Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 09, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Ritchie Bros Auctioneers Inc
Entity Central Index Key	0001046102
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		107,769,787

Condensed Consolidated Income Statements - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Total revenues	$ 260,178	$ 199,427
Costs of services	36,657	24,340
Cost of inventory sold	75,791	63,401
Selling, general and administrative expenses	97,470	70,575
Acquisition-related costs	1,633	8,627
Depreciation and amortization expenses	16,191	10,338
Gain on disposition of property, plant and equipment	(345)	(721)
Foreign exchange gain	(92)	(730)
Total operating expenses	227,305	175,830
Operating income	32,873	23,597
Interest expense	(11,310)	(8,133)
Other income, net	913	2,284
Income before income taxes	22,476	17,748
Current income tax expense	4,004	7,488
Deferred income tax expense (recovery)	1,265	(173)
Income tax expense	5,269	7,315
Net income	17,207	10,433
Net income attributable to:
Stockholders	17,138	10,377
Non-controlling interests	$ 69	$ 56
Earnings per share attributable to stockholders:
Basic	$ 0.16	$ 0.10
Diluted	$ 0.16	$ 0.10
Weighted average number of shares outstanding:
Basic	107,355,381	106,851,595
Diluted	108,643,897	107,788,949
Service Revenues [Member]
Total revenues	$ 176,016	$ 123,379
Revenue from Inventory Sales [Member]
Total revenues	$ 84,162	$ 76,048

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 17,207	$ 10,433
Other comprehensive income, net of income tax:
Foreign currency translation adjustment	4,907	7,440
Total comprehensive income	22,114	17,873
Total comprehensive income attributable to:
Stockholders	22,033	17,813
Non-controlling interests	$ 81	$ 60

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 278,944	$ 267,910
Restricted cash	62,414	63,206
Trade and other receivables	182,157	92,105
Inventory	34,350	38,238
Other current assets	30,657	27,026
Assets held for sale	251	584
Income taxes receivable	17,515	19,418
Total Current Assets	606,288	508,487
Property, plant and equipment	522,871	526,581
Equity-accounted investments	6,915	7,408
Other non-current assets	26,807	24,146
Intangible assets	259,052	261,094
Goodwill	674,097	670,922
Deferred tax assets	19,934	18,674
Total Assets	2,115,964	2,017,312
Liabilities and Equity
Auction proceeds payable	303,416	199,245
Trade and other payables	170,777	164,553
Income taxes payable	2,021	732
Short-term debt	5,861	7,018
Current portion of long-term debt	9,264	16,907
Total Current Liabilities	491,339	388,455
Long-term debt	771,030	795,985
Other non-current liabilities	44,857	46,773
Deferred tax liabilities	34,712	32,334
Total Liabilities	1,341,938	1,263,547
Contingencies
Contingently redeemable performance share units	16,576	9,014
Share capital:
Common stock; no par value, unlimited shares authorized, issued and outstanding shares: 107,471,895 (December 31, 2017: 107,269,783)	144,387	138,582
Additional paid-in capital	44,327	41,005
Retained earnings	601,205	602,609
Accumulated other comprehensive loss	(37,619)	(42,514)
Stockholders' equity	752,300	739,682
Non-controlling interest	5,150	5,069
Total shareholders' equity	757,450	744,751
Total liabilities and equity	$ 2,115,964	$ 2,017,312

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Condensed Consolidated Balance Sheets [Abstract]
Common stock, no par value
Common stock, Shares Authorized, Unlimited	Unlimited	Unlimited
Common stock, issued shares	107,471,895	107,269,783
Common stock, outstanding shares	107,471,895	107,269,783

Condensed Consolidated Statements of Changes in Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Common stock [Member]	Additional paid-in capital ("APIC") [Member]	Retained earnings [Member]	Accumulated other comprehensive income (loss) [Member]	Non-controlling interest ("NCI") [Member]	Performance Share Units [Member]	Total
Balance at Dec. 31, 2017	$ 138,582	$ 41,005	$ 602,609	$ (42,514)	$ 5,069		$ 744,751
Balance, shares at Dec. 31, 2017	107,269,783
Contingently redeemable Performance share units, Balance at Dec. 31, 2017						$ 9,014	9,014
Net income			17,138		69		17,207
Other comprehensive income				4,895	12		4,907
Comprehensive income			17,138	4,895	81		22,114
Stock option exercises	$ 5,805	(1,492)					4,313
Stock option exercises, shares	202,112
Stock option compensation expense		2,343					2,343
Modification of PSUs		703	(134)			6,132	569
Equity-classified PSU expense		1,678				1,357	1,678
Equity-classified PSU dividend equivalents		90	(200)			110	(110)
Change in value of contingently redeemable PSUs			37			(37)	37
Cash dividends paid			(18,245)				(18,245)
Balance at Mar. 31, 2018	$ 144,387	$ 44,327	$ 601,205	$ (37,619)	$ 5,150		757,450
Balance, shares at Mar. 31, 2018	107,471,895
Contingently redeemable Performance share units, Balance at Mar. 31, 2018						$ 16,576	$ 16,576

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities:
Net income	$ 17,207	$ 10,433
Adjustments for items not affecting cash:
Depreciation and amortization expenses	16,191	10,338
Stock option compensation expense	2,343	1,311
Equity-classified PSU expense	3,035	1,012
Amortization of debt issuance costs	1,066	445
Other, net	2,131	(1,042)
Net changes in operating assets and liabilities	25,265	112,045
Net cash provided by operating activities	67,238	134,542
Investing activities:
Property, plant and equipment additions	(2,564)	(1,863)
Intangible asset additions	(7,034)	(5,664)
Proceeds on disposition of property, plant and equipment	1,066	1,505
Other, net	(4,674)
Net cash used in investing activities	(13,206)	(6,022)
Financing activities:
Dividends paid to stockholders	(18,245)	(18,160)
Dividends paid to NCI		(41)
Issuances of share capital	4,313	3,412
Proceeds from short-term debt	308	1,219
Repayment of short-term debt	(1,754)	(1,009)
Repayment of long-term debt	(29,237)
Repayment of finance lease obligations	(802)	(438)
Other, net		(48)
Net cash used in financing activities	(45,417)	(15,065)
Effect of changes in foreign currency rates on cash, cash equivalents, and restricted cash	1,627	3,336
Increase	10,242	116,791
Beginning of period	331,116	758,089
Cash, cash equivalents, and restricted cash, end of period	$ 341,358	$ 874,880

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1. Summary of significant accounting policies

Ritchie Bros. Auctioneers Incorporated and its subsidiaries (collectively referred to as the “Company”) provide global asset management and disposition services, offering customers end-to-end solutions for buying and selling used industrial equipment and other durable assets through its live unreserved auctions, online reserved and unreserved marketplaces, listing services, and private brokerage services. Ritchie Bros. Auctioneers Incorporated is a company incorporated in Canada under the Canada Business Corporations Act, whose shares are publicly traded on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”).

(a)

Basis of preparation

These unaudited condensed consolidated interim financial statements have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”). They include the accounts of Ritchie Bros. Auctioneers Incorporated and its subsidiaries from their respective dates of formation or acquisition. All significant intercompany balances and transactions have been eliminated.

Certain information and footnote disclosure required by US GAAP for complete annual financial statements have been omitted and, therefore, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2017, included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”). In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, cash flows and changes in equity for the interim periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

(b)

Revenue recognition

Effective January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) using the full retrospective method, which included restating prior years for comparative amounts. This new accounting policy resulted in a change in the financial statement presentation only on the income statement, as described in Note 1(i) New and amended accounting standards in this Quarterly Report on Form 10-Q.

Revenues are comprised of:

·

Service revenues, including the following:

i.

Revenue from auction and marketplace (“A&M”) activities, including commissions earned at our live and online auctions where we act as an agent for consignors of equipment and other assets, and various auction-related fees, including listing and buyer transaction fees; and

ii.

Other services revenues, including revenues from listing services, refurbishment, logistical services, financing, appraisal fees and other ancillary service fees; and

·

Revenue from inventory sales

The Company recognizes revenue when control of the promised goods or services is transferred to our customers, or upon completion of the performance obligation, in an amount that reflects the consideration we expect to be entitled to in exchange for those good or services. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. For live event-based auctions or online auctions, revenue is recognized when the auction sale is complete and the Company has determined that the sale proceeds are collectible. Revenue is measured at the fair value of the consideration received or receivable and is shown net of value-added tax and duties.

1. Summary of significant accounting policies (continued)

(b)

Revenue recognition (continued)

Service revenues

Commissions from sales at the Company’s auctions represent the percentage earned by the Company on the gross proceeds from equipment and other assets sold at auction. The majority of the Company’s commissions are earned as a pre-negotiated fixed rate of the gross selling price. Other commissions from sales at the Company’s auctions are earned from underwritten commission contracts, when the Company guarantees a certain level of proceeds to a consignor.

The Company accepts equipment and other assets on consignment stimulating buyer interest through professional marketing techniques, and matches sellers (also known as consignors) to buyers through the auction or private sale process. Prior to offering an item for sale on its online marketplaces, the Company also performs inspections.

Following the sale of the item, the Company invoices the buyer for the purchase price of the asset, taxes, and, if applicable, the buyer transaction fee, collects payment from the buyer, and remits the proceeds, net of the seller commissions, applicable taxes, and applicable fees. Commissions are calculated as a percentage of the hammer price of the property sold at auction. Fees are also charged to sellers for listing and inspecting equipment. Other revenues earned in the process of conducting the Company’s auctions include administrative, documentation, and advertising fees.

On the fall of the auctioneer’s hammer, the highest bidder becomes legally obligated to pay the full purchase price, which is the hammer price of the property purchased and the seller is legally obligated to relinquish the property in exchange for the hammer price less any seller’s commissions. Commission and fee revenues are recognized on the date of the auction sale upon the fall of the auctioneer’s hammer.

Under the standard terms and conditions of its auction sales, the Company is not obligated to pay a consignor for property that has not been paid for by the buyer, provided the property has not been released to the buyer. If the buyer defaults on its payment obligation, also referred to as a collapsed sale, the sale is cancelled in the period in which the determination is made, and the property is returned to the consignor or placed in a later event-based or online auction. Historically cancelled sales have not been material.

Online marketplace commission revenue is reduced by a provision for disputes, which is an estimate of disputed items that are expected to be settled at a cost to the Company, related to settlements of discrepancies under the Company’s equipment condition certification program. The equipment condition certification refers to a written inspection report provided to potential buyers that reflects the condition of a specific piece of equipment offered for sale, and includes ratings, comments, and photographs of the equipment following inspection by one of the Company’s equipment inspectors. The equipment condition certification provides that a buyer may file a written dispute claim during an eligible dispute period for consideration and resolution at the sole determination of the Company if the purchased equipment is not substantially in the condition represented in the inspection report. Typically disputes under the equipment condition certification program are settled with minor repairs or additional services, such as washing or detailing the item; the estimated costs of such items or services are included in the provision for disputes.

Commission revenues are recorded net of commissions owed to third parties, which are principally the result of situations when the commission is shared with a consignor or with the counterparty in an auction guarantee risk and reward sharing arrangement. Additionally, in certain situations, commissions are shared with third parties who introduce the Company to consignors who sell property at auction.

1. Summary of significant accounting policies (continued)

(b)

Revenue recognition (continued)

Underwritten commission contracts can take the form of guarantee contracts. Guarantee contracts typically include a pre-negotiated percentage of the guaranteed gross proceeds plus a percentage of proceeds in excess of the guaranteed amount. If actual auction proceeds are less than the guaranteed amount, commission is reduced; if proceeds are sufficiently lower, the Company can incur a loss on the sale. Losses, if any, resulting from guarantee contracts are recorded in the period in which the relevant auction is completed. If a loss relating to a guarantee contract held at the period end to be sold after the period end is known or is probable and estimable at the financial statement reporting date, the loss is accrued in the financial statements for that period. The Company’s exposure from these guarantee contracts fluctuates over time.

Other services revenue also includes fees for refurbishment, logistical services, financing, appraisal fees and other ancillary service fees. Fees are recognized in the period in which the service is provided to the customer.

Revenue on inventory sales

Underwritten commission contracts can take the form of inventory contracts. Revenues related to inventory contracts are recognized in the period in which the sale is completed, title to the property passes to the purchaser and the Company has fulfilled any other obligations that may be relevant to the transaction. In its role as auctioneer, the Company auctions its inventory to equipment buyers through the auction process. Following the sale of the item, the Company invoices the buyer for the purchase price of the asset, taxes, and, if applicable, the buyer transaction fee, and collects payment from the buyer.

On the fall of the auctioneer’s hammer, the highest bidder becomes legally obligated to pay the full purchase price, which is the hammer price of the property purchased. Title to the property is transferred in exchange for the hammer price, and if applicable, the buyer transaction fee plus applicable taxes.

(c)

Cost of services

Costs of services are comprised of expenses incurred in direct relation to conducting auctions (“direct expenses”), earning online marketplace revenues, and earning other fee revenues. Direct expenses include direct labour, buildings and facilities charges, and travel, advertising and promotion costs.

Costs of services incurred to earn online marketplace revenues in addition to the costs listed above also include inspection costs. Inspections are generally performed at the seller’s physical location. The cost of inspections includes payroll costs and related benefits for the Company’s employees that perform and manage field inspection services, the related inspection report preparation and quality assurance costs, fees paid to contractors who perform field inspections, related travel and incidental costs for the Company’s inspection service organization, and office and occupancy costs for its inspection services personnel. Costs of earning online marketplace revenues also include costs for the Company’s customer support, online marketplace operations, logistics, title and lien investigation functions, and lease and operations costs related to the Company’s third-party data centers at which its websites are hosted.

