Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
May 31, 2018 | Jul. 11, 2018 | |
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 | May 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | May 31, 2018 | Aug. 31, 2017 |
Current assets [Abstract] | ||
Cash and cash equivalents | $ 533,887 | $ 181,379 |
Receivables | 2,198,211 | 1,869,632 |
Inventories | 2,940,907 | 2,576,585 |
Derivative assets | 483,794 | 232,017 |
Margin and related deposits | 253,141 | 206,062 |
Supplier advance payments | 426,607 | 249,234 |
Other current assets | 198,078 | 299,618 |
Total current assets | 7,034,625 | 5,614,527 |
Investments | 3,787,163 | 3,750,993 |
Property, plant and equipment | 5,140,106 | 5,356,434 |
Other assets | 973,885 | 1,251,802 |
Total assets | 16,935,779 | 15,973,756 |
Current liabilities [Abstract] | ||
Notes payable | 2,819,086 | 1,988,215 |
Current portion of long-term debt | 53,056 | 156,345 |
Customer margin deposits and credit balances | 137,999 | 157,914 |
Customer advance payments | 372,616 | 413,163 |
Accounts payable | 1,904,819 | 1,951,292 |
Derivative liabilities | 344,973 | 316,018 |
Accrued expenses | 538,249 | 437,527 |
Dividends and equities payable | 209,718 | 12,121 |
Total current liabilities | 6,380,516 | 5,432,595 |
Long-term debt | 1,905,515 | 2,023,448 |
Long-term deferred tax liabilities | 207,912 | 333,221 |
Other liabilities | 279,303 | 278,667 |
Commitments and contingencies (Note 13) | ||
Equities: | ||
Preferred stock | 2,264,038 | 2,264,038 |
Equity certificates | 4,253,414 | 4,341,649 |
Accumulated other comprehensive loss | (169,726) | (183,670) |
Capital reserves | 1,803,078 | 1,471,217 |
Total CHS Inc. equities | 8,150,804 | 7,893,234 |
Noncontrolling interests | 11,729 | 12,591 |
Total equities | 8,162,533 | 7,905,825 |
Total liabilities and equities | $ 16,935,779 | $ 15,973,756 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Income Statement [Abstract] | ||||
Revenues | $ 9,027,525 | $ 8,614,090 | $ 23,927,508 | $ 23,982,746 |
Cost of goods sold | 8,728,914 | 8,366,988 | 23,173,151 | 23,142,205 |
Gross profit | 298,611 | 247,102 | 754,357 | 840,541 |
Marketing, general and administrative | 161,578 | 153,498 | 488,459 | 459,831 |
Reserve and impairment charges (recoveries), net | (3,811) | 323,901 | (18,944) | 414,009 |
Operating earnings (loss) | 140,844 | (230,297) | 284,842 | (33,299) |
(Gain) loss on disposal of business | (124,050) | 0 | (131,755) | 0 |
Interest Expense | 49,340 | 39,201 | 130,218 | 117,411 |
Other (income) loss | (14,622) | (11,947) | (51,000) | (66,183) |
Equity (income) loss from investments | (59,308) | (48,393) | (137,111) | (124,521) |
Income (loss) before income taxes | 289,484 | (209,158) | 474,490 | 39,994 |
Income tax expense (benefit) | 60,338 | (163,018) | (100,901) | (137,781) |
Net income (loss) | 229,146 | (46,140) | 575,391 | 177,775 |
Net income (loss) attributable to noncontrolling interests | (187) | (955) | (699) | (757) |
Net income (loss) attributable to CHS Inc. | $ 229,333 | $ (45,185) | $ 576,090 | $ 178,532 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Net income (loss) | $ 229,146 | $ (46,140) | $ 575,391 | $ 177,775 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Postretirement benefit plan activity, net of tax expense (benefit) | 3,417 | 3,635 | 10,755 | 10,599 |
Unrealized net gain (loss) on available for sale investments, net of tax expense (benefit) | 6,286 | (117) | 13,480 | 1,627 |
Cash flow hedges, net of tax expense (benefit) | 413 | 375 | 1,472 | 1,993 |
Foreign currency translation adjustment, net of tax expense (benefit) | (11,617) | (2,151) | (11,763) | (12,193) |
Other comprehensive income (loss), net of tax | (1,501) | 1,742 | 13,944 | 2,026 |
Comprehensive income (loss) | 227,645 | (44,398) | 589,335 | 179,801 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (187) | (955) | (699) | (757) |
Comprehensive Income (Loss) Attributable to CHS | $ 227,832 | $ (43,443) | $ 590,034 | $ 180,558 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Unaudited) Parenthetical - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Postretirement benefit plan activity, tax expense (benefit) | $ 1,424 | $ 2,257 | $ 5,353 | $ 6,580 |
Unrealized net gain (loss) on available for sale investments, tax expense (benefit) | 2,620 | (72) | 4,505 | 1,010 |
Cash flow hedges, tax expense (benefit) | 172 | 233 | 613 | 1,238 |
Foreign currency translation adjustment, tax expense (benefit) | $ (254) | $ (334) | $ (275) | $ (329) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
May 31, 2018 | May 31, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 575,391 | $ 177,775 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 358,134 | 362,118 |
Amortization of deferred major repair costs | 43,908 | 50,565 |
Equity (income) loss from investments | (137,111) | (124,521) |
Distributions from equity investments | 97,665 | 105,558 |
Provision for doubtful accounts | (4,145) | 198,304 |
Gain on disposal of business | (131,755) | 0 |
Unrealized (gain) loss on crack spread contingent liability | 0 | (13,273) |
Long-lived asset impairment, net of recoveries | (12,368) | 85,431 |
Reserve against supplier advance payments | 0 | 130,705 |
Deferred taxes | (135,560) | (145,357) |
Other, net | 30,640 | 25,559 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Receivables | (216,501) | (55,498) |
Inventories | (366,858) | (344,914) |
Derivative assets | (86,910) | 120,294 |
Margin and related deposits | (47,079) | 58,581 |
Supplier advance payments | (177,373) | (214,538) |
Other current assets and other assets | 75,191 | 19,289 |
Customer margin deposits and credit balances | (19,914) | (76,355) |
Customer advance payments | (40,547) | (23,700) |
Accounts payable and accrued expenses | 73,745 | 152,094 |
Derivative liabilities | 23,758 | (229,881) |
Other liabilities | (49,842) | (53,471) |
Net cash provided by (used in) operating activities | (147,531) | 204,765 |
Cash flows from investing activities: | ||
Acquisition of property, plant and equipment | (249,078) | (298,015) |
Proceeds from disposition of property, plant and equipment | 80,045 | 17,702 |
Proceeds from sale of business | 234,914 | 0 |
Expenditures for major repairs | (39,363) | (1,146) |
Investments in joint ventures and other | (20,606) | (13,853) |
Investments redeemed | 6,607 | 7,698 |
Proceeds from sale of investments | 25,444 | 6,170 |
Changes in CHS Capital notes receivable, net | (83,908) | (104,773) |
Financing extended to customers | (72,106) | (57,783) |
Payments from customer financing | 38,725 | 67,126 |
Other investing activities, net | 7,539 | 2,722 |
Net cash provided by (used in) investing activities | (71,787) | (374,152) |
Cash flows from financing activities: | ||
Proceeds from lines of credit and long-term borrowings | 29,802,708 | 29,890,570 |
Payments on lines of credit, long term-debt and capital lease obligations | (29,028,104) | (29,362,970) |
Changes in checks and drafts outstanding | (59,358) | (118,844) |
Preferred stock dividends paid | (126,501) | (125,475) |
Retirements of equities | (6,391) | (25,503) |
Cash patronage dividends paid | 0 | (103,879) |
Other financing activities, net | (11,558) | 1,539 |
Net cash provided by (used in) financing activities | 570,796 | 155,438 |
Effect of exchange rate changes on cash and cash equivalents | 1,030 | 1,865 |
Net increase (decrease) in cash and cash equivalents | 352,508 | (12,084) |
Cash and cash equivalents at beginning of period | 181,379 | 279,313 |
Cash and cash equivalents at end of period | $ 533,887 | $ 267,229 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
May 31, 2018 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies | Organization, Basis of Presentation and Significant Accounting Policies Basis of Presentation The unaudited Consolidated Balance Sheet as of May 31, 2018 , the Consolidated Statements of Operations for the three and nine months ended May 31, 2018 , and 2017 , the Consolidated Statements of Comprehensive Income for the three and nine months ended May 31, 2018 , and 2017 , and the Consolidated Statements of Cash Flows for the nine months ended May 31, 2018 , and 2017 , 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, 2017 , 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 ("U.S. GAAP"). Over the course of fiscal 2017, we incurred charges related to a trading partner of ours in Brazil, which entered into bankruptcy-like proceedings under Brazilian law; intangible and fixed asset impairment charges associated with certain assets meeting the criteria to be classified as held for sale; fixed asset impairment charges due to the cancellation of a capital project at one of our refineries; and bad debt/loan loss reserve charges relating to a single large producer borrower. Charges and impairments of this nature, as well as any recoveries related to amounts previously reserved, are included in the Consolidated Statements of Operations in the line item, "Reserve and impairment charges (recoveries), net" for the three and nine months ended May 31, 2018 , and 2017 . The timing and amounts of these charges and impairments, and any recoveries were determined utilizing facts and circumstances that were present in the respective quarters in which the charges, impairments or recoveries were recorded. Prior year information has been revised to conform to the current year presentation. The notes to our consolidated financial statements reference 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. Our equity method investment in Ventura Foods, LLC ("Ventura Foods"), which previously represented our Foods reportable segment, was determined to represent an individually immaterial operating segment during the second quarter of fiscal 2018 and has been aggregated within the Corporate and Other category. See Note 10, Segment Reporting , for more information related to our reportable segments. Our consolidated financial statements include the accounts of CHS and all of our wholly owned and majority owned subsidiaries. The effects of all significant intercompany transactions have been eliminated. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended August 31, 2017 , included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC"). Recent Accounting Pronouncements Adopted In October 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory (Topic 740). This ASU is intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory by requiring an entity to recognize the income tax consequences when a transfer occurs, instead of when an asset is sold to an outside party. This ASU is effective for periods beginning after December 15, 2017; however, early adoption of this ASU is permitted during the first interim period if an entity issues interim financial statements and the amendments in this ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We elected to early adopt ASU No. 2016-16 during the first quarter of fiscal 2018. The adoption did not have a material impact on our consolidated financial statements. Not Yet Adopted In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). Under existing U.S. GAAP the effects of changes in tax rates and laws on deferred tax balances are recorded as a component of income tax expense in the period in which the law was enacted. When deferred tax balances related to items originally recorded in accumulated other comprehensive income are adjusted, certain tax effects become stranded in accumulated other comprehensive income. The amendments in ASU 2018-02 allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the "Tax Act"). The amendments in this ASU also require certain disclosures about stranded tax effects. This ASU is effective for us beginning September 1, 2019, for our fiscal year 2020 and for interim periods within that fiscal year. Early adoption in any period is permitted. The Company’s provisional adjustments recorded to account for the impact of the Tax Cuts and Jobs Act resulted in stranded tax effects. We are currently evaluating the timing and impact of adopting ASU 2018-02. In August 2017, the FASB issued ASU No. 2017-12 , Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This ASU is intended to improve the financial reporting of hedging relationships to better represent the economic results of an entity’s risk management activities in its financial statements and make certain improvements to simplify the application of the hedge accounting guidance. The amendments in this ASU will make more financial and nonfinancial hedging strategies eligible for hedge accounting, amend the presentation and disclosure requirements and change how entities assess effectiveness. Entities are required to apply this ASU's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This ASU is effective for us beginning September 1, 2019, for our fiscal year 2020 and for interim periods within that fiscal year. We are currently evaluating the impact the adoption will have on our consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Costs and Net Postretirement Benefit Cost. This ASU changes the presentation of net periodic pension cost and net periodic postretirement benefit cost in the Consolidated Statements of Operations. This ASU requires that the service cost component be included in the same line item as other compensation costs arising from services rendered by the employees during the period. The other components of net periodic benefit cost should be presented in the Consolidated Statements of Operations separately outside of operating income if that subtotal is presented. Additionally, only service cost may be capitalized in assets. This ASU is effective for us beginning September 1, 2018, for our fiscal year 2019 and for interim periods within that fiscal year. The guidance on the presentation of the components of net periodic benefit cost in the Consolidated Statements of Operations should be applied retrospectively and the guidance regarding the capitalization of the service cost component in assets should be applied prospectively. The adoption of this amended guidance is not expected to have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) : Clarifying the Definition of a Business . The amendments within this ASU narrow the existing definition of a business and provide a more robust framework for evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or a business. The definition of a business impacts various areas of accounting, including acquisitions, disposals and goodwill. Under the new guidance, fewer acquisitions are expected to be considered businesses. This ASU is effective for us beginning September 1, 2018, for our fiscal year 2019 and for interim periods within that fiscal year. Early adoption is permitted and the guidance should be applied prospectively to transactions following the adoption date. The adoption of this amended guidance is not expected to have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This ASU is intended to reduce diversity in practice by adding or clarifying guidance on classification and presentation of changes in restricted cash on the Consolidated Statements of Cash Flows. This ASU is effective for us beginning September 1, 2018, for our fiscal year 2019 and for interim periods within that fiscal year. Early adoption is permitted, including in an interim period. The amendments in this ASU should be applied retrospectively to all periods presented. The adoption of this amended guidance is not expected to have a material impact on our Consolidated Statements of Cash Flows. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU is intended to reduce existing diversity in practice in how certain cash receipts and payments are presented and classified in the Consolidated Statements of Cash Flows. This ASU is effective for us beginning September 1, 2018, for our fiscal year 2019 and for interim periods within that fiscal year. We are currently evaluating the impact the adoption will have on our Consolidated Statement of Cash Flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments . The amendments in this ASU introduce a new approach, based on expected losses, to estimate credit losses on certain types of financial instruments. This ASU is intended to provide financial statement users with more decision-useful information about the expected credit losses associated with most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures. Entities are required to apply this ASU’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This ASU is effective for us beginning September 1, 2020, for our fiscal year 2021 and for interim periods within that fiscal year. We are currently evaluating the impact the adoption will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which replaces the existing guidance in Accounting Standards Codification ("ASC") 840 - Leases . The amendments within this ASU introduce a lessee model requiring entities to recognize assets and liabilities for most leases, but continue recognizing the associated expenses in a manner similar to existing accounting guidance. This ASU is effective for us beginning September 1, 2019, for our fiscal year 2020 and for interim periods within that fiscal year. We have initiated our assessment of the new lease standard, including the utilization of surveys to gather more information about existing leases and the implementation of a new lease software to improve the collection, maintenance, and aggregation of lease data necessary for the expanded reporting and disclosure requirements under the new lease standard. It is expected that the primary impact upon adoption will be the recognition, on a discounted basis, of our minimum commitments under noncancelable operating leases as right of use assets and obligations on our Consolidated Balance Sheets. This will result in a significant increase in assets and liabilities recorded on our Consolidated Balance Sheets. Although we expect the new lease guidance to have a material impact on our Consolidated Balance Sheets, we are continuing to evaluate the method of adoption and the extent of potential impacts on our consolidated financial statements, processes, and internal controls. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments within this ASU, as well as within additional clarifying ASUs issued by the FASB, provide a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The new revenue recognition guidance includes a five-step model for the recognition of revenue, including (1) identifying the contract with a customer, (2) identifying the performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations, and (5) recognizing revenue when (or as) an entity satisfies a performance obligation. The adoption of the new revenue recognition guidance will require expanded disclosures in our consolidated financial statements including quantitative disclosure of revenues that fall within and outside the scope of the new revenue recognition guidance. Certain revenue streams are expected to fall within the scope of the new revenue recognition guidance; however, a substantial portion of our revenue falls outside the scope of the new revenue recognition guidance and will continue to follow existing guidance, primarily ASC 815, Derivatives and Hedging . We have completed an initial assessment of our revenue streams and do not believe that the new revenue recognition guidance will have a material impact on our consolidated financial statements. We will complete the final phase of our revenue recognition implementation project during the fourth quarter of fiscal 2018, including the finalization of our revenue recognition accounting policies, expanded disclosures, and position papers. We will adopt ASU No. 2014-09 and the related ASUs using the modified retrospective method on September 1, 2018, in the first quarter of fiscal 2019. |
Receivables
Receivables | 9 Months Ended |
May 31, 2018 | |
Receivables [Abstract] | |
Receivables | Receivables May 31, 2018 August 31, 2017 (Dollars in thousands) Trade accounts receivable $ 1,505,273 $ 1,234,500 CHS Capital notes receivable 143,038 164,807 Deferred purchase price receivable 177,827 202,947 Other 589,637 493,104 2,415,775 2,095,358 Less allowances and reserves 217,564 225,726 Total receivables $ 2,198,211 $ 1,869,632 Trade Accounts 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 economic status of, our customers. CHS Capital Notes Receivable CHS Capital, LLC ("CHS Capital"), our wholly-owned subsidiary, has short-term notes receivable from commercial and producer borrowers. The short-term notes receivable have maturity terms of 12 months or less and are reported at their outstanding unpaid principal balances, adjusted for the allowance of loan losses, as CHS Capital has the intent and ability to hold the applicable loans for the foreseeable future or until maturity or pay-off. The carrying value of CHS Capital short-term notes receivable approximates fair value, given the notes' short duration and the use of market pricing adjusted for risk. The notes receivable from commercial borrowers are collateralized by various combinations of mortgages, personal property, accounts and notes receivable, inventories and assignments of certain regional cooperative’s capital stock. These loans are primarily originated in the states of Minnesota, Wisconsin and North Dakota. CHS Capital also has loans receivable from producer borrowers which are collateralized by various combinations of growing crops, livestock, inventories, accounts receivable, personal property and supplemental mortgages and are originated in the same states as the commercial notes as well as in Michigan. In addition to the short-term balances included in the table above, CHS Capital had long-term notes receivable, with durations of generally not more than 10 years , totaling $0.2 million and $17.0 million at May 31, 2018 , and August 31, 2017 , respectively. The long-term notes receivable are included in Other assets on our Consolidated Balance Sheets. As of May 31, 2018 , and August 31, 2017 , the commercial notes represented 6% and 17% , respectively, and the producer notes represented 94% and 83% , respectively, of the total CHS Capital notes receivable. CHS Capital has commitments to extend credit to customers if there are no violations of any contractually established conditions. As of May 31, 2018 , CHS Capital's customers had additional available credit of $490.0 million . Allowance for Loan Losses and Impairments CHS Capital maintains an allowance for loan losses which is the estimate of potential incurred losses inherent in the loans receivable portfolio. In accordance with FASB ASC 450-20, Accounting for Loss Contingencies, and ASC 310-10, Accounting by Creditors for Impairment of a Loan , the allowance for loan losses consists of general and specific components. The general component is based on historical loss experience and qualitative factors addressing operational risks and industry trends. The specific component relates to loans receivable that are classified as impaired. Additions to the allowance for loan losses are reflected within reserve and impairment charges (recoveries), net in the Consolidated Statements of Operations. The portion of loans receivable deemed uncollectible is charged off against the allowance. Recoveries of previously charged off amounts increase the allowance for loan losses. The amount of CHS Capital notes that were past due was not significant at any reporting date presented. Interest Income Interest income is recognized on the accrual basis using a method that computes simple interest daily. The accrual of interest on commercial loans receivable is discontinued at the time the commercial loan receivable is 90 days past due unless the credit is well-collateralized and in process of collection. Past due status is based on contractual terms of the loan. Producer loans receivable are placed in non-accrual status based on estimates and analysis due to the annual debt service terms inherent to CHS Capital’s producer loans. In all cases, loans are placed in nonaccrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. Sale of Receivables Receivables Securitization Facility On July 18, 2017, we amended an existing receivables and loans securitization facility (“Securitization Facility”) with certain unaffiliated financial institutions (the "Purchasers"). Under the Securitization Facility, we and certain of our subsidiaries sell trade accounts and notes receivable (the “Receivables”) to Cofina Funding, LLC (“Cofina”), a wholly-owned bankruptcy-remote indirect subsidiary of CHS. Cofina in turn sells the purchased Receivables in their entirety to the Purchasers. Prior to amending the Securitization Facility in July 2017, the transfer of Receivables was accounted for as a secured borrowing. Under the terms of the amended Securitization Facility CHS accounts for Receivables sold under the Securitization Facility as a sale of financial assets pursuant to ASC 860, Transfers and Servicing and derecognizes the sold Receivables from its Consolidated Balance Sheets. Sales of Receivables by Cofina occur continuously and are settled with the Purchasers on a monthly basis. The proceeds from the sale of these Receivables comprise a combination of cash and a deferred purchase price (“DPP”) receivable. The DPP receivable is ultimately realized by CHS following the collection of the underlying Receivables sold to the Purchasers. The amount available under the Securitization Facility fluctuates over time based on the total amount of eligible Receivables generated during the normal course of business, with maximum availability of $700.0 million . As of May 31, 2018 , the total availability under the Securitization Facility was $592.0 million , of which all was utilized. We use the proceeds from the sale of Receivables under the Securitization Facility for general corporate purposes. We have no retained interests in the transferred Receivables, other than our right to the DPP receivable and collection and administrative services. The DPP receivable is recorded at fair value within the Consolidated Balance Sheets, including a current portion within receivables and a long-term portion within other assets. Subsequent cash receipts related to the DPP receivable have been reflected as investing activities and additional sales of Receivables under the Securitization Facility are reflected in operating or investing activities, based on the underlying Receivable, in our Consolidated Statements of Cash Flows. Losses incurred on the sale of Receivables are recorded in interest expense and fees received related to the servicing of the Receivables are recorded in other income (loss) in the Consolidated Statements of Operations. We consider the fees received adequate compensation for services rendered, and accordingly have recorded no servicing asset or liability. The fair value of the DPP receivable is determined by discounting the expected cash flows to be received based on unobservable inputs consisting of the face amount of the Receivables adjusted for anticipated credit losses. The DPP receivable is being measured like an investment in debt securities classified as available for sale, with changes to the fair value being recorded in other comprehensive income in accordance with ASC 320 , Investments - Debt and Equity Securities . Our risk of loss following the transfer of Receivables under the Securitization Facility is limited to the DPP receivable outstanding and any short-falls in collections for specified non-credit related reasons after sale. Payment of the DPP receivable is not subject to significant risks other than delinquencies and credit losses on accounts receivable sold under the Securitization Facility. The Securitization Facility was set to expire on July 17, 2018; however, we amended the Securitization Facility on June 28, 2018, and the transfer of Receivables will once again be accounted for as a secured borrowing. See Note 14, Subsequent Events , to our unaudited consolidated financial statements for additional information on the June 28, 2018, amendment. The following table is a reconciliation of the beginning and ending balances of the DPP receivable for the nine months ended May 31, 2018 : (Dollars in thousands) Balance - as of August 31, 2017 $ 548,602 Monthly settlements, net (89,160 ) Cash collections on DPP (9,612 ) Fair value adjustment 14,686 Balance - as of May 31, 2018 $ 464,516 There was no DPP receivable as of May 31, 2017, and therefore, no comparative period is included in the table above. Other Receivables Other receivables are comprised of certain other amounts recorded in the normal course of business, including receivables related to value added taxes and pre-crop financing, primarily to Brazilian farmers, to finance a portion of supplier production costs. We do not bear any of the costs or operational risks associated with the related growing crops. The financing is collateralized by future crops, land and physical assets of the suppliers, carries a local market interest rate and settles when the farmer’s crop is harvested and sold. |
Inventories
Inventories | 9 Months Ended |
May 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories May 31, 2018 August 31, 2017 (Dollars in thousands) Grain and oilseed $ 1,436,568 $ 1,145,285 Energy 663,111 755,886 Crop nutrients 199,246 248,699 Feed and farm supplies 479,621 353,130 Processed grain and oilseed 152,465 49,723 Other 9,896 23,862 Total inventories $ 2,940,907 $ 2,576,585 As of May 31, 2018 , we valued approximately 15% of inventories, primarily related to our Energy segment, using the lower of cost, determined on the LIFO method, or net realizable value ( 19% as of August 31, 2017 ). If the FIFO method of accounting had been used, inventories would have been higher than the reported amount by $370.4 million and $ 186.2 million as of May 31, 2018 , and August 31, 2017 , 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 are subject to the final year-end LIFO inventory valuation. |
Investments
Investments | 9 Months Ended |
May 31, 2018 | |
Investments [Abstract] | |
