Fair value measurements (Tables)

6 Months Ended

Jun. 30, 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	(7.5)
Fair value as of June 30, 2020	$	25.5

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	27.1% to 59.8%	42.62%	Industry peer group
Risk-free interest rate	N/A	0.16%	US Treasury rates