Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | |
31-May-14 | Jul. 09, 2014 | |
DEI [Abstract] | ' | ' |
Entity Registrant Name | 'CHS Inc. | ' |
Entity Central Index Key | '0000823277 | ' |
Current Fiscal Year End Date | '--08-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-May-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 0 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Public Float | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 31-May-14 | Aug. 31, 2013 | 31-May-13 |
In Thousands, unless otherwise specified | |||
Current assets [Abstract] | ' | ' | ' |
Cash and cash equivalents | $1,549,498 | $1,808,532 | $733,960 |
Receivables | 3,481,706 | 2,935,478 | 3,500,681 |
Inventories | 2,837,873 | 2,664,735 | 2,937,642 |
Derivative assets | 544,382 | 499,890 | 524,461 |
Margin deposits | 382,016 | 340,905 | 371,368 |
Supplier advance payments | 640,528 | 398,441 | 577,398 |
Other current assets | 211,794 | 262,779 | 172,582 |
Total current assets | 9,647,797 | 8,910,760 | 8,818,092 |
Investments | 907,738 | 765,946 | 737,526 |
Property, plant and equipment | 3,670,245 | 3,171,404 | 3,044,582 |
Other assets | 719,167 | 656,160 | 514,406 |
Total assets | 14,944,947 | 13,504,270 | 13,114,606 |
Current liabilities [Abstract] | ' | ' | ' |
Notes payable | 1,129,819 | 889,312 | 872,138 |
Current portion of long-term debt | 156,480 | 156,612 | 183,126 |
Current portion of mandatorily redeemable noncontrolling interest | 65,583 | 65,981 | 65,603 |
Customer margin deposits and credit balances | 251,132 | 299,364 | 211,253 |
Customer advance payments | 887,273 | 432,097 | 582,940 |
Checks and drafts outstanding | 181,333 | 185,660 | 187,144 |
Accounts payable | 2,217,916 | 2,416,038 | 2,345,068 |
Derivative liabilities | 412,471 | 465,066 | 456,476 |
Accrued expenses | 469,581 | 485,070 | 595,968 |
Dividends and equities payable | 375,224 | 390,153 | 358,536 |
Total current liabilities | 6,146,812 | 5,785,353 | 5,858,252 |
Long-term debt | 1,310,892 | 1,450,420 | 1,300,931 |
Mandatorily redeemable noncontrolling interest | 147,801 | 209,419 | 208,099 |
Other liabilities | 1,022,551 | 906,331 | 740,471 |
Commitments and contingencies | ' | ' | ' |
Equities: | ' | ' | ' |
Preferred stock | 1,022,346 | 319,368 | 319,368 |
Equity certificates | 3,483,868 | 3,588,346 | 3,017,689 |
Accumulated other comprehensive loss | -159,235 | -156,867 | -226,735 |
Capital reserves | 1,951,331 | 1,380,361 | 1,874,644 |
Total CHS Inc. equities | 6,298,310 | 5,131,208 | 4,984,966 |
Noncontrolling interests | 18,581 | 21,539 | 21,887 |
Total equities | 6,316,891 | 5,152,747 | 5,006,853 |
Total liabilities and equities | $14,944,947 | $13,504,270 | $13,114,606 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $11,967,398 | $11,936,556 | $32,673,793 | $33,528,872 |
Cost of goods sold | 11,460,774 | 11,479,645 | 31,324,819 | 32,055,796 |
Gross profit | 506,624 | 456,911 | 1,348,974 | 1,473,076 |
Marketing, general and administrative | 158,859 | 138,769 | 447,771 | 397,931 |
Operating earnings | 347,765 | 318,142 | 901,203 | 1,075,145 |
Loss (gain) on investments | -108,792 | -154 | -111,401 | -199 |
Interest, net | 42,489 | 66,394 | 102,263 | 186,989 |
Equity (income) loss from investments | -25,522 | -27,574 | -89,249 | -72,406 |
Income before income taxes | 439,590 | 279,476 | 999,590 | 960,761 |
Income taxes | 59,717 | 27,147 | 116,068 | 87,033 |
Net income | 379,873 | 252,329 | 883,522 | 873,728 |
Net income attributable to noncontrolling interests | 418 | 1,533 | 1,812 | 4,139 |
Net income attributable to CHS Inc. | $379,455 | $250,796 | $881,710 | $869,589 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $379,873 | $252,329 | $883,522 | $873,728 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 4,385 | 706 | 11,480 | 767 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 32 | 290 | 1,520 | 838 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 131 | 5,520 | -14,535 | 6,091 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 1,650 | -2,918 | -833 | -1,844 |
Other Comprehensive Income (Loss), Net of Tax | 6,198 | 3,598 | -2,368 | 5,852 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 386,071 | 255,927 | 881,154 | 879,580 |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 418 | 1,533 | 1,812 | 4,139 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $385,653 | $254,394 | $879,342 | $875,441 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income Parenthetical (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | $2,770 | $436 | $7,145 | $473 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax expense (benefit) | 20 | 178 | 937 | 516 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax expense (benefit) | 81 | 3,404 | -8,961 | 3,756 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax expense (benefit) | $1,017 | ($1,799) | ($514) | ($1,136) |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | |
31-May-14 | 31-May-13 | |
Cash flows from operating activities: | ' | ' |
Net income | $883,522,000 | $873,728,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 193,161,000 | 176,839,000 |
Amortization of deferred major repair costs | 37,411,000 | 22,298,000 |
Equity (income) loss from investments | -89,249,000 | -72,406,000 |
Distributions from equity investments | 62,019,000 | 50,886,000 |
Noncash patronage dividends received | -5,058,000 | -4,552,000 |
Gain on sale of property, plant and equipment | 1,473,000 | -3,899,000 |
Gain on investments | -111,401,000 | -199,000 |
Unrealized (gain) loss on crack spread contingent liability | -3,975,000 | 18,729,000 |
Deferred taxes | 99,574,000 | 157,000 |
Other, net | 16,463,000 | 1,786,000 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' |
Receivables | -242,348,000 | -445,132,000 |
Inventories | -150,039,000 | 284,424,000 |
Derivative assets | -67,986,000 | 570,477,000 |
Margin deposits | -41,111,000 | 782,153,000 |
Supplier advance payments | -241,495,000 | 107,422,000 |
Other current assets and other assets | -10,223,000 | 5,439,000 |
Customer margin deposits and credit balances | -48,474,000 | -597,660,000 |
Customer advance payments | 448,920,000 | -109,606,000 |
Accounts payable and accrued expenses | -211,126,000 | 91,129,000 |
Derivative liabilities | -52,595,000 | -285,063,000 |
Other liabilities | 4,847,000 | -20,685,000 |
Net cash provided by (used in) operating activities | 472,310,000 | 1,446,265,000 |
Cash flows from investing activities: | ' | ' |
Acquisition of property, plant and equipment | -656,288,000 | -427,070,000 |
Proceeds from disposition of property, plant and equipment | 4,373,000 | 5,794,000 |
Expenditures for major repairs | 0 | -53,843,000 |
Investments in joint ventures and other | -67,457,000 | -13,882,000 |
Investments redeemed | 130,445,000 | 5,780,000 |
Proceeds from sale of investments | 2,725,000 | 1,250,000 |
Changes in notes receivable | -321,376,000 | 27,676,000 |
Business acquisitions, net of cash acquired | -114,438,000 | -12,358,000 |
Other investing activities, net | -3,558,000 | -1,339,000 |
Net cash provided by (used in) investing activities | -1,025,574,000 | -467,992,000 |
Cash flows from financing activities: | ' | ' |
Changes in notes payable | 241,070,000 | 69,636,000 |
Long-term debt borrowings | 1,426,000 | 100,000,000 |
Principal payments on long-term debt | -141,760,000 | -56,384,000 |
Mandatorily redeemable noncontrolling interest payments | -65,981,000 | -65,981,000 |
Payments on crack spread contingent liability | -8,670,000 | 0 |
Changes in checks and drafts outstanding | -4,328,000 | -18,908,000 |
Preferred stock issued | 702,979,000 | 0 |
Preferred stock issuance costs | -23,134,000 | 0 |
Preferred stock dividends paid | -29,860,000 | -18,408,000 |
Distributions to noncontrolling interests | -575,000 | -1,235,000 |
Retirements of equities | -87,666,000 | -184,955,000 |
Cash Patronage Dividends Paid | -286,718,000 | -380,975,000 |
Other financing activities, net | -1,635,000 | 1,110,000 |
Net cash provided by (used in) financing activities | 295,148,000 | -556,100,000 |
Effect of exchange rate changes on cash and cash equivalents | -918,000 | -2,242,000 |
Net increase (decrease) in cash and cash equivalents | -259,034,000 | 419,931,000 |
Cash and cash equivalents at beginning of period | 1,808,532,000 | 314,029,000 |
Cash and cash equivalents at end of period | 1,549,498,000 | 733,960,000 |
Energy [Member] | ' | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 99,577,000 | 86,454,000 |
Equity (income) loss from investments | -2,937,000 | -580,000 |
Cash flows from investing activities: | ' | ' |
Acquisition of property, plant and equipment | -367,228,000 | -290,091,000 |
National Cooperative Refinery Association [Member] | Energy [Member] | ' | ' |
Cash flows from financing activities: | ' | ' |
Mandatorily redeemable noncontrolling interest payments | ($66,000,000) | ($66,000,000) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||
31-May-14 | ||||
Accounting Policies [Abstract] | ' | |||
Summary of Significant Accounting Policies | ' | |||
Accounting Policies | ||||
Basis of Presentation and Revisions | ||||
The unaudited Consolidated Balance Sheets as of May 31, 2014 and 2013, the Consolidated Statements of Operations for the three and nine months ended May 31, 2014 and 2013, the Consolidated Statements of Comprehensive Income for the three and nine months ended May 31, 2014 and 2013, and the Consolidated Statements of Cash Flows for the nine months ended May 31, 2014 and 2013, reflect in the opinion of our management, all normal recurring adjustments necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented. The results of operations and cash flows for interim periods are not necessarily indicative of results for a full fiscal year because of, among other things, the seasonal nature of our businesses. Our Consolidated Balance Sheet data as of August 31, 2013, has been derived from our audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (GAAP). | ||||
The consolidated financial statements include our accounts and the accounts of our wholly-owned and majority-owned subsidiaries and limited liability companies, which are primarily related to National Cooperative Refinery Association (NCRA), included in our Energy segment. The effects of all significant intercompany accounts and transactions have been eliminated. | ||||
These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended August 31, 2013, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission. | ||||
We previously reported certain derivative assets and liabilities on a net basis on our Consolidated Balance Sheets. In connection with the issuance of our August 31, 2013 financial statements, we determined that such derivatives should have been reported on a gross basis and have therefore revised our May 31, 2013 Consolidated Balance Sheet, which resulted in an increase in both derivative assets and derivative liabilities of $236.8 million. The Consolidated Statement of Cash Flows for the nine months ended May 31, 2013, has also been revised for this change with no impact to net operating, investing or financing cash flows. We do not believe these revisions are material. | ||||
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Disclosures about Offsetting Assets and Liabilities.” ASU No. 2011-11, and the subsequent amendments issued in ASU No. 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities," create new disclosure requirements about the nature of an entity’s rights of setoff and related arrangements associated with certain financial instruments and recognized derivative instruments. The disclosure requirements in this update are effective for annual reporting periods, and interim periods within those years, beginning on or after January 1, 2013. The required disclosures have been included in Note 9, Derivative Financial Instruments and Hedging Activities. | ||||
In February 2013, the FASB issued ASU No. 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." ASU No. 2013-02 requires an entity to provide information about the effects of significant reclassifications out of accumulated other comprehensive income, by component, either on the face of the financial statements or in the notes to the financial statements and is intended to help improve the transparency of changes in other comprehensive income. ASU No. 2013-02 does not amend any existing requirements for reporting net income or other comprehensive income in the financial statements. ASU No. 2013-02 became effective for our annual and interim reporting periods beginning in fiscal 2014. The required disclosures have been included in Note 6, Equities. | ||||
Goodwill and Other Intangible Assets | ||||
Goodwill was $112.6 million, $85.1 million and $84.2 million on May 31, 2014, August 31, 2013 and May 31, 2013, respectively, and is included in other assets on our Consolidated Balance Sheets. We acquired goodwill of $26.7 million during the nine months ended May 31, 2014, which related primarily to acquisitions in our Ag segment for which we paid $114.4 million in cash consideration. These acquisitions were not material, individually or in aggregate, to our consolidated financial statements. | ||||
Intangible assets subject to amortization primarily include customer lists, trademarks and agreements not to compete, and are amortized over their respective useful lives (ranging from 2 to 30 years). Excluding goodwill, the gross carrying amount of our intangible assets was $115.3 million, $81.5 million and $82.1 million on May 31, 2014, August 31, 2013 and May 31, 2013, respectively. Accumulated amortization was $49.3 million, $46.0 million and $42.2 million as of May 31, 2014, August 31, 2013 and May 31, 2013, respectively. Intangible assets acquired were $38.8 million and $2.4 million during the nine months ended May 31, 2014 and 2013, respectively. Intangible assets acquired during the nine months ended May 31, 2014, primarily relate to acquisitions in our Ag segment. Total amortization expense for intangible assets during the nine months ended May 31, 2014 and 2013, was $7.3 million and $7.4 million, respectively. The estimated annual amortization expense related to intangible assets subject to amortization for the next five years is as follows: | ||||
(Dollars in thousands) | ||||
Year 1 | $ | 9,168 | ||
Year 2 | 8,828 | |||
Year 3 | 7,700 | |||
Year 4 | 6,050 | |||
Year 5 | 3,647 | |||
Thereafter | 30,695 | |||
Total | $ | 66,088 | ||
In our Energy segment, major maintenance activities (turnarounds) at our two refineries are accounted for under the deferral method. Turnarounds are the scheduled and required shutdowns of refinery processing units. The costs related to the significant overhaul and refurbishment activities include materials and direct labor costs. The costs of turnarounds are deferred when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs, which is generally 2 to 4 years. The amortization expense related to turnaround costs is included in cost of goods sold in our Consolidated Statements of Operations. The selection of the deferral method, as opposed to expensing the turnaround costs when incurred, results in deferring recognition of the turnaround expenditures. The deferral method also results in the classification of the related cash outflows as investing activities in our Consolidated Statements of Cash Flows, whereas expensing these costs as incurred, would result in classifying the cash outflows as operating activities. | ||||
There have been no turnaround expenditures during fiscal 2014. For the nine months ended May 31, 2013, major maintenance turnaround expenditures were $53.8 million and related to a turnaround during the third quarter of fiscal 2013 at our Laurel Montana refinery. | ||||
Supplier Advance Payments | ||||
Beginning November 30, 2013, supplier advance payments are reported as a separate line item on our Consolidated Balance Sheets. Prior period amounts have been reclassified accordingly. Supplier advance payments primarily include amounts paid for in-transit grain purchases from suppliers and amounts paid to crop nutrient suppliers to lock in future supply and pricing. | ||||
Customer Advance Payments | ||||
Customer advance payments primarily consist of amounts received from customers for in-transit grain shipments and amounts received from crop nutrients customers for future shipments. | ||||
Recent Accounting Pronouncements | ||||
In February 2013, the FASB issued ASU No. 2013-04, "Liabilities." ASU No. 2013-04 requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this ASU also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are currently evaluating the impact that the adoption will have on our consolidated financial statements in fiscal 2015. | ||||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers." ASU No. 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. The guidance also requires an entity to disclose sufficient qualitative and quantitative information surrounding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts from customers. This ASU supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The amendments in this standard are effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. We are currently evaluating the impact the adoption will have on our consolidated financial statements in fiscal 2018. |
