Investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

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