Document and Entity Information
Document and Entity Information - USD ($) | 6 Months Ended | |
Feb. 29, 2016 | Apr. 11, 2016 | |
DEI [Abstract] | ||
Entity Registrant Name | CHS Inc. | |
Entity Central Index Key | 823,277 | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Feb. 29, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 29, 2016 | Aug. 31, 2015 |
Current assets [Abstract] | ||
Cash and cash equivalents | $ 339,537 | $ 953,813 |
Receivables | 2,470,006 | 2,818,110 |
Inventories | 2,999,703 | 2,652,344 |
Derivative assets | 431,851 | 513,441 |
Margin deposits | 196,763 | 273,118 |
Supplier advance payments | 849,079 | 391,504 |
Other current assets | 365,476 | 406,479 |
Total current assets | 7,652,415 | 8,008,809 |
Investments | 3,799,381 | 1,002,092 |
Property, plant and equipment | 5,402,079 | 5,192,927 |
Other assets | 971,133 | 1,024,484 |
Total assets | 17,825,008 | 15,228,312 |
Current liabilities [Abstract] | ||
Notes payable | 2,797,758 | 1,165,378 |
Current portion of long-term debt | 201,763 | 170,309 |
Current portion of mandatorily redeemable noncontrolling interest | 0 | 152,607 |
Customer margin deposits and credit balances | 145,339 | 188,149 |
Customer advance payments | 767,174 | 398,341 |
Checks and Drafts Outstanding | 134,554 | 123,208 |
Accounts payable | 1,718,001 | 1,690,094 |
Derivative liabilities | 287,488 | 470,769 |
Accrued expenses | 467,607 | 513,578 |
Dividends and equities payable | 241,934 | 384,427 |
Total current liabilities | 6,761,618 | 5,256,860 |
Long-term debt | 2,435,191 | 1,260,808 |
Long-term deferred tax liabilities | 551,179 | 580,835 |
Other liabilities | $ 374,591 | $ 460,398 |
Commitments and contingencies | ||
Equities: | ||
Preferred stock | $ 2,167,467 | $ 2,167,540 |
Equity certificates | 4,052,162 | 4,099,882 |
Accumulated other comprehensive loss | (228,707) | (214,207) |
Capital reserves | 1,696,199 | 1,604,670 |
Total CHS Inc. equities | 7,687,121 | 7,657,885 |
Noncontrolling interests | 15,308 | 11,526 |
Total equities | 7,702,429 | 7,669,411 |
Total liabilities and equities | $ 17,825,008 | $ 15,228,312 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Income Statement [Abstract] | ||||
Revenues | $ 6,639,330 | $ 8,355,728 | $ 14,368,122 | $ 17,855,196 |
Cost of goods sold | 6,550,326 | 8,110,084 | 13,867,300 | 17,017,524 |
Gross profit | 89,004 | 245,644 | 500,822 | 837,672 |
Marketing, general and administrative | 180,807 | 170,775 | 332,811 | 332,743 |
Operating earnings | (91,803) | 74,869 | 168,011 | 504,929 |
Loss (gain) on investments | (3,050) | (2,199) | (8,722) | (5,074) |
Interest expense, net | 15,713 | 10,771 | 22,706 | 32,677 |
Equity (income) loss from investments | (28,004) | (24,169) | (59,366) | (48,798) |
Income (loss) before income taxes | (76,462) | 90,466 | 213,393 | 526,124 |
Income tax (benefit) expense | (46,280) | (2,431) | (22,599) | 54,896 |
Net income (loss) | (30,182) | 92,897 | 235,992 | 471,228 |
Net income (loss) attributable to noncontrolling interests | 797 | 83 | 496 | (289) |
Net income (loss) attributable to CHS Inc. | $ (30,979) | $ 92,814 | $ 235,496 | $ 471,517 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Net income (loss) | $ (30,182) | $ 92,897 | $ 235,992 | $ 471,228 |
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 | 3,227 | 3,275 | 6,429 | 7,006 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (1,298) | 143 | (739) | 773 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (2,185) | (2,167) | (6,520) | (2,409) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (10,691) | (5,802) | (13,670) | (11,008) |
Other Comprehensive Income (Loss), Net of Tax | (10,947) | (4,551) | (14,500) | (5,638) |
Comprehensive Income | (41,129) | 88,346 | 221,492 | 465,590 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 797 | 83 | 496 | (289) |
Comprehensive Income (Loss), Net of Tax, Attributable to CHS | $ (41,926) | $ 88,263 | $ 220,996 | $ 465,879 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income Parenthetical - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax expense (benefit) | $ 2,028 | $ 2,042 | $ 3,789 | $ 4,366 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax expense (benefit) | (805) | 88 | (441) | 476 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax expense (benefit) | $ (1,354) | $ (1,336) | $ (4,050) | $ (1,485) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 235,992 | $ 471,228 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 207,302 | 168,306 |
Amortization of deferred major repair costs | 36,302 | 20,442 |
Equity (income) loss from investments | (59,366) | (48,798) |
Distributions from equity investments | 54,682 | 34,761 |
Noncash patronage dividends received | (4,773) | (3,999) |
Gain on sale of property, plant and equipment | (2,462) | (1,520) |
Gain on investments | (8,722) | (5,074) |
Unrealized (gain) loss on crack spread contingent liability | (51,827) | 6,153 |
Impairment of Long-Lived Assets to be Disposed of | 8,893 | 0 |
Deferred taxes | (32,979) | 49,723 |
Other, net | 25,191 | 20,483 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Receivables | 358,689 | 438,607 |
Inventories | (338,016) | (913,037) |
Derivative assets | 93,329 | (1,479) |
Margin deposits | 76,397 | 11,565 |
Supplier advance payments | (457,432) | (509,994) |
Other current assets and other assets | 68,811 | 33,814 |
Customer margin deposits and credit balances | (42,809) | (74,746) |
Customer advance payments | 368,834 | 595,106 |
Accounts payable and accrued expenses | 24,729 | (629,850) |
Derivative liabilities | (193,545) | (121,696) |
Other liabilities | (48,137) | (42,171) |
Net cash provided by (used in) operating activities | 319,083 | (502,176) |
Cash flows from investing activities: | ||
Acquisition of property, plant and equipment | (428,290) | (549,930) |
Proceeds from disposition of property, plant and equipment | 5,107 | 4,142 |
Expenditures for Major Repairs | (19,090) | (7,505) |
Payments to Acquire Other Investments | 0 | (315,000) |
Investments in joint ventures and other | (2,814,031) | (57,418) |
Proceeds from sale of investments | 21,016 | 8,284 |
Changes in notes receivable | 4,428 | 14,363 |
Business acquisitions, net of cash acquired | (10,154) | (2,371) |
Other investing activities, net | (4,068) | (1,365) |
Net cash provided by (used in) investing activities | (3,245,082) | (906,800) |
Cash flows from financing activities: | ||
Proceeds from lines of credit and long-term borrowings | 11,138,485 | 4,124,817 |
Payments on lines of credit, long term-debt and capital lease obligations | (8,339,531) | (4,090,546) |
Mandatorily redeemable noncontrolling interest payments | (153,022) | (65,981) |
Payments on crack spread contingent liability | (2,625) | 0 |
Changes in checks and drafts outstanding | 6,802 | 28,715 |
Preferred stock issued | 0 | 1,010,000 |
Preferred stock issuance costs | 0 | (32,602) |
Preferred stock dividends paid | (80,999) | (54,759) |
Retirements of equities | (10,443) | (108,723) |
Cash Patronage Dividends Paid | (251,535) | (275,553) |
Other financing activities, net | 3,148 | 20 |
Net cash provided by (used in) financing activities | 2,310,280 | 535,388 |
Effect of exchange rate changes on cash and cash equivalents | 1,443 | 2,741 |
Net increase (decrease) in cash and cash equivalents | (614,276) | (870,847) |
Cash and cash equivalents at beginning of period | 953,813 | 2,133,207 |
Cash and cash equivalents at end of period | $ 339,537 | $ 1,262,360 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Feb. 29, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Organization, Basis of Presentation and Significant Accounting Policies Basis of Presentation The unaudited Consolidated Balance Sheet as of February 29, 2016 , the Consolidated Statements of Operations for the three and six months ended February 29, 2016 and February 28, 2015 , the Consolidated Statements of Comprehensive Income for the three and six months ended February 29, 2016 and February 28, 2015 , and the Consolidated Statements of Cash Flows for the six months ended February 29, 2016 and February 28, 2015 , 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, 2015 , 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 notes to our consolidated financial statements make reference to our Energy, Ag and Nitrogen Production reportable segments, as well as our Corporate and Other category, which represents an aggregation of individually immaterial operating segments. The Nitrogen Production reportable segment is a new segment resulting from our investment in CF Industries Nitrogen, LLC ("CF Nitrogen") in February 2016. See Note 9, Segment Reporting for more information. Our consolidated financial statements include the accounts of CHS and all of our wholly owned and majority owned subsidiaries and limited liability companies. The effects of all significant intercompany transactions have been eliminated. As of August 31, 2015, we owned approximately 88.9% of National Cooperative Refinery Association ("NCRA"), which operated our McPherson, Kansas refinery and was fully consolidated within our financial statements. In September 2015, our ownership increased to 100% when we purchased the remaining noncontrolling interests in the entity upon the final closing pursuant to the November 2011 agreement described in Note 4, Investments . The entity is now known as CHS McPherson Refinery Inc. ("CHS McPherson"). These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended August 31, 2015 , included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission. Revisions In preparing our consolidated financial statements for the year ended August 31, 2015, we identified immaterial errors that impacted our previously issued consolidated financial statements. The primary errors related to: 1) incorrect application of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 840, Leases to our lease arrangements and 2) inaccurate presentation of non-cash acquisitions of property, plant and equipment and expenditures for major repairs on our Consolidated Statements of Cash Flows. Prior period amounts presented in our consolidated financial statements and the related notes have been revised accordingly, and those revisions are noted where they appear. See Note 13, Correction of Immaterial Errors for a more detailed description of the revisions and for comparisons of amounts previously reported to the revised amounts. Derivative Financial Instruments and Hedging Activities Our derivative instruments primarily consist of commodity and freight futures and forward contracts and, to a lesser 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 hedges or fair value hedges. Derivative instruments are recorded on our Consolidated Balance Sheets at fair value. See Note 10, Derivative Financial Instruments and Hedging Activities and Note 11, Fair Value Measurements for additional information. 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. Major Maintenance Activities 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. For the three and six months ended February 29, 2016 , turnaround expenditures were $0.2 million and $19.1 million , respectively. For the three and six months ended February 28, 2015, turnaround expenditures were $6.2 million and $7.5 million , respectively. Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), which replaces the existing guidance in ASC 840 – Leases. This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. This ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. We are currently evaluating the impact the adoption will have on our consolidated financial statements in fiscal 2020. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes . ASU No. 2015-17 clarifies and simplifies the presentation of deferred income taxes by requiring deferred tax liabilities and assets to be classified as non-current in a classified statement of financial position. The ASU is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. Early application is permitted. We are currently evaluating the possibility of early adoption, along with the impact the adoption will have on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis . ASU No. 2015-02 amended the process that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU No. 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early application is permitted. We are currently evaluating the impact the adoption will have on our consolidated financial statements in fiscal 2017. In November 2014, the FASB issued ASU No. 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity . The amendments in this ASU do not change the current criteria in GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. The ASU applies to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of ASU 2014-16 is not expected to have a material effect on our consolidated financial statements in fiscal 2017. 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 goods 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. In August 2015, the FASB issued ASU 2015-14 delaying the effective date for adoption. This update is now effective for annual and interim periods beginning after December 15, 2017, which will require us to adopt these provisions in the first quarter of fiscal 2019. Early application as of the original date is permitted. This update permits the use of either the full or modified retrospective method. We are evaluating the effect this guidance will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Receivables
Receivables | 6 Months Ended |
Feb. 29, 2016 | |
Receivables [Abstract] | |
Receivables | Receivables February 29, 2016 August 31, 2015 (Dollars in thousands) Trade accounts receivable $ 1,467,313 $ 1,793,147 CHS Capital notes receivable 770,906 791,413 Other 345,292 339,995 2,583,511 2,924,555 Less allowances and reserves 113,505 106,445 Total receivables $ 2,470,006 $ 2,818,110 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 and producer borrowers. The short-term notes receivable generally have terms of 12 - 14 months and are reported at their outstanding principal 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 cooperatives' capital stock. These loans are primarily originated in the states of Minnesota, Wisconsin, North Dakota and Michigan. 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 $178.7 million and $190.4 million at February 29, 2016 and August 31, 2015 , respectively. The long-term notes receivable are included in other assets on our Consolidated Balance Sheets. As of February 29, 2016 and August 31, 2015 the commercial notes represented 42% and 34% , respectively, and the producer notes represented 58% and 66% , 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. As of February 29, 2016 , a single borrower accounted for 18% of the total outstanding CHS Capital notes receivable. No other individual third party borrower accounted for more than 10% of the total. 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 February 29, 2016 , customers of CHS Capital had additional available credit of approximately $995.4 million . |