Receivables
Receivables | 9 Months Ended | |||||||||||
31-May-14 | ||||||||||||
Receivables [Abstract] | ' | |||||||||||
Receivables | ' | |||||||||||
Receivables | ||||||||||||
May 31, 2014 | August 31, 2013 | May 31, 2013 | ||||||||||
(Dollars in thousands) | ||||||||||||
Trade accounts receivable | $ | 2,511,111 | $ | 2,338,336 | $ | 2,700,012 | ||||||
CHS Capital notes receivable | 717,784 | 437,141 | 567,518 | |||||||||
Other | 353,357 | 254,590 | 350,471 | |||||||||
3,582,252 | 3,030,067 | 3,618,001 | ||||||||||
Less allowances and reserves | 100,546 | 94,589 | 117,320 | |||||||||
Total receivables | $ | 3,481,706 | $ | 2,935,478 | $ | 3,500,681 | ||||||
Trade accounts receivable are initially recorded at a selling price, which approximates fair value, upon the sale of goods or services to customers. Subsequently, trade accounts receivable are carried at net realizable value, which includes an allowance for estimated uncollectible amounts. We calculate this allowance based on our history of write-offs, level of past due accounts, and our relationships with, and the economics status of, our customers. | ||||||||||||
CHS Capital, LLC (CHS Capital), our wholly-owned subsidiary, has notes receivable from commercial borrowers and producer borrowings. The short-term notes receivable generally have terms of 12-14 months and are reported at their outstanding principle balances as CHS Capital has the ability and intent to hold these notes to maturity. The carrying value of CHS Capital notes receivable approximates fair value, given their short duration and the use of market pricing adjusted for risk. The notes receivable from commercial borrowers are collateralized by various combinations of mortgages, personal property, accounts and notes receivable, inventories and assignments of certain regional cooperative’s capital stock. These loans are primarily originated in the states of Minnesota, Wisconsin, Michigan and North Dakota. CHS Capital also has loans receivable from producer borrowers which are collateralized by various combinations of growing crops, livestock, inventories, accounts receivable, personal property and supplemental mortgages. In addition to the short-term amounts included in the table above, CHS Capital had long-term notes receivable with durations of not more than 10 years of $147.7 million, $127.7 million and $93.3 million at May 31, 2014, August 31, 2013 and May 31, 2013, respectively. The long-term notes receivable are included in other assets on our Consolidated Balance Sheets. As of May 31, 2014, August 31, 2013 and May 31, 2013 the commercial notes represented 67%, 59% and 73%, respectively, and the producer notes represented 33%, 41% and 27%, respectively, of the total CHS Capital notes receivable. | ||||||||||||
CHS Capital evaluates the collectability of both commercial and producer notes on a specific identification basis, based on the amount and quality of the collateral obtained, and records specific loan loss reserves when appropriate. A general reserve is also maintained based on historical loss experience and various qualitative factors. In total, our specific and general loan loss reserves related to CHS Capital are not material to our consolidated financial statements, nor are the historical write-offs. The accrual of interest income is discontinued at the time the loan is 90 days past due unless the credit is well-collateralized and in process of collection. The amount of CHS Capital notes that were past due was not material at any reporting date presented. | ||||||||||||
CHS Capital has commitments to extend credit to a customer as long as there is no violation of any condition established in the contract. As of May 31, 2014, CHS Capital's customers have additional available credit of $953.9 million. |
Inventories
Inventories | 9 Months Ended | |||||||||||
31-May-14 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
Inventories | ||||||||||||
May 31, 2014 | August 31, 2013 | May 31, 2013 | ||||||||||
(Dollars in thousands) | ||||||||||||
Grain and oilseed | $ | 1,227,913 | $ | 1,133,555 | $ | 1,344,265 | ||||||
Energy | 719,261 | 742,194 | 682,528 | |||||||||
Crop nutrients | 207,946 | 293,370 | 237,487 | |||||||||
Feed and farm supplies | 561,975 | 407,023 | 564,424 | |||||||||
Processed grain and oilseed | 107,331 | 79,706 | 97,212 | |||||||||
Other | 13,447 | 8,887 | 11,726 | |||||||||
Total inventories | $ | 2,837,873 | $ | 2,664,735 | $ | 2,937,642 | ||||||
As of May 31, 2014, we valued approximately 16% of inventories, primarily related to Energy, using the lower of cost, determined on the LIFO method, or market (16% and 14% as of August 31, 2013 and May 31, 2013, respectively). If the FIFO method of accounting had been used, inventories would have been higher than the reported amount by $569.8 million, $652.6 million and $535.8 million at May 31, 2014, August 31, 2013 and May 31, 2013, respectively. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Interim LIFO calculations are based on management's estimates of expected year-end inventory levels and costs, and are subject to the final year-end LIFO inventory valuation. |
Investments
Investments | 9 Months Ended |
31-May-14 | |
Investments [Abstract] | ' |
Investments | ' |
Investments | |
As of August 31, 2013, we owned 79.2% of NCRA. In fiscal 2012, we entered into an agreement to purchase the remaining shares of NCRA from Growmark Inc. and MFA Oil Company in separate closings to be held annually through fiscal 2016. Pursuant to this agreement, we made payments during the nine months ended May 31, 2014 and 2013 of $66.0 million and $66.0 million respectively; increasing our ownership to 84.0%. The present value of the remaining payments is included as mandatorily redeemable noncontrolling interest on our Consolidated Balance Sheets. In addition to these payments, we paid $16.5 million during the nine months ended May 31, 2014 related to the associated crack spread contingent liability. The fair value of the remaining contingent liability was $130.2 million as of May 31, 2014. | |
In our third quarter, we formed Ardent Mills LLC (Ardent Mills), a joint venture with Cargill Incorporated (Cargill) and ConAgra Foods, Inc., which combines the North American flour milling operations of the three parent companies, including the Horizon Milling, LLC and Horizon Milling G.P. (Horizon Milling) assets and CHS-owned mills, with CHS holding a 12% interest in Ardent Mills. Prior to closing, we contributed $32.8 million to Horizon Milling to pay off existing debt as a pre-condition to close. Upon closing, Ardent Mills was financed with funds from third-party borrowings, which did not require credit support from the owners. We received $123.5 million of cash proceeds distributed to us in proportion to our ownership interest, adjusted for deviations in specified working capital target amounts, and recognized a gain of $108.8 million associated with this transaction. In connection with the closing, the parties also entered into various ancillary and non-compete agreements including, among other things, an agreement for us to supply Ardent Mills with certain wheat and durum products. As we hold one of the five board seats, we account for Ardent Mills as an equity method investment. | |
We have a 50% interest in Ventura Foods, LLC (Ventura Foods), a joint venture which produces and distributes primarily vegetable oil-based products, and is included in Corporate and Other. We account for Ventura Foods as an equity method investment, and as of May 31, 2014, our carrying value of Ventura Foods exceeded our share of their equity by $12.9 million, which represents equity method goodwill. |
Notes_Payable_and_LongTerm_Deb
Notes Payable and Long-Term Debt | 9 Months Ended | |||||||||||||||
31-May-14 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Notes Payable and Long-Term Debt | ' | |||||||||||||||
Notes Payable and Long-Term Debt | ||||||||||||||||
May 31, 2014 | August 31, 2013 | May 31, 2013 | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Notes payable | $ | 703,438 | $ | 521,864 | $ | 432,892 | ||||||||||
CHS Capital notes payable | 426,381 | 367,448 | 439,246 | |||||||||||||
Total notes payable | $ | 1,129,819 | $ | 889,312 | $ | 872,138 | ||||||||||
On May 31, 2014, our primary committed line of credit was a five-year revolving facility with a committed amount of $2.5 billion. We had no amounts outstanding as of May 31, 2014, August 31, 2013 and May 31, 2013. | ||||||||||||||||
Interest, net for the three and nine months ended May 31, 2014 and 2013 is as follows: | ||||||||||||||||
For the Three Months Ended May 31, | For the Nine Months Ended May 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Interest expense | $ | 23,397 | $ | 25,649 | $ | 57,823 | $ | 73,304 | ||||||||
Interest-purchase of NCRA noncontrolling interests | 23,862 | 45,574 | 56,258 | 126,261 | ||||||||||||
Capitalized interest | (2,641 | ) | (2,567 | ) | (6,503 | ) | (8,163 | ) | ||||||||
Interest income | (2,129 | ) | (2,262 | ) | (5,315 | ) | (4,413 | ) | ||||||||
Interest, net | $ | 42,489 | $ | 66,394 | $ | 102,263 | $ | 186,989 | ||||||||
In February 2014, we terminated interest rate swaps and recorded a resulting $13.5 million gain as a reduction to interest expense in our Consolidated Statements of Operations for the nine months ended May 31, 2014. See Note 9, Derivative Financial Instruments and Hedging Activities for additional information. |
Equities
Equities | 9 Months Ended | |||||||||||||||||||
31-May-14 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Equities | ' | |||||||||||||||||||
Equities | ||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||
In September 2013, we issued 11,319,175 shares of Class B Cumulative Redeemable Preferred Stock, Series 1 (Class B Series 1 Preferred Stock), with a total redemption value of $283.0 million, excluding accumulated dividends. Net proceeds from the sale of our Class B Series 1 Preferred Stock, after deducting the underwriting discount and offering expenses payable by us, were $273.3 million. The Class B Series 1 Preferred Stock is listed on the NASDAQ under the symbol CHSCO and accumulates dividends at a rate of 7.875% per year, which are payable quarterly. Our Class B Series 1 Preferred Stock may not be redeemed at our option until September 26, 2023. | ||||||||||||||||||||
In March 2014, we issued 16,800,000 shares of Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 2 (Class B Series 2 Preferred Stock), with a total redemption value of $420.0 million, excluding accumulated dividends. Net proceeds from the sale of our Class B Series 2 Preferred Stock, after deducting the underwriting discount and offering expenses payable by us, were $406.3 million. The Class B Series 2 Preferred Stock is listed on the NASDAQ under the symbol CHSCN and accumulates dividends at a rate of 7.10% per year until March 31, 2024, and at a rate equal to the three-month LIBOR plus 4.298%, not to exceed 8.00% per annum, subsequent to March 31, 2024, which are payable quarterly. Our Class B Series 2 Preferred Stock may not be redeemed at our option until March 31, 2024. | ||||||||||||||||||||
In June 2014, we filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC). Under the shelf registration, which has been declared effective by the SEC, we may offer and sell, from time to time, up to $2.0 billion of our Class B cumulative redeemable preferred stock over a three-year period. | ||||||||||||||||||||
Changes in Equities | ||||||||||||||||||||
Changes in equities for the nine months ended May 31, 2014 and 2013 are as follows: | ||||||||||||||||||||
For the Nine Months Ended | ||||||||||||||||||||
31-May-14 | 31-May-13 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
CHS Inc. balances, September 1, 2013 and 2012 | $ | 5,131,208 | $ | 4,455,341 | ||||||||||||||||
Net income attributable to CHS Inc. | 881,710 | 869,589 | ||||||||||||||||||
Other comprehensive (loss) income | (2,368 | ) | 5,852 | |||||||||||||||||
Patronage distribution | (837,306 | ) | (975,998 | ) | ||||||||||||||||
Patronage accrued | 841,386 | 969,862 | ||||||||||||||||||
Equities retired | (87,666 | ) | (184,955 | ) | ||||||||||||||||
Equity retirements accrued | 87,666 | 184,955 | ||||||||||||||||||
Equities issued in business combinations | 45 | 18,211 | ||||||||||||||||||
Preferred stock issuance, net of expenses | 679,845 | — | ||||||||||||||||||
Preferred stock dividends | (40,366 | ) | (18,408 | ) | ||||||||||||||||
Estimated current year patronage | (347,000 | ) | (347,491 | ) | ||||||||||||||||
Other, net | (8,844 | ) | 8,008 | |||||||||||||||||
CHS Inc. balances, May 31, 2014 and 2013 | $ | 6,298,310 | $ | 4,984,966 | ||||||||||||||||
Noncontrolling interests balances, September 1, 2013 and 2012 | $ | 21,539 | $ | 17,982 | ||||||||||||||||
Net income attributable to noncontrolling interests | 1,812 | 4,139 | ||||||||||||||||||
Distributions to noncontrolling interests | (575 | ) | (1,235 | ) | ||||||||||||||||
Deconsolidation of a subsidiary | (4,779 | ) | — | |||||||||||||||||
Other | 584 | 1,001 | ||||||||||||||||||
Noncontrolling interests balances, May 31, 2014 and 2013 | $ | 18,581 | $ | 21,887 | ||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the nine months ended May 31, 2014: | ||||||||||||||||||||
Pension and Other Postretirement Benefits | Unrealized Net Gain on Available for Sale Investments | Cash Flow Hedges | Foreign Currency Translation Adjustment | Total | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Balance as of August 31, 2013 | $ | (165,611 | ) | $ | 2,370 | $ | 11,685 | $ | (5,311 | ) | $ | (156,867 | ) | |||||||
Current period other comprehensive income (loss), net of tax | 772 | 1,520 | (6,139 | ) | (1,520 | ) | (5,367 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 10,708 | — | (8,396 | ) | 687 | 2,999 | ||||||||||||||
Net other comprehensive income (loss), net of tax | 11,480 | 1,520 | (14,535 | ) | (833 | ) | (2,368 | ) | ||||||||||||
Balance as of May 31, 2014 | $ | (154,131 | ) | $ | 3,890 | $ | (2,850 | ) | $ | (6,144 | ) | $ | (159,235 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) were related to pension and other postretirement benefits, cash flow hedges and foreign currency translation adjustments, and were recorded to net income. Pension and other postretirement reclassifications include amortization of net actuarial loss, prior service credit and transition amounts as disclosed in Note 7, Benefit Plans. In February 2014, interest rate swaps, which were previously accounted for as cash flow hedges, were terminated as the issuance of the underlying debt was no longer probable. As a result, a $13.5 million gain was reclassified from accumulated other comprehensive loss into net income. This pre-tax gain is included as a component of interest, net in the Consolidated Statements of Operations for the nine months ended May 31, 2014. |
Benefit_Plans
Benefit Plans | 9 Months Ended | |||||||||||||||||||||||
31-May-14 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Benefit plans | ' | |||||||||||||||||||||||
Benefit Plans | ||||||||||||||||||||||||
We have various pension and other defined benefit and defined contribution plans, in which substantially all employees may participate. We also have non-qualified supplemental executive and Board retirement plans. | ||||||||||||||||||||||||
Components of net periodic benefit costs for the three and nine months ended May 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Qualified | Non-Qualified | Other Benefits | ||||||||||||||||||||||
Pension Benefits | Pension Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Components of net periodic benefit costs for the three months ended are as follows: | (Dollars in thousands) | |||||||||||||||||||||||
Service cost | $ | 7,543 | $ | 9,109 | $ | 219 | $ | 211 | $ | 339 | $ | 935 | ||||||||||||
Interest cost | 7,495 | 6,072 | 423 | 340 | 418 | 443 | ||||||||||||||||||
Expected return on assets | (11,910 | ) | (13,388 | ) | — | — | — | — | ||||||||||||||||
Prior service cost (credit) amortization | 398 | 399 | 57 | 57 | (30 | ) | (81 | ) | ||||||||||||||||
Actuarial (gain) loss amortization | 4,566 | 6,500 | 250 | 270 | (228 | ) | 371 | |||||||||||||||||
Transition amount amortization | — | — | — | — | — | 73 | ||||||||||||||||||
Net periodic benefit cost | $ | 8,092 | $ | 8,692 | $ | 949 | $ | 878 | $ | 499 | $ | 1,741 | ||||||||||||
Components of net periodic benefit costs for the nine months ended are as follows: | ||||||||||||||||||||||||
Service cost | $ | 22,812 | $ | 23,541 | $ | 646 | $ | 540 | $ | 1,297 | $ | 2,202 | ||||||||||||
Interest cost | 22,433 | 19,078 | 1,245 | 987 | 1,439 | 1,675 | ||||||||||||||||||
Expected return on assets | (35,726 | ) | (37,311 | ) | — | — | — | — | ||||||||||||||||
Prior service cost (credit) amortization | 1,195 | 1,198 | 171 | 171 | (90 | ) | (90 | ) | ||||||||||||||||
Actuarial (gain) loss amortization | 13,655 | 16,961 | 718 | 692 | (415 | ) | 817 | |||||||||||||||||
Transition amount amortization | — | — | — | — | — | 422 | ||||||||||||||||||
Net periodic benefit cost | $ | 24,369 | $ | 23,467 | $ | 2,780 | $ | 2,390 | $ | 2,231 | $ | 5,026 | ||||||||||||
Employer Contributions | ||||||||||||||||||||||||
Total contributions to be made during fiscal 2014, including the NCRA plan, will depend primarily on market returns on the pension plan assets and minimum funding level requirements. During the nine months ended May 31, 2014, CHS and NCRA made no contributions to the pension plans. At this time, we do not anticipate having to make a required contribution for our benefit plans in fiscal 2014, but we may make a voluntary contribution during our fourth quarter. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||||
31-May-14 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||
Segment Reporting | ||||||||||||||||||||
We have aligned our segments based on an assessment of how our businesses are operated and the products and services they sell. | ||||||||||||||||||||
Our Energy segment produces and provides primarily for the wholesale distribution of petroleum products and transportation of those products. Our Ag segment purchases and further processes or resells grains and oilseeds originated by our country operations business, by our member cooperatives and by third parties, and also serves as a wholesaler and retailer of crop inputs. Corporate and Other primarily represents the non-consolidated wheat milling and packaged food joint ventures, as well as our business solutions operations, which consist of commodities hedging, insurance and financial services related to crop production. | ||||||||||||||||||||
Corporate administrative expenses are allocated to each business segment, and Corporate and Other, based on direct usage for services that can be tracked, such as information technology and legal, and other factors or considerations relevant to the costs incurred. | ||||||||||||||||||||
Many of our business activities are highly seasonal and operating results will vary throughout the year. Historically, our income is generally lowest during the second fiscal quarter and highest during the third fiscal quarter. For example, in our Ag segment, agronomy and country operations businesses experience higher volumes and income during the spring planting season and in the fall, which corresponds to harvest. Also in our Ag segment, our grain marketing operations are subject to fluctuations in volumes and earnings based on producer harvests, world grain prices and demand. Our Energy segment generally experiences higher volumes and profitability in certain operating areas, such as refined products, in the summer and early fall when gasoline and diesel fuel usage is highest and is subject to global supply and demand forces. Other energy products, such as propane, may experience higher volumes and profitability during the winter heating and crop drying seasons. | ||||||||||||||||||||
Our revenues, assets and cash flows can be significantly affected by global market prices for commodities such as petroleum products, natural gas, grains, oilseeds, crop nutrients and flour. Changes in market prices for commodities that we purchase without a corresponding change in the selling prices of those products can affect revenues and operating earnings. Commodity prices are affected by a wide range of factors beyond our control, including the weather, crop damage due to disease or insects, the availability and adequacy of supply, government regulations and policies, world events, and general political and economic conditions. | ||||||||||||||||||||
While our revenues and operating results are derived from businesses and operations which are wholly-owned and majority-owned, a portion of our business operations are conducted through companies in which we hold ownership interests of 50% or less and do not control the operations. We account for these investments primarily using the equity method of accounting, wherein we record our proportionate share of income or loss reported by the entity as equity income from investments, without consolidating the revenues and expenses of the entity in our Consolidated Statements of Operations. In our Ag segment, this principally includes our 50% ownership in TEMCO, LLC (TEMCO). In Corporate and Other, these investments principally include our 50% ownership in Ventura Foods and our 12% ownership in Ardent Mills. | ||||||||||||||||||||
Reconciling Amounts represent the elimination of revenues between segments. Such transactions are executed at market prices to more accurately evaluate the profitability of the individual business segments. | ||||||||||||||||||||
Segment information for the three and nine months ended May 31, 2014 and 2013 is as follows: | ||||||||||||||||||||
Energy | Ag | Corporate | Reconciling | Total | ||||||||||||||||
and Other | Amounts | |||||||||||||||||||
For the Three Months Ended May 31, 2014: | (Dollars in thousands) | |||||||||||||||||||
Revenues | $ | 3,480,673 | $ | 8,603,834 | $ | 18,195 | $ | (135,304 | ) | $ | 11,967,398 | |||||||||
Cost of goods sold | 3,211,396 | 8,384,725 | (43 | ) | (135,304 | ) | 11,460,774 | |||||||||||||
Gross profit | 269,277 | 219,109 | 18,238 | — | 506,624 | |||||||||||||||
Marketing, general and administrative | 40,197 | 99,942 | 18,720 | — | 158,859 | |||||||||||||||
Operating earnings (losses) | 229,080 | 119,167 | (482 | ) | — | 347,765 | ||||||||||||||
(Gain) loss on investments | — | — | (108,792 | ) | — | (108,792 | ) | |||||||||||||
Interest, net | 24,044 | 15,357 | 3,088 | — | 42,489 | |||||||||||||||
Equity (income) loss from investments | (780 | ) | (5,216 | ) | (19,526 | ) | — | (25,522 | ) | |||||||||||
Income before income taxes | $ | 205,816 | $ | 109,026 | $ | 124,748 | $ | — | $ | 439,590 | ||||||||||
Intersegment revenues | $ | (135,304 | ) | $ | — | $ | — | $ | 135,304 | $ | — | |||||||||
Energy | Ag | Corporate | Reconciling | Total | ||||||||||||||||
and Other | Amounts | |||||||||||||||||||
For the Three Months Ended May 31, 2013: | (Dollars in thousands) | |||||||||||||||||||
Revenues | $ | 3,205,340 | $ | 8,831,866 | $ | 15,411 | $ | (116,061 | ) | $ | 11,936,556 | |||||||||
Cost of goods sold | 2,896,061 | 8,700,170 | (525 | ) | (116,061 | ) | 11,479,645 | |||||||||||||
Gross profit | 309,279 | 131,696 | 15,936 | — | 456,911 | |||||||||||||||
Marketing, general and administrative | 43,710 | 77,653 | 17,406 | — | 138,769 | |||||||||||||||
Operating earnings (losses) | 265,569 | 54,043 | (1,470 | ) | — | 318,142 | ||||||||||||||
(Gain) loss on investments | — | — | (154 | ) | — | (154 | ) | |||||||||||||
Interest, net | 46,058 | 17,434 | 2,902 | — | 66,394 | |||||||||||||||
Equity (income) loss from investments | (851 | ) | (3,365 | ) | (23,358 | ) | — | (27,574 | ) | |||||||||||
Income before income taxes | $ | 220,362 | $ | 39,974 | $ | 19,140 | $ | — | $ | 279,476 | ||||||||||
Intersegment revenues | $ | (116,061 | ) | $ | — | $ | — | $ | 116,061 | $ | — | |||||||||
For the Nine Months Ended May 31, 2014: | ||||||||||||||||||||
Revenues | $ | 10,628,885 | $ | 22,411,894 | $ | 52,403 | $ | (419,389 | ) | $ | 32,673,793 | |||||||||
Cost of goods sold | 9,895,167 | 21,849,095 | (54 | ) | (419,389 | ) | 31,324,819 | |||||||||||||
Gross profit | 733,718 | 562,799 | 52,457 | — | 1,348,974 | |||||||||||||||
Marketing, general and administrative | 114,181 | 282,823 | 50,767 | — | 447,771 | |||||||||||||||
Operating earnings (losses) | 619,537 | 279,976 | 1,690 | — | 901,203 | |||||||||||||||
(Gain) loss on investments | — | 116 | (111,517 | ) | — | (111,401 | ) | |||||||||||||
Interest, net | 55,212 | 39,498 | 7,553 | — | 102,263 | |||||||||||||||
Equity (income) loss from investments | (2,937 | ) | (19,906 | ) | (66,406 | ) | — | (89,249 | ) | |||||||||||
Income before income taxes | $ | 567,262 | $ | 260,268 | $ | 172,060 | $ | — | $ | 999,590 | ||||||||||
Intersegment revenues | $ | (419,389 | ) | $ | — | $ | — | $ | 419,389 | $ | — | |||||||||
Goodwill | $ | 1,165 | $ | 104,507 | $ | 6,898 | $ | — | $ | 112,570 | ||||||||||
Capital expenditures | $ | 367,228 | $ | 250,423 | $ | 38,637 | $ | — | $ | 656,288 | ||||||||||
Depreciation and amortization | $ | 99,577 | $ | 85,284 | $ | 8,300 | $ | — | $ | 193,161 | ||||||||||
Total assets at May 31, 2014 | $ | 4,304,663 | $ | 7,269,201 | $ | 3,371,083 | $ | — | $ | 14,944,947 | ||||||||||
For the Nine Months Ended May 31, 2013: | ||||||||||||||||||||
Revenues | $ | 9,345,304 | $ | 24,483,835 | $ | 52,357 | $ | (352,624 | ) | $ | 33,528,872 | |||||||||
Cost of goods sold | 8,392,704 | 24,017,733 | (2,017 | ) | (352,624 | ) | 32,055,796 | |||||||||||||
Gross profit | 952,600 | 466,102 | 54,374 | — | 1,473,076 | |||||||||||||||
Marketing, general and administrative | 121,364 | 223,041 | 53,526 | — | 397,931 | |||||||||||||||
Operating earnings (losses) | 831,236 | 243,061 | 848 | — | 1,075,145 | |||||||||||||||
(Gain) loss on investments | — | (45 | ) | (154 | ) | — | (199 | ) | ||||||||||||
Interest, net | 124,229 | 53,472 | 9,288 | — | 186,989 | |||||||||||||||
Equity (income) loss from investments | (580 | ) | (13,104 | ) | (58,722 | ) | — | (72,406 | ) | |||||||||||
Income before income taxes | $ | 707,587 | $ | 202,738 | $ | 50,436 | $ | — | $ | 960,761 | ||||||||||
Intersegment revenues | $ | (352,624 | ) | $ | — | $ | — | $ | 352,624 | $ | — | |||||||||
Goodwill | $ | 1,165 | $ | 76,103 | $ | 6,898 | $ | — | $ | 84,166 | ||||||||||
Capital expenditures | $ | 290,091 | $ | 131,794 | $ | 5,185 | $ | — | $ | 427,070 | ||||||||||
Depreciation and amortization | $ | 86,454 | $ | 77,587 | $ | 12,798 | $ | — | $ | 176,839 | ||||||||||
Total assets at May 31, 2013 | $ | 4,126,022 | $ | 7,127,300 | $ | 1,861,284 | $ | — | $ | 13,114,606 | ||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging Activities | 9 Months Ended | |||||||||||||||||
31-May-14 | ||||||||||||||||||
Derivative Financial Instruments and Hedging Activities [Abstract] | ' | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||||||||||
Derivative Financial Instruments and Hedging Activities | ||||||||||||||||||
Our derivative instruments primarily consist of commodity and freight futures and forward contracts and, to a minor degree, may include foreign currency and interest rate swap contracts. These contracts are economic hedges of price risk, but are not designated or accounted for as hedging instruments for accounting purposes, with the exception of certain interest rate swap contracts which are accounted for as cash flow or fair value hedges. Derivative instruments are recorded on our Consolidated Balance Sheets at fair value as discussed in Note 10, Fair Value Measurements. | ||||||||||||||||||
Even though we have netting arrangements for our exchange-traded futures and options contracts and certain over-the-counter (OTC) contracts, we report our derivatives on a gross basis on our Consolidated Balance Sheets. Our associated margin deposits are also reported on a gross basis. Many of our derivative contracts with futures and options brokers require us to make both initial margin deposits of cash or other assets and subsequent deposits, depending on changes in commodity prices, in order to comply with applicable regulations. Our margin deposit assets are held by external brokers in segregated accounts and will be used to settle the associated derivative contracts on their specified settlement dates. | ||||||||||||||||||
As of May 31, 2014, August 31, 2013 and May 31, 2013, we had the following outstanding purchase and sales contracts: | ||||||||||||||||||
31-May-14 | 31-Aug-13 | 31-May-13 | ||||||||||||||||
Purchase | Sales | Purchase | Sales | Purchase | Sales | |||||||||||||
Contracts | Contracts | Contracts | Contracts | Contracts | Contracts | |||||||||||||
(Units in thousands) | ||||||||||||||||||
Grain and oilseed - bushels | 717,181 | 969,100 | 521,979 | 806,295 | 519,293 | 806,244 | ||||||||||||
Energy products - barrels | 20,517 | 35,676 | 12,626 | 21,312 | 13,833 | 20,125 | ||||||||||||
Soy products - tons | 33 | 962 | 24 | 847 | 70 | 325 | ||||||||||||
Crop nutrients - tons | 1,077 | 1,194 | 968 | 1,050 | 675 | 778 | ||||||||||||
Ocean and barge freight - metric tons | 1,148 | 290 | 1,225 | 151 | 888 | 130 | ||||||||||||
Rail freight - rail cars | 339 | 159 | 220 | 43 | 242 | 39 | ||||||||||||
Livestock - pounds | — | 47,800 | — | 17,280 | 7,760 | — | ||||||||||||
The following tables present the gross amounts of derivative assets, derivative liabilities, and margin deposits (cash collateral) recorded on the Consolidated Balance Sheets along with the related amounts permitted to be offset in accordance with GAAP. We have elected not to offset derivative assets and liabilities when we have the right of offset under FASB Accounting Standards Codification (ASC) Topic 210-20, Balance Sheet - Offsetting; or when the instruments are subject to master netting arrangements under ASC Topic 815-10-45, Derivatives and Hedging - Overall. | ||||||||||||||||||
May 31, 2014 | ||||||||||||||||||
Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting | ||||||||||||||||||
Gross Amounts Recognized | Cash Collateral | Derivative Instruments | Net Amounts | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Derivative Assets: | ||||||||||||||||||
Commodity and freight derivatives | $ | 544,198 | $ | — | $ | 52,103 | $ | 492,095 | ||||||||||
Foreign exchange derivatives | 182 | — | 77 | 105 | ||||||||||||||
Interest rate derivatives - hedge | 2 | — | — | 2 | ||||||||||||||
Total Derivative Assets | $ | 544,382 | $ | — | $ | 52,180 | $ | 492,202 | ||||||||||
Derivative Liabilities: | ||||||||||||||||||
Commodity and freight derivatives | $ | 410,148 | $ | — | $ | 52,103 | $ | 358,045 | ||||||||||
Foreign exchange derivatives | 2,153 | — | 77 | 2,076 | ||||||||||||||
Interest rate derivatives - non-hedge | 170 | — | — | 170 | ||||||||||||||
Total Derivative Liabilities | $ | 412,471 | $ | — | $ | 52,180 | $ | 360,291 | ||||||||||
August 31, 2013 | ||||||||||||||||||
Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting | ||||||||||||||||||
Gross Amounts Recognized | Cash Collateral | Derivative Instruments | Net Amounts | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Derivative Assets: | ||||||||||||||||||
Commodity and freight derivatives | $ | 468,673 | $ | — | $ | 53,107 | $ | 415,566 | ||||||||||
Foreign exchange derivatives | 7,079 | — | 957 | 6,122 | ||||||||||||||
Interest rate derivatives - hedge | 24,135 | — | — | 24,135 | ||||||||||||||
Interest rate derivatives - non-hedge | 3 | — | 3 | — | ||||||||||||||
Total Derivative Assets | $ | 499,890 | $ | — | $ | 54,067 | $ | 445,823 | ||||||||||
Derivative Liabilities: | ||||||||||||||||||
Commodity and freight derivatives | $ | 458,893 | $ | 1,591 | $ | 53,107 | $ | 404,195 | ||||||||||
Foreign exchange derivatives | 5,925 | — | 957 | 4,968 | ||||||||||||||
Interest rate derivatives - non-hedge | 248 | — | 3 | 245 | ||||||||||||||
Total Derivative Liabilities | $ | 465,066 | $ | 1,591 | $ | 54,067 | $ | 409,408 | ||||||||||
May 31, 2013 | ||||||||||||||||||
Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting | ||||||||||||||||||
Gross Amounts Recognized | Cash Collateral | Derivative Instruments | Net Amounts | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Derivative Assets: | ||||||||||||||||||
Commodity and freight derivatives | $ | 510,258 | $ | — | $ | 32,678 | $ | 477,580 | ||||||||||
Foreign exchange derivatives | 5,043 | — | — | 5,043 | ||||||||||||||
Interest rate derivatives - hedge | 9,160 | — | — | 9,160 | ||||||||||||||
Total Derivative Assets | $ | 524,461 | $ | — | $ | 32,678 | $ | 491,783 | ||||||||||
Derivative Liabilities: | ||||||||||||||||||
Commodity and freight derivatives | $ | 452,289 | $ | 56,423 | $ | 32,678 | $ | 363,188 | ||||||||||
Foreign exchange derivatives | 3,883 | — | — | 3,883 | ||||||||||||||
Interest rate derivatives - non-hedge | 304 | — | — | 304 | ||||||||||||||
Total Derivative Liabilities | $ | 456,476 | $ | 56,423 | $ | 32,678 | $ | 367,375 | ||||||||||
In fiscal 2013, we entered into derivative contracts designated as cash flow hedging instruments that were terminated in February 2014 as the issuance of the underlying debt was no longer probable. As a result, a $13.5 million gain was reclassified from accumulated other comprehensive loss into net income. This pre-tax gain is included as a component of interest, net in the Consolidated Statements of Operations for the nine months ended May 31, 2014. As of May 31, 2014, August 31, 2013 and May 31, 2013, the unrealized gains deferred to accumulated other comprehensive loss were as follows: | ||||||||||||||||||
