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

4. FAIR VALUE MEASUREMENTS

The following tables provide the assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 (in thousands):

 

 

 

Fair Value Hierarchy as of March 31, 2022

 

 

Aggregate

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds (1)

 

$

599

 

 

$

 

 

$

 

 

$

599

 

Certificates of deposit (2)

 

 

 

 

 

6,695

 

 

 

 

 

 

6,695

 

Total Assets

 

$

599

 

 

$

6,695

 

 

$

 

 

$

7,294

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Swap (3)

 

$

 

 

$

12

 

 

$

 

 

$

12

 

Warrant liability (4)

 

 

 

 

 

355

 

 

 

 

 

 

355

 

Total Liabilities

 

$

 

 

$

367

 

 

$

 

 

$

367

 

 

(1)

Included in the condensed consolidated balance sheet line item “Short-term investments”.

 

(2)

Included in the condensed consolidated balance sheet line item “Short-term investments”, with maturity terms between 4 and 12 months held in India.

 

(3)

Included in the condensed consolidated balance sheet line item “Other long-term liabilities”.

 

(4)

Included in the condensed consolidated balance sheet line item “Other long-term liabilities”. See Note 18 – Warrants – for further details.

 

 

 

Fair Value Hierarchy as of December 31, 2021

 

 

Aggregate

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds (1)

 

$

602

 

 

$

 

 

$

 

 

$

602

 

Certificates of deposit (2)

 

 

 

 

 

5,634

 

 

 

 

 

 

5,634

 

Total Assets

 

$

602

 

 

$

5,634

 

 

$

 

 

$

6,236

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Swap (3)

 

$

 

 

$

35

 

 

$

 

 

$

35

 

Warrant liability (4)

 

 

 

 

 

889

 

 

 

 

 

 

889

 

Total Liabilities

 

$

 

 

$

924

 

 

$

 

 

$

924

 

 

(1)

Included in the condensed consolidated balance sheet line item “Short-term investments”.

 

(2)

Included in the condensed consolidated balance sheet line item “Short-term investments”, with maturity terms between 4 and 12 months held in India.

 

(3)

Included in the condensed consolidated balance sheet line item “Other long-term liabilities”.

 

(4)

Included in the condensed consolidated balance sheet line item “Other long-term liabilities”. See Note 18 – Warrants – for further details.

The values of short-term investments as of March 31, 2022 and as of December 31, 2021 were as follows (in thousands):

 

 

 

As of March 31, 2022

 

 

As of December 31, 2021

 

 

 

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

Mutual funds

 

$

594

 

 

$

5

 

 

$

 

 

$

599

 

 

$

572

 

 

$

30

 

 

$

 

 

$

602

 

Certificates of deposit

 

 

6,695

 

 

 

 

 

 

 

 

 

6,695

 

 

 

5,634

 

 

 

 

 

 

 

 

 

5,634

 

There were no transfers into or out of Level 2 or Level 3 for the three months ended March 31, 2022 and the year ended December 31, 2021.