Inventories
Inventories | 6 Months Ended |
Feb. 29, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories February 29, 2016 August 31, 2015 (Dollars in thousands) Grain and oilseed $ 1,035,399 $ 966,923 Energy 681,554 785,116 Crop nutrients 360,869 369,105 Feed and farm supplies 841,505 465,744 Processed grain and oilseed 61,619 48,078 Other 18,757 17,378 Total inventories $ 2,999,703 $ 2,652,344 As of February 29, 2016 , we valued approximately 15% of inventories, primarily related to our Energy segment, using the lower of cost, determined on the LIFO method, or market ( 18% as of August 31, 2015 ). If the FIFO method of accounting had been used, inventories would have been higher than the reported amount by $0.4 million and $ 68.1 million at February 29, 2016 and August 31, 2015 , 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. During the six months ended February 29, 2016, we recorded lower of cost or market valuation adjustments of $80.2 million to cost of goods sold to reduce the carrying value of our energy inventory. |
Investments
Investments | 6 Months Ended |
Feb. 29, 2016 | |
Investments [Abstract] | |
Investments | Investments As of August 31, 2015 , we owned 88.9% of NCRA and with the final closing in September 2015, our ownership increased to 100% . NCRA is now known as CHS McPherson. 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 thereafter, with the final closing occurring on September 1, 2015. Pursuant to this agreement, we made payments during the six months ended February 29, 2016 and February 28, 2015 of $153.0 million and $66.0 million , respectively. In addition to these payments, we paid $2.6 million during the first quarter of fiscal 2016 related to the associated crack spread contingent liability. The fair value of the remaining contingent liability was $24.2 million as of February 29, 2016 . Equity Method Investments Joint ventures and other investments, in which we have significant ownership and influence, but not control, are accounted for in our consolidated financial statements using the equity method of accounting. Our primary equity method investments are described below. None of these investments are individually significant such that disclosure of summarized income statement information would be required under Article 10 of Regulation S-X. On February 1, 2016, we invested $2.8 billion in CF Nitrogen, commencing our strategic venture with CF Industries Holdings, Inc. The investment consists of an 11.4% membership interest (based on product tons) in CF Nitrogen. We also entered into an 80 -year supply agreement that entitles us to purchase up to 1.1 million tons of granular urea and 580,000 tons of urea ammonium nitrate ("UAN") annually from CF Nitrogen for ratable delivery. Our purchases under the supply agreement will be based on prevailing market prices and we will subsequently receive semi-annual cash distributions (in January and June of each year) from CF Nitrogen via our membership interest. These distributions will be based on actual volumes purchased from CF Nitrogen under the strategic venture and will have the effect of reducing our investment to zero over 80 years on a straight-line basis. We account for this investment using the hypothetical liquidation at book value method, recognizing our share of the earnings and losses of CF Nitrogen based upon our contractual claims on the entity's net assets pursuant to the liquidation provisions of the LLC Agreement, adjusted for the semi-annual cash distributions. For each of the three and six months ended February 29, 2016 , these amounts were $11.9 million and are included as equity income from investments in our Nitrogen Production segment. As of February 29, 2016 , the carrying value of our investment in CF Nitrogen was $2.8 billion . 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 February 29, 2016 , our carrying value of Ventura Foods exceeded our share of its equity by $12.9 million , which represents equity method goodwill. As of February 29, 2016 , the carrying value of our investment in Ventura Foods was $355.8 million . In fiscal 2014, 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, giving CHS a 12% interest in Ardent Mills. As we hold one of the five board seats, we account for Ardent Mills as an equity method investment included in Corporate and Other. As of February 29, 2016 , the carrying value of our investment in Ardent Mills was $190.8 million . TEMCO, LLC ("TEMCO") is owned and governed by Cargill ( 50% ) and CHS ( 50% ). Both owners have committed to sell all of their feedgrains, wheat, oilseeds and by-product origination that are tributary to the Pacific Northwest, United States ("Pacific Northwest") to TEMCO and to use TEMCO as their exclusive export-marketing vehicle for such grains exported through the Pacific Northwest through January 2037. We account for TEMCO as an equity method investment included in our Ag segment. As of February 29, 2016 , the carrying value of our investment in TEMCO was $53.5 million . Other Short-Term Investments In the first quarter of fiscal 2015, we invested $315.0 million of the proceeds from the September 2014 Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 3 ("Class B Series 3 Preferred Stock") issuance (see Note 7, Equities for additional information) in time deposits with original maturities of six and nine months with select highly-rated financial institution counterparties. These investments matured in fiscal 2015 and as of February 29, 2016 and August 31, 2015 we had no outstanding short-term investments. |
Goodwill and Intangibles (Notes
Goodwill and Intangibles (Notes) | 6 Months Ended |
Feb. 29, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangible Assets Goodwill of $154.2 million and $150.1 million on February 29, 2016 and August 31, 2015 , respectively, is included in other assets on our Consolidated Balance Sheets. Changes in the net carrying amount of goodwill for the six months ended February 29, 2016 , by segment, are as follows: Energy Ag Corporate Total (Dollars in thousands) Balances, August 31, 2015 $ 552 $ 142,665 $ 6,898 $ 150,115 Goodwill acquired during the period — 5,667 — 5,667 Effect of foreign currency translation adjustments — (760 ) — (760 ) Other — (782 ) — (782 ) Balances, February 29, 2016 $ 552 $ 146,790 $ 6,898 $ 154,240 No goodwill has been allocated to our Nitrogen Production segment, which consists of a single investment accounted for under the equity method. 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). Information regarding intangible assets included in other assets on our Consolidated Balance Sheets is as follows: February 29, August 31, Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Amortization Net (Dollars in thousands) Customer lists $ 63,355 $ (28,420 ) $ 34,935 $ 70,925 $ (30,831 ) $ 40,094 Trademarks and other intangible assets 40,771 (31,789 ) 8,982 42,688 (32,134 ) 10,554 Total intangible assets $ 104,126 $ (60,209 ) $ 43,917 $ 113,613 $ (62,965 ) $ 50,648 Total amortization expense for intangible assets during the three and six months ended February 29, 2016 was $2.1 million and $3.8 million , respectively. Total amortization expense for intangible assets during the three and six months ended February 28, 2015 was $1.8 million and $3.6 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 $ 4,903 Year 2 3,812 Year 3 3,810 Year 4 3,670 Year 5 3,383 |
Notes Payable and Long-Term Deb
Notes Payable and Long-Term Debt | 6 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Notes Payable and Long-Term Debt | Notes Payable and Long-Term Debt Our notes payable and long-term debt are subject to various restrictive requirements for maintenance of minimum consolidated net worth and other financial ratios. We were in compliance with our debt covenants as of February 29, 2016 . February 29, 2016 August 31, 2015 (Dollars in thousands) Notes payable $ 2,202,848 $ 813,717 CHS Capital notes payable 594,910 351,661 Total notes payable $ 2,797,758 $ 1,165,378 In September 2015, we amended and restated our primary line of credit, which is a five -year, unsecured revolving credit facility to, among other things, provide for a committed amount of $3.0 billion that expires in September 2020. The outstanding balance on this facility was $600.0 million as of February 29, 2016 ; and there was no outstanding balance on the predecessor facility as of August 31, 2015 . In December 2015, we entered into three bilateral, uncommitted revolving credit facilities with an aggregate capacity of $1.3 billion . Amounts borrowed under these short-term lines are used to fund our working capital and bear interest at base rates (or LIBOR rates) plus applicable margins ranging from 0.25% to 1.00% . As of February 29, 2016, outstanding borrowings under these facilities were $667.6 million . Long-Term Debt In September 2015, we entered into a ten -year term loan with a syndication of lenders. The agreement provides for committed term loans in an amount up to $600.0 million . Amounts drawn under this agreement that are subsequently repaid or prepaid may not be reborrowed. Principal on the term loans is payable in full on September 4, 2025. Borrowings under the agreement bear interest at a base rate (or a London Interbank Offered Rate ("LIBOR")) plus an applicable margin, or at a fixed rate of interest determined and quoted by the administrative agent under the agreement in its sole and absolute discretion from time to time. The applicable margin is based on our leverage ratio and ranges between 1.50% and 2.00% for LIBOR loans and between 0.50% and 1.00% for base rate loans. As of February 29, 2016, outstanding borrowings under this agreement were $600.0 million . In January 2016, we consummated a private placement of long-term notes in the aggregate principal amount of $680.0 million with certain accredited investors, which long-term notes are layered into six series. The first series of $152.0 million has an interest rate of 4.39% and is due in January 2023. The second series of $150.0 million has an interest rate of 4.58% and is due in January 2025. The third series of $58.0 million has an interest rate of 4.69% and is due in January 2027. The fourth series of $95.0 million has an interest rate of 4.74% and is due in January 2028. The fifth series of $100.0 million has an interest rate of 4.89% and is due in January 2031. The sixth series of $125.0 million has an interest rate of 5.40% and is due in January 2036. Interest The following table presents the components of interest expense, net for the three and six months ended February 29, 2016 and February 28, 2015 . We have revised prior period amounts in this table to include interest expense related to capital lease obligations that were previously accounted for as operating leases. See Note 13, Correction of Immaterial Errors for more information on the nature and amounts of these revisions. For the Three Months Ended For the Six Months Ended February 29, 2016 February 28, 2015 February 29, 2016 February 28, 2015 (Dollars in thousands) Interest expense $ 32,197 $ 20,855 $ 54,907 $ 43,196 Interest-purchase of CHS McPherson noncontrolling interests — 4,860 — 18,928 Capitalized interest (7,161 ) (12,706 ) (20,820 ) (24,611 ) Interest income (9,323 ) (2,238 ) (11,381 ) (4,836 ) Interest expense, net $ 15,713 $ 10,771 $ 22,706 $ 32,677 |
Equities
Equities | 6 Months Ended |
Feb. 29, 2016 | |
Equity [Abstract] | |
Equities | Equities Preferred Stock In June 2014, we filed a shelf registration statement on Form S-3 with the 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 from the time of effectiveness. As of February 29, 2016 , $990.0 million of our Class B Cumulative Redeemable Preferred Stock remained available for issuance under the shelf registration statement. In September 2014, we issued 19,700,000 shares of Class B Series 3 Preferred Stock with a total redemption value of $492.5 million , excluding accumulated dividends. Net proceeds from the sale of our Class B Series 3 Preferred Stock, after deducting the underwriting discount and offering expenses payable by us, were approximately $476.7 million . The Class B Series 3 Preferred Stock is listed on the NASDAQ Stock Market LLC under the symbol CHSCM and accumulates dividends at a rate of 6.75% per year to, but excluding, September 30, 2024, and at a rate equal to the three-month LIBOR plus 4.155% , not to exceed 8.00% per annum thereafter, which are payable quarterly. Our Class B Series 3 Preferred Stock may be redeemed at our option beginning September 30, 2024. In January 2015, we issued 20,700,000 shares of Class B Cumulative Redeemable Preferred Stock, Series 4 ("Class B Series 4 Preferred Stock") with a total redemption value of $517.5 million , excluding accumulated dividends. Net proceeds from the sale of our Class B Series 4 Preferred Stock, after deducting the underwriting discount and offering expenses payable by us, were approximately $501.0 million . The Class B Series 4 Preferred Stock is listed on the NASDAQ Stock Market LLC under the symbol CHSCL and accumulates dividends at a rate of 7.50% per year, which are payable quarterly. Our Class B Series 4 Preferred Stock may be redeemed at our option beginning January 21, 2025. In March 2016, we redeemed approximately $76.8 million of patrons' equities by issuing 2,693,195 shares of Class B Cumulative Redeemable Preferred Stock, Series 1 ("Class B Series 1 Preferred Stock"), with a total redemption value of $67.3 million , excluding accumulated dividends. Each share of Class B Series 1 Preferred Stock was issued in redemption of $28.50 of patrons' equities in the form of members' equity certificates. The Class B Series 1 Preferred Stock is listed on the NASDAQ Stock Market LLC under the symbol CHSCO and accumulates dividends at a rate of 7.785% per year, which are payable quarterly. Our Class B Series 1 Preferred Stock may be redeemed at our option beginning September 26, 2023. Changes in Equities Changes in equities for the six months ended February 29, 2016 are as follows: Equity Certificates Accumulated Capital Nonpatronage Nonqualified Equity Certificates Preferred Capital Noncontrolling Total (Dollars in thousands) Balance, August 31, 2015 $ 3,793,897 $ 23,057 $ 282,928 $ 2,167,540 $ (214,207 ) $ 1,604,670 $ 11,526 $ 7,669,411 Reversal of prior year patronage and redemption estimates (364,824 ) — — — — 625,444 — 260,620 Distribution of 2015 patronage refunds 375,330 — — — — (626,865 ) — (251,535 ) Redemptions of equities (10,136 ) (50 ) (257 ) — — — — (10,443 ) Equities issued, net 16,565 — — — — — — 16,565 Preferred stock dividends — — — — — (80,999 ) — (80,999 ) Other, net 665 (20 ) (313 ) (73 ) — (8,101 ) 3,286 (4,556 ) Net income — — — — — 235,496 496 235,992 Other comprehensive income (loss), net of tax — — — — (14,500 ) — — (14,500 ) Estimated 2016 cash patronage refunds — — — — — (53,446 ) — (53,446 ) Estimated 2016 equity redemptions (64,680 ) — — — — — — (64,680 ) Balance, February 29, 2016 $ 3,746,817 $ 22,987 $ 282,358 $ 2,167,467 $ (228,707 ) $ 1,696,199 $ 15,308 $ 7,702,429 Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows for the six months ended February 29, 2016 and February 28, 2015: 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, 2015 $ (171,729 ) $ 4,156 $ (5,324 ) $ (41,310 ) $ (214,207 ) Current period other comprehensive income (loss), net of tax 12,877 (739 ) (6,233 ) (13,670 ) (7,765 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (6,448 ) — (287 ) — (6,735 ) Net other comprehensive income (loss), net of tax 6,429 (739 ) (6,520 ) (13,670 ) (14,500 ) Balance as of February 29, 2016 $ (165,300 ) $ 3,417 $ (11,844 ) $ (54,980 ) $ (228,707 ) 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, 2014 $ (151,852 ) $ 4,398 $ (2,722 ) $ (6,581 ) $ (156,757 ) Current period other comprehensive income (loss), net of tax 236 773 (2,658 ) (11,008 ) (12,657 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 6,770 — 249 — 7,019 Net other comprehensive income (loss), net of tax 7,006 773 (2,409 ) (11,008 ) (5,638 ) Balance as of February 28, 2015 $ (144,846 ) $ 5,171 $ (5,131 ) $ (17,589 ) $ (162,395 ) Amounts reclassified from accumulated other comprehensive income (loss) were primarily related to pension and other postretirement benefits. Pension and other postretirement reclassifications include amortization of net actuarial loss, prior service credit and transition amounts and are recorded as marketing, general and administrative expenses (see Note 8, Benefit Plans for further information). |
