Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

25. Leases

The components of lease expense are as follows:

Year ended December 31,	2024		2023		2022
Operating lease cost	$	250.8	$	192.1	$	23.0
Finance lease cost
Amortization of leased assets	12.5		11.3		10.2
Interest on lease liabilities	1.7		1.3		0.8
Short-term lease cost	12.6		17.0		12.2
Sublease income	(1.0)		(0.6)		(0.1)
	$	276.6	$	221.1	$	46.1

Operating Leases

The Company has entered into leases for various properties used for auctions or offices, the majority of which are non-cancellable. The Company also has leases for computer equipment, motor vehicles and small office equipment where it is not in the best interest of the Company to purchase these assets. The majority of the Company's operating leases have a fixed term with a remaining life between one month and 19 years, with renewal options included in the contracts. The leases have varying contract terms, escalation clauses and renewal options. Generally, there are no restrictions placed upon the lessee by entering into these leases, other than restrictions on use of property, sub-letting and alterations. The Company has not included any purchase options available within its operating lease portfolio in its determination of its operating lease liability.

The future aggregate minimum lease payments under non-cancellable operating leases are as follows:

2025	$	195.9
2026	201.1
2027	194.6
2028	183.9
2029	172.7
Thereafter	1,220.8
Total future minimum lease payments	$	2,169.0
less: imputed interest	(624.6)
Total operating lease liabilities	$	1,544.4
less: current operating lease liabilities	(113.3)
Long-term operating lease liabilities	$	1,431.1

At December 31, 2024, the weighted average remaining lease term for operating leases is 11.8 years (December 31, 2023: 12.4 years) and the weighted average discount rate is 5.6% (December 31, 2023: 4.3%). There are no additional undiscounted commitments for leases not yet commenced at December 31, 2024 (December 31, 2023: nil).

Finance Leases

The Company has entered into finance lease arrangements for certain vehicles, computer and yard equipment, fixtures, and office furniture. The majority of the leases have a fixed term with a remaining life of one month to five years with renewal options included in the contracts. In certain of these leases, the Company has the option to purchase the leased asset at fair market value or a stated residual value at the end of the lease term. For certain leases such as vehicle leases, the Company has included renewal options in the measurement of its lease balances.

Property, plant, and equipment includes the following finance lease assets:

At December 31, 2024	Cost		Accumulated depreciation		Net book value
Auto equipment	$	32.8	$	(16.6)	$	16.2
Computer equipment	14.3		(9.9)		4.4
Yard and others	38.5		(10.0)		28.5
	$	85.6	$	(36.5)	$	49.1

At December 31, 2023	Cost		Accumulated depreciation		Net book value
Auto equipment	$	27.6	$	(13.0)	$	14.6
Computer equipment	15.4		(8.4)		7.0
Yard and others	10.9		(7.4)		3.5
	$	53.9	$	(28.8)	$	25.1

The future aggregate minimum lease payments under non-cancellable finance leases are as follows:

2025	$	15.1
2026	13.8
2027	11.8
2028	8.2
2029	4.8
Total future minimum lease payments	$	53.7
less: imputed interest	(3.1)
Total finance lease liabilities	$	50.6
less: current finance lease liabilities	(13.9)
Long-term finance lease liabilities	$	36.7

At December 31, 2024, the weighted average remaining lease term for finance leases is 3.9 years (December 31, 2023: 3.2 years) and the weighted average discount rate is 6.1% (December 31, 2023: 5.7%).

Subleases

At December 31, 2024, the total future minimum sublease payments expected to be received under non-cancellable subleases is $6.4 million (December 31, 2023: $2.6 million).

Leases

25. Leases

The components of lease expense are as follows:

Year ended December 31,	2024		2023		2022
Operating lease cost	$	250.8	$	192.1	$	23.0
Finance lease cost
Amortization of leased assets	12.5		11.3		10.2
Interest on lease liabilities	1.7		1.3		0.8
Short-term lease cost	12.6		17.0		12.2
Sublease income	(1.0)		(0.6)		(0.1)
	$	276.6	$	221.1	$	46.1

Operating Leases

The Company has entered into leases for various properties used for auctions or offices, the majority of which are non-cancellable. The Company also has leases for computer equipment, motor vehicles and small office equipment where it is not in the best interest of the Company to purchase these assets. The majority of the Company's operating leases have a fixed term with a remaining life between one month and 19 years, with renewal options included in the contracts. The leases have varying contract terms, escalation clauses and renewal options. Generally, there are no restrictions placed upon the lessee by entering into these leases, other than restrictions on use of property, sub-letting and alterations. The Company has not included any purchase options available within its operating lease portfolio in its determination of its operating lease liability.

The future aggregate minimum lease payments under non-cancellable operating leases are as follows:

2025	$	195.9
2026	201.1
2027	194.6
2028	183.9
2029	172.7
Thereafter	1,220.8
Total future minimum lease payments	$	2,169.0
less: imputed interest	(624.6)
Total operating lease liabilities	$	1,544.4
less: current operating lease liabilities	(113.3)
Long-term operating lease liabilities	$	1,431.1

At December 31, 2024, the weighted average remaining lease term for operating leases is 11.8 years (December 31, 2023: 12.4 years) and the weighted average discount rate is 5.6% (December 31, 2023: 4.3%). There are no additional undiscounted commitments for leases not yet commenced at December 31, 2024 (December 31, 2023: nil).

Finance Leases

The Company has entered into finance lease arrangements for certain vehicles, computer and yard equipment, fixtures, and office furniture. The majority of the leases have a fixed term with a remaining life of one month to five years with renewal options included in the contracts. In certain of these leases, the Company has the option to purchase the leased asset at fair market value or a stated residual value at the end of the lease term. For certain leases such as vehicle leases, the Company has included renewal options in the measurement of its lease balances.

Property, plant, and equipment includes the following finance lease assets:

At December 31, 2024	Cost		Accumulated depreciation		Net book value
Auto equipment	$	32.8	$	(16.6)	$	16.2
Computer equipment	14.3		(9.9)		4.4
Yard and others	38.5		(10.0)		28.5
	$	85.6	$	(36.5)	$	49.1

At December 31, 2023	Cost		Accumulated depreciation		Net book value
Auto equipment	$	27.6	$	(13.0)	$	14.6
Computer equipment	15.4		(8.4)		7.0
Yard and others	10.9		(7.4)		3.5
	$	53.9	$	(28.8)	$	25.1

The future aggregate minimum lease payments under non-cancellable finance leases are as follows:

2025	$	15.1
2026	13.8
2027	11.8
2028	8.2
2029	4.8
Total future minimum lease payments	$	53.7
less: imputed interest	(3.1)
Total finance lease liabilities	$	50.6
less: current finance lease liabilities	(13.9)
Long-term finance lease liabilities	$	36.7

At December 31, 2024, the weighted average remaining lease term for finance leases is 3.9 years (December 31, 2023: 3.2 years) and the weighted average discount rate is 6.1% (December 31, 2023: 5.7%).

Subleases

At December 31, 2024, the total future minimum sublease payments expected to be received under non-cancellable subleases is $6.4 million (December 31, 2023: $2.6 million).