KAR Auction Services (KAR) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
Document and Entity Information
Entity Registrant Name	KAR Auction Services, Inc.
Entity Central Index Key	1,395,942
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		137,149,840
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating revenues
ADESA Auction Services	$ 498	$ 414.8
IAA Salvage Services	297.4	269.6
AFC	71.2	73.9
Total operating revenues	866.6	758.3
Operating expenses
Cost of services (exclusive of depreciation and amortization)	501.2	432
Selling, general and administrative	157.4	141.1
Depreciation and amortization	64.5	56.4
Total operating expenses	723.1	629.5
Operating profit	143.5	128.8
Interest expense	40.3	28.7
Other income, net	(0.1)	(1.3)
Loss on extinguishment of debt	0	4
Income before income taxes	103.3	97.4
Income taxes	34.1	36.7
Net Income	$ 69.2	$ 60.7
Net income per share
Basic (in dollars per share)	$ 0.51	$ 0.44
Diluted (in dollars per share)	0.50	0.44
Dividends declared per common share (in dollars per share)	$ 0.32	$ 0.29

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net Income	$ 69.2	$ 60.7
Other comprehensive income
Foreign currency translation gain	3.4	8.7
Comprehensive income	$ 72.6	$ 69.4

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 188	$ 201.8
Restricted cash	18.4	17.9
Trade receivables, net of allowances of $9.4 and $13.0	773	682.9
Finance receivables, net of allowances of $12.3 and $12.0	1,748.4	1,780.2
Other current assets	159.8	158.4
Total current assets	2,887.6	2,841.2
Other assets
Goodwill	2,058.3	2,057
Customer relationships, net of accumulated amortization of $731.6 and $707.8	438.6	461
Other intangible assets, net of accumulated amortization of $303.1 and $301.6	317.3	320.1
Other assets	40.9	35.8
Total other assets	2,855.1	2,873.9
Property and equipment, net of accumulated depreciation of $678.9 and $655.6	837.5	842.5
Total assets	6,580.2	6,557.6
Current liabilities
Accounts payable	786.5	648.5
Accrued employee benefits and compensation expenses	72.3	100.7
Accrued interest	1.5	2.2
Other accrued expenses	147.6	149.4
Income taxes payable	2	5
Dividends payable	43.9	43.7
Obligations collateralized by finance receivables	1,241.8	1,280.3
Current maturities of long-term debt	38	105.2
Total current liabilities	2,333.6	2,335
Non-current liabilities
Long-term debt	2,360.5	2,365.1
Deferred income tax liabilities	288.7	291.7
Other liabilities	167	168.5
Total non-current liabilities	2,816.2	2,825.3
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock, $0.01 par value: Authorized shares: 100,000,000; Issued shares: none	0	0
Common stock, $0.01 par value: Authorized shares: 400,000,000; Issued and outstanding shares: March 31, 2017:137,129,155, December 31, 2016: 136,639,217	1.4	1.4
Additional paid-in capital	1,376.3	1,371.1
Retained earnings	98.6	74.1
Accumulated other comprehensive loss	(45.9)	(49.3)
Total stockholders' equity	1,430.4	1,397.3
Total liabilities and stockholders' equity	$ 6,580.2	$ 6,557.6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Trade receivables, allowances (in dollars)	$ 9.4	$ 13
Finance receivables, allowances (in dollars)	12.3	12
Customer relationships, accumulated amortization (in dollars)	731.6	707.8
Other intangible assets, accumulated amortization (in dollars)	303.1	301.6
Property and equipment, accumulated depreciation (in dollars)	$ 678.9	$ 655.6
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, Authorized shares	100,000,000	100,000,000
Preferred stock, Issued shares	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, Authorized shares	400,000,000	400,000,000
Common stock, Issued shares	137,129,155	136,639,217
Common stock, outstanding shares	137,129,155	136,639,217

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - 3 months ended Mar. 31, 2017 - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2016	$ 1,397.3	$ 1.4	$ 1,371.1	$ 74.1	$ (49.3)
Balance (in shares) at Dec. 31, 2016	136,639,217	136,600,000
Increase (Decrease) in Stockholders' Equity
Net Income	$ 69.2			69.2
Other comprehensive income	3.4				3.4
Issuance of common stock under stock plans	4.3		4.3
Issuance of common stock under stock plans (in shares)		600,000
Surrender of RSUs for taxes	(5.7)		(5.7)
Surrender of RSUs for taxes (in shares)		(100,000)
Stock-based compensation expense	5.8		5.8
Dividends earned under stock plans	0		0.8	(0.8)
Cash dividends declared to stockholders	(43.9)			(43.9)
Balance at Mar. 31, 2017	$ 1,430.4	$ 1.4	$ 1,376.3	$ 98.6	$ (45.9)
Balance (in shares) at Mar. 31, 2017	137,129,155	137,100,000

Consolidated Statements of Sto7

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash dividends declared to stockholders (in dollars per share)	$ 0.32	$ 0.29

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net Income	$ 69.2	$ 60.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	64.5	56.4
Provision for credit losses	11.6	6.9
Deferred income taxes	(3.1)	(3.5)
Amortization of debt issuance costs	2.5	2
Stock-based compensation	5.8	5.2
(Gain) loss on disposal of fixed assets	(0.3)	0.1
Loss on extinguishment of debt	0	4
Other non-cash, net	2.9	2
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables and other assets	(94.3)	(152.4)
Accounts payable and accrued expenses	83.2	88.7
Net cash provided by operating activities	142	70.1
Investing activities
Net decrease (increase) in finance receivables held for investment	21.4	(65.6)
Purchases of property, equipment and computer software	(37.2)	(36)
Advance to equity method investee	(5)	0
Proceeds from the sale of property and equipment	0.1	0
(Increase) decrease in restricted cash	(0.5)	1.3
Net cash used by investing activities	(21.2)	(100.3)
Financing activities
Net increase in book overdrafts	31.4	41.7
Net decrease in borrowings from lines of credit	(67.2)	(140)
Net (decrease) increase in obligations collateralized by finance receivables	(41)	8.1
Proceeds from long-term debt	0	1,336.5
Payments for debt issuance costs/amendments	(0.1)	(19.5)
Payments on long-term debt	(6.1)	(637.6)
Payments on capital leases	(7.4)	(6.2)
Payments of contingent consideration and deferred acquisition costs	(3)	(2)
Issuance of common stock under stock plans	4.3	3.1
Tax withholding payments for vested RSUs	(3.6)	(0.9)
Dividends paid to stockholders	(43.7)	(37.2)
Net cash (used by) provided by financing activities	(136.4)	546
Effect of exchange rate changes on cash	1.8	5.5
Net (decrease) increase in cash and cash equivalents	(13.8)	521.3
Cash and cash equivalents at beginning of period	201.8	155
Cash and cash equivalents at end of period	188	676.3
Cash paid for interest	37.1	25.4
Cash paid for taxes, net of refunds	$ 39.3	$ 32.9

