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Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy are summarized as follows:
(in millions)Quoted Prices
in Active
Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Carrying
Value
As of December 31, 2022
Assets:
Cash and cash equivalents—money market funds$75.4 $— $— $75.4 
Certificate of deposit— 2.0 — 2.0 
$75.4 $2.0 $— $77.4 
Liabilities:
Contingent consideration$— $— $30.9 $30.9 
(in millions)Quoted Prices
in Active
Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Carrying
Value
As of December 31, 2021
Assets:
Cash and cash equivalents—money market funds$164.9 $— $— $164.9 
Certificate of deposit— 2.0 — 2.0 
$164.9 $2.0 $— $166.9 
Liabilities:
Contingent consideration$— $— $54.7 $54.7 
The Company recognizes transfers among Level 1, Level 2 and Level 3 classifications as of the actual date of the events or change in circumstances that caused the transfers.
Level 3 liabilities consist entirely of contingent consideration, and the changes in fair values are as follows:
(in millions)
Year Ended December 31,20222021
Balance as of beginning of year$54.7 $36.5 
Payment(30.5)— 
Change in fair value, recognized in earnings6.7 18.1 
Other— 0.1 
Balance as of end of year$30.9 $54.7 
Contingent consideration liabilities related to acquisitions are measured at fair value each reporting period using Level 3 unobservable inputs. The contingent consideration liability is the estimated fair value of the earnout payments for the Fundera, Inc. (Fundera) and Know Your Money (KYM) business combinations. See Note 5–Business Combinations for additional information on the contingent consideration for each of the acquisitions.
As of December 31, 2022, Fundera’s revenue and profitability milestones for 2022 have been achieved and the contingent consideration liability was recorded at the full payout amount. The fair values of the estimated contingent considerations were previously determined based on the Company’s evaluation of the probability and amount of earnout that will be achieved based on expected future performance by the acquired entity. The Monte Carlo simulation models simulated the applicable figures over the earnout periods to calculate the estimated earnout payments. These payments were then discounted to present value based on the expected payment dates of the contingent considerations. The weighted average volatility was 45.5% and the weighted average discount rate was estimated to be 9.0% as of December 31, 2021.