This song is one of the slower, dreamier, and more melancholic songs to be found on this record. It features layers of acoustic guitar, as well as heavily-affected electrics, easily mistakeable for synths, that seem to glide over the mix, providing the song with an "icy" atmosphere. Goswell and Halstead trade off on lead vocals between the verses and chorus, with Goswell's heavenly high voice and its descending melody contrasting with the slightly more dissonant and downbeat chorus. After each chorus, the guitars take more prominence, drenching the whole piece in what sounds like a warped reprise of the verse melody.
All of the instrumental parts on this are quite simple. The guitar is entirely slow 8th-note acoustic chord strumming with occasional 16ths, as the lead guitars are too spacey and blurry to accurately chart, sounding more like keyboard pads than guitar.
The bass part simply plays 8th notes alongside the guitar chord progression, and the drum part is a quite repetitive 8th note ride pattern.
This song does make a great tune for harmonies, with the aforementioned tradeoffs between the two vocalists in the verse and chorus. There's also another harmony in the verse that could easily work as its own solo melody, but fits very nicely in conjunction with the lead.