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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2023
IAA |
Business Acquisition [Line Items] |
Schedule of Business Acquisitions, by Acquisition | The purchase price was determined as follows:
Cash consideration | $ | 1,714.2 |
Fair value of common shares issued | 3,712.9 |
Fair value of exchanged IAA equity awards attributable to pre-combination service | 13.1 |
Reimbursement of sell-side acquisition costs | 48.8 |
Repayment of IAA net debt | 1,157.1 |
Total fair value of consideration transferred | $ | 6,646.1 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
Purchase price | $ | 6,646.1 |
Assets acquired: |
Cash and cash equivalents | 166.6 |
Trade and other receivables | 496.8 |
Inventory | 57.1 |
Other current assets | 28.0 |
Income taxes receivable | 0.6 |
Property, plant and equipment | 618.5 |
Operating lease right-of-use assets | 1,281.0 |
Other non-current assets | 34.8 |
Intangible assets | 2,712.1 |
Liabilities assumed: |
Auction proceeds payable | 60.7 |
Trade and other liabilities | 258.4 |
Current operating lease liability | 75.2 |
Income taxes payable | 3.7 |
Long-term operating lease liability | 1,186.3 |
Other non-current liabilities | 23.8 |
Deferred tax liabilities | 688.5 |
Fair value of identifiable net assets acquired | 3,098.9 |
Goodwill acquired on acquisition | $ | 3,547.2 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the preliminary fair values of the identifiable intangible assets acquired:
Asset |  | Preliminary fair value at acquisition |  | Weighted average amortization period
Customer relationships |  | $ | 2,293.5 |  |  | 15 years
Developed technology |  | 245.2 |  |  | 4 years
Trade names and trademarks |  | 166.6 |  |  | 5 years
Software under development |  | 6.8 |  |  | — |
Total |  | $ | 2,712.1 |  |  | 13.4 years
Business Acquisition, Pro Forma |
|  | Year ended December 31,
|  | 2023 |  | 2022
Revenue |  | $ | 4,155.2 |  |  | $ | 3,832.7 |
Net income |  | 374.4 |  |  | 127.1 |
VeriTread |
Business Acquisition [Line Items] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
Total cash consideration paid | $ | 28.1 |
Fair value of previously held interest | 4.3 |
Purchase price | $ | 32.4 |
Assets acquired: |
Cash and cash equivalents | 3.4 |
Trade and other receivables, and other current assets | 0.9 |
Intangible assets | 14.7 |
Liabilities assumed: |
Trade and other liabilities | 1.1 |
Fair value of identifiable net assets acquired | 17.9 |
Redeemable non-controlling interest | (8.9) |
Non-controlling interest | (1.8) |
Goodwill acquired on acquisition | $ | 25.2 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the fair values of the identifiable intangible assets acquired:
Asset |  | Fair value at acquisition |  | Weighted average amortization period
Customer relationships |  | $ | 7.2 |  |  | 5 years
Software and technology assets |  | 7.1 |  |  | 7 years
Trade names and trademarks |  | 0.4 |  |  | 2 years
Total |  | $ | 14.7 |  |  | 5.9 years

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