Benefit Plans
Benefit Plans | 6 Months Ended |
Feb. 29, 2016 | |
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 six months ended February 29, 2016 and February 28, 2015 are as follows: Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits 2016 2015 2016 2015 2016 2015 Components of net periodic benefit costs for the three months ended February 29, 2016 and February 28, 2015 are as follows: (Dollars in thousands) Service cost $ 9,383 $ 9,058 $ 259 $ 225 $ 353 $ 474 Interest cost 7,691 7,002 351 352 428 415 Expected return on assets (12,013 ) (12,436 ) — — — — Prior service cost (credit) amortization 401 409 57 57 (30 ) (30 ) Actuarial (gain) loss amortization 4,775 4,907 173 261 (116 ) (106 ) Net periodic benefit cost $ 10,237 $ 8,940 $ 840 $ 895 $ 635 $ 753 Components of net periodic benefit costs for the six months ended February 29, 2016 and February 28, 2015 are as follows: Service cost $ 18,766 $ 18,116 $ 518 $ 450 $ 706 $ 946 Interest cost 15,384 14,016 703 704 855 830 Expected return on assets (24,027 ) (24,874 ) — — — — Prior service cost (credit) amortization 803 816 114 114 (60 ) (60 ) Actuarial (gain) loss amortization 9,529 9,808 346 522 (232 ) (211 ) Net periodic benefit cost $ 20,455 $ 17,882 $ 1,681 $ 1,790 $ 1,269 $ 1,505 Employer Contributions Total contributions to be made during fiscal 2016, will depend primarily on market returns on the pension plan assets and minimum funding level requirements. During the six months ended February 29, 2016 , we 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 2016, but we may make a voluntary contribution during the fourth quarter of fiscal 2016. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Feb. 29, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We have aligned our segments in accordance with ASC Topic 280, Segment Reporting , and have identified our operating segments to reflect the manner in which our chief operating decision maker, our Chief Executive Officer, evaluates performance and manages the business. We have aggregated those operating segments into our reportable Energy, Ag and Nitrogen Production segments. 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, serves as a wholesaler and retailer of crop inputs and produces and markets ethanol. Our Nitrogen Production segment consists of our recently completed equity method investment in CF Nitrogen which entitles us to purchase granular urea and UAN annually from CF Nitrogen on a ratable basis. There were no changes to the composition of our Energy and Ag segments as a result of this investment, and there were no impacts to historically reported segment results and balances. Corporate and Other primarily represents our 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. Corporate administrative expenses and interest are allocated to each business segment, and Corporate and Other, based on direct usage for services that can be tracked, 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, ethanol, 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, drought, 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. See Note 4, Investments for more information on these entities. 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 six months ended February 29, 2016 and February 28, 2015 is presented in the tables below. We have revised prior period amounts in these tables to include activity and amounts related to capital leases that were previously accounted for as operating leases. See Note 13, Correction of Immaterial Errors for more information on the nature and amounts of these revisions. Energy Ag Nitrogen Production Corporate Reconciling Total For the Three Months Ended February 29, 2016: (Dollars in thousands) Revenues $ 1,134,148 $ 5,580,450 $ — $ 23,201 $ (98,469 ) $ 6,639,330 Operating earnings (loss) (69,299 ) (21,818 ) (5,759 ) 5,073 — (91,803 ) (Gain) loss on investments — (42 ) — (3,008 ) — (3,050 ) Interest (income) expense, net (4,808 ) 7,992 4,737 7,792 — 15,713 Equity (income) loss from investments (1,364 ) 1,355 (11,855 ) (16,140 ) — (28,004 ) Income (loss) before income taxes $ (63,127 ) $ (31,123 ) $ 1,359 $ 16,429 $ — $ (76,462 ) Intersegment revenues $ (67,208 ) $ (29,963 ) $ — $ (1,298 ) $ 98,469 $ — Energy Ag Nitrogen Production Corporate Reconciling Total For the Three Months Ended February 28, 2015: (Dollars in thousands) Revenues $ 1,947,297 $ 6,503,348 $ — $ 15,813 $ (110,730 ) $ 8,355,728 Operating earnings (loss) 4,244 72,143 — (1,518 ) 74,869 (Gain) loss on investments — — — (2,199 ) — (2,199 ) Interest (income) expense, net (7,075 ) 15,485 — 2,361 — 10,771 Equity (income) loss from investments (736 ) (4,443 ) — (18,990 ) — (24,169 ) Income (loss) before income taxes $ 12,055 $ 61,101 $ — $ 17,310 $ — $ 90,466 Intersegment revenues $ (101,581 ) $ (9,149 ) $ — $ — $ 110,730 $ — Energy Ag Nitrogen Production Corporate Reconciling Total For the Six Months Ended February 29, 2016: (Dollars in thousands) Revenues $ 2,840,061 $ 11,694,706 $ — $ 43,096 $ (209,741 ) $ 14,368,122 Operating earnings (loss) 111,213 53,173 (5,759 ) 9,384 — 168,011 (Gain) loss on investments — (5,714 ) — (3,008 ) — (8,722 ) Interest (income) expense, net (16,410 ) 22,962 4,737 11,417 — 22,706 Equity (income) loss from investments (2,187 ) (2,221 ) (11,855 ) (43,103 ) — (59,366 ) Income (loss) before income taxes $ 129,810 $ 38,146 $ 1,359 $ 44,078 $ — $ 213,393 Intersegment revenues $ (174,311 ) $ (33,016 ) $ — $ (2,414 ) $ 209,741 $ — Capital expenditures $ 228,351 $ 160,031 $ — $ 39,908 $ — $ 428,290 Depreciation and amortization $ 86,512 $ 111,040 $ — $ 9,750 $ — $ 207,302 Total assets at February 29, 2016 $ 4,404,693 $ 7,710,441 $ 2,812,849 $ 2,897,025 $ — $ 17,825,008 Energy Ag Nitrogen Production Corporate Reconciling Total For the Six Months Ended February 28, 2015: (Dollars in thousands) Revenues $ 4,965,750 $ 13,143,319 $ — $ 35,796 $ (289,669 ) $ 17,855,196 Operating earnings (loss) 287,147 224,031 — (6,249 ) — 504,929 (Gain) loss on investments — (2,875 ) — (2,199 ) — (5,074 ) Interest (income) expense, net (3,068 ) 31,005 — 4,740 — 32,677 Equity (income) loss from investments (1,076 ) (4,463 ) — (43,259 ) — (48,798 ) Income (loss) before income taxes $ 291,291 $ 200,364 $ — $ 34,469 $ — $ 526,124 Intersegment revenues $ (280,520 ) $ (9,149 ) $ — $ — $ 289,669 $ — Capital expenditures $ 307,028 $ 216,418 $ — $ 26,484 $ — $ 549,930 Depreciation and amortization $ 71,112 $ 90,714 $ — $ 6,480 $ — $ 168,306 Total assets at February 28, 2015 $ 4,347,109 $ 8,354,500 $ — $ 3,413,015 $ — $ 16,114,624 |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 6 Months Ended |
Feb. 29, 2016 | |
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 described in Note 11, Fair Value Measurements . The following tables present the gross fair values of derivative assets, derivative liabilities, and margin deposits (cash collateral) recorded on our 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 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 . February 29, 2016 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 $ 384,185 $ — $ 29,619 $ 354,566 Foreign exchange derivatives 23,971 — 12,668 11,303 Interest rate derivatives - hedge 23,695 — — 23,695 Total $ 431,851 $ — $ 42,287 $ 389,564 Derivative Liabilities: Commodity and freight derivatives $ 261,710 $ 17,589 $ 29,619 $ 214,502 Foreign exchange derivatives 22,041 — 12,668 9,373 Interest rate derivatives - hedge 3,718 — — 3,718 Interest rate derivatives - non-hedge 19 — — 19 Total $ 287,488 $ 17,589 $ 42,287 $ 227,612 August 31, 2015 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 $ 476,071 $ — $ 58,401 $ 417,670 Foreign exchange derivatives 23,154 — 11,682 11,472 Interest rate derivatives - hedge 14,216 — — 14,216 Total $ 513,441 $ — $ 70,083 $ 443,358 Derivative Liabilities: Commodity and freight derivatives $ 427,052 $ 11,482 $ 58,401 $ 357,169 Foreign exchange derivatives 37,598 — 11,682 25,916 Interest rate derivatives - hedge 6,058 — — 6,058 Interest rate derivatives - non-hedge 61 — — 61 Total $ 470,769 $ 11,482 $ 70,083 $ 389,204 Derivatives Not Designated as Hedging Instruments The majority of our derivative instruments have not been designated as hedging instruments for accounting purposes. 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 six months ended February 29, 2016 and February 28, 2015 . We have revised the information that we have historically included in this table below to correct for immaterial errors in the previously disclosed amounts. Although such gains and losses have been, and continue to be, appropriately recorded in the Consolidated Statements of Operations, the previous disclosures did not accurately reflect the derivative gains and losses in each period. These disclosure revisions did not materially impact our consolidated financial statements. For the Three Months Ended For the Six Months Ended Location of Gain (Loss) February 29, 2016 February 28, 2015 February 29, 2016 February 28, 2015 (Dollars in thousands) Commodity and freight derivatives Cost of goods sold $ 54,971 $ 38,861 $ 90,017 $ 112,544 Foreign exchange derivatives Cost of goods sold (10,481 ) 6,118 (9,798 ) 16,442 Foreign exchange derivatives Marketing, general and administrative 7,605 (271 ) 15,128 (8,252 ) Interest rate derivatives Interest, net (500 ) 45 (1,203 ) 74 Total $ 51,595 $ 44,753 $ 94,144 $ 120,808 Commodity and Freight Contracts: As of February 29, 2016 and August 31, 2015 , we had outstanding commodity futures, options and freight contracts that were used as economic hedges, as well as fixed-price forward contracts related to physical purchases and sales of commodities. The table below presents the notional volumes for all outstanding commodity and freight contracts accounted for as derivative instruments. February 29, 2016 August 31, 2015 Long Short Long Short (Units in thousands) Grain and oilseed - bushels 572,707 773,130 711,066 895,326 Energy products - barrels 15,990 8,665 17,238 11,676 Processed grain and oilseed - tons 725 1,995 706 2,741 Crop nutrients - tons 24 12 48 116 Ocean and barge freight - metric tons 3,687 2,159 5,916 1,962 Rail freight - rail cars 193 78 297 122 Natural gas - MMBtu 6,740 — — — Foreign Exchange Contracts: We conduct a substantial portion of our business in U.S. dollars, but we are exposed to immaterial risks relating to foreign currency fluctuations primarily due to grain marketing transactions in South America and Europe and purchases of products from Canada. We use foreign currency derivative instruments to mitigate the impact of exchange rate fluctuations. Although our overall risk relating to foreign currency transactions is not significant, exchange rate fluctuations do, however, impact the ability of foreign buyers to purchase U.S. agricultural products and the competitiveness of U.S. agricultural products compared to the same products offered by alternative sources of world supply. The notional amounts of our foreign exchange derivative contracts were $711.2 million and $1.3 billion as of February 29, 2016 and August 31, 2015 , respectively. Derivatives Designated as Cash Flow or Fair Value Hedging Strategies As of February 29, 2016 and August 31, 2015 , we had certain derivatives designated as cash flow and fair value hedges. Interest Rate Contracts: We have outstanding interest rate swaps with an aggregate notional amount of $420.0 million designated as fair value hedges of portions of our fixed-rate debt. Our objective in entering into these transactions 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 instruments and the hedged debt are recorded contemporaneously each period and only create an impact to earnings to the extent that the hedge is ineffective. During the six months ended February 29, 2016 and February 28, 2015 , we recorded offsetting fair value adjustments of $11.5 million and $8.2 million , respectively, with no ineffectiveness recorded in earnings. In fiscal 2015, we entered into forward-starting interest rate swaps with an aggregate notional amount of $300.0 million designated as cash flow hedges of the expected variability of future interest payments on our anticipated issuance of fixed-rate debt. During the first quarter of fiscal 2016, we determined that certain of the anticipated debt issuances would be delayed; and we consequently recorded an immaterial amount of losses on the ineffective portion of the related swaps in earnings. Additionally, we paid $6.4 million in cash to settle two of the interest rate swaps upon their scheduled termination dates. During the second quarter of fiscal 2016, we settled an additional two interest rate swaps, paying $5.3 million in cash upon their scheduled termination. In January 2016, we issued the fixed-rate debt associated with these swaps and will amortize the amounts which were previously deferred to other comprehensive income into earnings over the life of the debt. The amounts to be included in earnings are not expected to be material during any 12-month period. As of February 29, 2016, we had two remaining interest rate swaps with an aggregate notional amount of $100.0 million . Based on new developments in March 2016, we have re-evaluated the likelihood of the associated forecasted debt issuance from "probable" to "reasonably possible." Consequently, we will discontinue the application of cash flow hedge accounting on a prospective basis and future changes in the fair values of the derivatives will be recorded in earnings. Because the issuance of the debt remains likely to occur, amounts previously deferred will remain in accumulated other comprehensive income until the debt issuance occurs or becomes probable not to occur. The remaining swaps expire in fiscal 2016 with immaterial amounts expected to be included in earnings during the next 12 months. The following table presents the pretax gains (losses) recorded in other comprehensive income relating to cash flow hedges for the three and six months ended February 29, 2016 and February 28, 2015 . For the Three Months Ended For the Six Months Ended February 29, 2016 February 28, 2015 February 29, 2016 February 28, 2015 (Dollars in thousands) Interest rate derivatives $ (3,252 ) $ (3,702 ) $ (10,070 ) $ (4,296 ) The following table presents the pretax gains (losses) relating to cash flow hedges that were reclassified from accumulated other comprehensive loss into income for the three and six months ended February 29, 2016 and February 28, 2015 . For the Three Months Ended For the Six Months Ended Location of Gain (Loss) February 29, 2016 February 28, 2015 February 29, 2016 February 28, 2015 (Dollars in thousands) Interest rate derivatives Interest income (expense) $ (275 ) $ (199 ) $ (465 ) $ (402 ) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Feb. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present assets and liabilities, included 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. Recurring fair value measurements at February 29, 2016 and August 31, 2015 are as follows: February 29, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (Dollars in thousands) Assets: Commodity and freight derivatives $ 25,609 $ 358,576 $ — $ 384,185 Foreign currency derivatives — 23,971 — 23,971 Interest rate swap derivatives — 23,695 — 23,695 Deferred compensation assets 70,710 — — 70,710 Other assets 10,579 — — 10,579 Total $ 106,898 $ 406,242 $ — $ 513,140 Liabilities: Commodity and freight derivatives $ 43,705 $ 218,005 $ — $ 261,710 Foreign currency derivatives — 22,041 — 22,041 Interest rate swap derivatives — 3,737 — 3,737 Crack spread contingent consideration liability — — 24,155 24,155 Total $ 43,705 $ 243,783 $ 24,155 $ 311,643 August 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (Dollars in thousands) Assets: Commodity and freight derivatives $ 46,976 $ 429,094 $ — $ 476,070 Foreign currency derivatives — 23,155 — 23,155 Interest rate swap derivatives — 14,216 — 14,216 Deferred compensation assets 72,571 — — 72,571 Other assets 10,905 — — 10,905 Total $ 130,452 $ 466,465 $ — $ 596,917 Liabilities: Commodity and freight derivatives $ 58,873 $ 368,179 $ — $ 427,052 Foreign currency derivatives — 37,598 — 37,598 Interest rate swap derivatives — 6,119 — 6,119 Crack spread contingent consideration liability — — 75,982 75,982 Total $ 58,873 $ 411,896 $ 75,982 $ 546,751 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 with fixed-price components, 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. 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. See Note 10 , Derivative Financial Instruments and Hedging Activities for additional information about interest rate swaps designated as fair value and cash flow hedges. Deferred compensation and other assets — Our deferred compensation investments, Rabbi Trust assets and available-for-sale investments in common stock of other companies 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. Crack spread contingent consideration liability — The fair value of the contingent consideration liability related to the purchase of CHS McPherson 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 Item Fair Value February 29, 2016 (Dollars in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Crack spread contingent consideration liability $24,155 Adjusted Black-Scholes option pricing model Forward crack spread margin quotes on February 29, 2016 (a) $8.54-$13.70 ($10.66) Contractual target crack spread margin (b) $17.50 Expected volatility (c) 155.55% Risk-free interest rate (d) 0.48-0.94% (0.67%) Expected life - years (e) 0.50-1.50 (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 February 29, 2016 and February 28, 2015 . Level 3 Liabilities Crack spread contingent consideration liability 2016 2015 (Dollars in thousands) Balances, November 30, 2015 and 2014, respectively $ 43,693 $ 86,520 Total (gains) losses included in cost of goods sold (19,538 ) 34,550 Balances, February 29, 2016 and February 28, 2015, respectively $ 24,155 $ 121,070 The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the six months ended February 29, 2016 and February 28, 2015 . Level 3 Liabilities Crack spread contingent consideration liability 2016 2015 (Dollars in thousands) Balances, August 31, 2015 and 2014, respectively $ 75,982 $ 114,917 Total (gains) losses included in cost of goods sold (51,827 ) 6,153 Balances, February 29, 2016 and February 28, 2015, respectively $ 24,155 $ 121,070 There were no material transfers between Level 1, Level 2 and Level 3 assets and liabilities. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Feb. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Guarantees We are a guarantor for lines of credit and performance obligations of related, non-consolidated companies. As of February 29, 2016 , our bank covenants allowed maximum guarantees of $1.0 billion , of which $116.3 million were 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 were current as of February 29, 2016 . |
Correction of immaterial errors
Correction of immaterial errors (Notes) | 6 Months Ended |
Feb. 29, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | Correction of Immaterial Errors Lease Accounting We lease rail cars, equipment, vehicles and other assets under noncancelable lease agreements for use in our agricultural and transportation operations in our Energy and Ag segments. During the fourth quarter of fiscal 2015, we determined that we had historically applied the accounting principles of ASC Topic 840, Leases, incorrectly by accounting for all of our lease arrangements as operating leases. We subsequently determined that certain of our leases met, at lease inception, one or more of the ASC 840-10-25-1 criteria that require a lease to be classified and accounted for as a capital lease. Consequently, prior period amounts in the financial statements, notes thereto and related disclosures have been revised to adjust for these errors. Statement of Cash Flows Presentation During the fourth quarter of fiscal 2015, we determined that our historical presentation of cash flows related to the acquisition of property, plant and equipment and expenditures for major repairs was incorrect. Amounts presented as cash outflows in prior periods included acquisitions of assets for which cash had not yet been paid, resulting in misstatements of both investing and operating cash flows. We have revised prior period amounts in the financial statements, notes thereto and related disclosures to correct these errors. Materiality Assessment We assessed the materiality of the misstatements described above on prior period financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99, Materiality , codified in ASC 250-10, Accounting Changes and Error Corrections ("ASC 250"), and concluded these misstatements were not material to any prior annual or interim periods. Accordingly, in accordance with ASC 250 (SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements ), our consolidated financial statements as of and for the three and six months ended February 28, 2015, which are presented herein, have been revised. The following are selected line items from our consolidated financial statements illustrating the effects of these revisions: CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended For the Six Months Ended February 28, 2015 February 28, 2015 As Previously Reported Revision As Revised As Previously Reported Revision As Revised (Dollars in thousands) Cost of goods sold $ 8,111,365 $ (1,281 ) $ 8,110,084 $ 17,020,110 $ (2,586 ) $ 17,017,524 Gross profit 244,363 1,281 245,644 835,086 2,586 837,672 Operating earnings 73,588 1,281 74,869 502,343 2,586 504,929 Interest expense, net 9,490 1,281 10,771 30,091 2,586 32,677 Income before income taxes 90,466 — 90,466 526,124 — 526,124 CONSOLIDATED STATEMENTS OF CASH FLOWS For the Six Months Ended February 28, 2015 As Previously Reported Revision As Revised Cash flows from operating activities: Depreciation and amortization $ 148,784 $ 19,522 $ 168,306 Changes in operating assets and liabilities, excluding the effects of acquisitions: Accounts payable and accrued expenses (666,428 ) 36,578 (629,850 ) Net cash provided by (used in) operating activities (558,276 ) 56,100 (502,176 ) Cash flows from investing activities: Acquisition of property, plant and equipment (512,510 ) (37,420 ) (549,930 ) Expenditures for major repairs (8,347 ) 842 (7,505 ) Net cash provided by (used in) investing activities (870,222 ) (36,578 ) (906,800 ) Cash flows from financing activities: Principal payments on capital lease obligations (1) — (20,191 ) (20,191 ) Other financing activities, net (282 ) 302 20 Net cash provided by (used in) financing activities 554,910 (19,522 ) 535,388 (1) Principal payments on capital lease obligations are now included as part of the "Payments on lines of credit, long-term debt and capital lease obligations" line item on our Consolidated Statements of Cash Flows. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Feb. 29, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Our consolidated financial statements include the accounts of CHS and all of our wholly owned and majority owned subsidiaries and limited liability companies. The effects of all significant intercompany transactions have been eliminated. As of August 31, 2015, we owned approximately 88.9% of National Cooperative Refinery Association ("NCRA"), which operated our McPherson, Kansas refinery and was fully consolidated within our financial statements. In September 2015, our ownership increased to 100% when we purchased the remaining noncontrolling interests in the entity upon the final closing pursuant to the November 2011 agreement described in Note 4, Investments . The entity is now known as CHS McPherson Refinery Inc. ("CHS McPherson"). These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended August 31, 2015 , included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission. |
Goodwill and Other Intangible Assets | 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 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), which replaces the existing guidance in ASC 840 – Leases. This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. This ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. We are currently evaluating the impact the adoption will have on our consolidated financial statements in fiscal 2020. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes . ASU No. 2015-17 clarifies and simplifies the presentation of deferred income taxes by requiring deferred tax liabilities and assets to be classified as non-current in a classified statement of financial position. The ASU is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. Early application is permitted. We are currently evaluating the possibility of early adoption, along with the impact the adoption will have on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis . ASU No. 2015-02 amended the process that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU No. 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early application is permitted. We are currently evaluating the impact the adoption will have on our consolidated financial statements in fiscal 2017. In November 2014, the FASB issued ASU No. 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity . The amendments in this ASU do not change the current criteria in GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. The ASU applies to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of ASU 2014-16 is not expected to have a material effect on our consolidated financial statements in fiscal 2017. 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 goods 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. In August 2015, the FASB issued ASU 2015-14 delaying the effective date for adoption. This update is now effective for annual and interim periods beginning after December 15, 2017, which will require us to adopt these provisions in the first quarter of fiscal 2019. Early application as of the original date is permitted. This update permits the use of either the full or modified retrospective method. We are evaluating the effect this guidance will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Receivables (Tables)
Receivables (Tables) | 6 Months Ended |
Feb. 29, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | February 29, 2016 August 31, 2015 (Dollars in thousands) Trade accounts receivable $ 1,467,313 $ 1,793,147 CHS Capital notes receivable 770,906 791,413 Other 345,292 339,995 2,583,511 2,924,555 Less allowances and reserves 113,505 106,445 Total receivables $ 2,470,006 $ 2,818,110 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Feb. 29, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | February 29, 2016 August 31, 2015 (Dollars in thousands) Grain and oilseed $ 1,035,399 $ 966,923 Energy 681,554 785,116 Crop nutrients 360,869 369,105 Feed and farm supplies 841,505 465,744 Processed grain and oilseed 61,619 48,078 Other 18,757 17,378 Total inventories $ 2,999,703 $ 2,652,344 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 6 Months Ended |
