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Sale of ADESA U.S. Physical Auction Business and Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | The following table presents the results of operations for the ADESA U.S. physical auction business that have been reclassified to discontinued operations for all periods presented (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating revenues | $ | — |  |  | $ | 305.9 |  |  | $ | 881.3 |
Operating expenses |  |  |  |  |
Cost of services (exclusive of depreciation and amortization) | — |  |  | 224.9 |  |  | 582.4 |
Selling, general and administrative | — |  |  | 67.8 |  |  | 148.7 |
Depreciation and amortization | — |  |  | 11.2 |  |  | 73.0 |
Total operating expenses | — |  |  | 303.9 |  |  | 804.1 |
Operating profit | — |  |  | 2.0 |  |  | 77.2 |
Interest expense | — |  |  | 0.1 |  |  | 0.9 |
Other (income) expense, net | — |  |  | (8.4) |  |  | (11.0) |
Income from discontinued operations before gain on disposal and income taxes | — |  |  | 10.3 |  |  | 87.3 |
Pretax gain on disposal of discontinued operations | — |  |  | 521.8 |  |  | — |
Income taxes | (0.7) |  |  | 319.5 |  |  | 20.0 |
Income from discontinued operations | $ | 0.7 |  |  | $ | 212.6 |  |  | $ | 67.3 |
The following table summarizes the major classes of assets and liabilities of the ADESA U.S. physical auction business that were classified as discontinued operations for the period presented (in millions):
| May 8, 2022
Assets |
Cash and cash equivalents | $ | 68.6 |
Trade receivables, net of allowances | 206.3 |
Inventory | 15.5 |
Other current assets | 9.3 |
Current assets of discontinued operations | 299.7 |
Goodwill | 1,099.7 |
Customer relationships, net of accumulated amortization | 81.4 |
Other intangible assets, net of accumulated amortization | 30.7 |
Operating lease right-of-use assets | 223.7 |
Property and equipment, net of accumulated depreciation | 440.1 |
Other assets | 2.4 |
Non-current assets of discontinued operations | 1,878.0 |
Total assets of discontinued operations | $ | 2,177.7 |
Liabilities |
Accounts payable | $ | 249.5 |
Accrued employee benefits and compensation expenses | 10.2 |
Other accrued expenses | 28.2 |
Current portion of operating lease liabilities | 27.7 |
Current liabilities of discontinued operations | 315.6 |
Operating lease liabilities | 216.8 |
Other liabilities | 2.0 |
Non-current liabilities of discontinued operations | 218.8 |
Total liabilities of discontinued operations | $ | 534.4 |

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