Costs of services incurred in earning other fee revenues include direct labour (including commissions on sales), software maintenance fees, and materials. Costs of services exclude depreciation and amortization expenses.

(d)

Cost of inventory sold

Cost of inventory sold represents the purchase price of assets sold for the Company’s own account and is determined using a specific identification basis.

1. Summary of significant accounting policies (continued)

(e)

Share-based payments

The Company classifies a share-based payment award as an equity or liability payment based on the substantive terms of the award and any related arrangement.

Equity-classified share-based payments

The Company has three stock option compensation plans that provide for the award of stock options to selected employees, directors and officers of the Company. The cost of options granted is measured at the fair value of the underlying option at the grant date using the Black-Scholes option pricing model. The Company also has a senior executive PSU plan and an employee PSU plan that provides for the award of PSUs to certain senior executives and employees, respectively, of the Company. The Company has the option to settle certain share unit awards in cash or shares and expects to settle them in shares. The cost of PSUs granted is measured at the fair value of the underlying PSUs at the grant date using a binomial model.

This fair value of awards expected to vest under these plans is expensed over the respective remaining service period of the individual awards, on an accelerated recognition basis, with the corresponding increase to APIC recorded in equity. At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in earnings, such that the consolidated expense reflects the revised estimate, with a corresponding adjustment to equity.

Any consideration paid on exercise of the stock options is credited to the common shares. Dividend equivalents on the equity-classified PSUs are recognized as a reduction to retained earnings over the service period.

PSUs awarded under the senior executive and employee PSU plans (described in note 17) are contingently redeemable in cash in the event of death of the participant. The contingently redeemable portion of the senior executive and employee PSU awards, which represents the amount that would be redeemable based on the conditions at the date of grant, to the extent attributable to prior service, is recognized as temporary equity. The balance reported in temporary equity increases on the same basis as the related compensation expense over the service period of the award, with any excess of the temporary equity value over the amount recognized in compensation expense charged against retained earnings. In the event it becomes probable an award is going to become eligible for redemption by the holder, the award would be reclassified to a liability award.

Liability-classified share-based payments

The Company maintains other share unit compensation plans that vest over a period of up to five years after grant. Under those plans, the Company is either required or expects to settle vested awards on a cash basis or by providing cash to acquire shares on the open market on the employee’s behalf, where the settlement amount is determined using the volume weighted average price of the Company’s common shares for the twenty days prior to the vesting date or, in the case of deferred share unit (“DSU”) recipients, following cessation of service on the Board of Directors.

These awards are classified as liability awards, measured at fair value at the date of grant and re-measured at fair value at each reporting date up to and including the settlement date. The determination of the fair value of the share units under these plans is described in note 17. The fair value of the awards is expensed over the respective vesting period of the individual awards with recognition of a corresponding liability. Changes in fair value after vesting are recognized through compensation expense. Compensation expense reflects estimates of the number of instruments expected to vest.

1. Summary of significant accounting policies (continued)

(e)

Share-based payments

Liability-classified share-based payments (continued)

The impact of forfeitures and fair value revisions, if any, are recognized in earnings such that the cumulative expense reflects the revisions, with a corresponding adjustment to the settlement liability. Liability-classified share unit liabilities due within 12 months of the reporting date are presented in trade and other payables while settlements due beyond 12 months of the reporting date are presented in non-current liabilities.

(f)

Inventories

Inventory consists of equipment and other assets purchased for resale in an upcoming live on site auction or online marketplace event. The Company purchases inventory for resale through a competitive process where the consignor has determined this to be the preferred method of disposition through the auction process. In addition, certain jurisdictions require auctioneers to hold title to assets and facilitate title transfer on sale. Inventory is valued at the lower of cost and net realizable value where net realizable value represents the expected sale price upon disposition less make-ready costs and the costs of disposal and transportation. The significant elements of cost include the acquisition price of the inventory and make-ready costs to prepare the inventory for sale that are not selling expenses. Write-downs to the carrying value of inventory are recorded in cost of inventory sold on the consolidated income statement.

(g)

Impairment of long-lived and indefinite-lived assets

Long-lived assets, comprised of property, plant and equipment and intangible assets subject to amortization, are assessed for impairment whenever events or circumstances indicate that their carrying value may not be recoverable. For the purpose of impairment testing, long-lived assets are grouped and tested for recoverability at the lowest level that generates independent cash flows. An impairment loss is recognized when the carrying value of the assets or asset groups is greater

than the future projected undiscounted cash flows. The impairment loss is calculated as the excess of the carrying value over the fair value of the asset or asset group. Fair value is based on valuation techniques or third-party appraisals. Significant estimates and judgments are applied in determining these cash flows and fair values.

Indefinite-lived intangible assets are tested annually for impairment as of December 31, and between annual tests if indicators of potential impairment exist. The Company has the option of performing a qualitative assessment to first determine whether the quantitative impairment test is necessary. This involves an assessment of qualitative factors to determine the existence of events or circumstances that would indicate whether it is more likely than not that the carrying amount of the indefinite-lived intangible asset is less than its fair value. If the qualitative assessment indicates it is not more likely than not that the carrying amount is less than its fair value, a quantitative impairment test is not required. Where a quantitative impairment test is required, the procedure is to compare the indefinite-lived intangible asset’s fair value with its carrying amount. An impairment loss is recognized as the difference between the indefinite-lived intangible asset’s carrying amount and its fair value.

1. Summary of significant accounting policies (continued)

(h)

Goodwill

Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to the assets acquired and liabilities assumed in a business combination.

Goodwill is not amortized, but it is tested annually for impairment at the reporting unit level as of December 31 and between annual tests if indicators of potential impairment exist. The Company has the option of performing a qualitative assessment of a reporting unit to first determine whether the quantitative impairment test is necessary. This involves an assessment of qualitative factors to determine the existence of events or circumstances that would indicate whether it is more likely than not that the carrying amount of the reporting unit to which goodwill belongs is less than its fair value. If the qualitative assessment indicates it is not more likely than not that the reporting unit’s carrying amount is less than its fair value, a quantitative impairment test is not required.

If a quantitative impairment test is required, the procedure is to identify potential impairment by comparing the reporting unit’s fair value with its carrying amount, including goodwill. The reporting unit’s fair value is determined using various valuation approaches and techniques that involve assumptions based on what the Company believes a hypothetical marketplace participant would use in estimating fair value on the measurement date. An impairment loss is recognized as the difference between the reporting unit’s carrying amount and its fair value. If the difference between the reporting unit’s carrying amount and fair value is greater than the amount of goodwill allocated to the reporting unit, the impairment loss is restricted by the amount of the goodwill allocated to the reporting unit.

(i)

New and amended accounting standards

(i)

Effective January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The Company implemented the new standard using a full retrospective method, in order to provide more useful comparative information to financial statement users.

The primary impact of the adoption of ASU 2014-09 is the change in the presentation of revenue from inventory, ancillary service, and logistical services contracts on a gross basis as a principal versus net as an agent. This is due to the new standard requiring an entity to determine whether the entity controls the specified good or service before transfer to the customer, with the entity being principal in these transactions. Prior to adopting ASU 2014-09, an entity evaluated indicators to determine if it was a principal or agent. As the Company determined that it controls the inventory and provision of ancillary and logistical services before transfer to its customers, the Company concluded that it was acting as a principal rather than an agent. As a result of adoption of the new accounting standard there was no impact on the timing of recognition of revenue, operating income, net income, or on the consolidated balance sheet or consolidated statement of cash flows.

Presenting revenue from inventory sale on a gross basis as a principal selling a tangible product versus net as an agent providing a service significantly changes the face of the Company’s consolidated income statement in two primary ways:

1)

Prior to the adoption of ASU 2014-09, all revenue from inventory sales were presented net of costs within service revenues on the income statement. With the adoption of ASU 2014-09, the Company has presented separately revenue from inventory sales and service revenue and accordingly service revenues excludes revenue from inventory sales and cost of inventory sold. Those amounts are now presented gross as separate line items on the face of the consolidated income statement; and

2)

Ancillary and logistical service revenues are presented within service revenues, now on a gross basis, with the related costs of services presented separately within costs of services.

1.

Summary of significant accounting policies (continued)

(i)

New and amended accounting standards (continued)

Impact to reported results

The new presentation based on ASU 2014-09 results in an increase the amount of revenue reported but there is no change in the operating income compared to the prior presentation:



Three months ended March 31, 2017
Consolidated income statement line item	As reported		New Revenue Standard Adjustment		Consolidated income statement line item	As Adjusted
			$	76,048	Revenue from inventory sales	$	76,048
Revenues	$	124,499		(1,120)	Service revenues		123,379
				74,928	Total revenues		199,427
				(63,401)	Cost of inventory sold		(63,401)
Costs of services		(12,813)		(11,527)	Costs of services		(24,340)
	$	111,686	$	-		$	111,686

(ii)

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 identifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for fiscal years and interim periods beginning after December 15, 2017. The amendments are applied retrospectively on the amendment date. The Company expects the adoption of ASU 2016-15 will result in the $1,302,000 Mascus contingent consideration paid in the second quarter of 2017 to be reclassified from operating to investing cash flows.

(j)

Recent accounting standards not yet adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize almost all leases, including operating leases, on the balance sheet through a right-of-use asset and a corresponding lease liability. For short-term leases, defined as those with a term of 12 months or less, the lessee is permitted to make an accounting policy election not to recognize the lease assets and liabilities, and instead recognize the lease expense generally on a straight-line basis over the lease term. The accounting treatment under this election is consistent with current operating lease accounting. No extensive amendments were made to lessor accounting, but amendments of note include changes to the definition of initial direct costs and accounting for collectability uncertainties in a lease.

ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Both lessees and lessors must apply ASU 2016-02 using a “modified retrospective transition”, which reflects the new guidance from the beginning of the earliest period presented in the financial statements. However, lessees and lessors can elect to apply certain practical expedients on transition.

Management continues to perform a detailed inventory and analysis of all the Company’s leases, of which there are approximately 480 operating and 115 finance leases for which the Company is a lessee at the reporting date. The most significant operating leases in terms of the amount of rental charges and duration of the contract are for various auction sites and offices located in North America, Europe, the Middle East, and Asia. However, in terms of the number of leases, the majority consist of leases for computer, automotive, and yard equipment.

1.

Summary of significant accounting policies (continued)

(j)

Recent accounting standards not yet adopted (continued)

The Company continues to evaluate the new guidance to determine the impact it will have on its consolidated financial statements. Under the expectation that the majority, if not all, of the operating leases will be brought onto the Company’s balance sheet on adoption of ASU 2016-02, management is currently investigating the functionality within the Company’s financial system to automate the lease accounting process and is evaluating alternative software solutions to facilitate adoption.

The adoption of ASU 2016-02 is expected to add complexity to the accounting for leases, as well as require extensive system and process changes to manage the large number of operating leases that the Company anticipates will be brought onto its balance sheet. As a result, management has determined that the Company will not early adopt ASU 2016-02, and will continue to evaluate the elections available to the Company involving the application of practical expedients on transition.

Significant Judgments, Estimates and Assumptions	3 Months Ended
Significant Judgments, Estimates and Assumptions	Mar. 31, 2018
Significant Judgments, Estimates and Assumptions [Abstract]
Significant Judgments, Estimates and Assumptions	2. Significant judgments, estimates and assumptions The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Future differences arising between actual results and the judgments, estimates and assumptions made by the Company at the reporting date, or future changes to estimates and assumptions, could necessitate adjustments to the underlying reported amounts of assets, liabilities, revenues and expenses in future reporting periods. Judgments, estimates and underlying assumptions are evaluated on an ongoing basis by management, and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstance and such changes are reflected in the assumptions when they occur. Significant items subject to estimates include purchase price allocations, the carrying amounts of goodwill, the useful lives of long-lived assets, share based compensation, deferred income taxes, reserves for tax uncertainties, and other contingencies.

Seasonality	3 Months Ended
Seasonality	Mar. 31, 2018
Seasonality [Abstract]
Seasonality	3. Seasonality The Company’s operations are both seasonal and event driven. Revenues tend to be the highest during the second and fourth calendar quarters. The Company generally conducts more live, on site auctions during these quarters than during the first and third calendar quarters. Late December through mid-February and mid-July through August are traditionally less active periods. Online volumes are similarly affected as supply of used equipment is lower in the third quarter as it is actively being used and not available for sale.

Segment Information

3 Months Ended

Mar. 31, 2018

Segment Information [Abstract]

Segment Information

4. Segment information

The Company’s principal business activity is the management and disposition of used industrial equipment and other durable assets. The Company’s operations are comprised of one reportable segment and other business activities that are not reportable as follows:

·

Auctions and Marketplaces – This is the Company’s only reportable segment, which consists of the Company’s live on site auctions, its online auctions and marketplaces, and its brokerage service;

·

Other includes the results of Ritchie Bros. Financial Services (“RBFS”), Mascus online services, and the results from various value-added services and make-ready activities, including the Company’s equipment refurbishment services, Asset Appraisal Services, and Ritchie Bros. Logistical Services.



		Three months ended March 31, 2018
	A&M		Other			Consolidated
Service revenues	$	148,405	$	27,611		$	176,016
Revenue from inventory sales		84,162		-			84,162
Total revenues		232,567		27,611	-		260,178
Costs of services		21,448		15,209			36,657
Cost of inventory sold		75,791		-			75,791
Selling, general and administrative
expenses ("SG&A")		93,002		4,468			97,470
Segment profit	$	42,326	$	7,934		$	50,260
Acquisition-related costs							1,633
D&A expenses							16,191
Gain on disposition of property, plant
and equipment ("PPE")							(345)
Foreign exchange gain							(92)
Operating income						$	32,873
Interest expense							(11,310)
Other income, net							913
Income tax expense							(5,269)
Net income						$	17,207

4. Segment information (continued)



		Three months ended March 31, 2017
	A&M		Other		Consolidated
Service revenues	$	103,030	$	20,349	$	123,379
Revenue from inventory sales		76,048		-		76,048
Total revenues		179,078		20,349		199,427
Costs of services		12,587		11,753		24,340
Cost of inventory sold		63,401		-		63,401
SG&A expenses		67,111		3,464		70,575
Segment profit	$	35,979	$	5,132	$	41,111
Acquisition-related costs						8,627
D&A expenses						10,338
Gain on disposition of PPE						(721)
Foreign exchange gain						(730)
Operating income					$	23,597
Interest expense						(8,133)
Other income, net						2,284
Income tax expense						(7,315)
Net income					$	10,433

The Company‘s geographic breakdown of total revenue is as follows:



		United States		Canada		Europe		Other		Consolidated
Total revenues for the three months ended:
March 31, 2018	$	135,563	$	65,809	$	34,574	$	24,232	$	260,178
March 31, 2017		112,083		41,492		18,267		27,585		199,427

A

Total Revenues

3 Months Ended

Mar. 31, 2018

Total Revenues [Abstract]

Total Revenues

5. Total revenues



Three months ended March 31,		2018		2017
Service revenues:
Commissions	$	101,294	$	79,297
Fees		74,722		44,082
		176,016		123,379
Revenue from inventory sales		84,162		76,048
Total revenues	$	260,178	$	199,427

Operating Expenses

3 Months Ended

Mar. 31, 2018

Operating Expenses [Abstract]

Operating Expenses

6. Operating expenses

Costs of services



Three months ended March 31,		2018		2017
Ancillary and logistical service expenses	$	14,580	$	11,527
Employee compensation expenses		9,019		5,476
Buildings, facilities and technology expenses		2,627		1,546
Travel, advertising and promotion expenses		6,808		4,656
Other costs of services		3,623		1,135
	$	36,657	$	24,340

SG&A expenses



Three months ended March 31,		2018		2017
Employee compensation expenses	$	63,293	$	44,455
Buildings, facilities and technology expenses		15,273		12,270
Travel, advertising and promotion expenses		9,719		6,586
Professional fees		4,267		3,100
Other SG&A expenses		4,918		4,164
	$	97,470	$	70,575

Acquisition-related costs



Three months ended March 31,		2018		2017
IronPlanet: (note 19)	$	639	$	7,691
Other acquisitions:
Continuing employment costs		968		864
Other acquisition-related costs		26		72
	$	1,633	$	8,627

Depreciation and amortization expenses



Three months ended March 31,		2018		2017
Depreciation expense	$	6,916	$	6,792
Amortization expense		9,275		3,546
	$	16,191	$	10,338

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2018
Income Taxes [Abstract]
Income Taxes	7. Income taxes At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year. The estimate reflects, among other items, management’s best estimate of operating results. It does not include the estimated impact of foreign exchange rates or unusual and/or infrequent items, which may cause significant variations in the customary relationship between income tax expense and income before income taxes. For the three months ended March 31, 2018, income tax expense was $5,269,000, compared to an income tax expense of $7,315,000 for the same period in 2017. Our effective tax rate was 23% in the first quarter of 2018, compared to 41% in the first quarter of 2017. The effective tax rate decreased in the first quarter of 2018 compared to the first quarter of 2017 primarily due to a greater proportion of income taxed in jurisdictions with lower tax rates and partially offset by our estimated Base Erosion Anti-Abuse Tax (“BEAT”). Additionally, in 2017 a $2,290,000 expense relating to an increase in uncertain tax positions was recognized and an increase in annual non-deductible acquisition costs was estimated. Recent Tax Legislation On December 22, 2017 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the “Tax Act”) was enacted. The Tax Act makes broad and complex changes to the U.S. tax code that impacted our quarter ended March 31, 2018, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018 and (2) imposing BEAT - a tax on certain deductible payments from our U.S. subsidiary to any of its foreign-related parties. On December 22, 2017, Staff Accounting Bulletin No. 118 (“SAB 118”) was issued to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. For the three months ended March 31, 2018, we have not made any adjustments to the provisional amounts recorded at December 31, 2017. Additional work is still necessary for a more detailed analysis of our deferred tax assets and liabilities, our historical foreign earnings subject to the one-time transition tax, and potential correlative adjustments. Any subsequent adjustment to these amounts will be recorded to tax expense in the corresponding quarter of 2018 when the analysis is complete.

Earnings Per Share Attributable to Stockholders

3 Months Ended

Mar. 31, 2018

Earnings Per Share Attributable to Stockholders [Abstract]

Earnings Per Share Attributable to Stockholders

8. Earnings per share attributable to stockholders

Basic earnings per share (“EPS”) attributable to stockholders was calculated by dividing the net income attributable to stockholders by the weighted average (“WA”) number of common shares outstanding. Diluted EPS attributable to stockholders was calculated by dividing the net income attributable to stockholders after giving effect to outstanding dilutive stock options and PSUs by the WA number of shares outstanding adjusted for all dilutive securities.



	Net income	WA
	attributable to	number		Per share
Three months ended March 31, 2018	stockholders	of shares		amount
Basic	17,138	107,355,381	$	0.16
Effect of dilutive securities:
Share units	-	358,087		-
Stock options	-	930,429		-
Diluted	17,138	108,643,897	$	0.16

8. Earnings per share attributable to stockholders (continued)



	Net income	WA
	attributable to	number		Per share
Three months ended March 31, 2017	stockholders	of shares		amount
Basic	10,377	106,851,595	$	0.10
Effect of dilutive securities:
Share units	27	263,557		-
Stock options	-	673,797		-
Diluted	10,404	107,788,949	$	0.10

In respect of PSUs awarded, performance and market conditions, depending on their outcome at the end of the contingency period, can reduce the number of vested awards to nil or to a maximum of 200% of the number of outstanding PSUs. For the three months ended March 31, 2018, 13,528 share units to purchase common shares were outstanding but excluded from the calculation of diluted EPS attributable to stockholders as they were anti-dilutive (2017: nil). For the three months ended March 31, 2018, stock options to purchase 1,619,141 common shares were outstanding but excluded from the calculation of diluted EPS attributable to stockholders as they were anti-dilutive (2017: nil).

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

9. Supplemental cash flow information



Three months ended March 31,		2018		2017
Trade and other receivables	$	(90,077)	$	(58,839)
Inventory		3,090		7,813
Advances against auction contracts		(223)		(1,806)
Prepaid expenses and deposits		(3,443)		4,010
Income taxes receivable		1,903		(1,910)
Auction proceeds payable		103,390		178,655
Trade and other payables		8,202		(11,402)
Income taxes payable		920		(4,052)
Share unit liabilities		1,192		(408)
Other		311		(16)
Net changes in operating
assets and liabilities	$	25,265	$	112,045



Three months ended March 31,		2018		2017
Interest paid, net of interest capitalized	$	16,877	$	903
Interest received		392		956
Net income taxes paid		1,265		14,756

Non-cash transactions:
Non-cash purchase of property, plant
and equipment under capital lease		573		207

9. Supplemental cash flow information (continued)



		March 31,		December 31,
		2018		2017
Cash and cash equivalents	$	278,944	$	267,910
Restricted cash		62,414		63,206
Cash, cash equivalents, and restricted cash	$	341,358	$	331,116

A

Fair Value Measurement

3 Months Ended

Mar. 31, 2018

Fair Value Measurement [Abstract]

Fair Value Measurement

10. Fair value measurement

All assets and liabilities for which fair value is measured or disclosed in the condensed consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement or disclosure:

● Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the entity can access at measurement date;

● Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and

● Level 3: Unobservable inputs for the asset or liability.



		March 31, 2018					December 31, 2017
	Category		Carrying amount		Fair value		Carrying amount		Fair value
Fair values disclosed, recurring:
Cash and cash equivalents	Level 1	$	278,944	$	278,944	$	267,910	$	267,910
Restricted cash	Level 1		62,414		62,414		63,206		63,206
Short-term debt (note 14)	Level 2		5,861		5,861		7,018		7,018
Long-term debt (note 14)
Senior unsecured notes	Level 1		487,782		498,125		487,339		520,000
Term loans	Level 2		292,512		296,026		325,553		329,687

The carrying value of the Company‘s cash and cash equivalents, restricted cash, trade and other receivables, advances against auction contracts, auction proceeds payable, trade and other payables, short term debt, and revolving loans approximate their fair values due to their short terms to maturity. The carrying value of the term loans, before deduction of deferred debt issue costs, approximates its fair value as the interest rates on the loans were short-term in nature. The fair value of the senior unsecured notes is determined by reference to a quoted market price.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Other Current Assets

3 Months Ended

Mar. 31, 2018

Other Current Assets [Abstract]

Other Current Assets

11. Other current assets



	March 31,			December 31,
			2018			2017
Advances against auction contracts		$	7,569		$	7,336
Prepaid expenses and deposits			23,088			19,690
		$	30,657		$	27,026

Other Non-current Assets	3 Months Ended
Other Non-current Assets	Mar. 31, 2018
Other Non-current Assets [Abstract]
Other Non-current Assets	12. Other non-current assets Included in other non-current assets is a tax receivable amount of $13,419,000 (December 31, 2017: $12,851,000)

Goodwill

3 Months Ended

Mar. 31, 2018

Goodwill [Abstract]

Goodwill

13. Goodwill



Balance, December 31, 2017	$	670,922
Additions		3,242
Foreign exchange movement		(67)
Balance, March 31, 2018	$	674,097

Debt

3 Months Ended

Mar. 31, 2018

Debt [Abstract]

Debt

14. Debt



			Carrying amount
			March 31,		December 31,
				2018		2017
Short-term debt			$	5,861	$	7,018

Long-term debt:

	Term Loans (previously referred to as Delayed draw term loans):
		Denominated in Canadian dollars, secured, bearing interest at a weighted
		average rate of 4.014%, due in monthly installments of interest only and
		quarterly installments of principal, maturing in October 2021		178,335		185,143
		Denominated in United States dollars, secured, bearing interest at a weighted
		average rate of 4.064%, due in weekly installments of interest only and
		quarterly installments of principal, maturing in October 2021		117,691		144,544
		Less: unamortized debt issue costs		(3,514)		(4,134)
	Senior unsecured notes:
		Bearing interest at 5.375% due in semi-annual installments, with the full
		amount of principal due in January 2025		500,000		500,000
		Less: unamortized debt issue costs		(12,218)		(12,661)
Total Long-term debt				780,294		812,892

Total debt			$	786,155	$	819,910

Long-term debt:
Current portion			$	9,264	$	16,907
Non-current portion				771,030		795,985
Total Long-term debt			$	780,294	$	812,892

Short-term debt at March 31, 2018 is comprised of drawings in different currencies on the Company’s committed revolving credit facilities and have a weighted average interest rate of 2.9% (December 31, 2017: 2.7%).

During the quarter, the company made voluntary prepayments totalling $25,000,000 on the term loan denominated in United States dollars. Prepayments are applied against future scheduled mandatory payments. The amount available pursuant to the term loan facility was only available to finance the acquisition of IronPlanet and will not be available for other corporate purposes upon repayment of amounts borrowed under that facility.

14. Debt (continued)

As at March 31, 2018, the Company had available committed revolving credit facilities aggregating $655,600,000 of which $651,761,000 is available until October 27, 2021.

Other Non-current Liabilities

3 Months Ended

Mar. 31, 2018

Other Non-current Liabilities [Abstract]

Other Non-current Liabilities

15. Other non-current liabilities



		March 31,		December 31,
		2018		2017
Tax payable	$	26,698	$	25,958
Finance lease obligation - non-current		7,130		7,875
Share unit liabilities		-		2,865
Other non-current liabilities		11,029		10,075
	$	44,857	$	46,773

Equity and Dividends

3 Months Ended

Mar. 31, 2018

Equity and Dividends [Abstract]

Equity and Dividends

16. Equity and dividends

Share capital

Preferred stock

Unlimited number of senior preferred shares, without par value, issuable in series.

Unlimited number of junior preferred shares, without par value, issuable in series.

All issued shares are fully paid. No preferred shares have been issued.

Dividends

Declared and paid

The Company declared and paid the following dividends during the three months ended March 31, 2018 and 2017:



	Declaration date	Dividend per share		Record date		Total dividends	Payment date
Fourth quarter 2017	January 26, 2018	$	0.1700	February 16, 2018	$	18,246	March 9, 2018
Fourth quarter 2016	January 23, 2017	$	0.1700	February 10, 2017	$	18,160	March 3, 2017

Declared and undistributed

Subsequent to March 31, 2018, the Company’s Board of Directors declared a quarterly dividend of $0.17 cents per common share, payable on June 20, 2018 to stockholders of record on May 30, 2018. This dividend payable has not been recognized as a liability in the financial statements. The payment of this dividend will not have any tax consequences for the Company.

