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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020;

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                     to

Commission file number 001-38161

 

 

Calyxt, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

Delaware

 

27-1967997

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

2800 Mount Ridge Road

 

 

Roseville, MN

 

55113-1127

(Address of principal executive offices)

 

(Zip Code)

(651) 683-2807

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act.

 

 

 

 

 

 

Title of each class

  

Trading

Symbol(s)

  

Name of each exchange on which

registered

 

 

 

Common Stock (0.0001 par value)

  

CLXT

  

The NASDAQ Global Market

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

 

 

 

 

 

 

 

Large accelerated filer

  

  

Accelerated filer

  

Non-accelerated filer

  

  

Smaller reporting company

  

 

  

 

  

Emerging growth company

  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of August 5, 2020, there were 33,184,336 shares of common stock, $0.0001 par value per share, outstanding.

 

 


Table of Contents

 

 

 

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

3

 

 

 

 

 

Item 1. Consolidated Financial Statements

 

3

 

 

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

15

 

 

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

26

 

 

 

 

 

Item 4. Controls and Procedures

 

26

 

 

 

 

 

PART II. OTHER INFORMATION

 

27

 

 

 

 

 

Item 1. Legal Proceedings

 

27

 

 

 

 

 

Item 1A. Risk Factors

 

27

 

 

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

28

 

 

 

 

 

Item 6. Exhibits

 

29

 

 

 

 

 

SIGNATURE

 

30

 

 

 

 

 


Table of Contents

Terms

When we use the terms “we,” “us,” the “Company,” or “our” in this report, unless the context otherwise requires, we are referring to Calyxt, Inc. When we use the term “Cellectis,” we are referring to Cellectis S.A., our majority stockholder. Cellectis is a clinical-stage biotechnological company, employing its core proprietary technologies to develop best-in-class products in the field of immune-oncology.

We own the names and trademarks for Calyxt® and Calyno®; we also own or license other trademarks, trade names and service marks of Calyxt appearing in this Quarterly Report on Form 10-Q. The name and trademark Cellectis® and TALEN®, and other trademarks, trade names and service marks of Cellectis appearing in this Quarterly Report are the property of Cellectis. This Quarterly Report also contains additional trade names, trademarks and service marks belonging to other companies. We do not intend our use or display of other parties’ trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). We may also make forward-looking statements in other reports filed with the Securities and Exchange Commission, in materials delivered to stockholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements.

We have made these forward-looking statements in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “anticipates,” “believes,” “continue,” “estimates,” “expects,” “targets,” “intends,” “may,” “might,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” or the negative of these terms and other similar terminology. Forward-looking statements in this report include statements about the potential impact of the COVID-19 impact on our business and operating results; our future financial performance; product pipeline and development; our business model and strategies for commercialization and sales of commercial products; regulatory progression; potential collaborations, partnerships and licensing arrangements and their contribution to our financial results, cash usage, and growth strategies; and anticipated trends in our business. These and other forward-looking statements are predictions and projections about future events and trends based on our current expectations, objectives and intentions and premised on current assumptions. Our actual results, level of activity, performance, or achievements could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to: the severity and duration of the evolving COVID-19 pandemic and the resulting impact on macro-economic conditions; the impact of increased competition; disruptions at our key facilities; changes in customer preferences and market acceptance of our products; competition for collaboration partners and licensees and the successful execution of collaborations and licensing agreements; the impact of adverse events during development, including unsuccessful field trials or disruptions in seed production; the impact of improper handling of our product candidates by unaffiliated third parties during development, such as the improper aerial spraying of our high fiber wheat product candidate; failures by third-party contractors; inaccurate demand forecasting; the effectiveness of commercialization efforts by commercial partners or licensees; our ability to make grain sales on terms acceptable to us; the timing of our grain sales; our ability to collect accounts receivable; disruptions to supply chains, including transportation and storage functions; commodity price conditions; the impact of changes or increases in oversight and regulation; disputes or challenges regarding intellectual property; proliferation and continuous evolution of new technologies; management changes; dislocations in the capital markets; and other important factors discussed under the caption entitled “Risk Factors” in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on March 5, 2020 (our Annual Report) and our subsequent reports on Forms 10-Q (including under the caption entitled “Risk Factors” in Part II, Item 1A of this Quarterly Report) and 8-K.

Any forward-looking statement made by us are based only on information currently available to us when, and speaks only as of the date, such statement is made. Except as required by securities and other applicable laws, we do not assume any obligation to update or revise any forward-looking statement as a result of new information, future developments or otherwise.