May 31, 2014 | August 31, 2013 | May 31, 2013 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Unrealized gains (losses) included in accumulated other comprehensive loss, net of tax expense of $0, $9.2 million and $3.5 million, respectively | $ | — | $ | 14,930 | $ | 5,666 | ||||||||||||
In April 2014, we entered into an interest rate swap with a notional amount of $130.0 million designated as a fair value hedge of a portion of our fixed-rate debt. Our objective is to offset changes in the fair value of the debt associated with the risk of variability in the 3-month U.S. Dollar LIBOR interest rate, in essence converting the fixed-rate debt to variable-rate debt. Offsetting changes in the fair values of both the swap instrument and the hedged debt are recorded contemporaneously each period and only create an impact to earnings to the extent that the hedge is ineffective. | ||||||||||||||||||
The following table sets forth the pretax gains (losses) on derivatives not accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the three and nine months ended May 31, 2014 and 2013. | ||||||||||||||||||
For the Three Months Ended May 31, | For the Nine Months Ended May 31, | |||||||||||||||||
Location of | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gain (Loss) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Commodity and freight derivatives | Cost of goods sold | $ | 157,461 | $ | (22,457 | ) | $ | 218,883 | $ | (452,747 | ) | |||||||
Foreign exchange derivatives | Cost of goods sold | (5,685 | ) | (13,648 | ) | (7,688 | ) | 2,570 | ||||||||||
Interest rate derivatives | Interest, net | 24 | 114 | 74 | 240 | |||||||||||||
Total | $ | 151,800 | $ | (35,991 | ) | $ | 211,269 | $ | (449,937 | ) | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
31-May-14 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The following tables present assets and liabilities, included in on our Consolidated Balance Sheets, that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine such fair values. Assets and liabilities are classified, in their entirety, based on the lowest level of input that is a significant component of the fair value measurement. The lowest level of input is considered Level 3. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. | ||||||||||||||||
Fair value measurements at May 31, 2014, August 31, 2013 and May 31, 2013 are as follows: | ||||||||||||||||
31-May-14 | ||||||||||||||||
Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Readily marketable inventories | $ | — | $ | 1,159,581 | $ | — | $ | 1,159,581 | ||||||||
Commodity and freight derivatives | 86,639 | 457,559 | — | 544,198 | ||||||||||||
Foreign currency derivatives | 182 | — | — | 182 | ||||||||||||
Interest rate swap derivatives | — | 2 | — | 2 | ||||||||||||
Other assets | 89,848 | — | — | 89,848 | ||||||||||||
Total Assets | $ | 176,669 | $ | 1,617,142 | $ | — | $ | 1,793,811 | ||||||||
Liabilities: | ||||||||||||||||
Commodity and freight derivatives | $ | 79,284 | $ | 330,864 | $ | — | $ | 410,148 | ||||||||
Interest rate swap derivatives | — | 170 | — | 170 | ||||||||||||
Foreign currency derivatives | 2,153 | — | — | 2,153 | ||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | — | — | 130,159 | 130,159 | ||||||||||||
Total Liabilities | $ | 81,437 | $ | 331,034 | $ | 130,159 | $ | 542,630 | ||||||||
August 31, 2013 | ||||||||||||||||
Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Readily marketable inventories | $ | — | $ | 1,203,383 | $ | — | $ | 1,203,383 | ||||||||
Commodity and freight derivatives | 58,441 | 410,233 | — | 468,674 | ||||||||||||
Interest rate swap derivatives | — | 24,139 | — | 24,139 | ||||||||||||
Foreign currency derivatives | 6,894 | 185 | — | 7,079 | ||||||||||||
Other assets | 114,084 | — | — | 114,084 | ||||||||||||
Total Assets | $ | 179,419 | $ | 1,637,940 | $ | — | $ | 1,817,359 | ||||||||
Liabilities: | ||||||||||||||||
Commodity and freight derivatives | $ | 59,184 | $ | 399,710 | $ | — | $ | 458,894 | ||||||||
Interest rate swap derivatives | — | 248 | — | 248 | ||||||||||||
Foreign currency derivatives | 5,925 | — | — | 5,925 | ||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | — | — | 134,134 | 134,134 | ||||||||||||
Total Liabilities | $ | 65,109 | $ | 399,958 | $ | 134,134 | $ | 599,201 | ||||||||
31-May-13 | ||||||||||||||||
Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Readily marketable inventories | $ | — | $ | 1,433,639 | $ | — | $ | 1,433,639 | ||||||||
Commodity and freight derivatives | 53,375 | 456,883 | — | 510,258 | ||||||||||||
Interest rate swap derivatives | — | 9,160 | — | 9,160 | ||||||||||||
Foreign currency derivatives | 5,043 | — | — | 5,043 | ||||||||||||
Other assets | 131,901 | — | — | 131,901 | ||||||||||||
Total Assets | $ | 190,319 | $ | 1,899,682 | $ | — | $ | 2,090,001 | ||||||||
Liabilities: | ||||||||||||||||
Commodity and freight derivatives | $ | 95,997 | $ | 356,292 | $ | — | $ | 452,289 | ||||||||
Interest rate swap derivatives | — | 304 | — | 304 | ||||||||||||
Foreign currency derivatives | 3,883 | — | — | 3,883 | ||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | — | — | 146,245 | 146,245 | ||||||||||||
Total Liabilities | $ | 99,880 | $ | 356,596 | $ | 146,245 | $ | 602,721 | ||||||||
Readily marketable inventories — Our readily marketable inventories primarily include grain, oilseed, and minimally processed soy-based inventories that are stated at fair values. These commodities are readily marketable, have quoted market prices and may be sold without significant additional processing. We estimate the fair market values of these inventories included in Level 2 primarily based on exchange quoted prices, adjusted for differences in local markets. Changes in the fair market values of these inventories are recognized in our Consolidated Statements of Operations as a component of cost of goods sold. | ||||||||||||||||
Commodity, freight and foreign currency derivatives — Exchange traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified within Level 1. Our forward commodity purchase and sales contracts, flat price or basis fixed derivative contracts, ocean freight contracts and other OTC derivatives are determined using inputs that are generally based on exchange traded prices and/or recent market bids and offers, adjusted for location specific inputs, and are classified within Level 2. The location specific inputs are generally broker or dealer quotations, or market transactions in either the listed or OTC markets. Changes in the fair values of these contracts are recognized in our Consolidated Statements of Operations as a component of cost of goods sold. | ||||||||||||||||
Other assets — Our available-for-sale investments in common stock of other companies, deferred compensation investments and Rabbi Trust assets are valued based on unadjusted quoted prices on active exchanges and are classified within Level 1. Changes in the fair values of these other assets are primarily recognized in our Consolidated Statements of Operations as a component of marketing, general and administrative expenses. | ||||||||||||||||
Interest rate swap derivatives — Fair values of our interest rate swap liabilities are determined utilizing valuation models that are widely accepted in the market to value such OTC derivative contracts. The specific terms of the contracts, as well as market observable inputs, such as interest rates and credit risk assumptions, are factored into the models. As all significant inputs are market observable, all interest rate swaps are classified within Level 2. Changes in the fair values of contracts not designated as hedging instruments for accounting purposes are recognized in our Consolidated Statements of Operations as a component of interest, net. Changes in the fair values of contracts designated as cash flow hedges are deferred to accumulated other comprehensive loss in the equity section of our Consolidated Balance Sheets and are amortized into earnings within interest, net over the term of the agreements. | ||||||||||||||||
Accrued liability for contingent crack spread payment related to purchase of noncontrolling interests — The fair value of the accrued liability was calculated utilizing an average price option model, an adjusted Black-Scholes pricing model commonly used in the energy industry to value options. The model uses market observable inputs and unobservable inputs. Due to significant unobservable inputs used in the pricing model, the liability is classified within Level 3. | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
Fair Value | Valuation | Range | ||||||||||||||
Item | May 31, 2014 | Technique | Unobservable Input | (Weighted Average) | ||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | $130,159 | Adjusted Black-Scholes option pricing model | Forward crack spread margin on May 31, 2014 (a) | $14.34-$17.72 ($16.55) | ||||||||||||
Contractual target crack spread margin (b) | $17.50 | |||||||||||||||
Expected volatility (c) | 128.59% | |||||||||||||||
Risk-free interest rate (d) | 1.80%-2.60% (2.23%) | |||||||||||||||
Expected life - years (e) | 0.25-3.25 (1.89) | |||||||||||||||
(a) Represents forward crack spread margin quotes and management estimates based on future settlement dates | ||||||||||||||||
(b) Represents the minimum contractual threshold that would require settlement with the counterparties | ||||||||||||||||
(c) Represents quarterly adjusted volatility estimates derived from daily historical market data | ||||||||||||||||
(d) Represents yield curves for U.S. Treasury securities | ||||||||||||||||
(e) Represents the range in the number of years remaining related to each contingent payment | ||||||||||||||||
Valuation processes for Level 3 measurements — Management is responsible for determining the fair value of our Level 3 financial instruments. Option pricing methods are utilized, as indicated above. Inputs used in the option pricing models are based on quotes obtained from third party vendors as well as management estimates for periods in which quotes cannot be obtained. Each reporting period, management reviews the unobservable inputs provided by third-party vendors for reasonableness utilizing relevant information available to us. Management also takes into consideration current and expected market trends and compares the liability’s fair value to hypothetical payments using known historical market data to assess reasonableness of the resulting fair value. | ||||||||||||||||
Sensitivity analysis of Level 3 measurements — The significant unobservable inputs that are susceptible to periodic fluctuations used in the fair value measurement of the accrued liability for contingent crack spread payments related to the purchase of noncontrolling interests are the adjusted forward crack spread margin and the expected volatility. Significant increases (decreases) in either of these inputs in isolation would result in a significantly higher (lower) fair value measurement. Although changes in the expected volatility are driven by fluctuations in the underlying crack spread margin, changes in expected volatility are not necessarily accompanied by a directionally similar change in the forward crack spread margin. Directional changes in the expected volatility can be affected by a multitude of factors including the magnitude of daily fluctuations in the underlying market data, market trends, timing of fluctuations, and other factors. | ||||||||||||||||
The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the three months ended May 31, 2014 and 2013, respectively: | ||||||||||||||||
Level 3 Liabilities | ||||||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balances, February 28, 2014 and 2013, respectively | $ | 140,631 | $ | 140,987 | ||||||||||||
Total (gains) losses included in cost of goods sold | (10,472 | ) | 5,258 | |||||||||||||
Balances, May 31, 2014 and 2013, respectively | $ | 130,159 | $ | 146,245 | ||||||||||||
The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the nine months ended May 31, 2014 and 2013, respectively: | ||||||||||||||||
Level 3 Liabilities | ||||||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balances, August 31, 2013 and 2012, respectively | $ | 134,134 | $ | 127,516 | ||||||||||||
Total (gains) losses included in cost of goods sold | (3,975 | ) | 18,729 | |||||||||||||
Balances, May 31, 2014 and 2013, respectively | $ | 130,159 | $ | 146,245 | ||||||||||||
There were no material transfers between Level 1, Level 2, and Level 3 assets and liabilities. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||||||||||||||||
31-May-14 | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | |||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||
Unconditional Purchase Obligations | ||||||||||||||||||||
Long-term unconditional purchase obligations primarily relate to pipeline and grain handling take-or-pay and through-put agreements, and are not recorded on our Consolidated Balance Sheets. Minimum future payments required under long-term unconditional purchase obligations as of May 31, 2014 are as follows: | ||||||||||||||||||||
Payments Due by Period | ||||||||||||||||||||
Total | Less than | 3-Jan | 5-Mar | More than | ||||||||||||||||
1 Year | Years | Years | 5 Years | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Long-term unconditional purchase obligations | $ | 503,960 | $ | 62,769 | $ | 130,048 | $ | 91,324 | $ | 219,819 | ||||||||||
The discounted, aggregate amount of the minimum required payments under long-term unconditional purchase obligations, based on current exchange rates at May 31, 2014 is $428.4 million. | ||||||||||||||||||||
Guarantees | ||||||||||||||||||||
We are a guarantor for lines of credit and performance obligations of related companies. As of May 31, 2014, our bank covenants allowed maximum guarantees of $1.0 billion, of which $79.6 million was outstanding. We have collateral for a portion of these contingent obligations. We have not recorded a liability related to the contingent obligations as we do not expect to pay out any cash related to them, and the fair values are considered immaterial. The underlying loans to the counterparties for which we provide guarantees are current as of May 31, 2014. | ||||||||||||||||||||
Contingencies | ||||||||||||||||||||
In May 2013, we initiated a voluntary recall of certain soy protein products produced at our Ashdod, Israel facility following one customer's report to us of a positive test result for salmonella in product purchased from us. We notified applicable food safety regulators, including the Israel Ministry of Health and the U.S. Food and Drug Administration, of both the positive test result and our determination to conduct a voluntary recall. We have received no reports of salmonella-related illness in relation to the recalled products. We estimate our range of loss associated with this recall to be between $13.4 million and $21.1 million and have recorded a total loss of $18.0 million, which is the amount within the range that we believe is the best estimate given the claims experience so far. As of May 31, 2014, $9.6 million of claims had been settled. We maintain product liability and general liability insurance (which includes product liability coverage), which we believe will offset some related product liability expenses. However, as of May 31, 2014, no insurance recoveries have been recorded related to this incident. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||
31-May-14 | ||||
Accounting Policies [Abstract] | ' | |||
Derivatives, Policy [Policy Text Block] | ' | |||
Even though we have netting arrangements for our exchange-traded futures and options contracts and certain over-the-counter (OTC) contracts, we report our derivatives on a gross basis on our Consolidated Balance Sheets. Our associated margin deposits are also reported on a gross basis. Many of our derivative contracts with futures and options brokers require us to make both initial margin deposits of cash or other assets and subsequent deposits, depending on changes in commodity prices, in order to comply with applicable regulations. Our margin deposit assets are held by external brokers in segregated accounts and will be used to settle the associated derivative contracts on their specified settlement dates. | ||||
Consolidation, Policy [Policy Text Block] | ' | |||
The consolidated financial statements include our accounts and the accounts of our wholly-owned and majority-owned subsidiaries and limited liability companies, which are primarily related to National Cooperative Refinery Association (NCRA), included in our Energy segment. The effects of all significant intercompany accounts and transactions have been eliminated. | ||||
Goodwill and Other Intangible Assets | ' | |||
Goodwill and Other Intangible Assets | ||||
