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Fair value measurements (Tables)
3 Months Ended
Mar. 31, 2023
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 the Company utilized to determine fair value:
March 31, 2023December 31, 2022
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Money market accounts$176.9 $176.9 $— $— $320.8 $320.8 $— $— 
Time deposits125.5 — 125.5 — 170.7 — 170.7 — 
Derivative instruments5.9 — 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 
Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)
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 value1.5 
Settlements(0.7)
Balance at March 31, 2023$7.6 
Fair Value Measurement Inputs and Valuation Techniques
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 TechniqueUnobservable InputRange
Royalty based$7.6 millionDiscounted cash flowDiscount rate
9.6%
Probability of payment
25% - 50%
Projected year of payment2023 - 2028