Investments | Investments May 31, 2018 August 31, 2017 (Dollars in thousands) Equity method investments: CF Industries Nitrogen, LLC $ 2,786,806 $ 2,756,076 Ventura Foods, LLC 354,588 347,016 Ardent Mills, LLC 205,805 206,529 TEMCO, LLC 37,769 41,323 Other equity method investments 271,229 268,444 Cost method investments 130,966 131,605 Total investments $ 3,787,163 $ 3,750,993 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. On February 1, 2016, we invested $2.8 billion in CF Industries Nitrogen, LLC ("CF Nitrogen"), commencing our strategic venture with CF Industries Holdings, Inc. ("CF Industries"). The investment consists of an approximate 11% membership interest (based on product tons) in CF Nitrogen. 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 CF Nitrogen's limited liability company agreement, adjusted for the semi-annual cash distributions we receive as a result of our membership interest in CF Nitrogen. For the three months ended May 31, 2018 , and 2017 , this amount was $35.6 million and $24.5 million , respectively. For the nine months ended May 31, 2018, and 2017, this amount was $80.0 million and $60.8 million , respectively. These amounts are included as equity income from investments in our Nitrogen Production segment. We have a 50% interest in Ventura Foods, a joint venture which produces and distributes primarily vegetable oil-based products. We account for Ventura Foods as an equity method investment, and as of May 31, 2018 , our carrying value of Ventura Foods exceeded our share of its equity by $12.9 million , which represents equity method goodwill. The earnings are reported as equity income from investments in Corporate and Other. We have a 12% interest in 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. We account for Ardent Mills as an equity method investment included in Corporate and Other. 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. The following table provides aggregate summarized unaudited financial information for our equity method investments in CF Nitrogen, Ventura Foods and Ardent Mills for the nine months ended May 31, 2018, and 2017: For the Nine Months Ended 2018 2017 (Dollars in thousands) Net sales $ 6,238,495 $ 5,807,777 Gross profit 719,555 651,705 Net earnings 435,192 317,674 Earnings attributable to CHS Inc. 109,266 104,568 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Notes) | 9 Months Ended |
May 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangible Assets Goodwill of $152.3 million and $154.1 million as of May 31, 2018 , and August 31, 2017 , respectively, is included in other assets on our Consolidated Balance Sheets. Changes in the net carrying amount of goodwill for the nine months ended May 31, 2018 , by segment, are as follows: Energy Ag Corporate Total (Dollars in thousands) Balances, August 31, 2017 $ 552 $ 142,929 $ 10,574 $ 154,055 Effect of foreign currency translation adjustments — (1,709 ) — (1,709 ) Balances, May 31, 2018 $ 552 $ 141,220 $ 10,574 $ 152,346 No goodwill has been allocated to our Nitrogen Production segment, which consists solely of our CF Nitrogen investment accounted for using the equity method of accounting. Intangible assets subject to amortization primarily include customer lists, trademarks and non-compete agreements, and are amortized over their respective useful lives (ranging from 2 to 30 years). Information regarding intangible assets that are included in other assets on our Consolidated Balance Sheets is as follows: May 31, August 31, Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (Dollars in thousands) Customer lists $ 41,077 $ (12,328 ) $ 28,749 $ 46,180 $ (14,695 ) $ 31,485 Trademarks and other intangible assets 6,536 (4,871 ) 1,665 23,623 (21,778 ) 1,845 Total intangible assets $ 47,613 $ (17,199 ) $ 30,414 $ 69,803 $ (36,473 ) $ 33,330 Total amortization expense for intangible assets during the three and nine months ended May 31, 2018 , was $0.8 million and $2.5 million , respectively. Total amortization expense for intangible assets during the three and nine months ended May 31, 2017, was $1.0 million and $3.3 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 $ 3,290 Year 2 3,125 Year 3 2,981 Year 4 2,856 Year 5 2,671 |
Notes Payable and Long-Term Deb
Notes Payable and Long-Term Debt | 9 Months Ended |
May 31, 2018 | |
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 May 31, 2018 . The table below summarizes our notes payable as of May 31, 2018 , and 2017. May 31, 2018 August 31, 2017 (Dollars in thousands) Notes payable $ 2,650,859 $ 1,695,423 CHS Capital notes payable 168,227 292,792 Total notes payable $ 2,819,086 $ 1,988,215 On May 31, 2018 , our primary line of credit was a five -year, unsecured revolving credit facility with a committed amount of $3.0 billion which expires in September 2020. The outstanding balance on this facility increased to $1.1 billion at May 31, 2018 , from $480.0 million at August 31, 2017 , due to the seasonal nature of our business operations. Interest expense for the three months ended May 31, 2018 , and 2017, was $49.3 million and $39.2 million , respectively, net of capitalized interest of $1.7 million and $1.6 million , respectively. Interest expense for the nine months ended May 31, 2018 , and 2017, was $130.2 million and $117.4 million , respectively, net of capitalized interest of $4.8 million and $4.7 million , respectively. |
Equities
Equities | 9 Months Ended |
May 31, 2018 | |
Equity [Abstract] | |
Equities | Equities Changes in Equities Changes in equities for the nine months ended May 31, 2018 , are as follows: Equity Certificates Accumulated Capital Nonpatronage Nonqualified Equity Certificates Preferred Capital Noncontrolling Total (Dollars in thousands) Balance, August 31, 2017 $ 3,906,426 $ 29,836 $ 405,387 $ 2,264,038 $ (183,670 ) $ 1,471,217 $ 12,591 $ 7,905,825 Reversal of prior year patronage and redemption estimates 4,270 — (126,333 ) — — 126,333 — 4,270 Distribution of 2017 patronage refunds — — 128,831 — — (128,831 ) — — Redemptions of equities (3,814 ) (86 ) (369 ) — — — — (4,269 ) Preferred stock dividends — — — — — (126,501 ) — (126,501 ) Other, net (5,999 ) (113 ) (381 ) — — 4,517 (163 ) (2,139 ) Net income (loss) — — — — — 576,090 (699 ) 575,391 Other comprehensive income (loss), net of tax — — — — 13,944 — — 13,944 Estimated 2018 cash patronage refunds — — — — — (119,747 ) — (119,747 ) Estimated 2018 equity redemptions (84,241 ) — — — — — — (84,241 ) Balance, May 31, 2018 $ 3,816,642 $ 29,637 $ 407,135 $ 2,264,038 $ (169,726 ) $ 1,803,078 $ 11,729 $ 8,162,533 Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows for the nine months ended May 31, 2018 , and 2017 : 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, 2017, net of tax $ (135,046 ) $ 10,041 $ (6,954 ) $ (51,711 ) $ (183,670 ) Other comprehensive income (loss), before tax: Amounts before reclassifications — 19,512 806 (9,996 ) 10,322 Amounts reclassified out 16,108 (1,527 ) 1,279 (2,042 ) 13,818 Total other comprehensive income (loss), before tax 16,108 17,985 2,085 (12,038 ) 24,140 Tax effect (5,353 ) (4,505 ) (613 ) 275 (10,196 ) Other comprehensive income (loss), net of tax 10,755 13,480 1,472 (11,763 ) 13,944 Balance as of May 31, 2018, net of tax $ (124,291 ) $ 23,521 $ (5,482 ) $ (63,474 ) $ (169,726 ) 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, 2016, net of tax $ (165,146 ) $ 5,656 $ (9,196 ) $ (43,040 ) $ (211,726 ) Other comprehensive income (loss), before tax: Amounts before reclassifications (500 ) 2,637 1,920 (12,537 ) (8,480 ) Amounts reclassified out 17,679 — 1,311 15 19,005 Total other comprehensive income (loss), before tax 17,179 2,637 3,231 (12,522 ) 10,525 Tax effect (6,580 ) (1,010 ) (1,238 ) 329 (8,499 ) Other comprehensive income (loss), net of tax 10,599 1,627 1,993 (12,193 ) 2,026 Balance as of May 31, 2017, net of tax $ (154,547 ) $ 7,283 $ (7,203 ) $ (55,233 ) $ (209,700 ) Amounts reclassified from accumulated other comprehensive income (loss) were primarily related to pension and other post-retirement benefits. Pension and other post-retirement reclassifications include amortization of net actuarial loss, prior service credit and transition amounts and are recorded as marketing, general and administrative expenses (see Note 9, Benefit Plans for further information). |
Income Taxes
Income Taxes | 9 Months Ended |
May 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes During the third quarter of fiscal 2018, we recorded a $15.5 million impairment of income tax receivables related to Brazilian tax legislation enacted on May 30, 2018, which restricts our ability to utilize our Brazilian income tax credits. We also recorded current tax expense of $21.3 million related to the sale of certain assets, and $10.0 million stemming from CHS Inc.’s performance of guarantees to its Brazilian subsidiary for a fiscal 2017 loss. The third quarter of fiscal 2018 tax costs described above were more than offset by the deferred tax benefit from the revaluation of our U.S. net deferred tax liability as a result of the Tax Act recognized in the second quarter of fiscal 2018, which is the primary contributor to our tax benefit position for the nine months ended May 31, 2018, within the Consolidated Statements of Operations. On December 22, 2017, the Tax Act was enacted into law. The Tax Act provides for significant U.S. tax law changes and reduces the federal corporate statutory tax rate from 35% to 21% as of January 1, 2018. As a fiscal year-end taxpayer, our annual statutory federal corporate tax rate applicable to fiscal 2018 is a blended rate of 25.7% . Beginning in fiscal 2019, the annual statutory federal corporate tax rate will be 21% . The Tax Act also requires companies to pay a one-time repatriation tax on certain unrepatriated earnings of foreign subsidiaries that were previously tax deferred (“transition tax”), and creates new taxes on certain foreign sourced earnings. Foreign taxes historically have not had a material impact on our consolidated financial statements, and the foreign impacts of the Tax Act are discussed below. The Tax Act initially repealed the Domestic Production Activities Deduction ("DPAD") and enacted the Deduction for Qualified Business Income of Pass-Thru Entities ("QBI Deduction"); however, the Consolidated Appropriations Act, 2018 (the "Appropriations Act") enacted into law on March 23, 2018, impacted these deductions. The Appropriations Act modifies the QBI deduction under Sec. 199A of the Tax Act to reenact DPAD for agricultural and horticultural cooperatives as it existed prior to the enactment of the Tax Act, and it also modifies the QBI deduction available to cooperative patrons as enacted by the Tax Act. All references to the Tax Act below include the modifications introduced by the Appropriations Act. On December 22, 2017, the SEC issued Staff Accounting Bulletin 118 ("SAB 118") which provides guidance on accounting for the effects of the Tax Act. SAB 118 provides for a measurement period of up to one year from the Tax Act’s enactment date for companies to complete their accounting under ASC 740, Income Taxes . In accordance with SAB 118, to the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in its financial statements. If a company cannot determine a provisional estimate to be included in its financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. As of May 31, 2018, we have not finalized our work associated with the income tax effects of the enactment of the Tax Act; however, we have made a reasonable estimate of the effects on our existing deferred tax balances, and believe there will be no significant additional tax expense as a result of the one-time transition tax. Our income tax provision for the nine months ended May 31, 2018, reflects the current year impacts of the Tax Act on the estimated annual effective tax rate and a discrete provisional net benefit of $133.6 million from the revaluation of our U.S. net deferred tax liability resulting directly from the enactment of the Tax Act based on information available, prepared, or analyzed as of the date of this report. Deferred Tax Assets and Liabilities We remeasured our existing U.S. deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, of which the federal component is approximately 25.7% for reversals expected in fiscal 2018 and 21.0% thereafter. The calculation cannot be completed until all of the underlying timing differences as of August 31, 2018, are known and we are still analyzing certain aspects of the Tax Act and refining our calculations. As we complete our work and refine our calculations, any changes may give rise to new or additional deferred tax amounts. Specifically, we are now subject to the employee compensation deduction limitations under Internal Revenue Code Section 162(m), and we are evaluating whether our written binding employment contacts are exempted under the Tax Act’s Section 162(m) transition rule. Additional guidance from the IRS is necessary to ascertain the scope of the transition rule. Foreign Tax Effects To determine the amount of the transition tax, we must determine, in addition to other factors, the amount of post-1986 accumulated and current earnings and profits of our relevant subsidiaries as well as the amount of non-U.S. income taxes paid on such earnings. We are able to make a reasonable estimate of the transition tax and recorded no provisional tax liability. However, we continue to gather additional information and will refine the amount if necessary. We continue to review the anticipated impacts of global intangible low-taxed income ("GILTI"), including whether we should account for its tax effects as an in-period or deferred tax expense. Due to the complexity of the GILTI tax rules and the dependency upon future results of our global operations and our global structure, we are unable to make a reasonable estimate of this provision and consequently we haven't decided how to treat the deferred taxes associated with GILTI. Accordingly, we have not recorded any impact associated with GILTI in the tax rate during the three months ended May 31, 2018. |
Benefit Plans
Benefit Plans | 9 Months Ended |
May 31, 2018 | |
Retirement Benefits [Abstract] | |
Benefit plans | Benefit Plans We have various pension and other defined benefit and defined contribution plans, in which substantially all employees may participate. We also have non-qualified supplemental executive and Board retirement plans. Components of net periodic benefit costs for the three and nine months ended May 31, 2018 , and 2017 , are as follows: Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits 2018 2017 2018 2017 2018 2017 Components of net periodic benefit costs for the three months ended May 31 are as follows: (Dollars in thousands) Service cost $ 9,920 $ 10,537 $ 137 $ 302 $ 236 $ 290 Interest cost 5,997 5,753 177 210 227 232 Expected return on assets (12,044 ) (12,058 ) — — — — Prior service cost (credit) amortization 360 385 7 4 (142 ) (141 ) Actuarial (gain) loss amortization 4,905 5,708 16 136 (306 ) (199 ) Net periodic benefit cost $ 9,138 $ 10,325 $ 337 $ 652 $ 15 $ 182 Components of net periodic benefit costs for the nine months ended May 31 are as follows: Service cost $ 29,758 $ 31,612 $ 411 $ 905 $ 707 $ 870 Interest cost 17,988 17,257 533 632 681 698 Expected return on assets (36,133 ) (36,173 ) — — — — Prior service cost (credit) amortization 1,078 1,155 23 14 (424 ) (424 ) Actuarial (gain) loss amortization 16,304 17,123 46 409 (918 ) (598 ) Net periodic benefit cost $ 28,995 $ 30,974 $ 1,013 $ 1,960 $ 46 $ 546 Employer Contributions Total contributions to be made during fiscal 2018 will depend primarily on market returns on the pension plan assets and minimum funding level requirements. During the nine months ended May 31, 2018 , we made no contributions to the pension plans. At this time, we do not anticipate being required to make a contribution for our benefit plans in fiscal 2018. |
Segment Reporting
Segment Reporting | 9 Months Ended |
