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Fair Value Measurements (Tables)

4 Months Ended

6 Months Ended

Dec. 31, 2020

Jun. 30, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Information About Assets Measured at Fair Value on Recurring Basis

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

Description		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account		$	402,578,522			$	—			$	—
Liabilities:
Derivative liabilities warrant		$	27,504,170			$	—			$	14,070,000
Deriviative liabilities - Forward purchase agreements		$	—			$	—			$	8,100,000

The following tables present information about the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

June 30, 2021

Description		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account		$	402,685,072			$	—			$	—
Liabilities:
Derivative liabilities—Public Warrants		$	20,661,670			$	—			$	—
Derivative liabilities—Private Placement Warrants		$	—			$	—			$	10,452,000
Derivative liabilities—Forward Purchase Agreements		$	—			$	—			$	2,150,000

December 31, 2020

Description		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account		$	402,578,522			$	—			$	—
Liabilities:
Derivative liabilities—Public Warrants		$	27,504,170			$	—			$	—
Derivative liabilities—Private Placement Warrants										$	14,070,000
Derivative liabilities—Forward Purchase Agreements		$	—			$	—			$	8,100,000

Summary of Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates for the warrants:

		As of October 23, 2020				As of December 31, 2020
Volatility			21.00	%			21.75	%
Stock price		$	10.00			$	11.00
Expected life of the options to convert			5.833				5.647
Risk-free rate			0.460	%			0.469	%
Dividend yield			0.0	%			0.0	%

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates for the warrants:

		As of December 31, 2020				As of March 31, 2021				As of June 30, 2021
Volatility			21.75	%			24.25	%			22.13	%
Stock price		$	11.00			$	10.11			$	9.93
Expected life of the options to convert			5.647				5.297				5.047
Risk-free rate			0.469	%			0.980	%			0.870	%
Dividend yield			0.00	%			0.00	%			0.00	%

Summary of Fair Value of the Derivative Liabilities Utilizing Level 3 Measurements

The change in the fair value of the derivative liabilities utilizing Level 3 measurements for the period from August 31, 2020 (inception) through December 31, 2020 is summarized as follows:

Derivative liabilities at August 31, 2020 (inception)		$	—
Issuance of Public and Private Warrants and forward purchase agreements - Level 3			25,481,000
Transfer of Public Warrants to Level 1 measurement			(16,905,000	)
Change in fair value of derivative liabilities - Level 3			13,594,000
Derivative liabilities at Level 3, December 31, 2020		$	22,170,000

The change in the fair value of the derivative liabilities utilizing Level 3 measurements for the three and six months ended June 30, 2021 is summarized as follows:

Derivative liabilities at Level 3 at December 31, 2020		$	22,170,000
Change in fair value of Private Placement Warrants			(1,139,000	)
Change in fair value of Forward Purchase Agreements			(4,600,000	)
Derivative liabilities at Level 3 at March 31, 2021		$	16,431,000
Change in fair value of Private Placement Warrants			(2,479,000	)
Change in fair value of Forward Purchase Agreements			(1,350,000	)
Derivative liabilities at Level 3 at June 30, 2021		$	12,602,000

Forward Purchase Agreements

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative Level 3 fair value measurement inputs at their measurement dates for the forward purchase agreement:

		As of October 23, 2020				As of December 31, 2020
Risk-free rate			0.117	%			0.93	%
Term			0.833				0.647

The following table provides quantitative Level 3 fair value measurement inputs at their measurement dates for the forward purchase agreements:

		As of December 31, 2020				As of March 31, 2021				As of June 30, 2021
Risk-free rate			0.093	%			0.037	%			0.050	%
Term			0.647				0.297				0.047

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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.

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-Topic 820
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-Section 50
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Tabular disclosure of assets, 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).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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-Publisher FASB
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Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

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