16. Equity and dividends (continued)

Foreign currency translation reserve

Foreign currency translation adjustments include intra-entity foreign currency transactions that are of a long-term investment nature, which generated net gains of $2,138,000 for the three months ended March 31, 2018 (2017: net gains of $3,667,000).

Share-Based Payments

3 Months Ended

Mar. 31, 2018

Share-Based Payments [Abstract]

Share-Based Payments

17. Share-based payments

Share-based payments consist of the following compensation costs:



Three months ended March 31,		2018		2017
Stock option compensation expense:
SG&A expenses	$	2,148	$	1,311
Acquisition-related costs		195		-
Share unit expense (recovery):
Equity-classified share units		3,035		1,012
Liability-classified share units		1,599		(407)
Employee share purchase plan -
employer contributions		537		436
	$	7,514	$	2,352

Share unit expense (recovery) and employer contributions to the employee share purchase plan are recognized in SG&A expenses.

Stock option plan

Stock option activity for the three months ended March 31, 2018 is presented below:

y

					WA
	Common			WA	remaining			Aggregate
	shares under			exercise	contractual			intrinsic
	option	price			life (in years)	value
Outstanding, December 31, 2017	4,459,744		$	24.29	7.5		$	17,649
Granted	889,169			32.16
Exercised	(202,112)			21.34			$	2,215
Forfeited	(19,662)			22.25
Outstanding, March 31, 2018	5,127,139		$	25.78	7.7		$	30,313
Exercisable, March 31, 2018	2,675,935		$	24.13	6.7		$	19,839

The fair value of the stock option grants is estimated on the date of the grant using the Black-Scholes option pricing model. The weighted average grant date fair value of options granted during the three months ended March 31, 2018 was $7.67.

17. Share-based payments (continued)

Stock option plan (continued)

The significant assumptions used to estimate the fair value of stock options granted during the three months ended March 31, 2018 and 2017 are presented in the following table on a weighted average basis:



Three months ended March 31,	2018	2017
Risk free interest rate	2.7%	2.1%
Expected dividend yield	2.11%	2.05%
Expected lives of the stock options	5 years	5 years
Expected volatility	28.1%	27.9%

As at March 31, 2018, the unrecognized stock-based compensation cost related to the non-vested stock options was $10,976,000 which is expected to be recognized over a weighted average period of 2.5 years.

Share unit plans

Share unit activity for the three months ended March 31, 2018 is presented below:



	Equity-classified awards						Liability-classified awards
	PSUs			RSUs			PSUs			RSUs			DSUs
		WA grant			WA grant			WA grant			WA grant			WA grant
			date fair			date fair			date fair			date fair			date fair
	Number		value	Number		value	Number		value	Number		value	Number		value

Outstanding, December 31, 2017	434,248	$	27.83	125,152	$	26.93	259,241	$	26.38	4,666	$	26.42	93,487	$	26.32
Granted	223,484		31.37	88,120		31.98	-		-	25		32.26	5,475		32.05
Transferred to (from) equity
awards on modification	257,659		31.30	-		-	(257,659)		26.38	-		-	-		-
Forfeited	(15,519)		31.28	-		-	(1,582)		26.45	-		-	-		-
Outstanding, March 31, 2018 (1)	899,872	$	30.87	213,272	$	29.02	-	$	-	4,691	$	26.45	98,962	$	26.64

(1)

Included in this total are 184,329 equity-classified PSUs that were vested but not settled at March 31, 2018. These vested share units had WA grant date fair values of $31.99 respectively.

As at March 31, 2018, the unrecognized share unit expense related to equity-classified PSUs was $13,656,668, which is expected to be recognized over a weighted average period of 2.2 years. The unrecognized share unit expense related to equity-classified RSUs was $5,696,935, which is expected to be recognized over a weighted average period of 2.8 years. The unrecognized share unit expense related to liability-classified RSUs was $30,024, which is expected to be recognized over a weighted average period of 0.6 years. There is no unrecognized share unit expense related to liability-classified DSUs as they vest immediately upon grant.

Senior executive and employee PSU plans

The Company grants PSUs under a senior executive PSU plan and an employee PSU plan (the “PSU Plans”). Under the PSU Plans, the number of PSUs that vest is conditional upon specified market, service, and performance vesting conditions being met. The PSU Plans allow the Company to choose whether to settle the awards in cash or in shares. With respect to settling in shares, the Company has the option to either (i) arrange for the purchase shares on the open market on the employee’s behalf based on the cash value that otherwise would be delivered, or (ii) to issue a number of shares equal to the number of units that vest.

17. Share-based payments (continued)

Share unit plans (continued)

Senior executive and employee PSU plans (continued)

On March 1, 2018, the Company modified the market and performance vesting conditions for the PSUs. Concurrently, the employee PSU plan were reclassified to equity awards, based on the Company’s settlement intentions. The weighted average fair value of the PSU awards outstanding on the modification date was $31.35. The incremental compensation recognized as a result of the vesting condition modification was $1,400,000. The share unit liability related to the employee PSUs, representing the portion of the fair value attributable to past service, was $6,701,000, which was reclassified to equity on that date. No incremental compensation was recognized as a result of the employee PSU settlement modification. Because the employee PSUs are contingently redeemable in cash in the event of death of the participant, on the modification date, the Company reclassified $6,132,000 to temporary equity, representing the portion of the contingent redemption amount of the PSUs as if redeemable on March 1, 2018, to the extent attributable to prior service.

The fair value of the equity-classified PSUs is estimated on modification date and on the date of grant using a binomial model. The significant assumptions used to estimate the fair value of the equity-classified PSUs during the three months ended March 31, 2018 and 2017 are presented in the following table on a weighted average basis:



Three months ended March 31,	2018	2017
Risk free interest rate	1.9%	1.4%
Expected dividend yield	2.09%	1.92%
Expected lives of the PSUs	3 years	3 years
Expected volatility	31.1%	28.2%
Average expected volatility of comparable companies	34.1%	37.0%

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2018
Contingencies [Abstract]
Contingencies	18. Contingencies Legal and other claims The Company is subject to legal and other claims that arise in the ordinary course of its business. Management does not believe that the results of these claims will have a material effect on the Company’s consolidated balance sheet or consolidated income statement. Guarantee contracts In the normal course of business, the Company will in certain situations guarantee to a consignor a minimum level of proceeds in connection with the sale at auction of that consignor’s equipment. At March 31, 2018, there were $103,315,000 of assets guaranteed under contract, of which 87% is expected to be sold prior to the end of June 30, 2018, with the remainder to be sold prior to December 31, 2018 (December 31, 2017: $30,948,000 of which 27% is expected to be sold prior to the end of March 31, 2018 with the remainder to be sold by December 31, 2018). The outstanding guarantee amounts are undiscounted and before estimated proceeds from sale at auction.

Business Combinations

3 Months Ended

Mar. 31, 2018

Business Combinations [Abstract]

Business Combinations

19. Business combinations

IronPlanet acquisition

On May 31, 2017 (the “IronPlanet Acquisition Date”), the Company acquired 100% of the issued and outstanding shares of IronPlanet for a total fair value consideration of $776,474,000. As at the acquisition date, cash consideration of $772,706,000, of which approximately $35,000,000 was placed in escrow, was paid to the former shareholders, vested option holders and warrant holders of IronPlanet. In addition to the cash consideration, non-cash consideration of $2,330,000 was issued attributable to the assumption of outstanding IronPlanet options, $1,771,000 was paid in cash and placed in escrow, related to customary closing adjustments, and $333,000 was related to settlement of intercompany payable transactions. Funds placed in escrow of $36,771,000 were released in March 2018.

A summary of the net cash flows and purchase price are detailed below:



		May 31, 2017
Cash consideration paid to former equity holders	$	723,810
Settlement of IronPlanet's debt		36,313
Settlement of IronPlanet's transaction costs		12,583
Cash consideration paid on closing		772,706
Cash consideration paid related to closing adjustments		1,771
Less: cash and cash equivalents acquired		(95,626)
Less: restricted cash acquired		(3,000)
Acquisition of IronPlanet, net of cash acquired	$	675,851

Cash consideration paid on closing	$	772,706
Replacement stock option awards attributable to pre-
combination services		4,926
Stock option compensation expense from accelerated vesting
of awards attributable to post-combination services		(2,596)
Cash consideration paid relating to closing adjustments		1,771
Settlement of pre-existing intercompany balances		(333)
Purchase price	$	776,474

IronPlanet is a leading online marketplace for selling and buying used equipment and other durable assets and an innovative participant in the multi–billion dollar used equipment market. The acquisition expands the breadth and depth of equipment disposition and management solutions the Company can offer its customers.

The acquisition was accounted for in accordance with ASC 805, Business Combinations. The assets acquired and liabilities assumed were recorded at their estimated fair values at the IronPlanet Acquisition Date. Goodwill of $568,137,000 was calculated as the fair value of consideration over the estimated fair value of the net assets acquired.

19. Business combinations (continued)

IronPlanet provisional purchase price allocation



		May 31, 2017
Purchase price	$	776,474

Assets acquired:
Cash and cash equivalents	$	95,626
Restricted cash		3,000
Trade and other receivables		13,021
Inventory		600
Advances against auction contracts		4,623
Prepaid expenses and deposits		1,645
Income taxes receivable		55
Property, plant and equipment		2,381
Other non-current assets		2,551
Deferred tax assets		1,497
Intangible assets ~		188,000

Liabilities assumed:
Auction proceeds payable		63,616
Trade and other payables		14,511
Deferred tax liabilities		26,535
Fair value of identifiable net assets acquired		208,337
Goodwill acquired on acquisition	$	568,137

~Intangible assets consist of indefinite-lived trade names and trademarks, customer relationships with estimated useful lives of ranging from six to 13 years, and a technology platform with an estimated useful life of seven years.

The amounts included in the IronPlanet provisional purchase price allocation are preliminary in nature and are subject to adjustment as additional information is obtained about the facts and circumstances that existed as of the IronPlanet Acquisition Date. The final determination of the fair values of certain assets and liabilities will be completed within the measurement period of up to one year from the IronPlanet Acquisition Date, and is dependent upon finalization of income tax liabilities. Adjustments to the preliminary values during the measurement period will be recorded in the operating results of the reporting period in which the adjustments are determined. Changes to the amounts recorded as assets and liabilities will result in a corresponding adjustment to goodwill.

Goodwill

The main drivers generating goodwill are the anticipated synergies from (1) the Company's auction expertise and transactional capabilities to IronPlanet's existing customer base, (2) IronPlanet providing existing technology to the Company's current customer base, and (3) future growth from international expansion and new Caterpillar dealers. Other factors generating goodwill include the acquisition of IronPlanet's assembled work force and their associated technical expertise.

Acquisition-related costs

Expenses totalling $639,000 for legal fees, stock option compensation expense, and other acquisition-related costs are included in the consolidated income statement for the three months ended March 31, 2018 (2017: $7,691,000).

Summary of Significant Accounting Policies (Policy)

3 Months Ended

Mar. 31, 2018

Summary of Significant Accounting Policies [Abstract]

Basis of Preparation

(a)

Basis of preparation

These unaudited condensed consolidated interim financial statements have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”). They include the accounts of Ritchie Bros. Auctioneers Incorporated and its subsidiaries from their respective dates of formation or acquisition. All significant intercompany balances and transactions have been eliminated.

Certain information and footnote disclosure required by US GAAP for complete annual financial statements have been omitted and, therefore, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2017, included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”). In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, cash flows and changes in equity for the interim periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

(b)

Revenue recognition

Effective January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) using the full retrospective method, which included restating prior years for comparative amounts. This new accounting policy resulted in a change in the financial statement presentation only on the income statement, as described in Note 1(i) New and amended accounting standards in this Quarterly Report on Form 10-Q.

Revenues are comprised of:

·

Service revenues, including the following:

i.

Revenue from auction and marketplace (“A&M”) activities, including commissions earned at our live and online auctions where we act as an agent for consignors of equipment and other assets, and various auction-related fees, including listing and buyer transaction fees; and

ii.

Other services revenues, including revenues from listing services, refurbishment, logistical services, financing, appraisal fees and other ancillary service fees; and

·

Revenue from inventory sales

The Company recognizes revenue when control of the promised goods or services is transferred to our customers, or upon completion of the performance obligation, in an amount that reflects the consideration we expect to be entitled to in exchange for those good or services. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. For live event-based auctions or online auctions, revenue is recognized when the auction sale is complete and the Company has determined that the sale proceeds are collectible. Revenue is measured at the fair value of the consideration received or receivable and is shown net of value-added tax and duties.

1. Summary of significant accounting policies (continued)

(b)

Revenue recognition (continued)

Service revenues

Commissions from sales at the Company’s auctions represent the percentage earned by the Company on the gross proceeds from equipment and other assets sold at auction. The majority of the Company’s commissions are earned as a pre-negotiated fixed rate of the gross selling price. Other commissions from sales at the Company’s auctions are earned from underwritten commission contracts, when the Company guarantees a certain level of proceeds to a consignor.

The Company accepts equipment and other assets on consignment stimulating buyer interest through professional marketing techniques, and matches sellers (also known as consignors) to buyers through the auction or private sale process. Prior to offering an item for sale on its online marketplaces, the Company also performs inspections.