May 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We define our operating segments in accordance with ASC Topic 280, Segment Reporting , to reflect the manner in which our chief operating decision maker, our Chief Executive Officer, evaluates performance and allocates resources in managing our business. We have aggregated those operating segments into three reportable segments: Energy, Ag and Nitrogen Production. 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 solely of our equity method investment in CF Nitrogen, which entitles us, pursuant to a supply agreement that we entered into with CF Nitrogen, to purchase up to a specified annual quantity of granular urea and urea ammonium nitrate annually from CF Nitrogen. Insignificant operating segments, including our equity method investment in Ventura Foods have been aggregated within Corporate and Other. Prior to becoming an insignificant operating segment, our investment in Ventura Foods previously constituted our Foods segment. Reported segment results and balances for prior periods have been revised to reflect the aggregation of our equity method investment in Ventura Foods within Corporate and Other. No changes were made to the Ag, Energy, or Nitrogen Production segments as a result of the aggregation of our Foods segment. Corporate administrative expenses and interest are allocated to each business segment, and Corporate and Other, based on direct usage for services, such as information technology and legal, and other factors or considerations relevant to the costs incurred. Many of our business activities are highly seasonal and operating results vary throughout the year. For example, in our Ag segment, our crop nutrients and country operations businesses generally experience higher volumes and income during the spring planting season and in the fall, which corresponds to harvest. Our grain marketing operations are also subject to fluctuations in volume 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 fall crop drying seasons. Our revenues, assets and cash flows can be significantly affected by global trade and associated 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 and interest between segments. Such transactions are executed at market prices to more accurately evaluate the profitability of the individual business segments. Segment information for the three and nine months ended May 31, 2018 , and 2017 , is presented in the tables below. Energy Ag Nitrogen Production Corporate Reconciling Total For the Three Months Ended May 31, 2018: (Dollars in thousands) Revenues $ 2,009,907 $ 7,125,024 $ — $ 14,074 $ (121,480 ) $ 9,027,525 Operating earnings (loss) 31,525 115,052 (4,153 ) (1,580 ) — 140,844 (Gain) loss on disposal of business (65,903 ) 5 — (58,152 ) — (124,050 ) Interest expense 3,496 28,854 13,119 4,324 (453 ) 49,340 Other (income) loss (472 ) (13,891 ) (441 ) (271 ) 453 (14,622 ) Equity (income) loss from investments (967 ) (11,359 ) (35,639 ) (11,343 ) — (59,308 ) Income (loss) before income taxes $ 95,371 $ 111,443 $ 18,808 $ 63,862 $ — $ 289,484 Intersegment revenues $ (116,286 ) $ (3,784 ) $ — $ (1,410 ) $ 121,480 $ — Energy Ag Nitrogen Production Corporate Reconciling Total For the Three Months Ended May 31, 2017: (Dollars in thousands) Revenues $ 1,638,107 $ 7,053,991 $ — $ 26,820 $ (104,828 ) $ 8,614,090 Operating earnings (loss) (5,723 ) (226,668 ) (5,619 ) 7,713 — (230,297 ) Interest expense 4,343 16,609 10,708 8,127 (586 ) 39,201 Other (income) loss (332 ) (12,886 ) (477 ) 1,162 586 (11,947 ) Equity (income) loss from investments (391 ) (9,199 ) (24,534 ) (14,269 ) — (48,393 ) Income (loss) before income taxes $ (9,343 ) $ (221,192 ) $ 8,684 $ 12,693 $ — $ (209,158 ) Intersegment revenues $ (97,876 ) $ (7,545 ) $ — $ 593 $ 104,828 $ — Energy Ag Nitrogen Production Corporate Reconciling Total For the Nine Months Ended May 31, 2018: (Dollars in thousands) Revenues $ 5,878,657 $ 18,375,507 $ — $ 46,018 $ (372,674 ) $ 23,927,508 Operating earnings (loss) 159,070 145,907 (14,527 ) (5,608 ) — 284,842 (Gain) loss on disposal of business (65,903 ) (7,700 ) — (58,152 ) — (131,755 ) Interest expense 11,760 69,242 39,067 11,569 (1,420 ) 130,218 Other (income) loss (1,492 ) (45,511 ) (2,612 ) (2,805 ) 1,420 (51,000 ) Equity (income) loss from investments (2,779 ) (25,180 ) (79,986 ) (29,166 ) — (137,111 ) Income (loss) before income taxes $ 217,484 $ 155,056 $ 29,004 $ 72,946 $ — $ 474,490 Intersegment revenues $ (355,099 ) $ (11,391 ) $ — $ (6,184 ) $ 372,674 $ — Total assets at May 31, 2018 $ 4,208,214 $ 7,510,962 $ 2,810,256 $ 2,406,347 $ — $ 16,935,779 Energy Ag Nitrogen Production Corporate Reconciling Total For the Nine Months Ended May 31, 2017: (Dollars in thousands) Revenues $ 4,867,321 $ 19,345,316 $ — $ 85,691 $ (315,582 ) $ 23,982,746 Operating earnings (loss) 86,563 (131,363 ) (14,033 ) 25,534 — (33,299 ) Interest expense 12,176 49,798 35,626 27,512 (7,701 ) 117,411 Other (income) loss (828 ) (41,801 ) (30,047 ) (1,208 ) 7,701 (66,183 ) Equity (income) loss from investments (2,039 ) (18,071 ) (60,787 ) (43,624 ) — (124,521 ) Income (loss) before income taxes $ 77,254 $ (121,289 ) $ 41,175 $ 42,854 $ — $ 39,994 Intersegment revenues $ (297,057 ) $ (16,068 ) $ — $ (2,457 ) $ 315,582 $ — |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 9 Months Ended |
May 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities Disclosure | 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 we do not apply hedge accounting under ASC Topic 815, Derivatives and Hedging , except with respect to certain interest rate swap contracts which are accounted for as fair value hedges. Derivative instruments are recorded on our Consolidated Balance Sheets at fair value as described in Note 12, Fair Value Measurements . Derivatives Not Designated as Hedging Instruments The following tables present the gross fair values of derivative assets, derivative liabilities, and margin deposits (cash collateral) for derivatives not accounted for as hedging instruments, recorded on our Consolidated Balance Sheets along with the related amounts permitted to be offset in accordance with U.S. 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 . May 31, 2018 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 $ 473,418 $ — $ 33,979 $ 439,439 Foreign exchange derivatives 9,298 — 5,814 3,484 Embedded derivative asset 23,145 — — 23,145 Total $ 505,861 $ — $ 39,793 $ 466,068 Derivative Liabilities: Commodity and freight derivatives $ 330,364 $ 4,063 $ 33,979 $ 292,322 Foreign exchange derivatives 23,084 — 5,814 17,270 Interest rate derivatives - non-hedge 3 — — 3 Total $ 353,451 $ 4,063 $ 39,793 $ 309,595 August 31, 2017 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 $ 384,648 $ — $ 35,080 $ 349,568 Foreign exchange derivatives 8,771 — 3,636 5,135 Embedded derivative asset 25,533 — — 25,533 Total $ 418,952 $ — $ 38,716 $ 380,236 Derivative Liabilities: Commodity and freight derivatives $ 309,762 $ 3,898 $ 35,080 $ 270,784 Foreign exchange derivatives 19,931 — 3,636 16,295 Total $ 329,693 $ 3,898 $ 38,716 $ 287,079 Derivative assets and liabilities with maturities of 12 months or less are recorded in derivative assets and derivative liabilities, respectively, on the Consolidated Balance Sheets. Derivative assets and liabilities with maturities greater than 12 months are recorded in other assets and other liabilities, respectively, on the Consolidated Balance Sheets. The amount of long-term derivative assets and liabilities recorded on the Consolidated Balance Sheet at May 31, 2018 , were $22.1 million and $17.3 million , respectively. The amount of long-term derivative assets and liabilities recorded on the Consolidated Balance Sheet at August 31, 2017, were $186.9 million and $13.7 million , respectively. The following table sets forth the pretax gains (losses) on derivatives not accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the three and nine months ended May 31, 2018 , and 2017 . For the Three Months Ended For the Nine Months Ended Location of Gain (Loss) 2018 2017 2018 2017 (Dollars in thousands) Commodity and freight derivatives Cost of goods sold $ 68,813 $ 102,327 $ 254 $ 177,633 Foreign exchange derivatives Cost of goods sold (16,549 ) (7,168 ) (15,600 ) (4,573 ) Foreign exchange derivatives Marketing, general and administrative (1,109 ) 22 (1,260 ) (784 ) Interest rate derivatives Interest expense (2 ) — (3 ) 4 Embedded derivative Other income 441 477 2,612 30,051 Total $ 51,594 $ 95,658 $ (13,997 ) $ 202,331 Commodity and Freight Contracts As of May 31, 2018 , and August 31, 2017 , 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. May 31, 2018 August 31, 2017 Long Short Long Short (Units in thousands) Grain and oilseed - bushels 852,993 1,097,748 570,673 768,540 Energy products - barrels 18,425 12,383 15,072 18,252 Processed grain and oilseed - tons 426 2,403 299 2,347 Crop nutrients - tons 26 42 9 15 Ocean and barge freight - metric tons 5,531 2,883 2,777 1,766 Rail freight - rail cars 166 52 176 75 Natural gas - MMBtu 1,220 — 500 — Foreign Exchange Contracts We are exposed to risk regarding foreign currency fluctuations even though a substantial amount of our international sales are denominated in U.S. dollars. In addition to specific transactional exposure, foreign currency fluctuations can 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. From time to time, we enter into foreign currency hedge contracts to minimize the impact of currency fluctuations on our transactional exposures. The notional amounts of our foreign exchange derivative contracts were $934.5 million and $776.7 million as of May 31, 2018 , and August 31, 2017 , respectively. Embedded Derivative Asset Under the terms of our strategic investment in CF Nitrogen, if CF Industries' credit rating is reduced below certain levels by two of three specified credit ratings agencies, we are entitled to receive a non-refundable annual payment of $5.0 million from CF Industries in November of each year until the date that CF Industries' credit rating is upgraded to or above certain levels by two of the three specified credit ratings agencies or February 1, 2026, whichever is earlier. During the first quarter of fiscal 2017, CF Industries' credit rating was reduced below the specified levels and we received a $5.0 million payment from CF Industries, which was recorded as a gain in our Consolidated Statement of Operations. We also recorded an embedded derivative asset of $24.1 million on our Consolidated Balance Sheet and a corresponding gain in our Consolidated Statement of Operations for the fair value of the embedded derivative asset during the three months ended November 30, 2016. During the first quarter of fiscal 2018, we received a second $5.0 million payment from CF Industries. The fair value of the embedded derivative asset recorded on our Consolidated Balance Sheet as of May 31, 2018 , was equal to $23.1 million . The current and long-term portions of the embedded derivative asset are included in derivative assets and other assets on our Consolidated Balance Sheets, respectively. See Note 12, Fair Value Measurements for more information on the valuation of the embedded derivative asset. Derivatives Designated as Fair Value Hedging Strategies As of May 31, 2018 , and August 31, 2017 , we had outstanding interest rate swaps with an aggregate notional amount of $495.0 million designated as fair value hedges of portions of our fixed-rate debt that is due between fiscal 2019 and fiscal 2025. 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 three-month U.S. dollar LIBOR interest rate ("LIBOR"), in essence converting the fixed-rate debt to variable-rate debt. Under these interest rate swaps, we receive fixed-rate interest payments and make interest payments based on the three-month LIBOR. 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. The following table presents the fair value of our derivative instruments designated as fair value hedges and the line items on our Consolidated Balance Sheets in which they are recorded. Derivative Assets Derivative Liabilities Fair Value Hedges Balance Sheet Location May 31, 2018 August 31, 2017 Balance Sheet Location May 31, 2018 August 31, 2017 (Dollars in thousands) (Dollars in thousands) Interest rate swaps Other assets $ — $ 9,978 Other liabilities $ 8,847 $ 707 The following table sets forth the pretax gains (losses) on derivatives accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the three and nine months ended May 31, 2018 , and 2017 . For the Three Months Ended May 31, For the Nine Months Ended May 31, Gain (Loss) on Fair Value Hedging Relationships: Location of Gain (Loss) 2018 2017 2018 2017 (Dollars in thousands) Interest rate swaps Interest expense $ (231 ) $ 3,750 $ (18,118 ) $ (13,764 ) Hedged item Interest expense 231 (3,750 ) 18,118 13,764 Total $ — $ — $ — $ — The following table provides the location and carrying amount of hedged liabilities in our Consolidated Balance Sheets as of May 31, 2018 , and August 31, 2017 . May 31, 2018 August 31, 2017 Balance Sheet Location Carrying Amount of Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities Carrying Amount of Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities (Dollars in thousands) Long-term debt $ 486,153 $ 8,847 $ 504,271 $ (9,271 ) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
May 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also establishes a hierarchy for inputs used in measuring fair value, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs or market data that a market participant would obtain from independent sources to value the asset or liability. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The fair value hierarchy consists of three levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Recurring fair value measurements at May 31, 2018 , and August 31, 2017 , are as follows: May 31, 2018 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 $ 44,456 $ 428,962 $ — $ 473,418 Foreign currency derivatives — 9,298 — 9,298 Deferred compensation assets 38,765 — — 38,765 Deferred purchase price receivable — — 464,516 464,516 Embedded derivative asset — 23,145 — 23,145 Other assets 16,783 — — 16,783 Total $ 100,004 $ 461,405 $ 464,516 $ 1,025,925 Liabilities: Commodity and freight derivatives $ 37,294 $ 293,070 $ — $ 330,364 Foreign currency derivatives — 23,084 — 23,084 Interest rate swap derivatives 3 8,847 — 8,850 Total $ 37,297 $ 325,001 $ — $ 362,298 August 31, 2017 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 $ 48,491 $ 336,157 $ — $ 384,648 Foreign currency derivatives — 8,771 — 8,771 Interest rate swap derivatives — 9,978 — 9,978 Deferred compensation assets 52,414 — — 52,414 Deferred purchase price receivable — — 548,602 548,602 Embedded derivative asset — 25,533 — 25,533 Other assets 14,846 — — 14,846 Total $ 115,751 $ 380,439 $ 548,602 $ 1,044,792 Liabilities: Commodity and freight derivatives $ 31,189 $ 278,573 $ — $ 309,762 Foreign currency derivatives — 19,931 — 19,931 Interest rate swap derivatives — 707 — 707 Total $ 31,189 $ 299,211 $ — $ 330,400 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 over-the-counter ("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 derivatives are determined utilizing valuation models that are widely accepted in the market to value these 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 expense. See Note 11, Derivative Financial Instruments and Hedging Activities for additional information about interest rates 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. Deferred purchase price receivable — The fair value of the DPP receivable included in receivables, net and other assets, is determined by discounting the expected cash flows to be received. The expected cash flows are primarily based on unobservable inputs consisting of the face amount of the Receivables adjusted for anticipated credit losses. Significant changes in the anticipated credit losses could result in a significantly higher (or lower) fair value measurement. Due to the use of significant unobservable inputs in the pricing model, including management's assumptions related to anticipated credit losses, the DPP receivable is classified as a Level 3 fair value measurement. The reconciliation of the DPP receivable for the period ended May 31, 2018 , is included in Note 2, Receivables . Embedded derivative asset — The embedded derivative asset relates to contingent payments inherent in our investment in CF Nitrogen. The inputs into the fair value measurement include the probability of future upgrades and downgrades of CF Industries' credit rating based on historical credit rating movements of other public companies and the discount rates to be applied to potential annual payments based on applicable historical and current yield coupon rates. Based on these observable inputs, our fair value measurement is classified within Level 2. See Note 11, Derivative Financial Instruments and Hedging Activities for additional information. There were no material transfers between Level 1, Level 2 and Level 3 assets and liabilities during the three months and nine months ended May 31, 2018, and 2017. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