Basis of Presentation and Natur

Basis of Presentation and Nature of Operations	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Nature of Operations	Basis of Presentation and Nature of Operations Defined Terms Unless otherwise indicated or unless the context otherwise requires, the following terms used herein shall have the following meanings: • "we," "us," "our" and "the Company" refer, collectively, to KAR Auction Services, Inc. and all of its subsidiaries; • "ADESA" or "ADESA Auctions" refer, collectively, to ADESA, Inc., a wholly-owned subsidiary of KAR Auction Services, and ADESA, Inc.'s subsidiaries, including Openlane, Inc. (together with Openlane, Inc.'s subsidiaries, "Openlane") and ADESA Remarketing Limited (formerly known as GRS Remarketing Limited ("GRS" or "ADESA Remarketing Limited")); • "AFC" refers, collectively, to Automotive Finance Corporation, a wholly-owned subsidiary of ADESA, and Automotive Finance Corporation's subsidiaries and other related entities, including PWI Holdings, Inc.; • "Credit Agreement" refers to the Amended and Restated Credit Agreement, dated March 11, 2014, as amended on March 9, 2016, among KAR Auction Services, as the borrower, the several banks and other financial institutions or entities from time to time parties thereto and the administrative agent; • "Credit Facility" refers to the three -year senior secured term loan B-1 facility ("Term Loan B-1"), the seven -year senior secured term loan B-2 facility ("Term Loan B-2"), the seven -year senior secured term loan B-3 facility ("Term Loan B-3"), the $300 million , five -year senior secured revolving credit facility (the "revolving credit facility") and the $250 million , five -year senior secured revolving credit facility (the "old revolving credit facility"), the terms of which are set forth in the Credit Agreement. Term Loan B-1 and the old revolving credit facility were extinguished in March 2016 with proceeds received from Term Loan B-3; • "IAA" refers, collectively, to Insurance Auto Auctions, Inc., a wholly-owned subsidiary of KAR Auction Services, and Insurance Auto Auctions, Inc.'s subsidiaries and other related entities, including HBC Vehicle Services Limited ("HBC"); and • "KAR Auction Services" refers to KAR Auction Services, Inc. and not to its subsidiaries. Business and Nature of Operations As of March 31, 2017 , we have a North American network of 77 ADESA whole car auction sites and 173 IAA salvage vehicle auction sites; in addition, we offer online auctions for both whole car and salvage vehicles. ADESA also includes ADESA Remarketing Limited, an online whole car vehicle remarketing business in the United Kingdom. IAA also includes HBC Vehicle Services Limited, which operates from 11 locations in the United Kingdom. Our auctions facilitate the sale of used and salvage vehicles through physical, online or hybrid auctions, which permit Internet buyers to participate in physical auctions. ADESA and IAA are leading, national providers of wholesale and salvage vehicle auctions and related vehicle remarketing services for the automotive industry in North America. ADESA's online service offerings include customized private label solutions powered with software developed by its wholly-owned subsidiary, Openlane, that allow our institutional consignors (automobile manufacturers, captive finance companies and other institutions) to offer vehicles via the Internet prior to arrival at the physical auction. Remarketing services include a variety of activities designed to transfer used and salvage vehicles between sellers and buyers throughout the vehicle life cycle. ADESA and IAA facilitate the exchange of these vehicles through an auction marketplace, which aligns sellers and buyers. As an agent for customers, the Company generally does not take title to or ownership of vehicles sold at the auctions. Generally, fees are earned from the seller and buyer on each successful auction transaction in addition to fees earned for ancillary services. ADESA has the second largest used vehicle auction network in North America, based upon the number of used vehicles sold through auctions annually, and also provides services such as inbound and outbound transportation logistics, reconditioning, vehicle inspection and certification, titling, administrative and collateral recovery services. ADESA is able to serve the diverse and multi-faceted needs of its customers through the wide range of services offered. IAA is one of the leading providers of salvage vehicle auctions and related services. The salvage auctions facilitate the remarketing of damaged vehicles that are designated as total losses by insurance companies, recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made, purchased vehicles and older model vehicles donated to charity or sold by dealers in salvage auctions. The salvage auction business specializes in providing services such as inbound transportation logistics, inspections, evaluations, salvage recovery services, titling and settlement administrative services. AFC is a leading provider of floorplan financing to independent used vehicle dealers and this financing is provided through 128 locations throughout the United States and Canada as of March 31, 2017 . Floorplan financing supports independent used vehicle dealers in North America who purchase vehicles at ADESA, IAA, other used vehicle and salvage auctions and non-auction purchases. In addition to floorplan financing, AFC also provides independent used vehicle dealers with other related services and products, such as vehicle service contracts. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for annual financial statements. Operating results for interim periods are not necessarily indicative of results that may be expected for the year as a whole. In the opinion of management, the consolidated financial statements reflect all adjustments, generally consisting of normal recurring accruals, necessary for a fair statement of our results of operations, cash flows and financial position for the periods presented. These consolidated financial statements and condensed notes to consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission on February 24, 2017. The 2016 year-end consolidated balance sheet data included in this Form 10-Q was derived from the audited financial statements referenced above and does not include all disclosures required by U.S. GAAP for annual financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from these estimates. Accounting for Stock-Based Compensation The Company accounts for stock-based compensation under ASC 718, Compensation-Stock Compensation . We recognize all stock-based compensation as expense in the financial statements and that cost is measured as the fair value of the award at the grant date for equity-classified awards. We adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , in the first quarter of 2017. As a result of the adoption, the Company elected to recognize the impact of forfeitures as they occur. In addition, the Company now recognizes excess tax benefits and tax deficiencies related to employee stock-based compensation within income tax expense. As a result, on a prospective basis, we recognized $4.1 million of excess tax benefits from stock-based compensation as a discrete item in our income tax expense for the three months ended March 31, 2017. Historically, these amounts were recorded as additional paid-in capital. We have also retrospectively applied ASU 2016-09 to our consolidated statements of cash flows for the three months ended March 31, 2016, which resulted in a reclassification of excess tax benefits from stock-based compensation of $0.6 million from cash flows provided by financing activities to cash flows provided by operating activities. New Accounting Standards In January 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies the test for goodwill impairment by eliminating Step 2 (implied fair value measurement). Instead goodwill impairment would be measured as the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. The new guidance is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We do not expect the adoption of ASU 2017-04 will have a material impact on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which addresses diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The new guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We do not expect the adoption of ASU 2016-18 will have a material impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which provides guidance on the statement of cash flows presentation of certain transactions where diversity in practice exists. The new guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-15 will have on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The update changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The new guidance is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted beginning in annual periods beginning after December 15, 2018, including interim periods within those fiscal years. We do not expect the adoption of ASU 2016-13 will have a material impact on the consolidated financial statements based on the short-term nature of AFC's loans. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which replaces existing lease guidance. The ASU is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet, with an exception for leases that meet the definition of a short-term lease. The new guidance will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted and the ASU is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the consolidated financial statements and anticipates that the new guidance will significantly impact its consolidated financial statements, as the Company has a significant number of leases. Our current minimum commitments under non-cancelable operating leases are disclosed in the "Contractual Obligations" section of "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2016 and in Note 13 to the Consolidated Financial Statements of the same report. In addition, the recognition of these leases on our consolidated balance sheet would increase our net debt calculation which is included in the determination of our Consolidated Senior Secured Leverage Ratio. In this event, our Credit Agreement specifies that the covenant shall continue to be calculated as if the accounting standard had not occurred and that we could enter into negotiations to amend such provisions in the Credit Agreement so as to equitably reflect such changes with the desired result that the criteria for evaluating our financial condition would be the same after the change as if such change had not been made. We plan to amend the applicable provision in our Credit Agreement upon the adoption of ASU 2016-02. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which superseded the revenue recognition requirements in ASC 605, Revenue Recognition . The new guidance provides clarification on the recognition of revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosures to help financial statement users better understand the nature, amount, timing and uncertainty of revenue that is recognized. In August 2015, the FASB issued ASU 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which defers the effective date of ASU 2014-09 by one year. In accordance with the agreed upon delay, the new guidance is effective for the first annual reporting period and interim periods beginning after December 15, 2017, and will require either retrospective application to each prior reporting period presented or retrospective application with the cumulative effect of initially applying the standard recognized at the date of adoption. The Company expects to use retrospective application with the cumulative effect as its transition method. The Company is currently evaluating the impact the adoption of ASU 2014-09 will have on the consolidated financial statements and related disclosures. However, we have identified services such as towing, vehicle inspection reports and other pre-sale services which could result in the acceleration of revenue recognition.

