Fair Value Measurement

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

11. Fair Value Measurement

The following table summarizes the fair values and carrying amounts of the Company's financial instruments that are required to be recorded or disclosed at fair value on a recurring basis:

		December 31, 2024				December 31, 2023
	Category	Carrying amount		Fair value		Carrying amount		Fair value
Loans receivable	Level 2	$	53.6	$	53.3	$	37.7	$	37.6
Derivative financial assets	Level 2	—		—		0.4		0.4
Derivative financial liabilities	Level 2	0.2		0.2		—		—
Contingent consideration liability	Level 3	4.8		4.8		5.2		5.2
Long-term debt
Secured Notes	Level 1	544.8		563.8		543.2		565.1
Unsecured Notes	Level 1	790.9		837.5		789.5		848.0
Term loans	Level 2	1,290.5		1,297.5		1,743.1		1,758.1

The fair value of loans receivable with a maturity date greater than one year are determined by estimating discounted cash flows using

market rates. The fair value of derivative financial assets and derivative financial liabilities, which consist of forward currency contracts, are determined using observable inputs, including foreign currency spot exchange rates and forward pricing curves, and considers the credit risk of the Company and its counterparties. The fair value of the contingent consideration liability, which relates to IAA's acquisition of Marisat, Inc. in 2021, is determined using certain unobservable inputs, including the likelihood of the achievement of volume targets. The fair values of the Secured Notes and Unsecured Notes are determined by reference to a quoted market price traded in an over-the-counter broker market. The carrying values of the term loans, before deduction of deferred debt issuance costs, approximate their fair values as the interest rates on the loans are short-term in nature.