May 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies Environmental We are required to comply with various environmental laws and regulations incidental to our normal business operations. In order to meet our compliance requirements, we establish reserves for the probable future costs of remediation of identified issues, which are included in cost of goods sold and marketing, general and administrative in our Consolidated Statements of Operations. The resolution of any such matters may affect consolidated net income for any fiscal period; however, we believe any resulting liabilities, individually or in the aggregate, will not have a material effect on our consolidated financial position, results of operations or cash flows during any fiscal year. Other Litigation and Claims We are involved as a defendant in various lawsuits, claims and disputes, which are in the normal course of our business. The resolution of any such matters may affect consolidated net income for any fiscal period; however, we believe any resulting liabilities, individually or in the aggregate, will not have a material effect on our consolidated financial position, results of operations or cash flows during any fiscal year. Guarantees We are a guarantor for lines of credit and performance obligations of related, non-consolidated companies. As of May 31, 2018 , our bank covenants allowed maximum guarantees of $1.0 billion , of which $107.9 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 these guarantees were current as of May 31, 2018 . Lease Commitments On November 30, 2017, we completed a sale-leaseback transaction for our primary corporate office building located in Inver Grove Heights, Minnesota. Simultaneous with the closing of the sale, we entered into a 20 -year operating lease arrangement with base annual rent of approximately $3.4 million during the first year, followed by annual increases of 2% through the remainder of the lease period. Gain Contingency As of May 31, 2018, a gain contingency resulted from applying ASC Topic 450-30, Gain Contingencies , to the facts and circumstances surrounding the potential for certain excise tax credits associated with manufacturing changes within our Energy business. The resulting gain, if recognized, will likely have a material impact on our consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
May 31, 2018 | |
Subsequent Event [Line Items] | |
Subsequent Events | Subsequent Events Securitization Facility On June 28, 2018, we amended our existing Securitization Facility discussed in Note 2, Receivables . Prior to the amendment, we accounted for the Receivables sold under the Securitization as a sale of financial assets pursuant to ASC 860, Transfers and Servicing , resulting in the derecognition of the sold Receivables from our Consolidated Balance Sheets. Under the terms of the amended Securitization Facility, the transfer of Receivables will be accounted for as a secured borrowing whereby the sold Receivables and corresponding secured debt will remain on our Consolidated Balance Sheets. The amount available under the amended Securitization Facility will continue to fluctuate over time based on the total amount of eligible Receivables generated during the normal course of business; however, the maximum availability of $700.0 million remains unchanged. |
Organization, Basis of Presen21
Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
May 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy | Our consolidated financial statements include the accounts of CHS and all of our wholly owned and majority owned subsidiaries. The effects of all significant intercompany transactions have been eliminated. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended August 31, 2017 , included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC"). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted In October 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory (Topic 740). This ASU is intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory by requiring an entity to recognize the income tax consequences when a transfer occurs, instead of when an asset is sold to an outside party. This ASU is effective for periods beginning after December 15, 2017; however, early adoption of this ASU is permitted during the first interim period if an entity issues interim financial statements and the amendments in this ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We elected to early adopt ASU No. 2016-16 during the first quarter of fiscal 2018. The adoption did not have a material impact on our consolidated financial statements. Not Yet Adopted In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). Under existing U.S. GAAP the effects of changes in tax rates and laws on deferred tax balances are recorded as a component of income tax expense in the period in which the law was enacted. When deferred tax balances related to items originally recorded in accumulated other comprehensive income are adjusted, certain tax effects become stranded in accumulated other comprehensive income. The amendments in ASU 2018-02 allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the "Tax Act"). The amendments in this ASU also require certain disclosures about stranded tax effects. This ASU is effective for us beginning September 1, 2019, for our fiscal year 2020 and for interim periods within that fiscal year. Early adoption in any period is permitted. The Company’s provisional adjustments recorded to account for the impact of the Tax Cuts and Jobs Act resulted in stranded tax effects. We are currently evaluating the timing and impact of adopting ASU 2018-02. In August 2017, the FASB issued ASU No. 2017-12 , Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This ASU is intended to improve the financial reporting of hedging relationships to better represent the economic results of an entity’s risk management activities in its financial statements and make certain improvements to simplify the application of the hedge accounting guidance. The amendments in this ASU will make more financial and nonfinancial hedging strategies eligible for hedge accounting, amend the presentation and disclosure requirements and change how entities assess effectiveness. Entities are required to apply this ASU's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This ASU is effective for us beginning September 1, 2019, for our fiscal year 2020 and for interim periods within that fiscal year. We are currently evaluating the impact the adoption will have on our consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Costs and Net Postretirement Benefit Cost. This ASU changes the presentation of net periodic pension cost and net periodic postretirement benefit cost in the Consolidated Statements of Operations. This ASU requires that the service cost component be included in the same line item as other compensation costs arising from services rendered by the employees during the period. The other components of net periodic benefit cost should be presented in the Consolidated Statements of Operations separately outside of operating income if that subtotal is presented. Additionally, only service cost may be capitalized in assets. This ASU is effective for us beginning September 1, 2018, for our fiscal year 2019 and for interim periods within that fiscal year. The guidance on the presentation of the components of net periodic benefit cost in the Consolidated Statements of Operations should be applied retrospectively and the guidance regarding the capitalization of the service cost component in assets should be applied prospectively. The adoption of this amended guidance is not expected to have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) : Clarifying the Definition of a Business . The amendments within this ASU narrow the existing definition of a business and provide a more robust framework for evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or a business. The definition of a business impacts various areas of accounting, including acquisitions, disposals and goodwill. Under the new guidance, fewer acquisitions are expected to be considered businesses. This ASU is effective for us beginning September 1, 2018, for our fiscal year 2019 and for interim periods within that fiscal year. Early adoption is permitted and the guidance should be applied prospectively to transactions following the adoption date. The adoption of this amended guidance is not expected to have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This ASU is intended to reduce diversity in practice by adding or clarifying guidance on classification and presentation of changes in restricted cash on the Consolidated Statements of Cash Flows. This ASU is effective for us beginning September 1, 2018, for our fiscal year 2019 and for interim periods within that fiscal year. Early adoption is permitted, including in an interim period. The amendments in this ASU should be applied retrospectively to all periods presented. The adoption of this amended guidance is not expected to have a material impact on our Consolidated Statements of Cash Flows. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU is intended to reduce existing diversity in practice in how certain cash receipts and payments are presented and classified in the Consolidated Statements of Cash Flows. This ASU is effective for us beginning September 1, 2018, for our fiscal year 2019 and for interim periods within that fiscal year. We are currently evaluating the impact the adoption will have on our Consolidated Statement of Cash Flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments . The amendments in this ASU introduce a new approach, based on expected losses, to estimate credit losses on certain types of financial instruments. This ASU is intended to provide financial statement users with more decision-useful information about the expected credit losses associated with most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures. Entities are required to apply this ASU’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This ASU is effective for us beginning September 1, 2020, for our fiscal year 2021 and for interim periods within that fiscal year. We are currently evaluating the impact the adoption will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which replaces the existing guidance in Accounting Standards Codification ("ASC") 840 - Leases . The amendments within this ASU introduce a lessee model requiring entities to recognize assets and liabilities for most leases, but continue recognizing the associated expenses in a manner similar to existing accounting guidance. This ASU is effective for us beginning September 1, 2019, for our fiscal year 2020 and for interim periods within that fiscal year. We have initiated our assessment of the new lease standard, including the utilization of surveys to gather more information about existing leases and the implementation of a new lease software to improve the collection, maintenance, and aggregation of lease data necessary for the expanded reporting and disclosure requirements under the new lease standard. It is expected that the primary impact upon adoption will be the recognition, on a discounted basis, of our minimum commitments under noncancelable operating leases as right of use assets and obligations on our Consolidated Balance Sheets. This will result in a significant increase in assets and liabilities recorded on our Consolidated Balance Sheets. Although we expect the new lease guidance to have a material impact on our Consolidated Balance Sheets, we are continuing to evaluate the method of adoption and the extent of potential impacts on our consolidated financial statements, processes, and internal controls. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments within this ASU, as well as within additional clarifying ASUs issued by the FASB, provide a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The new revenue recognition guidance includes a five-step model for the recognition of revenue, including (1) identifying the contract with a customer, (2) identifying the performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations, and (5) recognizing revenue when (or as) an entity satisfies a performance obligation. The adoption of the new revenue recognition guidance will require expanded disclosures in our consolidated financial statements including quantitative disclosure of revenues that fall within and outside the scope of the new revenue recognition guidance. Certain revenue streams are expected to fall within the scope of the new revenue recognition guidance; however, a substantial portion of our revenue falls outside the scope of the new revenue recognition guidance and will continue to follow existing guidance, primarily ASC 815, Derivatives and Hedging . We have completed an initial assessment of our revenue streams and do not believe that the new revenue recognition guidance will have a material impact on our consolidated financial statements. We will complete the final phase of our revenue recognition implementation project during the fourth quarter of fiscal 2018, including the finalization of our revenue recognition accounting policies, expanded disclosures, and position papers. We will adopt ASU No. 2014-09 and the related ASUs using the modified retrospective method on September 1, 2018, in the first quarter of fiscal 2019. |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended | |
May 31, 2018 | May 31, 2017 | |
Receivables [Abstract] | ||
