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Fair Value Measurements (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2020
Fair Value Disclosures [Line Items]      
Summary of Company's liabilities measured at fair value on a recurring basis
The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.
 
    
Level
    
June 30,
2021
    
December 31,
2020
 
Assets – Assets Held in Trust Account
     1      $ 690,021,942      $ —    
Liabilities:
                          
Warrant Liability – Public Warrants
     1      $ 27,738,000      $ 59,064,000  
Warrant Liability – Private Placement Warrants
     3      $ 34,486,796      $ 90,856,186  
Warrant Liability – Conversion option on working capital loan
     3      $ 2,365,417      $ —    
FPA Liability
     2      $ 6,830,624      $ 69,874,782  
The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at December 31, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.
 
    
Level
    
December 31,
2020
 
Liabilities:
                 
Warrant Liability – Public Warrants
     1      $ 59,064,000  
Warrant Liability – Private Placement Warrants
     3      $ 90,856,186  
FPA Liability
     3      $ 69,874,782  
 
Summary of changes in the fair value of warrant liabilities
The following table presents the changes in the fair value of Level 3 warrant liabilities:
 
    
Private
Placement
 
Fair value as of January 1, 2021
   $ 90,856,186  
Change in fair value
     (56,369,390 ) 
    
 
 
 
Fair value as of June 30, 2021
   $ 34,486,796  
    
 
 
 
The following table presents the changes in the fair value of warrant liabilities:
 
    
Private
Placement
    
Public
    
Warrant
Liabilities
 
Fair value as of July 3, 2020 (inception)
   $ —        $ —        $ —    
Initial measurement on August 18, 2020
     22,792,602        20,412,606        43,205,208  
Change in valuation inputs or other assumptions
     68,063,584        38,651,394        106,714,978  
    
 
 
    
 
 
    
 
 
 
Fair value as of December 31, 2020
   $ 90,856,186      $ 59,064,000      $ 149,920,186  
    
 
 
    
 
 
    
 
 
 
 
Summary Of Changes In The Fair Value Of FPA Conversion Option Liabilities
The following table presents the changes in the fair value of the conversion option liability:
 
    
Conversion
Option
Liability
 
Fair value as of January 1, 2021
   $ —    
Initial classification of conversion option liability
     8,480,557  
Change in fair value
     (6,115,140 ) 
    
 
 
 
Fair value as of June 30, 2021
   $ 2,365,417  
    
 
 
 
   
Summary of the changes in the fair value of the FPA liability
The following table presents a summary of the changes in the fair value of the FPA liability, a Level 2 liability, measured on a recurring basis:
 
    
FPA Liability
 
Fair value as of January 1, 2021
   $ 69,874,782  
Change in fair value
     (63,044,158 ) 
    
 
 
 
Fair value as of June 30, 2021
   $ 6,830,624  
    
 
 
 
The following table presents a summary of the changes in the fair value of the FPA liability, a Level 3 liability, measured on a recurring basis.
 
    
FPA Liability
 
Fair value, July 3, 2020
   $ —    
Loss on change in fair value (1)
     69,874,782  
    
 
 
 
Fair value, December 31, 2020
   $ 69,874,782  
    
 
 
 
 
(1)
Represents the non-cash loss on change in valuation of the FPA liability and is included in loss on change in fair value of FPA liability on the statement of operations.
 
Cypress Holdings Inc And Subsidiaries [Member]      
Fair Value Disclosures [Line Items]      
Summary of assets and liabilities measured at fair value on a recurring basis
The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis at June 30, 2021 (in thousands):
 
    
Fair Value
    
Level 1
    
Level 2
    
Level 3
 
Liabilities
           
Interest rate swaps
   $ 11,993      $ —        $ 11,993      $ —    
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ 11,993      $ —        $ 11,993      $ —    
  
 
 
    
 
 
    
 
 
    
 
 
 
The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis at December 31, 2020 (in thousands):
 
    
Fair Value
    
Level 1
    
Level 2
    
Level 3
 
Liabilities
           
Interest rate swaps
   $ 18,359      $ —        $ 18,359      $ —    
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ 18,359      $ —        $ 18,359      $ —    
  
 
 
    
 
 
    
 
 
    
 
 
 
 
The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis at December 31, 2020 (in thousands):
 
Liabilities
  
Fair Value
    
Level 1
    
Level 2
    
Level 3
 
Interest rate swaps
   $  18,359      $  —      $  18,359      $  —  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $  18,359      $  —      $  18,359      $  —  
The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis at December 31, 2019 (in thousands):
 
Liabilities
  
Fair Value
    
Level 1
    
Level 2
    
Level 3
 
Interest rate swaps
   $  5,110      $  —      $  5,110      $  —  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $  5,110      $  —      $  5,110      $  —  
Summary of carrying amounts and estimated fair values of the financial instruments The following table presents the carrying amounts, net of debt discount, and estimated fair values of the Company’s financial instruments that are not recorded at fair value on the condensed consolidated balance sheets (in thousands):
    
June 30, 2021
    
December 31, 2020
 
    
Carrying

Amount
    
Estimated

Fair Value
    
Carrying

Amount
    
Estimated

Fair Value
 
First Lien Term Loan, including current portion
   $ 1,326,835      $ 1,328,228      $ 1,333,366      $ 1,332,433  
  The following table presents the carrying amounts, net of debt discount, and estimated fair values of the Company’s financial instruments that are not recorded at fair value on the consolidated balance sheets (in thousands):
    
December 31, 2020
    
December 31, 2019
 
Description
  
Carrying

Amount
    
Estimated

Fair Value
    
Carrying

Amount
    
Estimated

Fair Value
 
First Lien Term Loan, including current portion
   $  1,333,366      $  1,332,433      $  973,386      $  979,470  
Second Lien Term Loan
     —        —        372,920        375,344