Following the sale of the item, the Company invoices the buyer for the purchase price of the asset, taxes, and, if applicable, the buyer transaction fee, collects payment from the buyer, and remits the proceeds, net of the seller commissions, applicable taxes, and applicable fees. Commissions are calculated as a percentage of the hammer price of the property sold at auction. Fees are also charged to sellers for listing and inspecting equipment. Other revenues earned in the process of conducting the Company’s auctions include administrative, documentation, and advertising fees.

On the fall of the auctioneer’s hammer, the highest bidder becomes legally obligated to pay the full purchase price, which is the hammer price of the property purchased and the seller is legally obligated to relinquish the property in exchange for the hammer price less any seller’s commissions. Commission and fee revenues are recognized on the date of the auction sale upon the fall of the auctioneer’s hammer.

Under the standard terms and conditions of its auction sales, the Company is not obligated to pay a consignor for property that has not been paid for by the buyer, provided the property has not been released to the buyer. If the buyer defaults on its payment obligation, also referred to as a collapsed sale, the sale is cancelled in the period in which the determination is made, and the property is returned to the consignor or placed in a later event-based or online auction. Historically cancelled sales have not been material.

Online marketplace commission revenue is reduced by a provision for disputes, which is an estimate of disputed items that are expected to be settled at a cost to the Company, related to settlements of discrepancies under the Company’s equipment condition certification program. The equipment condition certification refers to a written inspection report provided to potential buyers that reflects the condition of a specific piece of equipment offered for sale, and includes ratings, comments, and photographs of the equipment following inspection by one of the Company’s equipment inspectors. The equipment condition certification provides that a buyer may file a written dispute claim during an eligible dispute period for consideration and resolution at the sole determination of the Company if the purchased equipment is not substantially in the condition represented in the inspection report. Typically disputes under the equipment condition certification program are settled with minor repairs or additional services, such as washing or detailing the item; the estimated costs of such items or services are included in the provision for disputes.

Commission revenues are recorded net of commissions owed to third parties, which are principally the result of situations when the commission is shared with a consignor or with the counterparty in an auction guarantee risk and reward sharing arrangement. Additionally, in certain situations, commissions are shared with third parties who introduce the Company to consignors who sell property at auction.

1. Summary of significant accounting policies (continued)

(b)

Revenue recognition (continued)

Underwritten commission contracts can take the form of guarantee contracts. Guarantee contracts typically include a pre-negotiated percentage of the guaranteed gross proceeds plus a percentage of proceeds in excess of the guaranteed amount. If actual auction proceeds are less than the guaranteed amount, commission is reduced; if proceeds are sufficiently lower, the Company can incur a loss on the sale. Losses, if any, resulting from guarantee contracts are recorded in the period in which the relevant auction is completed. If a loss relating to a guarantee contract held at the period end to be sold after the period end is known or is probable and estimable at the financial statement reporting date, the loss is accrued in the financial statements for that period. The Company’s exposure from these guarantee contracts fluctuates over time.

Other services revenue also includes fees for refurbishment, logistical services, financing, appraisal fees and other ancillary service fees. Fees are recognized in the period in which the service is provided to the customer.

Revenue on inventory sales

Underwritten commission contracts can take the form of inventory contracts. Revenues related to inventory contracts are recognized in the period in which the sale is completed, title to the property passes to the purchaser and the Company has fulfilled any other obligations that may be relevant to the transaction. In its role as auctioneer, the Company auctions its inventory to equipment buyers through the auction process. Following the sale of the item, the Company invoices the buyer for the purchase price of the asset, taxes, and, if applicable, the buyer transaction fee, and collects payment from the buyer.

On the fall of the auctioneer’s hammer, the highest bidder becomes legally obligated to pay the full purchase price, which is the hammer price of the property purchased. Title to the property is transferred in exchange for the hammer price, and if applicable, the buyer transaction fee plus applicable taxes.

Costs of Services

(c)

Cost of services

Costs of services are comprised of expenses incurred in direct relation to conducting auctions (“direct expenses”), earning online marketplace revenues, and earning other fee revenues. Direct expenses include direct labour, buildings and facilities charges, and travel, advertising and promotion costs.

Costs of services incurred to earn online marketplace revenues in addition to the costs listed above also include inspection costs. Inspections are generally performed at the seller’s physical location. The cost of inspections includes payroll costs and related benefits for the Company’s employees that perform and manage field inspection services, the related inspection report preparation and quality assurance costs, fees paid to contractors who perform field inspections, related travel and incidental costs for the Company’s inspection service organization, and office and occupancy costs for its inspection services personnel. Costs of earning online marketplace revenues also include costs for the Company’s customer support, online marketplace operations, logistics, title and lien investigation functions, and lease and operations costs related to the Company’s third-party data centers at which its websites are hosted.

Costs of services incurred in earning other fee revenues include direct labour (including commissions on sales), software maintenance fees, and materials. Costs of services exclude depreciation and amortization expenses.

Cost of Inventory Sold

(d)

Cost of inventory sold

Cost of inventory sold represents the purchase price of assets sold for the Company’s own account and is determined using a specific identification basis.

Share-Based Payments

(e)

Share-based payments

The Company classifies a share-based payment award as an equity or liability payment based on the substantive terms of the award and any related arrangement.

Equity-classified share-based payments

The Company has three stock option compensation plans that provide for the award of stock options to selected employees, directors and officers of the Company. The cost of options granted is measured at the fair value of the underlying option at the grant date using the Black-Scholes option pricing model. The Company also has a senior executive PSU plan and an employee PSU plan that provides for the award of PSUs to certain senior executives and employees, respectively, of the Company. The Company has the option to settle certain share unit awards in cash or shares and expects to settle them in shares. The cost of PSUs granted is measured at the fair value of the underlying PSUs at the grant date using a binomial model.

This fair value of awards expected to vest under these plans is expensed over the respective remaining service period of the individual awards, on an accelerated recognition basis, with the corresponding increase to APIC recorded in equity. At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in earnings, such that the consolidated expense reflects the revised estimate, with a corresponding adjustment to equity.

Any consideration paid on exercise of the stock options is credited to the common shares. Dividend equivalents on the equity-classified PSUs are recognized as a reduction to retained earnings over the service period.

PSUs awarded under the senior executive and employee PSU plans (described in note 17) are contingently redeemable in cash in the event of death of the participant. The contingently redeemable portion of the senior executive and employee PSU awards, which represents the amount that would be redeemable based on the conditions at the date of grant, to the extent attributable to prior service, is recognized as temporary equity. The balance reported in temporary equity increases on the same basis as the related compensation expense over the service period of the award, with any excess of the temporary equity value over the amount recognized in compensation expense charged against retained earnings. In the event it becomes probable an award is going to become eligible for redemption by the holder, the award would be reclassified to a liability award.

Liability-classified share-based payments

The Company maintains other share unit compensation plans that vest over a period of up to five years after grant. Under those plans, the Company is either required or expects to settle vested awards on a cash basis or by providing cash to acquire shares on the open market on the employee’s behalf, where the settlement amount is determined using the volume weighted average price of the Company’s common shares for the twenty days prior to the vesting date or, in the case of deferred share unit (“DSU”) recipients, following cessation of service on the Board of Directors.

These awards are classified as liability awards, measured at fair value at the date of grant and re-measured at fair value at each reporting date up to and including the settlement date. The determination of the fair value of the share units under these plans is described in note 17. The fair value of the awards is expensed over the respective vesting period of the individual awards with recognition of a corresponding liability. Changes in fair value after vesting are recognized through compensation expense. Compensation expense reflects estimates of the number of instruments expected to vest.

1. Summary of significant accounting policies (continued)

(e)

Share-based payments

Liability-classified share-based payments (continued)

The impact of forfeitures and fair value revisions, if any, are recognized in earnings such that the cumulative expense reflects the revisions, with a corresponding adjustment to the settlement liability. Liability-classified share unit liabilities due within 12 months of the reporting date are presented in trade and other payables while settlements due beyond 12 months of the reporting date are presented in non-current liabilities.

Inventories

(f)

Inventories

Inventory consists of equipment and other assets purchased for resale in an upcoming live on site auction or online marketplace event. The Company purchases inventory for resale through a competitive process where the consignor has determined this to be the preferred method of disposition through the auction process. In addition, certain jurisdictions require auctioneers to hold title to assets and facilitate title transfer on sale. Inventory is valued at the lower of cost and net realizable value where net realizable value represents the expected sale price upon disposition less make-ready costs and the costs of disposal and transportation. The significant elements of cost include the acquisition price of the inventory and make-ready costs to prepare the inventory for sale that are not selling expenses. Write-downs to the carrying value of inventory are recorded in cost of inventory sold on the consolidated income statement.

Impairment of Long-lived and Indefinite-lived Assets

(g)

Impairment of long-lived and indefinite-lived assets

Long-lived assets, comprised of property, plant and equipment and intangible assets subject to amortization, are assessed for impairment whenever events or circumstances indicate that their carrying value may not be recoverable. For the purpose of impairment testing, long-lived assets are grouped and tested for recoverability at the lowest level that generates independent cash flows. An impairment loss is recognized when the carrying value of the assets or asset groups is greater

than the future projected undiscounted cash flows. The impairment loss is calculated as the excess of the carrying value over the fair value of the asset or asset group. Fair value is based on valuation techniques or third-party appraisals. Significant estimates and judgments are applied in determining these cash flows and fair values.

Indefinite-lived intangible assets are tested annually for impairment as of December 31, and between annual tests if indicators of potential impairment exist. The Company has the option of performing a qualitative assessment to first determine whether the quantitative impairment test is necessary. This involves an assessment of qualitative factors to determine the existence of events or circumstances that would indicate whether it is more likely than not that the carrying amount of the indefinite-lived intangible asset is less than its fair value. If the qualitative assessment indicates it is not more likely than not that the carrying amount is less than its fair value, a quantitative impairment test is not required. Where a quantitative impairment test is required, the procedure is to compare the indefinite-lived intangible asset’s fair value with its carrying amount. An impairment loss is recognized as the difference between the indefinite-lived intangible asset’s carrying amount and its fair value.

Goodwill

(h)

Goodwill

Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to the assets acquired and liabilities assumed in a business combination.

Goodwill is not amortized, but it is tested annually for impairment at the reporting unit level as of December 31 and between annual tests if indicators of potential impairment exist. The Company has the option of performing a qualitative assessment of a reporting unit to first determine whether the quantitative impairment test is necessary. This involves an assessment of qualitative factors to determine the existence of events or circumstances that would indicate whether it is more likely than not that the carrying amount of the reporting unit to which goodwill belongs is less than its fair value. If the qualitative assessment indicates it is not more likely than not that the reporting unit’s carrying amount is less than its fair value, a quantitative impairment test is not required.

If a quantitative impairment test is required, the procedure is to identify potential impairment by comparing the reporting unit’s fair value with its carrying amount, including goodwill. The reporting unit’s fair value is determined using various valuation approaches and techniques that involve assumptions based on what the Company believes a hypothetical marketplace participant would use in estimating fair value on the measurement date. An impairment loss is recognized as the difference between the reporting unit’s carrying amount and its fair value. If the difference between the reporting unit’s carrying amount and fair value is greater than the amount of goodwill allocated to the reporting unit, the impairment loss is restricted by the amount of the goodwill allocated to the reporting unit.

New and Amended Accounting Standards

(i)

New and amended accounting standards

(i)

Effective January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The Company implemented the new standard using a full retrospective method, in order to provide more useful comparative information to financial statement users.

The primary impact of the adoption of ASU 2014-09 is the change in the presentation of revenue from inventory, ancillary service, and logistical services contracts on a gross basis as a principal versus net as an agent. This is due to the new standard requiring an entity to determine whether the entity controls the specified good or service before transfer to the customer, with the entity being principal in these transactions. Prior to adopting ASU 2014-09, an entity evaluated indicators to determine if it was a principal or agent. As the Company determined that it controls the inventory and provision of ancillary and logistical services before transfer to its customers, the Company concluded that it was acting as a principal rather than an agent. As a result of adoption of the new accounting standard there was no impact on the timing of recognition of revenue, operating income, net income, or on the consolidated balance sheet or consolidated statement of cash flows.

Presenting revenue from inventory sale on a gross basis as a principal selling a tangible product versus net as an agent providing a service significantly changes the face of the Company’s consolidated income statement in two primary ways:

1)

Prior to the adoption of ASU 2014-09, all revenue from inventory sales were presented net of costs within service revenues on the income statement. With the adoption of ASU 2014-09, the Company has presented separately revenue from inventory sales and service revenue and accordingly service revenues excludes revenue from inventory sales and cost of inventory sold. Those amounts are now presented gross as separate line items on the face of the consolidated income statement; and

2)

Ancillary and logistical service revenues are presented within service revenues, now on a gross basis, with the related costs of services presented separately within costs of services.

1.

Summary of significant accounting policies (continued)

(i)

New and amended accounting standards (continued)

Impact to reported results

The new presentation based on ASU 2014-09 results in an increase the amount of revenue reported but there is no change in the operating income compared to the prior presentation:



Three months ended March 31, 2017
Consolidated income statement line item	As reported		New Revenue Standard Adjustment		Consolidated income statement line item	As Adjusted
			$	76,048	Revenue from inventory sales	$	76,048
Revenues	$	124,499		(1,120)	Service revenues		123,379
				74,928	Total revenues		199,427
				(63,401)	Cost of inventory sold		(63,401)
Costs of services		(12,813)		(11,527)	Costs of services		(24,340)
	$	111,686	$	-		$	111,686

(ii)

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 identifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for fiscal years and interim periods beginning after December 15, 2017. The amendments are applied retrospectively on the amendment date. The Company expects the adoption of ASU 2016-15 will result in the $1,302,000 Mascus contingent consideration paid in the second quarter of 2017 to be reclassified from operating to investing cash flows.

Recent Accounting Standards Not Yet Adopted

(j)

Recent accounting standards not yet adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize almost all leases, including operating leases, on the balance sheet through a right-of-use asset and a corresponding lease liability. For short-term leases, defined as those with a term of 12 months or less, the lessee is permitted to make an accounting policy election not to recognize the lease assets and liabilities, and instead recognize the lease expense generally on a straight-line basis over the lease term. The accounting treatment under this election is consistent with current operating lease accounting. No extensive amendments were made to lessor accounting, but amendments of note include changes to the definition of initial direct costs and accounting for collectability uncertainties in a lease.

ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Both lessees and lessors must apply ASU 2016-02 using a “modified retrospective transition”, which reflects the new guidance from the beginning of the earliest period presented in the financial statements. However, lessees and lessors can elect to apply certain practical expedients on transition.

Management continues to perform a detailed inventory and analysis of all the Company’s leases, of which there are approximately 480 operating and 115 finance leases for which the Company is a lessee at the reporting date. The most significant operating leases in terms of the amount of rental charges and duration of the contract are for various auction sites and offices located in North America, Europe, the Middle East, and Asia. However, in terms of the number of leases, the majority consist of leases for computer, automotive, and yard equipment.

1.

Summary of significant accounting policies (continued)

(j)

Recent accounting standards not yet adopted (continued)

The Company continues to evaluate the new guidance to determine the impact it will have on its consolidated financial statements. Under the expectation that the majority, if not all, of the operating leases will be brought onto the Company’s balance sheet on adoption of ASU 2016-02, management is currently investigating the functionality within the Company’s financial system to automate the lease accounting process and is evaluating alternative software solutions to facilitate adoption.

The adoption of ASU 2016-02 is expected to add complexity to the accounting for leases, as well as require extensive system and process changes to manage the large number of operating leases that the Company anticipates will be brought onto its balance sheet. As a result, management has determined that the Company will not early adopt ASU 2016-02, and will continue to evaluate the elections available to the Company involving the application of practical expedients on transition

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Summary of Significant Accounting Policies [Abstract]

Schedule of Adoption of New Accounting Pronouncements



Three months ended March 31, 2017
Consolidated income statement line item	As reported		New Revenue Standard Adjustment		Consolidated income statement line item	As Adjusted
			$	76,048	Revenue from inventory sales	$	76,048
Revenues	$	124,499		(1,120)	Service revenues		123,379
				74,928	Total revenues		199,427
				(63,401)	Cost of inventory sold		(63,401)
Costs of services		(12,813)		(11,527)	Costs of services		(24,340)
	$	111,686	$	-		$	111,686

Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Information [Abstract]

Schedule of Revenue and (Loss) Income Before Taxes by Segment



		Three months ended March 31, 2018
	A&M		Other			Consolidated
Service revenues	$	148,405	$	27,611		$	176,016
Revenue from inventory sales		84,162		-			84,162
Total revenues		232,567		27,611	-		260,178
Costs of services		21,448		15,209			36,657
Cost of inventory sold		75,791		-			75,791
Selling, general and administrative
expenses ("SG&A")		93,002		4,468			97,470
Segment profit	$	42,326	$	7,934		$	50,260
Acquisition-related costs							1,633
D&A expenses							16,191
Gain on disposition of property, plant
and equipment ("PPE")							(345)
Foreign exchange gain							(92)
Operating income						$	32,873
Interest expense							(11,310)
Other income, net							913
Income tax expense							(5,269)
Net income						$	17,207

4. Segment information (continued)



		Three months ended March 31, 2017
	A&M		Other		Consolidated
Service revenues	$	103,030	$	20,349	$	123,379
Revenue from inventory sales		76,048		-		76,048
Total revenues		179,078		20,349		199,427
Costs of services		12,587		11,753		24,340
Cost of inventory sold		63,401		-		63,401
SG&A expenses		67,111		3,464		70,575
Segment profit	$	35,979	$	5,132	$	41,111
Acquisition-related costs						8,627
D&A expenses						10,338
Gain on disposition of PPE						(721)
Foreign exchange gain						(730)
Operating income					$	23,597
Interest expense						(8,133)
Other income, net						2,284
Income tax expense						(7,315)
Net income					$	10,433

Geographic Information of Revenue



		United States		Canada		Europe		Other		Consolidated
Total revenues for the three months ended:
March 31, 2018	$	135,563	$	65,809	$	34,574	$	24,232	$	260,178
March 31, 2017		112,083		41,492		18,267		27,585		199,427

Total Revenues (Tables)

3 Months Ended

Mar. 31, 2018

Total Revenues [Abstract]

Revenue from the Rendering of Services



Three months ended March 31,		2018		2017
Service revenues:
Commissions	$	101,294	$	79,297
Fees		74,722		44,082
		176,016		123,379
Revenue from inventory sales		84,162		76,048
Total revenues	$	260,178	$	199,427

Operating Expenses (Tables)

3 Months Ended

Mar. 31, 2018

Operating Expenses [Abstract]

Schedule of Direct Operating Expenses



Three months ended March 31,		2018		2017
Ancillary and logistical service expenses	$	14,580	$	11,527
Employee compensation expenses		9,019		5,476
Buildings, facilities and technology expenses		2,627		1,546
Travel, advertising and promotion expenses		6,808		4,656
Other costs of services		3,623		1,135
	$	36,657	$	24,340

Schedule of Selling, General and Administrative Expenses



Three months ended March 31,		2018		2017
Employee compensation expenses	$	63,293	$	44,455
Buildings, facilities and technology expenses		15,273		12,270
Travel, advertising and promotion expenses		9,719		6,586
Professional fees		4,267		3,100
Other SG&A expenses		4,918		4,164
	$	97,470	$	70,575

Schedule of Acquisition Related Costs



Three months ended March 31,		2018		2017
IronPlanet: (note 19)	$	639	$	7,691
Other acquisitions:
Continuing employment costs		968		864
Other acquisition-related costs		26		72
	$	1,633	$	8,627

Schedule of Depreciation and Amortization Expenses



Three months ended March 31,		2018		2017
Depreciation expense	$	6,916	$	6,792
Amortization expense		9,275		3,546
	$	16,191	$	10,338

Earnings Per Share Attributable to Stockholders (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share Attributable to Stockholders [Abstract]

Computation of Basic and Diluted Earnings Per Share



	Net income	WA
	attributable to	number		Per share
Three months ended March 31, 2018	stockholders	of shares		amount
Basic	17,138	107,355,381	$	0.16
Effect of dilutive securities:
Share units	-	358,087		-
Stock options	-	930,429		-
Diluted	17,138	108,643,897	$	0.16

8. Earnings per share attributable to stockholders (continued)



	Net income	WA
	attributable to	number		Per share
Three months ended March 31, 2017	stockholders	of shares		amount
Basic	10,377	106,851,595	$	0.10
Effect of dilutive securities:
Share units	27	263,557		-
Stock options	-	673,797		-
Diluted	10,404	107,788,949	$	0.10

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Information [Abstract]

Schedule of Net Changes in Operating Assets and Liabilities



Three months ended March 31,		2018		2017
Trade and other receivables	$	(90,077)	$	(58,839)
Inventory		3,090		7,813
Advances against auction contracts		(223)		(1,806)
Prepaid expenses and deposits		(3,443)		4,010
Income taxes receivable		1,903		(1,910)
Auction proceeds payable		103,390		178,655
Trade and other payables		8,202		(11,402)
Income taxes payable		920		(4,052)
Share unit liabilities		1,192		(408)
Other		311		(16)
Net changes in operating
assets and liabilities	$	25,265	$	112,045

Schedule of Supplemental Cash Flow



Three months ended March 31,		2018		2017
Interest paid, net of interest capitalized	$	16,877	$	903
Interest received		392		956
Net income taxes paid		1,265		14,756

Non-cash transactions:
Non-cash purchase of property, plant
and equipment under capital lease		573		207

Schedule of Cash, Cash Equivalents and Restricted Cash



		March 31,		December 31,
		2018		2017
Cash and cash equivalents	$	278,944	$	267,910
Restricted cash		62,414		63,206
Cash, cash equivalents, and restricted cash	$	341,358	$	331,116

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Measurement [Abstract]

Fair Value Assets Recurring and Nonrecurring



		March 31, 2018					December 31, 2017
	Category		Carrying amount		Fair value		Carrying amount		Fair value
Fair values disclosed, recurring:
Cash and cash equivalents	Level 1	$	278,944	$	278,944	$	267,910	$	267,910
Restricted cash	Level 1		62,414		62,414		63,206		63,206
Short-term debt (note 14)	Level 2		5,861		5,861		7,018		7,018
Long-term debt (note 14)
Senior unsecured notes	Level 1		487,782		498,125		487,339		520,000
Term loans	Level 2		292,512		296,026		325,553		329,687

Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2018

Other Current Assets [Abstract]

Schedule of Other Current Assets



	March 31,			December 31,
			2018			2017
Advances against auction contracts		$	7,569		$	7,336
Prepaid expenses and deposits			23,088			19,690
		$	30,657		$	27,026

Goodwill (Tables)

3 Months Ended

Mar. 31, 2018

Goodwill [Abstract]

Schedule of Goodwill



Balance, December 31, 2017	$	670,922
Additions		3,242
Foreign exchange movement		(67)
Balance, March 31, 2018	$	674,097

Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt [Abstract]

Schedule of Debt



			Carrying amount
			March 31,		December 31,
				2018		2017
Short-term debt			$	5,861	$	7,018

Long-term debt:

	Term Loans (previously referred to as Delayed draw term loans):
		Denominated in Canadian dollars, secured, bearing interest at a weighted
		average rate of 4.014%, due in monthly installments of interest only and
		quarterly installments of principal, maturing in October 2021		178,335		185,143
		Denominated in United States dollars, secured, bearing interest at a weighted
		average rate of 4.064%, due in weekly installments of interest only and
		quarterly installments of principal, maturing in October 2021		117,691		144,544
		Less: unamortized debt issue costs		(3,514)		(4,134)
	Senior unsecured notes:
		Bearing interest at 5.375% due in semi-annual installments, with the full
		amount of principal due in January 2025		500,000		500,000
		Less: unamortized debt issue costs		(12,218)		(12,661)
Total Long-term debt				780,294		812,892

Total debt			$	786,155	$	819,910

Long-term debt:
Current portion			$	9,264	$	16,907
Non-current portion				771,030		795,985
Total Long-term debt			$	780,294	$	812,892

Other Non-current Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

Other Non-current Liabilities [Abstract]

Other Non-current Liabilities



		March 31,		December 31,
		2018		2017
Tax payable	$	26,698	$	25,958
Finance lease obligation - non-current		7,130		7,875
Share unit liabilities		-		2,865
Other non-current liabilities		11,029		10,075
	$	44,857	$	46,773

Equity and Dividends (Tables)

3 Months Ended

Mar. 31, 2018

Equity and Dividends [Abstract]

Schedule of Quarterly Dividends Declared and Paid



	Declaration date	Dividend per share		Record date		Total dividends	Payment date
Fourth quarter 2017	January 26, 2018	$	0.1700	February 16, 2018	$	18,246	March 9, 2018
Fourth quarter 2016	January 23, 2017	$	0.1700	February 10, 2017	$	18,160	March 3, 2017

Share-Based Payments (Tables)

3 Months Ended

Mar. 31, 2018

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Compensation Costs Related to Share-Based Payments



Three months ended March 31,		2018		2017
Stock option compensation expense:
SG&A expenses	$	2,148	$	1,311
Acquisition-related costs		195		-
Share unit expense (recovery):
Equity-classified share units		3,035		1,012
Liability-classified share units		1,599		(407)
Employee share purchase plan -
employer contributions		537		436
	$	7,514	$	2,352

Summary of Stock Option Activity

y

					WA
	Common			WA	remaining			Aggregate
	shares under			exercise	contractual			intrinsic
	option	price			life (in years)	value
Outstanding, December 31, 2017	4,459,744		$	24.29	7.5		$	17,649
Granted	889,169			32.16
Exercised	(202,112)			21.34			$	2,215
Forfeited	(19,662)			22.25
Outstanding, March 31, 2018	5,127,139		$	25.78	7.7		$	30,313
Exercisable, March 31, 2018	2,675,935		$	24.13	6.7		$	19,839

Summary of Share Unit Activity



	Equity-classified awards						Liability-classified awards
	PSUs			RSUs			PSUs			RSUs			DSUs
		WA grant			WA grant			WA grant			WA grant			WA grant
			date fair			date fair			date fair			date fair			date fair
	Number		value	Number		value	Number		value	Number		value	Number		value

Outstanding, December 31, 2017	434,248	$	27.83	125,152	$	26.93	259,241	$	26.38	4,666	$	26.42	93,487	$	26.32
Granted	223,484		31.37	88,120		31.98	-		-	25		32.26	5,475		32.05
Transferred to (from) equity
awards on modification	257,659		31.30	-		-	(257,659)		26.38	-		-	-		-
Forfeited	(15,519)		31.28	-		-	(1,582)		26.45	-		-	-		-
Outstanding, March 31, 2018 (1)	899,872	$	30.87	213,272	$	29.02	-	$	-	4,691	$	26.45	98,962	$	26.64

(1)

Included in this total are 184,329 equity-classified PSUs that were vested but not settled at March 31, 2018. These vested share units had WA grant date fair values of $31.99 respectively.

