v3.24.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Our financial assets and liabilities measured at fair value on a recurring basis were categorized as follows:

 

 

 

June 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

 

Level 3

 

 

Total

 

 

 

(In millions)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale customer funds assets

 

$

—

 

 

$

2,303.5

 

(a)

 

$

—

 

 

$

2,303.5

 

Total assets measured at fair value

 

$

—

 

 

$

2,303.5

 

 

 

$

—

 

 

$

2,303.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

DataFuzion contingent consideration

 

$

—

 

 

$

—

 

 

 

$

14.9

 

(b)

$

14.9

 

Total liabilities measured at fair value

 

$

—

 

 

$

—

 

 

 

$

14.9

 

 

$

14.9

 

 

 

 

December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

 

Level 3

 

 

Total

 

 

 

(In millions)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale customer funds assets

 

$

—

 

 

$

2,178.3

 

(a)

 

$

—

 

 

$

2,178.3

 

Total assets measured at fair value

 

$

—

 

 

$

2,178.3

 

 

 

$

—

 

 

$

2,178.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

DataFuzion contingent consideration

 

$

—

 

 

$

—

 

 

 

$

14.9

 

(b)

$

14.9

 

Total liabilities measured at fair value

 

$

—

 

 

$

—

 

 

 

$

14.9

 

 

$

14.9

 

 

(a)
Fair value is based on inputs that are observable for the asset or liability, other than quoted prices.
(b)
For the contingent consideration related to the 2021 acquisition of certain assets and liabilities of DataFuzion HCM, Inc. ("DataFuzion"), we utilized a Monte Carlo simulation model to estimate the fair value of the contingent liability as of the reporting dates. As of June 30, 2024 and December 31, 2023, $8.6 million of the contingent consideration is included within other accrued expenses in our condensed consolidated balance sheets, and $6.3 million of the contingent consideration is included within other liabilities in our condensed consolidated balance sheets.

 

Due to the remeasurement of the DataFuzion contingent consideration, we recognized no expense for the three and six months ended June 30, 2024 and we recognized expense of $3.7 million and $7.2 million for the three and six months ended June 30, 2023, respectively, within general and administrative expense in our condensed consolidated statements of operations.

Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

During the six months ended June 30, 2024, assets acquired and liabilities assumed as part of the business combination and liabilities recognized as part of our debt issuance have been measured at fair value on a nonrecurring basis. During the year ended December 31, 2023, we did not re-measure any financial assets or liabilities at fair value on a nonrecurring basis.