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Acquisitions and Dispositions | 6 Months Ended
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Jun. 30, 2024
Business Combinations [Abstract] |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions We completed several asset acquisitions for a total purchase price of approximately $7.6 million in the six months ended June 30, 2024, and $27.4 million in the six months ended June 30, 2023. The value of the assets acquired during 2024 and 2023 has primarily been allocated to the related permits and leasehold agreements intangible assets (see Note 4. Intangible Assets). Dispositions Canadian Business On June 7, 2024, the Company completed the sale of the Canadian Business in the Transaction. In connection with the Transaction, the Company received C$410.0 million in cash, which is subject to certain purchase price adjustments. In connection with the Transaction, the assets of our outdoor advertising business in Canada had been classified as Assets held for sale on the Consolidated Statement of Financial Position as of December 31, 2023. It is required that we measure assets held for sale at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. The components of Assets held for sale and Liabilities held for sale, which were written off upon completion of the Transaction, were as follows:
(in millions) |  | As of June 7, 2024 |  | As of December 31, 2023
Current assets: |  |  |  |
Receivables, less allowances |  | $ | 22.9 |  |  | $ | 26.7 |
Other current assets |  | 9.3 |  |  | 7.9 |
Current assets held for sale |  | 32.2 |  |  | 34.6 |
Property and equipment, net |  | 44.7 |  |  | 39.9 |
Goodwill |  | 22.2 |  |  | 22.9 |
Intangible assets |  | 51.3 |  |  | 53.0 |
Operating lease assets |  | 84.7 |  |  | 85.9 |
Other assets |  | 11.9 |  |  | 12.6 |
Total assets held for sale |  | $ | 247.0 |  |  | $ | 248.9 |
Current liabilities held for sale |  | $ | 24.7 |  |  | $ | 24.1 |
Deferred income tax liabilities, net |  | 13.7 |  |  | 15.5 |
Asset retirement obligation |  | 4.9 |  |  | 5.0 |
Operating lease liabilities |  | 69.4 |  |  | 70.4 |
Total liabilities held for sale |  | $ | 112.7 |  |  | $ | 115.0 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent + Details
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