Stock and Stock-Based Compensat

Stock and Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock and Stock-Based Compensation Plans	Stock and Stock-Based Compensation Plans The KAR Auction Services, Inc. 2009 Omnibus Stock and Incentive Plan ("Omnibus Plan") is intended to provide equity or cash-based awards to our employees. Our stock-based compensation expense includes expense associated with KAR Auction Services, Inc. performance-based restricted stock units ("PRSUs"), service-based restricted stock units ("RSUs") and service options. We have classified the KAR Auction Services, Inc. PRSUs, RSUs and service options as equity awards. The following table summarizes our stock-based compensation expense by type of award (in millions) : Three Months Ended March 31, 2017 2016 PRSUs $ 3.1 $ 3.1 RSUs 2.2 1.5 Service options 0.5 0.6 Total stock-based compensation expense $ 5.8 $ 5.2 PRSUs and RSUs In the first quarter of 2017, we granted a target amount of approximately 0.2 million PRSUs to certain executive officers and management of the Company. The PRSUs vest if and to the extent that the Company's three -year operating adjusted earnings per share attains certain specified goals. In addition, approximately 0.2 million RSUs were granted to certain executive officers and management of the Company. The RSUs are contingent upon continued employment and vest in three equal annual installments. The weighted average grant date fair value of the PRSUs and the RSUs was $44.51 per share, which was determined using the closing price of the Company's common stock on the dates of grant. Share Repurchase Program In October 2016, the board of directors authorized a repurchase of up to $500 million of the Company’s outstanding common stock, par value $0.01 per share, through October 26, 2019 . Repurchases may be made in the open market or through privately negotiated transactions, in accordance with applicable securities laws and regulations, including pursuant to repurchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The timing and amount of any repurchases is subject to market and other conditions. No shares of common stock were repurchased during the first quarter of 2017. In 2016 we repurchased and retired a total of 1,931,200 shares of common stock in the open market at a weighted average price of $41.61 per share under the October 2016 authorization.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share, Basic and Diluted [Abstract]
Net Income Per Share	Net Income Per Share The following table sets forth the computation of net income per share (in millions except per share amounts) : Three Months Ended March 31, 2017 2016 Net income $ 69.2 $ 60.7 Weighted average common shares outstanding 136.8 137.2 Effect of dilutive stock options and restricted stock awards 1.5 1.8 Weighted average common shares outstanding and potential common shares 138.3 139.0 Net income per share Basic $ 0.51 $ 0.44 Diluted $ 0.50 $ 0.44 Basic net income per share was calculated by dividing net income by the weighted average number of outstanding common shares for the period. Diluted net income per share was calculated consistent with basic net income per share including the effect of dilutive unissued common shares related to our stock-based employee compensation program. The effect of stock options and restricted stock on net income per share-diluted is determined through the application of the treasury stock method, whereby net proceeds received by the Company based on assumed exercises are hypothetically used to repurchase our common stock at the average market price during the period. Stock options that would have an anti-dilutive effect on net income per diluted share and PRSUs subject to performance conditions which have not yet been satisfied are excluded from the calculations. No options were excluded from the calculation of diluted net income per share for the three months ended March 31, 2017 and 2016 . In addition, approximately 0.7 million and approximately 0.5 million PRSUs were excluded from the calculation of diluted net income per share for the three months ended March 31, 2017 and 2016 , respectively. Total options outstanding at March 31, 2017 and 2016 were 2.4 million and 3.7 million , respectively.

Equity Method Investment

Equity Method Investment	3 Months Ended
	Mar. 31, 2017
Equity Method Investments [Abstract]
Equity Method Investments	Equity Method Investment In August 2014, ADESA acquired a 50% interest in Nth Gen Software Inc. ("TradeRev") and its online vehicle remarketing system for approximately $30 million in cash. TradeRev is an online automotive remarketing system where dealers can launch and participate in real-time vehicle auctions at any time from their mobile devices or desktop. In addition, ADESA also entered into a joint marketing agreement with TradeRev to assist in expanding its footprint in the dealer-to-dealer online space in the U.S. and Canadian markets. In the first quarter of 2017, TradeRev signed a promissory note with ADESA. The promissory note created a line of credit for term loans up to $15 million , with a minimum of $5 million to be drawn at a time. At March 31, 2017, there was $5 million outstanding on the promissory note and the initial maturity date is January 5, 2020. This amount is recorded in “Other assets” on the consolidated balance sheet. The Company will continue to account for TradeRev as an equity method investment because we have the ability to exercise significant influence over operating and financial policies but do not have a controlling financial interest. At March 31, 2017, the carrying amount of the investment was $20.6 million . The Company’s share in the net losses of TradeRev for the three months ended March 31, 2017 and 2016 was $1.7 million and $0.6 million , respectively. This amount was recorded to “Other income, net” in the consolidated statements of income.

