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Fair Value Measurements (Tables)

3 Months Ended

11 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements

The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

		Level				March 31, 2021				December 31, 2020
Liabilities:
Warrant Liability – Public Warrants			1			$	17,990,000			$	35,604,000
Warrant Liability – Private Placement Warrants			3			$	15,111,600			$	17,990,000
FPA Liability			3			$	1,650,000			$	4,225,000

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

		Level				December 31, 2020
Assets:
Marketable securities held in Trust Account			1			$	414,228,281
Liabilities:
Warrant Liability – Public Warrants			1			$	35,604,000
Warrant Liability – Private Placement Warrants			3			$	17,990,000
FPA Liability			3			$	4,225,000

Summary of warrants

The following table presents the changes in the fair value of warrant liabilities:

		Private Placement				Public				Total Warrant Liabilities
Fair value as of January 1, 2021		$	17,990,000			$	35,604,000			$	53,594,000
Change in fair value			(2,878,400	)			(5,589,000	)			(8,467,400	)
Fair value as of March 31, 2021		$	15,111,600			$	30,015,000			$	45,126,600

The following table presents the changes in the fair value of FPA liability:

		Private Placement
Fair value as of January 1, 2021		$	4,225,000
Change in fair value			(2,575,000	)
Fair value as of March 31, 2021		$	1,650,000

The following table presents the changes in the fair value of warrant liabilities:

		Private Placement				Public				Warrant Liabilities
Fair value as of February 6, 2020 (inception)		$	—			$	—			$	—
Initial measurement on June 11, 2020			10,280,000				20,700,000				34,697,600
Change in fair value			6,476,400				12,420,000				18,896,400
Fair value as of December 31, 2020		$	17,990,000			$	35,604,000			$	53,594,000

The following table presents the changes in the fair value of FPA liability:

			Private Placement
Fair value as of February 6, 2020 (inception)		$	—
Initial measurement on June 11, 2020			350,000
Change in fair value			3,875,000
Fair value as of December 31, 2020		$	4,225,000

Summary of Gross Holding Losses and Fair Value of Held-to-Maturity Securities

The gross holding gains and fair value of held-to-maturity securities at March 31, 2021 and December 31, 2020 are as follows:

		Held-To-Maturity		Level				Amortized Cost				Gross Holding Gain				Fair Value
March 31, 2021		Money market funds			1				N/A				N/A			$	414,275,432
December 31, 2020		U.S. Treasury Securities (Mature on 1/28/2021)			1			$	414,228,281			$	4,345			$	414,232,626

The gross holding gains and fair value of held-to-maturity securities at December 31, 2020 are as follows:

		Held-To-Maturity		Level				Amortized Cost				Gross Holding Gain				Fair Value
December 31, 2020		U.S. Treasury Securities (Mature on 1/28/2021)			1			$	414,228,281			$	4,345			$	414,232,626

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- References

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- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=121645371&loc=SL120269825-111563

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=121645371&loc=SL120269820-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27232-111563

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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=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

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