Schedule of Accounts, Notes, Loans and Financing Receivable | May 31, 2018 August 31, 2017 (Dollars in thousands) Trade accounts receivable $ 1,505,273 $ 1,234,500 CHS Capital notes receivable 143,038 164,807 Deferred purchase price receivable 177,827 202,947 Other 589,637 493,104 2,415,775 2,095,358 Less allowances and reserves 217,564 225,726 Total receivables $ 2,198,211 $ 1,869,632 | |
Schedule of Deferred Purchase Price [Table Text Block] | (Dollars in thousands) Balance - as of August 31, 2017 $ 548,602 Monthly settlements, net (89,160 ) Cash collections on DPP (9,612 ) Fair value adjustment 14,686 Balance - as of May 31, 2018 $ 464,516 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
May 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | May 31, 2018 August 31, 2017 (Dollars in thousands) Grain and oilseed $ 1,436,568 $ 1,145,285 Energy 663,111 755,886 Crop nutrients 199,246 248,699 Feed and farm supplies 479,621 353,130 Processed grain and oilseed 152,465 49,723 Other 9,896 23,862 Total inventories $ 2,940,907 $ 2,576,585 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
May 31, 2018 | |
Investments [Abstract] | |
Investment Holdings, Schedule of Investments [Table Text Block] | May 31, 2018 August 31, 2017 (Dollars in thousands) Equity method investments: CF Industries Nitrogen, LLC $ 2,786,806 $ 2,756,076 Ventura Foods, LLC 354,588 347,016 Ardent Mills, LLC 205,805 206,529 TEMCO, LLC 37,769 41,323 Other equity method investments 271,229 268,444 Cost method investments 130,966 131,605 Total investments $ 3,787,163 $ 3,750,993 |
Equity Method Investments [Table Text Block] | The following table provides aggregate summarized unaudited financial information for our equity method investments in CF Nitrogen, Ventura Foods and Ardent Mills for the nine months ended May 31, 2018, and 2017: For the Nine Months Ended 2018 2017 (Dollars in thousands) Net sales $ 6,238,495 $ 5,807,777 Gross profit 719,555 651,705 Net earnings 435,192 317,674 Earnings attributable to CHS Inc. 109,266 104,568 |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
May 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Goodwill [Table Text Block] | Energy Ag Corporate Total (Dollars in thousands) Balances, August 31, 2017 $ 552 $ 142,929 $ 10,574 $ 154,055 Effect of foreign currency translation adjustments — (1,709 ) — (1,709 ) Balances, May 31, 2018 $ 552 $ 141,220 $ 10,574 $ 152,346 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | May 31, August 31, Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (Dollars in thousands) Customer lists $ 41,077 $ (12,328 ) $ 28,749 $ 46,180 $ (14,695 ) $ 31,485 Trademarks and other intangible assets 6,536 (4,871 ) 1,665 23,623 (21,778 ) 1,845 Total intangible assets $ 47,613 $ (17,199 ) $ 30,414 $ 69,803 $ (36,473 ) $ 33,330 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | (Dollars in thousands) Year 1 $ 3,290 Year 2 3,125 Year 3 2,981 Year 4 2,856 Year 5 2,671 |
Notes Payable and Long-Term D26
Notes Payable and Long-Term Debt (Tables) | 9 Months Ended |
May 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | May 31, 2018 August 31, 2017 (Dollars in thousands) Notes payable $ 2,650,859 $ 1,695,423 CHS Capital notes payable 168,227 292,792 Total notes payable $ 2,819,086 $ 1,988,215 |
Schedule of Interest,Net | Interest expense for the three months ended May 31, 2018 , and 2017, was $49.3 million and $39.2 million , respectively, net of capitalized interest of $1.7 million and $1.6 million , respectively. Interest expense for the nine months ended May 31, 2018 , and 2017, was $130.2 million and $117.4 million , respectively, net of capitalized interest of $4.8 million and $4.7 million , respectively. |
Equities (Tables)
Equities (Tables) | 9 Months Ended |
May 31, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | 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, 2017, net of tax $ (135,046 ) $ 10,041 $ (6,954 ) $ (51,711 ) $ (183,670 ) Other comprehensive income (loss), before tax: Amounts before reclassifications — 19,512 806 (9,996 ) 10,322 Amounts reclassified out 16,108 (1,527 ) 1,279 (2,042 ) 13,818 Total other comprehensive income (loss), before tax 16,108 17,985 2,085 (12,038 ) 24,140 Tax effect (5,353 ) (4,505 ) (613 ) 275 (10,196 ) Other comprehensive income (loss), net of tax 10,755 13,480 1,472 (11,763 ) 13,944 Balance as of May 31, 2018, net of tax $ (124,291 ) $ 23,521 $ (5,482 ) $ (63,474 ) $ (169,726 ) 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, 2016, net of tax $ (165,146 ) $ 5,656 $ (9,196 ) $ (43,040 ) $ (211,726 ) Other comprehensive income (loss), before tax: Amounts before reclassifications (500 ) 2,637 1,920 (12,537 ) (8,480 ) Amounts reclassified out 17,679 — 1,311 15 19,005 Total other comprehensive income (loss), before tax 17,179 2,637 3,231 (12,522 ) 10,525 Tax effect (6,580 ) (1,010 ) (1,238 ) 329 (8,499 ) Other comprehensive income (loss), net of tax 10,599 1,627 1,993 (12,193 ) 2,026 Balance as of May 31, 2017, net of tax $ (154,547 ) $ 7,283 $ (7,203 ) $ (55,233 ) $ (209,700 ) |
Schedule of Stockholders Equity | Changes in equities for the nine months ended May 31, 2018 , are as follows: Equity Certificates Accumulated Capital Nonpatronage Nonqualified Equity Certificates Preferred Capital Noncontrolling Total (Dollars in thousands) Balance, August 31, 2017 $ 3,906,426 $ 29,836 $ 405,387 $ 2,264,038 $ (183,670 ) $ 1,471,217 $ 12,591 $ 7,905,825 Reversal of prior year patronage and redemption estimates 4,270 — (126,333 ) — — 126,333 — 4,270 Distribution of 2017 patronage refunds — — 128,831 — — (128,831 ) — — Redemptions of equities (3,814 ) (86 ) (369 ) — — — — (4,269 ) Preferred stock dividends — — — — — (126,501 ) — (126,501 ) Other, net (5,999 ) (113 ) (381 ) — — 4,517 (163 ) (2,139 ) Net income (loss) — — — — — 576,090 (699 ) 575,391 Other comprehensive income (loss), net of tax — — — — 13,944 — — 13,944 Estimated 2018 cash patronage refunds — — — — — (119,747 ) — (119,747 ) Estimated 2018 equity redemptions (84,241 ) — — — — — — (84,241 ) Balance, May 31, 2018 $ 3,816,642 $ 29,637 $ 407,135 $ 2,264,038 $ (169,726 ) $ 1,803,078 $ 11,729 $ 8,162,533 |
Benefit Plans Schedule of Net B
Benefit Plans Schedule of Net Benefit Costs (Tables) | 9 Months Ended |
May 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs of Assumptions Used | Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits 2018 2017 2018 2017 2018 2017 Components of net periodic benefit costs for the three months ended May 31 are as follows: (Dollars in thousands) Service cost $ 9,920 $ 10,537 $ 137 $ 302 $ 236 $ 290 Interest cost 5,997 5,753 177 210 227 232 Expected return on assets (12,044 ) (12,058 ) — — — — Prior service cost (credit) amortization 360 385 7 4 (142 ) (141 ) Actuarial (gain) loss amortization 4,905 5,708 16 136 (306 ) (199 ) Net periodic benefit cost $ 9,138 $ 10,325 $ 337 $ 652 $ 15 $ 182 Components of net periodic benefit costs for the nine months ended May 31 are as follows: Service cost $ 29,758 $ 31,612 $ 411 $ 905 $ 707 $ 870 Interest cost 17,988 17,257 533 632 681 698 Expected return on assets (36,133 ) (36,173 ) — — — — Prior service cost (credit) amortization 1,078 1,155 23 14 (424 ) (424 ) Actuarial (gain) loss amortization 16,304 17,123 46 409 (918 ) (598 ) Net periodic benefit cost $ 28,995 $ 30,974 $ 1,013 $ 1,960 $ 46 $ 546 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
May 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Energy Ag Nitrogen Production Corporate Reconciling Total For the Three Months Ended May 31, 2018: (Dollars in thousands) Revenues $ 2,009,907 $ 7,125,024 $ — $ 14,074 $ (121,480 ) $ 9,027,525 Operating earnings (loss) 31,525 115,052 (4,153 ) (1,580 ) — 140,844 (Gain) loss on disposal of business (65,903 ) 5 — (58,152 ) — (124,050 ) Interest expense 3,496 28,854 13,119 4,324 (453 ) 49,340 Other (income) loss (472 ) (13,891 ) (441 ) (271 ) 453 (14,622 ) Equity (income) loss from investments (967 ) (11,359 ) (35,639 ) (11,343 ) — (59,308 ) Income (loss) before income taxes $ 95,371 $ 111,443 $ 18,808 $ 63,862 $ — $ 289,484 Intersegment revenues $ (116,286 ) $ (3,784 ) $ — $ (1,410 ) $ 121,480 $ — Energy Ag Nitrogen Production Corporate Reconciling Total For the Three Months Ended May 31, 2017: (Dollars in thousands) Revenues $ 1,638,107 $ 7,053,991 $ — $ 26,820 $ (104,828 ) $ 8,614,090 Operating earnings (loss) (5,723 ) (226,668 ) (5,619 ) 7,713 — (230,297 ) Interest expense 4,343 16,609 10,708 8,127 (586 ) 39,201 Other (income) loss (332 ) (12,886 ) (477 ) 1,162 586 (11,947 ) Equity (income) loss from investments (391 ) (9,199 ) (24,534 ) (14,269 ) — (48,393 ) Income (loss) before income taxes $ (9,343 ) $ (221,192 ) $ 8,684 $ 12,693 $ — $ (209,158 ) Intersegment revenues $ (97,876 ) $ (7,545 ) $ — $ 593 $ 104,828 $ — Energy Ag Nitrogen Production Corporate Reconciling Total For the Nine Months Ended May 31, 2018: (Dollars in thousands) Revenues $ 5,878,657 $ 18,375,507 $ — $ 46,018 $ (372,674 ) $ 23,927,508 Operating earnings (loss) 159,070 145,907 (14,527 ) (5,608 ) — 284,842 (Gain) loss on disposal of business (65,903 ) (7,700 ) — (58,152 ) — (131,755 ) Interest expense 11,760 69,242 39,067 11,569 (1,420 ) 130,218 Other (income) loss (1,492 ) (45,511 ) (2,612 ) (2,805 ) 1,420 (51,000 ) Equity (income) loss from investments (2,779 ) (25,180 ) (79,986 ) (29,166 ) — (137,111 ) Income (loss) before income taxes $ 217,484 $ 155,056 $ 29,004 $ 72,946 $ — $ 474,490 Intersegment revenues $ (355,099 ) $ (11,391 ) $ — $ (6,184 ) $ 372,674 $ — Total assets at May 31, 2018 $ 4,208,214 $ 7,510,962 $ 2,810,256 $ 2,406,347 $ — $ 16,935,779 Energy Ag Nitrogen Production Corporate Reconciling Total For the Nine Months Ended May 31, 2017: (Dollars in thousands) Revenues $ 4,867,321 $ 19,345,316 $ — $ 85,691 $ (315,582 ) $ 23,982,746 Operating earnings (loss) 86,563 (131,363 ) (14,033 ) 25,534 — (33,299 ) Interest expense 12,176 49,798 35,626 27,512 (7,701 ) 117,411 Other (income) loss (828 ) (41,801 ) (30,047 ) (1,208 ) 7,701 (66,183 ) Equity (income) loss from investments (2,039 ) (18,071 ) (60,787 ) (43,624 ) — (124,521 ) Income (loss) before income taxes $ 77,254 $ (121,289 ) $ 41,175 $ 42,854 $ — $ 39,994 Intersegment revenues $ (297,057 ) $ (16,068 ) $ — $ (2,457 ) $ 315,582 $ — |
Derivative Financial Instrume30
Derivative Financial Instruments and Hedging Activities Derivative Financial Insturments and Hedging Activities (Tables) | 9 Months Ended |
May 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements [Table Text Block] | May 31, 2018 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 $ 473,418 $ — $ 33,979 $ 439,439 Foreign exchange derivatives 9,298 — 5,814 3,484 Embedded derivative asset 23,145 — — 23,145 Total $ 505,861 $ — $ 39,793 $ 466,068 Derivative Liabilities: Commodity and freight derivatives $ 330,364 $ 4,063 $ 33,979 $ 292,322 Foreign exchange derivatives 23,084 — 5,814 17,270 Interest rate derivatives - non-hedge 3 — — 3 Total $ 353,451 $ 4,063 $ 39,793 $ 309,595 August 31, 2017 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 $ 384,648 $ — $ 35,080 $ 349,568 Foreign exchange derivatives 8,771 — 3,636 5,135 Embedded derivative asset 25,533 — — 25,533 Total $ 418,952 $ — $ 38,716 $ 380,236 Derivative Liabilities: Commodity and freight derivatives $ 309,762 $ 3,898 $ 35,080 $ 270,784 Foreign exchange derivatives 19,931 — 3,636 16,295 Total $ 329,693 $ 3,898 $ 38,716 $ 287,079 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table sets forth the pretax gains (losses) on derivatives not accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the three and nine months ended May 31, 2018 , and 2017 . For the Three Months Ended For the Nine Months Ended Location of Gain (Loss) 2018 2017 2018 2017 (Dollars in thousands) Commodity and freight derivatives Cost of goods sold $ 68,813 $ 102,327 $ 254 $ 177,633 Foreign exchange derivatives Cost of goods sold (16,549 ) (7,168 ) (15,600 ) (4,573 ) Foreign exchange derivatives Marketing, general and administrative (1,109 ) 22 (1,260 ) (784 ) Interest rate derivatives Interest expense (2 ) — (3 ) 4 Embedded derivative Other income 441 477 2,612 30,051 Total $ 51,594 $ 95,658 $ (13,997 ) $ 202,331 |
Schedule of Derivative Instruments, Purchase and Sales Contracts [Table Text Block] | all outstanding commodity and freight contracts accounted for as derivative instruments. May 31, 2018 August 31, 2017 Long Short Long Short (Units in thousands) Grain and oilseed - bushels 852,993 1,097,748 570,673 768,540 Energy products - barrels 18,425 12,383 15,072 18,252 Processed grain and oilseed - tons 426 2,403 299 2,347 Crop nutrients - tons 26 42 9 15 Ocean and barge freight - metric tons 5,531 2,883 2,777 1,766 Rail freight - rail cars 166 52 176 75 Natural gas - MMBtu 1,220 — 500 — |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value of our derivative instruments designated as fair value hedges and the line items on our Consolidated Balance Sheets in which they are recorded. Derivative Assets Derivative Liabilities Fair Value Hedges Balance Sheet Location May 31, 2018 August 31, 2017 Balance Sheet Location May 31, 2018 August 31, 2017 (Dollars in thousands) (Dollars in thousands) Interest rate swaps Other assets $ — $ 9,978 Other liabilities $ 8,847 $ 707 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table sets forth the pretax gains (losses) on derivatives accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the three and nine months ended May 31, 2018 , and 2017 . For the Three Months Ended May 31, For the Nine Months Ended May 31, Gain (Loss) on Fair Value Hedging Relationships: Location of Gain (Loss) 2018 2017 2018 2017 (Dollars in thousands) Interest rate swaps Interest expense $ (231 ) $ 3,750 $ (18,118 ) $ (13,764 ) Hedged item Interest expense 231 (3,750 ) 18,118 13,764 Total $ — $ — $ — $ — |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table provides the location and carrying amount of hedged liabilities in our Consolidated Balance Sheets as of May 31, 2018 , and August 31, 2017 . May 31, 2018 August 31, 2017 Balance Sheet Location Carrying Amount of Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities Carrying Amount of Hedged Liabilities Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities (Dollars in thousands) Long-term debt $ 486,153 $ 8,847 $ 504,271 $ (9,271 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
May 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | May 31, 2018 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 $ 44,456 $ 428,962 $ — $ 473,418 Foreign currency derivatives — 9,298 — 9,298 Deferred compensation assets 38,765 — — 38,765 Deferred purchase price receivable — — 464,516 464,516 Embedded derivative asset — 23,145 — 23,145 Other assets 16,783 — — 16,783 Total $ 100,004 $ 461,405 $ 464,516 $ 1,025,925 Liabilities: Commodity and freight derivatives $ 37,294 $ 293,070 $ — $ 330,364 Foreign currency derivatives — 23,084 — 23,084 Interest rate swap derivatives 3 8,847 — 8,850 Total $ 37,297 $ 325,001 $ — $ 362,298 August 31, 2017 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 $ 48,491 $ 336,157 $ — $ 384,648 Foreign currency derivatives — 8,771 — 8,771 Interest rate swap derivatives — 9,978 — 9,978 Deferred compensation assets 52,414 — — 52,414 Deferred purchase price receivable — — 548,602 548,602 Embedded derivative asset — 25,533 — 25,533 Other assets 14,846 — — 14,846 Total $ 115,751 $ 380,439 $ 548,602 $ 1,044,792 Liabilities: Commodity and freight derivatives $ 31,189 $ 278,573 $ — $ 309,762 Foreign currency derivatives — 19,931 — 19,931 Interest rate swap derivatives — 707 — 707 Total $ 31,189 $ 299,211 $ — $ 330,400 |
