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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in millions):

			December 31, 2023
			Level 1						Level 2						Level 3						Total
Financial assets:
Cash, cash equivalents, and restricted cash			$	195.1					$	—					$	—					$	195.1
Fixed maturities available-for-sale:
U.S. government and agencies			18.4						—						—						18.4
States and other territories			—						8.9						—						8.9
Corporate securities			—						91.1						—						91.1
Foreign securities			—						0.9						—						0.9
Residential mortgage-backed securities			—						19.5						—						19.5
Commercial mortgage-backed securities			—						7.1						—						7.1
Asset backed securities			—						15.8						—						15.8
Total fixed maturities available-for-sale			18.4						143.3						—						161.7
Short-term investments
U.S. government and agencies			137.7						—						—						137.7
Commercial paper			—						34.5						—						34.5
Corporate securities			—						14.9						—						14.9
Total short-term investments			137.7						49.4						—						187.1
Total financial assets			$	351.2					$	192.7					$	—					$	543.9
Financial liabilities:
Contingent consideration liability			$	—					$	—					$	13.6					$	13.6
Public warrants			0.1						—						—						0.1
Private placement warrants			—						0.1						—						0.1
Total financial liabilities			$	0.1					$	0.1					$	13.6					$	13.8

			December 31, 2022
			Level 1						Level 2						Level 3						Total
Financial assets:
Cash, cash equivalents, and restricted cash			$	244.5					$	—					$	—					$	244.5
Fixed maturities available-for-sale:
U.S. government and agencies			21.1						—						—						21.1
States and other territories			—						8.3						—						8.3
Corporate securities			—						52.5						—						52.5
Foreign securities			—						0.8						—						0.8
Residential mortgage-backed securities			—						18.9						—						18.9
Commercial mortgage-backed securities			—						5.8						—						5.8
Asset backed securities			—						13.7						—						13.7
Total fixed maturities available-for-sale			21.1						100.0						—						121.1
Short-term investments
U.S. government and agencies			128.9						—						—						128.9
Commercial paper			—						146.5						—						146.5
Corporate securities			—						49.4						—						49.4
Total short-term investments			128.9						195.9						—						324.8
Total financial assets			$	394.5					$	295.9					$	—					$	690.4
Financial liabilities:
Contingent consideration liability			$	—					$	—					$	11.9					$	11.9
Public warrants			0.2						—						—						0.2
Private placement warrants			—						0.1						—						0.1
Total financial liabilities			$	0.2					$	0.1					$	11.9					$	12.2

Schedule of Liabilities Measured on at Fair Value, Unobservable Input Reconciliation

The table below presents the changes in the contingent consideration liability valued using Level 3 inputs (in millions):

			2023						2022
Balance as of January 1,			$	11.9					$	11.6
Payments of contingent consideration			(4.3)						(3.8)
Changes in fair value			6.0						4.1
Balance as of December 31,			$	13.6					$	11.9

The following table presents the changes in the fair value of the warrant liability (Public Warrants and Private Placement Warrants) (in millions):

			2023						2022
Balance as of January 1,			$	0.3					$	4.3
Changes in fair value			(0.1)						(4.0)
December 31,			$	0.2					$	0.3

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- References

No definition available.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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