Feb. 29, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Goodwill [Table Text Block] | Energy Ag Corporate Total (Dollars in thousands) Balances, August 31, 2015 $ 552 $ 142,665 $ 6,898 $ 150,115 Goodwill acquired during the period — 5,667 — 5,667 Effect of foreign currency translation adjustments — (760 ) — (760 ) Other — (782 ) — (782 ) Balances, February 29, 2016 $ 552 $ 146,790 $ 6,898 $ 154,240 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | (Dollars in thousands) Year 1 $ 4,903 Year 2 3,812 Year 3 3,810 Year 4 3,670 Year 5 3,383 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | February 29, August 31, Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Amortization Net (Dollars in thousands) Customer lists $ 63,355 $ (28,420 ) $ 34,935 $ 70,925 $ (30,831 ) $ 40,094 Trademarks and other intangible assets 40,771 (31,789 ) 8,982 42,688 (32,134 ) 10,554 Total intangible assets $ 104,126 $ (60,209 ) $ 43,917 $ 113,613 $ (62,965 ) $ 50,648 |
Notes Payable and Long-Term D24
Notes Payable and Long-Term Debt (Tables) | 6 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | February 29, 2016 August 31, 2015 (Dollars in thousands) Notes payable $ 2,202,848 $ 813,717 CHS Capital notes payable 594,910 351,661 Total notes payable $ 2,797,758 $ 1,165,378 |
Schedule of Interest,Net | Interest The following table presents the components of interest expense, net for the three and six months ended February 29, 2016 and February 28, 2015 . We have revised prior period amounts in this table to include interest expense related to capital lease obligations that were previously accounted for as operating leases. See Note 13, Correction of Immaterial Errors for more information on the nature and amounts of these revisions. For the Three Months Ended For the Six Months Ended February 29, 2016 February 28, 2015 February 29, 2016 February 28, 2015 (Dollars in thousands) Interest expense $ 32,197 $ 20,855 $ 54,907 $ 43,196 Interest-purchase of CHS McPherson noncontrolling interests — 4,860 — 18,928 Capitalized interest (7,161 ) (12,706 ) (20,820 ) (24,611 ) Interest income (9,323 ) (2,238 ) (11,381 ) (4,836 ) Interest expense, net $ 15,713 $ 10,771 $ 22,706 $ 32,677 |
Equities (Tables)
Equities (Tables) | 6 Months Ended |
Feb. 29, 2016 | |
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, are as follows for the six months ended February 29, 2016 and February 28, 2015: 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, 2015 $ (171,729 ) $ 4,156 $ (5,324 ) $ (41,310 ) $ (214,207 ) Current period other comprehensive income (loss), net of tax 12,877 (739 ) (6,233 ) (13,670 ) (7,765 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (6,448 ) — (287 ) — (6,735 ) Net other comprehensive income (loss), net of tax 6,429 (739 ) (6,520 ) (13,670 ) (14,500 ) Balance as of February 29, 2016 $ (165,300 ) $ 3,417 $ (11,844 ) $ (54,980 ) $ (228,707 ) 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, 2014 $ (151,852 ) $ 4,398 $ (2,722 ) $ (6,581 ) $ (156,757 ) Current period other comprehensive income (loss), net of tax 236 773 (2,658 ) (11,008 ) (12,657 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 6,770 — 249 — 7,019 Net other comprehensive income (loss), net of tax 7,006 773 (2,409 ) (11,008 ) (5,638 ) Balance as of February 28, 2015 $ (144,846 ) $ 5,171 $ (5,131 ) $ (17,589 ) $ (162,395 ) Amounts reclassified from accumulated other comprehensive income (loss) were primarily related to pension and other postretirement benefits. Pension and other postretirement reclassifications include amortization of net actuarial loss, prior service credit and transition amounts and are recorded as marketing, general and administrative expenses (see Note 8, Benefit Plans for further information). |
Schedule of Stockholders Equity [Table Text Block] | Changes in equities for the six months ended February 29, 2016 are as follows: |
Benefit Plans Schedule of Net B
Benefit Plans Schedule of Net Benefit Costs (Tables) | 6 Months Ended |
Feb. 29, 2016 | |
Schedule of Net Periodic Benefit Costs [Abstract] | |
Schedule of Net Benefit Costs of Assumptions Used [Table Text Block] | Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits 2016 2015 2016 2015 2016 2015 Components of net periodic benefit costs for the three months ended February 29, 2016 and February 28, 2015 are as follows: (Dollars in thousands) Service cost $ 9,383 $ 9,058 $ 259 $ 225 $ 353 $ 474 Interest cost 7,691 7,002 351 352 428 415 Expected return on assets (12,013 ) (12,436 ) — — — — Prior service cost (credit) amortization 401 409 57 57 (30 ) (30 ) Actuarial (gain) loss amortization 4,775 4,907 173 261 (116 ) (106 ) Net periodic benefit cost $ 10,237 $ 8,940 $ 840 $ 895 $ 635 $ 753 Components of net periodic benefit costs for the six months ended February 29, 2016 and February 28, 2015 are as follows: Service cost $ 18,766 $ 18,116 $ 518 $ 450 $ 706 $ 946 Interest cost 15,384 14,016 703 704 855 830 Expected return on assets (24,027 ) (24,874 ) — — — — Prior service cost (credit) amortization 803 816 114 114 (60 ) (60 ) Actuarial (gain) loss amortization 9,529 9,808 346 522 (232 ) (211 ) Net periodic benefit cost $ 20,455 $ 17,882 $ 1,681 $ 1,790 $ 1,269 $ 1,505 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Feb. 29, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Energy Ag Nitrogen Production Corporate Reconciling Total For the Three Months Ended February 29, 2016: (Dollars in thousands) Revenues $ 1,134,148 $ 5,580,450 $ — $ 23,201 $ (98,469 ) $ 6,639,330 Operating earnings (loss) (69,299 ) (21,818 ) (5,759 ) 5,073 — (91,803 ) (Gain) loss on investments — (42 ) — (3,008 ) — (3,050 ) Interest (income) expense, net (4,808 ) 7,992 4,737 7,792 — 15,713 Equity (income) loss from investments (1,364 ) 1,355 (11,855 ) (16,140 ) — (28,004 ) Income (loss) before income taxes $ (63,127 ) $ (31,123 ) $ 1,359 $ 16,429 $ — $ (76,462 ) Intersegment revenues $ (67,208 ) $ (29,963 ) $ — $ (1,298 ) $ 98,469 $ — Energy Ag Nitrogen Production Corporate Reconciling Total For the Three Months Ended February 28, 2015: (Dollars in thousands) Revenues $ 1,947,297 $ 6,503,348 $ — $ 15,813 $ (110,730 ) $ 8,355,728 Operating earnings (loss) 4,244 72,143 — (1,518 ) 74,869 (Gain) loss on investments — — — (2,199 ) — (2,199 ) Interest (income) expense, net (7,075 ) 15,485 — 2,361 — 10,771 Equity (income) loss from investments (736 ) (4,443 ) — (18,990 ) — (24,169 ) Income (loss) before income taxes $ 12,055 $ 61,101 $ — $ 17,310 $ — $ 90,466 Intersegment revenues $ (101,581 ) $ (9,149 ) $ — $ — $ 110,730 $ — Energy Ag Nitrogen Production Corporate Reconciling Total For the Six Months Ended February 29, 2016: (Dollars in thousands) Revenues $ 2,840,061 $ 11,694,706 $ — $ 43,096 $ (209,741 ) $ 14,368,122 Operating earnings (loss) 111,213 53,173 (5,759 ) 9,384 — 168,011 (Gain) loss on investments — (5,714 ) — (3,008 ) — (8,722 ) Interest (income) expense, net (16,410 ) 22,962 4,737 11,417 — 22,706 Equity (income) loss from investments (2,187 ) (2,221 ) (11,855 ) (43,103 ) — (59,366 ) Income (loss) before income taxes $ 129,810 $ 38,146 $ 1,359 $ 44,078 $ — $ 213,393 Intersegment revenues $ (174,311 ) $ (33,016 ) $ — $ (2,414 ) $ 209,741 $ — Capital expenditures $ 228,351 $ 160,031 $ — $ 39,908 $ — $ 428,290 Depreciation and amortization $ 86,512 $ 111,040 $ — $ 9,750 $ — $ 207,302 Total assets at February 29, 2016 $ 4,404,693 $ 7,710,441 $ 2,812,849 $ 2,897,025 $ — $ 17,825,008 Energy Ag Nitrogen Production Corporate Reconciling Total For the Six Months Ended February 28, 2015: (Dollars in thousands) Revenues $ 4,965,750 $ 13,143,319 $ — $ 35,796 $ (289,669 ) $ 17,855,196 Operating earnings (loss) 287,147 224,031 — (6,249 ) — 504,929 (Gain) loss on investments — (2,875 ) — (2,199 ) — (5,074 ) Interest (income) expense, net (3,068 ) 31,005 — 4,740 — 32,677 Equity (income) loss from investments (1,076 ) (4,463 ) — (43,259 ) — (48,798 ) Income (loss) before income taxes $ 291,291 $ 200,364 $ — $ 34,469 $ — $ 526,124 Intersegment revenues $ (280,520 ) $ (9,149 ) $ — $ — $ 289,669 $ — Capital expenditures $ 307,028 $ 216,418 $ — $ 26,484 $ — $ 549,930 Depreciation and amortization $ 71,112 $ 90,714 $ — $ 6,480 $ — $ 168,306 Total assets at February 28, 2015 $ 4,347,109 $ 8,354,500 $ — $ 3,413,015 $ — $ 16,114,624 |
Derivative Financial Instrume28
Derivative Financial Instruments and Hedging Activities Derivative Financial Insturments and Hedging Activities (Tables) | 6 Months Ended |
Feb. 29, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Derivatives Not Designated as Hedging Instruments The majority of our derivative instruments have not been designated as hedging instruments for accounting purposes. 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 six months ended February 29, 2016 and February 28, 2015 . We have revised the information that we have historically included in this table below to correct for immaterial errors in the previously disclosed amounts. Although such gains and losses have been, and continue to be, appropriately recorded in the Consolidated Statements of Operations, the previous disclosures did not accurately reflect the derivative gains and losses in each period. These disclosure revisions did not materially impact our consolidated financial statements. For the Three Months Ended For the Six Months Ended Location of Gain (Loss) February 29, 2016 February 28, 2015 February 29, 2016 February 28, 2015 (Dollars in thousands) Commodity and freight derivatives Cost of goods sold $ 54,971 $ 38,861 $ 90,017 $ 112,544 Foreign exchange derivatives Cost of goods sold (10,481 ) 6,118 (9,798 ) 16,442 Foreign exchange derivatives Marketing, general and administrative 7,605 (271 ) 15,128 (8,252 ) Interest rate derivatives Interest, net (500 ) 45 (1,203 ) 74 Total $ 51,595 $ 44,753 $ 94,144 $ 120,808 |
Schedule of Derivative Instruments, Purchase and Sales Contracts [Table Text Block] | all outstanding commodity and freight contracts accounted for as derivative instruments. February 29, 2016 August 31, 2015 Long Short Long Short (Units in thousands) Grain and oilseed - bushels 572,707 773,130 711,066 895,326 Energy products - barrels 15,990 8,665 17,238 11,676 Processed grain and oilseed - tons 725 1,995 706 2,741 Crop nutrients - tons 24 12 48 116 Ocean and barge freight - metric tons 3,687 2,159 5,916 1,962 Rail freight - rail cars 193 78 297 122 Natural gas - MMBtu 6,740 — — — |
Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements [Table Text Block] | August 31, 2015 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 $ 476,071 $ — $ 58,401 $ 417,670 Foreign exchange derivatives 23,154 — 11,682 11,472 Interest rate derivatives - hedge 14,216 — — 14,216 Total $ 513,441 $ — $ 70,083 $ 443,358 Derivative Liabilities: Commodity and freight derivatives $ 427,052 $ 11,482 $ 58,401 $ 357,169 Foreign exchange derivatives 37,598 — 11,682 25,916 Interest rate derivatives - hedge 6,058 — — 6,058 Interest rate derivatives - non-hedge 61 — — 61 Total $ 470,769 $ 11,482 $ 70,083 $ 389,204 February 29, 2016 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 $ 384,185 $ — $ 29,619 $ 354,566 Foreign exchange derivatives 23,971 — 12,668 11,303 Interest rate derivatives - hedge 23,695 — — 23,695 Total $ 431,851 $ — $ 42,287 $ 389,564 Derivative Liabilities: Commodity and freight derivatives $ 261,710 $ 17,589 $ 29,619 $ 214,502 Foreign exchange derivatives 22,041 — 12,668 9,373 Interest rate derivatives - hedge 3,718 — — 3,718 Interest rate derivatives - non-hedge 19 — — 19 Total $ 287,488 $ 17,589 $ 42,287 $ 227,612 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the pretax gains (losses) recorded in other comprehensive income relating to cash flow hedges for the three and six months ended February 29, 2016 and February 28, 2015 . For the Three Months Ended For the Six Months Ended February 29, 2016 February 28, 2015 February 29, 2016 February 28, 2015 (Dollars in thousands) Interest rate derivatives $ (3,252 ) $ (3,702 ) $ (10,070 ) $ (4,296 ) The following table presents the pretax gains (losses) relating to cash flow hedges that were reclassified from accumulated other comprehensive loss into income for the three and six months ended February 29, 2016 and February 28, 2015 . For the Three Months Ended For the Six Months Ended Location of Gain (Loss) February 29, 2016 February 28, 2015 February 29, 2016 February 28, 2015 (Dollars in thousands) Interest rate derivatives Interest income (expense) $ (275 ) $ (199 ) $ (465 ) $ (402 ) |
Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statements of Operations | During the six months ended February 29, 2016 and February 28, 2015 , we recorded offsetting fair value adjustments of $11.5 million and $8.2 million , respectively, with no ineffectiveness recorded in earnings. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Feb. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | February 29, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (Dollars in thousands) Assets: Commodity and freight derivatives $ 25,609 $ 358,576 $ — $ 384,185 Foreign currency derivatives — 23,971 — 23,971 Interest rate swap derivatives — 23,695 — 23,695 Deferred compensation assets 70,710 — — 70,710 Other assets 10,579 — — 10,579 Total $ 106,898 $ 406,242 $ — $ 513,140 Liabilities: Commodity and freight derivatives $ 43,705 $ 218,005 $ — $ 261,710 Foreign currency derivatives — 22,041 — 22,041 Interest rate swap derivatives — 3,737 — 3,737 Crack spread contingent consideration liability — — 24,155 24,155 Total $ 43,705 $ 243,783 $ 24,155 $ 311,643 August 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (Dollars in thousands) Assets: Commodity and freight derivatives $ 46,976 $ 429,094 $ — $ 476,070 Foreign currency derivatives — 23,155 — 23,155 Interest rate swap derivatives — 14,216 — 14,216 Deferred compensation assets 72,571 — — 72,571 Other assets 10,905 — — 10,905 Total $ 130,452 $ 466,465 $ — $ 596,917 Liabilities: Commodity and freight derivatives $ 58,873 $ 368,179 $ — $ 427,052 Foreign currency derivatives — 37,598 — 37,598 Interest rate swap derivatives — 6,119 — 6,119 Crack spread contingent consideration liability — — 75,982 75,982 Total $ 58,873 $ 411,896 $ 75,982 $ 546,751 |
Fair Value Inputs, Liabilities, Quantitative Information | Quantitative Information about Level 3 Fair Value Measurements Item Fair Value February 29, 2016 (Dollars in thousands) Valuation Technique Unobservable Input Range (Weighted Average) Crack spread contingent consideration liability $24,155 Adjusted Black-Scholes option pricing model Forward crack spread margin quotes on February 29, 2016 (a) $8.54-$13.70 ($10.66) Contractual target crack spread margin (b) $17.50 Expected volatility (c) 155.55% Risk-free interest rate (d) 0.48-0.94% (0.67%) Expected life - years (e) 0.50-1.50 (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 three months ended February 29, 2016 and February 28, 2015 . Level 3 Liabilities Crack spread contingent consideration liability 2016 2015 (Dollars in thousands) Balances, November 30, 2015 and 2014, respectively $ 43,693 $ 86,520 Total (gains) losses included in cost of goods sold (19,538 ) 34,550 Balances, February 29, 2016 and February 28, 2015, respectively $ 24,155 $ 121,070 The following table represents a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the six months ended February 29, 2016 and February 28, 2015 . Level 3 Liabilities Crack spread contingent consideration liability 2016 2015 (Dollars in thousands) Balances, August 31, 2015 and 2014, respectively $ 75,982 $ 114,917 Total (gains) losses included in cost of goods sold (51,827 ) 6,153 Balances, February 29, 2016 and February 28, 2015, respectively $ 24,155 $ 121,070 |
