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Fair value measurements | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Fair value measurements | Fair value measurements 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 the Company utilized to determine fair value:
| March 31, 2023 |  | December 31, 2022
| Total | Level 1 | Level 2 | Level 3 |  | Total | Level 1 | Level 2 | Level 3
Assets: |  |  |  |  |  |  |  |  |
Money market accounts | $ | 176.9 |  | $ | 176.9 |  | $ | — |  | $ | — |  |  | $ | 320.8 |  | $ | 320.8 |  | $ | — |  | $ | — |
Time deposits | 125.5 |  | — |  | 125.5 |  | — |  |  | 170.7 |  | — |  | 170.7 |  | — |
Derivative instruments | 5.9 |  | — |  | 5.9 |  | — |  |  | 8.5 |  | — |  | 8.5 |  | — |
Total | $ | 308.3 |  | $ | 176.9 |  | $ | 131.4 |  | $ | — |  |  | $ | 500.0 |  | $ | 320.8 |  | $ | 179.2 |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |
Contingent consideration | $ | 7.6 |  | $ | — |  | $ | — |  | $ | 7.6 |  |  | $ | 6.8 |  | $ | — |  | $ | — |  | $ | 6.8 |
Total | $ | 7.6 |  | $ | — |  | $ | — |  | $ | 7.6 |  |  | $ | 6.8 |  | $ | — |  | $ | — |  | $ | 6.8 |
Contingent consideration Contingent consideration payments in an asset acquisition not required to be accounted for as derivatives are recognized when the contingency is resolved, and the consideration is paid or becomes payable. Contingent consideration liabilities associated with business combinations are measured at fair value. These liabilities represent an obligation of the Company to transfer additional assets to the selling shareholders and owners if future events occur or conditions are met. These liabilities associated with business combinations are measured at fair value at inception and at each subsequent reporting date. The changes in the fair value are primarily due to the expected amount and timing of future net sales, which are inputs that have no observable market. Any changes in fair value for the contingent consideration liabilities related to the Company’s products are classified in the Company's statement of operations as cost of product sales. The table below is a reconciliation of the beginning and ending balance of the Company's contingent consideration liability:
|  | Contingent Consideration
Balance at December 31, 2022 |  | $ | 6.8 |
Change in fair value |  | 1.5 |
Settlements |  | (0.7) |
Balance at March 31, 2023 |  | $ | 7.6 |
As of March 31, 2023 and December 31, 2022, the current portion of the contingent consideration liability was $3.4 million and $3.1 million, respectively, and was included in "Other current liabilities" on the Condensed Consolidated Balance Sheets. The non-current portion of the contingent consideration liability is included in "Other liabilities" on the Condensed Consolidated Balance Sheets. The recurring Level 3 fair value measurement for the Company's contingent consideration liability include the following significant unobservable inputs:
Contingent Consideration Liability | Fair Value as of March 31, 2023 | Valuation Technique | Unobservable Input | Range
Royalty based | $7.6 million | Discounted cash flow | Discount rate | 9.6%
Probability of payment | 25% - 50%
Projected year of payment | 2023 - 2028
Derivative instruments Refer to Note 9, "Derivative instruments and hedging activities" for more information about the Company's derivative instruments. Non-variable rate debt As of March 31, 2023 and December 31, 2022, t he fair value of the Company's 3.875% Senior Unsecured Notes was $220.6 million and $225.1 million, respectively. The fair value was determined through market sources, which are Level 2 inputs and directly observable. The carrying amounts of the Company’s other long-term variable interest rate debt arrangements approximate their fair values (see Note 10, "Debt").

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- 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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