 

 

- 2 -


Table of Contents

Market Data

Unless otherwise indicated, information contained in this Quarterly Report concerning our industry and the markets in which we operate is based on information from various sources, including independent industry publications. In presenting this information, we have also made assumptions based on such data and other similar sources, and on our knowledge of, and our experience to date in, the potential markets for our product. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section entitled “Risk Factors” in our Annual Report and other subsequent reports on Forms 10-Q and 8-K filed with the SEC. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

Website Disclosure

We use our website (www.calyxt.com), our corporate Twitter account (@Calyxt_Inc) and our corporate LinkedIn account (https://www.linkedin.com/company/calyxt-inc) as routine channels of distribution of company information, including press releases, analyst presentations, and supplemental financial information, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor our website and our corporate Twitter and LinkedIn accounts in addition to following press releases, filings with the SEC and public conference calls and webcasts.

Additionally, we provide notifications of announcements as part of our website. Investors and others can receive notifications of new press releases posted on our website by signing up for email alerts.

None of the information provided on our website, in our press releases or public conference calls and webcasts or through social media is incorporated into, or deemed to be a part of, this Quarterly Report or in any other report or document we file with the SEC, and any references to our website or our corporate Twitter and LinkedIn accounts are intended to be inactive textual references only.

- 2 -


Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CALYXT, INC.

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Par Value and Share Amounts)

 

 

June 30, 2020

(unaudited)

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

3,875

 

 

$

58,610

 

Short-term investments

 

29,942

 

 

 

 

Restricted cash

 

393

 

 

 

388

 

Accounts receivable

 

2,411

 

 

 

1,122

 

Due from related parties

 

2

 

 

 

 

Inventory

 

5,282

 

 

 

2,594

 

Prepaid expenses and other current assets

 

1,926

 

 

 

808

 

Total current assets

 

43,831

 

 

 

63,522

 

Non-current restricted cash

 

1,040

 

 

 

1,040

 

Land, buildings, and equipment

 

22,663

 

 

 

23,212

 

Other non-current assets

 

427

 

 

 

324

 

Total assets

$

67,961

 

 

$

88,098

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

572

 

 

$

1,077

 

Accrued expenses

 

1,998

 

 

 

2,544

 

Accrued compensation

 

1,293

 

 

 

2,181

 

Due to related parties

 

381

 

 

 

977

 

Current portion of financing lease obligations

 

361

 

 

 

356

 

Other current liabilities

 

44

 

 

 

61

 

Total current liabilities

 

4,649

 

 

 

7,196

 

Financing lease obligations

 

18,109

 

 

 

18,244

 

Long-term debt

 

1,518

 

 

 

 

Other non-current liabilities

 

132

 

 

 

150

 

Total liabilities

 

24,408

 

 

 

25,590

 

Stockholders’ equity:

 

 

 

 

 

 

 

Common stock, $0.0001 par value; 275,000,000 shares authorized; 33,140,672 shares issued and 33,040,520 shares outstanding as of June 30, 2020, and 33,033,689 shares issued and 32,951,329 shares outstanding as of December 31, 2019

 

3

 

 

 

3

 

Additional paid-in capital

 

188,656

 

 

 

185,588

 

Common stock in treasury, at cost; 100,152 shares as of June 30, 2020, and 82,360 shares as of December 31, 2019

 

(1,043

)

 

 

(1,043

)

Accumulated deficit

 

(144,022

)

 

 

(122,057

)

Accumulated other comprehensive income (loss)

 

(41

)

 

 

17

 

Total stockholders’ equity

 

43,553

 

 

 

62,508

 

Total liabilities and stockholders’ equity

$

67,961

 

 

$

88,098

 

 

See accompanying notes to these consolidated financial statements.

- 3 -


Table of Contents

CALYXT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited and in Thousands Except Shares and Per Share Amounts)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2020

 

 

2019

 

2020

 

 

2019

 

Revenue

$

2,307

 

 

$

408

 

$

4,684

 

 

$

566

 

Cost of goods sold

 

5,321

 

 

 

303

 

 

9,205

 

 

 

337

 

Gross margin

 

(3,014

)

 

 

105

 

 

(4,521

)

 

 

229

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

2,825

 

 

 

2,738

 

 

5,612

 

 

 

4,957

 

Selling and supply chain

 

1,349

 

 

 

1,202

 

 

2,929

 

 

 

2,107

 

General and administrative

 

3,808

 

 

 

5,206

 

 

8,528

 

 

 

9,368

 

Management fees

 

42

 

 

 

451

 

 

104

 

 

 

812

 

Total operating expenses

 

8,024

 

 

 

9,597

 

 

17,173

 

 

 

17,244

 

Loss from operations

 

(11,038

)

 

 

(9,492

)

 

(21,694

)

 

 

(17,015

)

Interest, net

 

154

 

 

 

92

 

 

(244

)

 

 

264

 

Foreign currency transaction loss

 

(18

)

 

 

(3

)

 

(27

)

 

 

(27

)

Loss before income taxes

 

(10,902

)

 

 

(9,403

)

 

(21,965

)

 

 

(16,778

)

Income taxes

 

 

 

 

 

 

 

 

 

 

Net loss

$

(10,902

)

 

$

(9,403

)

$

(21,965

)

 

$

(16,778

)

Basic and diluted loss per share

$

(0.33

)

 

$

(0.29

)

$

(0.67

)

 

$

(0.51

)

Weighted average shares outstanding - basic and diluted

 

33,039,338

 

 

 

32,732,988

 

 

33,013,739

 

 

 

32,704,834

 

 

See accompanying notes to these consolidated financial statements.

