v3.21.2

FINANCIAL INSTRUMENTS | 9 Months Ended
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Sep. 30, 2021
FINANCIAL INSTRUMENTS |
FINANCIAL INSTRUMENTS | 15. FINANCIAL INSTRUMENTS In accordance with ASC 825, “Financial Instruments,” the Company is required to disclose the fair value of financial instruments for which it is practical to estimate fair value. To obtain fair values, observable market prices are used if available. In some instances, observable market prices are not readily available and fair value is determined using present value or other techniques appropriate for a particular financial instrument. These techniques involve judgment and as a result are not necessarily indicative of the amounts the Company would realize in a current market exchange. The use of different assumptions or estimation techniques may have a material effect on the estimated fair value amounts. Fair Value of Financial Instruments—The estimated fair values of the Company’s financial instruments are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021 | ​ | December 31, 2020
​ | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair
​ |  | Amount |  | Value |  | Amount |  | Value
​ | ​ | (in thousands)
Financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Redemption settlement assets, restricted | ​ | $ | 733,952 | ​ | $ | 733,952 | ​ | $ | 693,461 | ​ | $ | 693,461
Other investments | ​ |  | 254 | ​ |  | 254 | ​ |  | 253 | ​ |  | 253
Derivative instruments | ​ |  | 1,890 | ​ |  | 1,890 | ​ |  | 353 | ​ |  | 353
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |
Derivative instruments | ​ |  | 847 | ​ |  | 847 | ​ |  | 1,505 | ​ |  | 1,505
​ The following techniques and assumptions were used by the Company in estimating fair values of financial instruments as disclosed herein: Redemption settlement assets, restricted — Redemption settlement assets, restricted are recorded at fair value based on quoted market prices for the same or similar securities. Other investments — Other investments consist of marketable securities and are included in other current assets in the combined balance sheets. Other investments are recorded at fair value based on quoted market prices for the same or similar securities. Derivative instruments — The Company’s foreign currency cash flow hedges and foreign currency exchange forward contracts are recorded at fair value based on a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflected the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs. Financial Assets and Financial Liabilities Fair Value Hierarchy ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
| ● | Level 1, defined as observable inputs such as quoted prices in active markets;
| ● | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
| ● | Level 3, defined as unobservable inputs where little or no market data exists, therefore requiring an entity to develop its own assumptions.
Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 financial instruments also include those for which the determination of fair value requires significant management judgment or estimation. The use of different techniques to determine fair value of these financial instruments could result in different estimates of fair value at the reporting date. The following tables provide information for the assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2021 and December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | Fair Value Measurements at
​ | ​ | September 30, | ​ | September 30, 2021 Using
​ |  | 2021 |  | Level 1 |  | Level 2 |  | Level 3
​ | ​ | (in thousands)
Mutual funds (1) | ​ | $ | 26,220 | ​ | $ | 26,220 | ​ | $ | — | ​ | $ | —
Corporate bonds (1) | ​ | ​ | 649,536 | ​ | ​ | — | ​ | ​ | 649,536 | ​ | ​ | —
Marketable securities (2) |  | ​ | 254 |  | ​ | 254 |  | ​ | — |  | ​ | —
Derivative instruments (3) |  | ​ | 1,890 |  | ​ | — |  | ​ | 1,890 |  | ​ | —
Total assets measured at fair value | ​ | $ | 677,900 | ​ | $ | 26,474 | ​ | $ | 651,426 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative instruments (3) | ​ | $ | 847 | ​ | $ | — | ​ | $ | 847 | ​ | $ | —
Total liabilities measured at fair value | ​ | $ | 847 | ​ | $ | — | ​ | $ | 847 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | Fair Value Measurements at
​ | ​ | December 31, | ​ | December 31, 2020 Using
​ |  | 2020 |  | Level 1 |  | Level 2 |  | Level 3
​ | ​ | (in thousands)
Mutual funds (1) | ​ | $ | 26,850 | ​ | $ | 26,850 | ​ | $ | — | ​ | $ | —
Corporate bonds (1) | ​ | ​ | 611,184 | ​ | ​ | — | ​ | ​ | 611,184 | ​ | ​ | —
Marketable securities (2) |  | ​ | 253 |  | ​ | 253 |  | ​ | — |  | ​ | —
Derivative instruments (3) |  | ​ | 353 |  | ​ | — |  | ​ | 353 |  | ​ | —
Total assets measured at fair value | ​ | $ | 638,640 | ​ | $ | 27,103 | ​ | $ | 611,537 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative instruments (3) | ​ | $ | 1,505 | ​ | $ | — | ​ | $ | 1,505 | ​ | $ | —
Total liabilities measured at fair value | ​ | $ | 1,505 | ​ | $ | — | ​ | $ | 1,505 | ​ | $ | —
(1) | Amounts are included in redemption settlement assets, restricted in the unaudited condensed combined balance sheets.
(2) | Amounts are included in other current assets in the unaudited condensed combined balance sheets.
(3) | Amounts are included in other current assets and other current liabilities in the unaudited condensed combined balance sheets.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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