Other Current Assets

3 Months Ended

Mar. 31, 2023

Other Current Assets

Other Current Assets

15.    Other Current Assets

	March 31,		December 31,
	2023		2022
Advances against auction contracts	$	8.0	$	8.9
Assets held for sale		—		0.3
Prepaid expenses and deposits		74.7		38.9
Derivative financial asset		0.2		0.2
	$	82.9	$	48.3

On March 17, 2022, the Company completed the sale and leaseback of a parcel of land including all buildings, in Bolton, Ontario, for a total sale consideration of $208.2 million Canadian dollars (approximately $165.0 million) net of closing and transaction costs, and recognized a gain on disposition of property, plant and equipment of $169.1 million as a component of gain on disposition of property, plant and equipment. The net book value of the Bolton property was $7.1 million. The payments for the lease were not considered to be at market rates given an initial two-year rent-free period and, accordingly, the Company adjusted the sales proceeds and the gain to fair value. The Bolton property continues to be used for auction operations under the operating leaseback agreement until the completion of the acquisition and development of a replacement property located in Amaranth, Ontario. On March 30, 2023, the Company completed its purchase of the Amaranth property for a total purchase consideration of $23.1 million Canadian dollars (approximately $17.1 million) and is proceeding with its development.