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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Summary of company's assets that are measured at fair value on a recurring basis

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


March 31, 2021
Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash and marketable securities held in Trust Account	$	347,371,282	$	—	$	—
Liabilities:
Derivative warrant liabilities- Public Warrants	$	47,437,500	$	—	$	—
Derivative warrant liabilities- Private Placement Warrants		—		—		34,104,000


December 31, 2020
Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash and marketable securities held in Trust Account	$	347,472,903	$	—	$	—
Liabilities:
Derivative warrant liabilities- Public Warrants	$	31,740,000	$	—	$	—
Derivative warrant liabilities- Private Placement Warrants		—		—		22,330,000

Summary of the table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates

As of March 31, 2021 and December 31, 2020, the estimated fair value of Private Placement Warrants was determined using a Black-Scholes valuation model using Level 3 inputs. Significant inputs to the valuation are as follows:


	As of March 31, 2021			As of December 31, 2020
Exercise price	$	11.50		$	11.50
Stock price	$	12.40		$	10.71
Volatility		25.0	%		25	%
Probability of completing a Business Combination		100	%		100	%
Term		5.1			5.23
Risk-free rate		0.93	%		0.39	%
Dividend yield		0.0	%		0.0	%

Summary of change in fair value of the derivative warrant liabilities

The change in fair value of the derivative warrant liabilities during the three months ended March 31, 2021 and 2020 is as follows:


	Public Warrants			Private Placement Warrants			Total Derivative Warrant Liability
Derivative warrant liabilities at December 31, 2019	$	13,455,000		$	14,007,000		$	27,462,000
Change in fair value of warrant liabilities		(3,795,000	)		(3,349,500	)		(7,144,500	)
Derivative warrant liabilities at March 31, 2020	$	9,660,000		$	10,657,500		$	20,317,500

	Public Warrants			Private Placement Warrants			Total Derivative Warrant Liability
Derivative warrant liabilities at December 31, 2020	$	31,740,000		$	22,330,000		$	54,070,000
Change in fair value of warrant liabilities		15,697,500			11,774,000			27,471,500
Derivative warrant liabilities at March 31, 2021	$	47,437,500		$	34,104,000		$	81,541,500