Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.22.2.2
Fair Value Measurements
9 Months Ended
Sep. 30, 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
September 30, 2022
Assets
Natural gas swap $ —  $ 274  $ —  $ 274 
Interest rate swap —  1,588  —  1,588 
Liabilities
Natural gas swap $ —  $ 34  $ —  $ 34 
Interest rate swap —  569  —  569 
Warrant liabilities —  —  53,148  53,148 
(in thousands) Level 1 Level 2 Level 3 Total Fair Value
December 31, 2021
Assets
Interest rate swap $ —  $ 439  $ —  $ 439 
Liabilities
Natural gas swap $ —  $ 178  $ —  $ 178 
Interest rate swap —  727  —  727 
Warrant liabilities —  —  67,290  67,290 
Financial Instruments Fair Value
As of September 30, 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 nine months ended September 30, 2022 and the year ended December 31, 2021.