Correction of immaterial erro30
Correction of immaterial errors (Tables) | 6 Months Ended |
Feb. 29, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended For the Six Months Ended February 28, 2015 February 28, 2015 As Previously Reported Revision As Revised As Previously Reported Revision As Revised (Dollars in thousands) Cost of goods sold $ 8,111,365 $ (1,281 ) $ 8,110,084 $ 17,020,110 $ (2,586 ) $ 17,017,524 Gross profit 244,363 1,281 245,644 835,086 2,586 837,672 Operating earnings 73,588 1,281 74,869 502,343 2,586 504,929 Interest expense, net 9,490 1,281 10,771 30,091 2,586 32,677 Income before income taxes 90,466 — 90,466 526,124 — 526,124 CONSOLIDATED STATEMENTS OF CASH FLOWS For the Six Months Ended February 28, 2015 As Previously Reported Revision As Revised Cash flows from operating activities: Depreciation and amortization $ 148,784 $ 19,522 $ 168,306 Changes in operating assets and liabilities, excluding the effects of acquisitions: Accounts payable and accrued expenses (666,428 ) 36,578 (629,850 ) Net cash provided by (used in) operating activities (558,276 ) 56,100 (502,176 ) Cash flows from investing activities: Acquisition of property, plant and equipment (512,510 ) (37,420 ) (549,930 ) Expenditures for major repairs (8,347 ) 842 (7,505 ) Net cash provided by (used in) investing activities (870,222 ) (36,578 ) (906,800 ) Cash flows from financing activities: Principal payments on capital lease obligations (1) — (20,191 ) (20,191 ) Other financing activities, net (282 ) 302 20 Net cash provided by (used in) financing activities 554,910 (19,522 ) 535,388 (1) Principal payments on capital lease obligations are now included as part of the "Payments on lines of credit, long-term debt and capital lease obligations" line item on our Consolidated Statements of Cash Flows. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 29, 2016USD ($)Refineries | Feb. 28, 2015USD ($) | Feb. 29, 2016USD ($)Refineries | Feb. 28, 2015USD ($) | Aug. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Number of Refineries | Refineries | 2 | 2 | |||
Expenditures for Major Repairs | $ 19,090 | $ 7,505 | |||
Capitalized Maintenance Expense, Deferred During the Period | $ 200 | $ 6,200 | $ 19,100 | $ 7,500 | |
Minimum [Member] | Major Maintenance Activities Requiring Shutdown [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||
Maximum [Member] | Major Maintenance Activities Requiring Shutdown [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||
Energy [Member] | National Cooperative Refinery Association [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% | 100.00% | 88.90% |
Receivables - Schedule of Rece
Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Aug. 31, 2015 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 1,467,313 | $ 1,793,147 |
CHS Capital notes receivable | 770,906 | 791,413 |
Other | 345,292 | 339,995 |
Receivables, gross | 2,583,511 | 2,924,555 |
Less allowances and reserves | 113,505 | 106,445 |
Receivables, net | $ 2,470,006 | $ 2,818,110 |
Receivables - Narrative (Detai
Receivables - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Feb. 29, 2016 | Aug. 31, 2015 | |
Notes Receivable, Long-Term | ||
CHS Capital long-term notes receivable | $ 178.7 | $ 190.4 |
Percentage of commercial notes to CHS Capital long-term notes receivable | 42.00% | 34.00% |
Percentage of producer notes to CHS Capital long-term notes receivable | 58.00% | 66.00% |
Interest Income Accrual Term, Discontinued | 90 days | |
CHS Capital long-term notes receivable additional available credit of counterparty | $ 995.4 | |
Minimum [Member] | ||
Notes Receivable, Short-Term | ||
Notes and Loans Receivable, Current, Term | 12 months | |
Maximum [Member] | ||
Notes Receivable, Short-Term | ||
Notes and Loans Receivable, Current, Term | 14 months | |
Notes Receivable, Long-Term | ||
Notes and Loans Receivable, Non Current, Net, Term | 10 years | |
CHS Capital Notes Receivable [Member] | ||
Notes Receivable, Long-Term | ||
Percentage of receivable from one customer | 18.00% | |
CHS Capital [Member] | Maximum [Member] | ||
Notes Receivable, Long-Term | ||
Percentage of receivable from one customer | 10.00% |
Inventories - Schedule of Inve
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Aug. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Grain and Oilseed | $ 1,035,399 | $ 966,923 |
Energy | 681,554 | 785,116 |
Crop nutrients | 360,869 | 369,105 |
Feed and farm supplies | 841,505 | 465,744 |
Processed grain and oilseed | 61,619 | 48,078 |
Other | 18,757 | 17,378 |
Inventories | $ 2,999,703 | $ 2,652,344 |
Inventories - Narrative (Detai
Inventories - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Feb. 29, 2016 | Aug. 31, 2015 | |
Inventory [Line Items] | ||
Percentage of LIFO inventory | 15.00% | 18.00% |
LIFO inventory, difference amount had FIFO inventory valuation method been used | $ 0.4 | $ 68.1 |
Energy [Member] | ||
Inventory [Line Items] | ||
Inventory Write-down | $ 80.2 |
Investments - Narrative (Detai
Investments - Narrative (Details) T in Millions | Feb. 01, 2016USD ($) | Feb. 29, 2016USD ($)TTons | Feb. 28, 2015USD ($) | Nov. 30, 2014USD ($) | Feb. 29, 2016USD ($)TTons | Feb. 28, 2015USD ($) | Feb. 01, 2096USD ($) | Aug. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ (153,022,000) | $ (65,981,000) | ||||||
Equity (income) loss from investments | $ (28,004,000) | $ (24,169,000) | (59,366,000) | (48,798,000) | ||||
Payments to Acquire Other Investments | $ 315,000,000 | 0 | 315,000,000 | |||||
Short-term Investments | $ 0 | $ 0 | ||||||
CF Nitrogen LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Payments to Acquire Equity Method Investments | $ 2,800,000,000 | |||||||
Ownership percentage | 11.40% | |||||||
Supply agreement, term | 80 years | |||||||
Maximum annual granular urea eligible for purchase | T | 1.1 | 1.1 | ||||||
Maximum annual UAN eligible for purchase | Tons | 580,000 | 580,000 | ||||||
Cargill, Inc. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership of joint venture partner | 50.00% | 50.00% | ||||||
Crack Spread Contingent Payment [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Payments to Acquire Business, Contingent Consideration Paid | $ 2,600,000 | |||||||
Energy [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity (income) loss from investments | $ (1,364,000) | (736,000) | $ (2,187,000) | (1,076,000) | ||||
Energy [Member] | National Cooperative Refinery Association [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% | 100.00% | 88.90% | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ (153,000,000) | (66,000,000) | ||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interest | $ 24,155,000 | 24,155,000 | ||||||
Nitrogen Production [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity (income) loss from investments | 0 | (11,855,000) | 0 | |||||
Nitrogen Production [Member] | CF Nitrogen LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity (income) loss from investments | (11,855,000) | |||||||
Equity Method Investments | 2,800,000,000 | 2,800,000,000 | ||||||
Corporate and Other | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity (income) loss from investments | $ (16,140,000) | (18,990,000) | $ (43,103,000) | (43,259,000) | ||||
Corporate and Other | Ardent Mills [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 12.00% | 12.00% | ||||||
Equity Method Investments | $ 190,800,000 | $ 190,800,000 | ||||||
Corporate and Other | Ventura Foods, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 50.00% | 50.00% | ||||||
Equity Method Investments | $ 355,800,000 | $ 355,800,000 | ||||||
Equity value exceeding carrying value | 12,900,000 | 12,900,000 | ||||||
Ag [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity (income) loss from investments | $ 1,355,000 | $ (4,443,000) | $ (2,221,000) | $ (4,463,000) | ||||
Ag [Member] | TEMCO, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 50.00% | 50.00% | ||||||
Equity Method Investments | $ 53,500,000 | $ 53,500,000 | ||||||
Scenario, Forecast [Member] | Nitrogen Production [Member] | CF Nitrogen LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investments | $ 0 |
Goodwill and Intangibles (Detai
Goodwill and Intangibles (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Aug. 31, 2015 |
Goodwill [Line Items] | ||
Goodwill | $ 154,240 | $ 150,115 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 4,903 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,812 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,810 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,670 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3,383 | |
Nitrogen Production [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 0 |
Goodwill and Intangibles Goodwi
Goodwill and Intangibles Goodwill by Segment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 29, 2016 | Aug. 31, 2015 | |
Goodwill [Line Items] | ||
Goodwill | $ 154,240 | $ 150,115 |
Goodwill, Acquired During Period | 5,667 | |
Goodwill, Translation Adjustments | (760) | |
Goodwill, Other Changes | (782) | |
Energy [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 552 | 552 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Translation Adjustments | 0 | |
Goodwill, Other Changes | 0 | |
Ag [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 146,790 | 142,665 |
Goodwill, Acquired During Period | 5,667 | |
Goodwill, Translation Adjustments | (760) | |
Goodwill, Other Changes | (782) | |
Nitrogen Production [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 0 | |
Corporate and Other | ||
Goodwill [Line Items] | ||
Goodwill | 6,898 | $ 6,898 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Translation Adjustments | 0 | |
Goodwill, Other Changes | $ 0 |
Goodwill and Intangibles Intang
Goodwill and Intangibles Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | Aug. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | $ 2,100 | $ 1,800 | $ 3,800 | $ 3,600 | |
Other Intangible Assets [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||
Other Intangible Assets [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 30 years | ||||
Customer Lists [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 63,355 | $ 63,355 | $ 70,925 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (28,420) | (28,420) | (30,831) | ||
Finite-Lived Intangible Assets, Net | 34,935 | 34,935 | 40,094 | ||
Trademarks and other intangible assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 40,771 | 40,771 | 42,688 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (31,789) | (31,789) | (32,134) | ||
Finite-Lived Intangible Assets, Net | 8,982 | 8,982 | 10,554 | ||
Indefinite-lived Intangible Assets, Major Class Name [Domain] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 104,126 | 104,126 | 113,613 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (60,209) | (60,209) | (62,965) | ||
Finite-Lived Intangible Assets, Net | $ 43,917 | $ 43,917 | $ 50,648 |
Notes Payable and Long-Term D40
Notes Payable and Long-Term Debt - Footnote Narrative (Details) | 6 Months Ended | ||
Feb. 29, 2016USD ($)bank | Jan. 31, 2016USD ($) | Aug. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Notes payable | $ 2,797,758,000 | $ 1,165,378,000 | |
CHS Capital notes payable | |||
Debt Instrument [Line Items] | |||
Notes payable | 594,910,000 | 351,661,000 | |
Notes payable | |||
Debt Instrument [Line Items] | |||
Notes payable | 2,202,848,000 | 813,717,000 | |
Five-Year Revolving Facilities [Member] | Line of Credit [Member] | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | 3,000,000,000 | ||
Long-term Line of Credit | $ 600,000,000 | $ 0 | |
Debt Instrument, Term | 5 years | ||
Committed Term Loans, September 2015 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Face Amount | $ 600,000,000 | ||
Long-term Debt | 600,000,000 | ||
Private Placement Long Term Notes January 2016 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 680,000,000 | ||
Private Placement, payable in its entirety 2023 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 152,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.39% | ||
Private Placement, payable in its entirety January 2025 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 150,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.58% | ||
Private Placement, payable in its entirety January 2027 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 58,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.69% | ||
Private Placement, payable in its entirety January 2028 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 95,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.74% | ||
Private Placement, payable in its entirety January 2031 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 100,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.89% | ||
Private Placement, payable in its entirety January 2036 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 125,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | ||
Bilateral, Uncommitted Revolving Facilities [Member] | Line of Credit [Member] | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 1,300,000,000 | ||
Line Of Credit Facility, Number Of Programs | bank | 3 | ||
Short-term Debt | $ 667,600,000 | ||
Minimum [Member] | Bilateral, Uncommitted Revolving Facilities [Member] | Line of Credit [Member] | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Committed Term Loans, September 2015 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Minimum [Member] | Base Rate [Member] | Committed Term Loans, September 2015 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Maximum [Member] | Bilateral, Uncommitted Revolving Facilities [Member] | Line of Credit [Member] | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Committed Term Loans, September 2015 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Maximum [Member] | Base Rate [Member] | Committed Term Loans, September 2015 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Notes Payable and Long-Term D41
Notes Payable and Long-Term Debt - Schedule of Interest, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Debt Disclosure [Abstract] | ||||
