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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2024
IAA acquisition |
Business Acquisition [Line Items] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the purchase price to the fair value of assets acquired and liabilities assumed:
Purchase price (cash: $1,714.2 million; fair value of common shares issued: $3,712.9 million; repayment of net debt: $1,157.1 million; reimbursement of costs: $48.8 million; and fair value of exchanged equity awards: $13.1 million) | $ | 6,646.1 |
Assets acquired |
Cash and cash equivalents | 166.6 |
Trade and other receivables | 497.3 |
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 | 1,289.7 |
Other non-current assets | 34.8 |
Intangible assets | 2,712.1 |
Liabilities assumed |
Auction proceeds payable | 60.7 |
Trade and other liabilities | 257.0 |
Current operating lease liability | 77.5 |
Income taxes payable | 3.5 |
Long-term operating lease liability | 1,192.7 |
Other non-current liabilities | 24.3 |
Deferred tax liabilities | 689.5 |
Fair value of identifiable net assets acquired | 3,099.5 |
Goodwill acquired on acquisition | $ | 3,546.6 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the final fair values of the identifiable intangible assets acquired:
Asset |  | 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
VeriTread |
Business Acquisition [Line Items] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the purchase price to the fair value of assets acquired and liabilities assumed:
Purchase price (cash: $28.1 million; and fair value of previously held equity interest: $4.3 million) | $ | 32.4 |
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 final fair value of identifiable net assets acquired consists of cash and cash equivalents of $3.4 million, trade and other receivables and other current assets of $0.9 million, trade and other liabilities of $1.1 million, and identifiable intangible assets of $14.7 million as summarized in the following table:
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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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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