Stock Option Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock Option and Performance Share Unit Pricing Assumptions



Three months ended March 31,	2018	2017
Risk free interest rate	2.7%	2.1%
Expected dividend yield	2.11%	2.05%
Expected lives of the stock options	5 years	5 years
Expected volatility	28.1%	27.9%

Senior Executive and Employee Performance Share Unit Plans [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock Option and Performance Share Unit Pricing Assumptions



Three months ended March 31,	2018	2017
Risk free interest rate	1.9%	1.4%
Expected dividend yield	2.09%	1.92%
Expected lives of the PSUs	3 years	3 years
Expected volatility	31.1%	28.2%
Average expected volatility of comparable companies	34.1%	37.0%

Business Combinations (Tables) - Iron Planet Holdings Inc. [Member]

3 Months Ended

Mar. 31, 2018

Schedule of Net Cash Flows and Purchase Price



		May 31, 2017
Cash consideration paid to former equity holders	$	723,810
Settlement of IronPlanet's debt		36,313
Settlement of IronPlanet's transaction costs		12,583
Cash consideration paid on closing		772,706
Cash consideration paid related to closing adjustments		1,771
Less: cash and cash equivalents acquired		(95,626)
Less: restricted cash acquired		(3,000)
Acquisition of IronPlanet, net of cash acquired	$	675,851

Cash consideration paid on closing	$	772,706
Replacement stock option awards attributable to pre-
combination services		4,926
Stock option compensation expense from accelerated vesting
of awards attributable to post-combination services		(2,596)
Cash consideration paid relating to closing adjustments		1,771
Settlement of pre-existing intercompany balances		(333)
Purchase price	$	776,474

Schedule of Assets Acquired and Liabilities Assumed



		May 31, 2017
Purchase price	$	776,474

Assets acquired:
Cash and cash equivalents	$	95,626
Restricted cash		3,000
Trade and other receivables		13,021
Inventory		600
Advances against auction contracts		4,623
Prepaid expenses and deposits		1,645
Income taxes receivable		55
Property, plant and equipment		2,381
Other non-current assets		2,551
Deferred tax assets		1,497
Intangible assets ~		188,000

Liabilities assumed:
Auction proceeds payable		63,616
Trade and other payables		14,511
Deferred tax liabilities		26,535
Fair value of identifiable net assets acquired		208,337
Goodwill acquired on acquisition	$	568,137

~Intangible assets consist of indefinite-lived trade names and trademarks, customer relationships with estimated useful lives of ranging from six to 13 years, and a technology platform with an estimated useful life of seven years.

Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 item	Jun. 30, 2017 USD ($)
Property, Plant and Equipment [Line Items]
Number of operating leases	480
Number of finance leases	115
Number of stock option compensation plans	3
Mascus International Holdings BV [Member] \| ASU 2016-15 [Member]
Property, Plant and Equipment [Line Items]
Reclassification of contingent consideration \| $		$ 1,302

Summary of Significant Accounting Policies (Schedule of Adoption of New Accounting Pronouncements) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenues	$ 260,178	$ 199,427
Cost of inventory sold	(75,791)	(63,401)
Costs of services	(36,657)	(24,340)
Gross revenue, net of expenses		111,686
As Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenues		124,499
Costs of services		(12,813)
Gross revenue, net of expenses		111,686
New Revenue Standard Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenues		74,928
Cost of inventory sold		(63,401)
Costs of services		(11,527)
Revenue from Inventory Sales [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenues	84,162	76,048
Revenue from Inventory Sales [Member] \| New Revenue Standard Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenues		76,048
Service Revenues [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenues	$ 176,016	123,379
Service Revenues [Member] \| New Revenue Standard Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenues		$ (1,120)

Segment Information (Narrative) (Details)	3 Months Ended
Segment Information (Narrative) (Details)	Mar. 31, 2018 segment
Segment Information [Abstract]
Number of reportable segments	1

Segment Information (Schedule of Revenue and (Loss) Income Before Taxes by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting [Line Items]
Revenues	$ 260,178	$ 199,427
Costs of services	36,657	24,340
Cost of inventory sold	75,791	63,401
SG&A expenses	97,470	70,575
Acquisition-related costs	1,633	8,627
D&A expenses	16,191	10,338
Gain on disposition of property, plant and equipment ("PPE")	(345)	(721)
Foreign exchange gain	(92)	(730)
Operating income	32,873	23,597
Interest expense	(11,310)	(8,133)
Other income, net	913	2,284
Income tax expense	(5,269)	(7,315)
Net income	17,207	10,433
Operating Segments [Member]
Segment Reporting [Line Items]
Revenues	260,178	199,427
Costs of services	36,657	24,340
Cost of inventory sold	75,791	63,401
SG&A expenses	97,470	70,575
Operating income	50,260	41,111
Segment Reconciling Items [Member]
Segment Reporting [Line Items]
Acquisition-related costs	1,633	8,627
D&A expenses	16,191	(10,338)
Gain on disposition of property, plant and equipment ("PPE")	(345)	(721)
Foreign exchange gain	(92)	(730)
Auctions and Marketplaces [Member] \| Operating Segments [Member]
Segment Reporting [Line Items]
Revenues	232,567	179,078
Costs of services	21,448	12,587
Cost of inventory sold	75,791	63,401
SG&A expenses	93,002	67,111
Operating income	42,326	35,979
Other Reporting Unit [Member] \| Operating Segments [Member]
Segment Reporting [Line Items]
Revenues	27,611	20,349
Costs of services	15,209	11,753
SG&A expenses	4,468	3,464
Operating income	7,934	5,132
Service Revenues [Member]
Segment Reporting [Line Items]
Revenues	176,016	123,379
Service Revenues [Member] \| Operating Segments [Member]
Segment Reporting [Line Items]
Revenues	176,016	123,379
Service Revenues [Member] \| Auctions and Marketplaces [Member] \| Operating Segments [Member]
Segment Reporting [Line Items]
Revenues	148,405	103,030
Service Revenues [Member] \| Other Reporting Unit [Member] \| Operating Segments [Member]
Segment Reporting [Line Items]
Revenues	27,611	20,349
Revenue from Inventory Sales [Member]
Segment Reporting [Line Items]
Revenues	84,162	76,048
Revenue from Inventory Sales [Member] \| Operating Segments [Member]
Segment Reporting [Line Items]
Revenues	84,162	76,048
Revenue from Inventory Sales [Member] \| Auctions and Marketplaces [Member] \| Operating Segments [Member]
Segment Reporting [Line Items]
Revenues	$ 84,162	$ 76,048

Segment Information (Geographic Information of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 260,178	$ 199,427
Operating Segments [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	260,178	199,427
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	135,563	112,083
Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	65,809	41,492
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	34,574	18,267
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 24,232	$ 27,585

Total Revenues (Revenue from the Rendering of Services) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues	$ 260,178	$ 199,427
Service Revenues [Member]
Revenues	176,016	123,379
Commission Revenue [Member]
Revenues	101,294	79,297
Fees Revenue [Member]
Revenues	74,722	44,082
Revenue from Inventory Sales [Member]
Revenues	$ 84,162	$ 76,048

Operating Expenses (Schedule of Direct Operating Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Expenses [Abstract]
Ancillary and logistical service expenses	$ 14,580	$ 11,527
Employee compensation expenses	9,019	5,476
Buildings, facilities and technology expenses	2,627	1,546
Travel, advertising and promotion expenses	6,808	4,656
Other costs of services	3,623	1,135
Cost of Services, Total	$ 36,657	$ 24,340

Operating Expenses (Schedule of Selling, General and Administrative Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Expenses [Abstract]
Employee compensation expenses	$ 63,293	$ 44,455
Buildings, facilities and technology expenses	15,273	12,270
Travel, advertising and promotion expenses	9,719	6,586
Professional fees	4,267	3,100
Other SG&A expenses	4,918	4,164
Total selling, general and administrative expenses	$ 97,470	$ 70,575

Operating Expenses (Schedule of Acquisition Related Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Continuing employment costs	$ 9,019	$ 5,476
Other acquisition-related costs	1,633	8,627
Iron Planet Holdings Inc. [Member]
Other acquisition-related costs	639	7,691
Other Acquisitions [Member]
Continuing employment costs	968	864
Other acquisition-related costs	$ 26	$ 72

Operating Expenses (Schedule of Depreciation and Amortization Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Expenses [Abstract]
Depreciation expense	$ 6,916	$ 6,792
Amortization expense	9,275	3,546
Total depreciation and amortization expenses	$ 16,191	$ 10,338

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Taxes [Abstract]
Income tax expense	$ 5,269	$ 7,315
Effective income tax rate	23.00%	41.00%
Increase in uncertain tax positions was recognized	$ 2,290
Foreign income tax rate	21.00%		35.00%

Earnings Per Share Attributable to Stockholders (Narrative) (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Performance Share Units [Member]
Potential common share excluded from computation of diluted earnings per share (shares)	13,528	0
Stock Options [Member]
Potential common share excluded from computation of diluted earnings per share (shares)	1,619,141	0
Minimum [Member] \| Performance Share Units [Member]
Number of units available for grant as a percentage of target	0.00%
Maximum [Member] \| Performance Share Units [Member]
Number of units available for grant as a percentage of target	200.00%

Earnings Per Share Attributable to Stockholders (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share Attributable to Stockholders [Abstract]
Basic, Net income attributable to stockholders	$ 17,138	$ 10,377
Effect of dilutive securities: PSUs, Net income attributable to stockholders		27
Diluted, Net income attributable to stockholders	$ 17,138	$ 10,404
Basic, WA number of shares	107,355,381	106,851,595
Effect of dilutive securities: PSUs, WA number of shares	358,087	263,557
Effect of dilutive securities: Stock options, WA number of shares	930,429	673,797
Diluted, WA number of shares	108,643,897	107,788,949
Basic, Per share amount	$ 0.16	$ 0.10
Diluted, Per share amount	$ 0.16	$ 0.10

Supplemental Cash Flow Information (Schedule of Net Changes In Operating Assets and Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Trade and other receivables	$ (90,077)	$ (58,839)
Inventory	3,090	7,813
Advances against auction contracts	(223)	(1,806)
Prepaid expenses and deposits	(3,443)	4,010
Income taxes receivable	1,903	(1,910)
Auction proceeds payable	103,390	178,655
Trade and other payables	8,202	(11,402)
Income taxes payable	920	(4,052)
Share unit liabilities	1,192	(408)
Other	311	(16)
Net changes in operating assets and liabilities	$ 25,265	$ 112,045

Supplemental Cash Flow Information (Schedule of Supplemental Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Interest paid, net of interest capitalized	$ 16,877	$ 903
Interest received	392	956
Net income taxes paid	1,265	14,756
Non-cash purchase of property, plant and equipment under capital lease	$ 573	$ 207

Supplemental Cash Flow Information (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 278,944	$ 267,910
Restricted cash, Current	62,414	63,206
Cash, cash equivalents, and restricted cash	$ 341,358	$ 331,116	$ 874,880	$ 758,089

Fair Value Measurement (Fair Value Assets Recurring and Nonrecurring) (Details) - Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Carrying Amount [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 278,944	$ 267,910
Restricted Cash	62,414	63,206
Fair Value [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	278,944	267,910
Restricted Cash	62,414	63,206
Short-term Debt [Member] \| Carrying Amount [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	5,861	7,018
Short-term Debt [Member] \| Fair Value [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	5,861	7,018
Senior Unsecured Notes [Member] \| Long-term Debt [Member] \| Carrying Amount [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	487,782	487,339
Senior Unsecured Notes [Member] \| Long-term Debt [Member] \| Fair Value [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	498,125	520,000
Delayed Draw Term Loans [Member] \| Long-term Debt [Member] \| Carrying Amount [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	292,512	325,553
Delayed Draw Term Loans [Member] \| Long-term Debt [Member] \| Fair Value [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument	$ 296,026	$ 329,687

Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Other Current Assets [Abstract]
Advances against auction contracts	$ 7,569	$ 7,336
Prepaid expenses and deposits	23,088	19,690
Other Current Assets	$ 30,657	$ 27,026

Other Non-current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Other Non-current Assets [Abstract]
Tax receivable	$ 13,419	$ 12,851

Goodwill (Details) $ in Thousands	3 Months Ended
Goodwill (Details) $ in Thousands	Mar. 31, 2018 USD ($)
Goodwill [Abstract]
Goodwill, Balance	$ 670,922
Additions	3,242
Foreign exchange movement	(67)
Goodwill, Balance	$ 674,097

Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Debt (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt [Line Items]
Current portion	$ 9,264	$ 16,907
Short-term debt weighted average interest rate	2.90%	2.70%
Committed Revolving Credit Facilities [Member]
Debt [Line Items]
Maximum borrowing capacity	$ 655,600
Available borrowing capacity	651,761
Delayed Draw Term Loan, In US Dollars, Available until October 2021 [Member]
Debt [Line Items]
Prepayments of term loan	$ 25,000