Goodwill was $112.6 million, $85.1 million and $84.2 million on May 31, 2014, August 31, 2013 and May 31, 2013, respectively, and is included in other assets on our Consolidated Balance Sheets. We acquired goodwill of $26.7 million during the nine months ended May 31, 2014, which related primarily to acquisitions in our Ag segment for which we paid $114.4 million in cash consideration. These acquisitions were not material, individually or in aggregate, to our consolidated financial statements. | ||||
Intangible assets subject to amortization primarily include customer lists, trademarks and agreements not to compete, and are amortized over their respective useful lives (ranging from 2 to 30 years). Excluding goodwill, the gross carrying amount of our intangible assets was $115.3 million, $81.5 million and $82.1 million on May 31, 2014, August 31, 2013 and May 31, 2013, respectively. Accumulated amortization was $49.3 million, $46.0 million and $42.2 million as of May 31, 2014, August 31, 2013 and May 31, 2013, respectively. Intangible assets acquired were $38.8 million and $2.4 million during the nine months ended May 31, 2014 and 2013, respectively. Intangible assets acquired during the nine months ended May 31, 2014, primarily relate to acquisitions in our Ag segment. Total amortization expense for intangible assets during the nine months ended May 31, 2014 and 2013, was $7.3 million and $7.4 million, respectively. The estimated annual amortization expense related to intangible assets subject to amortization for the next five years is as follows: | ||||
(Dollars in thousands) | ||||
Year 1 | $ | 9,168 | ||
Year 2 | 8,828 | |||
Year 3 | 7,700 | |||
Year 4 | 6,050 | |||
Year 5 | 3,647 | |||
Thereafter | 30,695 | |||
Total | $ | 66,088 | ||
In our Energy segment, major maintenance activities (turnarounds) at our two refineries are accounted for under the deferral method. Turnarounds are the scheduled and required shutdowns of refinery processing units. The costs related to the significant overhaul and refurbishment activities include materials and direct labor costs. The costs of turnarounds are deferred when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs, which is generally 2 to 4 years. The amortization expense related to turnaround costs is included in cost of goods sold in our Consolidated Statements of Operations. The selection of the deferral method, as opposed to expensing the turnaround costs when incurred, results in deferring recognition of the turnaround expenditures. The deferral method also results in the classification of the related cash outflows as investing activities in our Consolidated Statements of Cash Flows, whereas expensing these costs as incurred, would result in classifying the cash outflows as operating activities. | ||||
Recent Accounting Pronouncements | ' | |||
Recent Accounting Pronouncements | ||||
In February 2013, the FASB issued ASU No. 2013-04, "Liabilities." ASU No. 2013-04 requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this ASU also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are currently evaluating the impact that the adoption will have on our consolidated financial statements in fiscal 2015. | ||||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers." ASU No. 2014-09 requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. The guidance also requires an entity to disclose sufficient qualitative and quantitative information surrounding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts from customers. This ASU supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The amendments in this standard are effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. We are currently evaluating the impact the adoption will have on our consolidated financial statements in fiscal 2018. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||
31-May-14 | ||||
Accounting Policies [Abstract] | ' | |||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | |||
The estimated annual amortization expense related to intangible assets subject to amortization for the next five years is as follows: | ||||
(Dollars in thousands) | ||||
Year 1 | $ | 9,168 | ||
Year 2 | 8,828 | |||
Year 3 | 7,700 | |||
Year 4 | 6,050 | |||
Year 5 | 3,647 | |||
Thereafter | 30,695 | |||
Total | $ | 66,088 | ||
Receivables_Tables
Receivables (Tables) | 9 Months Ended | |||||||||||
31-May-14 | ||||||||||||
Receivables [Abstract] | ' | |||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | |||||||||||
May 31, 2014 | August 31, 2013 | May 31, 2013 | ||||||||||
(Dollars in thousands) | ||||||||||||
Trade accounts receivable | $ | 2,511,111 | $ | 2,338,336 | $ | 2,700,012 | ||||||
CHS Capital notes receivable | 717,784 | 437,141 | 567,518 | |||||||||
Other | 353,357 | 254,590 | 350,471 | |||||||||
3,582,252 | 3,030,067 | 3,618,001 | ||||||||||
Less allowances and reserves | 100,546 | 94,589 | 117,320 | |||||||||
Total receivables | $ | 3,481,706 | $ | 2,935,478 | $ | 3,500,681 | ||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||||||
31-May-14 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Schedule of Inventory, Current | ' | |||||||||||
May 31, 2014 | August 31, 2013 | May 31, 2013 | ||||||||||
(Dollars in thousands) | ||||||||||||
Grain and oilseed | $ | 1,227,913 | $ | 1,133,555 | $ | 1,344,265 | ||||||
Energy | 719,261 | 742,194 | 682,528 | |||||||||
Crop nutrients | 207,946 | 293,370 | 237,487 | |||||||||
Feed and farm supplies | 561,975 | 407,023 | 564,424 | |||||||||
Processed grain and oilseed | 107,331 | 79,706 | 97,212 | |||||||||
Other | 13,447 | 8,887 | 11,726 | |||||||||
Total inventories | $ | 2,837,873 | $ | 2,664,735 | $ | 2,937,642 | ||||||
Notes_Payable_and_LongTerm_Deb1
Notes Payable and Long-Term Debt (Tables) | 9 Months Ended | |||||||||||||||
31-May-14 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||||||
May 31, 2014 | August 31, 2013 | May 31, 2013 | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Notes payable | $ | 703,438 | $ | 521,864 | $ | 432,892 | ||||||||||
CHS Capital notes payable | 426,381 | 367,448 | 439,246 | |||||||||||||
Total notes payable | $ | 1,129,819 | $ | 889,312 | $ | 872,138 | ||||||||||
Schedule of Interest,Net | ' | |||||||||||||||
Interest, net for the three and nine months ended May 31, 2014 and 2013 is as follows: | ||||||||||||||||
For the Three Months Ended May 31, | For the Nine Months Ended May 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Interest expense | $ | 23,397 | $ | 25,649 | $ | 57,823 | $ | 73,304 | ||||||||
Interest-purchase of NCRA noncontrolling interests | 23,862 | 45,574 | 56,258 | 126,261 | ||||||||||||
Capitalized interest | (2,641 | ) | (2,567 | ) | (6,503 | ) | (8,163 | ) | ||||||||
Interest income | (2,129 | ) | (2,262 | ) | (5,315 | ) | (4,413 | ) | ||||||||
Interest, net | $ | 42,489 | $ | 66,394 | $ | 102,263 | $ | 186,989 | ||||||||
In February 2014, we terminated interest rate swaps and recorded a resulting $13.5 million gain as a reduction to interest expense in our Consolidated Statements of Operations for the nine months ended May 31, 2014. See Note 9, Derivative Financial Instruments and Hedging Activities for additional information. |
Equities_Tables
Equities (Tables) | 9 Months Ended | |||||||||||||||||||
31-May-14 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||
Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the nine months ended May 31, 2014: | ||||||||||||||||||||
Pension and Other Postretirement Benefits | Unrealized Net Gain on Available for Sale Investments | Cash Flow Hedges | Foreign Currency Translation Adjustment | Total | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Balance as of August 31, 2013 | $ | (165,611 | ) | $ | 2,370 | $ | 11,685 | $ | (5,311 | ) | $ | (156,867 | ) | |||||||
Current period other comprehensive income (loss), net of tax | 772 | 1,520 | (6,139 | ) | (1,520 | ) | (5,367 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 10,708 | — | (8,396 | ) | 687 | 2,999 | ||||||||||||||
Net other comprehensive income (loss), net of tax | 11,480 | 1,520 | (14,535 | ) | (833 | ) | (2,368 | ) | ||||||||||||
Balance as of May 31, 2014 | $ | (154,131 | ) | $ | 3,890 | $ | (2,850 | ) | $ | (6,144 | ) | $ | (159,235 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) were related to pension and other postretirement benefits, cash flow hedges and foreign currency translation adjustments, and were recorded to net income. Pension and other postretirement reclassifications include amortization of net actuarial loss, prior service credit and transition amounts as disclosed in Note 7, Benefit Plans. In February 2014, interest rate swaps, which were previously accounted for as cash flow hedges, were terminated as the issuance of the underlying debt was no longer probable. As a result, a $13.5 million gain was reclassified from accumulated other comprehensive loss into net income. This pre-tax gain is included as a component of interest, net in the Consolidated Statements of Operations for the nine months ended May 31, 2014. | ||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | |||||||||||||||||||
Changes in equities for the nine months ended May 31, 2014 and 2013 are as follows: | ||||||||||||||||||||
For the Nine Months Ended | ||||||||||||||||||||
31-May-14 | 31-May-13 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
CHS Inc. balances, September 1, 2013 and 2012 | $ | 5,131,208 | $ | 4,455,341 | ||||||||||||||||
Net income attributable to CHS Inc. | 881,710 | 869,589 | ||||||||||||||||||
Other comprehensive (loss) income | (2,368 | ) | 5,852 | |||||||||||||||||
Patronage distribution | (837,306 | ) | (975,998 | ) | ||||||||||||||||
Patronage accrued | 841,386 | 969,862 | ||||||||||||||||||
Equities retired | (87,666 | ) | (184,955 | ) | ||||||||||||||||
Equity retirements accrued | 87,666 | 184,955 | ||||||||||||||||||
Equities issued in business combinations | 45 | 18,211 | ||||||||||||||||||
Preferred stock issuance, net of expenses | 679,845 | — | ||||||||||||||||||
Preferred stock dividends | (40,366 | ) | (18,408 | ) | ||||||||||||||||
Estimated current year patronage | (347,000 | ) | (347,491 | ) | ||||||||||||||||
Other, net | (8,844 | ) | 8,008 | |||||||||||||||||
CHS Inc. balances, May 31, 2014 and 2013 | $ | 6,298,310 | $ | 4,984,966 | ||||||||||||||||
Noncontrolling interests balances, September 1, 2013 and 2012 | $ | 21,539 | $ | 17,982 | ||||||||||||||||
Net income attributable to noncontrolling interests | 1,812 | 4,139 | ||||||||||||||||||
Distributions to noncontrolling interests | (575 | ) | (1,235 | ) | ||||||||||||||||
Deconsolidation of a subsidiary | (4,779 | ) | — | |||||||||||||||||
Other | 584 | 1,001 | ||||||||||||||||||
Noncontrolling interests balances, May 31, 2014 and 2013 | $ | 18,581 | $ | 21,887 | ||||||||||||||||
Benefit_Plans_Schedule_of_Net_
Benefit Plans Schedule of Net Benefit Costs (Tables) | 9 Months Ended | |||||||||||||||||||||||
31-May-14 | ||||||||||||||||||||||||
Schedule of Net Periodic Benefit Costs [Abstract] | ' | |||||||||||||||||||||||
Schedule of Net Benefit Costs of Assumptions Used [Table Text Block] | ' | |||||||||||||||||||||||
Qualified | Non-Qualified | Other Benefits | ||||||||||||||||||||||
Pension Benefits | Pension Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Components of net periodic benefit costs for the three months ended are as follows: | (Dollars in thousands) | |||||||||||||||||||||||
Service cost | $ | 7,543 | $ | 9,109 | $ | 219 | $ | 211 | $ | 339 | $ | 935 | ||||||||||||
Interest cost | 7,495 | 6,072 | 423 | 340 | 418 | 443 | ||||||||||||||||||
Expected return on assets | (11,910 | ) | (13,388 | ) | — | — | — | — | ||||||||||||||||
Prior service cost (credit) amortization | 398 | 399 | 57 | 57 | (30 | ) | (81 | ) | ||||||||||||||||
Actuarial (gain) loss amortization | 4,566 | 6,500 | 250 | 270 | (228 | ) | 371 | |||||||||||||||||
Transition amount amortization | — | — | — | — | — | 73 | ||||||||||||||||||
Net periodic benefit cost | $ | 8,092 | $ | 8,692 | $ | 949 | $ | 878 | $ | 499 | $ | 1,741 | ||||||||||||
Components of net periodic benefit costs for the nine months ended are as follows: | ||||||||||||||||||||||||
Service cost | $ | 22,812 | $ | 23,541 | $ | 646 | $ | 540 | $ | 1,297 | $ | 2,202 | ||||||||||||
Interest cost | 22,433 | 19,078 | 1,245 | 987 | 1,439 | 1,675 | ||||||||||||||||||
Expected return on assets | (35,726 | ) | (37,311 | ) | — | — | — | — | ||||||||||||||||
Prior service cost (credit) amortization | 1,195 | 1,198 | 171 | 171 | (90 | ) | (90 | ) | ||||||||||||||||
Actuarial (gain) loss amortization | 13,655 | 16,961 | 718 | 692 | (415 | ) | 817 | |||||||||||||||||
Transition amount amortization | — | — | — | — | — | 422 | ||||||||||||||||||
Net periodic benefit cost | $ | 24,369 | $ | 23,467 | $ | 2,780 | $ | 2,390 | $ | 2,231 | $ | 5,026 | ||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||||
31-May-14 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||||||
Segment information for the three and nine months ended May 31, 2014 and 2013 is as follows: | ||||||||||||||||||||
Energy | Ag | Corporate | Reconciling | Total | ||||||||||||||||
and Other | Amounts | |||||||||||||||||||
For the Three Months Ended May 31, 2014: | (Dollars in thousands) | |||||||||||||||||||
Revenues | $ | 3,480,673 | $ | 8,603,834 | $ | 18,195 | $ | (135,304 | ) | $ | 11,967,398 | |||||||||
Cost of goods sold | 3,211,396 | 8,384,725 | (43 | ) | (135,304 | ) | 11,460,774 | |||||||||||||
Gross profit | 269,277 | 219,109 | 18,238 | — | 506,624 | |||||||||||||||
Marketing, general and administrative | 40,197 | 99,942 | 18,720 | — | 158,859 | |||||||||||||||
Operating earnings (losses) | 229,080 | 119,167 | (482 | ) | — | 347,765 | ||||||||||||||
(Gain) loss on investments | — | — | (108,792 | ) | — | (108,792 | ) | |||||||||||||
Interest, net | 24,044 | 15,357 | 3,088 | — | 42,489 | |||||||||||||||
Equity (income) loss from investments | (780 | ) | (5,216 | ) | (19,526 | ) | — | (25,522 | ) | |||||||||||
Income before income taxes | $ | 205,816 | $ | 109,026 | $ | 124,748 | $ | — | $ | 439,590 | ||||||||||
Intersegment revenues | $ | (135,304 | ) | $ | — | $ | — | $ | 135,304 | $ | — | |||||||||
Energy | Ag | Corporate | Reconciling | Total | ||||||||||||||||
and Other | Amounts | |||||||||||||||||||
For the Three Months Ended May 31, 2013: | (Dollars in thousands) | |||||||||||||||||||
Revenues | $ | 3,205,340 | $ | 8,831,866 | $ | 15,411 | $ | (116,061 | ) | $ | 11,936,556 | |||||||||
Cost of goods sold | 2,896,061 | 8,700,170 | (525 | ) | (116,061 | ) | 11,479,645 | |||||||||||||
Gross profit | 309,279 | 131,696 | 15,936 | — | 456,911 | |||||||||||||||
Marketing, general and administrative | 43,710 | 77,653 | 17,406 | — | 138,769 | |||||||||||||||
Operating earnings (losses) | 265,569 | 54,043 | (1,470 | ) | — | 318,142 | ||||||||||||||
(Gain) loss on investments | — | — | (154 | ) | — | (154 | ) | |||||||||||||
Interest, net | 46,058 | 17,434 | 2,902 | — | 66,394 | |||||||||||||||
Equity (income) loss from investments | (851 | ) | (3,365 | ) | (23,358 | ) | — | (27,574 | ) | |||||||||||
Income before income taxes | $ | 220,362 | $ | 39,974 | $ | 19,140 | $ | — | $ | 279,476 | ||||||||||
Intersegment revenues | $ | (116,061 | ) | $ | — | $ | — | $ | 116,061 | $ | — | |||||||||
For the Nine Months Ended May 31, 2014: | ||||||||||||||||||||
Revenues | $ | 10,628,885 | $ | 22,411,894 | $ | 52,403 | $ | (419,389 | ) | $ | 32,673,793 | |||||||||
Cost of goods sold | 9,895,167 | 21,849,095 | (54 | ) | (419,389 | ) | 31,324,819 | |||||||||||||
Gross profit | 733,718 | 562,799 | 52,457 | — | 1,348,974 | |||||||||||||||
Marketing, general and administrative | 114,181 | 282,823 | 50,767 | — | 447,771 | |||||||||||||||
Operating earnings (losses) | 619,537 | 279,976 | 1,690 | — | 901,203 | |||||||||||||||
(Gain) loss on investments | — | 116 | (111,517 | ) | — | (111,401 | ) | |||||||||||||
Interest, net | 55,212 | 39,498 | 7,553 | — | 102,263 | |||||||||||||||
Equity (income) loss from investments | (2,937 | ) | (19,906 | ) | (66,406 | ) | — | (89,249 | ) | |||||||||||
Income before income taxes | $ | 567,262 | $ | 260,268 | $ | 172,060 | $ | — | $ | 999,590 | ||||||||||
Intersegment revenues | $ | (419,389 | ) | $ | — | $ | — | $ | 419,389 | $ | — | |||||||||
Goodwill | $ | 1,165 | $ | 104,507 | $ | 6,898 | $ | — | $ | 112,570 | ||||||||||
Capital expenditures | $ | 367,228 | $ | 250,423 | $ | 38,637 | $ | — | $ | 656,288 | ||||||||||
Depreciation and amortization | $ | 99,577 | $ | 85,284 | $ | 8,300 | $ | — | $ | 193,161 | ||||||||||
Total assets at May 31, 2014 | $ | 4,304,663 | $ | 7,269,201 | $ | 3,371,083 | $ | — | $ | 14,944,947 | ||||||||||
For the Nine Months Ended May 31, 2013: | ||||||||||||||||||||
Revenues | $ | 9,345,304 | $ | 24,483,835 | $ | 52,357 | $ | (352,624 | ) | $ | 33,528,872 | |||||||||
Cost of goods sold | 8,392,704 | 24,017,733 | (2,017 | ) | (352,624 | ) | 32,055,796 | |||||||||||||
Gross profit | 952,600 | 466,102 | 54,374 | — | 1,473,076 | |||||||||||||||