Receivables - Schedule of Rece
Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands | May 31, 2018 | Aug. 31, 2017 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 1,505,273 | $ 1,234,500 |
CHS Capital notes receivable | 143,038 | 164,807 |
Deferred purchase price receivable | 177,827 | 202,947 |
Other | 589,637 | 493,104 |
Receivables, gross | 2,415,775 | 2,095,358 |
Less allowances and reserves | 217,564 | 225,726 |
Total receivables | $ 2,198,211 | $ 1,869,632 |
Receivables - Narrative (Detai
Receivables - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
May 31, 2018 | Aug. 31, 2017 | May 31, 2017 | |
Notes Receivable, Long-Term | |||
Interest Income Accrual Term, Discontinued | 90 days | ||
CHS Capital long-term notes receivable additional available credit of counterparty | $ 490,000 | ||
Deferred purchase price receivable | $ 464,516 | $ 548,602 | $ 0 |
Maximum [Member] | |||
Notes Receivable, Short-Term | |||
CHS Capital notes receivable, current, term | 12 months | ||
CHS Capital Notes Receivable [Member] | |||
Notes Receivable, Long-Term | |||
CHS Capital long-term notes receivable, non-current, term | 10 years | ||
CHS Capital long-term notes receivable | $ 200 | $ 17,000 | |
Commercial Notes to Notes and Loans Receivable, Net, Percentage | 6.00% | 17.00% | |
Producer Notes to Notes and Loans Receivable, Net, Percentage | 94.00% | 83.00% |
Receivables Schedule of Deferre
Receivables Schedule of Deferred Purchase Price (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
May 31, 2018 | Aug. 31, 2017 | May 31, 2017 | |
Receivables [Abstract] | |||
Availability under Securitization Facility | $ 592,000 | ||
Deferred purchase price receivable | 464,516 | $ 548,602 | $ 0 |
Monthly settlements, net | (89,160) | ||
Cash collections | (9,612) | ||
Fair value adjustment | $ 14,686 |
Inventories - Schedule of Inve
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | May 31, 2018 | Aug. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Grain and oilseed | $ 1,436,568 | $ 1,145,285 |
Energy | 663,111 | 755,886 |
Crop nutrients | 199,246 | 248,699 |
Feed and farm supplies | 479,621 | 353,130 |
Processed grain and oilseed | 152,465 | 49,723 |
Other | 9,896 | 23,862 |
Total inventories | $ 2,940,907 | $ 2,576,585 |
Inventories - Narrative (Detai
Inventories - Narrative (Details) - USD ($) $ in Millions | May 31, 2018 | Aug. 31, 2017 |
Inventory Disclosure [Abstract] | ||
LIFO inventory, difference amount had FIFO inventory valuation method been used | $ 370.4 | $ 186.2 |
Percentage of LIFO inventory | 15.00% | 19.00% |
Investments - Narrative (Detai
Investments - Narrative (Details) - USD ($) $ in Thousands | Feb. 01, 2016 | May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||||||
Equity (income) loss from investments | $ (59,308) | $ (48,393) | $ (137,111) | $ (124,521) | ||
Cost Method Investments | 130,966 | 130,966 | $ 131,605 | |||
Investments | $ 3,787,163 | $ 3,787,163 | 3,750,993 | |||
CF Nitrogen LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to Acquire Equity Method Investments | $ 2,800,000 | |||||
Ownership percentage | 11.40% | 11.40% | ||||
Equity Method Investments | $ 2,786,806 | $ 2,786,806 | 2,756,076 | |||
Ventura Foods, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investments | 354,588 | 354,588 | 347,016 | |||
TEMCO, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investments | 37,769 | 37,769 | 41,323 | |||
Ardent Mills LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investments | $ 205,805 | $ 205,805 | 206,529 | |||
Cargill, Inc. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership of joint venture partner | 50.00% | 50.00% | ||||
Nitrogen Production [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity (income) loss from investments | $ (35,639) | (24,534) | $ (79,986) | (60,787) | ||
Foods [Member] | Ventura Foods, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 50.00% | 50.00% | ||||
Equity value exceeding carrying value | $ 12,900 | $ 12,900 | ||||
Corporate and Other | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity (income) loss from investments | $ (11,343) | (14,269) | $ (29,166) | (43,624) | ||
Corporate and Other | Ardent Mills LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 12.00% | 12.00% | ||||
Number of parent companies | 3 | 3 | ||||
Ag [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity (income) loss from investments | $ (11,359) | $ (9,199) | $ (25,180) | $ (18,071) | ||
Ag [Member] | TEMCO, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 50.00% | 50.00% | ||||
Miscellaneous Investments [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investments | $ 271,229 | $ 271,229 | $ 268,444 |
Investments Equity Method inves
Investments Equity Method investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net income (loss) attributable to CHS Inc. | $ 229,333 | $ (45,185) | $ 576,090 | $ 178,532 |
Ardent Mills, Ventura, CF Nitrogen [Member] [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net Sales | 6,238,495 | 5,807,777 | ||
Gross Profit | 719,555 | 651,705 | ||
Net earnings | 435,192 | 317,674 | ||
Net income (loss) attributable to CHS Inc. | $ 109,266 | $ 104,568 |
Goodwill and Other Intangible39
Goodwill and Other Intangible Assets Goodwill by Segment (Details) $ in Thousands | 9 Months Ended |
May 31, 2018USD ($) | |
Goodwill [Roll Forward] | |
Beginning Balance, Goodwill | $ 154,055 |
Effect of foreign currency translation adjustments | (1,709) |
Ending Balance, Goodwill | 152,346 |
Energy [Member] | |
Goodwill [Roll Forward] | |
Beginning Balance, Goodwill | 552 |
Effect of foreign currency translation adjustments | 0 |
Ending Balance, Goodwill | 552 |
Ag [Member] | |
Goodwill [Roll Forward] | |
Beginning Balance, Goodwill | 142,929 |
Effect of foreign currency translation adjustments | (1,709) |
Ending Balance, Goodwill | 141,220 |
Corporate and Other | |
Goodwill [Roll Forward] | |
Beginning Balance, Goodwill | 10,574 |
Effect of foreign currency translation adjustments | 0 |
Ending Balance, Goodwill | 10,574 |
Nitrogen Production [Member] | |
Goodwill [Roll Forward] | |
Ending Balance, Goodwill | $ 0 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | $ 800 | $ 1,000 | $ 2,500 | $ 3,300 | |
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, Carrying Amount | 41,077 | $ 41,077 | $ 46,180 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (12,328) | (12,328) | (14,695) | ||
Finite-Lived Intangible Assets, Net | 28,749 | 28,749 | 31,485 | ||
Trademarks and other intangible assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Carrying Amount | 6,536 | 6,536 | 23,623 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (4,871) | (4,871) | (21,778) | ||
Finite-Lived Intangible Assets, Net | 1,665 | 1,665 | 1,845 | ||
Total intangible assets [Domain] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Carrying Amount | 47,613 | 47,613 | 69,803 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (17,199) | (17,199) | (36,473) | ||
Finite-Lived Intangible Assets, Net | $ 30,414 | $ 30,414 | $ 33,330 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets (Details) $ in Thousands | May 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 3,290 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,125 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2,981 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,856 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 2,671 |
Notes Payable and Long-Term D42
Notes Payable and Long-Term Debt - Footnote Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
May 31, 2018 | Aug. 31, 2017 | |
Debt Instrument [Line Items] | ||
Notes payable | $ 2,819,086 | $ 1,988,215 |
Notes payable | ||
Debt Instrument [Line Items] | ||
Notes payable | 2,650,859 | 1,695,423 |
CHS Capital notes payable | ||
Debt Instrument [Line Items] | ||
Notes payable | 168,227 | 292,792 |
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 | |
Debt Instrument, Term | 5 years | |
Long-term Line of Credit, Amount Outstanding | $ 1,100,000 | $ 480,000 |
Notes Payable and Long-Term D43
Notes Payable and Long-Term Debt - Schedule of Interest, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Debt Disclosure [Abstract] | ||||
Interest Expense | $ 49.3 | $ 39.2 | $ 130.2 | $ 117.4 |
Capitalized interest | $ (1.7) | $ (1.6) | $ (4.8) | $ (4.7) |
Equities Changes in Equity (Det
Equities Changes in Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ 7,905,825 | |||
Reversal of prior year patronage and redemption estimates | 4,270 | |||
Patronage Refunds | 0 | |||
Redemptions of equities | (4,269) | |||
Preferred stock dividends | (126,501) | |||
Other, net | (2,139) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 229,146 | $ (46,140) | 575,391 | $ 177,775 |
Net income (loss) attributable to CHS Inc. | 229,333 | (45,185) | 576,090 | 178,532 |
Net income (loss) attributable to noncontrolling interests | (187) | (955) | (699) | (757) |
Other comprehensive income (loss), net of tax | (1,501) | 1,742 | 13,944 | 2,026 |
Estimated 2018 cash patronage refunds | (119,747) | |||
Estimated 2018 equity redemptions | (84,241) | |||
Ending Balance | 8,162,533 | 8,162,533 | ||
Capital equity certificates [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 3,906,426 | |||
Reversal of prior year patronage and redemption estimates | 4,270 | |||
Patronage Refunds | 0 | |||
Redemptions of equities | (3,814) | |||
Other, net | (5,999) | |||
Estimated 2018 equity redemptions | (84,241) | |||
Ending Balance | 3,816,642 | 3,816,642 | ||
Nonpatronage Equity Certificates [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 29,836 | |||
Reversal of prior year patronage and redemption estimates | 0 | |||
Patronage Refunds | 0 | |||
Redemptions of equities | (86) | |||
Other, net | (113) | |||
Ending Balance | 29,637 | 29,637 | ||
Non-qualified Equity Certificates [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 405,387 | |||
Reversal of prior year patronage and redemption estimates | (126,333) | |||
Patronage Refunds | 128,831 | |||
Redemptions of equities | (369) | |||
Other, net | (381) | |||
Ending Balance | 407,135 | 407,135 | ||
Preferred Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 2,264,038 | |||
Patronage Refunds | 0 | |||
Redemptions of equities | 0 | |||
Ending Balance | 2,264,038 | 2,264,038 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | (183,670) | (211,726) | ||
Patronage Refunds | 0 | |||
Other comprehensive income (loss), net of tax | 13,944 | 2,026 | ||
Ending Balance | (169,726) | $ (209,700) | (169,726) | $ (209,700) |
Capital Reserves [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 1,471,217 | |||
Reversal of prior year patronage and redemption estimates | 126,333 | |||
Patronage Refunds | (128,831) | |||
Preferred stock dividends | (126,501) | |||
Other, net | 4,517 | |||
Net income (loss) attributable to CHS Inc. | 576,090 | |||
Estimated 2018 cash patronage refunds | (119,747) | |||
Ending Balance | 1,803,078 | 1,803,078 | ||
Noncontrolling Interest [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 12,591 | |||
Patronage Refunds | 0 | |||
Other, net | (163) | |||
Net income (loss) attributable to noncontrolling interests | (699) | |||
Ending Balance | $ 11,729 | $ 11,729 |
Equities Accumulated Other Comp
Equities Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 7,905,825 | |||
Other comprehensive income (loss), net of tax | $ (1,501) | $ 1,742 | 13,944 | $ 2,026 |
Ending Balance | 8,162,533 | 8,162,533 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (135,046) | (165,146) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | (500) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 16,108 | 17,679 | ||
Other Comprehensive Income (Loss), before Tax | 16,108 | 17,179 | ||
Other Comprehensive Income (Loss), Tax | (5,353) | (6,580) | ||
Other comprehensive income (loss), net of tax | 10,755 | 10,599 | ||
Ending Balance | (124,291) | (154,547) | (124,291) | (154,547) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 10,041 | 5,656 | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 19,512 | 2,637 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1,527) | 0 | ||
Other Comprehensive Income (Loss), before Tax | 17,985 | 2,637 | ||
Other Comprehensive Income (Loss), Tax | (4,505) | (1,010) | ||
Other comprehensive income (loss), net of tax | 13,480 | 1,627 | ||
Ending Balance | 23,521 | 7,283 | 23,521 | 7,283 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (6,954) | (9,196) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 806 | 1,920 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1,279 | 1,311 | ||
Other Comprehensive Income (Loss), before Tax | 2,085 | 3,231 | ||
Other Comprehensive Income (Loss), Tax | (613) | (1,238) | ||
Other comprehensive income (loss), net of tax | 1,472 | 1,993 | ||
Ending Balance | (5,482) | (7,203) | (5,482) | (7,203) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (51,711) | (43,040) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (9,996) | (12,537) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (2,042) | 15 | ||
Other Comprehensive Income (Loss), before Tax | (12,038) | (12,522) | ||
Other Comprehensive Income (Loss), Tax | 275 | 329 | ||
Other comprehensive income (loss), net of tax | (11,763) | (12,193) | ||
Ending Balance | (63,474) | (55,233) | (63,474) | (55,233) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (183,670) | (211,726) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 10,322 | (8,480) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 13,818 | 19,005 | ||
Other Comprehensive Income (Loss), before Tax | 24,140 | 10,525 | ||
Other Comprehensive Income (Loss), Tax | (10,196) | (8,499) | ||
Other comprehensive income (loss), net of tax | 13,944 | 2,026 | ||
Ending Balance | $ (169,726) | $ (209,700) | $ (169,726) | $ (209,700) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | May 31, 2018 | May 31, 2018 | May 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 |
Income Tax Contingency [Line Items] | |||||
Impaired income tax receivable due to Brazilian tax legislation | $ 15,500,000 | ||||
Current tax expense, sale of assets | 21,300,000 | ||||
Current tax expense, performance of foreign guarantees | $ 10,000,000 | ||||
Provisional tax liability | $ 0 | ||||
Discrete provisional net benefit | $ 133,600,000 | ||||
Scenario, Forecast | |||||
Income Tax Contingency [Line Items] | |||||
Corporate Tax Rate | 21.00% | 25.70% |
Benefit Plans - Net Periodic B
Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Qualified Pension Benefits | ||||
Component of net periodic benefit costs: [Abstract] | ||||
Service cost | $ 9,920,000 | $ 10,537,000 | $ 29,758,000 | $ 31,612,000 |
Interest cost | 5,997,000 | 5,753,000 | 17,988,000 | 17,257,000 |
Expected return on assets | (12,044,000) | (12,058,000) | (36,133,000) | (36,173,000) |
Prior service cost (credit) amortization | 360,000 | 385,000 | 1,078,000 | 1,155,000 |
Actuarial (gain) loss amortization | 4,905,000 | 5,708,000 | 16,304,000 | 17,123,000 |
Net periodic benefit cost | 9,138,000 | 10,325,000 | 28,995,000 | 30,974,000 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | |||
Non-Qualified Pension Benefits | ||||
Component of net periodic benefit costs: [Abstract] | ||||
Service cost | 137,000 | 302,000 | 411,000 | 905,000 |
Interest cost | 177,000 | 210,000 | 533,000 | 632,000 |
Expected return on assets | 0 | 0 | 0 | 0 |
Prior service cost (credit) amortization | 7,000 | 4,000 | 23,000 | 14,000 |