Interest Expense | $ 32,197 | $ 20,855 | $ 54,907 | $ 43,196 |
Interest-purchase of CHS McPherson noncontrolling interest | 0 | 4,860 | 0 | 18,928 |
Capitalized interest | (7,161) | (12,706) | (20,820) | (24,611) |
Interest income | (9,323) | (2,238) | (11,381) | (4,836) |
Interest expense, net | $ 15,713 | $ 10,771 | $ 22,706 | $ 32,677 |
Equities Changes in Equity (Det
Equities Changes in Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2016 | Jun. 30, 2014 | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | Aug. 31, 2015 | Jan. 30, 2015 | Sep. 30, 2014 |
Schedule of Capitalization, Equity [Line Items] | |||||||||
Preferred stock, Value available for issuance | $ 990,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Reversal of prior year patronage and redemption estimates | 260,620 | ||||||||
Patronage Refunds | 251,535 | ||||||||
Redemptions of equities | (10,443) | ||||||||
Equities issued, net | 16,565 | ||||||||
Dividends, Preferred Stock | (80,999) | ||||||||
Other, net | (4,556) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (30,182) | $ 92,897 | 235,992 | $ 471,228 | |||||
Net income (loss) attributable to CHS Inc. | (30,979) | 92,814 | 235,496 | 471,517 | |||||
Net income (loss) attributable to noncontrolling interests | 797 | 83 | 496 | (289) | |||||
Other Comprehensive Income (Loss), Net of Tax | (10,947) | $ (4,551) | (14,500) | (5,638) | |||||
Patronage Refunds, Estimated | (53,446) | ||||||||
Equity redemptions, estimate | (64,680) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 7,702,429 | 7,702,429 | $ 7,669,411 | ||||||
Capital equity certificates [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Reversal of prior year patronage and redemption estimates | (364,824) | ||||||||
Patronage Refunds | (375,330) | ||||||||
Redemptions of equities | (10,136) | ||||||||
Equities issued, net | 16,565 | ||||||||
Other, net | 665 | ||||||||
Equity redemptions, estimate | (64,680) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,746,817 | 3,746,817 | 3,793,897 | ||||||
Noncontrolling Interest [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Other, net | 3,286 | ||||||||
Net income (loss) attributable to noncontrolling interests | 496 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 15,308 | 15,308 | 11,526 | ||||||
Nonpatronage Equity Certificates [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Reversal of prior year patronage and redemption estimates | 0 | ||||||||
Patronage Refunds | 0 | ||||||||
Redemptions of equities | (50) | ||||||||
Other, net | (20) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 22,987 | 22,987 | 23,057 | ||||||
Non-qualified Equity Certificates [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Reversal of prior year patronage and redemption estimates | 0 | ||||||||
Patronage Refunds | 0 | ||||||||
Redemptions of equities | (257) | ||||||||
Other, net | (313) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 282,358 | 282,358 | 282,928 | ||||||
Preferred Stock [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Reversal of prior year patronage and redemption estimates | 0 | ||||||||
Patronage Refunds | 0 | ||||||||
Redemptions of equities | 0 | ||||||||
Other, net | (73) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,167,467 | 2,167,467 | 2,167,540 | ||||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Reversal of prior year patronage and redemption estimates | 0 | ||||||||
Patronage Refunds | 0 | ||||||||
Redemptions of equities | 0 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (14,500) | $ (5,638) | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (228,707) | (228,707) | (214,207) | ||||||
Capital Reserves [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Reversal of prior year patronage and redemption estimates | 625,444 | ||||||||
Patronage Refunds | 626,865 | ||||||||
Redemptions of equities | 0 | ||||||||
Dividends, Preferred Stock | (80,999) | ||||||||
Other, net | (8,101) | ||||||||
Net income (loss) attributable to CHS Inc. | 235,496 | ||||||||
Patronage Refunds, Estimated | (53,446) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,696,199 | $ 1,696,199 | 1,604,670 | ||||||
Class B, Series 4 Preferred Stock [Member] | |||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||
Preferred Stock, Redemption Amount | $ 517,500 | ||||||||
Proceeds from Issuance of Preferred Stock, net of Issuance Costs | 501,000 | ||||||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | ||||||||
Preferred Stock, Shares Issued | 20,700,000 | ||||||||
Class B Preferred Stock [Member] | |||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||
Value of Preferred Stock available to be sold under Shelf Registration | $ 2,000,000 | ||||||||
Class B, Series 3 Preferred Stock [Member] | |||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||
Preferred Stock, Redemption Amount | $ 492,500 | ||||||||
Proceeds from Issuance of Preferred Stock, net of Issuance Costs | $ 476,700 | ||||||||
Preferred Stock, Dividend Rate, Percentage | 6.75% | ||||||||
Preferred Stock, Shares Issued | 19,700,000 | ||||||||
Subsequent Event [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Redeemed or Called During Period, Price per Share | $ 28.50 | ||||||||
Subsequent Event [Member] | Capital equity certificates [Member] | |||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||
Stock Redeemed or Called During Period, Value | $ 76,800 | ||||||||
Subsequent Event [Member] | Class B, Series 4 Preferred Stock [Member] | |||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||
Preferred Stock, Redemption Amount | $ 67,300 | ||||||||
Subsequent Event [Member] | Class B, Series 1 Preferred Stock [Member] | |||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||
Preferred Stock, Dividend Rate, Percentage | 7.785% | ||||||||
Preferred Stock, Shares Issued | 2,693,195 | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Class B, Series 3 Preferred Stock [Member] | |||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||
Preferred Stock, Basis Spread on Dividend Rate Percentage | 4.155% | ||||||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Class B, Series 3 Preferred Stock [Member] | |||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||
Preferred Stock, Basis Spread on Dividend Rate Percentage | 8.00% |
Equities Accumulated Other Comp
Equities Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | Aug. 31, 2015 | Aug. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | $ (228,707) | $ (162,395) | $ (228,707) | $ (162,395) | $ (214,207) | $ (156,757) |
Other Comprehensive Income (Loss), Net of Tax | (10,947) | (4,551) | (14,500) | (5,638) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | (165,300) | (144,846) | (165,300) | (144,846) | (171,729) | (151,852) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 12,877 | 236 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (6,448) | 6,770 | ||||
Other Comprehensive Income (Loss), Net of Tax | 6,429 | 7,006 | ||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | 3,417 | 5,171 | 3,417 | 5,171 | 4,156 | 4,398 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (739) | 773 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | (739) | 773 | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | (11,844) | (5,131) | (11,844) | (5,131) | (5,324) | (2,722) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (6,233) | (2,658) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (287) | 249 | ||||
Other Comprehensive Income (Loss), Net of Tax | (6,520) | (2,409) | ||||
Accumulated Translation Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | $ (54,980) | $ (17,589) | (54,980) | (17,589) | $ (41,310) | $ (6,581) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (13,670) | (11,008) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | (13,670) | (11,008) | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (7,765) | (12,657) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (6,735) | 7,019 | ||||
Other Comprehensive Income (Loss), Net of Tax | $ (14,500) | $ (5,638) |
Benefit Plans - Net Periodic B
Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Qualified Pension Benefits | ||||
Component of net periodic benefit costs: [Abstract] | ||||
Service costs | $ 9,383,000 | $ 9,058,000 | $ 18,766,000 | $ 18,116,000 |
Interest costs | 7,691,000 | 7,002,000 | 15,384,000 | 14,016,000 |
Expected return on assets | (12,013,000) | (12,436,000) | (24,027,000) | (24,874,000) |
Prior service cost (credit) amortization | 401,000 | 409,000 | 803,000 | 816,000 |
Actuarial loss (gain) amortization | 4,775,000 | 4,907,000 | 9,529,000 | 9,808,000 |
Periodic benefit costs, net | 10,237,000 | 8,940,000 | 20,455,000 | 17,882,000 |
Defined Benefit Plan, Contributions by Employer | 0 | |||
Non-Qualified Pension Benefits | ||||
Component of net periodic benefit costs: [Abstract] | ||||
Service costs | 259,000 | 225,000 | 518,000 | 450,000 |
Interest costs | 351,000 | 352,000 | 703,000 | 704,000 |
Expected return on assets | 0 | 0 | 0 | 0 |
Prior service cost (credit) amortization | 57,000 | 57,000 | 114,000 | 114,000 |
Actuarial loss (gain) amortization | 173,000 | 261,000 | 346,000 | 522,000 |
Periodic benefit costs, net | 840,000 | 895,000 | 1,681,000 | 1,790,000 |
Other Benefits | ||||
Component of net periodic benefit costs: [Abstract] | ||||
Service costs | 353,000 | 474,000 | 706,000 | 946,000 |
Interest costs | 428,000 | 415,000 | 855,000 | 830,000 |
Expected return on assets | 0 | 0 | 0 | 0 |
Prior service cost (credit) amortization | (30,000) | (30,000) | (60,000) | (60,000) |
Actuarial loss (gain) amortization | (116,000) | (106,000) | (232,000) | (211,000) |
Periodic benefit costs, net | $ 635,000 | $ 753,000 | $ 1,269,000 | $ 1,505,000 |
Segment Reporting - Segment In
Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | Aug. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 6,639,330 | $ 8,355,728 | $ 14,368,122 | $ 17,855,196 | |
Operating earnings | (91,803) | 74,869 | 168,011 | 504,929 | |
Loss (gain) on investments | (3,050) | (2,199) | (8,722) | (5,074) | |
Interest expense, net | 15,713 | 10,771 | 22,706 | 32,677 | |
Equity (income) loss from investments | (28,004) | (24,169) | (59,366) | (48,798) | |
Income (loss) before income taxes | (76,462) | 90,466 | 213,393 | 526,124 | |
Intersegment revenues | 0 | 0 | 0 | 0 | |
Acquisition of property, plant and equipment | 428,290 | 549,930 | |||
Depreciation and amortization | 207,302 | 168,306 | |||
Total assets | 17,825,008 | 16,114,624 | 17,825,008 | 16,114,624 | $ 15,228,312 |
Energy [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,134,148 | 1,947,297 | 2,840,061 | 4,965,750 | |
Operating earnings | (69,299) | 4,244 | 111,213 | 287,147 | |
Loss (gain) on investments | 0 | 0 | 0 | 0 | |
Interest expense, net | (4,808) | (7,075) | (16,410) | (3,068) | |
Equity (income) loss from investments | (1,364) | (736) | (2,187) | (1,076) | |
Income (loss) before income taxes | (63,127) | 12,055 | 129,810 | 291,291 | |
Intersegment revenues | (67,208) | (101,581) | (174,311) | (280,520) | |
Acquisition of property, plant and equipment | 228,351 | 307,028 | |||
Depreciation and amortization | 86,512 | 71,112 | |||
Total assets | 4,404,693 | 4,347,109 | 4,404,693 | 4,347,109 | |
Ag [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 5,580,450 | 6,503,348 | 11,694,706 | 13,143,319 | |
Operating earnings | (21,818) | 72,143 | 53,173 | 224,031 | |
Loss (gain) on investments | (42) | 0 | (5,714) | (2,875) | |
Interest expense, net | 7,992 | 15,485 | 22,962 | 31,005 | |
Equity (income) loss from investments | 1,355 | (4,443) | (2,221) | (4,463) | |
Income (loss) before income taxes | (31,123) | 61,101 | 38,146 | 200,364 | |
Intersegment revenues | (29,963) | (9,149) | (33,016) | (9,149) | |
Acquisition of property, plant and equipment | 160,031 | 216,418 | |||
Depreciation and amortization | 111,040 | 90,714 | |||
Total assets | 7,710,441 | 8,354,500 | 7,710,441 | 8,354,500 | |
Nitrogen Production [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Operating earnings | (5,759) | 0 | (5,759) | 0 | |
Loss (gain) on investments | 0 | 0 | 0 | 0 | |
Interest expense, net | 4,737 | 0 | 4,737 | 0 | |
Equity (income) loss from investments | 0 | (11,855) | 0 | ||
Income (loss) before income taxes | 1,359 | 0 | 1,359 | 0 | |
Intersegment revenues | 0 | 0 | 0 | 0 | |
Acquisition of property, plant and equipment | 0 | 0 | |||
Depreciation and amortization | 0 | 0 | |||
Total assets | 2,812,849 | 0 | 2,812,849 | 0 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 23,201 | 15,813 | 43,096 | 35,796 | |
Operating earnings | 5,073 | (1,518) | 9,384 | (6,249) | |
Loss (gain) on investments | (3,008) | (2,199) | (3,008) | (2,199) | |
Interest expense, net | 7,792 | 2,361 | 11,417 | 4,740 | |
Equity (income) loss from investments | (16,140) | (18,990) | (43,103) | (43,259) | |
Income (loss) before income taxes | 16,429 | 17,310 | 44,078 | 34,469 | |
Intersegment revenues | (1,298) | 0 | (2,414) | 0 | |
Acquisition of property, plant and equipment | 39,908 | 26,484 | |||
Depreciation and amortization | 9,750 | 6,480 | |||
Total assets | 2,897,025 | 3,413,015 | 2,897,025 | 3,413,015 | |
Reconciling Amounts | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (98,469) | $ (110,730) | (209,741) | (289,669) | |
Operating earnings | 0 | 0 | 0 | ||
Loss (gain) on investments | 0 | $ 0 | 0 | 0 | |
Interest expense, net | 0 | 0 | 0 | 0 | |
Equity (income) loss from investments | 0 | 0 | 0 | 0 | |
Income (loss) before income taxes | 0 | 0 | 0 | 0 | |
Intersegment revenues | 98,469 | 110,730 | 209,741 | 289,669 | |
Acquisition of property, plant and equipment | 0 | 0 | |||
Depreciation and amortization | 0 | 0 | |||
Total assets | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Financial Instrume46
Derivative Financial Instruments and Hedging Activities Purchase and Sale Contracts (Details) - Not Designated as Hedging Instrument [Member] - Forward Contracts [Member] t in Thousands, rail_car in Thousands, T in Thousands, MMBtu in Thousands, Bushels in Thousands, Barrels in Thousands | Feb. 29, 2016TBarrelsBushelsMMBturail_cart | Aug. 31, 2015TBarrelsBushelsMMBturail_cart |
Grain and oilseed - bushels | Long [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Bushels | 572,707 | 711,066 |
Grain and oilseed - bushels | Short [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Bushels | 773,130 | 895,326 |
Energy products - barrels | Long [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Barrels | 15,990 | 17,238 |
Energy products - barrels | Short [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Barrels | 8,665 | 11,676 |
Soy product contracts [Member] | Long [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 725 | 706 |
