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Investments | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Investments | 6. Investments The carrying values of the Company's investments as of the periods indicated were as follows (in millions):
|  | December 31, 2022
|  | Measurement Alternative(1) |  | Equity Method |  | Fair Value |  | Total
Common stock |  | $ | — |  |  | $ | 3.0 |  |  | $ | — |  |  | $ | 3.0 |
Preferred stock and fixed maturities |  | — |  |  | — |  |  | 4.6 |  |  | 4.6 |
Put option |  | 11.3 |  |  | — |  |  | — |  |  | 11.3 |
Investment in securities |  | — |  |  | 40.6 |  |  | — |  |  | 40.6 |
Total |  | $ | 11.3 |  |  | $ | 43.6 |  |  | $ | 4.6 |  |  | $ | 59.5 |
|  | December 31, 2021
|  | Measurement Alternative(1) |  | Equity Method |  | Fair Value |  | Total
Common stock |  | $ | — |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | 2.1 |
Preferred stock and fixed maturities |  | 0.5 |  |  | 2.1 |  |  | 5.4 |  |  | 8.0 |
Put option |  | 11.3 |  |  | — |  |  | — |  |  | 11.3 |
Investment in securities |  | — |  |  | 34.6 |  |  | — |  |  | 34.6 |
Total |  | $ | 11.8 |  |  | $ | 38.8 |  |  | $ | 5.4 |  |  | $ | 56.0 |
(1) The Company accounts for its equity securities without readily determinable fair values under the measurement alternative election of ASC 321, whereby the Company can elect to measure an equity security without a readily determinable fair value, that does not qualify for the practical expedient to estimate fair value (net asset value), at its cost minus impairment, if any. Pansend accounts for MediBeacon's preferred stock as an equity method investment, inclusive of any fixed maturity securities (notes) issued by Pansend to MediBeacon. During the year ended December 31, 2022, Pansend issued MediBeacon a $4.5 million 8.0% convertible note due March 2025, increasing the total outstanding principal to $5.0 million. The increase in the net carrying value of the investment from the note was fully offset by additional equity method losses recognized on MediBeacon during the year ended December 31, 2022, and Pansend's net carrying amount of its investment in MediBeacon is zero as of December 31, 2022. Equity Method Investments The Company's equity method investments are comprised of investments in MediBeacon, Triple Ring and HMN. The Company's share of net losses from its equity method investments totaled $1.3 million and $2.8 million for the years ended December 31, 2022 and 2021, respectively. The Company accounts for its Triple Ring equity method investment results on a one-month lag basis. Subsequent to year end, on March 6, 2023, the Company closed on the sale of its remaining 19% interest in HMN. Refer to Note 15. Commitments and Contingencies and Note 24. Subsequent Events for additional information on the Company's investment in HMN. The following tables provide combined summarized unaudited financial information for the periods indicated for the Company's equity method investments (in millions):
|  | December 31,
|  | 2022 |  | 2021
Assets |  | $ | 786.4 |  |  | $ | 604.5 |
Liabilities |  | 670.2 |  |  | 481.5 |
Equity |  | $ | 116.2 |  |  | $ | 123.0 |
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2022 |  | 2021
Total revenues |  |  |  |  |  | $ | 672.3 |  |  | $ | 695.9 |
Gross profit |  |  |  |  |  | $ | 109.6 |  |  | $ | 107.0 |
Operating income |  |  |  |  |  | $ | 6.4 |  |  | $ | 15.5 |
Net income |  |  |  |  |  | $ | 5.0 |  |  | $ | 9.4 |

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI https://asc.fasb.org/topic&trid=75115024 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI https://asc.fasb.org/topic&trid=2197064 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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- References No definition available. + Details
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