Finance Receivables and Obligat

Finance Receivables and Obligations Collateralized by Finance Receivables	3 Months Ended
	Mar. 31, 2017
Notes, Loans and Financing Receivable, Net, Current [Abstract]
Finance Receivables and Obligations Collateralized by Finance Receivables	Finance Receivables and Obligations Collateralized by Finance Receivables AFC sells the majority of its U.S. dollar denominated finance receivables on a revolving basis and without recourse to a wholly-owned, bankruptcy remote, consolidated, special purpose subsidiary ("AFC Funding Corporation"), established for the purpose of purchasing AFC's finance receivables. A securitization agreement allows for the revolving sale by AFC Funding Corporation to a group of bank purchasers of undivided interests in certain finance receivables subject to committed liquidity. The agreement expires on January 31, 2020. AFC Funding Corporation had committed liquidity of $1.50 billion for U.S. finance receivables at March 31, 2017 . We also have an agreement for the securitization of Automotive Finance Canada Inc.'s ("AFCI") receivables which expires on January 31, 2020. AFCI's committed facility is provided through a third party conduit (separate from the U.S. facility) and was C$125 million at March 31, 2017 . The receivables sold pursuant to both the U.S. and Canadian securitization agreements are accounted for as secured borrowings. The following tables present quantitative information about delinquencies, credit losses less recoveries ("net credit losses") and components of securitized financial assets and other related assets managed. For purposes of this illustration, delinquent receivables are defined as receivables 31 days or more past due. March 31, 2017 Net Credit Losses Three Months Ended March 31, 2017 Principal Amount of: (in millions) Receivables Receivables Delinquent Floorplan receivables $ 1,748.0 $ 15.6 $ 10.9 Other loans 12.7 — — Total receivables managed $ 1,760.7 $ 15.6 $ 10.9 December 31, 2016 Net Credit Losses Three Months Ended March 31, 2016 Principal Amount of: (in millions) Receivables Receivables Delinquent Floorplan receivables $ 1,781.1 $ 12.0 $ 5.3 Other loans 11.1 — — Total receivables managed $ 1,792.2 $ 12.0 $ 5.3 AFC's allowance for losses was $12.3 million and $12.0 million at March 31, 2017 and December 31, 2016 , respectively. As of March 31, 2017 and December 31, 2016 , $1,738.2 million and $1,774.8 million , respectively, of finance receivables and a cash reserve of 1 percent of the obligations collateralized by finance receivables served as security for the obligations collateralized by finance receivables. Obligations collateralized by finance receivables consisted of the following: March 31, December 31, Obligations collateralized by finance receivables, gross $ 1,259.9 $ 1,300.0 Unamortized securitization issuance costs (18.1 ) (19.7 ) Obligations collateralized by finance receivables $ 1,241.8 $ 1,280.3 Proceeds from the revolving sale of receivables to the bank facilities are used to fund new loans to customers. AFC, AFC Funding Corporation and AFCI must maintain certain financial covenants including, among others, limits on the amount of debt AFC and AFCI can incur, minimum levels of tangible net worth, and other covenants tied to the performance of the finance receivables portfolio. The securitization agreements also incorporate the financial covenants of our Credit Facility. At March 31, 2017 , we were in compliance with the covenants in the securitization agreements.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following (in millions) : Interest Rate* Maturity March 31, 2017 December 31, 2016 Term Loan B-2 Adjusted LIBOR + 3.1875% March 11, 2021 $ 1,080.0 $ 1,082.7 Term Loan B-3 Adjusted LIBOR + 3.50% March 9, 2023 1,336.5 1,339.9 Revolving credit facility Adjusted LIBOR + 2.50% March 9, 2021 13.3 80.5 Canadian line of credit CAD Prime + 0.50% Repayable upon demand — — Total debt 2,429.8 2,503.1 Unamortized debt issuance costs/discounts (31.3 ) (32.8 ) Current portion of long-term debt (38.0 ) (105.2 ) Long-term debt $ 2,360.5 $ 2,365.1 *The interest rates presented in the table above represent the rates in place at March 31, 2017 . Credit Facility On March 9, 2016, we entered into an Incremental Commitment Agreement and First Amendment (the "First Amendment") to the Credit Agreement. The First Amendment provided for, among other things, (i) a new seven -year senior secured term loan facility ("Term Loan B-3") and (ii) a $300 million , five -year senior secured revolving credit facility (the "revolving credit facility"), which replaced the previously existing revolving credit facility (the "old revolving credit facility"). The Credit Facility is available for letters of credit, working capital, permitted acquisitions and general corporate purposes. The Company also pays a commitment fee of 40 basis points, payable quarterly, on the average daily unused amount of the revolving credit facility. The rates on Term Loan B-2 and Term Loan B-3 were 4.19% and 4.50% at March 31, 2017 , respectively. The obligations of the Company under the Credit Facility are guaranteed by certain of our domestic subsidiaries (the "Subsidiary Guarantors") and are secured by substantially all of the assets of the Company and the Subsidiary Guarantors, including but not limited to: (a) pledges of and first priority perfected security interests in 100% of the equity interests of certain of the Company's and the Subsidiary Guarantors' domestic subsidiaries and 65% of the equity interests of certain of the Company's and the Subsidiary Guarantors' first tier foreign subsidiaries and (b) perfected first priority security interests in substantially all other tangible and intangible assets of the Company and each Subsidiary Guarantor, subject to certain exceptions. The Credit Agreement contains affirmative and negative covenants that we believe are usual and customary for a senior secured credit agreement. The negative covenants include, among other things, limitations on asset sales, mergers and acquisitions, indebtedness, liens, dividends, investments and transactions with our affiliates. The Credit Agreement also requires us to maintain a maximum leverage ratio, provided there are revolving loans outstanding. We were in compliance with the covenants in the Credit Agreement at March 31, 2017 . On March 31, 2017 , $13.3 million was drawn on the revolving credit facility and $80.5 million was drawn on the revolving credit facility at December 31, 2016 . In addition, we had related outstanding letters of credit in the aggregate amount of $35.9 million and $29.7 million at March 31, 2017 and December 31, 2016 , respectively, which reduce the amount available for borrowings under the revolving credit facility. The $13.3 million of outstanding borrowings under the revolving credit facility have been classified as current debt as the Company intends to repay the outstanding borrowings within the next twelve months. Fair Value of Debt As of March 31, 2017 , the estimated fair value of our long-term debt amounted to $2,452.7 million . The estimates of fair value were based on broker-dealer quotes for our debt as of March 31, 2017 . The estimates presented on long-term financial instruments are not necessarily indicative of the amounts that would be realized in a current market exchange.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives We are exposed to interest rate risk on our variable rate borrowings. Accordingly, interest rate fluctuations affect the amount of interest expense we are obligated to pay. We use interest rate derivatives with the objective of managing exposure to interest rate movements, thereby reducing the effect of interest rate changes and the effect they could have on future cash flows. Currently, interest rate cap agreements are used to accomplish this objective. • In March 2017, we entered into two interest rate caps with an aggregate notional amount of $400 million to manage our exposure to interest rate movements on our variable rate Credit Facility when three-month LIBOR exceeds 2.0% . The interest rate cap agreements each had an effective date of March 31, 2017 and each mature on March 31, 2019. We paid an aggregate amount of approximately $0.7 million for the caps in April 2017. • In August 2015, we purchased three interest rate caps for an aggregate amount of approximately $1.5 million with an aggregate notional amount of $800 million to manage our exposure to interest rate movements on our variable rate Credit Facility if/when three-month LIBOR (i) exceeded 2.0% between August 19, 2015 (the effective date) and September 29, 2016 and (ii) exceeds 1.75% between September 30, 2016 and August 19, 2017 (the maturity date). • In April 2015, we purchased two interest rate caps for an aggregate amount of approximately $0.7 million with an aggregate notional amount of $400 million to manage our exposure to interest rate movements on our variable rate Credit Facility when three-month LIBOR exceeded 1.5% . The interest rate cap agreements each had an effective date of April 16, 2015 and each matured on March 31, 2017. We are exposed to credit loss in the event of non-performance by the counterparties; however, non-performance is not anticipated. ASC 815, Derivatives and Hedging , requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the balance sheet. The fair values of the interest rate derivatives are based on quoted market prices for similar instruments from commercial banks. The following table presents the fair value of our interest rate derivatives included in the consolidated balance sheets for the periods presented ( in millions ): Asset Derivatives March 31, 2017 December 31, 2016 Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value 2017 Interest rate caps Other assets $ 0.7 Other assets N/A 2015 Interest rate caps Other assets $ — Other assets $ — We have not designated any of the interest rate caps as hedges for accounting purposes. Accordingly, changes in the fair value of the interest rate caps are recognized as "Interest expense" in the consolidated statement of income. The following table presents the effect of the interest rate derivatives on our consolidated statements of income for the periods presented ( in millions ): Location of Gain / (Loss) Recognized in Income on Derivatives Amount of Gain / (Loss) Recognized in Income on Derivatives Three Months Ended Derivatives Not Designated as Hedging Instruments 2017 2016 2017 Interest rate caps Interest expense $ (0.1 ) N/A 2015 Interest rate caps Interest expense $ — $ (0.6 )

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are involved in litigation and disputes arising in the ordinary course of business, such as actions related to injuries; property damage; handling, storage or disposal of vehicles; environmental laws and regulations; and other litigation incidental to the business such as employment matters and dealer disputes. Management considers the likelihood of loss or the incurrence of a liability, as well as the ability to reasonably estimate the amount of loss, in determining loss contingencies. We accrue an estimated loss contingency when it is probable that a liability has been incurred and the amount of loss (or range of possible losses) can be reasonably estimated. Management regularly evaluates current information available to determine whether accrual amounts should be adjusted. Accruals for contingencies including litigation and environmental matters are included in "Other accrued expenses" at undiscounted amounts and exclude claims for recoveries from insurance or other third parties. These accruals are adjusted periodically as assessment and remediation efforts progress, or as additional technical or legal information becomes available. If the amount of an actual loss is greater than the amount accrued, this could have an adverse impact on our operating results in that period. Such matters are generally not, in the opinion of management, likely to have a material adverse effect on our financial condition, results of operations or cash flows. Legal fees are expensed as incurred. There has been no significant change in the legal and regulatory proceedings which were disclosed in our Annual Report on Form 10-K for the year ended December 31, 2016 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consisted of the following ( in millions ): March 31, 2017 December 31, 2016 Foreign currency translation loss $ (46.0 ) $ (49.4 ) Unrealized gain on postretirement benefit obligation, net of tax 0.1 0.1 Accumulated other comprehensive loss $ (45.9 ) $ (49.3 )

