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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | 17. Leases The Company enters into commercial leases for various properties used for auctions or offices, the majority of which are non-cancellable. The Company also has operating leases for computer equipment, motor vehicles and small office equipment. The majority of the Company’s operating leases have a fixed term with a remaining life of one month to 20 years, with renewal options. The leases have varying contract terms, escalation clauses and renewal options. The Company also enters into finance lease arrangements for certain vehicles, computer and yard equipment, fixtures, and office furniture. The majority of these leases have a fixed term with a remaining life of one month to five years with renewal options. The following table summarizes the components of lease expense:
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease cost |  | $ | 60.3 |  |  | $ | 59.9 |  |  | $ | 182.2 |  |  | $ | 132.1 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of leased assets |  | 3.4 |  |  | 2.6 |  |  | 9.1 |  |  | 8.5 |
Interest on lease liabilities |  | 0.6 |  |  | 0.3 |  |  | 1.5 |  |  | 0.9 |
Short-term lease cost |  | 4.6 |  |  | 4.7 |  |  | 14.6 |  |  | 12.4 |
Sublease income |  | (0.2) |  |  | — |  |  | (0.6) |  |  | (0.1) |
|  | $ | 68.7 |  |  | $ | 67.5 |  |  | $ | 206.8 |  |  | $ | 153.8 |
Leases | 17. Leases The Company enters into commercial leases for various properties used for auctions or offices, the majority of which are non-cancellable. The Company also has operating leases for computer equipment, motor vehicles and small office equipment. The majority of the Company’s operating leases have a fixed term with a remaining life of one month to 20 years, with renewal options. The leases have varying contract terms, escalation clauses and renewal options. The Company also enters into finance lease arrangements for certain vehicles, computer and yard equipment, fixtures, and office furniture. The majority of these leases have a fixed term with a remaining life of one month to five years with renewal options. The following table summarizes the components of lease expense:
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease cost |  | $ | 60.3 |  |  | $ | 59.9 |  |  | $ | 182.2 |  |  | $ | 132.1 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of leased assets |  | 3.4 |  |  | 2.6 |  |  | 9.1 |  |  | 8.5 |
Interest on lease liabilities |  | 0.6 |  |  | 0.3 |  |  | 1.5 |  |  | 0.9 |
Short-term lease cost |  | 4.6 |  |  | 4.7 |  |  | 14.6 |  |  | 12.4 |
Sublease income |  | (0.2) |  |  | — |  |  | (0.6) |  |  | (0.1) |
|  | $ | 68.7 |  |  | $ | 67.5 |  |  | $ | 206.8 |  |  | $ | 153.8 |

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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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