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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Schedule of changes in the earn-out, Level 3 | The following table presents the changes in the Level 3 earn-out for the three and nine months ended September 30, 2020:
Balance at December 31, 2019 | $ | 11,100 |
Payment of earn-out liability (1) | (8,000) |
Revaluations included in earnings | 380 |
Balance at March 31, 2020 | $ | 3,480 |
Payment of earn-out liability | — |
Revaluations included in earnings | 130 |
Balance at June 30, 2020 | $ | 3,610 |
Payment of earn-out liability | — |
Revaluations included in earnings | 91 |
Balance at September 30, 2020 | $ | 3,701 |
(1) See Note 22 - Commitments and Contingencies for further details. |
As of September 30, 2021, no earn-outs are outstanding. The following table summarizes the changes in Private Placement Warrant liability for the three and nine months ended September 30, 2021 and 2020:
Balance at December 31, 2020 | $ | 312,751 |  |  |
Mark to market adjustment on financial instruments | (51,215) |  |  |
Exercise of Private Placement Warrants | (3,592) |  |  |
Balance at March 31, 2021 | $ | 257,944 |  |  |
Mark to market adjustment on financial instruments | 21,021 |  |  |
Exercise of Private Warrants | — |  |  |
Balance at June 30, 2021 | $ | 278,965 |  |  |
Mark to market adjustment on financial instruments | (83,013) |  |  |
Exercise of Private Warrants | — |  |  |
Balance at September 30, 2021 | $ | 195,952 |  |  |
Balance at December 31, 2019 | $ | 111,813 |  |  |
Mark to market adjustment on financial instruments | 55,632 |  |  |
Exercise of Private Placement Warrants | — |  |  |
Balance at March 31, 2020 | $ | 167,445 |  |  |
Mark to market adjustment on financial instruments | 23,790 |  |  |
Exercise of Private Warrants | — |  |  |
Balance at June 30, 2020 | $ | 191,235 |  |  |
Mark to market adjustment on financial instruments | 144,753 |  |  |
Exercise of Private Warrants | — |  |  |
Balance at September 30, 2020 | $ | 335,988 |  |  |
Summary of the Company's assets and liabilities that were recognized at fair value on a recurring basis | The following table provides a summary of the Company’s assets and liabilities that were recognized at fair value on a recurring basis as at September 30, 2021 and December 31, 2020:
| September 30, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Assets |  |  |  |  |  |  |
Forward contracts asset | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |
Employee phantom share receivable asset | — |  |  | 148,334 |  |  | — |  |  | 148,334 |
| — |  |  | 148,349 |  |  | — |  |  | 148,349 |
Liabilities |  |  |  |  |  |  |
Warrant liability | — |  |  | — |  |  | 195,952 |  |  | 195,952 |
Employee phantom share liability - current | — |  |  | 147,744 |  |  | — |  |  | 147,744 |
Employee phantom share liability - non-current | — |  |  | 14,234 |  |  | — |  |  | 14,234 |
Forward contracts liability | — |  |  | 4,626 |  |  | — |  |  | 4,626 |
Interest rate swap liability | — |  |  | 2,651 |  |  | — |  |  | 2,651 |
Total | $ | — |  |  | $ | 169,255 |  |  | $ | 195,952 |  |  | $ | 365,207 |
| December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Assets |  |  |  |  |  |  |
Forward contracts asset | $ | — |  |  | $ | 8,574 |  |  | $ | — |  |  | $ | 8,574 |
Employee phantom share receivable asset | — |  |  | 188,770 |  |  | — |  |  | 188,770 |
| — |  |  | 197,344 |  |  | — |  |  | 197,344 |
Liabilities |  |  |  |  |  |  |
Warrant liability | — |  |  | — |  |  | 312,751 |  |  | 312,751 |
Employee phantom share liability - current | — |  |  | 193,162 |  |  | — |  |  | 193,162 |
Employee phantom share liability - non-current | — |  |  | 18,670 |  |  | — |  |  | 18,670 |
Forward contracts liability | — |  |  | 106 |  |  | — |  |  | 106 |
Interest rate swap liability | — |  |  | 5,159 |  |  | — |  |  | 5,159 |
Contingent stock liability | — |  |  | 130,594 |  |  | — |  |  | 130,594 |
Total | $ | — |  |  | $ | 347,691 |  |  | $ | 312,751 |  |  | $ | 660,442 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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