Marketing, general and administrative | 121,364 | 223,041 | 53,526 | — | 397,931 | |||||||||||||||
Operating earnings (losses) | 831,236 | 243,061 | 848 | — | 1,075,145 | |||||||||||||||
(Gain) loss on investments | — | (45 | ) | (154 | ) | — | (199 | ) | ||||||||||||
Interest, net | 124,229 | 53,472 | 9,288 | — | 186,989 | |||||||||||||||
Equity (income) loss from investments | (580 | ) | (13,104 | ) | (58,722 | ) | — | (72,406 | ) | |||||||||||
Income before income taxes | $ | 707,587 | $ | 202,738 | $ | 50,436 | $ | — | $ | 960,761 | ||||||||||
Intersegment revenues | $ | (352,624 | ) | $ | — | $ | — | $ | 352,624 | $ | — | |||||||||
Goodwill | $ | 1,165 | $ | 76,103 | $ | 6,898 | $ | — | $ | 84,166 | ||||||||||
Capital expenditures | $ | 290,091 | $ | 131,794 | $ | 5,185 | $ | — | $ | 427,070 | ||||||||||
Depreciation and amortization | $ | 86,454 | $ | 77,587 | $ | 12,798 | $ | — | $ | 176,839 | ||||||||||
Total assets at May 31, 2013 | $ | 4,126,022 | $ | 7,127,300 | $ | 1,861,284 | $ | — | $ | 13,114,606 | ||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Activities Derivative Financial Insturments and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||||
31-May-14 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Purchase and Sales Contracts | ' | |||||||||||||||||
As of May 31, 2014, August 31, 2013 and May 31, 2013, we had the following outstanding purchase and sales contracts: | ||||||||||||||||||
31-May-14 | 31-Aug-13 | 31-May-13 | ||||||||||||||||
Purchase | Sales | Purchase | Sales | Purchase | Sales | |||||||||||||
Contracts | Contracts | Contracts | Contracts | Contracts | Contracts | |||||||||||||
(Units in thousands) | ||||||||||||||||||
Grain and oilseed - bushels | 717,181 | 969,100 | 521,979 | 806,295 | 519,293 | 806,244 | ||||||||||||
Energy products - barrels | 20,517 | 35,676 | 12,626 | 21,312 | 13,833 | 20,125 | ||||||||||||
Soy products - tons | 33 | 962 | 24 | 847 | 70 | 325 | ||||||||||||
Crop nutrients - tons | 1,077 | 1,194 | 968 | 1,050 | 675 | 778 | ||||||||||||
Ocean and barge freight - metric tons | 1,148 | 290 | 1,225 | 151 | 888 | 130 | ||||||||||||
Rail freight - rail cars | 339 | 159 | 220 | 43 | 242 | 39 | ||||||||||||
Livestock - pounds | — | 47,800 | — | 17,280 | 7,760 | — | ||||||||||||
Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements [Table Text Block] | ' | |||||||||||||||||
May 31, 2013 | ||||||||||||||||||
Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting | ||||||||||||||||||
Gross Amounts Recognized | Cash Collateral | Derivative Instruments | Net Amounts | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Derivative Assets: | ||||||||||||||||||
Commodity and freight derivatives | $ | 510,258 | $ | — | $ | 32,678 | $ | 477,580 | ||||||||||
Foreign exchange derivatives | 5,043 | — | — | 5,043 | ||||||||||||||
Interest rate derivatives - hedge | 9,160 | — | — | 9,160 | ||||||||||||||
Total Derivative Assets | $ | 524,461 | $ | — | $ | 32,678 | $ | 491,783 | ||||||||||
Derivative Liabilities: | ||||||||||||||||||
Commodity and freight derivatives | $ | 452,289 | $ | 56,423 | $ | 32,678 | $ | 363,188 | ||||||||||
Foreign exchange derivatives | 3,883 | — | — | 3,883 | ||||||||||||||
Interest rate derivatives - non-hedge | 304 | — | — | 304 | ||||||||||||||
Total Derivative Liabilities | $ | 456,476 | $ | 56,423 | $ | 32,678 | $ | 367,375 | ||||||||||
August 31, 2013 | ||||||||||||||||||
Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting | ||||||||||||||||||
Gross Amounts Recognized | Cash Collateral | Derivative Instruments | Net Amounts | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Derivative Assets: | ||||||||||||||||||
Commodity and freight derivatives | $ | 468,673 | $ | — | $ | 53,107 | $ | 415,566 | ||||||||||
Foreign exchange derivatives | 7,079 | — | 957 | 6,122 | ||||||||||||||
Interest rate derivatives - hedge | 24,135 | — | — | 24,135 | ||||||||||||||
Interest rate derivatives - non-hedge | 3 | — | 3 | — | ||||||||||||||
Total Derivative Assets | $ | 499,890 | $ | — | $ | 54,067 | $ | 445,823 | ||||||||||
Derivative Liabilities: | ||||||||||||||||||
Commodity and freight derivatives | $ | 458,893 | $ | 1,591 | $ | 53,107 | $ | 404,195 | ||||||||||
Foreign exchange derivatives | 5,925 | — | 957 | 4,968 | ||||||||||||||
Interest rate derivatives - non-hedge | 248 | — | 3 | 245 | ||||||||||||||
Total Derivative Liabilities | $ | 465,066 | $ | 1,591 | $ | 54,067 | $ | 409,408 | ||||||||||
May 31, 2014 | ||||||||||||||||||
Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting | ||||||||||||||||||
Gross Amounts Recognized | Cash Collateral | Derivative Instruments | Net Amounts | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Derivative Assets: | ||||||||||||||||||
Commodity and freight derivatives | $ | 544,198 | $ | — | $ | 52,103 | $ | 492,095 | ||||||||||
Foreign exchange derivatives | 182 | — | 77 | 105 | ||||||||||||||
Interest rate derivatives - hedge | 2 | — | — | 2 | ||||||||||||||
Total Derivative Assets | $ | 544,382 | $ | — | $ | 52,180 | $ | 492,202 | ||||||||||
Derivative Liabilities: | ||||||||||||||||||
Commodity and freight derivatives | $ | 410,148 | $ | — | $ | 52,103 | $ | 358,045 | ||||||||||
Foreign exchange derivatives | 2,153 | — | 77 | 2,076 | ||||||||||||||
Interest rate derivatives - non-hedge | 170 | — | — | 170 | ||||||||||||||
Total Derivative Liabilities | $ | 412,471 | $ | — | $ | 52,180 | $ | 360,291 | ||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||
In fiscal 2013, we entered into derivative contracts designated as cash flow hedging instruments that were terminated in February 2014 as the issuance of the underlying debt was no longer probable. As a result, a $13.5 million gain was reclassified from accumulated other comprehensive loss into net income. This pre-tax gain is included as a component of interest, net in the Consolidated Statements of Operations for the nine months ended May 31, 2014. As of May 31, 2014, August 31, 2013 and May 31, 2013, the unrealized gains deferred to accumulated other comprehensive loss were as follows: | ||||||||||||||||||
May 31, 2014 | August 31, 2013 | May 31, 2013 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Unrealized gains (losses) included in accumulated other comprehensive loss, net of tax expense of $0, $9.2 million and $3.5 million, respectively | $ | — | $ | 14,930 | $ | 5,666 | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statements of Operations | ' | |||||||||||||||||
The following table sets forth the pretax gains (losses) on derivatives not accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the three and nine months ended May 31, 2014 and 2013. | ||||||||||||||||||
For the Three Months Ended May 31, | For the Nine Months Ended May 31, | |||||||||||||||||
Location of | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gain (Loss) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Commodity and freight derivatives | Cost of goods sold | $ | 157,461 | $ | (22,457 | ) | $ | 218,883 | $ | (452,747 | ) | |||||||
Foreign exchange derivatives | Cost of goods sold | (5,685 | ) | (13,648 | ) | (7,688 | ) | 2,570 | ||||||||||
Interest rate derivatives | Interest, net | 24 | 114 | 74 | 240 | |||||||||||||
Total | $ | 151,800 | $ | (35,991 | ) | $ | 211,269 | $ | (449,937 | ) | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
31-May-14 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | |||||||||||||||
31-May-14 | ||||||||||||||||
Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Readily marketable inventories | $ | — | $ | 1,159,581 | $ | — | $ | 1,159,581 | ||||||||
Commodity and freight derivatives | 86,639 | 457,559 | — | 544,198 | ||||||||||||
Foreign currency derivatives | 182 | — | — | 182 | ||||||||||||
Interest rate swap derivatives | — | 2 | — | 2 | ||||||||||||
Other assets | 89,848 | — | — | 89,848 | ||||||||||||
Total Assets | $ | 176,669 | $ | 1,617,142 | $ | — | $ | 1,793,811 | ||||||||
Liabilities: | ||||||||||||||||
Commodity and freight derivatives | $ | 79,284 | $ | 330,864 | $ | — | $ | 410,148 | ||||||||
Interest rate swap derivatives | — | 170 | — | 170 | ||||||||||||
Foreign currency derivatives | 2,153 | — | — | 2,153 | ||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | — | — | 130,159 | 130,159 | ||||||||||||
Total Liabilities | $ | 81,437 | $ | 331,034 | $ | 130,159 | $ | 542,630 | ||||||||
August 31, 2013 | ||||||||||||||||
Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Readily marketable inventories | $ | — | $ | 1,203,383 | $ | — | $ | 1,203,383 | ||||||||
Commodity and freight derivatives | 58,441 | 410,233 | — | 468,674 | ||||||||||||
Interest rate swap derivatives | — | 24,139 | — | 24,139 | ||||||||||||
Foreign currency derivatives | 6,894 | 185 | — | 7,079 | ||||||||||||
Other assets | 114,084 | — | — | 114,084 | ||||||||||||
Total Assets | $ | 179,419 | $ | 1,637,940 | $ | — | $ | 1,817,359 | ||||||||
Liabilities: | ||||||||||||||||
Commodity and freight derivatives | $ | 59,184 | $ | 399,710 | $ | — | $ | 458,894 | ||||||||
Interest rate swap derivatives | — | 248 | — | 248 | ||||||||||||
Foreign currency derivatives | 5,925 | — | — | 5,925 | ||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | — | — | 134,134 | 134,134 | ||||||||||||
Total Liabilities | $ | 65,109 | $ | 399,958 | $ | 134,134 | $ | 599,201 | ||||||||
31-May-13 | ||||||||||||||||
Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Readily marketable inventories | $ | — | $ | 1,433,639 | $ | — | $ | 1,433,639 | ||||||||
Commodity and freight derivatives | 53,375 | 456,883 | — | 510,258 | ||||||||||||
Interest rate swap derivatives | — | 9,160 | — | 9,160 | ||||||||||||
Foreign currency derivatives | 5,043 | — | — | 5,043 | ||||||||||||
Other assets | 131,901 | — | — | 131,901 | ||||||||||||
Total Assets | $ | 190,319 | $ | 1,899,682 | $ | — | $ | 2,090,001 | ||||||||
Liabilities: | ||||||||||||||||
Commodity and freight derivatives | $ | 95,997 | $ | 356,292 | $ | — | $ | 452,289 | ||||||||
Interest rate swap derivatives | — | 304 | — | 304 | ||||||||||||
Foreign currency derivatives | 3,883 | — | — | 3,883 | ||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | — | — | 146,245 | 146,245 | ||||||||||||
Total Liabilities | $ | 99,880 | $ | 356,596 | $ | 146,245 | $ | 602,721 | ||||||||
Fair Value Inputs, Liabilities, Quantitative Information | ' | |||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
Fair Value | Valuation | Range | ||||||||||||||
Item | May 31, 2014 | Technique | Unobservable Input | (Weighted Average) | ||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | $130,159 | Adjusted Black-Scholes option pricing model | Forward crack spread margin on May 31, 2014 (a) | $14.34-$17.72 ($16.55) | ||||||||||||
Contractual target crack spread margin (b) | $17.50 | |||||||||||||||
Expected volatility (c) | 128.59% | |||||||||||||||
Risk-free interest rate (d) | 1.80%-2.60% (2.23%) | |||||||||||||||
Expected life - years (e) | 0.25-3.25 (1.89) | |||||||||||||||
(a) Represents forward crack spread margin quotes and management estimates based on future settlement dates | ||||||||||||||||
(b) Represents the minimum contractual threshold that would require settlement with the counterparties | ||||||||||||||||
(c) Represents quarterly adjusted volatility estimates derived from daily historical market data | ||||||||||||||||
(d) Represents yield curves for U.S. Treasury securities | ||||||||||||||||
(e) Represents the range in the number of years remaining related to each contingent payment | ||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||
The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the nine months ended May 31, 2014 and 2013, respectively: | ||||||||||||||||
Level 3 Liabilities | ||||||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balances, August 31, 2013 and 2012, respectively | $ | 134,134 | $ | 127,516 | ||||||||||||
Total (gains) losses included in cost of goods sold | (3,975 | ) | 18,729 | |||||||||||||
Balances, May 31, 2014 and 2013, respectively | $ | 130,159 | $ | 146,245 | ||||||||||||
The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the three months ended May 31, 2014 and 2013, respectively: | ||||||||||||||||
Level 3 Liabilities | ||||||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balances, February 28, 2014 and 2013, respectively | $ | 140,631 | $ | 140,987 | ||||||||||||
Total (gains) losses included in cost of goods sold | (10,472 | ) | 5,258 | |||||||||||||
Balances, May 31, 2014 and 2013, respectively | $ | 130,159 | $ | 146,245 | ||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||||||||||||||||||
31-May-14 | ||||||||||||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | |||||||||||||||||||
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | ' | |||||||||||||||||||
Minimum future payments required under long-term unconditional purchase obligations as of May 31, 2014 are as follows: | ||||||||||||||||||||
Payments Due by Period | ||||||||||||||||||||
Total | Less than | 3-Jan | 5-Mar | More than | ||||||||||||||||
1 Year | Years | Years | 5 Years | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Long-term unconditional purchase obligations | $ | 503,960 | $ | 62,769 | $ | 130,048 | $ | 91,324 | $ | 219,819 | ||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Derivatives (Details) (Immaterial Balance Sheet Revision [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | 31-May-13 |
Immaterial Balance Sheet Revision [Member] | ' |
Purchase and Sales Contracts [Line Items] | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | $236.80 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) (USD $) | 9 Months Ended | ||
31-May-14 | 31-May-13 | Aug. 31, 2013 | |
Refineries | |||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | $112,570,000 | $84,166,000 | $85,100,000 |
Goodwill, Acquired During Period | 26,700,000 | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 114,438,000 | 12,358,000 | ' |
Finite-Lived Intangible Assets, Gross | 115,300,000 | 82,100,000 | 81,500,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 49,300,000 | 42,200,000 | 46,000,000 |
Finite-lived Intangible Assets Acquired | 38,800,000 | 2,400,000 | ' |
Amortization of Intangible Assets | 7,300,000 | 7,400,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Rolling Twelve Months | 9,168,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 8,828,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7,700,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 6,050,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3,647,000 | ' | ' |
Thereafter | 30,695,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Total Future Amortization Expense | 66,088,000 | ' | ' |
Number of Refineries | 2 | ' | ' |
Expenditures for Major Repairs | 0 | 53,800,000 | ' |
Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '2 years | ' | ' |
Minimum [Member] | Major Maintenance Activities Requiring Shutdown [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '2 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '30 years | ' | ' |
Maximum [Member] | Major Maintenance Activities Requiring Shutdown [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '4 years | ' | ' |
Ag Business [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | 104,507,000 | 76,103,000 | ' |
Ag Business [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Payments to Acquire Businesses, Gross | $114,400,000 | ' | ' |
Receivables_Schedule_of_Receiv
Receivables - Schedule of Receivables (Details) (USD $) | 31-May-14 | Aug. 31, 2013 | 31-May-13 |
In Thousands, unless otherwise specified | |||
Receivables [Abstract] | ' | ' | ' |
Trade accounts receivable | $2,511,111 | $2,338,336 | $2,700,012 |
CHS Capital notes receivable | 717,784 | 437,141 | 567,518 |
Other | 353,357 | 254,590 | 350,471 |
Receivables, gross | 3,582,252 | 3,030,067 | 3,618,001 |
Less allowances and reserves | 100,546 | 94,589 | 117,320 |
Receivables, net | $3,481,706 | $2,935,478 | $3,500,681 |
Receivables_Narrative_Details
Receivables - Narrative (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | 31-May-14 | Aug. 31, 2013 | 31-May-13 |
Notes Receivable, Long-Term | ' | ' | ' |
CHS Capital long-term notes receivable | $147.70 | $127.70 | $93.30 |
Percentage of commercial notes to CHS Capital long-term notes receivable | 67.00% | 59.00% | 73.00% |
Percentage of producer notes to CHS Capital long-term notes receivable | 33.00% | 41.00% | 27.00% |
Interest Income Accrual Term, Discontinued | '90 days | ' | ' |
CHS Capital long-term notes receivable additional available credit of counterparty | $953.90 | ' | ' |
Minimum [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Notes and Loans Receivable, Current, Term | '12 months | ' | ' |
Maximum [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Notes and Loans Receivable, Current, Term | '14 months | ' | ' |
Notes and Loans Receivable, Non Current, Net, Term | '10 years | ' | ' |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Details) (USD $) | 31-May-14 | Aug. 31, 2013 | 31-May-13 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
