XML 103 R29.htm IDEA: XBRL DOCUMENT v3.25.1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Fair Value, Assets 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):
March 31, 2025
Level 1Level 2Level 3Total
Financial assets:
Cash, cash equivalents, and restricted cash$180.2 $— $— $180.2 
Fixed maturities available-for-sale:
U.S. government and agencies29.3 — — 29.3 
States and other territories— 10.3 — 10.3 
Corporate securities— 136.5 — 136.5 
Residential mortgage-backed securities— 19.8 — 19.8 
Commercial mortgage-backed securities— 6.8 — 6.8 
Asset backed securities— 9.5 — 9.5 
Total fixed maturities available-for-sale29.3 182.9 — 212.2 
Short-term investments
U.S. government and agencies129.2 — — 129.2 
Commercial paper— 8.4 — 8.4 
Corporate securities— 37.8 — 37.8 
Total short-term investments129.2 46.2 — 175.4 
Total financial assets$338.7 $229.1 $— $567.8 
Financial liabilities:
Contingent consideration liability$— $— $10.8 $10.8 
Total financial liabilities$— $— $10.8 $10.8 
December 31, 2024
Level 1Level 2Level 3Total
Financial assets:
Cash, cash equivalents, and restricted cash$232.8 $— $— $232.8 
Fixed maturities available-for-sale:
U.S. government and agencies24.6 — — 24.6 
States and other territories— 10.9 — 10.9 
Corporate securities— 131.5 — 131.5 
Foreign securities— — — — 
Residential mortgage-backed securities— 20.0 — 20.0 
Commercial mortgage-backed securities— 6.9 — 6.9 
Asset backed securities— 11.8 — 11.8 
Total fixed maturities available-for-sale24.6 181.1 — 205.7 
Short-term investments
U.S. government and agencies118.5 — — 118.5 
Commercial paper— 17.5 — 17.5 
Corporate securities— 31.6 — 31.6 
Total short-term investments118.5 49.1 — 167.6 
Total financial assets$375.9 $230.2 $— $606.1 
Financial liabilities:
Contingent consideration liability$— $— $11.7 $11.7 
Total financial liabilities$— $— $11.7 $11.7 
Summary 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):
20252024
Balance as of January 1,$11.7 $13.6 
Payments of contingent consideration(0.4)(1.0)
Changes in fair value(0.5)1.6 
Balance as of March 31,$10.8 $14.2