Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3)

The following is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3):

(in millions)	Warrant Liability
Fair value as of December 31, 2019	$	33.0
Fair value adjustments	(26.3)
Fair value as of March 31, 2020	$	6.7

Fair Value Measurement Inputs and Valuation Techniques

The assumptions used in the Black-Scholes-Merton valuation model to measure the fair value of the warrants are:

					Weighted Average
Unobservable Inputs	Range				Amount	Method
Warrant life	N/A				2 years	Expected term
Expected volatility	26.2	%	to	50.4%	36.79%	Industry peer group
Risk-free interest rate	N/A				0.23%	US Treasury rates