Actuarial (gain) loss amortization | 16,000 | 136,000 | 46,000 | 409,000 |
Net periodic benefit cost | 337,000 | 652,000 | 1,013,000 | 1,960,000 |
Other Benefits | ||||
Component of net periodic benefit costs: [Abstract] | ||||
Service cost | 236,000 | 290,000 | 707,000 | 870,000 |
Interest cost | 227,000 | 232,000 | 681,000 | 698,000 |
Expected return on assets | 0 | 0 | 0 | 0 |
Prior service cost (credit) amortization | (142,000) | (141,000) | (424,000) | (424,000) |
Actuarial (gain) loss amortization | (306,000) | (199,000) | (918,000) | (598,000) |
Net periodic benefit cost | $ 15,000 | $ 182,000 | $ 46,000 | $ 546,000 |
Segment Reporting - Segment In
Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 9,027,525 | $ 8,614,090 | $ 23,927,508 | $ 23,982,746 | |
Operating earnings (loss) | 140,844 | (230,297) | 284,842 | (33,299) | |
(Gain) loss on disposal of business | (124,050) | 0 | (131,755) | 0 | |
Interest Expense | 49,340 | 39,201 | 130,218 | 117,411 | |
Other (income) loss | (14,622) | (11,947) | (51,000) | (66,183) | |
Equity (income) loss from investments | (59,308) | (48,393) | (137,111) | (124,521) | |
Income (loss) before income taxes | 289,484 | (209,158) | 474,490 | 39,994 | |
Total assets | 16,935,779 | 16,935,779 | $ 15,973,756 | ||
Energy [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 2,009,907 | 1,638,107 | 5,878,657 | 4,867,321 | |
Operating earnings (loss) | 31,525 | (5,723) | 159,070 | 86,563 | |
(Gain) loss on disposal of business | (65,903) | (65,903) | |||
Interest Expense | 3,496 | 4,343 | 11,760 | 12,176 | |
Other (income) loss | (472) | (332) | (1,492) | (828) | |
Equity (income) loss from investments | (967) | (391) | (2,779) | (2,039) | |
Income (loss) before income taxes | 95,371 | (9,343) | 217,484 | 77,254 | |
Total assets | 4,208,214 | 4,208,214 | |||
Ag [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,125,024 | 7,053,991 | 18,375,507 | 19,345,316 | |
Operating earnings (loss) | 115,052 | (226,668) | 145,907 | (131,363) | |
(Gain) loss on disposal of business | 5 | (7,700) | |||
Interest Expense | 28,854 | 16,609 | 69,242 | 49,798 | |
Other (income) loss | (13,891) | (12,886) | (45,511) | (41,801) | |
Equity (income) loss from investments | (11,359) | (9,199) | (25,180) | (18,071) | |
Income (loss) before income taxes | 111,443 | (221,192) | 155,056 | (121,289) | |
Total assets | 7,510,962 | 7,510,962 | |||
Nitrogen Production [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Operating earnings (loss) | (4,153) | (5,619) | (14,527) | (14,033) | |
(Gain) loss on disposal of business | 0 | 0 | |||
Interest Expense | 13,119 | 10,708 | 39,067 | 35,626 | |
Other (income) loss | (441) | (477) | (2,612) | (30,047) | |
Equity (income) loss from investments | (35,639) | (24,534) | (79,986) | (60,787) | |
Income (loss) before income taxes | 18,808 | 8,684 | 29,004 | 41,175 | |
Total assets | 2,810,256 | 2,810,256 | |||
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 14,074 | 26,820 | 46,018 | 85,691 | |
Operating earnings (loss) | (1,580) | 7,713 | (5,608) | 25,534 | |
(Gain) loss on disposal of business | (58,152) | (58,152) | |||
Interest Expense | 4,324 | 8,127 | 11,569 | 27,512 | |
Other (income) loss | (271) | 1,162 | (2,805) | (1,208) | |
Equity (income) loss from investments | (11,343) | (14,269) | (29,166) | (43,624) | |
Income (loss) before income taxes | 63,862 | 12,693 | 72,946 | 42,854 | |
Total assets | 2,406,347 | 2,406,347 | |||
Reconciling Amounts | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (121,480) | (104,828) | (372,674) | (315,582) | |
Operating earnings (loss) | 0 | 0 | 0 | 0 | |
(Gain) loss on disposal of business | 0 | 0 | |||
Interest Expense | (453) | (586) | (1,420) | (7,701) | |
Other (income) loss | 453 | 586 | 1,420 | 7,701 | |
Equity (income) loss from investments | 0 | 0 | 0 | 0 | |
Income (loss) before income taxes | 0 | 0 | 0 | 0 | |
Total assets | 0 | 0 | |||
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Energy [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (116,286) | (97,876) | (355,099) | (297,057) | |
Intersegment Eliminations [Member] | Ag [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (3,784) | (7,545) | (11,391) | (16,068) | |
Intersegment Eliminations [Member] | Nitrogen Production [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (1,410) | 593 | (6,184) | (2,457) | |
Intersegment Eliminations [Member] | Reconciling Amounts | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 121,480 | $ 104,828 | $ 372,674 | $ 315,582 |
Derivative Financial Instrume49
Derivative Financial Instruments and Hedging Activities Purchase and Sale Contracts (Details) - Not Designated as Hedging Instrument [Member] t in Thousands, rail_car in Thousands, T in Thousands, MMBtu in Thousands, Bushels in Thousands, Barrels in Thousands | May 31, 2018rail_carTtBushelsMMBtuBarrels | Aug. 31, 2017rail_carTtBushelsMMBtuBarrels |
Grain and oilseed - bushels | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Bushels | 852,993 | 570,673 |
Grain and oilseed - bushels | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Bushels | 1,097,748 | 768,540 |
Energy products - barrels | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Barrels | 18,425 | 15,072 |
Energy products - barrels | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Barrels | 12,383 | 18,252 |
Processed grain and oilseed - tons | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 426 | 299 |
Processed grain and oilseed - tons | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 2,403 | 2,347 |
Crop nutrients - tons | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 26 | 9 |
Crop nutrients - tons | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 42 | 15 |
Ocean and barge freight - metric tons | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | t | 5,531 | 2,777 |
Ocean and barge freight - metric tons | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | t | 2,883 | 1,766 |
Rail freight - rail cars | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | rail_car | 166 | 176 |
Rail freight - rail cars | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | rail_car | 52 | 75 |
Natural gas - MMBtu | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBtu | 1,220 | 500 |
Natural gas - MMBtu | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBtu | 0 | 0 |
Derivative Financial Instrume50
Derivative Financial Instruments and Hedging Activities Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | May 31, 2018 | Aug. 31, 2017 | |
Derivative [Line Items] | ||||
Derivative Asset, Noncurrent | $ 22,100 | $ 186,900 | ||
Derivative Liability, Noncurrent | 17,300 | 13,700 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 466,068 | 380,236 | ||
Derivative Assets | 505,861 | 418,952 | ||
Derivative Asset, Fair Value, Gross Amount Not Offset on Balance Sheet | 39,793 | 38,716 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 309,595 | 287,079 | ||
Derivative Liabilities | 353,451 | 329,693 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 4,063 | 3,898 | ||
Derivative Liability, Fair Value, Gross Amount Not Offset on Balance Sheet | $ 39,793 | 38,716 | ||
Credit Rating Agencies Threshold, Minimum | 66.67% | |||
CF Nitrogen LLC [Member] | ||||
Derivative [Line Items] | ||||
Annual Payment Receivable Contingent On Investment Credit Rating | $ 5,000 | |||
Payments For Credit Rating Decrease In Investment | $ 5,000 | $ 5,000 | ||
Embedded derivative asset | 23,100 | |||
Embedded Derivative, Gain on Embedded Derivative | $ 24,100 | |||
Foreign currency derivatives | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 3,484 | 5,135 | ||
Derivative Assets | 9,298 | 8,771 | ||
Derivative Asset, Fair Value, Gross Amount Not Offset on Balance Sheet | 5,814 | 3,636 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 17,270 | 16,295 | ||
Derivative Liabilities | 23,084 | 19,931 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Amount Not Offset on Balance Sheet | 5,814 | 3,636 | ||
Derivative Asset, Notional Amount | 934,500 | 776,700 | ||
Interest rate swap derivatives | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 3 | |||
Derivative Liabilities | 3 | |||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | |||
Derivative Liability, Fair Value, Gross Amount Not Offset on Balance Sheet | 0 | |||
Embedded Derivative Financial Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 23,145 | 25,533 | ||
Derivative Assets | 23,145 | 25,533 | ||
Derivative Asset, Fair Value, Gross Amount Not Offset on Balance Sheet | 0 | 0 | ||
Commodity and freight derivatives | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 439,439 | 349,568 | ||
Derivative Assets | 473,418 | 384,648 | ||
Derivative Asset, Fair Value, Gross Amount Not Offset on Balance Sheet | 33,979 | 35,080 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 292,322 | 270,784 | ||
Derivative Liabilities | 330,364 | 309,762 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 4,063 | 3,898 | ||
Derivative Liability, Fair Value, Gross Amount Not Offset on Balance Sheet | 33,979 | $ 35,080 | ||
Fair Value Hedging [Member] | Interest rate swap derivatives | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Derivative Asset, Notional Amount | $ 495,000 |
Derivative Financial Instrume51
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 | 9 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 51,594 | $ 95,658 | $ (13,997) | $ 202,331 |
Commodity and freight derivatives | Cost of goods sold | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 68,813 | 102,327 | 254 | 177,633 |
Foreign currency derivatives | Cost of goods sold | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (16,549) | (7,168) | (15,600) | (4,573) |
Foreign currency derivatives | Selling, General and Administrative Expenses [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1,109) | 22 | (1,260) | (784) |
Interest rate derivatives | Interest Expense | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (2) | 0 | (3) | 4 |
Embedded Derivative Financial Instruments [Member] | Other Income [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 441 | $ 477 | $ 2,612 | $ 30,051 |
Derivative Financial Instrume52
Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Thousands | May 31, 2018 | Aug. 31, 2017 |
Derivative [Line Items] | ||
Derivative Assets | $ 505,861 | $ 418,952 |
Derivative Liabilities | 353,451 | 329,693 |
Designated as Hedging Instrument | Other Assets | Interest rate swap derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | 0 | 9,978 |
Designated as Hedging Instrument | Other Liabilities | Interest rate swap derivatives | ||
Derivative [Line Items] | ||
Derivative Liabilities | $ 8,847 | $ 707 |
Derivative Financial Instrume53
Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Instruments, Effect on Earnings (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Derivative [Line Items] | ||||
Gain (loss) on fair value hedging relationship | $ 0 | $ 0 | $ 0 | $ 0 |
Interest Expense | Interest rate swap derivatives | ||||
Derivative [Line Items] | ||||
Gain (loss) on fair value hedging relationship | (231) | 3,750 | (18,118) | (13,764) |
Interest Expense | Hedged Item | ||||
Derivative [Line Items] | ||||
Gain (loss) on fair value hedging relationship | $ 231 | $ (3,750) | $ 18,118 | $ 13,764 |
Derivative Financial Instrume54
Derivative Financial Instruments and Hedging Activities - Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location (Details) - Designated as Hedging Instrument - Long-term debt - USD ($) $ in Thousands | May 31, 2018 | Aug. 31, 2017 |
Derivative [Line Items] | ||
Carrying Amount of Hedged Liabilities | $ 486,153 | $ 504,271 |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities | $ 8,847 | $ (9,271) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | May 31, 2018 | Aug. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation assets | $ 38,765 | $ 52,414 |
Deferred purchase price receivable | 464,516 | 548,602 |
Embedded derivative asset | 23,145 | 25,533 |
Other assets | 16,783 | 14,846 |
Total assets | 1,025,925 | 1,044,792 |
Foreign currency derivatives | 19,931 | |
Total liabilities | 362,298 | 330,400 |
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 | 38,765 | 52,414 |
Deferred purchase price receivable | 0 | 0 |
Embedded derivative asset | 0 | 0 |
Other assets | 16,783 | 14,846 |
Total assets | 100,004 | 115,751 |
Foreign currency derivatives | 0 | |
Total liabilities | 37,297 | 31,189 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation assets | 0 | 0 |
Deferred purchase price receivable | 0 | 0 |
Embedded derivative asset | 23,145 | 25,533 |
Other assets | 0 | 0 |
Total assets | 461,405 | 380,439 |
Foreign currency derivatives | 19,931 | |
Total liabilities | 325,001 | 299,211 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation assets | 0 | 0 |
Deferred purchase price receivable | 464,516 | 548,602 |
Embedded derivative asset | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 464,516 | 548,602 |
Foreign currency derivatives | 0 | |
Total liabilities | 0 | 0 |
Commodity and freight derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 473,418 | 384,648 |
Derivative Liability | 330,364 | 309,762 |
Commodity and freight derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 44,456 | 48,491 |
Derivative Liability | 37,294 | 31,189 |
Commodity and freight derivatives | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 428,962 | 336,157 |
Derivative Liability | 293,070 | 278,573 |
Commodity and freight derivatives | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Foreign currency derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivatives | 9,298 | 8,771 |
Foreign currency derivatives | 23,084 | |
Foreign currency derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivatives | 0 | 0 |
Foreign currency derivatives | 0 | |
Foreign currency derivatives | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivatives | 9,298 | 8,771 |
Foreign currency derivatives | 23,084 | |
Foreign currency derivatives | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivatives | 0 | 0 |
Foreign currency derivatives | 0 | |
Interest rate swap derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 9,978 | |
Derivative Liability | 8,850 | 707 |
Interest rate swap derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | |
Derivative Liability | 3 | 0 |
Interest rate swap derivatives | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 9,978 | |
Derivative Liability | 8,847 | 707 |
Interest rate swap derivatives | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | |
Derivative Liability | $ 0 | $ 0 |
Commitments and Contingencies G
Commitments and Contingencies Guarantees (Details) $ in Millions | May 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantor obligations, maximum exposure, undiscounted | $ 107.9 |
Maximum guarantees allowed by bank covenants | $ 1,000 |
Commitments and Contingencies L
Commitments and Contingencies Lease Commitments (Details) $ in Millions | 9 Months Ended |
May 31, 2018USD ($) | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Term of Contract | 20 years |
Sale Leaseback Transaction, Annual Rental Payments | $ 3.4 |
Annual Rent Increases, Percent | 2.00% |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Jun. 28, 2018USD ($) |
Subsequent Event | |
Subsequent Event [Line Items] | |
Receivables Securitization Facility, Amount | $ 700 |