Financial Instruments Measured at Fair Value and Financial Statement Presentation

Financial instruments including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and all other current liabilities have carrying values that approximate fair value. The Company measures short-term investments and commodity derivative contracts at fair value on a recurring basis. 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.

As of December 31, 2021, the Company had no financial instruments measured at fair value. The fair values of the Company's financial instruments measured at fair value and their respective levels in the fair value hierarchy as of December 31, 2020, were as follows:


	December 31, 2020								December 31, 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	$	11,698	$	—	$	—	$	11,698	$	—	$	—	$	—	$	—
Commodity derivative contracts		467		—		—		467		—		—		—		—
Total	$	12,165	$	—	$	—	$	12,165	$	—	$	—	$	—	$	—

The non-current portion of the Company's financing lease obligations are also considered a financial instrument, which it measures at fair value for disclosure purposes on a non-recurring basis. It is a Level 2 liability and had a fair value of $14.5 million as of December 31, 2021, and a fair value of $15.2 million as of December 31, 2020.

As of December 31, 2021, the Company held no short-term investments. All of the Company's short-term investments as of December 31, 2020, were in corporate debt securities.

Under the Company's former go-to-market strategy for its soybean product line, it entered into hedging contracts to convert fixed price grain inventories and fixed price grain production agreements to floating prices, consistent with how the grain was sold. These hedging contracts allowed the counterparty to fix their sales prices at various times as defined in the contract. As a result of the continued wind-down of the soybean product line, the Company held no commodity derivative contracts as of December 31, 2021. As of December 31, 2020, the Company held commodity contracts with a notional amount of $12.8 million. The Company had no unrealized losses as of December 31, 2021, and $2.0 million of unrealized losses as of December 31, 2020.