Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.22.1
Fair Value Measurements
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements
NOTE 14 – Fair Value Measurements
Fair Values - Recurring
The following table summarizes the outstanding derivative instruments and the fair value hierarchy for the Company’s derivative assets and liabilities that are required to be measured at fair value on a recurring basis:
(in thousands) Level 1 Level 2 Level 3 Total Fair Value
March 31, 2022
Assets
Natural gas swap $ —  $ 271  $ —  $ 271 
Interest rate swap —  3,667  —  3,667 
Liabilities
Warrant liabilities $ —  $ —  $ 91,303  $ 91,303 
Natural gas swap —  78  —  78 
(in thousands) Level 1 Level 2 Level 3 Total Fair Value
December 31, 2021
Assets
Interest rate swap $ —  $ 439  $ —  $ 439 
Liabilities
Warrant liabilities $ —  $ —  $ 67,290  $ 67,290 
Natural gas swap —  178  —  178 
Interest rate swap —  727  —  727 
Financial Instruments Fair Value
As of March 31, 2022 and December 31, 2021, the fair value of other financial instruments including cash and cash equivalents, prepaid expenses, accounts payable, and accrued and deferred expenses approximate the carrying values because of the short-term maturity of those items. See “Note 10 - Debt” for the fair value of the Company's debt.
Fair Values - Nonrecurring
The fair value measurements of goodwill, assets acquired and liabilities assumed, including below-market contracts assumed, in the business combinations are measured on a nonrecurring basis on the acquisition date based on inputs that are not observable in the market, and therefore, represent Level 3 inputs and measurements. See “Note 8 - Goodwill and Intangible Assets” and “Note 4 - Business Combinations and Reverse Recapitalization.”
There were no transfers between fair value hierarchy levels for the three months ended March 31, 2022 and the year ended December 31, 2021.