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information ASC 280, Segment Reporting , requires reporting of segment information that is consistent with the manner in which the chief operating decision maker operates and views the Company. Our operations are grouped into three operating segments: ADESA Auctions, IAA and AFC, which also serve as our reportable business segments. These reportable business segments offer different services and have fundamental differences in their operations. The holding company is maintained separately from the three reportable segments and includes expenses associated with the corporate offices, such as salaries, benefits and travel costs for the corporate management team, certain human resources, information technology and accounting costs, and certain insurance, treasury, legal and risk management costs. Holding company interest expense includes the interest expense incurred on capital leases and the corporate debt structure. Intercompany charges relate primarily to interest on intercompany debt or receivables and certain administrative costs allocated by the holding company. Financial information regarding our reportable segments is set forth below for the three months ended March 31, 2017 (in millions) : ADESA IAA AFC Holding Consolidated Operating revenues $ 498.0 $ 297.4 $ 71.2 $ — $ 866.6 Operating expenses Cost of services (exclusive of depreciation and amortization) 290.9 189.1 21.2 — 501.2 Selling, general and administrative 87.3 25.9 7.9 36.3 157.4 Depreciation and amortization 27.1 23.2 7.8 6.4 64.5 Total operating expenses 405.3 238.2 36.9 42.7 723.1 Operating profit (loss) 92.7 59.2 34.3 (42.7 ) 143.5 Interest expense 0.2 — 10.3 29.8 40.3 Other (income) expense, net 0.4 (0.4 ) — (0.1 ) (0.1 ) Intercompany expense (income) 11.8 9.4 (8.7 ) (12.5 ) — Income (loss) before income taxes 80.3 50.2 32.7 (59.9 ) 103.3 Income taxes 29.0 18.0 11.8 (24.7 ) 34.1 Net income (loss) $ 51.3 $ 32.2 $ 20.9 $ (35.2 ) $ 69.2 Total assets $ 2,994.7 $ 1,328.9 $ 2,171.4 $ 85.2 $ 6,580.2 Financial information regarding our reportable segments is set forth below for the three months ended March 31, 2016 (in millions) : ADESA Auctions IAA AFC Holding Company Consolidated Operating revenues $ 414.8 $ 269.6 $ 73.9 $ — $ 758.3 Operating expenses Cost of services (exclusive of depreciation and amortization) 238.4 173.5 20.1 — 432.0 Selling, general and administrative 76.6 25.7 7.5 31.3 141.1 Depreciation and amortization 22.5 21.3 7.7 4.9 56.4 Total operating expenses 337.5 220.5 35.3 36.2 629.5 Operating profit (loss) 77.3 49.1 38.6 (36.2 ) 128.8 Interest expense 0.1 — 7.8 20.8 28.7 Other (income) expense, net (0.6 ) (0.3 ) — (0.4 ) (1.3 ) Loss on extinguishment of debt — — — 4.0 4.0 Intercompany expense (income) 15.2 9.6 (7.8 ) (17.0 ) — Income (loss) before income taxes 62.6 39.8 38.6 (43.6 ) 97.4 Income taxes 23.3 14.9 14.6 (16.1 ) 36.7 Net income (loss) $ 39.3 $ 24.9 $ 24.0 $ (27.5 ) $ 60.7 Total assets $ 3,085.4 $ 1,265.0 $ 2,068.6 $ 71.1 $ 6,490.1

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In April 2017, KAR purchased all of the stock of CarCo Technologies, Inc. (“DRIVIN”) for $43 million in cash. DRIVIN aggregates automotive retail, pricing, registration and other market and economic data from a variety of public and proprietary sources. The insights generated from that data are deployed through predictive pricing, inventory management and vehicle matching tools that help customers buy, sell and source vehicles. The purchase accounting related to this acquisition is incomplete. Financial results for DRIVIN will be included in our consolidated financial statements beginning in the second quarter of 2017.

Basis of Presentation and Nat20

Basis of Presentation and Nature of Operations Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for annual financial statements. Operating results for interim periods are not necessarily indicative of results that may be expected for the year as a whole. In the opinion of management, the consolidated financial statements reflect all adjustments, generally consisting of normal recurring accruals, necessary for a fair statement of our results of operations, cash flows and financial position for the periods presented. These consolidated financial statements and condensed notes to consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission on February 24, 2017. The 2016 year-end consolidated balance sheet data included in this Form 10-Q was derived from the audited financial statements referenced above and does not include all disclosures required by U.S. GAAP for annual financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from these estimates.
Accounting for Stock-Based Compensation	Accounting for Stock-Based Compensation The Company accounts for stock-based compensation under ASC 718, Compensation-Stock Compensation . We recognize all stock-based compensation as expense in the financial statements and that cost is measured as the fair value of the award at the grant date for equity-classified awards. We adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , in the first quarter of 2017. As a result of the adoption, the Company elected to recognize the impact of forfeitures as they occur. In addition, the Company now recognizes excess tax benefits and tax deficiencies related to employee stock-based compensation within income tax expense. As a result, on a prospective basis, we recognized $4.1 million of excess tax benefits from stock-based compensation as a discrete item in our income tax expense for the three months ended March 31, 2017. Historically, these amounts were recorded as additional paid-in capital. We have also retrospectively applied ASU 2016-09 to our consolidated statements of cash flows for the three months ended March 31, 2016, which resulted in a reclassification of excess tax benefits from stock-based compensation of $0.6 million from cash flows provided by financing activities to cash flows provided by operating activities.
New Accounting Standards	New Accounting Standards In January 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies the test for goodwill impairment by eliminating Step 2 (implied fair value measurement). Instead goodwill impairment would be measured as the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. The new guidance is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We do not expect the adoption of ASU 2017-04 will have a material impact on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which addresses diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The new guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We do not expect the adoption of ASU 2016-18 will have a material impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which provides guidance on the statement of cash flows presentation of certain transactions where diversity in practice exists. The new guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-15 will have on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The update changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The new guidance is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted beginning in annual periods beginning after December 15, 2018, including interim periods within those fiscal years. We do not expect the adoption of ASU 2016-13 will have a material impact on the consolidated financial statements based on the short-term nature of AFC's loans. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which replaces existing lease guidance. The ASU is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet, with an exception for leases that meet the definition of a short-term lease. The new guidance will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted and the ASU is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the consolidated financial statements and anticipates that the new guidance will significantly impact its consolidated financial statements, as the Company has a significant number of leases. Our current minimum commitments under non-cancelable operating leases are disclosed in the "Contractual Obligations" section of "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2016 and in Note 13 to the Consolidated Financial Statements of the same report. In addition, the recognition of these leases on our consolidated balance sheet would increase our net debt calculation which is included in the determination of our Consolidated Senior Secured Leverage Ratio. In this event, our Credit Agreement specifies that the covenant shall continue to be calculated as if the accounting standard had not occurred and that we could enter into negotiations to amend such provisions in the Credit Agreement so as to equitably reflect such changes with the desired result that the criteria for evaluating our financial condition would be the same after the change as if such change had not been made. We plan to amend the applicable provision in our Credit Agreement upon the adoption of ASU 2016-02. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which superseded the revenue recognition requirements in ASC 605, Revenue Recognition . The new guidance provides clarification on the recognition of revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosures to help financial statement users better understand the nature, amount, timing and uncertainty of revenue that is recognized. In August 2015, the FASB issued ASU 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which defers the effective date of ASU 2014-09 by one year. In accordance with the agreed upon delay, the new guidance is effective for the first annual reporting period and interim periods beginning after December 15, 2017, and will require either retrospective application to each prior reporting period presented or retrospective application with the cumulative effect of initially applying the standard recognized at the date of adoption. The Company expects to use retrospective application with the cumulative effect as its transition method. The Company is currently evaluating the impact the adoption of ASU 2014-09 will have on the consolidated financial statements and related disclosures. However, we have identified services such as towing, vehicle inspection reports and other pre-sale services which could result in the acceleration of revenue recognition.

