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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Measurements

Summary of the fair value of financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2023

(Thousands)

​

Level 1

​

Level 2

​

Level 3

​

Total

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Green coffee associated with forward contracts

​

$

—

​

$

38,169

​

$

—

​

$

38,169

Forward purchase and sales contracts

​

​

—

​

​

15,159

​

​

—

​

​

15,159

Total

​

$

—

​

$

53,328

​

$

—

​

$

53,328

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Coffee futures contracts

​

$

1,136

​

$

—

​

$

—

​

$

1,136

Forward purchase and sales contracts

​

​

—

​

​

3,962

​

​

—

​

​

3,962

Westrock Public Warrants

​

​

31,839

​

​

—

​

​

—

​

​

31,839

Westrock Private Warrants

​

​

—

​

​

—

​

​

4,336

​

​

4,336

Total

​

$

32,975

​

$

3,962

​

$

4,336

​

$

41,273

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

Schedule of change in fair value

​

​	​	​	​
(Thousands)		Westrock Private Warrants
Fair value as of December 31, 2022	​	$	28,342
Transfer out of Level 3	​	​	(18,916)
Change in fair value	​	​	(5,090)
Fair value as of September 30, 2023	​	$	4,336

Schedule of unobservable inputs

​

​	​	​	​	​	​	​
​		September 30, 2023			December 31, 2022
Stock price	​	$	8.86	​	$	13.36
Exercise price	​	$	11.50	​	$	11.50
Expected term (years)	​	​	5.00	​	​	5.00
Expected volatility	​	​	34.90%	​	​	7.74%
Risk-free rate of return	​	​	4.65%	​	​	3.99%
Dividend yield	​	​	0.00%	​	​	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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
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-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Section 50
-Paragraph 3
-Publisher FASB
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The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

+ References

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