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Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The table below presents information about the Company's assets and liabilities that are regularly measured and carried at fair value and indicates the level within the fair value hierarchy of the valuation techniques we utilized to determine fair value:

			June 30, 2022															December 31, 2021
			Total			Level 1			Level 2			Level 3						Total			Level 1			Level 2			Level 3
Assets:
Money market accounts			$	25.1		$	25.1		$	—		$	—					$	152.4		$	152.4		$	—		$	—
Time deposits			150.2			—			150.2			—						200.0			—			200.0			—
Derivative instruments			6.3			—			6.3			—						—			—			—			—
Total			$	181.6		$	25.1		$	156.5		$	—					$	352.4		$	152.4		$	200.0		$	—
Liabilities:
Contingent consideration			$	8.1		$	—		$	—		$	8.1					$	37.2		$	—		$	—		$	37.2
Derivative instruments			—			—			—			—						6.1			—			6.1			—
Total			$	8.1		$	—		$	—		$	8.1					$	43.3		$	—		$	6.1		$	37.2

Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table is a reconciliation of the beginning and ending balance of our contingent consideration liability:

Balance at December 31, 2021						$	37.2
Change in fair value						1.8
Settlements						(30.9)
Balance at June 30, 2022						$	8.1

Fair Value Measurement Inputs and Valuation Techniques

The recurring Level 3 fair value measurements for the Company's contingent consideration liability include the following significant unobservable inputs:

Contingent Consideration Liability

Fair Value as of June 30, 2022

Valuation Technique

Unobservable Input

Range

Weighted Average

Revenue milestone and royalty based

$8.1 million

Discounted cash flow

Discount rate

9.3%

9.3%

Probability of payment

25% - 50%

40.0%

Projected year of payment

2022 - 2028

2024

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
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