Stock and Stock-Based Compens21

Stock and Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock-based compensation expense by type of award	The following table summarizes our stock-based compensation expense by type of award (in millions) : Three Months Ended March 31, 2017 2016 PRSUs $ 3.1 $ 3.1 RSUs 2.2 1.5 Service options 0.5 0.6 Total stock-based compensation expense $ 5.8 $ 5.2

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share, Basic and Diluted [Abstract]
Schedule of computation of net income per share	The following table sets forth the computation of net income per share (in millions except per share amounts) : Three Months Ended March 31, 2017 2016 Net income $ 69.2 $ 60.7 Weighted average common shares outstanding 136.8 137.2 Effect of dilutive stock options and restricted stock awards 1.5 1.8 Weighted average common shares outstanding and potential common shares 138.3 139.0 Net income per share Basic $ 0.51 $ 0.44 Diluted $ 0.50 $ 0.44

Finance Receivables and Oblig23

Finance Receivables and Obligations Collateralized by Finance Receivables (Tables)	3 Months Ended
	Mar. 31, 2017
Notes, Loans and Financing Receivable, Net, Current [Abstract]
Schedule of quantitative information about delinquencies, credit losses less recoveries ("net credit losses") and components of securitized financial assets and other related assets managed	The following tables present quantitative information about delinquencies, credit losses less recoveries ("net credit losses") and components of securitized financial assets and other related assets managed. For purposes of this illustration, delinquent receivables are defined as receivables 31 days or more past due. March 31, 2017 Net Credit Losses Three Months Ended March 31, 2017 Principal Amount of: (in millions) Receivables Receivables Delinquent Floorplan receivables $ 1,748.0 $ 15.6 $ 10.9 Other loans 12.7 — — Total receivables managed $ 1,760.7 $ 15.6 $ 10.9 December 31, 2016 Net Credit Losses Three Months Ended March 31, 2016 Principal Amount of: (in millions) Receivables Receivables Delinquent Floorplan receivables $ 1,781.1 $ 12.0 $ 5.3 Other loans 11.1 — — Total receivables managed $ 1,792.2 $ 12.0 $ 5.3
Schedule of Obligations Collateralized by Finance Receivables	Obligations collateralized by finance receivables consisted of the following: March 31, December 31, Obligations collateralized by finance receivables, gross $ 1,259.9 $ 1,300.0 Unamortized securitization issuance costs (18.1 ) (19.7 ) Obligations collateralized by finance receivables $ 1,241.8 $ 1,280.3

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Long-term Debt, Unclassified [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following (in millions) : Interest Rate* Maturity March 31, 2017 December 31, 2016 Term Loan B-2 Adjusted LIBOR + 3.1875% March 11, 2021 $ 1,080.0 $ 1,082.7 Term Loan B-3 Adjusted LIBOR + 3.50% March 9, 2023 1,336.5 1,339.9 Revolving credit facility Adjusted LIBOR + 2.50% March 9, 2021 13.3 80.5 Canadian line of credit CAD Prime + 0.50% Repayable upon demand — — Total debt 2,429.8 2,503.1 Unamortized debt issuance costs/discounts (31.3 ) (32.8 ) Current portion of long-term debt (38.0 ) (105.2 ) Long-term debt $ 2,360.5 $ 2,365.1

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the fair value of the entity's interest rate derivatives included in the consolidated balance sheet	The following table presents the fair value of our interest rate derivatives included in the consolidated balance sheets for the periods presented ( in millions ): Asset Derivatives March 31, 2017 December 31, 2016 Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value 2017 Interest rate caps Other assets $ 0.7 Other assets N/A 2015 Interest rate caps Other assets $ — Other assets $ —
Schedule of other derivatives not designated as hedging instruments, statements of financial performance	The following table presents the effect of the interest rate derivatives on our consolidated statements of income for the periods presented ( in millions ): Location of Gain / (Loss) Recognized in Income on Derivatives Amount of Gain / (Loss) Recognized in Income on Derivatives Three Months Ended Derivatives Not Designated as Hedging Instruments 2017 2016 2017 Interest rate caps Interest expense $ (0.1 ) N/A 2015 Interest rate caps Interest expense $ — $ (0.6 )

Accumulated Other Comprehensi26

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive income (loss)	Accumulated other comprehensive loss consisted of the following ( in millions ): March 31, 2017 December 31, 2016 Foreign currency translation loss $ (46.0 ) $ (49.4 ) Unrealized gain on postretirement benefit obligation, net of tax 0.1 0.1 Accumulated other comprehensive loss $ (45.9 ) $ (49.3 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of financial information regarding the entity's reportable segments	Financial information regarding our reportable segments is set forth below for the three months ended March 31, 2017 (in millions) : ADESA IAA AFC Holding Consolidated Operating revenues $ 498.0 $ 297.4 $ 71.2 $ — $ 866.6 Operating expenses Cost of services (exclusive of depreciation and amortization) 290.9 189.1 21.2 — 501.2 Selling, general and administrative 87.3 25.9 7.9 36.3 157.4 Depreciation and amortization 27.1 23.2 7.8 6.4 64.5 Total operating expenses 405.3 238.2 36.9 42.7 723.1 Operating profit (loss) 92.7 59.2 34.3 (42.7 ) 143.5 Interest expense 0.2 — 10.3 29.8 40.3 Other (income) expense, net 0.4 (0.4 ) — (0.1 ) (0.1 ) Intercompany expense (income) 11.8 9.4 (8.7 ) (12.5 ) — Income (loss) before income taxes 80.3 50.2 32.7 (59.9 ) 103.3 Income taxes 29.0 18.0 11.8 (24.7 ) 34.1 Net income (loss) $ 51.3 $ 32.2 $ 20.9 $ (35.2 ) $ 69.2 Total assets $ 2,994.7 $ 1,328.9 $ 2,171.4 $ 85.2 $ 6,580.2 Financial information regarding our reportable segments is set forth below for the three months ended March 31, 2016 (in millions) : ADESA Auctions IAA AFC Holding Company Consolidated Operating revenues $ 414.8 $ 269.6 $ 73.9 $ — $ 758.3 Operating expenses Cost of services (exclusive of depreciation and amortization) 238.4 173.5 20.1 — 432.0 Selling, general and administrative 76.6 25.7 7.5 31.3 141.1 Depreciation and amortization 22.5 21.3 7.7 4.9 56.4 Total operating expenses 337.5 220.5 35.3 36.2 629.5 Operating profit (loss) 77.3 49.1 38.6 (36.2 ) 128.8 Interest expense 0.1 — 7.8 20.8 28.7 Other (income) expense, net (0.6 ) (0.3 ) — (0.4 ) (1.3 ) Loss on extinguishment of debt — — — 4.0 4.0 Intercompany expense (income) 15.2 9.6 (7.8 ) (17.0 ) — Income (loss) before income taxes 62.6 39.8 38.6 (43.6 ) 97.4 Income taxes 23.3 14.9 14.6 (16.1 ) 36.7 Net income (loss) $ 39.3 $ 24.9 $ 24.0 $ (27.5 ) $ 60.7 Total assets $ 3,085.4 $ 1,265.0 $ 2,068.6 $ 71.1 $ 6,490.1

Basis of Presentation and Nat28

Basis of Presentation and Nature of Operations (Details) $ in Millions	Mar. 09, 2016USD ($)	Mar. 11, 2014USD ($)	Mar. 31, 2017USD ($)locationnetworkprovider	Mar. 31, 2016USD ($)
Basis of Presentation and Nature of Operations
Reclassification from cash flows provided by financing activities			$ (136.4)	$ 546
Reclassification to cash flows provided by operating activities			$ 142	70.1
ADESA Auctions
Basis of Presentation and Nature of Operations
Number of sites for whole car auctions | network			77
Ranking of largest providers of used vehicle auctions and related services | provider			2
IAA
Basis of Presentation and Nature of Operations
Number of sites for salvage vehicle auctions | network			173
HBC
Basis of Presentation and Nature of Operations
Number of sites for salvage vehicle auctions | network			11
AFC
Basis of Presentation and Nature of Operations
Number of floorplan financing locations | location			128
Credit Agreement | Term Loan B-1
Basis of Presentation and Nature of Operations
Term of debt instrument		3 years
Credit Agreement | Term Loan B-2
Basis of Presentation and Nature of Operations
Term of debt instrument		7 years
Credit Agreement | Term Loan B-3
Basis of Presentation and Nature of Operations
Term of debt instrument	7 years
Credit Agreement | Senior secured revolving credit facility
Basis of Presentation and Nature of Operations
Maximum borrowing capacity	$ 300		$ 300
Term of debt instrument	5 years
Credit Agreement | Old revolving credit facility
Basis of Presentation and Nature of Operations
Maximum borrowing capacity		$ 250
Term of debt instrument		5 years
Adjustments from adoption of ASU 2016-09
Basis of Presentation and Nature of Operations
Recognition of excess tax benefits from stock-based compensation in income tax expense			$ 4.1
Reclassification from cash flows provided by financing activities				0.6
Reclassification to cash flows provided by operating activities				$ 0.6

Stock and Stock-Based Compens29

Stock and Stock-Based Compensation Plan Summary (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)installment$ / sharesshares	Mar. 31, 2016USD ($)
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	$ 5.8	$ 5.2
PRSUs
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	3.1	3.1
RSUs
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	$ 2.2	1.5
KAR Auction Services Inc 2009 Omnibus Stock and Incentive Plan | PRSUs - Operating Adjusted EPS
Stock and Stock-Based Compensation Plans
PRSUs and/or RSUs grants | shares	0.2
PRSUs vesting period	3 years
PRSUs and/or RSUs grant date fair value | $ / shares	$ 44.51
KAR Auction Services Inc 2009 Omnibus Stock and Incentive Plan | RSUs
Stock and Stock-Based Compensation Plans
PRSUs and/or RSUs grants | shares	0.2
Number of equal annual installments | installment	3
PRSUs and/or RSUs grant date fair value | $ / shares	$ 44.51
KAR Auction Services Inc 2009 Omnibus Stock and Incentive Plan | Service options
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	$ 0.5	$ 0.6

Share Repurchase Plan (Details)

Share Repurchase Plan (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 26, 2016	Mar. 31, 2017	Dec. 31, 2016
Stock and Stock-Based Compensation Plans
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
October 2016 Share Repurchase Authorization
Stock and Stock-Based Compensation Plans
Stock repurchase program, authorized amount	$ 500
Stock repurchase program expiration date	Oct. 26, 2019
Stock repurchased and retired during period (in shares)		0	1,931,200
Stock repurchased and retired weighted average price per share			$ 41.61

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share, Basic and Diluted [Abstract]
Net Income	$ 69.2	$ 60.7
Shares outstanding
Weighted average common shares outstanding	136.8	137.2
Effect of dilutive stock options and restricted stock awards (in shares)	1.5	1.8
Weighted average common shares outstanding and potential common shares	138.3	139
Net income per share
Basic (in dollars per share)	$ 0.51	$ 0.44
Diluted (in dollars per share)	$ 0.50	$ 0.44
Shares attributable to stock options excluded from the calculation of diluted net income per share	0	0
Securities excluded from calculation of earnings per share amount due to performance conditions not yet satisfied	0.7	0.5
Stock options outstanding (in shares)	2.4	3.7

Equity Method Investment (Detai

Equity Method Investment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Aug. 05, 2014
Equity Method Investments
Other (income) expense, net	$ (0.1)	$ (1.3)
Equity method investment, ownership percentage	50.00%
Equity method investment, aggregate cost			$ 30
TradeRev
Equity Method Investments
Other (income) expense, net	$ 1.7	$ 0.6
Borrowing increment for equity investee promissory note	5
Principal outstanding on equity investee promissory note	5
Carrying amount of equity method investment	20.6
Maximum | TradeRev
Equity Method Investments
Borrowing capacity for equity investee promissory note	$ 15

Finance Receivables and Oblig33

Finance Receivables and Obligations Collateralized by Finance Receivables (Details) CAD in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017CAD	Dec. 31, 2016USD ($)
Finance Receivables and Obligations Collateralized by Finance Receivables
Principal Amount of Receivables	$ 1,760.7			$ 1,792.2
Principal Amount of Receivables Delinquent	15.6			12
Net Credit Losses	10.9	$ 5.3
Allowance for losses	12.3			12
Finance receivables pledged as security	1,738.2			1,774.8
Obligations collateralized by finance receivables, gross	1,259.9			1,300
Obligations collateralized by finance receivables	$ 1,241.8			1,280.3
Minimum
Finance Receivables and Obligations Collateralized by Finance Receivables
Period to define financing receivables as past due (in days)	31 days
Floorplan receivables
Finance Receivables and Obligations Collateralized by Finance Receivables
Principal Amount of Receivables	$ 1,748			1,781.1
Principal Amount of Receivables Delinquent	15.6			12
Net Credit Losses	10.9	5.3
Other Loans
Finance Receivables and Obligations Collateralized by Finance Receivables
Principal Amount of Receivables	12.7			11.1
Principal Amount of Receivables Delinquent	0			0
Net Credit Losses	0	$ 0
AFC
Finance Receivables and Obligations Collateralized by Finance Receivables
Allowance for losses	12.3			12
Unamortized debt issuance costs	$ (18.1)			$ (19.7)
AFC | Minimum
Finance Receivables and Obligations Collateralized by Finance Receivables
Period to define financing receivables as past due (in days)	31 days
AFC Funding Corporation
Finance Receivables and Obligations Collateralized by Finance Receivables
Committed liquidity	$ 1,500
Cash reserve as security for obligations of collateralized financing receivables (as a percent)	1.00%
AFCI
Finance Receivables and Obligations Collateralized by Finance Receivables
Committed liquidity | CAD			CAD 125
Cash reserve as security for obligations of collateralized financing receivables (as a percent)	1.00%

Long-Term Debt Summary (Details

Long-Term Debt Summary (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Long-Term Debt
Total debt	$ 2,429.8	$ 2,503.1
Unamortized debt issuance costs and unamortized debt discounts	(31.3)	(32.8)
Current portion of long-term debt	(38)	(105.2)
Long-term debt	2,360.5	2,365.1
Term Loan B-2
Long-Term Debt
Total debt	$ 1,080	1,082.7
Term Loan B-2 | Adjusted LIBOR
Long-Term Debt
Variable rate basis	Adjusted LIBOR
Interest rate basis (as a percent)	3.1875%
Term Loan B-3
Long-Term Debt
Total debt	$ 1,336.5	1,339.9
Term Loan B-3 | Adjusted LIBOR
Long-Term Debt
Variable rate basis	Adjusted LIBOR
Interest rate basis (as a percent)	3.50%
Revolving credit facility
Long-Term Debt
Total debt	$ 13.3	80.5
Revolving credit facility | Adjusted LIBOR
Long-Term Debt
Variable rate basis	Adjusted LIBOR
Interest rate basis (as a percent)	2.50%
Canadian line of credit
Long-Term Debt
Total debt	$ 0	$ 0
Canadian line of credit | CAD Prime
Long-Term Debt
Variable rate basis	CAD Prime
Interest rate basis (as a percent)	0.50%