- 4 -


Table of Contents

CALYXT, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited and in Thousands Except Shares Outstanding)

 

Three months ended

June 30, 2020

 

Shares

Outstanding

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Shares

in

Treasury

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Total

Stockholders’

Equity

 

Balance at March 31, 2020

 

 

32,990,647

 

 

$

3

 

 

$

186,859

 

 

$

(1,043

)

 

$

(133,120

)

 

$

(163

)

 

$

52,536

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,902

)

 

 

 

 

 

(10,902

)

Stock based compensation

 

 

49,873

 

 

 

 

 

 

1,797

 

 

 

 

 

 

 

 

 

 

 

 

1,797

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

122

 

 

 

122

 

Balance at June 30, 2020

 

 

33,040,520

 

 

$

3

 

 

$

188,656

 

 

$

(1,043

)

 

$

(144,022

)

 

$

(41

)

 

$

43,553

 

Three months ended

June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at March 31, 2019

 

 

32,692,189

 

 

$

3

 

 

$

177,750

 

 

$

(230

)

 

$

(89,820

)

 

$

 

 

$

87,703

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,403

)

 

 

 

 

 

(9,403

)

Stock based compensation

 

 

210,874

 

 

 

 

 

 

2,304

 

 

 

 

 

 

 

 

 

 

 

 

2,304

 

Issuance of common stock

 

 

 

 

 

 

 

 

183

 

 

 

 

 

 

 

 

 

 

 

 

183

 

Shares withheld for net share settlement

 

 

(43,363

)

 

 

 

 

 

 

 

 

(559

)

 

 

 

 

 

 

 

 

(559

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38

)

 

 

(38

)

Balances at June 30, 2019

 

 

32,859,700

 

 

$

3

 

 

$

180,237

 

 

$

(789

)

 

$

(99,223

)

 

$

(38

)

 

$

80,190

 

Six months ended

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

32,951,329

 

 

$

3

 

 

$

185,588

 

 

$

(1,043

)

 

$

(122,057

)

 

$

17

 

 

$

62,508

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,965

)

 

 

 

 

 

(21,965

)

Stock based compensation

 

 

106,983

 

 

 

 

 

 

3,068

 

 

 

 

 

 

 

 

 

 

 

 

3,068

 

Shares withheld for net share settlement

 

 

(17,792

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(58

)

 

 

(58

)

Balance at June 30, 2020

 

 

33,040,520

 

 

$

3

 

 

$

188,656

 

 

$

(1,043

)

 

$

(144,022

)

 

$

(41

)

 

$

43,553

 

Six months ended

June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2018

 

 

32,648,893

 

 

$

3

 

 

$

176,069

 

 

$

(230

)

 

$

(82,445

)

 

$

 

 

$

93,397

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,778

)

 

 

 

 

 

(16,778

)

Stock based compensation

 

 

254,170

 

 

 

 

 

 

3,860

 

 

 

 

 

 

 

 

 

 

 

 

3,860

 

Issuance of common stock

 

 

 

 

 

 

 

 

308

 

 

 

 

 

 

 

 

 

 

 

 

308

 

Shares withheld for net share settlement

 

 

(43,363

)

 

 

 

 

 

 

 

 

(559

)

 

 

 

 

 

 

 

 

(559

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38

)

 

 

(38

)

Balances at June 30, 2019

 

 

32,859,700

 

 

$

3

 

 

$

180,237

 

 

$

(789

)

 

$

(99,223

)

 

$

(38

)

 

$

80,190

 

 

See accompanying notes to these consolidated financial statements.