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt [Line Items]
Short-term debt	$ 5,861	$ 7,018
Long-term Debt, Total	780,294	812,892
Total debt	786,155	819,910
Current portion	9,264	16,907
Non-current portion	771,030	795,985
Delayed Draw Term Loans [Member]
Debt [Line Items]
Less: unamortized debt issue costs	(3,514)	(4,134)
Senior Unsecured Notes [Member]
Debt [Line Items]
Less: unamortized debt issue costs	(12,218)	(12,661)
Delayed Draw Term Loan, In Canadian Dollars, Available until October 2021 [Member] \| Delayed Draw Term Loans [Member]
Debt [Line Items]
Long-term Debt	$ 178,335	$ 185,143
Weighted average interest rate	4.014%	4.014%
Maturity date	Oct. 01, 2021
Delayed Draw Term Loan, In US Dollars, Available until October 2021 [Member] \| Delayed Draw Term Loans [Member]
Debt [Line Items]
Long-term Debt	$ 117,691	$ 144,544
Weighted average interest rate	4.064%	4.064%
Maturity date	Oct. 01, 2021
5.375% Senior Unsecured Note, Due January 2025 [Member] \| Senior Unsecured Notes [Member]
Debt [Line Items]
Long-term Debt	$ 500,000	$ 500,000
Interest rate	5.375%	5.375%
Maturity date	Jan. 01, 2025

Other Non-current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Other Non-current Liabilities [Abstract]
Tax payable	$ 26,698	$ 25,958
Finance lease obligation - non-current	7,130	7,875
Share unit liabilities		2,865
Other non-current liabilities	11,029	10,075
Other non-current liabilities, Total	$ 44,857	$ 46,773

Equity and Dividends (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	May 09, 2018	Mar. 31, 2018	Mar. 31, 2017
Dividends Payable [Line Items]
Preferred shares issued		0
Intra-entity foreign currency transactions		$ 2,138	$ 3,667
Subsequent Event [Member]
Dividends Payable [Line Items]
Dividends declared (usd per share)	$ 0.17
Payment date	Jun. 20, 2018
Record date	May 30, 2018

Equity and Dividends (Schedule of Quarterly Dividends Declared and Paid) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) $ / shares
Fourth Quarter 2016 [Member]
Dividends Payable [Line Items]
Declaration date	Jan. 23, 2017
Dividend per share \| $ / shares	$ 0.1700
Record date	Feb. 10, 2017
Total dividends \| $	$ 18,160
Payment date	Mar. 03, 2017
Fourth Quarter 2017 [Member]
Dividends Payable [Line Items]
Declaration date	Jan. 26, 2018
Dividend per share \| $ / shares	$ 0.1700
Record date	Feb. 16, 2018
Total dividends \| $	$ 18,246
Payment date	Mar. 09, 2018

Share-Based Payments (Narrative) (Details) - USD ($)		3 Months Ended
Share-Based Payments (Narrative) (Details) - USD ($)	Mar. 01, 2018	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units reclassified to temporary equity		$ 569,000
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs		$ 10,976,000
Senior Executive and Employee Performance Share Unit Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market value of shares vested and released	$ 31.35
Share unit liability	$ 1,400,000
Share unit liability, fair value attributable to past service	6,701,000
Share units reclassified to temporary equity	$ 6,132,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted		$ 7.67
Unrecognized compensation costs, period for recognition		2 years 6 months
Performance Share Units, Equity Classified Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs		$ 13,656,668
Unrecognized compensation costs, period for recognition		2 years 2 months 12 days
Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Shares		223,484
Performance Share Units [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units available for grant as a percentage of target		0.00%
Performance Share Units [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units available for grant as a percentage of target		200.00%
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Shares		88,120
Restricted Stock Units, Liability Classified Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs		$ 30,024
Unrecognized compensation costs, period for recognition		7 months 6 days
Restricted Stock Units, Equity Classified [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs		$ 5,696,935
Unrecognized compensation costs, period for recognition		2 years 9 months 18 days
Deferred Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs		$ 0

Share-Based Payments (Compensation Costs Related To Share-Based Payments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	$ 2,343	$ 1,311
Acquisition-related costs	195
Equity-classified share units	3,035	1,012
Liability-classified share units	1,599	(407)
Employee share purchase plan - employer contributions	537	436
Total compensation costs related to share based payments	7,514	2,352
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	$ 2,148	$ 1,311

Share-Based Payments (Summary of Stock Option Activity) (Details) - Stock Option Plan [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding beginning balance, Common shares under option	4,459,744
Granted, Common shares under option	889,169
Exercised, Common shares under option	(202,112)
Forfeited, Common shares under option	(19,662)
Outstanding ending balance, Common shares under option	5,127,139	4,459,744
Exercisable, Common shares under option	2,675,935
Outstanding beginning balance, Weighted average exercise price (per share)	$ 24.29
Granted, Weighted average exercise price (per share)	32.16
Exercised, Weighted average exercise price (per share)	21.34
Forfeited, Weighted average exercise price (per share)	22.25
Outstanding ending balance, Weighted average exercise price (per share)	25.78	$ 24.29
Exercisable, Weighted average exercise price (per share)	$ 24.13
Outstanding, Weighted average remaining contractual life (in years)	7 years 8 months 12 days	7 years 6 months
Exercisable, Weighted average remaining contractual life (in years)	6 years 8 months 12 days
Outstanding beginning balance, Aggregate intrinsic value	$ 17,649
Exercised, Aggregate intrinsic value	2,215
Outstanding ending balance, Aggregate intrinsic value	30,313	$ 17,649
Exercisable, Aggregate intrinsic value	$ 19,839

Share-Based Payments (Summary of Stock Option and Performance Share Unit Pricing Assumptions) (Details)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock Options [Member] \| Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	2.70%	2.10%
Expected dividend yield	2.11%	2.05%
Expected lives	5 years	5 years
Expected volatility	28.10%	27.90%
Performance Share Units [Member] \| Senior Executive and Employee Performance Share Unit Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.90%	1.40%
Expected dividend yield	2.09%	1.92%
Expected lives	3 years	3 years
Expected volatility	31.10%	28.20%
Average expected volatility of comparable companies	34.10%	37.00%

Share-Based Payments (Summary of Share Unit Activity) (Details)

3 Months Ended

Mar. 31, 2018

$ / shares

shares

Performance Share Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Outstanding beginning balance, Shares | shares

434,248

Granted, Shares | shares

223,484

Transferred to (from) equity awards on modification, Shares | shares

257,659

Forfeited, Shares | shares

(15,519)

Outstanding ending balance, Shares | shares

899,872

^[1]

Outstanding beginning balance, Weighted average grant date fair value (per share) | $ / shares

$ 27.83

Granted, Weighted average grant date fair value (per share) | $ / shares

31.37

Transferred to (from) equity awards on modification, WA grant date fair value (per share) | $ / shares

31.30

Forfeited, Weighted average grant date fair value (per share) | $ / shares

31.28

Outstanding ending balance, Weighted average grant date fair value (per share) | $ / shares

$ 30.87

^[1]

Liability Awards, Outstanding beginning balance, Shares | shares

259,241

Liability Awards, Granted, Shares | shares

Liability Awards, Transferred to (from) equity awards on modification, Shares | shares

(257,659)

Liability Awards, Forfeited, Shares | shares

(1,582)

Liability Instruments, Outstanding ending balance, Shares | shares

^[1]

Liability Awards, Outstanding beginning balance, Weighted average grant date fair value (per share) | $ / shares

$ 26.38

Liability Awards, Granted, Weighted average grant date fair value (per share) | $ / shares

Liability Awards, Transferred to (from) equity awards on modification, Weighted average grant date fair value (per share) | $ / shares

26.38

Liability Awards, Forfeited, Weighted average grant date fair value (per share) | $ / shares

26.45

Liability Awards, Outstanding ending balance, Weighted average grant date fair value (per share) | $ / shares

^[1]

Vested and not settled, Number of units | shares

184,329

Vested and not settled, Weighted average grant date fair value (per share) | $ / shares

$ 31.99

Restricted Share Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Outstanding beginning balance, Shares | shares

125,152

Granted, Shares | shares

88,120

Outstanding ending balance, Shares | shares

213,272

^[1]

Outstanding beginning balance, Weighted average grant date fair value (per share) | $ / shares

$ 26.93

Granted, Weighted average grant date fair value (per share) | $ / shares

31.98

Outstanding ending balance, Weighted average grant date fair value (per share) | $ / shares

$ 29.02

^[1]

Liability Awards, Outstanding beginning balance, Shares | shares

4,666

Liability Awards, Granted, Shares | shares

25

Liability Awards, Transferred to (from) equity awards on modification, Shares | shares

Liability Awards, Forfeited, Shares | shares

Liability Instruments, Outstanding ending balance, Shares | shares

4,691

^[1]

Liability Awards, Outstanding beginning balance, Weighted average grant date fair value (per share) | $ / shares

$ 26.42

Liability Awards, Granted, Weighted average grant date fair value (per share) | $ / shares

32.26

Liability Awards, Transferred to (from) equity awards on modification, Weighted average grant date fair value (per share) | $ / shares

Liability Awards, Forfeited, Weighted average grant date fair value (per share) | $ / shares

Liability Awards, Outstanding ending balance, Weighted average grant date fair value (per share) | $ / shares

$ 26.45

^[1]

Deferred Share Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Liability Awards, Outstanding beginning balance, Shares | shares

93,487

Liability Awards, Granted, Shares | shares

5,475

Liability Awards, Transferred to (from) equity awards on modification, Shares | shares

Liability Awards, Forfeited, Shares | shares

Liability Instruments, Outstanding ending balance, Shares | shares

98,962

^[1]

Liability Awards, Outstanding beginning balance, Weighted average grant date fair value (per share) | $ / shares

$ 26.32

Liability Awards, Granted, Weighted average grant date fair value (per share) | $ / shares

32.05

Liability Awards, Transferred to (from) equity awards on modification, Weighted average grant date fair value (per share) | $ / shares

Liability Awards, Forfeited, Weighted average grant date fair value (per share) | $ / shares

Liability Awards, Outstanding ending balance, Weighted average grant date fair value (per share) | $ / shares

$ 26.64

^[1]

[1]	Included in this total are 184,329 equity-classified PSUs that were vested but not settled at March 31, 2018. These vested share units had WA grant date fair values of $31.99 respectively.

Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Contingencies (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Contingencies [Abstract]
Assets guaranteed under contract	$ 103,315	$ 30,948
Percentage of assets expected to be sold	87.00%	27.00%

Business Combinations (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended
	May 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill		$ 674,097		$ 670,922
Acquisition-related costs		195
Net income (loss)		17,138	$ 10,377
Iron Planet Holdings Inc. [Member]
Business Acquisition [Line Items]
Cash consideration	$ 772,706
Total consideration	776,474
Cash consideration, placed in escrow	35,000
Noncash consideration	2,330
Non-cash consideration, placed in escrow	$ 1,771
Amount released from escrow		36,771
Voting equity interests acquired, percentage	100.00%
Cash related to customary adjustments	$ 333
Goodwill	$ 568,137
Acquisition-related costs			$ 7,691
Acquisition-related costs		$ 639

Business Combinations (Schedule of Net Cash Flows and Purchase Price) (Details) - Iron Planet Holdings Inc. [Member] $ in Thousands	May 31, 2017 USD ($)
Business Acquisition [Line Items]
Cash consideration paid to former equity holders	$ 723,810
Settlement of IronPlanet's debt	36,313
Settlement of IronPlanet's transaction costs	12,583
Cash consideration paid on closing	772,706
Less: cash and cash equivalents acquired	(95,626)
Less: restricted cash acquired	(3,000)
Acquisition of IronPlanet, net of cash acquired	675,851
Replacement stock option awards attributable to pre-combination services	4,926
Stock option compensation expense from accelerated vesting of awards attributable to post-combination services	(2,596)
Cash consideration paid relating to closing adjustments	1,771
Settlement of pre-existing intercompany balances	(333)
Purchase price	$ 776,474

Business Combinations (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($)
$ in Thousands

May 31, 2017

Mar. 31, 2018

Dec. 31, 2017

Business Acquisition [Line Items]

Goodwill acquired on acquisition

$ 674,097

$ 670,922

Iron Planet Holdings Inc. [Member]

Business Acquisition [Line Items]

Purchase price

$ 776,474

Cash and cash equivalents

95,626

Restricted cash

3,000

Trade and other receivables

13,021

Inventory

600

Advances against auction contracts

4,623

Prepaid expenses and deposits

1,645

Income taxes receivable

55

Property, plant and equipment

2,381

Other non-current assets

2,551

Deferred tax assets

1,497

Intangible assets

^[1]

188,000

Auction proceeds payable

63,616

Trade and other payables

14,511

Deferred tax liabilities

26,535

Fair value of identifiable net assets acquired

208,337

Goodwill acquired on acquisition

$ 568,137

Iron Planet Holdings Inc. [Member] | Technology [Member]

Business Acquisition [Line Items]

Amortization life

7 years

Minimum [Member] | Iron Planet Holdings Inc. [Member] | Customer Relationships [Member]

Business Acquisition [Line Items]

Amortization life

6 years

Maximum [Member] | Iron Planet Holdings Inc. [Member] | Customer Relationships [Member]

Business Acquisition [Line Items]

Amortization life

13 years

[1]	Intangible assets consist of indefinite-lived trade names and trademarks, customer relationships with estimated useful lives of ranging from six to 13 years, and a technology platform with an estimated useful life of seven years.