Credit Facilities (Details)

Credit Facilities (Details) - USD ($) $ in Millions	Mar. 09, 2016	Mar. 11, 2014	Mar. 31, 2017	Dec. 31, 2016
Long-Term Debt
Percentage of equity interests of certain of the company's and the Subsidiary Guarantors' domestic subsidiaries pledged under the Credit Facility			100.00%
Percentage of equity interests of certain of the company's and the Subsidiary Guarantors' first-tier foreign subsidiaries pledged under the Credit Facility			65.00%
Estimated fair value of long-term debt			$ 2,452.7
Term Loan B-2
Long-Term Debt
Interest rate of loan (as a percent)			4.19%
Term Loan B-3
Long-Term Debt
Interest rate of loan (as a percent)			4.50%
Letters of credit
Long-Term Debt
Outstanding letters of credit			$ 35.9	$ 29.7
Credit Agreement | Term Loan B-2
Long-Term Debt
Term of debt instrument		7 years
Credit Agreement | Term Loan B-3
Long-Term Debt
Term of debt instrument	7 years
Credit Agreement | Revolving credit facility
Long-Term Debt
Term of debt instrument	5 years
Maximum borrowing capacity	$ 300		$ 300
Commitment fee on the unused amount of the Credit Facility (as a percent)			0.40%
Amount borrowed			$ 13.3	$ 80.5

Derivatives (Details)

Derivatives (Details) $ in Millions	Apr. 06, 2017USD ($)	Mar. 31, 2017USD ($)agreement	Aug. 19, 2015USD ($)agreement	Apr. 16, 2015USD ($)agreement	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
March 2017 Interest rate caps
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Number of derivative agreements purchased | agreement		2
Aggregate notional amount		$ 400			$ 400
Variable rate basis					three-month LIBOR
March 2017 Interest rate caps | Minimum
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Floor rate (as a percent)		2.00%			2.00%
Aug 2015 interest rate cap
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Number of derivative agreements purchased | agreement			3
Aggregate amount paid for interest rate caps			$ 1.5
Aggregate notional amount			$ 800
Variable rate basis					three-month LIBOR
Aug 2015 interest rate cap | Minimum
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Floor rate (as a percent)		2.00%			2.00%
Change in derivative cap interest rate		1.75%			1.75%
April 2015 interest rate cap
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Number of derivative agreements purchased | agreement				2
Aggregate amount paid for interest rate caps				$ 0.7
Aggregate notional amount				$ 400
Variable rate basis					three-month LIBOR
April 2015 interest rate cap | Minimum
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Floor rate (as a percent)		1.50%			1.50%
Not designated as hedging instrument | March 2017 Interest rate caps
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Asset derivatives, fair value		$ 0.7			$ 0.7
Not designated as hedging instrument | April and August 2015 Interest rate caps
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Asset derivatives, fair value		$ 0			$ 0	$ 0
Subsequent event | March 2017 Interest rate caps
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Aggregate amount paid for interest rate caps	$ 0.7

Derivatives (Details 2)

Derivatives (Details 2) - Not designated as hedging instrument - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
March 2017 Interest rate caps
Effect of the interest rate derivatives on the entity's statement of equity and consolidated statement of income
Amount of gain/(loss) recognized in income on derivative	$ (0.1)
April and August 2015 Interest rate caps
Effect of the interest rate derivatives on the entity's statement of equity and consolidated statement of income
Amount of gain/(loss) recognized in income on derivative	$ 0	$ (0.6)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Significant change in legal and regulatory proceedings	$ 0

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation loss	$ (46)	$ (49.4)
Unrealized gain on postretirement benefit obligation, net of tax	0.1	0.1
Accumulated other comprehensive loss	$ (45.9)	$ (49.3)

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	3
Number of reportable segments | segment	3
Segment Information
ADESA Auction Services	$ 498	$ 414.8
IAA Salvage Services	297.4	269.6
AFC	71.2	73.9
Operating revenues	866.6	758.3
Operating expenses
Cost of services (exclusive of depreciation and amortization)	501.2	432
Selling, general and administrative	157.4	141.1
Depreciation and amortization	64.5	56.4
Total operating expenses	723.1	629.5
Operating profit	143.5	128.8
Interest expense	40.3	28.7
Other (income) expense, net	(0.1)	(1.3)
Loss on extinguishment of debt	0	4
Intercompany expense (income)	0	0
Income before income taxes	103.3	97.4
Income taxes	34.1	36.7
Net Income	69.2	60.7
Total assets	6,580.2	6,490.1	$ 6,557.6
Operating Segments | ADESA Auctions
Segment Information
ADESA Auction Services	498	414.8
Operating expenses
Cost of services (exclusive of depreciation and amortization)	290.9	238.4
Selling, general and administrative	87.3	76.6
Depreciation and amortization	27.1	22.5
Total operating expenses	405.3	337.5
Operating profit	92.7	77.3
Interest expense	0.2	0.1
Other (income) expense, net	0.4	(0.6)
Loss on extinguishment of debt		0
Intercompany expense (income)	11.8	15.2
Income before income taxes	80.3	62.6
Income taxes	29	23.3
Net Income	51.3	39.3
Total assets	2,994.7	3,085.4
Operating Segments | IAA
Segment Information
IAA Salvage Services	297.4	269.6
Operating expenses
Cost of services (exclusive of depreciation and amortization)	189.1	173.5
Selling, general and administrative	25.9	25.7
Depreciation and amortization	23.2	21.3
Total operating expenses	238.2	220.5
Operating profit	59.2	49.1
Interest expense	0	0
Other (income) expense, net	(0.4)	(0.3)
Loss on extinguishment of debt		0
Intercompany expense (income)	9.4	9.6
Income before income taxes	50.2	39.8
Income taxes	18	14.9
Net Income	32.2	24.9
Total assets	1,328.9	1,265
Operating Segments | AFC
Segment Information
AFC	71.2	73.9
Operating expenses
Cost of services (exclusive of depreciation and amortization)	21.2	20.1
Selling, general and administrative	7.9	7.5
Depreciation and amortization	7.8	7.7
Total operating expenses	36.9	35.3
Operating profit	34.3	38.6
Interest expense	10.3	7.8
Other (income) expense, net	0	0
Loss on extinguishment of debt		0
Intercompany expense (income)	(8.7)	(7.8)
Income before income taxes	32.7	38.6
Income taxes	11.8	14.6
Net Income	20.9	24
Total assets	2,171.4	2,068.6
Holding Company
Segment Information
Operating revenues	0	0
Operating expenses
Cost of services (exclusive of depreciation and amortization)	0	0
Selling, general and administrative	36.3	31.3
Depreciation and amortization	6.4	4.9
Total operating expenses	42.7	36.2
Operating profit	(42.7)	(36.2)
Interest expense	29.8	20.8
Other (income) expense, net	(0.1)	(0.4)
Loss on extinguishment of debt		4
Intercompany expense (income)	(12.5)	(17)
Income before income taxes	(59.9)	(43.6)
Income taxes	(24.7)	(16.1)
Net Income	(35.2)	(27.5)
Total assets	$ 85.2	$ 71.1

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Apr. 14, 2017USD ($)
DRIVIN | Subsequent event
Subsequent Event
Purchase price for business acquired	$ 43