XML 21 R12.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 4. Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis include the following as of September 30, 2022, and December 31, 2021 (in thousands):
| September 30, 2022 |
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 87,405 |  |  |  | — |  |  |  | — |  |  | $ | 87,405 |
Total cash equivalents | $ | 87,405 |  |  |  | — |  |  |  | — |  |  | $ | 87,405 |
Liability classified equity award | $ | — |  |  |  | — |  |  |  | 1,949 |  |  | $ | 1,949 |
| December 31, 2021 |
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 140,010 |  |  |  | — |  |  |  | — |  |  | $ | 140,010 |
Total cash equivalents | $ | 140,010 |  |  |  | — |  |  |  | — |  |  | $ | 140,010 |
Liability classified equity award | $ | — |  |  |  | — |  |  |  | 2,052 |  |  | $ | 2,052 |
The Company did not have any transfers of assets and liabilities between the levels of the fair value measurement hierarchy during the periods presented. The Company issued a liability classified equity award to one of its executive officers. The award vests in 2023 subject to continued service and a specific market condition. As the award will be settled in cash, it is classified as a liability within Level 3 of the fair value hierarchy as the Company is using a probability-weighted income approach, utilizing significant unobservable inputs including the probability of achieving the specific market condition with the valuation updated at each reporting period. The full fair value of the award was $2.3 million as of September 30, 2022 and is being recognized ratably as the underlying service period is provided. The following table provides a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the nine months ended September 30, 2022 (in thousands):
|  | Level 3 Liabilities |
Balance at December 31, 2021 |  | $ | 2,052 |
Straight-line recognition of liability classified equity award |  |  | 196 |
Change in fair value measurement |  |  | 80 |
Balance at March 31, 2022 |  | $ | 2,328 |
Straight-line recognition of liability classified equity award |  |  | 202 |
Change in fair value measurement |  |  | (1,469 | )
Balance at June 30, 2022 |  | $ | 1,061 |
Straight-line recognition of liability classified equity award |  |  | 85 |
Change in fair value measurement |  |  | 803 |
Balance at September 30, 2022 |  | $ | 1,949 |
Fair Value of Long-term Debt The fair value, based on a quoted market price (Level 1), of the Company’s outstanding Senior Convertible Notes due 2026 was approximately $257.9 million at September 30, 2022 and approximately $308.1 million at December 31, 2021. The fair value, based on a quoted market price (Level 1), of the Company’s outstanding OCEANEs was approximately $12.2 million at September 30, 2022 and approximately $14.1 million at December 31, 2021. See Note 9 for further information.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration