Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring and nonrecurring basis in the consolidated balance sheets (in millions):

	December 31, 2022
	Total Fair Value and Carrying Value on Balance Sheet		Fair Value Measurement Category
Recurring fair value measurements			Level 1		Level 2		Level 3			Total Gains (Losses)
Assets:
Money market account	$	1.4	$	1.4	$	—	$	—
Corporate bonds and notes	$	44.5			$	44.5	$
Liabilities:
Contingent consideration	$	63.8	$	—		—	$	63.8
Nonrecurring fair value measurements:
FCC licenses	$	24.5		—		—	$	24.5	$	(1.6	)

	December 31, 2021
	Total Fair Value and Carrying Value on Balance Sheet		Fair Value Measurement Category
Recurring fair value measurements			Level 1		Level 2		Level 3			Total Gains (Losses)
Assets:
Money market account	$	88.3	$	88.3	$	—	$	—
Liabilities:
Contingent consideration	$	114.9	$	—		—	$	114.9
Nonrecurring fair value measurements:
FCC licenses	$	0.7		—		—	$	0.7	$	(0.1	)

Summary of Changes in Contingent Consideration

The fair value of the contingent consideration was estimated by applying the real options approach using level 3 inputs as further discussed in Note 3. The following table presents the changes in the contingent consideration (in millions):

	Years Ended December 31,
	2022			2021
Beginning balance	$	114.9		$	-
Additions from acquisitions					106.7
Payments to sellers		(65.3	)		-
(Gain) loss recognized in earnings		14.2			8.2
Ending balance	$	63.8		$	114.9

Summary of Amortized Cost and Unrealized (Gains) Losses of Available for Sale Securities

As of December 31, 2022, the following table summarizes the amortized cost and the unrealized (gains) losses of the available for sale securities (in thousands):

	Corporate Bonds and Notes
	Amortized Cost		Unrealized gains (losses)
Due within a year	$	20,802	$	(122	)
Due after one year		24,560		(712	)
Total	$	45,362	$	(834	)