Grain and Oilseed | $1,227,913 | $1,133,555 | $1,344,265 |
Energy | 719,261 | 742,194 | 682,528 |
Crop nutrients | 207,946 | 293,370 | 237,487 |
Feed and farm supplies | 561,975 | 407,023 | 564,424 |
Processed grain and oilseed | 107,331 | 79,706 | 97,212 |
Other | 13,447 | 8,887 | 11,726 |
Inventories | $2,837,873 | $2,664,735 | $2,937,642 |
Inventories_Narrative_Details
Inventories - Narrative (Details) (USD $) | 31-May-14 | Aug. 31, 2013 | 31-May-13 |
In Millions, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
Percentage of LIFO inventory | 16.00% | 16.00% | 14.00% |
LIFO inventory, difference amount had FIFO inventory valuation method been used | $569.80 | $652.60 | $535.80 |
Investments_Narrative_Details
Investments - Narrative (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
31-May-14 | 31-May-13 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | Aug. 31, 2013 | 31-May-14 | 31-May-13 | 31-May-14 | Aug. 31, 2013 | 31-May-13 | |
Ardent Mills [Member] | Horizon Milling, LLC [Member] | Ventura Foods, LLC | National Cooperative Refinery Association [Member] | National Cooperative Refinery Association [Member] | Energy [Member] | Energy [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||
National Cooperative Refinery Association [Member] | National Cooperative Refinery Association [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||
National Cooperative Refinery Association [Member] | National Cooperative Refinery Association [Member] | National Cooperative Refinery Association [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | ' | ' | ' | ' | ' | 84.00% | 79.20% | ' | ' | ' | ' | ' |
Payments to Acquire Business, Contingent Consideration Paid | ' | ' | ' | ' | ' | ($16,500,000) | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Redeemable Noncontrolling Interest | -65,981,000 | -65,981,000 | ' | ' | ' | ' | ' | -66,000,000 | -66,000,000 | ' | ' | ' |
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | 130,159,000 | ' | 130,159,000 | 134,134,000 | 146,245,000 |
Ownership percentage | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Additional Cash Contribution | ' | ' | ' | 32,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Investments redeemed | ' | ' | 123,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Sale of Investments | ' | ' | ' | 108,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity value exceeding carrying value | ' | ' | ' | ' | $12,900,000 | ' | ' | ' | ' | ' | ' | ' |
Notes_Payable_and_LongTerm_Deb2
Notes Payable and Long-Term Debt - Footnote Narrative (Details) (USD $) | 31-May-14 | Aug. 31, 2013 | 31-May-13 | 31-May-14 | Aug. 31, 2013 | 31-May-13 | 31-May-14 | Aug. 31, 2013 | 31-May-13 | 31-May-14 | 31-May-14 |
CHS Capital notes payable | CHS Capital notes payable | CHS Capital notes payable | Notes payable | Notes payable | Notes payable | Five-Year Revolving Facilities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Line of Credit [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||||||
Revolving credit facility | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,500,000 |
Notes payable | 1,129,819,000 | 889,312,000 | 872,138,000 | 426,381,000 | 367,448,000 | 439,246,000 | 703,438,000 | 521,864,000 | 432,892,000 | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,500,000,000 | ' |
Notes_Payable_and_LongTerm_Deb3
Notes Payable and Long-Term Debt - Schedule of Interest, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Interest expense | $23,397 | $25,649 | $57,823 | $73,304 |
Interest-purchase of NCRA noncontrolling interest | 23,862 | 45,574 | 56,258 | 126,261 |
Interest Costs Capitalized | -2,641 | -2,567 | -6,503 | -8,163 |
Interest income | -2,129 | -2,262 | -5,315 | -4,413 |
Interest Income (Expense), Net | $42,489 | $66,394 | $102,263 | $186,989 |
Equities_Changes_in_Equity_Det
Equities Changes in Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||
31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | Sep. 30, 2013 | 31-May-14 | Mar. 31, 2014 | 31-May-14 | Jun. 30, 2014 | 31-May-14 | 31-May-14 | |
Patronage Refunds [Member] | Patronage Refunds [Member] | Capital equity certificates [Member] | Capital equity certificates [Member] | Capital Reserves [Member] | Capital Reserves [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Class B Series 1 Cumulative Redeemable Preferred Stock [Member] | Class B Series 1 Cumulative Redeemable Preferred Stock [Member] | Class B Series 2 Cumulative Redeemable Preferred Stock [Member] | Class B Series 2 Cumulative Redeemable Preferred Stock [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Class B Preferred Stock [Member] | Class B Series 2 Cumulative Redeemable Preferred Stock [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Preferred Stock [Member] | Preferred Stock [Member] | Class B Series 2 Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||
Schedule of Capitalization, Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,319,175 | ' | 16,800,000 | ' | ' | ' | ' |
Noncontrolling Interest, Decrease from Deconsolidation | ' | ' | ($4,779,000) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | ' | ' | 5,131,208,000 | 4,455,341,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to CHS Inc. | 379,455,000 | 250,796,000 | 881,710,000 | 869,589,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | ' | ' | -2,368,000 | 5,852,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Patronage distribution | ' | ' | ' | ' | -837,306,000 | -975,998,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equities retired | ' | ' | -87,666,000 | -184,955,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends and equity retirement determination | ' | ' | ' | ' | 841,386,000 | 969,862,000 | 87,666,000 | 184,955,000 | -40,366,000 | -18,408,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equities issued in business combinations | ' | ' | ' | ' | ' | ' | 45,000 | 18,211,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | ' | ' | -29,860,000 | -18,408,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued dividends and equities payable | ' | ' | -347,000,000 | -347,491,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other, net | ' | ' | -8,844,000 | 8,008,000 | ' | ' | ' | ' | ' | ' | 584,000 | 1,001,000 | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 6,298,310,000 | 4,984,966,000 | 6,298,310,000 | 4,984,966,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | ' | ' | 21,539,000 | ' | ' | ' | ' | ' | ' | ' | ' | 17,982,000 | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to noncontrolling interests | 418,000 | 1,533,000 | 1,812,000 | 4,139,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 18,581,000 | 21,887,000 | 18,581,000 | 21,887,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | ' | ' | -575,000 | -1,235,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Redemption Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 283,000,000 | ' | 420,000,000 | ' | ' | ' |
Proceeds from Issuance of Preferred Stock, net of Issuance Costs | ' | ' | 679,845,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 273,300,000 | ' | 406,300,000 | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.88% | ' | 7.10% | ' | ' | 8.00% |
Preferred Stock, Basis Spread on Dividend Rate Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | ' |
Value of Preferred Stock available to be sold under Shelf Registration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000,000 | ' | ' |
Equities_Accumulated_Other_Com
Equities Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | Aug. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | ($159,235) | ($226,735) | ($159,235) | ($226,735) | ($156,867) |
Other Comprehensive Income (Loss), Net of Tax | 6,198 | 3,598 | -2,368 | 5,852 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -154,131 | ' | -154,131 | ' | -165,611 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | 772 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | 10,708 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | 11,480 | ' | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -6,144 | ' | -6,144 | ' | -5,311 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | -1,520 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | 687 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | -833 | ' | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -2,850 | ' | -2,850 | ' | 11,685 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | -6,139 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | -8,396 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | -14,535 | ' | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | 3,890 | ' | 3,890 | ' | 2,370 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | 1,520 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | 0 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | 1,520 | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | -5,367 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | 2,999 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ($2,368) | ' | ' |
Equities_Reclassification_Adju
Equities Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) (Details) (Reclassification out of Accumulated Other Comprehensive Income [Member], Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | 31-May-14 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Gain on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | $13.50 |
Benefit_Plans_Net_Periodic_Ben
Benefit Plans - Net Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Qualified Pension Benefits | ' | ' | ' | ' |
Component of net periodic benefit costs: [Abstract] | ' | ' | ' | ' |
Service costs | $7,543 | $9,109 | $22,812 | $23,541 |
Interest costs | 7,495 | 6,072 | 22,433 | 19,078 |
Expected return on assets | -11,910 | -13,388 | -35,726 | -37,311 |
Prior service cost (credit) amortization | 398 | 399 | 1,195 | 1,198 |
Actuarial loss (gain) amortization | 4,566 | 6,500 | 13,655 | 16,961 |
Transition amount amortization | 0 | 0 | 0 | 0 |
Periodic benefit costs, net | 8,092 | 8,692 | 24,369 | 23,467 |
Defined Benefit Plan, Contributions by Employer | ' | ' | 0 | ' |
Non-Qualified Pension Benefits | ' | ' | ' | ' |
Component of net periodic benefit costs: [Abstract] | ' | ' | ' | ' |
Service costs | 219 | 211 | 646 | 540 |
Interest costs | 423 | 340 | 1,245 | 987 |
Expected return on assets | 0 | 0 | 0 | 0 |
Prior service cost (credit) amortization | 57 | 57 | 171 | 171 |
Actuarial loss (gain) amortization | 250 | 270 | 718 | 692 |
Transition amount amortization | 0 | 0 | 0 | 0 |
Periodic benefit costs, net | 949 | 878 | 2,780 | 2,390 |
Other Benefits | ' | ' | ' | ' |
Component of net periodic benefit costs: [Abstract] | ' | ' | ' | ' |
Service costs | 339 | 935 | 1,297 | 2,202 |
Interest costs | 418 | 443 | 1,439 | 1,675 |
Expected return on assets | 0 | 0 | 0 | 0 |
Prior service cost (credit) amortization | -30 | -81 | -90 | -90 |
Actuarial loss (gain) amortization | -228 | 371 | -415 | 817 |
Transition amount amortization | 0 | 73 | 0 | 422 |
Periodic benefit costs, net | $499 | $1,741 | $2,231 | $5,026 |
Segment_Reporting_Narrative_De
Segment Reporting - Narrative (Details) | 31-May-14 |
Ventura Foods, LLC | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Ownership in equity method investment | 50.00% |
Ag Business | TEMCO, LLC | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Ownership in equity method investment | 50.00% |
Corporate and Other | Ventura Foods, LLC | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Ownership in equity method investment | 50.00% |
Corporate and Other | Ardent Mills [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Ownership in equity method investment | 12.00% |
Segment_Reporting_Segment_Info
Segment Reporting - Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | Aug. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $11,967,398,000 | $11,936,556,000 | $32,673,793,000 | $33,528,872,000 | ' |
Cost of goods sold | 11,460,774,000 | 11,479,645,000 | 31,324,819,000 | 32,055,796,000 | ' |
Gross profit | 506,624,000 | 456,911,000 | 1,348,974,000 | 1,473,076,000 | ' |
Marketing, general and administrative | 158,859,000 | 138,769,000 | 447,771,000 | 397,931,000 | ' |
Operating earnings | 347,765,000 | 318,142,000 | 901,203,000 | 1,075,145,000 | ' |
Loss (gain) on investments | -108,792,000 | -154,000 | -111,401,000 | -199,000 | ' |
Interest, net | 42,489,000 | 66,394,000 | 102,263,000 | 186,989,000 | ' |
Equity (income) loss from investments | -25,522,000 | -27,574,000 | -89,249,000 | -72,406,000 | ' |
Income before income taxes | 439,590,000 | 279,476,000 | 999,590,000 | 960,761,000 | ' |
Revenue from Related Parties | 0 | 0 | 0 | 0 | ' |
Goodwill | 112,570,000 | 84,166,000 | 112,570,000 | 84,166,000 | 85,100,000 |
Capital expenditures | ' | ' | 656,288,000 | 427,070,000 | ' |
Depreciation and amortization | ' | ' | 193,161,000 | 176,839,000 | ' |
Total identifiable assets | 14,944,947,000 | 13,114,606,000 | 14,944,947,000 | 13,114,606,000 | 13,504,270,000 |
Energy [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 3,480,673,000 | 3,205,340,000 | 10,628,885,000 | 9,345,304,000 | ' |
Cost of goods sold | 3,211,396,000 | 2,896,061,000 | 9,895,167,000 | 8,392,704,000 | ' |
Gross profit | 269,277,000 | 309,279,000 | 733,718,000 | 952,600,000 | ' |
Marketing, general and administrative | 40,197,000 | 43,710,000 | 114,181,000 | 121,364,000 | ' |
Operating earnings | 229,080,000 | 265,569,000 | 619,537,000 | 831,236,000 | ' |
Loss (gain) on investments | 0 | 0 | 0 | 0 | ' |
Interest, net | 24,044,000 | 46,058,000 | 55,212,000 | 124,229,000 | ' |
Equity (income) loss from investments | -780,000 | -851,000 | -2,937,000 | -580,000 | ' |
Income before income taxes | 205,816,000 | 220,362,000 | 567,262,000 | 707,587,000 | ' |
Revenue from Related Parties | -135,304,000 | -116,061,000 | -419,389,000 | -352,624,000 | ' |
Goodwill | 1,165,000 | 1,165,000 | 1,165,000 | 1,165,000 | ' |
Capital expenditures | ' | ' | 367,228,000 | 290,091,000 | ' |
Depreciation and amortization | ' | ' | 99,577,000 | 86,454,000 | ' |
Total identifiable assets | 4,304,663,000 | 4,126,022,000 | 4,304,663,000 | 4,126,022,000 | ' |
Ag Business | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 8,603,834,000 | 8,831,866,000 | 22,411,894,000 | 24,483,835,000 | ' |
Cost of goods sold | 8,384,725,000 | 8,700,170,000 | 21,849,095,000 | 24,017,733,000 | ' |
Gross profit | 219,109,000 | 131,696,000 | 562,799,000 | 466,102,000 | ' |
Marketing, general and administrative | 99,942,000 | 77,653,000 | 282,823,000 | 223,041,000 | ' |
Operating earnings | 119,167,000 | 54,043,000 | 279,976,000 | 243,061,000 | ' |
Loss (gain) on investments | 0 | 0 | 116,000 | -45,000 | ' |
Interest, net | 15,357,000 | 17,434,000 | 39,498,000 | 53,472,000 | ' |
Equity (income) loss from investments | -5,216,000 | -3,365,000 | -19,906,000 | -13,104,000 | ' |
Income before income taxes | 109,026,000 | 39,974,000 | 260,268,000 | 202,738,000 | ' |
Revenue from Related Parties | 0 | 0 | 0 | 0 | ' |
Goodwill | 104,507,000 | 76,103,000 | 104,507,000 | 76,103,000 | ' |
Capital expenditures | ' | ' | 250,423,000 | 131,794,000 | ' |
Depreciation and amortization | ' | ' | 85,284,000 | 77,587,000 | ' |
Total identifiable assets | 7,269,201,000 | 7,127,300,000 | 7,269,201,000 | 7,127,300,000 | ' |
Corporate and Other | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 18,195,000 | 15,411,000 | 52,403,000 | 52,357,000 | ' |
Cost of goods sold | -43,000 | -525,000 | -54,000 | -2,017,000 | ' |
Gross profit | 18,238,000 | 15,936,000 | 52,457,000 | 54,374,000 | ' |
Marketing, general and administrative | 18,720,000 | 17,406,000 | 50,767,000 | 53,526,000 | ' |
Operating earnings | -482,000 | -1,470,000 | 1,690,000 | 848,000 | ' |
Loss (gain) on investments | 108,792,000 | 154,000 | 111,517,000 | -154,000 | ' |
Interest, net | 3,088,000 | 2,902,000 | 7,553,000 | 9,288,000 | ' |
Equity (income) loss from investments | -19,526,000 | -23,358,000 | -66,406,000 | -58,722,000 | ' |
Income before income taxes | 124,748,000 | 19,140,000 | 172,060,000 | 50,436,000 | ' |
Revenue from Related Parties | 0 | 0 | 0 | 0 | ' |
Goodwill | 6,898,000 | 6,898,000 | 6,898,000 | 6,898,000 | ' |
Capital expenditures | ' | ' | 38,637,000 | 5,185,000 | ' |
Depreciation and amortization | ' | ' | 8,300,000 | 12,798,000 | ' |
Total identifiable assets | 3,371,083,000 | 1,861,284,000 | 3,371,083,000 | 1,861,284,000 | ' |
Reconciling Amounts | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | -135,304,000 | -116,061,000 | -419,389,000 | -352,624,000 | ' |
Cost of goods sold | -135,304,000 | -116,061,000 | -419,389,000 | -352,624,000 | ' |
Gross profit | 0 | 0 | 0 | 0 | ' |
Marketing, general and administrative | 0 | 0 | 0 | 0 | ' |
Operating earnings | 0 | 0 | 0 | 0 | ' |
Loss (gain) on investments | 0 | 0 | 0 | 0 | ' |
Interest, net | 0 | 0 | 0 | 0 | ' |
Equity (income) loss from investments | 0 | 0 | 0 | 0 | ' |