Soy product contracts [Member] | Short [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 1,995 | 2,741 |
Crop nutrients contracts [Member] | Long [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 24 | 48 |
Crop nutrients contracts [Member] | Short [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 12 | 116 |
Ocean and barge freight contracts [Member] | Long [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | t | 3,687 | 5,916 |
Ocean and barge freight contracts [Member] | Short [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | t | 2,159 | 1,962 |
Rail freight contracts [Member] | Long [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | rail_car | 193 | 297 |
Rail freight contracts [Member] | Short [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | rail_car | 78 | 122 |
Natural Gas [Member] | Long [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBtu | 6,740 | 0 |
Natural Gas [Member] | Short [Member] | ||
Purchase and Sales Contracts [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBtu | 0 | 0 |
Derivative Financial Instrume47
Derivative Financial Instruments and Hedging Activities Derivatives (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Feb. 29, 2016 | Nov. 30, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | Aug. 31, 2015 | |
Purchase and Sales Contracts [Line Items] | |||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 389,564,000 | $ 389,564,000 | $ 443,358,000 | ||
Derivative Asset, Fair Value, Gross Asset | 431,851,000 | 431,851,000 | 513,441,000 | ||
Derivative Asset, Fair Value, Gross Amount Not Offset on Balance Sheet | 42,287,000 | 42,287,000 | 70,083,000 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 227,612,000 | 227,612,000 | 389,204,000 | ||
Derivative Liability, Fair Value, Gross Liability | 287,488,000 | 287,488,000 | 470,769,000 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 17,589,000 | 17,589,000 | 11,482,000 | ||
Derivative Liability, Fair Value, Gross Amount Not Offset on Balance Sheet | 42,287,000 | 42,287,000 | 70,083,000 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Purchase and Sales Contracts [Line Items] | |||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 23,695,000 | 23,695,000 | 14,216,000 | ||
Derivative Asset, Fair Value, Gross Asset | 23,695,000 | 23,695,000 | 14,216,000 | ||
Derivative Asset, Fair Value, Gross Amount Not Offset on Balance Sheet | 0 | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 3,718,000 | 3,718,000 | 6,058,000 | ||
Derivative Liability, Fair Value, Gross Liability | 3,718,000 | 3,718,000 | 6,058,000 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Amount Not Offset on Balance Sheet | 0 | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | Commodity and Freight Derivatives [Member] | |||||
Purchase and Sales Contracts [Line Items] | |||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 354,566,000 | 354,566,000 | 417,670,000 | ||
Derivative Asset, Fair Value, Gross Asset | 384,185,000 | 384,185,000 | 476,071,000 | ||
Derivative Asset, Fair Value, Gross Amount Not Offset on Balance Sheet | 29,619,000 | 29,619,000 | 58,401,000 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 214,502,000 | 214,502,000 | 357,169,000 | ||
Derivative Liability, Fair Value, Gross Liability | 261,710,000 | 261,710,000 | 427,052,000 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 17,589,000 | 17,589,000 | 11,482,000 | ||
Derivative Liability, Fair Value, Gross Amount Not Offset on Balance Sheet | 29,619,000 | 29,619,000 | 58,401,000 | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||||
Purchase and Sales Contracts [Line Items] | |||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 11,303,000 | 11,303,000 | 11,472,000 | ||
Derivative Asset, Fair Value, Gross Asset | 23,971,000 | 23,971,000 | 23,154,000 | ||
Derivative Asset, Fair Value, Gross Amount Not Offset on Balance Sheet | 12,668,000 | 12,668,000 | 11,682,000 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 9,373,000 | 9,373,000 | 25,916,000 | ||
Derivative Liability, Fair Value, Gross Liability | 22,041,000 | 22,041,000 | 37,598,000 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Amount Not Offset on Balance Sheet | 12,668,000 | 12,668,000 | 11,682,000 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Purchase and Sales Contracts [Line Items] | |||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 19,000 | 19,000 | 61,000 | ||
Derivative Liability, Fair Value, Gross Liability | 19,000 | 19,000 | 61,000 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Amount Not Offset on Balance Sheet | 0 | 0 | 0 | ||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Purchase and Sales Contracts [Line Items] | |||||
Derivative Asset, Notional Amount | 711,200,000 | 711,200,000 | 1,300,000,000 | ||
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||||
Purchase and Sales Contracts [Line Items] | |||||
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | 11,500,000 | $ 8,200,000 | |||
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Purchase and Sales Contracts [Line Items] | |||||
Derivative Asset, Notional Amount | 420,000,000 | 420,000,000 | |||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Purchase and Sales Contracts [Line Items] | |||||
Derivative Asset, Notional Amount | 100,000,000 | $ 100,000,000 | $ 300,000,000 | ||
Cash paid to settle derivative | $ 5,300,000 | $ 6,400,000 | |||
Derivatives settled, number | 2 | 2 |
Derivative Financial Instrume48
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate derivatives | $ (3,252) | $ (3,702) | $ (10,070) | $ (4,296) |
Derivative Financial Instrume49
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 51,595 | $ 44,753 | $ 94,144 | $ 120,808 |
Commodity and Freight Derivatives [Member] | Cost of goods sold | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 54,971 | 38,861 | 90,017 | 112,544 |
Foreign Exchange Contract [Member] | Cost of goods sold | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (10,481) | 6,118 | (9,798) | 16,442 |
Foreign Exchange Contract [Member] | Selling, General and Administrative Expenses [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 7,605 | (271) | 15,128 | (8,252) |
Interest rate derivatives | Interest, net | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (500) | $ 45 | $ (1,203) | $ 74 |
Derivative Financial Instrume50
Derivative Financial Instruments and Hedging Activities Pretax Gains losses reclassified from OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Interest, net | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Interest rate derivatives | $ (275) | $ (199) | $ (465) | $ (402) |
Fair Value Measurements Recurri
Fair Value Measurements Recurring Fair Value Measurements by Level (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Feb. 29, 2016 | Aug. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | $ 10,579 | $ 10,905 |
Assets, Fair Value Disclosure | 513,140 | 596,917 |
Liabilities, Fair Value Disclosure | 311,643 | 546,751 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 10,579 | 10,905 |
Assets, Fair Value Disclosure | 106,898 | 130,452 |
Liabilities, Fair Value Disclosure | 43,705 | 58,873 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 406,242 | 466,465 |
Liabilities, Fair Value Disclosure | 243,783 | 411,896 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | $ 24,155 | $ 75,982 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Feb. 29, 2016 | Aug. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation Assets, Fair Value Disclosure | $ 70,710 | $ 72,571 |
Other Assets, Fair Value Disclosure | 10,579 | 10,905 |
Total assets | 513,140 | 596,917 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 37,598 | |
Total liabilities | 311,643 | 546,751 |
Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 23,971 | 23,155 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 22,041 | |
Commodity and Freight Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 384,185 | 476,070 |
Derivative Liability | 261,710 | 427,052 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 23,695 | 14,216 |
Derivative Liability | 3,737 | 6,119 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation Assets, Fair Value Disclosure | 70,710 | 72,571 |
Other Assets, Fair Value Disclosure | 10,579 | 10,905 |
Total assets | 106,898 | 130,452 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | |
Total liabilities | 43,705 | 58,873 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity and Freight Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 25,609 | 46,976 |
Derivative Liability | 43,705 | 58,873 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation Assets, Fair Value Disclosure | 0 | 0 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Total assets | 406,242 | 466,465 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 37,598 | |
Total liabilities | 243,783 | 411,896 |
Significant Other Observable Inputs (Level 2) | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 23,971 | 23,155 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 22,041 | |
Significant Other Observable Inputs (Level 2) | Commodity and Freight Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 358,576 | 429,094 |
Derivative Liability | 218,005 | 368,179 |
Significant Other Observable Inputs (Level 2) | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 23,695 | 14,216 |
Derivative Liability | 3,737 | 6,119 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation Assets, Fair Value Disclosure | 0 | 0 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Total assets | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | |
Total liabilities | 24,155 | 75,982 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Commodity and Freight Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
NCRA [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 | 75,982 | |
NCRA [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 |
NCRA [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 |
NCRA [Member] | Fair Value, Inputs, Level 3 [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 | $ 24,155 | $ 75,982 |
Fair Value Measurements - Quan
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details) - National Cooperative Refinery Association [Member] - Fair Value, Inputs, Level 3 [Member] - Accrued liability for contingent crack spread payments related to purchase of noncontroling interests | 6 Months Ended | |
Feb. 29, 2016USD ($)$ / shares | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contractual target crack spread margin (in dollars per share) | $ / shares | $ 17.50 | [1] |
Expected volatility | 155.55% | [2] |
Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Forward crack spread margin | $ 8.54 | [3] |
Own credit risk | 0.48% | [4] |
Expected life (years) | 6 months | [5] |
Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Forward crack spread margin | $ 13.70 | [3] |
Own credit risk | 0.94% | [4] |
Expected life (years) | 1 year 6 months | [5] |
Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Forward crack spread margin | $ 10.66 | [3] |
Own credit risk | 0.67% | [4] |
Expected life (years) | 10 months 28 days | [5] |
[1] | Represents the minimum contractual threshold that would require settlement with the counterparties | |
[2] | Represents quarterly adjusted volatility estimates derived from daily historical market data | |
[3] | Represents forward crack spread margin quotes and management estimates based on future settlement dates | |
[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 - Fa54
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance | $ 43,693 | $ 86,520 | $ 75,982 | $ 114,917 |
Balance | 24,155 | 121,070 | 24,155 | 121,070 |
Cost of Goods, Total | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in cost of goods sold and net interest | $ (19,538) | $ 34,550 | $ (51,827) | $ 6,153 |
Commitments and Contingencies G
Commitments and Contingencies Guarantees (Details) $ in Millions | Feb. 29, 2016USD ($) |
Guarantor Obligations [Line Items] | |
Maximum guarantees allowed by bank covenants | $ 1,000 |
Guarantor obligations, maximum exposure, undiscounted | $ 116.3 |
Correction of immaterial erro56
Correction of immaterial errors (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cost of goods sold | $ 6,550,326 | $ 8,110,084 | $ 13,867,300 | $ 17,017,524 |
Gross profit | 89,004 | 245,644 | 500,822 | 837,672 |
Operating earnings | (91,803) | 74,869 | 168,011 | 504,929 |
Interest expense, net | 15,713 | 10,771 | 22,706 | 32,677 |
Income (loss) before income taxes | $ (76,462) | 90,466 | 213,393 | 526,124 |
Depreciation and amortization | 207,302 | 168,306 | ||
Accounts payable and accrued expenses | 24,729 | (629,850) | ||
Net Cash Provided by (Used in) Operating Activities | 319,083 | (502,176) | ||
Acquisition of property, plant and equipment | (428,290) | (549,930) | ||
Expenditures for Major Repairs | (19,090) | (7,505) | ||
Net Cash Provided by (Used in) Investing Activities | (3,245,082) | (906,800) | ||
Principal payments on capital lease obligations | (20,191) | |||
Other financing activities, net | 3,148 | 20 | ||
Net Cash Provided by (Used in) Financing Activities | $ 2,310,280 | 535,388 | ||
Scenario, Previously Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cost of goods sold | 8,111,365 | 17,020,110 | ||
Gross profit | 244,363 | 835,086 | ||
Operating earnings | 73,588 | 502,343 | ||
Interest expense, net | 9,490 | 30,091 | ||
Income (loss) before income taxes | 90,466 | 526,124 | ||
Depreciation and amortization | 148,784 | |||
Accounts payable and accrued expenses | (666,428) | |||
Net Cash Provided by (Used in) Operating Activities | (558,276) | |||
Acquisition of property, plant and equipment | (512,510) | |||
Expenditures for Major Repairs | (8,347) | |||
Net Cash Provided by (Used in) Investing Activities | (870,222) | |||
Principal payments on capital lease obligations | 0 | |||
Other financing activities, net | (282) | |||
Net Cash Provided by (Used in) Financing Activities | 554,910 | |||
Scenario, Adjustment [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cost of goods sold | (1,281) | (2,586) | ||
Gross profit | 1,281 | 2,586 | ||
Operating earnings | 1,281 | 2,586 | ||
Interest expense, net | 1,281 | 2,586 | ||
Income (loss) before income taxes | $ 0 | 0 | ||
Depreciation and amortization | 19,522 | |||
Accounts payable and accrued expenses | 36,578 | |||
Net Cash Provided by (Used in) Operating Activities | 56,100 | |||
Acquisition of property, plant and equipment | (37,420) | |||
Expenditures for Major Repairs | 842 | |||
Net Cash Provided by (Used in) Investing Activities | (36,578) | |||
Principal payments on capital lease obligations | (20,191) | |||
Other financing activities, net | 302 | |||
Net Cash Provided by (Used in) Financing Activities | $ (19,522) |