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Fair value measurements
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair value measurements Fair value measurements
The table below presents information about our 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, 2021December 31, 2020
(In millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Money market accounts$152.4 $152.4 $— $— $352.2 $352.2 $— $— 
Time deposits200.0 — 200.0 — — — — — 
Total$352.4 $152.4 $200.0 $— $352.2 $352.2 $— $— 
Liabilities:
Contingent consideration$37.2 $— $— $37.2 $58.1 $— $— $58.1 
Derivative instruments6.1 — 6.1 — 15.0 — 15.0 — 
Total$43.3 $— $6.1 $37.2 $73.1 $— $15.0 $58.1 
Contingent consideration
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. Any changes in fair value for the contingent consideration liabilities related to the Company’s product candidates are recorded in R&D expense for regulatory and development milestones.
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, 2021 and 2020.
(in millions)
 
Balance at December 31, 2019$29.2 
Expense included in earnings31.7 
Settlements(2.8)
Balance at December 31, 2020$58.1 
Expense included in earnings2.9 
Settlements(23.8)
Balance at December 31, 2021$37.2 
As of December 31, 2021 and 2020, the current portion of the contingent consideration liability was $32.7 million and $23.9 million, respectively, and was included in other current liabilities on the consolidated balance sheets.
The recurring Level 3 fair value measurements for the Company's contingent consideration liability include the following significant unobservable inputs:
Contingent Consideration LiabilityFair Value as of December 31, 2021Valuation TechniqueUnobservable InputRangeWeighted Average
Revenue milestone and royalty based$37.2 millionDiscounted cash flowDiscount rate
—% - 7.4%
1.5%
Probability of payment
25.0% - 100.0%
87.0%
Projected year of payment2022 - 20282022
Non-Variable Rate Debt
As of December 31, 2021 and December 31, 2020, the fair value of the Company's 3.875% Senior Unsecured Notes was $433.3 million and $466.0 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 8).
Non-recurring fair value measurements
Separate disclosure is required for assets and liabilities measured at fair value on a recurring basis from those measured at fair value on a non-recurring basis. As of December 31, 2021 and 2020, other than those outlined in Note 7, there were no material assets or liabilities measured at fair value on a non-recurring basis.