Income before income taxes | 0 | 0 | 0 | 0 | ' |
Revenue from Related Parties | 135,304,000 | 116,061,000 | 419,389,000 | 352,624,000 | ' |
Goodwill | 0 | 0 | 0 | 0 | ' |
Capital expenditures | ' | ' | 0 | 0 | ' |
Depreciation and amortization | ' | ' | 0 | 0 | ' |
Total identifiable assets | $0 | $0 | $0 | $0 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging Activities Purchase and Sale Contracts (Details) (Forward Contracts [Member]) | 31-May-14 | Aug. 31, 2013 | 31-May-13 |
Bushels | Bushels | Bushels | |
Grain and oilseed - bushels | Long [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 717,181,000 | 521,979,000 | 519,293,000 |
Grain and oilseed - bushels | Short [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 969,100,000 | 806,295,000 | 806,244,000 |
Energy products - barrels | Long [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 20,517,000 | 12,626,000 | 13,833,000 |
Energy products - barrels | Short [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 35,676,000 | 21,312,000 | 20,125,000 |
Soy products - tons | Long [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 33,000 | 24,000 | 70,000 |
Soy products - tons | Short [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 962,000 | 847,000 | 325,000 |
Crop nutrients - tons | Long [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 1,077,000 | 968,000 | 675,000 |
Crop nutrients - tons | Short [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 1,194,000 | 1,050,000 | 778,000 |
Ocean and barge freight - tons | Long [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 1,148,000 | 1,225,000 | 888,000 |
Ocean and barge freight - tons | Short [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 290,000 | 151,000 | 130,000 |
Rail freight - rail cars | Long [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 339,000 | 220,000 | 242,000 |
Rail freight - rail cars | Short [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 159,000 | 43,000 | 39,000 |
Livestock - pounds | Long [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 0 | 0 | 7,760,000 |
Livestock - pounds | Short [Member] | ' | ' | ' |
Purchase and Sales Contracts [Line Items] | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 47,800,000 | 17,280,000 | 0 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging Activities Derivatives (Details) (USD $) | 31-May-14 | Aug. 31, 2013 | 31-May-13 | 31-May-14 | Aug. 31, 2013 | 31-May-13 | 31-May-14 | Aug. 31, 2013 | 31-May-13 | 31-May-14 | Aug. 31, 2013 | 31-May-13 | 31-May-14 | Aug. 31, 2013 | 31-May-13 | 31-May-14 | 31-May-14 |
Commodity and Freight Derivatives [Member] | Commodity and Freight Derivatives [Member] | Commodity and Freight Derivatives [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Fair Value Hedging [Member] | ||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | ||||||||||
Purchase and Sales Contracts [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,500,000 | ' |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 492,202,000 | 445,823,000 | 491,783,000 | 492,095,000 | 415,566,000 | 477,580,000 | 105,000 | 6,122,000 | 5,043,000 | 2,000 | 24,135,000 | 9,160,000 | ' | 0 | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 544,382,000 | 499,890,000 | 524,461,000 | 544,198,000 | 468,673,000 | 510,258,000 | 182,000 | 7,079,000 | 5,043,000 | 2,000 | 24,135,000 | 9,160,000 | ' | 3,000 | ' | ' | ' |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | 0 | ' | ' | ' |
Derivative Asset, Fair Value, Gross Amount Not Offset on Balance Sheet | 52,180,000 | 54,067,000 | 32,678,000 | 52,103,000 | 53,107,000 | 32,678,000 | 77,000 | 957,000 | 0 | 0 | 0 | 0 | ' | 3,000 | ' | ' | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 360,291,000 | 409,408,000 | 367,375,000 | 358,045,000 | 404,195,000 | 363,188,000 | 2,076,000 | 4,968,000 | 3,883,000 | ' | ' | ' | 170,000 | 245,000 | 304,000 | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 412,471,000 | 465,066,000 | 456,476,000 | 410,148,000 | 458,893,000 | 452,289,000 | 2,153,000 | 5,925,000 | 3,883,000 | ' | ' | ' | 170,000 | 248,000 | 304,000 | ' | ' |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 1,591,000 | 56,423,000 | 0 | 1,591,000 | 56,423,000 | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 | ' | ' |
Derivative Liability, Fair Value, Gross Amount Not Offset on Balance Sheet | 52,180,000 | 54,067,000 | 32,678,000 | 52,103,000 | 53,107,000 | 32,678,000 | 77,000 | 957,000 | 0 | ' | ' | ' | 0 | 3,000 | 0 | ' | ' |
Derivative Asset, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $130,000,000 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments and Hedging Activities Gains (Losses) Included in Other Comprehensive Income on Derivatives Accounted for as Hedging Instruments, Net of Tax (Details) (USD $) | 31-May-14 | Aug. 31, 2013 | 31-May-13 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, tax effect of unrealized gain or loss deferred into accumulated other comprehensive income | $0 | $9,200,000 | $3,500,000 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $0 | $14,930,000 | $5,666,000 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments and Hedging Activities Pretax Gains (Losses) On Derivatives Not Accounted For As Hedging Instruments (Details) (Not Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Pretax gain (loss) on derivative instruments | $151,800 | ($35,991) | $211,269 | ($449,937) |
Commodity and Freight Derivatives [Member] | Cost of goods sold | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Pretax gain (loss) on derivative instruments | 157,461 | -22,457 | 218,883 | -452,747 |
Foreign Exchange Contract [Member] | Cost of goods sold | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Pretax gain (loss) on derivative instruments | -5,685 | -13,648 | -7,688 | 2,570 |
Interest rate derivatives | Interest, net | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Pretax gain (loss) on derivative instruments | $24 | $114 | $74 | $240 |
Fair_Value_Measurements_Recurr
Fair Value Measurements Recurring Fair Value Measurements by Level (Details) (USD $) | 31-May-14 | Aug. 31, 2013 | 31-May-13 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $544,382 | $499,890 | $524,461 |
Derivative Liability, Fair Value, Gross Liability | 412,471 | 465,066 | 456,476 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Inventory, Current, Fair Value Disclosure | 0 | 0 | 0 |
Other Assets, Fair Value Disclosure | 89,848 | 114,084 | 131,901 |
Assets, Fair Value Disclosure | 176,669 | 179,419 | 190,319 |
Liabilities, Fair Value Disclosure | 81,437 | 65,109 | 99,880 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Inventory, Current, Fair Value Disclosure | 1,159,581 | 1,203,383 | 1,433,639 |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Assets, Fair Value Disclosure | 1,617,142 | 1,637,940 | 1,899,682 |
Liabilities, Fair Value Disclosure | 331,034 | 399,958 | 356,596 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Inventory, Current, Fair Value Disclosure | 0 | 0 | 0 |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Liabilities, Fair Value Disclosure | 130,159 | 134,134 | 146,245 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Inventory, Current, Fair Value Disclosure | 1,159,581 | 1,203,383 | 1,433,639 |
Other Assets, Fair Value Disclosure | 89,848 | 114,084 | 131,901 |
Assets, Fair Value Disclosure | 1,793,811 | 1,817,359 | 2,090,001 |
Liabilities, Fair Value Disclosure | 542,630 | 599,201 | 602,721 |
Commodity and Freight Derivatives [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 544,198 | 468,673 | 510,258 |
Derivative Liability, Fair Value, Gross Liability | 410,148 | 458,893 | 452,289 |
Commodity and Freight Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 86,639 | 58,441 | 53,375 |
Derivative Liability, Fair Value, Gross Liability | 79,284 | 59,184 | 95,997 |
Commodity and Freight Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 457,559 | 410,233 | 456,883 |
Derivative Liability, Fair Value, Gross Liability | 330,864 | 399,710 | 356,292 |
Commodity and Freight Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 |
Commodity and Freight Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 544,198 | 468,674 | 510,258 |
Derivative Liability, Fair Value, Gross Liability | 410,148 | 458,894 | 452,289 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 2 | 24,139 | 9,160 |
Derivative Liability, Fair Value, Gross Liability | 170 | 248 | 304 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 2 | 24,139 | 9,160 |
Derivative Liability, Fair Value, Gross Liability | 170 | 248 | 304 |
Foreign Exchange Contract [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 182 | 7,079 | 5,043 |
Derivative Liability, Fair Value, Gross Liability | 2,153 | 5,925 | 3,883 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 182 | 6,894 | 5,043 |
Derivative Liability, Fair Value, Gross Liability | 2,153 | 5,925 | 3,883 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 185 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 182 | 7,079 | 5,043 |
Derivative Liability, Fair Value, Gross Liability | $2,153 | $5,925 | $3,883 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Measurements (Details) (USD $) | 31-May-14 | Aug. 31, 2013 | 31-May-13 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $544,382 | $499,890 | $524,461 |
Derivative Liability, Fair Value, Gross Liability | 412,471 | 465,066 | 456,476 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Inventory, Current, Fair Value Disclosure | 0 | 0 | 0 |
Other Assets, Fair Value Disclosure | 89,848 | 114,084 | 131,901 |
Total assets | 176,669 | 179,419 | 190,319 |
Total liabilities | 81,437 | 65,109 | 99,880 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Inventory, Current, Fair Value Disclosure | 1,159,581 | 1,203,383 | 1,433,639 |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Total assets | 1,617,142 | 1,637,940 | 1,899,682 |
Total liabilities | 331,034 | 399,958 | 356,596 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Inventory, Current, Fair Value Disclosure | 0 | 0 | 0 |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Total liabilities | 130,159 | 134,134 | 146,245 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Inventory, Current, Fair Value Disclosure | 1,159,581 | 1,203,383 | 1,433,639 |
Other Assets, Fair Value Disclosure | 89,848 | 114,084 | 131,901 |
Total assets | 1,793,811 | 1,817,359 | 2,090,001 |
Total liabilities | 542,630 | 599,201 | 602,721 |
Foreign Exchange Contract [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 182 | 7,079 | 5,043 |
Derivative Liability, Fair Value, Gross Liability | 2,153 | 5,925 | 3,883 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 182 | 6,894 | 5,043 |
Derivative Liability, Fair Value, Gross Liability | 2,153 | 5,925 | 3,883 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 185 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 182 | 7,079 | 5,043 |
Derivative Liability, Fair Value, Gross Liability | 2,153 | 5,925 | 3,883 |
Commodity and Freight Derivatives [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 544,198 | 468,673 | 510,258 |
Derivative Liability, Fair Value, Gross Liability | 410,148 | 458,893 | 452,289 |
Commodity and Freight Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 86,639 | 58,441 | 53,375 |
Derivative Liability, Fair Value, Gross Liability | 79,284 | 59,184 | 95,997 |
Commodity and Freight Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 457,559 | 410,233 | 456,883 |
Derivative Liability, Fair Value, Gross Liability | 330,864 | 399,710 | 356,292 |
Commodity and Freight Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 |
Commodity and Freight Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 544,198 | 468,674 | 510,258 |
Derivative Liability, Fair Value, Gross Liability | 410,148 | 458,894 | 452,289 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 2 | 24,139 | 9,160 |
Derivative Liability, Fair Value, Gross Liability | 170 | 248 | 304 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 2 | 24,139 | 9,160 |
Derivative Liability, Fair Value, Gross Liability | 170 | 248 | 304 |
National Cooperative Refinery Association [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interest | 0 | 0 | 0 |
National Cooperative Refinery Association [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interest | 0 | 0 | 0 |
National Cooperative Refinery Association [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interest | 130,159 | 134,134 | 146,245 |
National Cooperative Refinery Association [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interest | ' | $134,134 | $146,245 |
Fair_Value_Measurements_Quanti
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details) (Fair Value, Inputs, Level 3 [Member], USD $) | 9 Months Ended | ||||||||||
31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | Aug. 31, 2013 | 31-May-13 | |||||
Accrued liability for contingent crack spread payments related to purchase of noncontroling interests | Accrued liability for contingent crack spread payments related to purchase of noncontroling interests | Accrued liability for contingent crack spread payments related to purchase of noncontroling interests | National Cooperative Refinery Association [Member] | National Cooperative Refinery Association [Member] | National Cooperative Refinery Association [Member] | National Cooperative Refinery Association [Member] | |||||
Minimum [Member] | Maximum [Member] | Average | Accrued liability for contingent crack spread payments related to purchase of noncontroling interests | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interest | ' | ' | ' | ' | $130,159,000 | $134,134,000 | $146,245,000 | ||||
Forward crack spread margin | $14.34 | [1] | $17.72 | [1] | $16.55 | [1] | ' | ' | ' | ' | |
Contractual target crack spread margin (in dollars per share) | ' | ' | ' | $17.50 | [2] | ' | ' | ' | |||
Expected volatility | ' | ' | ' | 128.59% | [3] | ' | ' | ' | |||
Own credit risk | 1.80% | [4] | 2.60% | [4] | 2.23% | [4] | ' | ' | ' | ' | |
Expected life (years) | '0 years 3 months | [5] | '3 years 3 months | [5] | '1 year 10 months 25 days | [5] | ' | ' | ' | ' | |
[1] | Represents forward crack spread margin quotes and management estimates based on future settlement dates | ||||||||||
[2] | Represents the minimum contractual threshold that would require settlement with the counterparties | ||||||||||
[3] | Represents quarterly adjusted volatility estimates derived from daily historical market data | ||||||||||
[4] | Represents yield curves for U.S. Treasury securities | ||||||||||
[5] | Represents the range in the number of years remaining related to each contingent payment |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements - Fair Value Reconciliation Liabilities Using Significant Unobservable Inputs (3 month) (Level 3) (Details) (National Cooperative Refinery Association [Member], Crack Spread Contingent Payment [Member], USD $) | 31-May-14 | Feb. 28, 2014 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Aug. 31, 2012 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
In Thousands, unless otherwise specified | Cost of Goods, Total | Cost of Goods, Total | Cost of Goods, Total | Cost of Goods, Total | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | $130,159 | $140,631 | $134,134 | $146,245 | $140,987 | $127,516 | ' | ' | ' | ' |
Total gains or losses included in cost of goods sold and net interest | ' | ' | ' | ' | ' | ' | -10,472 | 5,258 | -3,975 | 18,729 |
Balance | $130,159 | $140,631 | $134,134 | $146,245 | $140,987 | $127,516 | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies Unconditional Purchase Obligations (Details) (USD $) | 31-May-14 |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation | $503,960,000 |
Unrecorded Unconditional Purchase Obligation, Long-Term, Due in Next Twelve Months | 62,769,000 |
Unrecorded Unconditional Purchase Obligation, Long-Term, Due Within Two to Three Years | 130,048,000 |
Unrecorded Unconditional Purchase Obligation, Long-Term, Due Within Four to Five Years | 91,324,000 |
Unrecorded Unconditional Purchase Obligation, Long-Term, Due after Five Years | 219,819,000 |
Minimum [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation, Long-Term | $428,400,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies Guarantees (Details) (USD $) | 31-May-14 |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $1,000,000,000 |
Guarantor Obligations, Current Carrying Value | $79,600,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies Contingencies (Details) (USD $) | 9 Months Ended | 15 Months Ended |
In Millions, unless otherwise specified | 31-May-14 | 31-May-14 |
Loss Contingencies [Line Items] | ' | ' |
Loss Contingency, Range of Possible Loss, Minimum | $13.40 | $13.40 |
Loss Contingency, Range of Possible Loss, Maximum | 21.1 | 21.1 |
Loss Contingency, Loss in Period | ' | 18 |
Loss Contingency Accrual, Payments | 9.6 | ' |
Insurance Recoveries | ' | $0 |