- 5 -


Table of Contents

CALYXT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited and in Thousands)

 

 

Six Months Ended June 30,

 

 

2020

 

 

2019

 

Operating activities

 

 

 

 

 

 

 

Net loss

$

(21,965

)

 

$

(16,778

)

Adjustments to reconcile net loss to net cash used by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

904

 

 

 

689

 

Stock-based compensation

 

3,068

 

 

 

3,860

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

(1,289

)

 

 

(810

)

Due to/from related parties

 

(598

)

 

 

(1,156

)

Inventory

 

(2,688

)

 

 

(111

)

Prepaid expenses and other current assets

 

(1,118

)

 

 

(169

)

Accounts payable

 

(505

)

 

 

(423

)

Accrued expenses

 

(546

)

 

 

(14

)

Accrued compensation

 

(888

)

 

 

(67

)

Other current liabilities

 

(93

)

 

 

(513

)

Other non-current assets

 

59

 

 

 

(378

)

Net cash used by operating activities

 

(25,659

)

 

 

(15,870

)

Investing activities

 

 

 

 

 

 

 

Short-term investments

 

(29,942

)

 

 

 

Purchases of land, buildings, and equipment

 

(517

)

 

 

(1,319

)

Net cash used by investing activities

 

(30,459

)

 

 

(1,319

)

Financing activities

 

 

 

 

 

 

 

Proceeds from Payroll Protection Act loan

 

1,518

 

 

 

 

Repayments of financing lease obligations

 

(130

)

 

 

(122

)

Proceeds from the exercise of stock options

 

 

 

 

308

 

Costs incurred related to shares withheld for net share settlement

 

 

 

 

(559

)

Proceeds from the sale and leaseback of land, buildings, and equipment

 

 

 

 

217

 

Net cash provided (used) by financing activities

 

1,388

 

 

 

(156

)

Net decrease in cash, cash equivalents and restricted cash

 

(54,730

)

 

 

(17,345

)

Cash, cash equivalents and restricted cash - beginning of period

 

60,038

 

 

 

95,288

 

Cash, cash equivalents and restricted cash - end of period

$

5,308

 

 

$

77,943

 

 

See accompanying notes to these consolidated financial statements.

- 6 -


Table of Contents

 

CALYXT, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. BASIS OF PRESENTATION & SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Our unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP or GAAP) for interim financial information and with the rules and regulations of the Securities and Exchange Commission (SEC) applicable to interim financial statements. In our opinion, the accompanying consolidated financial statements reflect all adjustments necessary for a fair presentation of our statements of financial position, results of operations and cash flows for the periods presented but they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Except as otherwise disclosed herein, these adjustments consist of normal recurring items. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole or any other interim period.

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the consolidated financial statements and during the reporting period. Actual results could materially differ from these estimates.

Certain prior year amounts have been reclassified to conform to the current year presentation.

For further information, refer to the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 5, 2020. The accompanying Balance Sheet as of December 31, 2019 was derived from the audited consolidated financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2019.

Short-term investments

We consider investments with more than ninety days to maturity at issuance to be short-term investments. These short-term investments are considered trading securities and are carried at fair value with any unrealized gains and losses recorded in current earnings as a component of interest, net.

 

 

2. FINANCIAL INSTRUMENTS, FAIR VALUE, HEDGING ACTIVITIES, AND CONCENTRATIONS OF CREDIT RISK

The carrying values of cash and cash equivalents, restricted cash, due from related parties, accounts payable, due to related parties and all other current liabilities approximate fair value.

We measure certain assets and liabilities at fair value on a recurring basis, including short-term investments, financing lease obligations and commodity futures and options. The accounting guidance establishes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as of the measurement date as follows:

Level 1: Fair values are based on unadjusted quoted prices in active trading markets for identical assets and liabilities.

Level 2: Fair values are based on observable quoted prices other than those in Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

Level 3: Fair values are based on at least one significant unobservable input for the asset or liability.

- 7 -


Table of Contents

Fair Value Measurements and Financial Statement Presentation

The fair values of our assets, liabilities, and derivative positions recorded at fair value and their respective levels in the fair value hierarchy as of June 30, 2020 and December 31, 2019, were as follows:

 

 

June 30, 2020

 

June 30, 2020

 

 

Fair Values of Assets

 

Fair Values of Liabilities

 

In Thousands

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Other items reported at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

$

29,942

 

 

$

 

 

$

 

 

$

29,942

 

$

 

 

$

 

 

$

 

 

$

 

Commodity futures and options

 

836

 

 

 

 

 

 

 

 

 

836

 

 

 

 

 

 

 

 

 

 

 

 

Financing lease obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,364

 

 

 

 

 

 

15,364

 

Total

$

30,778

 

 

$

 

 

$

 

 

$

30,778

 

$

 

 

$

15,364

 

 

$

 

 

$

15,364

 

 

 

December 31, 2019

 

December 31, 2019

 

 

Fair Values of Assets

 

Fair Values of Liabilities

 

In Thousands

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Other items reported at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing lease obligations

$

 

 

$

 

 

$

 

 

$

 

$

 

 

$

15,651

 

 

$

 

 

$

15,651

 

Commodity futures and options

 

62

 

 

 

 

 

 

 

 

 

62

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

62

 

 

$

 

 

$