options |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Stock options valuation assumptions | The significant assumptions used to estimate the fair values were as follows:
|  | December 31, 2022 |  | December 31, 2021
Risk free interest rate |  | 3.0 | % |  | 1.1 | %
Expected dividend yield |  | 1.63 | % |  | 1.59 | %
Expected lives of the stock options |  | 4 years |  | 5 years
Expected volatility |  | 30.2 | % |  | 30.6 | %
PSU |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Stock options valuation assumptions | The significant assumptions used to estimate the fair value are presented in the following table:
|  | December 31, 2023 |  | December 31, 2022
Risk free interest rate |  | 4.5 | % |  | 2.7 | %
Expected dividend yield |  | — | % |  | 1.63 | %
Expected lives of the PSUs |  | 2 years |  | 2 years
Expected volatility |  | 32.7 | % |  | 33.4 | %
Average expected volatility of comparable companies |  | 48.6 | % |  | 34.4 | %
IAA | Stock options |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Stock options valuation assumptions | The significant assumptions used to estimate the fair value of these assumed stock options are presented in the following table on a weighted average basis:
|  | December 31, 2023
Risk free interest rate |  | 3.9 | %
Expected dividend yield |  | 2.05 | %
Expected lives of the stock options |  | 2 years
Expected volatility |  | 33.3 | %

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