XML 59 R43.htm IDEA: XBRL DOCUMENT v3.22.0.1

Fair Value Measurements (Tables)

4 Months Ended

6 Months Ended

9 Months Ended

Dec. 31, 2020

Jun. 30, 2021

Sep. 26, 2021

Schedule of value assets and liabilities measured on recurring basis

The Company’s financial liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows:

		Fair Value Measured as of September 26, 2021
		Level 1				Level 2				Level 3				Total
Liabilities included in:
Warrant liability (Public)		$	30,400			$	—			$	—			$	30,400
Warrant liability (Private)			—				—				15,586				15,586
Acquisition contingent consideration payable			—				—				24,373				24,373
Earn-out liability			—				—				24,588				24,588
Total fair value		$	30,400			$	—			$	64,547			$	94,947

Summary of Assumptions for Estimated Fair Value Using Monte Carlo Simulation Model

The fair value of private warrants was estimated as of September 26, 2021 using the Monte Carlo simulation model with the following assumptions:

Valuation date price		$	12.21
Strike price		$	11.50
Remaining life			4.81 years
Expected dividend		$	—
Risk-free interest rate			0.93	%
Price threshold		$	18.00

The fair value of the earn-out liability was estimated as of September 26, 2021 using the Monte Carlo simulation model with the following assumptions:

Valuation date price		$	12.21
Expected term			6.81 years
Expected volatility			38.24	%
Risk-free interest rate			1.25	%
Price hurdle 1		$	13.00
Price hurdle 2		$	15.00

Reconciliation of changes

The reconciliation of changes in Level 3 during the 13-week and 39-week periods ended September 26, 2021 is as follows:

		For the thirty-nine weeks ended September 26, 2021
		Private Warrants				Acquisition Contingent Consideration				Earn-Out Liability				Total
Balance on December 31, 2020		$	—			$	9,200			$	—			$	9,200
Cash paid for contingent consideration			—				(2,000	)			—				(2,000	)
Liabilities assumed in recapitalization			9,613				—				17,722				27,335
Losses included in earnings			5,973				17,173				6,866				30,012
Balance on September 26, 2021		$	15,586			$	24,373			$	24,588			$	64,547

Empower Ltd [Member]

Schedule of value assets and liabilities measured on recurring basis

Description		Level				December 31, 2020
Assets:
Cash and marketable securities held in trust account			1			$	250,052,906
Liabilities:
Warrant liability – public warrants			1				9,583,333
Warrant liability – private placement warrants			3				5,506,667
Forward purchase agreement liability			3				2,050,000

Description		Level				June 30, 2021				December 31, 2020
Assets:
Cash and marketable securities held in trust account			1			$	250,112,265			$	250,052,906
Liabilities:
Warrant liability – public warrants			1				15,666,666			$	9,583,333
Warrant liability – private placement warrants			3				9,566,667			$	5,506,667
Forward purchase agreement liability			3				3,250,000				2,050,000

Summary of changes in the fair value of warrant liabilities

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

		Private Placement				Public				Warrant Liabilities
Fair value as of August 19, 2020		$	—			$	—			$	—
Initial measurement on October 9, 2020			4,900,000				8,500,000				13,400,000
Change in valuation inputs or other assumptions			606,667				1,083,333				1,690,000
Fair value as of December 31, 2020		$	5,506,667			$	9,583,333			$	15,090,000

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

		Private Placement				Public				Warrant Liabilities
Fair value as of December 31, 2020		$	5,506,667			$	9,583,333			$	15,090,000
Change in valuation inputs or other assumptions			186,667				250,000				436,667
Fair value as of March 31, 2021			5,693,334				9,833,333				15,526,667
Change in valuation inputs or other assumptions			3,873,333				5,833,333				9,706,666
Fair value as of June 30, 2021		$	9,566,667			$	15,666,666			$	25,233,333

Summary of the changes in the fair value of the FPA liability

The following table presents a summary of the changes in the fair value of the FPA liability, a Level 3 liability, measured on a recurring basis.

		FPA Liability
Fair value, October 6, 2020		$	50,000
Recognized loss on change in fair value (1)			2,000,000
Fair value, December 31, 2020		$	2,050,000

(1) Represents the non-cash loss on change in valuation of the FPA liability and is included in Recognized loss on change in fair value of FPA liability on the statement of operations.

The following table presents a summary of the changes in the fair value of the FPA liability, a Level 3 liability, measured on a recurring basis.

		FPA Liability
Fair value, December 31, 2020		$	2,050,000
Recognized gain on change in fair value (1)			(300,000	)
Fair value, March 31, 2021			1,750,000
Recognized loss on change in fair value (1)			1,500,000
Fair value, June 30, 2021		$	3,250,000

(1) Represents the non-cash loss (gain) on change in valuation of the FPA liability and is included in change in fair value of FPA liability on the accompanying condensed statements of operations.

Summary of Assumptions for Estimated Fair Value Using Monte Carlo Simulation Model

The key inputs into the models for the Private Placement Warrants, Public Warrants and FPA at initial measurement and for the Private Placement Warrants and FPA at December 31, 2020 were as follows:

Input		October 9, 2020				December 31, 2020
Risk-free interest rate			0.45	%			0.51	%
Trading days per year			252				252
Expected volatility			17.5	%			16.5	%
Exercise price		$	11.50			$	11.50
Stock price		$	9.54			$	10.01

The key inputs into the models for the Private Placement Warrants at June 30, 2021, March 31, 2021 and December 31, 2020 were as follows:

Input		June 30, 2021				March 31, 2021				December 31, 2020
Risk-free interest rate			0.88	%			0.98	%			0.51	%
Trading days per year			252				252				252
Expected volatility			27.2	%			17.4	%			16.5	%
Exercise price		$	11.50			$	11.50			$	11.50
Stock Price		$	10.01			$	9.98			$	10.01

X

- Definition

Disclosure of changes in the fair value of warrant liabilities.

+ References

No definition available.

+ Details

Name:	hlly_DisclosureOfChangesInTheFairValueOfWarrantLiabilitiesTableTextBlock
Namespace Prefix:	hlly_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Reconciliation of Changes.

+ References

No definition available.

+ Details

Name:	hlly_ReconciliationOfChanges
Namespace Prefix:	hlly_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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 http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ 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 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 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	dei_LegalEntityAxis=hlly_EmpowerLtdMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: