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Fair value measurements (Tables) | 12 Months Ended
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Dec. 31, 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 indicate the level within the fair value hierarchy of the valuation techniques we utilized to determine fair value:
| December 31, 2022 |  | December 31, 2021
| Total | Level 1 | Level 2 | Level 3 |  | Total | Level 1 | Level 2 | Level 3
Assets: |  |  |  |  |  |  |  |  |
Money market accounts | $ | 320.8 |  | $ | 320.8 |  | $ | — |  | $ | — |  |  | $ | 152.4 |  | $ | 152.4 |  | $ | — |  | $ | — |
Time deposits | 170.7 |  | — |  | 170.7 |  | — |  |  | 200.0 |  | — |  | 200.0 |  | — |
Derivative instruments | $ | 8.5 |  | $ | — |  | $ | 8.5 |  | $ | — |  |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Total | $ | 500.0 |  | $ | 320.8 |  | $ | 179.2 |  | $ | — |  |  | $ | 352.4 |  | $ | 152.4 |  | $ | 200.0 |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |
Contingent consideration | $ | 6.8 |  | $ | — |  | $ | — |  | $ | 6.8 |  |  | $ | 37.2 |  | $ | — |  | $ | — |  | $ | 37.2 |
Derivative instruments | — |  | — |  | — |  | — |  |  | 6.1 |  | — |  | 6.1 |  | — |
Total | $ | 6.8 |  | $ | — |  | $ | — |  | $ | 6.8 |  |  | $ | 43.3 |  | $ | — |  | $ | 6.1 |  | $ | 37.2 |
Summary of Reconciliation of Contingent Consideration Liabilities Measured at Fair Value | The following table is a reconciliation of the beginning and ending balance of the contingent consideration liabilities measured at fair value during the years ended December 31, 2022, 2021 and 2020.
| Contingent Consideration
Balance at December 31, 2019 | $ | 29.2 |
Expense included in earnings | 31.7 |
Settlements | (2.8) |
Balance at December 31, 2020 | $ | 58.1 |
Expense included in earnings | 2.9 |
Settlements | (23.8) |
Balance at December 31, 2021 | $ | 37.2 |
Expense included in earnings | 2.6 |
Settlements | (33.0) |
Balance at December 31, 2022 | $ | 6.8 |
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 December 31, 2022 | Valuation Technique | Unobservable Input | Range |
Royalty based | $6.8 million | Discounted cash flow | Discount rate | 9.9% |
Probability of payment | 25.0% - 50.0% |
Projected year of payment | 2023 - 2028 |

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition 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 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 + Details
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