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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Measurements

Summary of the fair value of financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

(Thousands)

​

Level 1

​

Level 2

​

Level 3

​

Total

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Green coffee associated with forward contracts

​

$

—

​

$

39,928

​

$

—

​

$

39,928

Forward purchase and sales contracts

​

​

—

​

​

15,053

​

​

—

​

​

15,053

Total

​

$

—

​

$

54,981

​

$

—

​

$

54,981

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Coffee futures contracts

​

$

3,334

​

$

—

​

$

—

​

$

3,334

Forward purchase and sales contracts

​

​

—

​

​

4,258

​

​

—

​

​

4,258

Westrock Public Warrants

​

​

27,179

​

​

—

​

​

—

​

​

27,179

Westrock Private Warrants

​

​

—

​

​

—

​

​

28,342

​

​

28,342

Total

​

$

30,513

​

$

4,258

​

$

28,342

​

$

63,113

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

(Thousands)

​

Level 1

​

Level 2

​

Level 3

​

Total

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Green coffee associated with forward contracts

​

$

—

​

$

47,845

​

$

—

​

$

47,845

Coffee futures contracts

​

​

172

​

​

—

​

​

—

​

​

172

Forward purchase and sales contracts

​

​

—

​

​

13,593

​

​

—

​

​

13,593

Total

​

$

172

​

$

61,438

​

$

—

​

$

61,610

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Forward purchase and sales contracts

​

$

—

​

$

14,021

​

$

—

​

$

14,021

Total

​

$

—

​

$

14,021

​

$

—

​

$

14,021

Schedule of change in fair value

​

​	​	​	​
​	​	Westrock
(Thousands)		Private Warrants
Fair value as of January 1, 2022	​	$	—
Assumption of warrants	​	​	11,618
Change in fair value	​	​	16,724
Fair value as of December 31, 2022	​	$	28,342

​

Schedule of unobservable inputs

​

​	​	​	​
​		December 31, 2022
Stock price	​	$	13.36
Exercise price	​	​	11.50
Expected term (years)	​	​	5.00
Expected volatility	​	​	7.74%
Risk-free rate of return	​	​	3.99%
Dividend yield	​	​	0.00%

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ 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 (b)
-URI https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2C
-URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bb)
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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ 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 (bbb)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

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