Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Aug. 31, 2018 | Dec. 03, 2018 | |
Document And Entity Information [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 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Document Type | 10-K | |
Document Period End Date | Aug. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | Aug. 31, 2015 |
Current assets: | ||||||||||
Cash and cash equivalents | $ 450,617 | $ 533,887 | $ 219,273 | $ 249,767 | $ 181,379 | $ 266,748 | $ 276,137 | $ 516,646 | $ 290,273 | $ 967,717 |
Receivables | 2,460,401 | 2,248,213 | 1,836,490 | 2,058,222 | 1,892,168 | 2,767,967 | 2,767,150 | 3,034,083 | ||
Inventories | 2,768,649 | 2,913,507 | 3,676,325 | 3,111,963 | 2,601,604 | 2,688,949 | 3,730,682 | 3,143,551 | ||
Derivative assets | 329,757 | 250,005 | 251,048 | 166,557 | 218,742 | 206,187 | 233,429 | 277,498 | ||
Margin and related deposits | 151,150 | 253,141 | 188,167 | 206,955 | 206,062 | 251,695 | 290,291 | 312,899 | ||
Supplier advance payments | 288,423 | 426,607 | 658,815 | 542,770 | 249,234 | 431,433 | 701,705 | 476,907 | ||
Other current assets | 244,208 | 190,680 | 296,982 | 270,674 | 281,925 | 265,469 | 196,237 | 187,524 | ||
Total current assets | 6,693,205 | 6,816,040 | 7,127,100 | 6,606,908 | 5,631,114 | 6,878,448 | 8,195,631 | 7,949,108 | ||
Investments | 3,711,925 | 3,787,163 | 3,752,876 | 3,777,000 | 3,750,993 | 3,841,749 | 3,802,379 | 3,828,899 | ||
Property, plant and equipment | 5,141,719 | 5,140,106 | 5,179,868 | 5,266,408 | 5,356,434 | 5,405,651 | 5,404,347 | 5,443,079 | ||
Other assets | 834,329 | 960,240 | 943,552 | 997,402 | 1,080,381 | 955,532 | 1,056,873 | 1,054,454 | ||
Total assets | 16,381,178 | 16,703,549 | 17,003,396 | 16,647,718 | 15,818,922 | 17,081,380 | 18,459,230 | 18,275,540 | ||
Current liabilities: | ||||||||||
Notes payable | 2,272,196 | 2,868,506 | 3,071,639 | 2,480,264 | 1,985,163 | 3,321,808 | 3,867,438 | 3,227,564 | ||
Current portion of long-term debt | 167,565 | 53,056 | 46,290 | 71,022 | 156,345 | 193,096 | 205,136 | 206,894 | ||
Customer margin deposits and credit balances | 137,395 | 137,999 | 106,323 | 139,868 | 157,914 | 132,479 | 149,625 | 180,850 | ||
Customer advance payments | 409,088 | 372,590 | 756,642 | 413,519 | 423,770 | 391,122 | 897,464 | 543,411 | ||
Accounts payable | 1,844,489 | 1,898,172 | 1,853,974 | 2,444,650 | 1,991,294 | 1,865,803 | 1,919,421 | 2,574,006 | ||
Derivative liabilities | 438,465 | 316,831 | 361,909 | 207,426 | 300,946 | 233,955 | 232,507 | 282,658 | ||
Accrued expenses | 511,032 | 538,249 | 465,032 | 425,912 | 454,996 | 436,111 | 392,058 | 397,446 | ||
Dividends and equities payable | 153,941 | 209,718 | 128,700 | 121,209 | 12,121 | 134,718 | 131,380 | 239,857 | 162,439 | |
Total current liabilities | 5,934,171 | 6,395,121 | 6,790,509 | 6,303,870 | 5,482,549 | 6,709,092 | 7,795,029 | 7,652,686 | ||
Long-term debt | 1,762,690 | 1,905,515 | 1,915,843 | 1,936,744 | 2,023,448 | 2,046,264 | 2,051,567 | 1,958,907 | ||
Long-term deferred tax liabilities | 182,770 | 203,208 | 165,659 | 348,902 | 329,980 | 369,170 | 531,522 | 511,821 | ||
Other liabilities | 336,519 | 278,869 | 265,028 | 315,254 | 277,305 | 276,483 | 272,532 | 332,610 | ||
Commitments and contingencies (Note 15) | ||||||||||
Equities: | ||||||||||
Preferred stock | 2,264,038 | 2,264,038 | 2,264,038 | 2,264,038 | 2,264,038 | 2,264,063 | 2,244,114 | 2,244,132 | ||
Equity certificates | 4,609,456 | 4,253,414 | 4,307,292 | 4,319,840 | 4,341,649 | 4,214,657 | 4,201,803 | 4,194,534 | ||
Accumulated other comprehensive loss | (199,915) | (167,302) | (167,230) | (177,341) | (180,360) | (208,568) | (211,091) | (224,935) | ||
Capital reserves | 1,482,003 | 1,559,040 | 1,450,326 | 1,324,372 | 1,267,808 | 1,397,834 | 1,560,498 | 1,592,434 | 1,485,433 | |
Total CHS Inc. equities | 8,155,582 | 7,909,190 | 7,854,426 | 7,730,909 | 7,693,135 | 7,667,986 | 7,795,324 | 7,806,165 | ||
Noncontrolling interests | 9,446 | 11,646 | 11,931 | 12,039 | 12,505 | 12,385 | 13,256 | 13,351 | ||
Total equities | 8,165,028 | 7,920,836 | 7,866,357 | 7,742,948 | 7,705,640 | 7,680,371 | 7,808,580 | 7,819,516 | $ 7,759,159 | $ 7,551,439 |
Total liabilities and equities | $ 16,381,178 | $ 16,703,549 | $ 17,003,396 | $ 16,647,718 | $ 15,818,922 | $ 17,081,380 | $ 18,459,230 | $ 18,275,540 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Income Statement [Abstract] | |||||||||||||||
Revenues | $ 8,583,982 | $ 9,087,328 | $ 6,980,153 | $ 8,031,884 | $ 7,996,339 | $ 8,638,410 | $ 7,400,773 | $ 8,001,904 | $ 15,012,037 | $ 15,402,677 | $ 24,099,365 | $ 24,041,087 | $ 32,683,347 | $ 32,037,426 | $ 30,355,260 |
Cost of goods sold | 8,192,620 | 8,841,361 | 6,844,849 | 7,711,057 | 7,904,713 | 8,417,264 | 7,165,265 | 7,655,524 | 14,555,906 | 14,820,789 | 23,397,267 | 23,238,053 | 31,589,887 | 31,142,766 | 29,386,515 |
Gross profit | 391,362 | 245,967 | 135,304 | 320,827 | 91,626 | 221,146 | 235,508 | 346,380 | 456,131 | 581,888 | 702,098 | 803,034 | 1,093,460 | 894,660 | 968,745 |
Marketing, general and administrative | 186,291 | 161,579 | 186,713 | 139,500 | 145,236 | 155,347 | 160,166 | 151,258 | 326,213 | 311,424 | 487,792 | 466,771 | 674,083 | 612,007 | 601,266 |
Reserve and impairment charges (recoveries), net | (18,765) | (3,811) | (11,346) | (3,787) | 39,170 | 326,779 | 72,373 | 18,357 | (15,133) | 90,730 | (18,944) | 417,509 | (37,709) | 456,679 | 75,036 |
Operating earnings (loss) | 223,836 | 88,199 | (40,063) | 185,114 | (92,780) | (260,980) | 2,969 | 176,765 | 145,051 | 179,734 | 233,250 | (81,246) | 457,086 | (174,026) | 292,443 |
(Gain) loss on disposal of business | (61) | (124,050) | (7,705) | 0 | 704 | (1,224) | (1,395) | 4,105 | (7,705) | 2,710 | (131,755) | 1,486 | (131,816) | 2,190 | 0 |
Interest expense | 18,984 | 49,340 | 40,176 | 40,702 | 53,828 | 39,201 | 39,945 | 38,265 | 80,878 | 78,210 | 130,218 | 117,411 | 149,202 | 171,239 | 113,704 |
Other (income) loss | (27,015) | (14,622) | (11,364) | (25,014) | (25,407) | (11,952) | (18,083) | (44,509) | (36,378) | (62,592) | (51,000) | (74,544) | (78,015) | (99,951) | (47,609) |
Equity (income) loss from investments | (16,404) | (59,308) | (39,441) | (38,362) | (12,817) | (48,393) | (35,800) | (40,328) | (77,803) | (76,128) | (137,111) | (124,521) | (153,515) | (137,338) | (175,777) |
Income (loss) before income taxes | 248,332 | 236,839 | (21,729) | 207,788 | (109,088) | (238,612) | 18,302 | 219,232 | 186,059 | 237,534 | 422,898 | (1,078) | 671,230 | (110,166) | 402,125 |
Income tax expense (benefit) | 7,787 | 55,219 | (187,688) | 20,606 | (34,761) | (166,124) | 3,685 | 16,076 | (167,082) | 19,761 | (111,863) | (146,363) | (104,076) | (181,124) | 19,099 |
Net income (loss) | 240,545 | 181,620 | 165,959 | 187,182 | (74,327) | (72,488) | 14,617 | 203,156 | 353,141 | 217,773 | 534,761 | 145,285 | 775,306 | 70,958 | 383,026 |
Net income (loss) attributable to noncontrolling interests | 98 | (187) | (48) | (464) | 123 | (955) | 406 | (208) | (512) | 198 | (699) | (757) | (601) | (634) | (223) |
Comprehensive income attributable to CHS Inc. | $ 240,447 | $ 181,807 | $ 166,007 | $ 187,646 | $ (74,450) | $ (71,533) | $ 14,211 | $ 203,364 | $ 353,653 | $ 217,575 | $ 535,460 | $ 146,042 | $ 775,907 | $ 71,592 | $ 383,249 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||||||||||||||
Net income (loss) | $ 240,545 | $ 181,620 | $ 165,959 | $ 187,182 | $ (74,327) | $ (72,488) | $ 14,617 | $ 203,156 | $ 353,141 | $ 217,773 | $ 534,761 | $ 145,285 | $ 775,306 | $ 70,958 | $ 383,026 |
Other comprehensive income (loss), net of tax: | |||||||||||||||
Postretirement benefit plan activity | 11,913 | 3,417 | 3,142 | 1,594 | 22,103 | 3,636 | 3,724 | 3,239 | 4,736 | 6,963 | 8,153 | 10,599 | 20,066 | 32,702 | 6,583 |
Unrealized net gain (loss) on available for sale investments | (16,628) | 6,286 | 3,554 | 3,640 | 2,758 | (118) | 968 | 777 | 7,194 | 1,745 | 13,480 | 1,627 | (3,148) | 4,385 | 1,500 |
Cash flow hedges | 1,068 | 413 | 1,063 | (4) | 249 | 375 | 964 | 654 | 1,059 | 1,618 | 1,472 | 1,993 | 2,540 | 2,242 | (3,872) |
Foreign currency translation adjustment | (1,974) | (10,188) | 2,352 | (2,211) | 3,098 | (1,369) | 8,187 | (18,075) | 141 | (9,888) | (10,047) | (11,257) | (12,021) | (8,159) | (2,904) |
Other comprehensive income (loss), net of tax | (5,621) | (72) | 10,111 | 3,019 | 28,208 | 2,524 | 13,843 | (13,405) | 13,130 | 438 | 13,058 | 2,962 | 7,437 | 31,170 | 1,307 |
Comprehensive income | 234,924 | 181,548 | 176,070 | 190,201 | (46,119) | (69,964) | 28,460 | 189,751 | 366,271 | 218,211 | 547,819 | 148,247 | 782,743 | 102,128 | 384,333 |
Less comprehensive income attributable to noncontrolling interests | 98 | (187) | (48) | (464) | 123 | (955) | 406 | (208) | (512) | 198 | (699) | (757) | (601) | (634) | (223) |
Comprehensive income attributable to CHS Inc. | $ 234,826 | $ 181,735 | $ 176,118 | $ 190,665 | $ (46,242) | $ (69,009) | $ 28,054 | $ 189,959 | $ 366,783 | $ 218,013 | $ 548,518 | $ 149,004 | $ 783,344 | $ 102,762 | $ 384,556 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equities - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | $ 7,705,640 | $ 7,759,159 | $ 7,551,439 |
Reversal of prior year patronage and redemption estimates | 6,058 | 162,439 | 357,427 |
Distribution of patronage refunds | (103,879) | (251,740) | |
Redemptions of equities | (6,725) | (37,390) | (23,911) |
Equities issued | 3,194 | 23,258 | |
Preferred stock dividends | (168,668) | (167,643) | (122,824) |
Other, net | (4,020) | (2,368) | 3,616 |
Net income (loss) | 775,306 | 70,958 | 383,026 |
Other comprehensive income (loss), net of tax | 7,437 | 31,170 | 1,307 |
Reclassification of tax effects to retained earnings | 0 | ||
Estimated patronage refunds | (75,000) | (103,879) | |
Estimated equity redemptions | (75,000) | (10,000) | (58,560) |
Balance | 8,165,028 | 7,705,640 | 7,759,159 |
Capital Equity Certificates | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 3,906,426 | 3,918,711 | 3,793,897 |
Reversal of prior year patronage and redemption estimates | 6,058 | (95,019) | (268,017) |
Distribution of patronage refunds | 153,589 | 375,506 | |
Redemptions of equities | (6,064) | (35,041) | (22,948) |
Equities issued | 3,194 | 23,258 | |
Capital equity certificates redeemed with preferred stock | (19,985) | (76,756) | |
Other, net | (3,840) | (9,023) | (1,248) |
Estimated patronage refunds | 153,579 | ||
Estimated equity redemptions | (65,000) | (10,000) | (58,560) |
Balance | 3,837,580 | 3,906,426 | 3,918,711 |
Nonpatronage Equity Certificates | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 29,836 | 22,894 | 23,057 |
Redemptions of equities | (185) | (389) | (143) |
Other, net | (153) | 7,331 | (20) |
Balance | 29,498 | 29,836 | 22,894 |
Nonqualified Equity Certificates | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 405,387 | 281,767 | 282,928 |
Reversal of prior year patronage and redemption estimates | (126,333) | ||
Distribution of patronage refunds | 128,831 | ||
Redemptions of equities | (476) | (1,960) | (820) |
Other, net | (361) | (753) | (341) |
Estimated patronage refunds | 345,330 | 126,333 | |
Estimated equity redemptions | (10,000) | ||
Balance | 742,378 | 405,387 | 281,767 |
Preferred Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 2,264,038 | 2,244,132 | 2,167,540 |
Capital equity certificates redeemed with preferred stock | 19,960 | 76,756 | |
Other, net | (54) | (164) | |
Balance | 2,264,038 | 2,264,038 | 2,244,132 |
Accumulated Other Comprehensive Loss | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | (180,360) | (211,530) | (212,837) |
Other comprehensive income (loss), net of tax | 7,437 | 31,170 | 1,307 |
Reclassification of tax effects to retained earnings | (26,992) | ||
Balance | (199,915) | (180,360) | (211,530) |
Capital Reserves | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 1,267,808 | 1,488,999 | 1,485,433 |
Reversal of prior year patronage and redemption estimates | 126,333 | 257,458 | 625,444 |
Distribution of patronage refunds | (128,831) | (257,468) | (627,246) |
Capital equity certificates redeemed with preferred stock | 25 | ||
Preferred stock dividends | (168,668) | (167,643) | (122,824) |
Other, net | 2,792 | 1,178 | 2,401 |
Net income (loss) | 775,907 | 71,592 | 383,249 |
Reclassification of tax effects to retained earnings | 26,992 | ||
Estimated patronage refunds | (420,330) | (126,333) | (257,458) |
Balance | 1,482,003 | 1,267,808 | 1,488,999 |
Noncontrolling Interests | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 12,505 | 14,186 | 11,421 |
Other, net | (2,458) | (1,047) | 2,988 |
Net income (loss) | (601) | (634) | (223) |
Balance | 9,446 | 12,505 | 14,186 |
As Previously Reported | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 7,905,825 | 7,866,250 | 7,669,411 |
Net income (loss) | 127,223 | 423,969 | |
Other comprehensive income (loss), net of tax | 28,056 | 2,481 | |
Balance | 7,905,825 | 7,866,250 | |
As Previously Reported | Capital Equity Certificates | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 3,906,426 | 3,932,513 | 3,793,897 |
Balance | 3,906,426 | 3,932,513 | |
As Previously Reported | Nonpatronage Equity Certificates | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 29,836 | 22,894 | 23,057 |
Balance | 29,836 | 22,894 | |
As Previously Reported | Nonqualified Equity Certificates | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 405,387 | 281,767 | 282,928 |
Balance | 405,387 | 281,767 | |
As Previously Reported | Preferred Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 2,264,038 | 2,244,132 | 2,167,540 |
Balance | 2,264,038 | 2,244,132 | |
As Previously Reported | Accumulated Other Comprehensive Loss | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | (183,670) | (211,726) | (214,207) |
Balance | (183,670) | (211,726) | |
As Previously Reported | Capital Reserves | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 1,471,217 | 1,582,380 | 1,604,670 |
Balance | 1,471,217 | 1,582,380 | |
As Previously Reported | Noncontrolling Interests | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 12,591 | 14,290 | 11,526 |
Balance | 12,591 | 14,290 | |
Cumulative restatement adjustments | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | (200,185) | (107,091) | (117,972) |
Net income (loss) | (56,265) | (40,943) | |
Other comprehensive income (loss), net of tax | 3,114 | (1,174) | |
Balance | (200,185) | (107,091) | |
Cumulative restatement adjustments | Capital Equity Certificates | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 0 | (13,802) | 0 |
Balance | 0 | (13,802) | |
Cumulative restatement adjustments | Nonpatronage Equity Certificates | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 0 | 0 | 0 |
Balance | 0 | 0 | |
Cumulative restatement adjustments | Nonqualified Equity Certificates | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 0 | 0 | 0 |
Balance | 0 | 0 | |
Cumulative restatement adjustments | Preferred Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 0 | 0 | 0 |
Balance | 0 | 0 | |
Cumulative restatement adjustments | Accumulated Other Comprehensive Loss | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 3,310 | 196 | 1,370 |
Balance | 3,310 | 196 | |
Cumulative restatement adjustments | Capital Reserves | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | (203,409) | (93,381) | (119,237) |
Balance | (203,409) | (93,381) | |
Cumulative restatement adjustments | Noncontrolling Interests | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | $ (86) | (104) | (105) |
Balance | $ (86) | $ (104) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 775,306 | $ 70,958 | $ 383,026 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 478,050 | 480,223 | 447,492 |
Amortization of deferred major repair costs | 61,686 | 67,058 | 73,483 |
Equity (income) loss from investments | (153,515) | (137,338) | (175,777) |
Distributions from equity investments | 190,297 | 213,352 | 178,464 |
Provision for doubtful accounts | 2,085 | 177,969 | 57,200 |
(Gain) loss on disposal of business | (131,816) | 2,190 | 0 |
Unrealized (gain) loss on crack spread contingent liability | 0 | (15,051) | (60,931) |
Long-lived asset impairment, net of recoveries | (10,352) | 145,042 | 27,247 |
Reserve against supplier advance payments | 0 | 130,705 | 0 |
Deferred taxes | (146,961) | (194,467) | 28,190 |
Other, net | 6,653 | 20,173 | (15,444) |
Changes in operating assets and liabilities, net of acquisitions: | |||
Receivables | 210,775 | 146,788 | 1,570 |
Inventories | (169,581) | (333,479) | 353,572 |
Derivative assets | (102,368) | 114,023 | 29,822 |
Margin and related deposits | 54,912 | 97,804 | (30,705) |
Supplier advance payments | (39,189) | (33,952) | 43,415 |
Other current assets and other assets | (13,450) | (50,729) | 128,603 |
Customer margin deposits and credit balances | (20,518) | (50,920) | 20,841 |
Customer advance payments | (14,682) | (1,329) | (7,079) |
Accounts payable and accrued expenses | (78,388) | 227,967 | (129,587) |
Derivative liabilities | 132,495 | (132,423) | 1,443 |
Other liabilities | 40,629 | (25,446) | (94,291) |
Net cash provided by (used in) operating activities | 1,072,068 | 919,118 | 1,260,554 |
Cash flows from investing activities: | |||
Acquisition of property, plant and equipment | (355,412) | (444,397) | (692,780) |
Proceeds from disposition of property, plant and equipment | 91,153 | 19,541 | 13,417 |
Proceeds from sale of business | 234,914 | 0 | 0 |
Expenditures for major repairs | (80,514) | (2,340) | (19,610) |
Investments in joint ventures and other | (21,679) | (16,645) | (2,855,218) |
Changes in CHS Capital notes receivable, net | 25,335 | 322 | (209,902) |
Financing extended to customers | (74,402) | (67,225) | (82,302) |
Payments from customer financing | 52,453 | 88,154 | 35,188 |
Other investing activities, net | 48,628 | 17,549 | 64,236 |
Net cash provided by (used in) investing activities | (79,524) | (405,041) | (3,746,971) |
Cash flows from financing activities: | |||
Proceeds from lines of credit and long-term borrowings | 36,040,240 | 37,295,236 | 31,586,968 |
Payments on lines of credit, long-term borrowings and capital lease obligations | (36,525,136) | (37,584,011) | (29,232,842) |
Mandatorily redeemable noncontrolling interest payments | 0 | 0 | (153,022) |
Preferred stock dividends paid | (168,668) | (167,642) | (163,324) |
Redemptions of equities | (8,847) | (35,268) | (23,911) |
Cash patronage dividends paid | 0 | (103,879) | (251,740) |
Other financing activities, net | (69,759) | (22,694) | 52,067 |
Net cash provided by (used in) financing activities | (732,170) | (618,258) | 1,814,196 |
Effect of exchange rate changes on cash and cash equivalents | 8,864 | (4,713) | (5,223) |
Net increase (decrease) in cash and cash equivalents | 269,238 | (108,894) | (677,444) |
Cash and cash equivalents at beginning of period | 181,379 | 290,273 | 967,717 |
Cash and cash equivalents at end of period | $ 450,617 | $ 181,379 | $ 290,273 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Aug. 31, 2018 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation and Significant Accounting Policies | Organization, Basis of Presentation and Significant Accounting Policies Organization CHS Inc. ("CHS", "the Company", "we", "us", "our") is the nation’s leading integrated agricultural cooperative. As a cooperative, CHS is owned by farmers and ranchers and their member cooperatives ("members") across the United States. We also have preferred stockholders that own shares of our various series of preferred stock, which are each listed on the Global Select Market of the Nasdaq Stock Market LLC ("Nasdaq"). See Note 10, Equities for more detailed information. We buy commodities from and provide products and services to individual agricultural producers, local cooperatives and other companies (including member and other non-member customers), both domestic and international. Those products and services include initial agricultural inputs such as fuels, farm supplies, crop nutrients and crop protection products; as well as agricultural outputs that include grains and oilseeds, grain and oilseed processing and food products, and ethanol production and marketing. A portion of our operations are conducted through equity investments and joint ventures whose operating results are not fully consolidated with our results; rather, a proportionate share of the income or loss from those entities is included as a component in our net income under the equity method of accounting. Basis of Presentation The consolidated financial statements include the accounts of CHS and all wholly-owned and majority-owned subsidiaries and limited liability companies. The effects of all significant intercompany transactions have been eliminated. As described in Note 2, Restatement of Previously Issued Consolidated Financial Statements the consolidated financial statements for the years ended August 31, 2017 and 2016, have been restated to reflect the correction of misstatements to the consolidated financial statements. We have also restated all amounts impacted within the Notes to the consolidated financial statements. 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 twelve months ended August 31, 2018 , 2017 , and 2016 . The timing and amounts of these charges and impairments, and any recoveries were determined utilizing facts and circumstances that were present in the respective years in which the charges, impairments or recoveries were recorded. See additional information related to the reserves and impairment charges in Note 3, Receivables, Note 6 , Property, Plant and Equipment , and Note 7 , Other Assets . The notes to our consolidated financial statements refer to our Energy, Ag and Nitrogen Production reportable segments, as well as our Corporate and Other category, which represents an aggregation of individually immaterial operating segments. The Nitrogen Production reportable segment resulted from our investment in CF Industries Nitrogen, LLC ("CF Nitrogen") in February 2016. Our investment in Ventura Foods, LLC ("Ventura Foods") is no longer a significant operating segment and is now included in our Corporate and Other category. See Note 12, Segment Reporting for more information. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Due to the inherent uncertainty involved in making estimates, actual results could differ from those estimates. We evaluate our estimates and assumptions on an ongoing basis. Cash and Cash Equivalents Cash equivalents include short-term, highly liquid investments with original maturities of three months or less at the date of acquisition. The fair value of cash and cash equivalents approximates the carrying value due to the short-term nature of the instruments. Inventories Grain, processed grain, oilseed, processed oilseed and other minimally processed soy-based inventories are stated at net realizable value. These inventories are agricultural commodity inventories that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. Agricultural commodity inventories have quoted market prices in active markets, may be sold without significant further processing and have predictable and insignificant disposal costs. Changes in the net realizable value of merchandisable agricultural commodities inventories are recognized in earnings as a component of cost of goods sold. All other inventories are stated at the lower of cost or net realizable value. Costs for inventories produced or modified by us through a manufacturing process include fixed and variable production and raw material costs, and in-bound freight costs for raw materials. Costs for inventories purchased for resale include the cost of products and freight incurred to place the products at our points of sale. The costs of certain energy inventories (wholesale refined products, crude oil and asphalt) are determined on the last-in, first-out ("LIFO") method; all other inventories of non-grain products purchased for resale are valued on the first-in, first-out ("FIFO") and average cost methods. Derivative Financial Instruments and Hedging Activities We enter into various derivative instruments to manage our exposure to movements primarily associated with agricultural commodity prices and to a lesser degree, foreign currency exchange rates and interest rates. Except for certain interest rate swap contracts, which are accounted for as cash flow hedges or fair value hedges, our derivative instruments represent economic hedges of price risk for which hedge accounting under Accounting Standards Codification ("ASC") Topic 815, Derivatives and Hedging , is not applied. Rather, the derivative instruments are recorded on our Consolidated Balance Sheets at fair value with changes in fair value being recorded directly to earnings, primarily within cost of goods sold in our Consolidated Statements of Operations. See Note 13, Derivative Financial Instruments and Hedging Activities and Note 14, Fair Value Measurements for additional information. Although we have certain netting arrangements for our exchange-traded futures and options contracts and certain over-the-counter ("OTC") contracts, we have elected to report our derivative instruments on a gross basis on our Consolidated Balance Sheets under ASC Topic 210-20, Balance Sheet - Offsetting . Margin and Related Deposits Many of our derivative contracts with futures and options brokers require us to make margin deposits of cash or other assets. Subsequent margin deposits may also be necessary when changes in commodity prices result in a loss on the contract value, to comply with applicable regulations. Our margin and related deposit assets are held by external brokers in segregated accounts to support the associated derivative contracts and may be used to fund or partially fund the settlement of those contracts as they expire. Similar to our derivative financial instruments, margin and related deposits are also reported on a gross basis. Supplier Advance Payments and Rebates Supplier advance payments are typically for periods less than 12 months and primarily include amounts paid for grain purchases from suppliers and amounts paid to crop nutrient suppliers to lock in future supply and pricing. We receive volume-based rebates from certain vendors during the year. These vendor rebates are accounted for in accordance with ASC 605, Revenue Recognition, based on the terms of the volume rebate program. For those rebates which meet the definition of a binding arrangement and are both probable and estimable, we estimate the amount of the rebate we will receive and accrue it as a reduction of the cost of inventory over the period in which the rebate is earned. Investments The equity method of accounting is used for joint ventures and other investments in which we are able to exercise significant influence over the entity’s operations, but do not have a controlling interest in the entity. Various factors are considered when assessing significant influence, including our ownership interest, representation on the Board of Directors, voting rights, and the impact of commercial arrangements that may exist with the entity. Our equity in the income or loss of these equity method investments is recorded within equity (income) loss from investments in the Consolidated Statements of Operations. We account for our investment in CF Nitrogen, LLC using the hypothetical liquidation at book value method which is discussed further in Note 5 , Investments. The cost method of accounting is used for other investments in which we do not exercise significant influence. Investments in other cooperatives are stated at cost, plus patronage dividends received in the form of capital stock and other equities. Patronage dividends are recorded as a reduction to cost of goods sold at the time qualified written notices of allocation are received. Investments in other debt and equity securities are classified as available-for-sale financial instruments and are stated at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive loss on our Consolidated Balance Sheets. Investments in debt and equity instruments are carried at amounts that approximate fair values. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided on the straight-line method by charges to operations at rates based on the expected useful lives of individual or groups of assets (generally 15 to 20 years for land improvements; 20 to 40 years for buildings; 5 to 20 years for machinery and equipment; and 3 to 10 years for office equipment and other). Expenditures for maintenance and minor repairs and renewals are expensed, while the costs for major maintenance activities are capitalized and amortized on a straight-line basis over the period estimated to lapse until the next major maintenance activity occurs. We also capitalize and amortize eligible costs to acquire or develop internal-use software that are incurred during the application development stage. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from the related accounts and resulting gains or losses are reflected in operations. Property, plant and equipment and other long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may not be recoverable. This evaluation of recoverability is based on various indicators, including the nature, future economic benefits and geographic locations of the assets, historical or future profitability measures, and other external market conditions. If these indicators suggest that the carrying amounts of an asset or asset group may not be recoverable, potential impairment is evaluated using undiscounted estimated future cash flows. Should the sum of the expected future net cash flows be less than the carrying value, an impairment loss would be recognized. An impairment loss would be measured at the amount by which the carrying value of the asset or asset group exceeds its fair value. We have asset retirement obligations with respect to certain of our refineries and other assets due to various legal obligations to clean and/or dispose of the component parts at the time they are retired. In most cases, these assets can be used for extended and indeterminate periods of time if they are properly maintained and/or upgraded. It is our practice and current intent to maintain refineries and related assets and to continue making improvements to those assets based on technological advances. As a result, we believe our refineries and related assets have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire a refinery and related assets cannot reasonably be estimated at this time. When a date or range of dates can reasonably be estimated for the retirement of any component part of a refinery or other asset, we estimate the cost of performing the retirement activities and record a liability for the fair value of that future cost. We have other assets that we may be obligated to dismantle at the end of corresponding lease terms subject to lessor discretion for which we have recorded asset retirement obligations. Based on our estimates of the timing, cost and probability of removal, these obligations are not material. Major Maintenance Activities Within our Energy segment, major maintenance activities (“turnarounds”) are performed at our Laurel, Montana and McPherson, Kansas refineries regularly. Turnarounds are the planned and required shutdowns of refinery processing units, which include the replacement or overhaul of equipment that have experienced decreased efficiency in resource conversion. Because turnarounds are performed to extend the life, increase the capacity, and/or improve the safety or efficiency of refinery processing assets, we follow the deferral method of accounting for turnarounds. Expenditures for turnarounds are capitalized (deferred) when incurred and amortized on a straight-line basis over a period of 2 to 4 years, which is the estimated time lapse between turnarounds. Should the estimated period between turnarounds change, we may be required to amortize the remaining cost of the turnaround over a shorter period, which would result in higher depreciation and amortization costs. Capitalized turnaround costs are included in other assets (long-term) on our Consolidated Balance Sheets and amortization expense related to the capitalized turnaround costs is included in cost of goods sold in our Consolidated Statements of Operations. The selection of the deferral method, as opposed to expensing the turnaround costs when incurred, results in deferring recognition of the turnaround expenditures. The deferral method also results in the classification of the related cash outflows as investing activities in our Consolidated Statements of Cash Flows, whereas expensing these costs as incurred would result in classifying the cash outflows as operating activities. Repair, maintenance and related labor costs are expensed as incurred and are included in operating cash flows. Goodwill and Other Intangible Assets Goodwill and other intangible assets are included in other assets (long-term) on our Consolidated Balance Sheets. Goodwill represents the excess of cost over the fair value of identifiable assets acquired. Goodwill is tested for impairment on an annual basis as of July 31, or more frequently if triggering events or other circumstances occur which could indicate impairment. Goodwill is tested for impairment at the reporting unit level, which has been determined to be our operating segments or one level below our operating segments in certain instances. Other intangible assets consist primarily of customer lists, trademarks and non-compete agreements. Intangible assets subject to amortization are expensed over their respective useful lives, which generally range from 2 to 30 years. We have no material intangible assets with indefinite useful lives. See Note 7, Other Assets for more information on goodwill and other intangible assets. Revenue Recognition We provide a wide variety of products and services, ranging from agricultural inputs such as fuels, farm supplies and crop nutrients, to agricultural outputs that include grain and oilseed, processed grains and oilseeds and food products, and ethanol production and marketing. We recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Sales are generally recognized upon transfer of title, which could occur either upon shipment to or receipt by the customer, depending upon the terms of the transaction. Shipping and handling amounts billed to a customer as part of a sales transaction are included in revenues, and the related costs are included in cost of goods sold. Environmental Expenditures We are subject to various federal, state, and local environmental laws and regulations. Environmental expenditures are expensed or capitalized depending on their future economic benefit. Liabilities, including legal costs, related to remediation of contaminated properties are recognized when the related costs are considered probable and can be reasonably estimated. Estimates of environmental costs are based on current available facts, existing technology, undiscounted site-specific costs and currently enacted laws and regulations. Recoveries, if any, are recorded in the period in which recovery is received. Liabilities are monitored and adjusted as new facts or changes in law or technology occur. Income Taxes CHS is a nonexempt agricultural cooperative and files a consolidated federal income tax return within our tax return period. We are subject to tax on income from nonpatronage sources, non-qualified patronage distributions and undistributed patronage-sourced income. Income tax expense is primarily the current tax payable for the period and the change during the period in certain deferred tax assets and liabilities. Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and such amounts recognized for federal and state income tax purposes, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Reserves are recorded against unrecognized tax benefits when we believe that certain fully supportable tax return positions are likely to be challenged and that we may or may not prevail. If we determine that a tax position is more likely than not to be sustained upon audit, based on the technical merits of the position, we recognize the benefit by measuring the amount that is greater than 50% likely of being realized. We reevaluate the technical merits of our tax positions and recognize an uncertain tax benefit, or derecognize a previously recorded tax benefit, when there is (i) a completion of a tax audit, (ii) effective settlement of an issue, (iii) a change in applicable tax law including a tax case or legislative guidance, or (iv) the expiration of the applicable statute of limitations. Significant judgment is required in accounting for tax reserves. Recent Accounting Pronouncements Adopted In March 2018, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. This ASU provides guidance on the income tax accounting implications of the Tax Cuts and Jobs Act of 2017 (the "Tax Act") and allows for entities to report provisional amounts for specific income tax effects of the Tax Act for which the accounting under ASC Topic 740 was not yet complete, but a reasonable estimate could be determined. A measurement period of one year is available to complete the accounting effects under ASC Topic 740 and revise any previous estimates reported. Any provisional amounts or subsequent adjustments included in an entity’s financial statements during the measurement period should be included in income from continuing operations as an adjustment to tax expense in the reporting period the amounts are determined. As of August 31, 2018, we have not finalized our work associated with the income tax effects of the enactment of the Tax Act, however, a reasonable estimate was provisionally recorded as a net benefit of $155.2 million from the revaluation of our U.S. net deferred tax liability that resulted from the reduced corporate tax rate and CHS being subject to the employee compensation deduction limitations imposed by Internal Revenue Code Section 162(m). In February 2018, the FASB issued ASU No. 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 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 Act resulted in stranded tax effects. We elected to early adopt ASU No. 2018-02 during the fourth quarter of fiscal 2018. The adoption resulted in a reclassification from accumulated other comprehensive income to retained earnings in the amount of $27.0 million for stranded tax effects resulting from the Tax Act. 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 elected to early adopt ASU No. 2017-12 during the fourth quarter of fiscal 2018. The adoption did not have a material impact on our consolidated financial statements. In October 2016, the FASB issued 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. 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 August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans , which amends ASC 715-20, Compensation - Retirement Benefits - Defined Benefit Plans - General . This ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include (a) the amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year and (b) the effects of a one-percentage-point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for postretirement health care benefits. The new disclosures include the interest crediting rates for cash balance plans and an explanation of significant gains and losses related to changes in benefit obligations. This ASU is effective for us beginning September 1, 2021, for our fiscal year 2022 and for interim periods within that fiscal year, with early adoption permitted. The adoption of this amended guidance in not expected to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which amends ASC 820, Fair Value Measurement . This ASU modifies the disclosure requirements for fair value measurements by removing, modifying and adding certain disclosures. Specifically, the guidance removes the requirement to disclose the amount and reasons for any transfers between Level 1 and Level 2 of the fair value hierarchy and removes the requirement to disclose a description of the valuation processes used to value Level 3 fair value measurements. The guidance also requires additional disclosures surrounding Level 3 changes in unrealized gains/losses included in other comprehensive income as well the range and weighted average significant unobservable inputs calculation. This ASU is effective for us beginning September 1, 2020, for our fiscal year 2021 and for interim periods within that fiscal year. Early adoption is permitted. We elected to remove the disclosures permitted by ASU No. 2018-13 during the fourth quarter of fiscal 2018 but have not early adopted the new required additional disclosures, which is permitted by the guidance. The adoption of this amended guidance is not expected to have a material impact 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 provides that the service cost component should be included in the same income statement 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. Early adoption is permitted as of the beginning of an annual period for which interim financial statements have not been issued or made available for issuance. The guidance on the presentation of the components of net periodic benefit cost in the Consolidated Statement 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. The adoption of this amended guidance is not expected to have a material impact on our Consolidated Statements 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 ASC 840 - Leases . The amendments within this ASU, as well as within additional clarifying ASUs issued by the FASB, 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. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases , which amends ASU No. 2016-02, Leases . This ASU is effective for us beginning September 1, 2019, for our fiscal year 2020 a |
Restatement of Previously Issue
Restatement of Previously Issued Consolidated Financial Statements | 12 Months Ended |
Aug. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Previously Issued Consolidated Financial Statements | Restatement of Previously Issued Consolidated Financial Statements The consolidated financial statements for the years ended August 31, 2017 and 2016, have been restated to reflect the correction of misstatements. We have also restated all amounts impacted within the Notes to the consolidated financial statements. A description of the adjustments and their impact on the previously issued financial statements are included below. Descriptions of Restatement Adjustments Restatement Background During the preparation of our Annual Report on Form 10-K for the year ended August 31, 2018, we noted potentially excessive valuations in the net derivative asset valuations relating to certain rail freight contracts purchased in connection with our North American grain marketing operations. An investigation concluded that the rail freight misstatements included in our consolidated financial statements for the periods identified below were due to intentional misconduct by a former employee in our rail freight trading operations, as well as due to rail freight contracts and certain non-rail contracts not meeting the technical accounting requirements to qualify as a derivative financial instrument. The misconduct consisted of the former employee manipulating the mark-to-market valuation of rail cars that were the subject of rail freight purchase contracts and manipulating the quantity of rail cars included in the monthly mark-to-market valuation. In addition, the investigation revealed intentional misstatements were made by the former employee to our independent registered public accounting firm in connection with its audit of our consolidated financial statements for the fiscal year ended August 31, 2017. During the course of, and as a result of, the investigation, we terminated the former employee and have taken additional personnel actions. As a result of the misstatements, we have restated our consolidated financial statements as of and for the year ended August 31, 2017, and for the year ended August 31, 2016, in accordance with ASC 250, Accounting Changes and Error Corrections (the "Restated Financial Statements"). In addition to the adjustments related to freight derivatives and related misstatements, we also made adjustments related to certain intercompany balances and other historical misstatements unrelated to the freight derivatives and related misstatements. The restated interim financial information for the relevant unaudited interim financial statements for the quarterly periods ended November 30, 2017 and 2016, February 28, 2018 and 2017, May 31, 2018 and 2017, and August 31, 2017, is included in Note 18, Quarterly Financial Information (Unaudited) . The categories of restatement adjustments and their impact on previously reported consolidated financial statements are described below. (a) Freight Derivatives and Related Misstatements - Corrections for freight derivatives and related misstatements were driven by the misstatement of amounts associated with both the value and quantity of rail freight contracts, as well as due to rail freight contracts and certain non-rail freight contracts not meeting the technical accounting requirements to qualify as derivative financial instruments. In addition to the elimination of the underlying freight derivative assets and liabilities and related impacts on revenues and cost of goods sold, additional adjustments were recorded to account for prepaid freight capacity balances in relevant periods and the impact of a goodwill impairment charge recorded as of May 31, 2015, for goodwill held within our grain marketing reporting unit. Additional details related to the impact of the freight derivatives and related misstatements and their impact on each period are discussed in restatement reference (a). (b) Intercompany Misstatements - As a result of the work performed in relation to the freight misstatement, additional misstatements related to the incorrect elimination of intercompany balances were also identified and corrected within the consolidated financial statements. Certain of these intercompany misstatements resulted in a misstatement of various financial statement line items; however, the intercompany misstatements did not result in a material misstatement of income (loss) before income taxes or net income (loss). Additional details related to the impact of the intercompany misstatements and their impact on each period are discussed in restatement reference (b). (c) Other Misstatements - We made adjustments for other previously identified misstatements unrelated to the freight derivatives and related misstatements that were not material, individually or in the aggregate, to our consolidated financial statements. These other misstatements related primarily to certain misclassifications, adjustments to revenues and cost of goods sold, and adjustments to various income tax and indirect tax accrual accounts. Additional details related to the impact of the other misstatements and their impact on each period are discussed in restatement reference (c). Summary impact of restatement adjustments to previously reported financial information The following tables present the summary impacts of the restatement adjustments on our previously reported consolidated capital reserves and total equities at August 31, 2015, and income (loss) before income taxes and net income (loss) for the years ended August 31, 2017 and 2016: August 31, 2015 Capital Reserves Total Equities (Dollars in thousands) As previously reported $ 1,604,670 $ 7,669,411 Cumulative restatement adjustments (119,237 ) (117,972 ) As restated $ 1,485,433 $ 7,551,439 For the Years Ended August 31, 2017 2016 (Dollars in thousands) Income (loss) before income taxes - As previously reported $ (54,852 ) $ 419,878 Restatement adjustments (55,314 ) (17,753 ) Income (loss) before income taxes - As restated $ (110,166 ) $ 402,125 Net income (loss) - As previously reported $ 127,223 $ 423,969 Restatement adjustments (56,265 ) (40,943 ) Net income (loss) - As restated $ 70,958 $ 383,026 Reclassifications Amounts previously included within (gain) loss on investments were reclassified into other (income) loss to conform to the current year presentation. This reclassification had no impact on our previously reported net income, cash flows or shareholders' equity and represents a reclassification of $4.6 million and $9.3 million for the periods ended August 31, 2017, and August 31, 2016, respectively. Consolidated financial statement adjustment tables The following tables present the restatement adjustments to previously issued consolidated financial statements, including the previously reported Consolidated Balance Sheet as of August 31, 2017, and the Consolidated Statements of Operations, Comprehensive Income and Cash Flows for the years ended August 31, 2017, and 2016. The corrections of misstatements affecting fiscal years prior to fiscal 2017 are reflected as a cumulative adjustment to the balance of capital reserves and accumulated other comprehensive income as of August 31, 2015, on the Consolidated Statements of Changes in Shareholders’ Equity. CHS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of August 31, 2017 As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents $ 181,379 $ — $ 181,379 Receivables 1,869,632 22,536 1,892,168 c Inventories 2,576,585 25,019 2,601,604 c Derivative assets 232,017 (13,275 ) 218,742 a Margin and related deposits 206,062 — 206,062 Supplier advance payments 249,234 — 249,234 Other current assets 299,618 (17,693 ) 281,925 a, c Total current assets 5,614,527 16,587 5,631,114 Investments 3,750,993 — 3,750,993 Property, plant and equipment 5,356,434 — 5,356,434 Other assets 1,251,802 (171,421 ) 1,080,381 a Total assets $ 15,973,756 $ (154,834 ) $ 15,818,922 LIABILITIES AND EQUITIES Current liabilities: Notes payable $ 1,988,215 $ (3,052 ) $ 1,985,163 c Current portion of long-term debt 156,345 — 156,345 Customer margin deposits and credit balances 157,914 — 157,914 Customer advance payments 413,163 10,607 423,770 c Accounts payable 1,951,292 40,002 1,991,294 c Derivative liabilities 316,018 (15,072 ) 300,946 a Accrued expenses 437,527 17,469 454,996 a, c Dividends and equities payable 12,121 — 12,121 Total current liabilities 5,432,595 49,954 5,482,549 Long-term debt 2,023,448 — 2,023,448 Long-term deferred tax liabilities 333,221 (3,241 ) 329,980 a, c Other liabilities 278,667 (1,362 ) 277,305 a Commitments and contingencies (Note 15) Equities: Preferred stock 2,264,038 — 2,264,038 Equity certificates 4,341,649 — 4,341,649 Accumulated other comprehensive loss (183,670 ) 3,310 (180,360 ) a, c Capital reserves 1,471,217 (203,409 ) 1,267,808 a, c Total CHS Inc. equities 7,893,234 (200,099 ) 7,693,135 Noncontrolling interests 12,591 (86 ) 12,505 a Total equities 7,905,825 (200,185 ) 7,705,640 Total liabilities and equities $ 15,973,756 $ (154,834 ) $ 15,818,922 As of August 31, 2017 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $174.1 million reduction of total assets, a $39.1 million reduction of current liabilities, a $27.5 million increase of long-term liabilities, and a $162.4 million reduction of total equities. The reduction of total assets related primarily to the elimination of $156.0 million of long-term derivative assets, an approximate $16.0 million reduction of goodwill which was triggered by the lower earnings associated with this restatement with the impairment charge recorded during fiscal 2015 and the elimination of $12.9 million of current derivative assets that had been recorded as assets on the Consolidated Balance Sheet. The decreases of total assets were partially offset by related adjustments, including an $8.9 million increase of prepaid income taxes resulting from the income tax impact of the freight misstatement and the recognition of a $1.5 million prepaid freight capacity balance. The decrease of total current liabilities related primarily to an $18.0 million reduction of current derivative liabilities and a $21.1 million reduction of income taxes payable resulting from the income tax effect of the freight misstatement. The increase of long-term liabilities resulted from a $28.9 million increase of long-term deferred tax liabilities, which was partially offset by a $1.4 million reduction of long-term derivative liabilities. The decrease of total equities related primarily to the elimination of the derivative assets and liabilities described above and the related income tax impacts, as well as the reduction of goodwill associated with the goodwill impairment charge recorded during fiscal 2015. Intercompany misstatements (b) None Other misstatements (c) Adjustments for other misstatements related primarily to misclassifications between line items included within the Consolidated Balance Sheets, as well as the impact of certain income tax adjustments on prepaid income taxes, income taxes payable and deferred income taxes. The misclassification adjustments arose primarily due to the application of differing accounting policies between businesses and collectively with the impact of income tax adjustments resulted in a $19.3 million increase of total assets, an $89.1 million increase of current liabilities, a $32.1 million decrease of long-term liabilities and a $37.7 million decrease of total equities. The increase of total assets related primarily to a $49.2 million increase of inventory with a corresponding increase to accounts payable that resulted from a misclassification adjustment for certain items previously included within a contra-inventory account to accounts payable. The increased inventories were partially offset by a $24.1 million misclassification adjustment to decrease inventory and increase accounts receivable as a result of a timing difference related to the settlement of a single ocean vessel. The increase of total assets was partially offset by a $28.1 million decrease of prepaid income taxes associated with the correction of other misstatements identified during fiscal 2017 and other periods. The increase of current liabilities related primarily to the $49.2 million increase of accounts payable as a result of a misclassification adjustment for certain items previously included within a contra-inventory account to accounts payable and a $38.6 million increase of accrued expenses. The increase of accrued expenses primarily resulted from the recognition of a $24.9 million accrued income tax balance associated with the correction of other misstatements identified during fiscal 2017 and other periods. Additionally, $13.7 million of accrued expenses were recorded in relation to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018. The decrease of long-term liabilities related to a $32.1 million decrease of long-term deferred tax liabilities that arose from the correction of other misstatements identified during fiscal 2017 and other periods. The $37.7 million decrease of total equities was primarily related to the $20.6 million net impact on income tax accounts and the recognition of $13.7 million of additional accrued expenses due to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018. CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Year Ended August 31, 2017 For the Year Ended August 31, 2016 As Previously Reported Restatement Adjustments As Restated As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) Revenues $ 31,934,751 $ 102,675 $ 32,037,426 $ 30,347,203 $ 8,057 $ 30,355,260 a, b, c Cost of goods sold 30,985,510 157,256 31,142,766 29,387,910 (1,395 ) 29,386,515 a, b, c Gross profit 949,241 (54,581 ) 894,660 959,293 9,452 968,745 Marketing, general and administrative 604,359 7,648 612,007 601,261 5 601,266 c Reserve and impairment charges (recoveries), net 456,679 — 456,679 47,836 27,200 75,036 c Operating earnings (loss) (111,797 ) (62,229 ) (174,026 ) 310,196 (17,753 ) 292,443 (Gain) loss on disposal of business — 2,190 2,190 — — — c Interest expense 171,239 — 171,239 113,704 — 113,704 Other (income) loss (90,846 ) (9,105 ) (99,951 ) (47,609 ) — (47,609 ) c Equity (income) loss from investments (137,338 ) — (137,338 ) (175,777 ) — (175,777 ) Income (loss) before income taxes (54,852 ) (55,314 ) (110,166 ) 419,878 (17,753 ) 402,125 Income tax expense (benefit) (182,075 ) 951 (181,124 ) (4,091 ) 23,190 19,099 a, c Net income (loss) 127,223 (56,265 ) 70,958 423,969 (40,943 ) 383,026 Net income (loss) attributable to noncontrolling interests (634 ) — (634 ) (223 ) — (223 ) Net income (loss) attributable to CHS Inc. $ 127,857 $ (56,265 ) $ 71,592 $ 424,192 $ (40,943 ) $ 383,249 For the year ended August 31, 2017 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $38.1 million reduction of income before income taxes and a $47.3 million reduction of net income. These adjustments related primarily to a $38.1 million increase of cost of goods sold and a $9.2 million increase of income tax expense resulting from the tax effect of the freight derivatives and related misstatements. Intercompany misstatements (b) The correction of intercompany misstatements had no impact on income (loss) before income taxes or net income (loss); however, the correction resulted in a $35.7 million decrease of both revenues and cost of goods sold due to different practices of eliminating intercompany sales between CHS's businesses which existed in previous periods. Other misstatements (c) The correction of other misstatements resulted in a $17.2 million decrease of income before income taxes and a $9.0 million decrease of net income. The $17.2 million decrease of income before income taxes related to a $12.1 million increase of cost of goods sold due to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018, a $2.6 million combined increase in cost of goods sold and marketing, general and administrative expenses for postretirement benefit plan activity that resulted from a timing difference associated with recording certain benefit plan expenses and a $2.5 million increase of costs of goods sold related to the valuation of crack spread derivatives. An income tax benefit of $8.2 million partially offset the decrease of income before income taxes and was recorded to adjust for the impact of other identified misstatements, as well as income tax items that had previously been identified and recorded as out of period adjustments in subsequent periods. Additionally, certain misclassification and offsetting adjustments were made between line items included in the Consolidated Statements of Operations primarily due to the application of differing accounting policies between businesses. These misclassification adjustments resulted in a $138.4 million increase of revenues, a $138.3 million increase of cost of goods sold, a $7.0 million increase of marketing, general and administrative expenses, a $2.2 million increase of loss on disposal of business and a $9.1 million increase of other income. For the year ended August 31, 2016 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $15.7 million reduction of income before income taxes and a $9.9 million reduction of net income. These adjustments related to a $15.7 million increase of cost of goods sold and a $5.8 million income tax benefit resulting from the tax effect of the freight derivatives and related misstatements. Intercompany misstatements (b) The correction of intercompany misstatements had no impact on income (loss) before income taxes or net income (loss); however, the correction resulted in a $57.5 million decrease of both revenues and cost of goods sold due to different practices of eliminating intercompany sales between CHS's businesses which existed in previous periods. Other misstatements The correction of other misstatements resulted in a $2.1 million decrease of income before income taxes and a $31.0 million decrease of net income. The $2.1 million decrease of income before income taxes related to a $1.7 million increase of cost of goods sold due to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018 and a $0.4 million increase of costs of goods sold related to the valuation of crack spread derivatives. In addition to the decrease of income before income taxes, additional income tax expense of $29.0 million was recorded to adjust for the impact of other identified misstatements, as well as income tax items that had previously been identified and recorded as out of period adjustments in subsequent periods. Additionally, misclassification and offsetting adjustments were made between line items included in the Consolidated Statements of Operations primarily due to the application of differing accounting policies between businesses between businesses. These adjustments resulted in a $65.6 million increase of revenues, a $38.4 million increase of cost of goods sold and a $27.2 million increase of reserve and impairment charges (recoveries), net. CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended August 31, 2017 For the Year Ended August 31, 2016 As Previously Reported Restatement Adjustments As Restated As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) Net income (loss) $ 127,223 $ (56,265 ) $ 70,958 $ 423,969 $ (40,943 ) $ 383,026 a, b, c Other comprehensive income (loss), net of tax: Postretirement benefit plan activity 30,100 2,602 32,702 6,583 — 6,583 c Unrealized net gain (loss) on available for sale investments 4,385 — 4,385 1,500 — 1,500 Cash flow hedges 2,242 — 2,242 (3,872 ) — (3,872 ) Foreign currency translation adjustment (8,671 ) 512 (8,159 ) (1,730 ) (1,174 ) (2,904 ) a Other comprehensive income (loss), net of tax 28,056 3,114 31,170 2,481 (1,174 ) 1,307 Comprehensive income 155,279 (53,151 ) 102,128 426,450 (42,117 ) 384,333 Less comprehensive income attributable to noncontrolling interests (634 ) — (634 ) (223 ) — (223 ) Comprehensive income attributable to CHS Inc. $ 155,913 $ (53,151 ) $ 102,762 $ 426,673 $ (42,117 ) $ 384,556 For the year ended August 31, 2017 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $47.3 million reduction of net income. Refer to descriptions of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2017, above. The adjustment related to foreign currency translation relates to the foreign currency impact associated with goodwill that was impaired during fiscal 2015. Intercompany misstatements (b) None Other misstatements (c) The correction of other misstatements resulted in a $9.0 million decrease of net income. Refer to descriptions of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2017, above. The adjustment related to postretirement benefit plan activity relates to a timing difference associated with recording certain benefit plan expenses. For the year ended August 31, 2016 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $9.9 million reduction of net income. Refer to descriptions of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2016, above. The adjustment related to foreign currency translation relates to the foreign currency impact associated with goodwill that was impaired during fiscal 2015. Intercompany misstatements (b) None Other misstatements (c) The correction of other misstatements resulted in a $31.0 million decrease of net income. Refer to descriptions of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2016, above. CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITIES For the Years Ended August 31, 2017, 2016, and 2015 Equity Certificates Accumulated Capital Nonpatronage Nonqualified Equity Certificates Preferred Capital Noncontrolling Total (Dollars in thousands) Balances, August 31, 2015 (As previously reported) $ 3,793,897 $ 23,057 $ 282,928 $ 2,167,540 $ (214,207 ) $ 1,604,670 $ 11,526 $ 7,669,411 Cumulative restatement adjustments — — — — 1,370 (119,237 ) (105 ) (117,972 ) Balances, August 31, 2015 (As restated) $ 3,793,897 $ 23,057 $ 282,928 $ 2,167,540 $ (212,837 ) $ 1,485,433 $ 11,421 $ 7,551,439 Balances, August 31, 2016 (As previously reported) $ 3,932,513 $ 22,894 $ 281,767 $ 2,244,132 $ (211,726 ) $ 1,582,380 $ 14,290 $ 7,866,250 Cumulative restatement adjustments (13,802 ) — — — 196 (93,381 ) (104 ) (107,091 ) Balances, August 31, 2016 (As restated) $ 3,918,711 $ 22,894 $ 281,767 $ 2,244,132 $ (211,530 ) $ 1,488,999 $ 14,186 $ 7,759,159 Balances, August 31, 2017 (As previously reported) $ 3,906,426 $ 29,836 $ 405,387 $ 2,264,038 $ (183,670 ) $ 1,471,217 $ 12,591 $ 7,905,825 Cumulative restatement adjustments — — — — 3,310 (203,409 ) (86 ) (200,185 ) Balances, August 31, 2017 (As restated) $ 3,906,426 $ 29,836 $ 405,387 $ 2,264,038 $ (180,360 ) $ 1,267,808 $ 12,505 $ 7,705,640 As of August 31, 2017, 2016, and 2015 The decrease of total equities for each restated period was driven primarily by the elimination of derivative assets and liabilities associated with the freight derivatives and related misstatements. Adjustments for the freight derivatives and related misstatements resulted in a $162.4 million reduction of total equities as of August 31, 2017, a $115.7 million reduction of total equities as of August 31, 2016, and a $104.6 million reduction of total equities as of August 31, 2015. CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year Ended August 31, 2017 As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) Cash flows from operating activities: Net income (loss) $ 127,223 $ (56,265 ) $ 70,958 a, b, c Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 480,223 — 480,223 Amortization of deferred major repair costs 67,058 — 67,058 Equity (income) loss from investments (137,338 ) — (137,338 ) Distributions from equity investments 213,352 — 213,352 Provision for doubtful accounts 177,969 — 177,969 (Gain) loss on disposal of business — 2,190 2,190 c Unrealized (gain) loss on crack spread contingent liability (15,051 ) — (15,051 ) Long-lived asset impairment, net of recoveries 145,042 — 145,042 Reserve against supplier advance payments 130,705 — 130,705 Deferred taxes (175,914 ) (18,553 ) (194,467 ) a, c Other, net 24,044 (3,871 ) 20,173 Changes in operating assets and liabilities, net of acquisitions: Receivables 121,630 25,158 146,788 b, c Inventories (293,549 ) (39,930 ) (333,479 ) b, c Derivative assets 126,824 (12,801 ) 114,023 a, b, c Margin and related deposits 104,214 (6,410 ) 97,804 b, c Supplier advance payments (34,583 ) 631 (33,952 ) b Other current assets and other assets (66,119 ) 15,390 (50,729 ) a, c Customer margin deposits and credit balances (50,920 ) — (50,920 ) Customer advance payments (528 ) (801 ) (1,329 ) b, c Accounts payable and accrued expenses 197,445 30,522 227,967 a, b, c Derivative liabilities (183,287 ) 50,864 (132,423 ) a, b, c Other liabilities (25,446 ) — (25,446 ) Net cash provided by (used in) operating activities 932,994 (13,876 ) 919,118 Cash flows from investing activities: Acquisition of property, plant and equipment (444,397 ) — (444,397 ) Proceeds from disposition of property, plant and equipment 19,541 — 19,541 Expenditures for major repairs (2,340 ) — (2,340 ) Investments in joint ventures and other (16,645 ) — (16,645 ) Changes in CHS Capital notes receivable, net 322 — 322 Financing extended to customers (67,225 ) — (67,225 ) Payments from customer financing 88,154 — 88,154 Other investing activities, net 17,549 — 17,549 Net cash provided by (used in) investing activities (405,041 ) — (405,041 ) Cash flows from financing activities: Proceeds from lines of credit and long-term borrowings 37,295,236 — 37,295,236 Payments on lines of credit, long-term borrowings and capital lease obligations (37,580,959 ) (3,052 ) (37,584,011 ) c Mandatorily redeemable noncontrolling interest payments — — — Preferred stock dividends paid (167,642 ) — (167,642 ) Redemptions of equities (35,268 ) — (35,268 ) Cash patronage dividends paid (103,879 ) — (103,879 ) Other financing activities, net (28,681 ) 5,987 (22,694 ) c Net cash provided by (used in) financing activities (621,193 ) 2,935 (618,258 ) Effect of exchange rate changes on cash and cash equivalents (4,694 ) (19 ) (4,713 ) Net increase (decrease) in cash and cash equivalents (97,934 ) (10,960 ) (108,894 ) Cash and cash equivalents at beginning of period 279,313 10,960 290,273 c Cash and cash equivalents at end of period $ 181,379 $ — $ 181,379 For the year ended August 31, 2017 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $47.3 million reduction of net income for the year ended August 31, 2017. Refer to descriptions of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2017, above. The impact of the adjustments to the Consolidated Balance Sheets as of August 31, 2017, and 2016, resulted in certain misclassifications between line items in the Consolidated Statements of Cash Flows; however, none of the freight derivatives and related misstatements impacted the classifications between operating, investing or financing activities. Refer to descriptions of the adjustments and their impact on the Consolidated Balance Sheet in the Consolidated Balance Sheet section as of August 31, 2017, above. Intercompany misstatements (b) The correction of intercompany misstatements did not impact net income for the year ended August 31, 2017; however, the impact of adjustments to the Consolidated Balance Sheets as of August 31, 2017, and 2016, resulted in certain misclassification adjustments between line items in the Consolidated Statements of Cash Flows. None of the intercompany misstatements impacted the classifications between operating, investing or financing activities within the Consolidated Statements of Cash Flows. Other misstatements (c) The correction of other misstatements resulted in a $9.0 million decrease of net income for the year ended August 31, 2017. Refer to further details of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2017, above. The impact of the adjustments to the Consolidated Balance Sheets as of August 31, 2017, and 2016, resulted in certain misclassification adjustments between line items in the Consolidated Statements of Cash Flows. As a result, two misclassification adjustments were made between operating and financing activities, including a $3.1 million reduction of notes payable resulted from a duplicative entry and the misclassification of a $6.0 million negative cash balance associated with a timing difference for the application of in-transit cash. Refer to descriptions of the adjustments and their impact on the Consolidated Balance Sheet in the Consolidated Balance Sheet section as of August 31, 2017, above. Additionally, an adjustment of $11.0 million was recorded to the opening cash balance, which related to a timing difference associated with the application of in-transit cash. Refer to the Consolidated Statement of Cash Flows for the year ended August 31, 2016, below for further details. CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year Ended August 31, 2016 As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) Cash flows from operating activities: Net income (loss) $ 423,969 $ (40,943 ) $ 383,026 a, b, c Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 447,492 — 447,492 Amortization of deferred major repair costs 73,483 — 73,483 Equity (income) loss from investments (175,777 ) — (175,777 ) Distributions from equity investments 178,464 — 178,464 Provision for doubtful accounts 57,200 — 57,200 Unrealized (gain) loss on crack spread contingent liability (60,931 ) — (60,931 ) Long-lived asset impairment, net of recoveries 27,247 — 27,247 Reserve against supplier advance payments — — — Deferred taxes (24,178 ) 52,368 28,190 a, c Other, net (15,444 ) — (15,444 ) Changes in operating assets and liabilities, net of acquisitions: Receivables 46,405 (44,835 ) 1,570 b, c Inventories 338,662 14,910 353,572 b, c Derivative assets (20,257 ) 50,079 29,822 a, b, c Margin and related deposits (37,115 ) 6,410 (30,705 ) b, c Supplier advance payments 44,047 (632 ) 43,415 b Other current assets and other assets 120,993 7,610 128,603 a, c Customer margin deposits and credit balances 20,841 — 20,841 Customer advance payments 5,664 (12,743 ) (7,079 ) b, c Accounts payable and accrued expenses (129,259 ) (328 ) (129,587 ) a, b, c Derivative liabilities 36,283 (34,840 ) 1,443 a, b, c Other liabilities (94,291 ) — (94,291 ) Net cash provided by (used in) operating activities 1,263,498 (2,944 ) 1,260,554 Cash flows from investing activities: Acquisition of property, plant and equipment (692,780 ) — (692,780 ) Proceeds from disposition of property, plant and equipment 13,417 — 13,417 Expenditures for major repairs (19,610 ) — (19,610 ) Investments in joint ventures and other (2,855,218 ) — (2,855,218 ) Changes in CHS Capital notes receivable, net (209,902 ) — (209,902 ) Financing extended to customers (82,302 ) — (82,302 ) Payments from customer financing 35,188 — 35,188 Other investing activities, net 64,236 — 64,236 Net cash provided by (used in) investing activities (3,746,971 ) — (3,746,971 ) Cash flows from financing activities: Proceeds from lines of credit and long-term borrowings 31, |
Receivables
Receivables | 12 Months Ended |
Aug. 31, 2018 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables as of August 31, 2018 , and 2017 , are as follows: 2018 (As Restated) 2017 (Dollars in thousands) Trade accounts receivable $ 1,578,764 $ 1,258,644 CHS Capital short-term notes receivable 569,379 164,807 Deferred purchase price receivable — 202,947 Other 534,071 491,496 2,682,214 2,117,894 Less allowances and reserves 221,813 225,726 Total receivables $ 2,460,401 $ 1,892,168 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. Receivables from related parties are disclosed in Note 17, Related Party Transactions . During the third quarter of fiscal 2017, a trading partner of ours in Brazil entered bankruptcy-like proceedings under Brazilian law, resulting in a $98.7 million increase to our accounts receivable reserve. We also recorded a reserve of approximately $130.7 million related to supplier advance payments held by this trading partner, which is included in supplier advance payments in the Consolidated Balance Sheets. We initiated efforts to recover these losses during fiscal 2017 and we recorded a recovery of approximately $20.8 million during the fourth quarter of fiscal 2018 within reserve and impairment charges (recoveries), net in the Consolidated Statements of Operations. We continue to pursue additional recoveries in relation to these losses; however, additional recoveries are not estimable and have not been recorded as of the date of this Annual Report on Form 10-K. CHS Capital Notes Receivable 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-term 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 with the addition of 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 $ 203.0 million and $ 17.0 million at August 31, 2018 , and 2017 , respectively. The long-term notes receivable are included in other assets on our Consolidated Balance Sheets. As of August 31, 2018 , and 2017 , the commercial notes represented 40% and 17% , respectively, and the producer notes represented 60% and 83% , respectively, of the total CHS Capital notes receivable. The increase in short-term and long-term notes receivable is the result of the activities described within the Sale of Receivables section below. CHS Capital has commitments to extend credit to customers if there are no violations of any contractually established conditions. As of August 31, 2018 , CHS Capital's customers have additional available credit of $ 706.3 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. No significant amounts of CHS Capital notes were past due as of August 31, 2018 , or August 31, 2017 , and specific and general loan loss reserves related to CHS Capital notes were not material as of either date. Interest Income Interest income is recognized on the accrual basis using a method that computes simple interest on a daily basis. The accrual of interest on commercial loans receivable is discontinued at the time the 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. Troubled Debt Restructurings A restructuring of a loan constitutes a troubled debt restructuring, or restructured loan, if the creditor for economic reasons related to the debtor’s financial difficulties grants a concession to the debtor that it would otherwise not consider. Concessions vary by program and borrower. Concessions may include interest rate reductions, term extensions, payment deferrals, or the acceptance of additional collateral in lieu of payments. In limited circumstances, principal may be forgiven. When a restructured loan constitutes a troubled debt restructuring, CHS includes these loans within its impaired loans. During the third quarter of fiscal 2017 , CHS Capital concluded a transaction with a single producer borrower whereby CHS Capital obtained from the borrower title to approximately 14,000 acres of land and improvements that, prior to the transaction, was owned by the borrower and served as collateral for the outstanding loans to CHS Capital. The amount corresponding to the fair value of the land and improvements was credited against the notes receivable from this single producer borrower. As a result of this arrangement, all remaining outstanding notes receivable balances and corresponding reserves related to this single producer borrower were removed from the balance sheet of CHS Capital, with no incremental impact to the Consolidated Statements of Operations. During the first quarter of fiscal 2018, CHS Capital sold all rights to the outstanding notes receivable which had been previously removed from the balance sheet as they were deemed uncollectible. Through this sale, we realized a small recovery in the first quarter of fiscal year 2018. As of August 31, 2018, and 2017, CHS Capital had no other significant troubled debt restructurings and no third-party borrowers that accounted for more than 10% of the total CHS Capital notes receivable. Sale of Receivables Receivables Securitization Facility On June 28, 2018 , 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 transfers the purchased Receivables to the Purchasers. During the period from July 2017 through the amendment of the Securitization Facility in June 2018 , CHS accounted for Receivables sold under the Facility as a sale of financial assets pursuant to ASC 860, Transfers and Servicing, and the Receivables sold were derecognized from its Consolidated Balance Sheets. Under the terms of the amended Securitization Facility, the transfer of Receivables is accounted for as a secured borrowing. We use the proceeds from the sale of Receivables under the Securitization Facility for general corporate purposes. The Securitization Facility terminates on June 17, 2019 , but may be extended. 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 . Sales of Receivables by Cofina occur continuously and are settled with the Purchasers on a monthly basis. As of August 31, 2018 , and 2017 , the total availability under the Securitization Facility was $645.0 million and $618.0 million , respectively, of which all had been utilized. Prior to amending the Securitization Facility in June 2018, the proceeds from the sale of these Receivables were comprised of a combination of cash and a deferred purchase price (“DPP”) receivable. The DPP receivable was ultimately realized by CHS following the collection of the underlying Receivables sold to the Purchasers. At the time of the amendment to the Securitization Facility in June 2018, $1.0 billion of Receivables and $634.0 million of securitized debt were recognized and a DPP receivable of $386.9 million was removed from the Consolidated Balance Sheets. At the time of a previous amendment to the Securitization Facility in July 2017, $1.1 billion of Receivables and $554.0 million of securitized debt were removed from the Consolidated Balance Sheets and a DPP receivable of $580.5 million was recognized. These amounts have been reflected as non-cash transactions in the Consolidated Statements of Cash Flows and disclosed within Note 16, Supplemental Cash Flow and Other Information . Prior to its derecognition during June 2018, the fair value of the DPP receivable was 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. Refer to Note 14, Fair Value Measurements, for details related to the fair value measurement of the DPP receivable. The following table is a reconciliation of the beginning and ending balances of the DPP receivable, including the long-term portion included in other assets, for the years ended August 31, 2018 , and 2017 : 2018 2017 (Dollars in thousands) Balance - beginning of year $ 548,602 $ — Cash collections on DPP receivable (10,961 ) — Transfer of receivables (386,900 ) 580,509 Monthly settlements, net (169,827 ) (31,907 ) Fair value adjustment 19,086 — Balance - end of year $ — $ 548,602 Loan Participations During fiscal 2018 CHS Capital sold $64.1 million of notes receivable to numerous counterparties under a master participation agreement. The sale resulted in the removal of the notes receivable from the Consolidated Balance Sheet. CHS Capital has no retained interests in the transferred notes receivable, other than collection and administrative services. The proceeds from the sale of the notes receivable have been included in investing activities in the Consolidated Statement of Cash Flows. Fees received related to the servicing of the notes receivables are recorded in other income 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. 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. CHS does not bear any of the costs or operational risks associated with the related growing crops. The financing is largely collateralized by future crops 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 | 12 Months Ended |
Aug. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories as of August 31, 2018 , and 2017 , are as follows: 2018 (As Restated) 2017 (Dollars in thousands) Grain and oilseed $ 1,298,522 $ 1,121,141 Energy 715,161 755,886 Crop nutrients 246,326 248,699 Feed and farm supplies 391,906 402,293 Processed grain and oilseed 99,426 49,723 Other 17,308 23,862 Total inventories $ 2,768,649 $ 2,601,604 As of August 31, 2018 , we valued approximately 16% of inventories, primarily crude oil and refined fuels within 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 $ 345.0 million and $ 186.2 million as of August 31, 2018 , and 2017 , respectively. |
Investments
Investments | 12 Months Ended |
Aug. 31, 2018 | |
Investments [Abstract] | |
Investments | Investments Investments as of August 31, 2018 , and 2017 , are as follows: 2018 2017 (Dollars in thousands) Equity method investments: CF Industries Nitrogen, LLC $ 2,735,073 $ 2,756,076 Ventura Foods, LLC 360,150 347,016 Ardent Mills, LLC 205,898 206,529 Other equity method investments 288,016 309,767 Cost method and other investments 122,788 131,605 Total investments $ 3,711,925 $ 3,750,993 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 significant equity method investments consist of CF Nitrogen, Ventura Foods, and Ardent Mills, LLC ("Ardent Mills"), which are summarized below. CF Nitrogen On February 1, 2016, we invested $2.8 billion in CF Nitrogen, commencing our strategic venture with CF Industries Holdings, Inc. The investment consists of an approximate 10% membership interest (based on product tons) in CF Nitrogen. We also entered into an 80 -year supply agreement that entitles us to purchase up to 1.1 million tons of granular urea and 580,000 tons of urea ammonium nitrate ("UAN") annually from CF Nitrogen for ratable delivery. Our purchases under the supply agreement are based on prevailing market prices and we receive semi-annual cash distributions (in January and July of each year) from CF Nitrogen via our membership interest. These distributions are based on actual volumes purchased from CF Nitrogen under the strategic venture and will have the effect of reducing our investment to zero over 80 years on a straight-line basis. We account for this investment using the hypothetical liquidation at book value method, recognizing our share of the earnings and losses of CF Nitrogen based upon our contractual claims on the entity's net assets pursuant to the liquidation provisions of CF Nitrogen's Limited Liability Company Agreement, adjusted for the semi-annual cash distributions. For the years ended August 31, 2018 , and 2017 , these amounts were $106.9 million and $66.5 million , respectively, and are included as equity income from investments in our Nitrogen Production segment. The following tables provide aggregate summarized financial information for CF Nitrogen for the balance sheets as of August 31, 2018 , and 2017 , and the statements of operations for the twelve months ended August 31, 2018 , and 2017 , and the seven months ended August 31, 2016 : 2018 2017 (Dollars in thousands) Current assets $ 576,076 $ 394,089 Non-current assets 7,447,594 7,314,629 Current liabilities 215,104 390,206 Non-current liabilities 71 6 2018 2017 2016 (Dollars in thousands) Net sales $ 2,449,695 $ 2,051,159 $ 1,027,142 Gross profit 423,612 195,142 243,911 Net earnings 401,295 123,965 186,665 Earnings attributable to CHS Inc. 106,895 66,530 74,700 Ventura Foods and Ardent Mills We have a 50% interest in Venture Foods which is a joint venture that produces and distributes primarily vegetable oil-based products and we have a 12% interest in Ardent Mills, which is 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 Ventura Foods and Ardent Mills as equity method investments included in Corporate and Other. The following tables provide aggregate summarized financial information for our equity method investments in Ventura Foods and Ardent Mills for balance sheets as of August 31, 2018 , and 2017 , and statements of operations for the twelve months ended August 31, 2018 , 2017 and 2016 : 2018 2017 (Dollars in thousands) Current assets $ 1,462,590 $ 1,483,384 Non-current assets 2,331,295 2,358,434 Current liabilities 671,928 685,462 Non-current liabilities 693,360 765,078 2018 2017 2016 (Dollars in thousands) Net sales $ 5,882,035 $ 5,762,849 $ 5,694,622 Gross profit 601,927 673,329 677,920 Net earnings 226,776 265,126 265,025 Earnings attributable to CHS Inc. 46,069 60,716 88,936 Our investments in other equity method investees are not significant in relation to our consolidated financial statements, either individually or in the aggregate. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Aug. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment As of August 31, 2018 , and 2017 , major classes of property, plant and equipment, which include capital lease assets, consisted of the amounts in the table below. 2018 2017 (Dollars in thousands) Land and land improvements $ 341,767 $ 357,829 Buildings 1,034,860 1,030,478 Machinery and equipment 7,199,509 6,950,435 Office equipment and other 316,946 235,361 Construction in progress 204,207 327,682 9,097,289 8,901,785 Less accumulated depreciation and amortization 3,955,570 3,545,351 Total property, plant and equipment $ 5,141,719 $ 5,356,434 We have various assets under capital leases totaling $50.0 million and $58.2 million as of August 31, 2018 , and 2017 , respectively. Accumulated amortization on assets under capital leases was $18.9 million and $27.4 million as of August 31, 2018 , and 2017 , respectively. The following is a schedule by fiscal year of future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of August 31, 2018 : (Dollars in thousands) 2019 $ 4,845 2020 4,595 2021 4,197 2022 3,593 2023 3,427 Thereafter 7,936 Total minimum future lease payments 28,593 Less amount representing interest 3,313 Present value of net minimum lease payments $ 25,280 During fiscal 2017, our Ag segment recorded an impairment charge of $30.4 million from the reduction in the fair value of agricultural assets held, which was determined using a market-based approach. In addition, our Energy segment recorded an impairment charge of $32.7 million associated with the cancellation of a capital project during fiscal 2017. These impairments were included in the reserve and impairment charges (recoveries), net line of the Consolidated Statements of Operations. Depreciation expense, including amortization of capital lease assets, for the years ended August 31, 2018 , 2017 , and 2016 , was $ 475.8 million , $ 475.9 million and $ 437.6 million , respectively. |
Other Assets
Other Assets | 12 Months Ended |
Aug. 31, 2018 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Other assets as of August 31, 2018 , and 2017 , are as follows: 2018 (As Restated) 2017 (Dollars in thousands) Goodwill $ 138,464 $ 138,454 Customer lists, trademarks and other intangible assets 29,338 33,330 Notes receivable 211,986 51,586 Deferred purchase price receivable — 345,655 Long-term derivative assets 23,084 40,897 Prepaid pension and other benefits 101,539 122,433 Capitalized major maintenance 130,780 105,006 Cash value life insurance 123,010 118,677 Other 76,128 124,343 $ 834,329 $ 1,080,381 Changes in the net carrying amount of goodwill for the years ended August 31, 2018 , and 2017, by segment, are as follows: Energy Ag Corporate Total (Dollars in thousands) Balances, August 31, 2016 - As previously reported $ 552 $ 148,916 $ 10,946 $ 160,414 Cumulative restatement adjustments — (16,130 ) — (16,130 ) Balances, August 31, 2016 - As restated 552 132,786 10,946 144,284 Effect of foreign currency translation adjustments — 352 — 352 Impairment — (5,542 ) — (5,542 ) Other — (268 ) (372 ) (640 ) Balances, August 31, 2017 - As restated $ 552 $ 127,328 $ 10,574 $ 138,454 Effect of foreign currency translation adjustments — 10 — 10 Other — — — — Balances, August 31, 2018 $ 552 $ 127,338 $ 10,574 $ 138,464 No goodwill has been allocated to our Nitrogen Production segment, which consists of a single investment accounted for under the equity method. All long-lived assets, including property, plant and equipment, goodwill, investments in unconsolidated affiliates and other identifiable intangible assets, are evaluated for impairment in accordance with U.S. GAAP. Goodwill is evaluated for impairment annually as of July 31. All long-lived assets, including goodwill, are also evaluated for impairment whenever triggering events or other circumstances indicate that the carrying amount of an asset group or reporting unit may not be recoverable. No material impairments related to long-lived assets were recorded, and no goodwill impairments were identified as a result of CHS’s annual goodwill analyses performed as of July 31, 2018. During the year ended August 31, 2017, certain assets and liabilities associated with a disposal group in our Ag segment were classified as held for sale, including $5.5 million of goodwill allocated to the disposal group on a relative fair value basis. As a result of impairment tests performed over the disposal group, impairment charges of $78.8 million , which includes the allocated goodwill, were recorded in the reserve and impairment charges (recoveries), net line item in the Consolidated Statements of Operations for the year ended August 31, 2017. The disposal group assets were sold during the year ended August 31, 2018, and the related recoveries were recorded in the reserve and impairment charges (recoveries), net line item in the Consolidated Statements of Operations. 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 included in other assets on our Consolidated Balance Sheets is as follows: August 31, 2018 August 31, 2017 Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Amortization Net (Dollars in thousands) Customer lists $ 40,815 $ (13,082 ) $ 27,733 $ 46,180 $ (14,695 ) $ 31,485 Trademarks and other intangible assets 6,536 (4,931 ) 1,605 23,623 (21,778 ) 1,845 Total intangible assets $ 47,351 $ (18,013 ) $ 29,338 $ 69,803 $ (36,473 ) $ 33,330 Intangible asset amortization expense for the years ended August 31, 2018 , 2017 , and 2016 , was $3.4 million , $4.3 million and $6.1 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) 2019 $ 3,355 2020 3,272 2021 3,201 2022 2,989 2023 2,910 Thereafter 13,515 Total $ 29,242 Activity related to capitalized major maintenance costs at our refineries for the years ended August 31, 2018 , 2017 , and 2016 , is summarized below: Balance at Cost Amortization Balance at (Dollars in thousands) 2018 $ 105,006 $ 87,460 $ (61,686 ) $ 130,780 2017 169,054 3,010 (67,058 ) 105,006 2016 241,588 949 (73,483 ) 169,054 |
Notes Payable and Long-Term Deb
Notes Payable and Long-Term Debt | 12 Months Ended |
Aug. 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 August 31, 2018 . Notes Payable Notes payable as of August 31, 2018 , and 2017 , consisted of the following: Weighted-average Interest Rate 2018 (As Restated) 2018 (As Restated) (Dollars in thousands) Notes payable 3.50% 2.40% $ 1,437,264 $ 1,695,423 CHS Capital notes payable 2.82% 1.90% 834,932 289,740 Total notes payable $ 2,272,196 $ 1,985,163 Our primary committed line of credit is a five -year, unsecured revolving credit facility with a syndication of domestic and international banks. We maintain a series of uncommitted bilateral facilities that are renewed annually. Amounts borrowed under these short-term credit facilities are used to fund our working capital. The following table summarizes our primary lines of credit as of August 31, 2018 , and 2017 : Primary Revolving Credit Facilities Fiscal Year of Maturity Total Capacity Borrowings Outstanding Interest Rates 2018 2018 2017 (Dollars in thousands) Committed Five-Year Unsecured Facility 2021 $ 3,000,000 $— $480,000 LIBOR or Base Rate +0.00% to 1.45% Uncommitted Bilateral Facilities 2019 515,000 515,000 350,000 LIBOR or Base Rate +0.00% to 1.20% In addition to our primary revolving lines of credit, we have a three -year $315.0 million committed revolving pre-export credit facility for CHS Agronegocio Industria e Comercio Ltda ("CHS Agronegocio"), our wholly-owned subsidiary, to provide financing for its working capital needs arising from its purchases and sales of grains, fertilizers and other agricultural products which expires in April 2020. As of August 31, 2018 , the outstanding balance under the facility was $181.1 million . As of August 31, 2018 , our wholly-owned subsidiaries, CHS Europe S.a.r.l. and CHS Agronegocio, had uncommitted lines of credit with $454.1 million outstanding. In addition, our other international subsidiaries had lines of credit with a total of $279.4 million outstanding as of August 31, 2018 , of which $40.5 million was collateralized. Miscellaneous short-term notes payable totaled $7.4 million as of August 31, 2018 . CHS Capital Notes Payable On June 28, 2018 , we amended our Securitization Facility with the Purchasers. Under the Securitization Facility, we and certain of our subsidiaries sell Receivables to Cofina, a wholly-owned bankruptcy-remote indirect subsidiary of CHS. Cofina in turn transfers the purchased Receivables to the Purchasers. During the period from July 2017 through the amendment of the Securitization Facility in June 2018 , CHS accounted for Receivables sold under the Securitization Facility as a sale of financial assets pursuant to ASC 860, Transfers and Servicing, and the Receivables sold were derecognized from its Consolidated Balance Sheets. Under the terms of the amended Securitization Facility, the transfer of Receivables is accounted for as a secured borrowing. We use the proceeds from the sale of Receivables under the Securitization Facility for general corporate purposes. The Securitization Facility terminates on June 17, 2019 , but may be extended. See Note 3, Receivables for additional information. CHS Capital has available credit under master participation agreements with several counterparties. Borrowings under these agreements are accounted for as secured borrowings and bear interest at variable rates ranging from 2.22% to 3.72% as of August 31, 2018. As of August 31, 2018, the total funding commitment under these agreements was $36.0 million , of which $6.3 million was borrowed. CHS Capital sells loan commitments it has originated to ProPartners Financial on a recourse basis. The total outstanding commitments under the program totaled $180.9 million as of August 31, 2018 , of which $98.3 million was borrowed under these commitments with an interest rate of 3.22% . CHS Capital borrows funds under short-term notes issued as part of a surplus funds program. Borrowings under this program are unsecured and bear interest at variable rates ranging from 0.10% to 1.40% as of August 31, 2018 , and are due upon demand. Borrowings under these notes totaled $69.3 million as of August 31, 2018 . Long-Term Debt During the year ended August 31, 2018 , we repaid approximately $208 million of long-term debt consisting of scheduled debt maturities and optional prepayments. There were no new material borrowings of long-term debt during fiscal 2018. Amounts included in long-term debt on our Consolidated Balance Sheets as of August 31, 2018 , and 2017 , are presented in the table below. 2018 2017 (Dollars in thousands) 6.18% unsecured notes $400 million face amount, due in equal installments beginning in 2014 through 2018 $ — $ 80,000 5.60% unsecured notes $60 million face amount, due in equal installments beginning in 2012 through 2018 — 4,615 5.78% unsecured notes $50 million face amount, due in equal installments beginning in 2014 through 2018 — 10,000 4.00% unsecured notes $100 million face amount, due in equal installments beginning in 2017 through 2021 60,000 80,000 4.08% unsecured notes $130 million face amount, due in 2019 (a) 129,229 130,690 4.52% unsecured notes $160 million face amount, due in 2021 (a) 157,528 163,496 4.67% unsecured notes $130 million face amount, due in 2023 (a) 128,577 135,792 4.39% unsecured notes $152 million face amount, due in 2023 152,000 152,000 3.85% unsecured notes $80 million face amount, due in 2025 80,000 80,000 3.80% unsecured notes $100 million face amount, due in 2025 100,000 100,000 4.58% unsecured notes $150 million face amount, due in 2025 145,213 149,293 4.82% unsecured notes $80 million face amount, due in 2026 80,000 80,000 4.69% unsecured notes $58 million face amount, due in 2027 58,000 58,000 4.74% unsecured notes $95 million face amount, due in 2028 95,000 95,000 4.89% unsecured notes $100 million face amount, due in 2031 100,000 100,000 4.71% unsecured notes $100 million face amount, due in 2033 100,000 100,000 5.40% unsecured notes $125 million face amount, due in 2036 125,000 125,000 Private Placement debt 1,510,547 1,643,886 5.59% unsecured term loans from cooperative and other banks, due in equal installments beginning in 2013 through 2018 — 15,000 2.25% unsecured term loans from cooperative and other banks, due in 2025 (b) 366,000 430,000 Bank financing 366,000 445,000 Capital lease obligations 25,280 33,075 Other notes and contracts with interest rates from 1.30% to 15.25% 32,607 62,652 Deferred financing costs (4,179 ) (4,820 ) Total long-term debt 1,930,255 2,179,793 Less current portion 167,565 156,345 Long-term portion $ 1,762,690 $ 2,023,448 _______________________________________ (a) We have entered into interest rate swaps designated as fair value hedging relationships with these notes. Changes in the fair value of the swaps are recorded each period with a corresponding adjustment to the carrying value of the debt. See Note 13, Derivative Financial Instruments and Hedging Activities for more information. (b) Borrowings are variable under the agreement and bear interest at a base rate (or a LIBO rate) plus an applicable margin. As of August 31, 2018 , the carrying value of our long-term debt approximated its fair value, which is estimated to be $1.8 billion based on quoted market prices of similar debt (a Level 2 fair value measurement based on the classification hierarchy of ASC Topic 820, Fair Value Measurement ). We have outstanding interest rate swaps designated as fair value hedges of select portions of our fixed-rate debt. During fiscal 2018, we recorded corresponding fair value adjustments of $18.7 million , which are included in the amounts in the table above. See Note 13, Derivative Financial Instruments and Hedging Activities for additional information. In September 2015, we entered into a 10 -year term loan with a syndication of banks. The agreement provides for committed term loans in an amount up to $600.0 million . As of August 31, 2018 , $236.0 million was outstanding under this agreement. In June 2016, we amended the 10 -year term loan so that $300.0 million of the $600.0 million loan balance possessed a revolving feature, whereby we were able to pay down and re-advance an amount up to the referenced $300.0 million . During fiscal 2017, we re-advanced $130.0 million under the revolving provision of the loan. As of August 31, 2018 , $130.0 million was outstanding under this agreement. Principal on the outstanding balances is payable in full in September 2025. Long-term debt outstanding as of August 31, 2018 , has aggregate maturities, excluding fair value adjustments and capital leases (see Note 6, Property, Plant and Equipment for a schedule of minimum future lease payments under capital leases), as follows: (Dollars in thousands) 2019 $ 162,846 2020 30,671 2021 182,472 2022 65 2023 282,065 Thereafter 1,260,570 Total $ 1,918,689 Interest expense for the years ended August 31, 2018 , 2017 , and 2016 , was $149.2 million , $171.2 million and $113.7 million , respectively, net of capitalized interest of $6.7 million , $6.9 million and $30.3 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for (benefit from) income taxes for the years ended August 31, 2018 , 2017 , and 2016 is as follows: 2018 (As Restated) (As Restated) (Dollars in thousands) Current: Federal $ 15,576 $ 8,394 $ (14,536 ) State 7,041 (1,787 ) 2,427 Foreign 20,268 6,736 3,018 42,885 13,343 (9,091 ) Deferred: Federal (146,780 ) (173,184 ) 34,753 State (127 ) (13,244 ) (13,684 ) Foreign (54 ) (8,039 ) 7,121 (146,961 ) (194,467 ) 28,190 Total $ (104,076 ) $ (181,124 ) $ 19,099 The tax expense above for fiscal 2017 and 2016 are restatements of originally filed amounts to reflect necessary tax adjustments caused by restatements to pre-tax income for the relevant periods as well as to reflect certain tax only adjustments moved to or from other years. For fiscal 2017 and 2016, the adjustments to tax expense were $1.0 million and $23.2 million , respectively. In addition, the disclosures of deferred tax assets for fiscal 2017 discussed below similarly reflect restatements from originally filed amounts for changes in book income and tax only adjustments to or from previous years. The net deferred tax liability for fiscal 2017 reflects a total adjustment from originally filed for $3.7 million . All other disclosures reflect amounts after restatement. Domestic income before income taxes was $717.4 million , $158.5 million , and $473.0 million for the years ended August 31, 2018 , 2017 , and 2016 , respectively. Foreign income before income taxes was ($46.2) million , ($268.7) million , and ($70.9) million for the years ended August 31, 2018, 2017, and 2016, respectively. On December 22, 2017, the Tax Act was enacted into law. The Tax Act provides for significant U.S. tax law changes that reduced our 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 was 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 have not historically had a material impact on our consolidated financial statements. 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 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. As discussed in Note 1, Organization, Basis of Presentation and Significant Accounting Policies , the FASB issued ASU 2018-05 during March 2018, which allows for entities to report provisional amounts for specific income tax effects associated with the Tax Act for which the accounting is not complete, but a reasonable estimate can be determined. As of August 31, 2018, we have not finalized our work associated with the income tax effects of the enactment of the Tax Act; however, a reasonable estimate was provisionally recorded as a net benefit of $155.2 million from the revaluation of our U.S. net deferred tax liability that resulted from the reduced federal corporate tax rate and CHS being subject to the employee compensation deduction limitations imposed by Internal Revenue Code Section 162(m). We have provisionally estimated that we will not have a transition tax liability; however, we continue to gather additional information and will refine that estimate, if necessary. Additionally, we continue to review the anticipated impacts of global intangible low-taxed income ("GILTI"), including whether its tax effects should be accounted for 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 currently unable to make a reasonable estimate of this provision and have not recorded any impact associated with GILTI in the tax rate for the year ended August 31, 2018. Deferred taxes are comprised of basis differences related to investments, accrued liabilities and certain federal and state tax credits. Deferred tax assets and liabilities as of August 31, 2018 , and 2017 , are as follows: 2018 (As Restated) (Dollars in thousands) Deferred tax assets: Accrued expenses $ 138,417 $ 227,877 Postretirement health care and deferred compensation 41,797 82,682 Tax credit carryforwards 154,240 169,549 Loss carryforwards 104,519 156,615 Nonqualified equity 178,046 140,009 Major maintenance 5,484 13,011 Other 83,580 83,138 Deferred tax assets valuation reserve (230,373 ) (289,082 ) Total deferred tax assets 475,710 583,799 Deferred tax liabilities: Pension 19,397 32,150 Investments 98,608 130,816 Property, plant and equipment 513,238 709,313 Other 26,828 40,323 Total deferred tax liabilities 658,071 912,602 Net deferred tax liabilities $ 182,361 $ 328,803 We have total gross loss carry forwards of $531.1 million , of which $342.8 million will expire over periods ranging from fiscal 2019 to fiscal 2040. The remainder will carry forward indefinitely. Based on estimates of future taxable profits and losses in certain foreign tax jurisdictions, as well as consideration of other factors, we assessed whether a valuation allowance was necessary to reduce specific foreign loss carry forwards to amounts that we believe are more likely than not to be realized as of August 31, 2018 . If our estimates prove inaccurate, adjustments to the valuation allowances may be required in the future with gains or losses being charged to income in the period such determination is made. During fiscal 2018 , valuation allowances related to foreign operations decreased by $33.8 million due to net operating loss carry forwards and other timing differences. CHS McPherson Refinery Inc. ("CHS McPherson") (formerly known as National Cooperative Refinery Association) gross state tax credit carry forwards for income tax were approximately $121.6 million and $172.9 million as of August 31, 2018 , and 2017 , respectively. During the year ended August 31, 2018 , the valuation allowance for CHS McPherson decreased by $17.0 million , net of federal tax, due to a change in the amount of state tax credits that will be available for use and estimated to be utilized. The significant decrease in state tax credit carry forwards resulted from the CHS McPherson expansion project qualifying for an alternative Kansas state credit than the credit under which the project previously qualified. CHS McPherson's valuation allowance on Kansas state credits is necessary due to the limited amount of taxable income generated in Kansas by the combined group on an annual basis. Our foreign tax credit of $11.2 million was generated in fiscal 2018 and will expire in ten years. Our alternative minimum tax credit of $6.1 million will not expire. Our general business credits of $61.2 million , comprised primarily of low sulfur diesel credits, will begin to expire on August 31, 2027 and our state tax credits of $121.6 million will begin to expire on August 31, 2019. As of August 31, 2018 , and 2017 , net deferred tax assets of $0.4 million and $1.2 million were included in other assets, respectively. The reconciliation of the statutory federal income tax rates to the effective tax rates for the years ended August 31, 2018 , 2017 , and 2016 is as follows: 2018 (As Restated) (As Restated) Statutory federal income tax rate 25.7 % 35.0 % 35.0 % State and local income taxes, net of federal income tax benefit 0.7 12.1 0.3 Patronage earnings (13.6 ) 91.7 (21.2 ) Domestic production activities deduction (8.4 ) 30.5 (12.1 ) Export activities at rates other than the U.S. statutory rate 6.1 51.6 (3.0 ) U.S. tax reform (23.2 ) — — Intercompany transfer of business assets (6.1 ) — — Increase in unrecognized tax benefits 6.8 — — Valuation allowance (3.4 ) (77.1 ) 25.4 Tax credits 0.7 22.8 (14.1 ) Crack spread contingency — 4.8 (5.3 ) Other (0.8 ) (7.0 ) (0.3 ) Effective tax rate (15.5 )% 164.4 % 4.7 % The primary drivers of the fiscal 2018 income tax benefit are the recognition of deferred benefits from the revaluation of our net deferred tax liability resulting from the Tax Act, the intercompany transfer of a business on December 1, 2017 and a current tax benefit from retaining a significant portion of the DPAD, which were partially offset by deferred tax expense from an increase in our unrecognized tax benefit as descried below. The components of the income tax benefit disclosed as a percentage of income (loss) before income taxes in the reconciliation of the statutory federal income tax rate for the year ended August 31, 2017 , were magnified because our fiscal 2017 income tax benefit was unusually large in relation to our income (loss) before income taxes. The primary drivers of the fiscal 2017 income tax benefit were the recognition of deferred tax benefits related to the issuance of non-qualified equity certificates for fiscal 2013 and 2014, which is disclosed within ‘Patronage earnings’ and U.S. and Brazil deductions related to the Brazilian trading partner loss, which are disclosed within ‘Statutory federal income tax rate’ and ‘Export activities at rates other than the U.S. statutory rate’, respectively, as well as a current tax benefit from retaining a significant portion of the DPAD. A significant income tax expense within the fiscal 2017 income tax benefit is an increase in the valuation allowance against deferred tax assets generated in the Brazilian trading partner loss and Kansas state tax credits. We file income tax returns in the U.S. federal jurisdiction, as well as various state and foreign jurisdictions. Our uncertain tax positions are affected by the tax years that are under audit or remain subject to examination by the relevant taxing authorities. In addition to the current year, fiscal 2007 through 2017 remain subject to examination, at least for certain issues. We account for our income tax provisions in accordance with ASC Topic 740, Income Taxes , which prescribes a minimum threshold that a tax provision is required to meet before being recognized in our consolidated financial statements. This interpretation requires us to recognize in our consolidated financial statements tax positions determined more likely than not to be sustained upon examination, based on the technical merits of the position. A reconciliation of the gross beginning and ending amounts of unrecognized tax benefits for the periods presented follows: 2018 2017 2016 (Dollars in thousands) Balance at beginning of period $ 37,830 $ 37,105 $ 72,181 Additions attributable to current year tax positions 3,640 725 1,387 Additions attributable to prior year tax positions 49,665 — — Reductions attributable to prior year tax positions — — (36,463 ) Balance at end of period $ 91,135 $ 37,830 $ 37,105 During fiscal 2018 , adverse judicial opinions received by other taxpayers with similar filing positions resulted in an increase to our unrecognized tax benefits primarily for excise tax credits related to the blending and sale of renewable fuels deducted from income taxes. During fiscal 2017 , we increased our unrecognized tax benefits for excise tax credits related to the blending and sale of renewable fuels deducted for income taxes. During fiscal 2016 , we decreased our unrecognized tax benefits due to a settlement with the Internal Revenue Service and increased our unrecognized tax benefits for excise tax credits related to the blending and sale of renewable fuels deducted for income taxes. If we were to prevail on all positions taken in relation to uncertain tax positions, $83.3 million of the unrecognized tax benefits would ultimately benefit our effective tax rate. However, we do not believe it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months. We recognize interest and penalties related to unrecognized tax benefits in our provision for income taxes. We recognized $1.2 million for interest related to unrecognized tax benefits in our Consolidated Statement of Operations for the year ended August 31, 2018 , and a related $1.2 million interest payable on our Consolidated Balance Sheet as of August 31, 2018 . No interest or penalties were recognized in our Consolidated Statements of Operations for the years ended August 31, 2017 , and 2016 and no interest payable was recorded on our Consolidated Balance Sheet as of August 31, 2017 . |
Equities
Equities | 12 Months Ended |
Aug. 31, 2018 | |
Equity [Abstract] | |
Equities | Equities In accordance with our bylaws and by action of the Board of Directors, annual net earnings from patronage sources are distributed to consenting patrons following the close of each fiscal year, and are based on amounts using financial statement earnings. The cash portion of the qualified patronage distribution, if any, is determined annually by the Board of Directors, with the balance issued in the form of qualified and/or non-qualified capital equity certificates. Total patronage distributions for fiscal 2018 are estimated to be $420.3 million , with the qualified cash portion estimated to be $75.0 million and non-qualified equity distributions of $345.3 million . No portion of annual net earnings for fiscal 2018 will be issued in the form of qualified capital equity certificates. Patronage distributions in fiscal 2017 were $128.8 million , with no cash portion. The actual patronage distributions and cash portion for fiscal 2016 , and 2015 were $ 257.5 million ( $103.9 million in cash), and $627.2 million ( $251.7 million in cash), respectively. Annual net earnings from patronage or other sources may be added to the unallocated capital reserve or, upon action by the Board of Directors, may be allocated to members in the form of nonpatronage equity certificates. The Board of Directors authorized, in accordance with our bylaws, that 10% of the earnings from patronage business for fiscal 2018 , 2017 , and 2016 be added to our capital reserves. Redemptions of outstanding equity are at the discretion of the Board of Directors. Redemptions of capital equity certificates approved by the Board of Directors are divided into two pools, one for non-individuals (primarily member cooperatives) who may participate in an annual redemption program for qualified equities held by them and another for individual members who are eligible for equity redemptions at age 70 or upon death. Beginning with fiscal 2017 patronage (for which distributions were made in fiscal 2018), CHS's redemption policy includes a redemption program for individuals similar to the one that was previously only available to non-individual members, subject to the CHS Board of Directors' overall discretion whether to redeem outstanding equity. In accordance with authorization from the Board of Directors, we expect total redemptions related to the year ended August 31, 2018 , that will be distributed in fiscal 2019 , to be approximately $75.0 million . This amount is classified as a current liability on our August 31, 2018 , Consolidated Balance Sheet. During the years ended August 31, 2018 , 2017 , and 2016 , we redeemed in cash, outstanding owners' equities in accordance with authorization from the Board of Directors, in the amounts of $ 8.8 million , $35.3 million and $ 23.9 million , respectively. In March 2017, we redeemed approximately $20.0 million of patrons' equities by issuing 695,390 shares of Class B Cumulative Redeemable Preferred Stock, Series 1 ("Class B Series 1 Preferred Stock"), with a total redemption value of $17.4 million , excluding accumulated dividends. Each share of Class B Series 1 Preferred Stock was issued in redemption of $28.74 of patrons' equities in the form of capital equity certificates. Additionally, in fiscal 2016, we redeemed approximately $76.8 million of patrons' equities by issuing 2,693,195 shares of Class B Series 1 Preferred Stock with a total redemption value of $67.3 million , excluding accumulated dividends. Each share of Class B Series 1 Preferred Stock was issued in redemption of $28.50 of patrons' equities in the form of capital equity certificates. Preferred Stock The following is a summary of our outstanding preferred stock as of August 31, 2018 , all shares of which are listed on the Global Select Market of Nasdaq: Nasdaq symbol Issuance date Shares outstanding Redemption value Net proceeds (a) Dividend rate (b) (c) Dividend payment frequency Redeemable beginning (d) (Dollars in millions) 8% Cumulative Redeemable CHSCP (e) 12,272,003 $ 306.8 $ 311.2 8.00 % Quarterly 7/18/2023 Class B Cumulative Redeemable, Series 1 CHSCO (f) 21,459,066 $ 536.5 $ 569.3 7.875 % Quarterly 9/26/2023 Class B Reset Rate Cumulative Redeemable, Series 2 CHSCN 3/11/2014 16,800,000 $ 420.0 $ 406.2 7.10 % Quarterly 3/31/2024 Class B Reset Rate Cumulative Redeemable, Series 3 CHSCM 9/15/2014 19,700,000 $ 492.5 $ 476.7 6.75 % Quarterly 9/30/2024 Class B Cumulative Redeemable, Series 4 CHSCL 1/21/2015 20,700,000 $ 517.5 $ 501.0 7.50 % Quarterly 1/21/2025 (a) Includes patrons' equities redeemed with preferred stock. (b) The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 2 accumulates dividends at a rate of 7.10% per year until March 31, 2024, and then at a rate equal to the three-month LIBOR plus 4.298% , not to exceed 8.00% per annum, subsequent to March 31, 2024. (c) The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 3 accumulates dividends at a rate of 6.75% per year until September 30, 2024, and then at a rate equal to the three-month LIBOR plus 4.155% , not to exceed 8.00% per annum, subsequent to September 30, 2024. (d) Preferred stock is redeemable for cash at our option, in whole or in part, at a per share price equal to the per share liquidation preference of $25.00 per share, plus all dividends accumulated and unpaid on that share to and including the date of redemption, beginning on the dates set forth in this column. (e) The 8% Cumulative Redeemable Preferred Stock was issued at various times from 2003 through 2010. (f) Shares of Class B Cumulative Redeemable Preferred Stock, Series 1 were issued on September 26, 2013, August 25, 2014, March 31, 2016 and March 30, 2017. We made dividend payments on our preferred stock of $168.7 million , $167.6 million , and $163.3 million , during the years ended August 31, 2018 , 2017 and 2016 , respectively. As of August 31, 2018 , we have no authorized but unissued shares of preferred stock. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive income (loss) by component, for the years ended August 31, 2018 , 2017 , and 2016 are as follows: Pension and Other Postretirement Benefits Unrealized Net Gain (Loss) on Available for Sale Investments Cash Flow Hedges Foreign Currency Translation Adjustment Total (Dollars in thousands) Balance as of August 31, 2015, net of tax (As previously reported) $ (171,729 ) $ 4,156 $ (5,324 ) $ (41,310 ) $ (214,207 ) Cumulative restatement adjustments — — — 1,370 1,370 Balance as of August 31, 2015, net of tax (As restated) (171,729 ) 4,156 (5,324 ) (39,940 ) (212,837 ) Other comprehensive income (loss), before tax: Amounts before reclassifications (10,512 ) 2,447 (11,353 ) (2,210 ) (21,628 ) Amounts reclassified out 20,998 — 5,071 469 26,538 Total other comprehensive income (loss), before tax 10,486 2,447 (6,282 ) (1,741 ) 4,910 Tax effect (3,903 ) (947 ) 2,410 (1,163 ) (3,603 ) Other comprehensive income (loss), net of tax 6,583 1,500 (3,872 ) (2,904 ) 1,307 Balance as of August 31, 2016, net of tax (As restated) (165,146 ) 5,656 (9,196 ) (42,844 ) (211,530 ) Other comprehensive income (loss), before tax: Amounts before reclassifications 25,216 7,117 1,892 (7,960 ) 26,265 Amounts reclassified out 26,174 — 1,742 15 27,931 Total other comprehensive income (loss), before tax 51,390 7,117 3,634 (7,945 ) 54,196 Tax effect (18,688 ) (2,732 ) (1,392 ) (214 ) (23,026 ) Other comprehensive income (loss), net of tax 32,702 4,385 2,242 (8,159 ) 31,170 Balance as of August 31, 2017, net of tax (As restated) (132,444 ) 10,041 (6,954 ) (51,003 ) (180,360 ) Other comprehensive income (loss), before tax: Amounts before reclassifications 7,633 21,078 1,031 (10,062 ) 19,680 Amounts reclassified out 21,804 (25,534 ) 1,704 (2,042 ) (4,068 ) Total other comprehensive income (loss), before tax 29,437 (4,456 ) 2,735 (12,104 ) 15,612 Tax effect (9,371 ) 1,308 (195 ) 83 (8,175 ) Other comprehensive income (loss), net of tax 20,066 (3,148 ) 2,540 (12,021 ) 7,437 Reclassification of tax effects to retained earnings (27,957 ) 1,968 (1,468 ) 465 (26,992 ) Balance as of August 31, 2018, net of tax $ (140,335 ) $ 8,861 $ (5,882 ) $ (62,559 ) $ (199,915 ) During fiscal 2018, we adopted ASU No. 2018-02, Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income . Under U.S. GAAP, the effects of tax law changes on deferred tax balances, including adjustments to deferred taxes originally recorded to accumulated other comprehensive income (loss), are recorded as a component of income tax expense. Adjusting deferred tax balances related to items originally recorded in accumulated other comprehensive income (loss) through tax expense resulted in a remaining accumulated other comprehensive income (loss) balance that was disproportionate to the amounts that would have been recorded through net income in future periods. The new guidance allowed us to reclassify $27.0 million of disproportionate (or stranded) amounts related to the Tax Act to capital reserves. Amounts reclassified from accumulated other comprehensive income (loss) were related to pension and other postretirement benefits, cash flow hedges, available for sale investments and foreign currency translation adjustments. Pension and other postretirement reclassifications include amortization of net actuarial loss, prior service credit and transition amounts and are recorded as cost of goods sold and marketing, general and administrative expenses (see Note 11, Benefit Plans for further information). Amortization related to gains or losses on cash flow hedges is recorded to interest expense. Gains or losses on the sale of available for sale investments are recorded to other income. Foreign currency translation reclassifications related to sales of businesses are recorded to gain on sale of business or reserve and impairment charges (recoveries), net. During fiscal 2016, interest rate swaps accounted for as cash flow hedges were terminated as the issuance of the underlying debt was no longer probable. As a result, a $3.7 million loss was reclassified from accumulated other comprehensive loss into net income. This pre-tax loss is included as a component of interest expense in our Consolidated Statement of Operations for the year ended August 31, 2016. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Aug. 31, 2018 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans We have various pension and other defined benefit as well as defined contribution plans in which substantially all employees may participate. We also have non-qualified supplemental executive and Board retirement plans. Financial information on changes in benefit obligation, plan assets funded and balance sheet status as of August 31, 2018 , and 2017 , is as follows: Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits 2018 2017 2018 2017 2018 2017 (Dollars in thousands) Change in benefit obligation: Benefit obligation at beginning of period $ 806,174 $ 812,749 $ 25,599 $ 32,696 $ 31,836 $ 36,779 Service cost 39,677 42,149 548 1,206 943 1,160 Interest cost 24,007 22,999 711 843 908 930 Actuarial (gain) loss 3,146 (10,054 ) 205 (5,692 ) (623 ) (4,650 ) Assumption change (36,515 ) (17,750 ) (783 ) (655 ) (1,612 ) (775 ) Plan amendments 244 — — — — — Settlements — — (4,824 ) (2,131 ) — — Benefits paid (69,549 ) (43,919 ) (701 ) (668 ) (1,662 ) (1,608 ) Benefit obligation at end of period $ 767,184 $ 806,174 $ 20,755 $ 25,599 $ 29,790 $ 31,836 Change in plan assets: Fair value of plan assets at beginning of period $ 875,820 $ 883,265 $ — $ — $ — $ — Actual gain (loss) on plan assets 23,345 36,474 — — — — Company contributions — — 5,525 2,799 1,662 1,608 Settlements — — (4,824 ) (2,131 ) — — Benefits paid (69,549 ) (43,919 ) (701 ) (668 ) (1,662 ) (1,608 ) Fair value of plan assets at end of period $ 829,616 $ 875,820 $ — $ — $ — $ — Funded status at end of period $ 62,432 $ 69,646 $ (20,755 ) $ (25,599 ) $ (29,790 ) $ (31,836 ) Amounts recognized on balance sheet: Non-current assets $ 62,432 $ 70,019 $ — $ — $ — $ — Accrued benefit cost: Current liabilities — — (1,780 ) (2,270 ) (2,040 ) (2,140 ) Non-current liabilities — (373 ) (18,975 ) (23,329 ) (27,750 ) (29,696 ) Ending balance $ 62,432 $ 69,646 $ (20,755 ) $ (25,599 ) $ (29,790 ) $ (31,836 ) Amounts recognized in accumulated other comprehensive loss (pretax): Prior service cost (credit) $ 1,288 $ 2,481 $ (691 ) $ (660 ) $ (3,716 ) $ (4,281 ) Net (gain) loss 209,606 236,232 427 953 (17,875 ) (16,864 ) Ending balance $ 210,894 $ 238,713 $ (264 ) $ 293 $ (21,591 ) $ (21,145 ) The accumulated benefit obligation of the qualified pension plans was $ 736.2 million and $ 743.5 million at August 31, 2018 , and 2017 , respectively. The accumulated benefit obligation of the non-qualified pension plans was $ 18.6 million and $ 20.6 million at August 31, 2018 , and 2017 , respectively. Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below: For the Years Ended August 31, 2018 2017 (Dollars in thousands) Projected benefit obligation $ 20,755 $ 28,177 Accumulated benefit obligation 18,586 23,221 Fair value of plan assets — 2,203 A significant assumption for pension plan accounting is the discount rate. Historically, we have selected a discount rate each year (as of our fiscal year-end measurement date) for our plans based upon a high-quality corporate bond yield curve for which the cash flows from coupons and maturities match the year-by-year projected benefit cash flows for our pension plans. The corporate bond yield curve is comprised of high-quality fixed income debt instruments available at the measurement date. At August 31, 2016, we made the determination to use an individual spot-rate approach, discussed below. This alternative approach focuses on measuring the service cost and interest cost components of net periodic benefit cost by using individual spot rates derived from a high-quality corporate bond yield curve and matched with separate cash flows for each future year instead of a single weighted-average discount rate approach. As of August 31, 2016, we changed the method used to estimate the service and interest cost components of net periodic benefit cost for pension and other post-retirement benefits. This change in methodology has and is expected to continue to result in a decrease in the service and interest cost components for the pension and other post-retirement benefit costs. We historically estimated these service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. Beginning in fiscal 2017, we elected to utilize a full-yield curve approach in the determination of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. We elected to make this change to provide a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. This change does not affect the measurement of our total benefit obligations at August 31, 2016, the net periodic cost recognized in fiscal 2016 or the ultimate benefit payment that must be made in the future. We have accounted for this change as a change in accounting estimate and, accordingly, have accounted for it on a prospective basis. Components of net periodic benefit costs for the years ended August 31, 2018 , 2017 , and 2016 are as follows: Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits 2018 2017 2016 2018 2017 2016 2018 2017 2016 (Dollars in thousands) Components of net periodic benefit costs: Service cost $ 39,677 $ 42,149 $ 37,533 $ 548 $ 1,206 $ 1,035 $ 943 $ 1,160 $ 1,412 Interest cost 24,007 22,999 30,773 711 843 1,406 908 930 1,709 Expected return on assets (48,159 ) (48,235 ) (48,055 ) — — — — — — Settlement of retiree obligations — — — (112 ) (30 ) — — — — Prior service cost (credit) amortization 1,437 1,540 1,606 30 19 228 (565 ) (565 ) (120 ) Actuarial loss (gain) amortization 18,073 22,869 19,016 61 546 692 (1,224 ) (798 ) (464 ) Net periodic benefit cost $ 35,035 $ 41,322 $ 40,873 $ 1,238 $ 2,584 $ 3,361 $ 62 $ 727 $ 2,537 Weighted-average assumptions to determine the net periodic benefit cost: Discount rate 3.80 % 3.60 % 4.20 % 3.53 % 3.28 % 4.20 % 3.56 % 3.30 % 4.20 % Expected return on plan assets 5.75 % 5.75 % 6.00 % N/A N/A N/A N/A N/A N/A Rate of compensation increase 5.08 % 5.60 % 4.90 % 5.08 % 5.60 % 4.90 % N/A N/A N/A Weighted-average assumptions to determine the benefit obligations: Discount rate 4.23 % 3.80 % 3.60 % 4.09 % 3.53 % 3.28 % 4.13 % 3.56 % 3.30 % Rate of compensation increase 5.14 % 5.08 % 5.60 % 5.14 % 5.08 % 5.60 % N/A N/A N/A Components of net periodic benefit costs and amounts recognized in other comprehensive income (loss) for the years ended August 31, 2018, 2017, and 2016 are as follows: Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits 2018 2017 2016 2018 2017 2016 2018 2017 2016 (Dollars in thousands) Other comprehensive income (loss) Prior service cost (credit) $ 244 $ — $ 411 $ — $ — $ (1,044 ) $ — $ — $ (4,495 ) Net actuarial loss (gain) (8,553 ) (16,044 ) 17,712 (578 ) (6,345 ) (655 ) (2,234 ) (5,427 ) (2,290 ) Amortization of actuarial loss (gain) (18,073 ) (22,869 ) (19,016 ) (61 ) (546 ) (692 ) 1,224 798 464 Amortization of prior service costs (credit) (1,437 ) (1,540 ) (1,606 ) (30 ) (19 ) (228 ) 565 565 120 Settlement of retiree obligations (a) — — — 112 30 — — — — Total recognized in other comprehensive income $ (27,819 ) $ (40,453 ) $ (2,499 ) $ (557 ) $ (6,880 ) $ (2,619 ) $ (445 ) $ (4,064 ) $ (6,201 ) (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings The estimated amortization in fiscal 2019 from accumulated other comprehensive loss into net periodic benefit cost is as follows: Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits (Dollars in thousands) Amortization of prior service cost (credit) $ 190 $ (75 ) $ (556 ) Amortization of net actuarial (gain) loss 12,266 2 (1,629 ) For measurement purposes, a 7.5% annual rate of increase in the per capita cost of covered health care benefits was assumed for the year ended August 31, 2018 . The rate was assumed to decrease gradually to 4.5% by 2027 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage point change in the assumed health care cost trend rates would have the following effects: 1% Increase 1% Decrease (Dollars in thousands) Effect on total of service and interest cost components $ 230 $ (200 ) Effect on postretirement benefit obligation 2,400 (2,100 ) We provide defined life insurance and health care benefits for certain retired employees and Board of Directors participants. The plan is contributory based on years of service and family status, with retiree contributions adjusted annually. We did not contribute to the qualified pension plans in fiscal 2018 . Based on the funded status of the qualified pension plans as of August 31, 2018 , we do not believe we will be required to contribute to these plans in fiscal 2019 , although we may voluntarily elect to do so. We expect to pay $ 3.8 million to participants of the non-qualified pension and postretirement benefit plans during fiscal 2019 . Our retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows: Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits (Dollars in thousands) 2019 $ 66,528 $ 1,780 $ 2,040 2020 62,320 1,670 2,260 2021 61,279 1,750 2,400 2022 62,877 2,230 2,590 2023 64,573 1,840 2,720 2024-2028 328,313 9,270 12,690 We have trusts that hold the assets for the defined benefit plans. CHS has a qualified plan committee that sets investment guidelines with the assistance of external consultants. Investment objectives for the plans' assets are as follows: • optimization of the long-term returns on plan assets at an acceptable level of risk; • maintenance of a broad diversification across asset classes and among investment managers; and • focus on long-term return objectives. Asset allocation targets promote optimal expected return and volatility characteristics given the long-term time horizon for fulfilling the obligations of the pension plans. Our pension plans' investment policy strategy is such that liabilities match assets. This is being accomplished through the asset portfolio mix by reducing volatility and de-risking the plans. The plans’ target allocation percentages range between 45% and 65% for fixed income securities, and range between 35% and 55% for equity securities. An annual analysis of the risk versus the return of the investment portfolio is conducted to justify the expected long-term rate of return assumption. We generally use long-term historical return information for the targeted asset mix identified in asset and liability studies. Adjustments are made to the expected long-term rate of return assumption, when deemed necessary, based upon revised expectations of future investment performance of the overall investment markets. The discount rate reflects the rate at which the associated benefits could be effectively settled as of the measurement date. In estimating this rate, we look at rates of return on fixed-income investments of similar duration to the liabilities in the plans that receive high, investment-grade ratings by recognized ratings agencies. The investment portfolio contains a diversified portfolio of investment categories, including domestic and international equities, fixed-income securities and real estate. Securities are also diversified in terms of domestic and international securities, short and long-term securities, growth and value equities, large and small cap stocks, as well as active and passive management styles. The committee believes that with prudent risk tolerance and asset diversification, the plans should be able to meet pension obligations in the future. Our pension plans’ recurring fair value measurements by asset category at August 31, 2018 , and 2017 , are presented in the tables below: 2018 Level 1 Level 2 Level 3 Total (Dollars in thousands) Cash and cash equivalents $ 7,424 $ — $ — $ 7,424 Equities: Mutual funds 692 — — 692 Common/collective trust at net asset value (1) — — — 216,962 Fixed income securities: Common/collective trust at net asset value (1) — — — 500,637 Partnership and joint venture interests measured at net asset value (1) — — — 101,954 Other assets measured at net asset value (1) — — — 1,947 Total $ 8,116 $ — $ — $ 829,616 2017 Level 1 Level 2 Level 3 Total (Dollars in thousands) Cash and cash equivalents $ 9,988 $ — $ — $ 9,988 Equities: Mutual funds 459 — — 459 Common/collective trust at net asset value (1) — — — 231,228 Fixed income securities: Common/collective trust at net asset value (1) — — — 535,185 Partnership and joint venture interests measured at net asset value (1) — — — 96,994 Other assets measured at net asset value (1) — — — 1,966 Total $ 10,447 $ — $ — $ 875,820 (1) In accordance with ASC Topic 820-10, Fair Value Measurements, certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of net assets. Definitions for valuation levels are found in Note 14, Fair Value Measurements . We use the following valuation methodologies for assets measured at fair value. Mutual funds: Valued at quoted market prices, which are based on the net asset value of shares held by the plan at year end. Mutual funds traded in active markets are classified within Level 1 of the fair value hierarchy. Mutual funds measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy in accordance with ASC Topic 820-10, Fair Value Measurement . Common/Collective Trusts: Common/collective trusts primarily consist of equity and fixed income funds and are valued using other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the trust, etc.). Common/collective trust investments can be redeemed daily and without restriction. Redemption of the entire investment balance generally requires a 45- to 60-day notice period. The equity funds provide exposure to large, mid and small cap U.S. equities, international large and small cap equities and emerging market equities. The fixed income funds provide exposure to U.S., international and emerging market debt securities. Common/collective trusts measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy in accordance with ASC Topic 820-10, Fair Value Measurement . Partnership and joint venture interests: Valued at the net asset value of shares held by the plan at year end as a practical expedient for fair value. The net asset value is based on the fair value of the underlying assets owned by the trust, minus its liabilities then divided by the number of units outstanding. Redemptions of these interests generally require a 45- to 60-day notice period. Partnerships and joint venture interests measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy in accordance with ASC Topic 820-10, Fair Value Measurement. Other assets : Other assets primarily includes real estate funds and hedge funds held in the asset portfolio of our U.S. defined benefit pension plans. Other funds measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy in accordance with ASC Topic 820-10, Fair Value Measurement. We are one of approximately 400 employers that contribute to the Co-op Retirement Plan ("Co-op Plan"), which is a defined benefit plan constituting a “multiple employer plan” under the Internal Revenue Code of 1986, as amended, and a “multiemployer plan” under the accounting standards. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and • If we choose to stop participating in the multiemployer plan, we may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. Our participation in the Co-op Plan for the years ended August 31, 2018 , 2017 , and 2016 is outlined in the table below: Contributions of CHS (Dollars in thousands) Plan Name EIN/Plan Number 2018 2017 2016 Surcharge Imposed Expiration Date of Collective Bargaining Agreement Co-op Retirement Plan 01-0689331 / 001 $ 1,662 $ 1,653 $ 1,862 N/A N/A Our contributions for the years stated above did not represent more than 5% of total contributions to the Co-op Plan as indicated in the Co-op Plan's most recently available annual report (Form 5500). Provisions of the Pension Protection Act of 2006 ("PPA") do not apply to the Co-op Plan because there is a special exemption for cooperative plans if the plan is maintained by more than one employer and at least 85% of the employers are rural cooperatives or cooperative organizations owned by agricultural producers. In the Co-op Plan, a “zone status” determination is not required, and therefore not determined. In addition, the accumulated benefit obligations and plan assets are not determined or allocated separately by individual employers. The most recent financial statements available in 2018 and 2017 are for the Co-op Plan's year-end at March 31, 2018 , and 2017 , respectively. In total, the Co-op Plan was at least 80% funded on those dates based on the total plan assets and accumulated benefit obligations. Because the provisions of the PPA do not apply to the Co-op Plan, funding improvement plans, and surcharges are not applicable. Future contribution requirements are determined each year as part of the actuarial valuation of the plan and may change as a result of plan experience. In addition to the contributions to the Co-op Plan listed above, total contributions to individually insignificant multi-employer pension plans were immaterial in fiscal 2018 , 2017 , and 2016 . We have other contributory defined contribution plans covering substantially all employees. Total contributions by us to these plans were $ 24.7 million , $ 19.9 million and $ 29.5 million , for the years ended August 31, 2018 , 2017 , and 2016 , respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Aug. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We are an integrated agricultural enterprise, providing grain, foods and energy resources to businesses and consumers on a global basis. We provide a wide variety of products and services, from initial agricultural inputs such as fuels, farm supplies, crop nutrients and crop protection products, to agricultural outputs that include grains and oilseeds, grain and oilseed processing and food products, and the production and marketing of ethanol. 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 the 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 was completed in February 2016 and which entitles us, pursuant to a supply agreement that we entered with CF Nitrogen, to purchase up to a specified annual quantity of granular urea and UAN annually from CF Nitrogen. The addition of the Nitrogen Production segment had no impact on historically reported segment results and balances as this segment came into existence in fiscal 2016. There were no changes to the composition of our Energy or Ag segments as a result of the addition of the Nitrogen Production segment. Corporate and Other primarily represents our non-consolidated wheat milling operations and packaged food joint ventures, as well as our business solutions operations, which primarily consists of commodities hedging, financial services related to crop production, and insurance which was disposed of in May 2018. Our investment in Ventura Foods is included in our Corporate and Other category. Corporate administrative expenses and interest are allocated to each business segment, and Corporate and Other, based on direct usage for services that can be tracked, 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 crop drying seasons. Our revenues, assets and cash flows can be significantly affected by global market prices for commodities such as petroleum products, natural gas, grains, oilseeds, crop nutrients and flour. Changes in market prices for commodities that we purchase without a corresponding change in the selling prices of those products can affect revenues and operating earnings. Commodity prices are affected by a wide range of factors beyond our control, including the weather, crop damage due to disease or insects, 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. We account for these investments primarily using the equity method of accounting, wherein we record our proportionate share of income or loss reported by the entity as equity income from investments, without consolidating the revenues and expenses of the entity in our Consolidated Statements of Operations. In our Ag segment, this principally includes our 50% ownership in TEMCO. In our Nitrogen Production segment, this consists of our approximate 10% membership interest (based on product tons) in CF Nitrogen. In Corporate and Other, this principally includes our 50% ownership in Ventura Foods and our 12% ownership in Ardent Mills. See Note 5, Investments for more information related to CF Nitrogen, Ventura Foods and Ardent Mills. Reconciling amounts represent the elimination of revenues between segments. Such transactions are executed at market prices to more accurately evaluate the profitability of the individual business segments. Segment information for the years ended August 31, 2018 , 2017 , and 2016 is presented in the tables below. Energy Ag Nitrogen Production Corporate Reconciling Total (Dollars in thousands) For the year ended August 31, 2018: Revenues, including intersegment revenues $ 8,068,717 $ 25,052,395 $ — $ 64,516 $ (502,281 ) $ 32,683,347 Operating earnings (loss) 390,092 95,883 (20,619 ) (8,270 ) — 457,086 (Gain) loss on disposal of business (65,862 ) (7,707 ) — (58,247 ) — (131,816 ) Interest expense 14,627 94,256 50,499 (7,712 ) (2,468 ) 149,202 Other (income) loss (7,718 ) (66,316 ) (3,061 ) (3,388 ) 2,468 (78,015 ) Equity (income) loss from investments (3,063 ) 1,392 (106,895 ) (44,949 ) — (153,515 ) Income (loss) before income taxes $ 452,108 $ 74,258 $ 38,838 $ 106,026 $ — $ 671,230 Intersegment revenues $ (479,598 ) $ (14,914 ) $ — $ (7,769 ) $ 502,281 $ — Capital expenditures $ 248,207 $ 77,962 $ — $ 29,243 $ — $ 355,412 Depreciation and amortization $ 230,230 $ 218,716 $ — $ 29,104 $ — $ 478,050 Total assets as of August 31, 2018 $ 4,168,239 $ 6,534,777 $ 2,758,668 $ 2,919,494 $ — $ 16,381,178 Energy Ag Nitrogen Production Corporate Reconciling Total (Dollars in thousands) For the year ended August 31, 2017: (As restated) Revenues, including intersegment revenues $ 6,620,680 $ 25,738,740 $ — $ 95,414 $ (417,408 ) $ 32,037,426 Operating earnings (loss) 75,138 (268,946 ) (18,430 ) 38,212 — (174,026 ) (Gain) loss on disposal of business — 2,190 — — — 2,190 Interest expense 18,365 71,986 48,893 33,250 (1,255 ) 171,239 Other (income) loss (1,164 ) (65,684 ) (30,534 ) (3,824 ) 1,255 (99,951 ) Equity (income) loss from investments (3,181 ) (7,277 ) (66,530 ) (60,350 ) — (137,338 ) Income (loss) before income taxes $ 61,118 $ (270,161 ) $ 29,741 $ 69,136 $ — $ (110,166 ) Intersegment revenues $ (392,842 ) $ (20,312 ) $ — $ (4,254 ) $ 417,408 $ — Capital expenditures $ 260,543 $ 146,139 $ — $ 37,715 $ — $ 444,397 Depreciation and amortization $ 223,229 $ 232,443 $ — $ 24,551 $ — $ 480,223 Total assets as of August 31, 2017 $ 4,290,618 $ 6,359,058 $ 2,781,610 $ 2,387,636 $ — $ 15,818,922 Energy Ag Nitrogen Production Corporate Reconciling Total (Dollars in thousands) For the year ended August 31, 2016: (As restated) Revenues, including intersegment revenues $ 5,743,882 $ 24,896,354 $ — $ 92,725 $ (377,701 ) $ 30,355,260 Operating earnings (loss) 246,105 36,649 (6,193 ) 15,882 — 292,443 Interest expense (22,244 ) 82,085 34,437 30,647 (11,221 ) 113,704 Other (income) loss (287 ) (53,044 ) — (5,499 ) 11,221 (47,609 ) Equity (income) loss from investments (4,739 ) (7,644 ) (74,700 ) (88,694 ) — (175,777 ) Income (loss) before income taxes $ 273,375 $ 15,252 $ 34,070 $ 79,428 $ — $ 402,125 Intersegment revenues $ (335,003 ) $ (40,336 ) $ — $ (2,362 ) $ 377,701 $ — Capital expenditures $ 376,841 $ 260,865 $ — $ 55,074 $ — $ 692,780 Depreciation and amortization $ 193,525 $ 230,172 $ — $ 23,795 $ — $ 447,492 We have international sales, which are predominantly in our Ag segment. The following table presents our sales, based on the geographic locations in which the sales originated, for the years ended August 31, 2018 , 2017 , and 2016 : 2018 (As Restated) 2017 (As Restated) 2016 (Dollars in thousands) North America $ 29,475,724 $ 29,068,842 $ 26,571,367 South America 1,569,330 1,441,316 1,847,284 Europe, the Middle East and Africa (EMEA) 536,501 652,308 878,407 Asia Pacific (APAC) 1,101,792 874,960 1,058,202 Total $ 32,683,347 $ 32,037,426 $ 30,355,260 Included in North American revenues are revenues from the United States of $29.5 billion , $29.0 billion and $26.5 billion for the years ended August 31, 2018 , 2017 , and 2016 , respectively. Long-lived assets include our property, plant and equipment, capital lease assets and capitalized major maintenance costs. The following table presents long-lived assets by geographical region: 2018 2017 (Dollars in thousands) United States $ 5,185,572 $ 5,359,270 International 86,927 102,170 Total $ 5,272,499 $ 5,461,440 |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
Aug. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities Our derivative instruments primarily consist of commodity and forward contracts and, to a minor degree, may include foreign currency and interest rate swap contracts. These contracts are economic hedges of price risk, but 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 cash flow hedges or fair value hedges as described below. Derivative instruments are recorded on our Consolidated Balance Sheets at fair value as described in Note 14, Fair Value Measurements . The following tables present the gross fair values of derivative assets, derivative liabilities, and margin deposits (cash collateral) recorded on our Consolidated Balance Sheets along with the related amounts permitted to be offset in accordance with 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 . August 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 derivatives $ 313,033 $ — $ 26,781 $ 286,252 Foreign exchange derivatives 15,401 — 8,703 6,698 Embedded derivative asset 23,595 — — 23,595 Total $ 352,029 $ — $ 35,484 $ 316,545 Derivative Liabilities: Commodity derivatives $ 421,054 $ 12,983 $ 26,781 $ 381,290 Foreign exchange derivatives 24,701 — 8,703 15,998 Total $ 445,755 $ 12,983 $ 35,484 $ 397,288 August 31, 2017 (As Restated) 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 derivatives $ 215,349 $ — $ 34,912 $ 180,437 Foreign exchange derivatives 8,779 — 3,636 5,143 Embedded derivative asset 25,533 — — 25,533 Total $ 249,661 $ — $ 38,548 $ 211,113 Derivative Liabilities: Commodity derivatives $ 293,330 $ 3,898 $ 34,912 $ 254,520 Foreign exchange derivatives 19,931 — 3,636 16,295 Total $ 313,261 $ 3,898 $ 38,548 $ 270,815 Derivative assets and liabilities with maturities of less than 12 months 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, excluding derivatives accounted for as fair value hedges, recorded on the Consolidated Balance Sheet at August 31, 2018, and 2017, was $23.1 million and $ 30.9 million , respectively. The amount of long-term derivative liabilities, excluding derivatives accounted for as fair value hedges, recorded on the Consolidated Balance Sheet at August 31, 2018, and 2017, was $7.9 million and $12.3 million , respectively. Derivatives Not Designated as Hedging Instruments The majority of our derivative instruments have not been designated as hedging instruments. 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 years ended August 31, 2018 , 2017 , and 2016 . Location of Gain (Loss) 2018 (As Restated) 2017 (As Restated) 2016 (Dollars in thousands) Commodity derivatives Cost of goods sold $ 162,321 $ 168,569 $ (67,014 ) Foreign exchange derivatives Cost of goods sold (26,010 ) (13,140 ) (10,904 ) Foreign exchange derivatives Marketing, general and administrative 596 (1,604 ) (97 ) Interest rate derivatives Interest expense (1 ) 8 (6,292 ) Embedded derivative Other income (loss) 3,061 30,533 — Total $ 139,967 $ 184,366 $ (84,307 ) Commodity Contracts: When we enter a commodity purchase or sales commitment, we are exposed to risks related to price changes and performance including delivery, quality, quantity and shipment period. If market prices decrease, we are exposed to risk of loss in the market value of inventory and purchase contracts with a fixed or partially fixed price. Conversely, we are exposed to risk of loss on our fixed or partially fixed price sales contracts if market prices increase. Our use of hedging reduces the exposure to price volatility by protecting against adverse short-term price movements, but it also limits the benefits of favorable short-term price movements. To reduce the price risk associated with fixed price commitments, we generally enter into commodity derivative contracts, to the extent practical, to achieve a net commodity position within the formal position limits we have established and deemed prudent for each commodity. These contracts are primarily transacted on regulated commodity futures exchanges but may also include over-the-counter derivative instruments when deemed appropriate. For commodities where there is no liquid derivative contract, risk is managed using forward sales contracts, other pricing arrangements and, to some extent, futures contracts in highly correlated commodities. These contracts are economic hedges of price risk, but are not designated as hedging instruments for accounting purposes. The contracts are recorded on our Consolidated Balance Sheets at fair values based on quotes listed on regulated commodity exchanges or the market prices of the underlying products listed on the exchanges, except that fertilizer and certain propane contracts are accounted for as normal purchase and normal sales transactions. Unrealized gains and losses on these contracts are recognized in cost of goods sold in our Consolidated Statements of Operations. When a futures position is established, initial margin must be deposited with the applicable exchange or broker. The amount of margin required varies by commodity and is set by the applicable exchange at its sole discretion. If the market price relative to a short futures position increases, an additional margin deposit would be required. Similarly, a margin deposit would be required if the market price relative to a long futures position decreases. Conversely, if the market price increases relative to a long futures position or decreases relative to a short futures position, margin deposits may be returned by the applicable exchange or broker. Our policy is to manage our commodity price risk exposure according to internal polices and in alignment with our tolerance for risk. Our profitability from operations is primarily derived from margins on products sold and grain merchandised, not from hedging transactions. At any one time, inventory and purchase contracts for delivery to us may be substantial. We have risk management policies that include established net position limits. These limits are defined for each commodity and business unit, and may include both trader and management limits as appropriate. The limits policy is managed within each individual business unit to ensure any limits overage is explained and exposures reduced, or a temporary limit increase is established if needed. The position limits are reviewed, at least annually, with senior leadership and the Board of Directors. We monitor current market conditions and may expand or reduce our net position limits in response to changes in those conditions. In addition, all purchase and sales contracts are subject to credit approvals and appropriate terms and conditions. The use of hedging instruments does not protect against nonperformance by counterparties to cash contracts. We evaluate counterparty exposure by reviewing contracts and adjusting the values to reflect potential nonperformance. Risk of nonperformance by counterparties includes the inability to perform because of a counterparty’s financial condition and the risk that the counterparty will refuse to perform on a contract during periods of price fluctuations where contract prices are significantly different than the current market prices. We manage these risks by entering into fixed price purchase and sales contracts with preapproved producers and by establishing appropriate limits for individual suppliers. Fixed price contracts are entered into with customers of acceptable creditworthiness, as internally evaluated. Regarding our use of derivatives, we primarily transact in exchange traded instruments or enter into over-the-counter derivatives that clear through a designated clearing organization, which limits our counterparty exposure relative to hedging activities. Historically, we have not experienced significant events of nonperformance on open contracts. Accordingly, we only adjust the estimated fair values of specifically identified contracts for nonperformance. Although we have established policies and procedures, we make no assurances that historical nonperformance experience will carry forward to future periods. As of August 31, 2018 , and 2017 , we had outstanding commodity futures and options 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 contracts accounted for as derivative instruments. 2018 (As Restated) 2017 Long Short Long Short (Units in thousands) Grain and oilseed - bushels 715,866 929,873 569,243 767,110 Energy products - barrels 17,011 8,329 15,072 18,252 Processed grain and oilseed - tons 1,064 2,875 299 2,347 Crop nutrients - tons 11 76 9 15 Ocean freight - metric tons 227 45 160 198 Natural gas - MMBtu 610 — 500 — Foreign Exchange Contracts We conduct a substantial portion of our business in U.S. dollars, but we are exposed to risks relating to foreign currency fluctuations primarily due to grain marketing transactions in South America, the Asia Pacific region, and Europe, and purchases of products from Canada. We use foreign currency derivative instruments to mitigate the impact of exchange rate fluctuations. Although CHS has some risk exposure relating to foreign currency transactions, a larger impact with exchange rate fluctuations is the ability of foreign buyers to purchase U.S. agricultural products and the competitiveness of U.S. agricultural products compared to the same products offered by alternative sources of world supply. The notional amounts of our foreign exchange derivative contracts were $988.8 million and $776.7 million as of August 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. These payments will continue on an annual basis 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 recorded a gain of $29.1 million in other income (loss) in our Consolidated Statement of Operations and received a $5.0 million payment from CF Industries. A total gain of $30.5 million was recognized in relation to the embedded credit derivative during fiscal 2017. During 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 August 31, 2018 , was equal to $23.6 million . The current and long-term portions of the embedded derivative asset are included in derivative assets and other assets on our Consolidated Balance Sheet, respectively. See Note 14, Fair Value Measurements for additional information regarding the valuation of the embedded derivative asset. Derivatives Designated as Cash Flow or Fair Value Hedging Strategies Fair Value Hedges As of August 31, 2018 , and 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 interest rate swap instruments designated as fair value hedges and the line items on our Consolidated Balance Sheets in which they are recorded as of August 31, 2018 , and 2017 . 2018 2017 2018 2017 Balance Sheet Location Derivative Assets Balance Sheet Location Derivative Liabilities (Dollars in thousands) (Dollars in thousands) Derivative assets $ — $ — Derivative liabilities $ 771 $ — Other assets — 9,978 Other liabilities 8,681 707 Total $ — $ 9,978 Total $ 9,452 $ 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 years ended August 31, 2018 , 2017 , and 2016 . Gain (Loss) on Fair Value Hedging Relationships: Location of Gain (Loss) 2018 2017 2016 (Dollars in thousands) Interest rate swaps Interest expense $ 18,723 $ 12,806 $ (9,842 ) Hedged item Interest expense (18,723 ) (12,806 ) 9,842 Total $ — $ — $ — The following table provides the location and carrying amount of hedged liabilities in our Consolidated Balance Sheets as of August 31, 2018 , and 2017 . August 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 $ 485,548 $ 9,452 $ 504,271 $ (9,271 ) Cash Flow Hedges In the fourth quarter of fiscal 2018, our Energy segment entered into pay-fixed, receive-variable, cash-settled swaps designated as cash flow hedges of future crude oil purchases. We also entered into pay-variable, receive-fixed, cash-settled swaps designated as cash flow hedges of future refined product sales. These hedging instruments and the related hedged items are exposed to significant market price risk and potential volatility. As part of our risk management strategy, we look to hedge a portion of our expected future crude oil needs and the resulting refined product output based on prevailing futures prices, management's expectations about future commodity price changes and our risk appetite. As of August 31, 2018, the notional amount, the fair value and the amounts recorded in other comprehensive income relating to these cash flow hedges were immaterial. There were no outstanding cash flow hedges as of August 31, 2017. In fiscal 2015, we entered into forward-starting interest rate swaps with an aggregate notional amount of $300.0 million designated as cash flow hedges of the expected variability of future interest payments on our anticipated issuance of fixed-rate debt. During the first quarter of fiscal 2016, we determined that certain of the anticipated debt issuances would be delayed; and we consequently recorded an immaterial amount of losses on the ineffective portion of the related swaps in earnings. Additionally, we paid $6.4 million in cash to settle two of the interest rate swaps upon their scheduled termination dates. During the second quarter of fiscal 2016, we settled an additional two interest rate swaps, paying $5.3 million in cash upon their scheduled termination. In January 2016, we issued the fixed-rate debt associated with these swaps and will amortize the amounts which were previously deferred to other comprehensive income into earnings over the life of the debt. The amounts to be included in earnings are not expected to be material during any 12-month period. During the third quarter of fiscal 2016, we settled the remaining two interest rate swaps, paying $5.1 million in cash upon their scheduled termination. We did not issue additional fixed-rate debt as previously planned, and we reclassified all amounts previously recorded to other comprehensive income into earnings. The following table presents the pretax gains (losses) recorded in other comprehensive income relating to cash flow hedges for the years ended August 31, 2018 , 2017 , and 2016 : 2018 2017 2016 (Dollars in thousands) Interest rate derivatives $ 178 $ — $ (10,070 ) The following table presents the pretax gains (losses) relating to cash flow hedges that were reclassified from accumulated other comprehensive loss into income for the years ended August 31, 2018 , 2017 , and 2016 : Location of Gain (Loss) 2018 2017 2016 (Dollars in thousands) Interest rate derivatives Interest expense $ (1,704 ) $ (1,742 ) $ (5,071 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Aug. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC Topic 820, Fair Value Measurement 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. We determine fair values of derivative instruments and certain other assets, based on the fair value hierarchy established in ASC Topic 820, 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 that reflect the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. ASC Topic 820 describes three levels within its hierarchy that may be used to measure fair value, and our assessment of relevant instruments within those levels is as follows: Level 1: Values are based on unadjusted quoted prices in active markets for identical assets or liabilities. These assets and liabilities include exchange-traded derivative instruments, Rabbi Trust investments, deferred compensation investments and available-for-sale investments. Level 2: Values are based on 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, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. These assets and liabilities include interest rate, foreign exchange, and commodity swaps; forward commodity contracts with a fixed price component; and other OTC derivatives whose value is determined with inputs that are based on exchange traded prices, adjusted for location specific inputs that are primarily observable in the market or can be derived principally from, or corroborated by, observable market data. Level 3: Values are generated from unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. These unobservable inputs would reflect our own estimates of assumptions that market participants would use in pricing related assets or liabilities. Valuation techniques might include the use of pricing models, discounted cash flow models or similar techniques. The following tables present assets and liabilities, included on our Consolidated Balance Sheets, that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine these fair values. Assets and liabilities are classified, in their entirety, based on the lowest level of input that is a significant component of the fair value measurement. The lowest level of input is considered Level 3. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. Recurring fair value measurements at August 31, 2018 , and 2017 , are as follows: 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 derivatives $ 54,487 $ 259,359 $ — $ 313,846 Foreign currency derivatives — 15,401 — 15,401 Deferred compensation assets 39,073 — — 39,073 Embedded derivative asset — 23,595 — 23,595 Other assets 5,334 — — 5,334 Total $ 98,894 $ 298,355 $ — $ 397,249 Liabilities: Commodity derivatives $ 31,778 $ 389,911 $ — $ 421,689 Foreign currency derivatives — 24,701 — 24,701 Interest rate swap derivatives — 9,452 — 9,452 Total $ 31,778 $ 424,064 $ — $ 455,842 2017 (As Restated) 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 derivatives $ 48,483 $ 166,866 $ — $ 215,349 Foreign currency derivatives — 8,779 — 8,779 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 — 25,533 — 25,533 Other assets 14,846 — — 14,846 Total $ 115,743 $ 211,156 $ 548,602 $ 875,501 Liabilities: Commodity derivatives $ 31,190 $ 262,140 $ — $ 293,330 Foreign currency derivatives — 19,931 — 19,931 Interest rate swap derivatives — 707 — 707 Total $ 31,190 $ 282,778 $ — $ 313,968 Commodity 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, select ocean freight contracts and other OTC derivatives are determined using inputs that are generally based on exchange traded prices and/or recent market bids and offers, adjusted for location specific inputs, and are classified within Level 2. The location specific inputs are driven by local market supply and demand, and are generally based on 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 13, 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. Embedded derivative asset — The embedded derivative asset relates to contingent payments inherent to our investment in CF Nitrogen. The inputs used in 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 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 13, Derivative Financial Instruments and Hedging Activities for additional information. Deferred purchase price receivable — As described in Note 3, Receivables our Securitization Facility was amended during fiscal 2018 such that no DPP receivable remained as of August 31, 2018 . The fair value of the DPP receivable as of August 31, 2017 , was included in receivables, net and other assets, and was determined by discounting the expected cash flows to be received. The expected cash flows were primarily based on unobservable inputs consisting of the face amount of the Receivables adjusted for anticipated credit losses. Due to the use of significant unobservable inputs in the pricing model, including management's assumptions related to anticipated credit losses, the DPP receivable was classified as a Level 3 fair value measurement. A reconciliation of the DPP receivable for the years ended August 31, 2018 , and 2017 , is included in Note 3, Receivables . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Aug. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental We are required to comply with various environmental laws and regulations incidental to our normal business operations. 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. Our bank covenants allow maximum guarantees of $1.0 billion , of which $122.3 million were outstanding on August 31, 2018 . 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 are current as of August 31, 2018 . Credit Commitments CHS Capital has commitments to extend credit to customers if there is no violation of any condition established in the contracts. As of August 31, 2018 , CHS Capital’s customers have additional available credit of $706.3 million . Lease Commitments We lease certain property, plant and equipment used in our operations under both capital and operating lease agreements. Many leases contain renewal options and escalation clauses. Our operating leases, which are primarily for rail cars, equipment, vehicles and office space have remaining terms of one to 19 years. Total rental expense for operating leases was $88.5 million , $81.3 million and $74.7 million for the years ended August 31, 2018 , 2017 , and 2016 , respectively. 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 of the building we entered into a 20 -year operating lease arrangement with respect to the building, 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. We lease certain rail cars, equipment, vehicles and other assets under capital lease arrangements. These assets are included in property, plant and equipment on our Consolidated Balance Sheets while the corresponding capital lease obligations are included in long-term debt. See Note 6, Property, Plant and Equipment and Note 8, Notes Payable and Long-Term Debt for more information about capital leases. Minimum future lease payments required under noncancelable operating leases as of August 31, 2018 , are as follows: (Dollars in thousands) 2019 $ 103,800 2020 50,653 2021 41,428 2022 29,733 2023 22,648 Thereafter 103,800 Total minimum future lease payments $ 352,062 Unconditional Purchase Obligations Unconditional purchase obligations are commitments to transfer funds in the future for fixed or minimum amounts or quantities of goods or services at fixed or minimum prices. Our long-term unconditional purchase obligations primarily relate to pipeline and grain handling take-or-pay and through-put agreements and are not recorded on our Consolidated Balance Sheets. As of August 31, 2018 , minimum future payments required under long-term commitments that are noncancelable, and that third parties have used to secure financing for the facilities that will provide the contracted goods, are as follows: Payments Due by Period Total 2019 2020 2021 2022 2023 Thereafter (Dollars in thousands) Long-term unconditional purchase obligations $ 639,010 $ 54,631 $ 57,152 $ 57,523 $ 57,947 $ 58,372 $ 353,385 Total payments under these arrangements were $61.4 million , $70.5 million and $88.0 million for the years ended August 31, 2018 , 2017 , and 2016 , respectively. Gain Contingency As of August 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. |
Supplemental Cash Flow and Othe
Supplemental Cash Flow and Other Information | 12 Months Ended |
Aug. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow and Other Information | Supplemental Cash Flow and Other Information Additional information concerning supplemental disclosures of cash flow activities for the years ended August 31, 2018 , 2017 , and 2016 , is included in the table below. 2018 2017 (As Restated) 2016 (Dollars in thousands) Net cash paid during the period for: Interest $ 148,874 $ 160,040 $ 147,089 Income taxes 13,410 14,571 5,184 Other significant noncash investing and financing transactions: Notes receivable reacquired under Securitization Facility 615,089 — — Trade receivables reacquired under Securitization Facility 402,421 — — Securitized debt reacquired under Securitization Facility 634,000 — — Deferred purchase price receivable extinguished under Securitization Facility 386,900 — — Notes receivable sold under Securitization Facility — 747,345 — Securitized debt extinguished under Securitization Facility — 554,000 — Deferred purchase price receivable recognized under Securitization Facility — 547,553 — Land and improvements received for notes receivable — 138,699 — Capital expenditures and major repairs incurred but not yet paid 53,453 22,490 44,307 Capital lease obligations incurred 396 6,832 23,921 Capital equity certificates redeemed with preferred stock — 19,985 76,756 Capital equity certificates issued in exchange for Ag acquisitions — 2,928 19,089 Accrual of dividends and equities payable 153,941 12,121 162,439 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Aug. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Related party transactions with equity investees, primarily CF Nitrogen, TEMCO, Ardent Mills and Ventura Foods for the years ended August 31, 2018 , 2017 , and 2016 , respectively, and balances as of August 31, 2018 , and 2017 , respectively, are as follows: 2018 2017 2016 (Dollars in thousands) Sales $ 2,928,984 $ 3,183,944 $ 2,728,793 Purchases 2,505,185 2,610,887 1,707,990 2018 2017 (Dollars in thousands) Due from related parties $ 31,063 $ 33,119 Due to related parties 52,284 39,232 As a cooperative, we are owned by farmers and ranchers and their member cooperatives, which are referred to as members. We buy commodities from and provide products and services to our members. Individually, our members do not have a significant ownership in CHS. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Aug. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) As further described in Note 2, Restatement of Previously Issued Consolidated Financial Statements , the previously reported financial information for the quarters ended November 30, 2017 and 2016, February 28, 2018 and 2017, May 31, 2018 and 2017, and August 31, 2017, have been restated. Relevant restated financial information for the first, second and third quarters of fiscal 2018 is included in this Annual Report on Form 10-K in the tables that follow. The unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Although misstatements impacted individual line items within operating cash flows, the quarterly cash flow information classification between operating, investing and financing activities for these periods was not materially impacted by the misstatements and has not been presented. Restated amounts are computed independently each quarter; therefore, the sum of the quarterly amounts may not equal the total amount for the respective year due to rounding. CHS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (As Restated) As of November 30, 2017 As of February 28, 2018 As of May 31, 2018 (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents $ 249,767 $ 219,273 $ 533,887 Receivables 2,058,222 1,836,490 2,248,213 Inventories 3,111,963 3,676,325 2,913,507 Derivative assets 166,557 251,048 250,005 Margin and related deposits 206,955 188,167 253,141 Supplier advance payments 542,770 658,815 426,607 Other current assets 270,674 296,982 190,680 Total current assets 6,606,908 7,127,100 6,816,040 Investments 3,777,000 3,752,876 3,787,163 Property, plant and equipment 5,266,408 5,179,868 5,140,106 Other assets 997,402 943,552 960,240 Total assets $ 16,647,718 $ 17,003,396 $ 16,703,549 LIABILITIES AND EQUITIES Current liabilities: Notes payable $ 2,480,264 $ 3,071,639 $ 2,868,506 Current portion of long-term debt 71,022 46,290 53,056 Customer margin deposits and credit balances 139,868 106,323 137,999 Customer advance payments 413,519 756,642 372,590 Accounts payable 2,444,650 1,853,974 1,898,172 Derivative liabilities 207,426 361,909 316,831 Accrued expenses 425,912 465,032 538,249 Dividends and equities payable 121,209 128,700 209,718 Total current liabilities 6,303,870 6,790,509 6,395,121 Long-term debt 1,936,744 1,915,843 1,905,515 Long-term deferred tax liabilities 348,902 165,659 203,208 Other liabilities 315,254 265,028 278,869 Commitments and contingencies (Note 15) Equities: Preferred stock 2,264,038 2,264,038 2,264,038 Equity certificates 4,319,840 4,307,292 4,253,414 Accumulated other comprehensive loss (177,341 ) (167,230 ) (167,302 ) Capital reserves 1,324,372 1,450,326 1,559,040 Total CHS Inc. equities 7,730,909 7,854,426 7,909,190 Noncontrolling interests 12,039 11,931 11,646 Total equities 7,742,948 7,866,357 7,920,836 Total liabilities and equities $ 16,647,718 $ 17,003,396 $ 16,703,549 CHS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (As Restated) As of November 30, 2016 As of February 28, 2017 As of May 31, 2017 (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents $ 516,646 $ 276,137 $ 266,748 Receivables 3,034,083 2,767,150 2,767,967 Inventories 3,143,551 3,730,682 2,688,949 Derivative assets 277,498 233,429 206,187 Margin and related deposits 312,899 290,291 251,695 Supplier advance payments 476,907 701,705 431,433 Other current assets 187,524 196,237 265,469 Total current assets 7,949,108 8,195,631 6,878,448 Investments 3,828,899 3,802,379 3,841,749 Property, plant and equipment 5,443,079 5,404,347 5,405,651 Other assets 1,054,454 1,056,873 955,532 Total assets $ 18,275,540 $ 18,459,230 $ 17,081,380 LIABILITIES AND EQUITIES Current liabilities: Notes payable $ 3,227,564 $ 3,867,438 $ 3,321,808 Current portion of long-term debt 206,894 205,136 193,096 Customer margin deposits and credit balances 180,850 149,625 132,479 Customer advance payments 543,411 897,464 391,122 Accounts payable 2,574,006 1,919,421 1,865,803 Derivative liabilities 282,658 232,507 233,955 Accrued expenses 397,446 392,058 436,111 Dividends and equities payable 239,857 131,380 134,718 Total current liabilities 7,652,686 7,795,029 6,709,092 Long-term debt 1,958,907 2,051,567 2,046,264 Long-term deferred tax liabilities 511,821 531,522 369,170 Other liabilities 332,610 272,532 276,483 Commitments and contingencies (Note 15) Equities: Preferred stock 2,244,132 2,244,114 2,264,063 Equity certificates 4,194,534 4,201,803 4,214,657 Accumulated other comprehensive loss (224,935 ) (211,091 ) (208,568 ) Capital reserves 1,592,434 1,560,498 1,397,834 Total CHS Inc. equities 7,806,165 7,795,324 7,667,986 Noncontrolling interests 13,351 13,256 12,385 Total equities 7,819,516 7,808,580 7,680,371 Total liabilities and equities $ 18,275,540 $ 18,459,230 $ 17,081,380 CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (As Restated) Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Three Months Ended November 30, 2017 February 28, 2018 February 28, 2018 May 31, 2018 May 31, 2018 August 31, 2018 (Dollars in thousands) Revenues $ 8,031,884 $ 6,980,153 $ 15,012,037 $ 9,087,328 $ 24,099,365 $ 8,583,982 Cost of goods sold 7,711,057 6,844,849 14,555,906 8,841,361 23,397,267 8,192,620 Gross profit 320,827 135,304 456,131 245,967 702,098 391,362 Marketing, general and administrative 139,500 186,713 326,213 161,579 487,792 186,291 Reserve and impairment charges (recoveries), net (3,787 ) (11,346 ) (15,133 ) (3,811 ) (18,944 ) (18,765 ) Operating earnings (loss) 185,114 (40,063 ) 145,051 88,199 233,250 223,836 (Gain) loss on disposal of business — (7,705 ) (7,705 ) (124,050 ) (131,755 ) (61 ) Interest expense 40,702 40,176 80,878 49,340 130,218 18,984 Other (income) loss (25,014 ) (11,364 ) (36,378 ) (14,622 ) (51,000 ) (27,015 ) Equity (income) loss from investments (38,362 ) (39,441 ) (77,803 ) (59,308 ) (137,111 ) (16,404 ) Income (loss) before income taxes 207,788 (21,729 ) 186,059 236,839 422,898 248,332 Income tax expense (benefit) 20,606 (187,688 ) (167,082 ) 55,219 (111,863 ) 7,787 Net income (loss) 187,182 165,959 353,141 181,620 534,761 240,545 Net income (loss) attributable to noncontrolling interests (464 ) (48 ) (512 ) (187 ) (699 ) 98 Net income (loss) attributable to CHS Inc. $ 187,646 $ 166,007 $ 353,653 $ 181,807 $ 535,460 $ 240,447 CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (As Restated) Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Three Months Ended November 30, 2016 February 28, 2017 February 28, 2017 May 31, 2017 May 31, 2017 August 31, 2017 (Dollars in thousands) Revenues $ 8,001,904 $ 7,400,773 $ 15,402,677 $ 8,638,410 $ 24,041,087 $ 7,996,339 Cost of goods sold 7,655,524 7,165,265 14,820,789 8,417,264 23,238,053 7,904,713 Gross profit 346,380 235,508 581,888 221,146 803,034 91,626 Marketing, general and administrative 151,258 160,166 311,424 155,347 466,771 145,236 Reserve and impairment charges (recoveries), net 18,357 72,373 90,730 326,779 417,509 39,170 Operating earnings (loss) 176,765 2,969 179,734 (260,980 ) (81,246 ) (92,780 ) (Gain) loss on disposal of business 4,105 (1,395 ) 2,710 (1,224 ) 1,486 704 Interest expense 38,265 39,945 78,210 39,201 117,411 53,828 Other (income) loss (44,509 ) (18,083 ) (62,592 ) (11,952 ) (74,544 ) (25,407 ) Equity (income) loss from investments (40,328 ) (35,800 ) (76,128 ) (48,393 ) (124,521 ) (12,817 ) Income (loss) before income taxes 219,232 18,302 237,534 (238,612 ) (1,078 ) (109,088 ) Income tax expense (benefit) 16,076 3,685 19,761 (166,124 ) (146,363 ) (34,761 ) Net income (loss) 203,156 14,617 217,773 (72,488 ) 145,285 (74,327 ) Net income (loss) attributable to noncontrolling interests (208 ) 406 198 (955 ) (757 ) 123 Net income (loss) attributable to CHS Inc. $ 203,364 $ 14,211 $ 217,575 $ (71,533 ) $ 146,042 $ (74,450 ) CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (As Restated) Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Three Months Ended November 30, 2017 February 28, 2018 February 28, 2018 May 31, 2018 May 31, 2018 August 31, 2018 (Dollars in thousands) Net income (loss) $ 187,182 $ 165,959 $ 353,141 $ 181,620 $ 534,761 $ 240,545 Other comprehensive income (loss), net of tax: Postretirement benefit plan activity 1,594 3,142 4,736 3,417 8,153 11,913 Unrealized net gain (loss) on available for sale investments 3,640 3,554 7,194 6,286 13,480 (16,628 ) Cash flow hedges (4 ) 1,063 1,059 413 1,472 1,068 Foreign currency translation adjustment (2,211 ) 2,352 141 (10,188 ) (10,047 ) (1,974 ) Other comprehensive income (loss), net of tax 3,019 10,111 13,130 (72 ) 13,058 (5,621 ) Comprehensive income 190,201 176,070 366,271 181,548 547,819 234,924 Less comprehensive income attributable to noncontrolling interests (464 ) (48 ) (512 ) (187 ) (699 ) 98 Comprehensive income attributable to CHS Inc. $ 190,665 $ 176,118 $ 366,783 $ 181,735 $ 548,518 $ 234,826 (As Restated) Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Three Months Ended November 30, 2016 February 28, 2017 February 28, 2017 May 31, 2017 May 31, 2017 August 31, 2017 (Dollars in thousands) Net income (loss) $ 203,156 $ 14,617 $ 217,773 $ (72,488 ) $ 145,285 $ (74,327 ) Other comprehensive income (loss), net of tax: Postretirement benefit plan activity 3,239 3,724 6,963 3,636 10,599 22,103 Unrealized net gain (loss) on available for sale investments 777 968 1,745 (118 ) 1,627 2,758 Cash flow hedges 654 964 1,618 375 1,993 249 Foreign currency translation adjustment (18,075 ) 8,187 (9,888 ) (1,369 ) (11,257 ) 3,098 Other comprehensive income (loss), net of tax (13,405 ) 13,843 438 2,524 2,962 28,208 Comprehensive income 189,751 28,460 218,211 (69,964 ) 148,247 (46,119 ) Less comprehensive income attributable to noncontrolling interests (208 ) 406 198 (955 ) (757 ) 123 Comprehensive income attributable to CHS Inc. $ 189,959 $ 28,054 $ 218,013 $ (69,009 ) $ 149,004 $ (46,242 ) Reclassifications Amounts previously included within (gain) loss on investments were reclassified into other (income) loss to conform to the current period presentation. This reclassification had no impact on our previously reported net income, cash flows or shareholders' equity and represents reclassifications for the periods ended November 30, 2017 and 2016, and February 28, 2018 and 2017. The reclassifications included a $2.8 million gain reclassification during the three months ended November 30, 2017, a $4.1 million gain reclassification during the three months ended February 28, 2018, a $7.4 million loss during the three months ended November 30, 2016, and a $2.9 million gain during the three months ended February 28, 2017. Consolidated financial statement adjustment tables The following tables present the impacts of the restatement adjustments to the previously reported financial information for the quarterly periods ended November 30, 2017 and 2016, February 28, 2018 and 2017, May 31, 2018 and 2017, and August 31, 2017. Refer to discussion in Note 2, Restatement of Previously Issued Consolidated Financial Statements . The restatement references identified in the following tables directly correlate to the restatement adjustments detailed below. The categories of restatement adjustments and their impact on previously reported consolidated financial statements are described below. (a) Freight Derivatives and Related Misstatements - Corrections for freight derivatives and related misstatements were driven by the misstatement of amounts associated with both the value and quantity of rail freight contracts, as well as due to freight contracts not meeting the technical accounting requirements to qualify as derivative financial instruments. In addition to the elimination of the underlying freight derivative assets and liabilities and related impacts on revenues and cost of goods sold, additional adjustments were recorded to account for prepaid freight capacity balances in relevant periods and the impact of a goodwill impairment charge recorded during fiscal 2015 for goodwill held within our Grain Marketing reporting unit which was triggered by the lowering of earnings due to the restatement. Additional details related to the impact of the freight derivatives and related misstatements and their impact on each period are discussed in restatement reference (a). (b) Intercompany Misstatements - As a result of the work performed in relation to the freight misstatement, additional misstatements related to the incorrect elimination of intercompany balances were also identified and corrected within the consolidated financial statements. Certain of these intercompany misstatements resulted in a misstatement of various financial statement line items; however, the intercompany misstatements did not result in a material misstatement of income (loss) before income taxes or net income (loss). Additional details related to the impact of the intercompany misstatements and their impact on each period are discussed in restatement reference (b). (c) Other Misstatements - We made adjustments for other previously identified misstatements unrelated to the freight derivatives and related misstatements that were not material, individually or in the aggregate, to our consolidated financial statements. These other misstatements related primarily to certain misclassifications, adjustments to revenues and cost of goods sold, and adjustments to various income tax and indirect tax accrual accounts. Additional details related to the impact of the other misstatements and their impact on each period are discussed in restatement reference (c). CHS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) As of November 30, 2017 As of November 30, 2016 As Previously Reported Restatement Adjustments As Restated As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents $ 252,129 $ (2,362 ) $ 249,767 $ 515,484 $ 1,162 $ 516,646 b, c Receivables 2,059,623 (1,401 ) 2,058,222 3,052,989 (18,906 ) 3,034,083 a, b, c Inventories 3,046,101 65,862 3,111,963 3,117,935 25,616 3,143,551 c Derivative assets 283,256 (116,699 ) 166,557 419,103 (141,605 ) 277,498 a, c Margin and related deposits 206,955 — 206,955 312,899 — 312,899 Supplier advance payments 542,139 631 542,770 480,709 (3,802 ) 476,907 b Other current assets 289,250 (18,576 ) 270,674 189,896 (2,372 ) 187,524 a, c Total current assets 6,679,453 (72,545 ) 6,606,908 8,089,015 (139,907 ) 7,949,108 Investments 3,777,000 — 3,777,000 3,828,899 — 3,828,899 Property, plant and equipment 5,266,408 — 5,266,408 5,443,079 — 5,443,079 Other assets 1,061,562 (64,160 ) 997,402 1,069,468 (15,014 ) 1,054,454 a Total assets $ 16,784,423 $ (136,705 ) $ 16,647,718 $ 18,430,461 $ (154,921 ) $ 18,275,540 LIABILITIES AND EQUITIES Current liabilities: Notes payable $ 2,480,264 $ — $ 2,480,264 $ 3,227,564 $ — $ 3,227,564 Current portion of long-term debt 71,022 — 71,022 206,894 — 206,894 Customer margin deposits and credit balances 139,868 — 139,868 180,850 — 180,850 Customer advance payments 414,441 (922 ) 413,519 544,266 (855 ) 543,411 b, c Accounts payable 2,380,998 63,652 2,444,650 2,568,533 5,473 2,574,006 a, b, c Derivative liabilities 226,279 (18,853 ) 207,426 317,505 (34,847 ) 282,658 a, c Accrued expenses 409,522 16,390 425,912 389,321 8,125 397,446 a, c Dividends and equities payable 121,209 — 121,209 275,448 (35,591 ) 239,857 b, c Total current liabilities 6,243,603 60,267 6,303,870 7,710,381 (57,695 ) 7,652,686 Long-term debt 1,936,744 — 1,936,744 1,958,907 — 1,958,907 Long-term deferred tax liabilities 350,841 (1,939 ) 348,902 497,283 14,538 511,821 a, c Other liabilities 315,460 (206 ) 315,254 332,610 — 332,610 Commitments and contingencies (Note 15) Equities: Preferred stock 2,264,038 — 2,264,038 2,244,132 — 2,244,132 Equity certificates 4,319,840 — 4,319,840 4,208,336 (13,802 ) 4,194,534 b Accumulated other comprehensive loss (178,445 ) 1,104 (177,341 ) (226,220 ) 1,285 (224,935 ) a Capital reserves 1,520,218 (195,846 ) 1,324,372 1,691,603 (99,169 ) 1,592,434 a, b, c Total CHS Inc. equities 7,925,651 (194,742 ) 7,730,909 7,917,851 (111,686 ) 7,806,165 Noncontrolling interests 12,124 (85 ) 12,039 13,429 (78 ) 13,351 a Total equities 7,937,775 (194,827 ) 7,742,948 7,931,280 (111,764 ) 7,819,516 Total liabilities and equities $ 16,784,423 $ (136,705 ) $ 16,647,718 $ 18,430,461 $ (154,921 ) $ 18,275,540 As of November 30, 2017 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $171.7 million reduction of total assets, a $38.6 million reduction of current liabilities, a $30.2 million increase of long-term liabilities and a $163.2 million reduction of total equities. The reduction of total assets related primarily to the elimination of $116.8 million of current derivative assets and a $49.2 million reduction of long-term derivative assets that had been recorded as assets on the Consolidated Balance Sheet as well as an approximate $16.0 million reduction of goodwill associated with a goodwill impairment charge recorded during fiscal 2015 The decreases of total assets were partially offset by related adjustments, including an $8.5 million increase of prepaid income taxes resulting from the income tax impact of the freight misstatement and the recognition of a $1.1 million prepaid freight capacity balance. The decrease of total current liabilities related primarily to a $16.5 million reduction of current derivative liabilities and a $22.2 million reduction of income taxes payable resulting from the income tax effect of the freight misstatement. The increase of long-term liabilities resulted from a $30.2 million increase of long-term deferred tax liabilities. The decrease of total equities related primarily to the elimination of the derivative assets and liabilities described above and the related income tax impacts, as well as the reduction of goodwill associated with the goodwill impairment charge recorded during fiscal 2015. Intercompany misstatements (b) The correction of intercompany misstatements resulted in a $3.4 million reduction of total assets and a $3.4 million reduction of current liabilities due to different practices of eliminating intercompany balances between CHS's businesses which existed in previous periods. Other misstatements (c) Adjustments for other misstatements related primarily to misclassifications between line items included within the Consolidated Balance Sheets, as well as the impact of income tax adjustments on income tax accounts, including prepaid income taxes, income taxes payable and deferred income taxes. The misclassification adjustments arose primarily due to the application of differing accounting policies between businesses and collectively with the income tax adjustments resulted in a $38.4 million increase of total assets, a $102.3 million increase of current liabilities, a $32.3 million decrease of long-term liabilities and a $31.6 million decrease of total equities. The increase of total assets related primarily to a $67.5 million increase of inventories that resulted from a misclassification adjustment related to $67.5 million previously included as a contra-inventory balance moving to accounts payable. The increase related to inventories was partially offset by a $28.1 million decrease of other current assets that resulted from the reduction of prepaid income taxes associated with the correction of other misstatements identified during fiscal 2018 and other periods. The increase of current liabilities related primarily to a $67.5 million increase of accounts payable that resulted from a misclassification adjustment for amounts previously included as a contra-inventory balance to accounts payable and a $38.6 million increase of accrued expenses. The increase of accrued expenses related to the recognition of a $24.9 million accrued income tax balance associated with the correction of other misstatements identified during fiscal 2018 and other periods, as well as the recognition of $13.7 million of accrued expense related to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018. Long-term liabilities decreased primarily as a result of a $32.1 million decrease of long-term deferred tax liabilities related to the correction of other misstatements identified during fiscal 2018 and other periods. The $31.6 million decrease of total equities related primarily to the impacts associated with the $20.6 million net impact on income tax accounts and the recognition of an additional $13.7 million of accrued expense related to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018. As of November 30, 2016 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $145.5 million reduction of total assets, a $47.0 million reduction of current liabilities, a $15.5 million increase of long-term liabilities and a $114.0 million reduction of total equities. The reduction of total assets related primarily to the elimination of $141.0 million of current derivative assets that had been incorrectly recorded as assets on the Consolidated Balance Sheet and an approximate $16.0 million reduction of goodwill associated with a goodwill impairment charge recorded during fiscal 2015. The decreases of total assets were partially offset by related adjustments, including a $4.0 million increase of receivables, a $5.7 million increase of prepaid income taxes resulting from the income tax impact of the freight misstatement and the recognition of a $0.9 million prepaid freight capacity balance. The decrease of total current liabilities related primarily to a $35.0 million reduction of current derivative liabilities and a $20.7 million reduction of income taxes payable resulting from the income tax effect of the freight misstatement. These decreases of current liabilities were partially offset by an $8.7 million increase of accounts payable. The increase of long-term liabilities resulted from a $15.5 million increase of long-term deferred tax liabilities. The decrease of total equities related primarily to the elimination of the derivative assets and liabilities described above and the related income tax impacts, as well as the reduction of goodwill associated with the goodwill impairment charge recorded during fiscal 2015. Intercompany misstatements (b) The correction of intercompany misstatements resulted in a $73.3 million reduction of total assets, an $85.4 million reduction of current liabilities and a $12.1 million increase of total equities due to different practices of eliminating intercompany balances between CHS's businesses which existed in previous periods. Other misstatements (c) Adjustments for other misstatements related primarily to misclassifications between line items included within the Consolidated Balance Sheets, as well as the impact of income tax adjustments on income tax accounts, including prepaid income taxes, income taxes payable and deferred income taxes. The misclassification adjustments arose primarily due to the application of differing accounting policies between businesses and collectively with the income tax adjustments resulted in a $63.9 million increase of total assets, a $74.6 million increase of current liabilities, a $0.9 million decrease of long-term liabilities and a $9.9 million decrease of total equities. The increase of total assets related primarily to a misclassification adjustment for $73.8 million previously included as a contra-inventory balance moving to accounts payable. The increased inventories were partially offset by a $48.2 million reduction of inventory related to a misclassification adjustment for certain collateral moving from inventory to receivables. The increase of total liabilities relates primarily to a misclassification adjustment for $73.8 million previously included as a contra-inventory balance moving to accounts payable. The $9.9 million decrease of total equities relates primarily to the $28.8 million net impact on income tax accounts and the recognition of $8.1 million of accrued expense related to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018. The overall decrease in total equities was partially offset by an increase that arose from a $27.9 million timing difference for the accrual of dividends and equities payable. CHS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) As of February 28, 2018 As of February 28, 2017 As Previously Reported Restatement Adjustments As Restated As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents $ 190,426 $ 28,847 $ 219,273 $ 249,801 $ 26,336 $ 276,137 b, c Receivables 1,765,640 70,850 1,836,490 2,697,699 69,451 2,767,150 a, b, c Inventories 3,650,158 26,167 3,676,325 3,752,218 (21,536 ) 3,730,682 c Derivative assets 429,625 (178,577 ) 251,048 386,613 (153,184 ) 233,429 a, c Margin and related deposits 188,167 — 188,167 290,291 — 290,291 Supplier advance payments 658,815 — 658,815 701,705 — 701,705 b Other current assets 310,674 (13,692 ) 296,982 200,288 (4,051 ) 196,237 a, c Total current assets 7,193,505 (66,405 ) 7,127,100 8,278,615 (82,984 ) 8,195,631 Investments 3,752,876 — 3,752,876 3,802,379 — 3,802,379 Property, plant and equipment 5,179,868 — 5,179,868 5,404,347 — 5,404,347 Other assets 958,613 (15,061 ) 943,552 1,072,824 (15,951 ) 1,056,873 a Total assets $ 17,084,862 $ (81,466 ) $ 17,003,396 $ 18,558,165 $ (98,935 ) $ 18,459,230 LIABILITIES AND EQUITIES Current liabilities: Notes payable $ 2,993,456 $ 78,183 $ 3,071,639 $ 3,867,438 $ — $ 3,867,438 c Current portion of long-term debt 46,290 — 46,290 205,136 — 205,136 Customer margin deposits and credit balances 106,323 — 106,323 149,625 — 149,625 Customer advance payments 727,535 29,107 756,642 871,370 26,094 897,464 b, c Accounts payable 1,835,289 18,685 1,853,974 1,877,040 42,381 1,919,421 a, b, c Derivative liabilities 372,406 (10,497 ) 361,909 275,484 (42,977 ) 232,507 a, c Accrued expenses 459,867 5,165 465,032 378,318 13,740 392,058 a, c Dividends and equities payable 128,700 — 128,700 131,380 — 131,380 Total current liabilities 6,669,866 120,643 6,790,509 7,755,791 39,238 7,795,029 Long-term debt 1,915,843 — 1,915,843 2,051,567 — 2,051,567 Long-term deferred tax liabilities 171,844 (6,185 ) 165,659 516,681 14,841 531,522 c Other liabilities 265,349 (321 ) 265,028 272,532 — 272,532 c Commitments and contingencies (Note 15) Equities: Preferred stock 2,264,038 — 2,264,038 2,244,114 — 2,244,114 b Equity certificates 4,307,292 — 4,307,292 4,201,803 — 4,201,803 a Accumulated other comprehensive loss (168,225 ) 995 (167,230 ) (211,442 ) 351 (211,091 ) a Capital reserves 1,646,837 (196,511 ) 1,450,326 1,713,784 (153,286 ) 1,560,498 a, c Total CHS Inc. equities 8,049,942 (195,516 ) 7,854,426 7,948,259 (152,935 ) 7,795,324 a Noncontrolling interests 12,018 (87 ) 11,931 13,335 (79 ) 13,256 Total equities 8,061,960 (195,603 ) 7,866,357 7,961,594 (153,014 ) 7,808,580 Total liabilities and equities $ 17,084,862 $ (81,466 ) $ 17,003,396 $ 18,558,165 $ (98,935 ) $ 18,459,230 As of February 28, 2018 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $183.8 million reduction of total assets, a $26.8 million reduction of current liabilities, a $28.9 million increase of long-term liabilities and a $185.9 million reduction of total equities. The reduction of total assets related primarily to the elimination of $179.3 million of current derivative assets which had been incorrectly recorded as assets on the Consolidated Balance Sheet and an approximate $16.0 million impairment of goodwill which was triggered when earnings were lowered due to the restatement. The decrease of total assets was partially offset by a related adjustment to increase prepaid income taxes by $9.7 million as a result of the income tax impact of the freight misstatement. The decrease of total current liabilities related primarily to a $7.1 million reduction of current derivative liabilities and a $19.7 million reduction of income taxes payable resulting from the income tax effect of the freight misstatement. The increase of long-term liabilities was primarily attributable to the $28.9 million increase of long-term deferred tax liabilities. The decrease of total equities was related primarily to the elimination of derivative assets and liabilities from the Consolidated Balance Sheet as described above and the related income tax impacts, as well as the reduction of goodwill associated with the goodwill impairment charge recorded during fiscal 2015. Intercompany misstatements (b) The correction of intercompany misstatements resulted in a $5.6 million reduction of total assets and a $5.6 million reduction of current liabilities due to different practices of eliminating intercompany balances between CHS's businesses which existed in previous periods. Other misstatements (c) Adjustments for other misstatements related primarily to misclassifications between line items included within the Consolidated Balance Sheets, as well as the impact of income tax adjustments on income tax accounts, including prepaid income taxes, income taxes payable and deferred income taxes. These misclassification adjustments arose primarily due to the application of differing accounting policies between businesses and collectively with the income tax adjustments resulted in a $108.0 million increase of total assets, a $153.1 million increase of current liabilities, a $35.4 million decrease of long-term liabilities and a $9.7 million decrease of total equities. The increase of total assets related primarily to a $28.8 million increase of cash that resulted from a timing difference for the application of in-transit cash and a $78.2 million increase of receivables and notes payable related to a participation arrangement that did not meet certain criteria for off-balance sheet treatment. As a result, both receivables and notes payable were increased by $78.2 million . The increase of current liabilities related primarily to the $78.2 million increase of receivables and notes payable in a participation arrangement that did not meet certain criteria for off-balance sheet treatment, a $29.1 million increase of customer advance payments that resulted from a timing difference related to the application of in-transit cash and a $27.9 million increase of accounts payable that had previously been included as a contra-inventory balance. Long-term liabilities decreased primarily due to the recognition of long-term deferred tax liabilities of $35.1 million related to the correction of other misstatements identified during fiscal 2018 and other periods. The $9.7 million decrease of total equities relates primarily to the $14.1 million net impact on income tax accounts, which was partially offset by a $4.5 million increase related to the valuation of crack spread derivatives. As of February 28, 2017 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $160.3 million reduction of total assets, a $61.3 million reduction of current liabilities, a $15.8 million increase of long-term liabilities and a $114.7 million reduction of total equities. The reduction of total assets related primarily to the elimination of $153.0 million of current derivative assets that were incorrectly recorded as assets on the Consolidate Balance Sheet and an approximate $16.0 million impairment of goodwill recorded in fiscal 2015 associated with lower earnings as a result of the restatement. The overall decrease of total assets was partially offset by related adjustments, including a $6.4 million increase of prepaid income taxes resulting from the income tax impact of the freight misstatement and the recognition of a $0.6 million prepaid freight capacity balance. The decrease of total current liabilities related primarily to a $43.0 million reduction of current derivative liabilities and a $20.7 million reduction of income t |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Aug. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Balance at Beginning of Year Additions: Charged to Costs and Expenses * Deductions: Write-offs, net of Recoveries Balance at End of Year (Dollars in thousands) Allowances for Doubtful Accounts 2018 $ 225,726 $ 2,748 $ (6,661 ) $ 221,813 2017 163,644 191,581 (129,499 ) 225,726 2016 106,445 65,725 (8,526 ) 163,644 Valuation Allowance for Deferred Tax Assets 2018 $ 289,083 $ 61,854 $ (120,563 ) $ 230,374 2017 (As restated) 213,583 115,893 (40,393 ) 289,083 2016 (As restated) 104,334 138,794 (29,545 ) 213,583 Reserve for Supplier Advance Payments 2018 $ 130,705 $ — $ (20,092 ) $ 110,613 2017 — 130,705 — 130,705 *net of reserve adjustments |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of CHS and all wholly-owned and majority-owned subsidiaries and limited liability companies. The effects of all significant intercompany transactions have been eliminated. As described in Note 2, Restatement of Previously Issued Consolidated Financial Statements the consolidated financial statements for the years ended August 31, 2017 and 2016, have been restated to reflect the correction of misstatements to the consolidated financial statements. We have also restated all amounts impacted within the Notes to the consolidated financial statements. 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 twelve months ended August 31, 2018 , 2017 , and 2016 . The timing and amounts of these charges and impairments, and any recoveries were determined utilizing facts and circumstances that were present in the respective years in which the charges, impairments or recoveries were recorded. See additional information related to the reserves and impairment charges in Note 3, Receivables, Note 6 , Property, Plant and Equipment , and Note 7 , Other Assets . The notes to our consolidated financial statements refer to our Energy, Ag and Nitrogen Production reportable segments, as well as our Corporate and Other category, which represents an aggregation of individually immaterial operating segments. The Nitrogen Production reportable segment resulted from our investment in CF Industries Nitrogen, LLC ("CF Nitrogen") in February 2016. Our investment in Ventura Foods, LLC ("Ventura Foods") is no longer a significant operating segment and is now included in our Corporate and Other category. See Note 12, Segment Reporting for more information. |
Major Maintenance Activities | Major Maintenance Activities Within our Energy segment, major maintenance activities (“turnarounds”) are performed at our Laurel, Montana and McPherson, Kansas refineries regularly. Turnarounds are the planned and required shutdowns of refinery processing units, which include the replacement or overhaul of equipment that have experienced decreased efficiency in resource conversion. Because turnarounds are performed to extend the life, increase the capacity, and/or improve the safety or efficiency of refinery processing assets, we follow the deferral method of accounting for turnarounds. Expenditures for turnarounds are capitalized (deferred) when incurred and amortized on a straight-line basis over a period of 2 to 4 years, which is the estimated time lapse between turnarounds. Should the estimated period between turnarounds change, we may be required to amortize the remaining cost of the turnaround over a shorter period, which would result in higher depreciation and amortization costs. Capitalized turnaround costs are included in other assets (long-term) on our Consolidated Balance Sheets and amortization expense related to the capitalized turnaround costs is included in cost of goods sold in our Consolidated Statements of Operations. The selection of the deferral method, as opposed to expensing the turnaround costs when incurred, results in deferring recognition of the turnaround expenditures. The deferral method also results in the classification of the related cash outflows as investing activities in our Consolidated Statements of Cash Flows, whereas expensing these costs as incurred would result in classifying the cash outflows as operating activities. Repair, maintenance and related labor costs are expensed as incurred and are included in operating cash flows. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Due to the inherent uncertainty involved in making estimates, actual results could differ from those estimates. We evaluate our estimates and assumptions on an ongoing basis. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents include short-term, highly liquid investments with original maturities of three months or less at the date of acquisition. The fair value of cash and cash equivalents approximates the carrying value due to the short-term nature of the instruments. |
Inventories | Inventories Grain, processed grain, oilseed, processed oilseed and other minimally processed soy-based inventories are stated at net realizable value. These inventories are agricultural commodity inventories that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. Agricultural commodity inventories have quoted market prices in active markets, may be sold without significant further processing and have predictable and insignificant disposal costs. Changes in the net realizable value of merchandisable agricultural commodities inventories are recognized in earnings as a component of cost of goods sold. All other inventories are stated at the lower of cost or net realizable value. Costs for inventories produced or modified by us through a manufacturing process include fixed and variable production and raw material costs, and in-bound freight costs for raw materials. Costs for inventories purchased for resale include the cost of products and freight incurred to place the products at our points of sale. The costs of certain energy inventories (wholesale refined products, crude oil and asphalt) are determined on the last-in, first-out ("LIFO") method; all other inventories of non-grain products purchased for resale are valued on the first-in, first-out ("FIFO") and average cost methods. |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities We enter into various derivative instruments to manage our exposure to movements primarily associated with agricultural commodity prices and to a lesser degree, foreign currency exchange rates and interest rates. Except for certain interest rate swap contracts, which are accounted for as cash flow hedges or fair value hedges, our derivative instruments represent economic hedges of price risk for which hedge accounting under Accounting Standards Codification ("ASC") Topic 815, Derivatives and Hedging , is not applied. Rather, the derivative instruments are recorded on our Consolidated Balance Sheets at fair value with changes in fair value being recorded directly to earnings, primarily within cost of goods sold in our Consolidated Statements of Operations. See Note 13, Derivative Financial Instruments and Hedging Activities and Note 14, Fair Value Measurements for additional information. Although we have certain netting arrangements for our exchange-traded futures and options contracts and certain over-the-counter ("OTC") contracts, we have elected to report our derivative instruments on a gross basis on our Consolidated Balance Sheets under ASC Topic 210-20, Balance Sheet - Offsetting . |
Margin and Related Deposits | Margin and Related Deposits Many of our derivative contracts with futures and options brokers require us to make margin deposits of cash or other assets. Subsequent margin deposits may also be necessary when changes in commodity prices result in a loss on the contract value, to comply with applicable regulations. Our margin and related deposit assets are held by external brokers in segregated accounts to support the associated derivative contracts and may be used to fund or partially fund the settlement of those contracts as they expire. Similar to our derivative financial instruments, margin and related deposits are also reported on a gross basis. |
Supplier Advance Payments and Rebates | Supplier Advance Payments and Rebates Supplier advance payments are typically for periods less than 12 months and primarily include amounts paid for grain purchases from suppliers and amounts paid to crop nutrient suppliers to lock in future supply and pricing. |
Investments | Investments The equity method of accounting is used for joint ventures and other investments in which we are able to exercise significant influence over the entity’s operations, but do not have a controlling interest in the entity. Various factors are considered when assessing significant influence, including our ownership interest, representation on the Board of Directors, voting rights, and the impact of commercial arrangements that may exist with the entity. Our equity in the income or loss of these equity method investments is recorded within equity (income) loss from investments in the Consolidated Statements of Operations. We account for our investment in CF Nitrogen, LLC using the hypothetical liquidation at book value method which is discussed further in Note 5 , Investments. The cost method of accounting is used for other investments in which we do not exercise significant influence. Investments in other cooperatives are stated at cost, plus patronage dividends received in the form of capital stock and other equities. Patronage dividends are recorded as a reduction to cost of goods sold at the time qualified written notices of allocation are received. Investments in other debt and equity securities are classified as available-for-sale financial instruments and are stated at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive loss on our Consolidated Balance Sheets. Investments in debt and equity instruments are carried at amounts that approximate fair values. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided on the straight-line method by charges to operations at rates based on the expected useful lives of individual or groups of assets (generally 15 to 20 years for land improvements; 20 to 40 years for buildings; 5 to 20 years for machinery and equipment; and 3 to 10 years for office equipment and other). Expenditures for maintenance and minor repairs and renewals are expensed, while the costs for major maintenance activities are capitalized and amortized on a straight-line basis over the period estimated to lapse until the next major maintenance activity occurs. We also capitalize and amortize eligible costs to acquire or develop internal-use software that are incurred during the application development stage. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from the related accounts and resulting gains or losses are reflected in operations. Property, plant and equipment and other long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may not be recoverable. This evaluation of recoverability is based on various indicators, including the nature, future economic benefits and geographic locations of the assets, historical or future profitability measures, and other external market conditions. If these indicators suggest that the carrying amounts of an asset or asset group may not be recoverable, potential impairment is evaluated using undiscounted estimated future cash flows. Should the sum of the expected future net cash flows be less than the carrying value, an impairment loss would be recognized. An impairment loss would be measured at the amount by which the carrying value of the asset or asset group exceeds its fair value. We have asset retirement obligations with respect to certain of our refineries and other assets due to various legal obligations to clean and/or dispose of the component parts at the time they are retired. In most cases, these assets can be used for extended and indeterminate periods of time if they are properly maintained and/or upgraded. It is our practice and current intent to maintain refineries and related assets and to continue making improvements to those assets based on technological advances. As a result, we believe our refineries and related assets have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire a refinery and related assets cannot reasonably be estimated at this time. When a date or range of dates can reasonably be estimated for the retirement of any component part of a refinery or other asset, we estimate the cost of performing the retirement activities and record a liability for the fair value of that future cost. We have other assets that we may be obligated to dismantle at the end of corresponding lease terms subject to lessor discretion for which we have recorded asset retirement obligations. Based on our estimates of the timing, cost and probability of removal, these obligations are not material. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets are included in other assets (long-term) on our Consolidated Balance Sheets. Goodwill represents the excess of cost over the fair value of identifiable assets acquired. Goodwill is tested for impairment on an annual basis as of July 31, or more frequently if triggering events or other circumstances occur which could indicate impairment. Goodwill is tested for impairment at the reporting unit level, which has been determined to be our operating segments or one level below our operating segments in certain instances. Other intangible assets consist primarily of customer lists, trademarks and non-compete agreements. Intangible assets subject to amortization are expensed over their respective useful lives, which generally range from 2 to 30 years. We have no material intangible assets with indefinite useful lives. See Note 7, Other Assets for more information on goodwill and other intangible assets. |
Revenue Recognition | Revenue Recognition We provide a wide variety of products and services, ranging from agricultural inputs such as fuels, farm supplies and crop nutrients, to agricultural outputs that include grain and oilseed, processed grains and oilseeds and food products, and ethanol production and marketing. We recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Sales are generally recognized upon transfer of title, which could occur either upon shipment to or receipt by the customer, depending upon the terms of the transaction. Shipping and handling amounts billed to a customer as part of a sales transaction are included in revenues, and the related costs are included in cost of goods sold. |
Environmental Expenditures | Environmental Expenditures We are subject to various federal, state, and local environmental laws and regulations. Environmental expenditures are expensed or capitalized depending on their future economic benefit. Liabilities, including legal costs, related to remediation of contaminated properties are recognized when the related costs are considered probable and can be reasonably estimated. Estimates of environmental costs are based on current available facts, existing technology, undiscounted site-specific costs and currently enacted laws and regulations. Recoveries, if any, are recorded in the period in which recovery is received. Liabilities are monitored and adjusted as new facts or changes in law or technology occur. |
Income Taxes | Income Taxes CHS is a nonexempt agricultural cooperative and files a consolidated federal income tax return within our tax return period. We are subject to tax on income from nonpatronage sources, non-qualified patronage distributions and undistributed patronage-sourced income. Income tax expense is primarily the current tax payable for the period and the change during the period in certain deferred tax assets and liabilities. Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and such amounts recognized for federal and state income tax purposes, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Reserves are recorded against unrecognized tax benefits when we believe that certain fully supportable tax return positions are likely to be challenged and that we may or may not prevail. If we determine that a tax position is more likely than not to be sustained upon audit, based on the technical merits of the position, we recognize the benefit by measuring the amount that is greater than 50% likely of being realized. We reevaluate the technical merits of our tax positions and recognize an uncertain tax benefit, or derecognize a previously recorded tax benefit, when there is (i) a completion of a tax audit, (ii) effective settlement of an issue, (iii) a change in applicable tax law including a tax case or legislative guidance, or (iv) the expiration of the applicable statute of limitations. Significant judgment is required in accounting for tax reserves. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted In March 2018, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. This ASU provides guidance on the income tax accounting implications of the Tax Cuts and Jobs Act of 2017 (the "Tax Act") and allows for entities to report provisional amounts for specific income tax effects of the Tax Act for which the accounting under ASC Topic 740 was not yet complete, but a reasonable estimate could be determined. A measurement period of one year is available to complete the accounting effects under ASC Topic 740 and revise any previous estimates reported. Any provisional amounts or subsequent adjustments included in an entity’s financial statements during the measurement period should be included in income from continuing operations as an adjustment to tax expense in the reporting period the amounts are determined. As of August 31, 2018, we have not finalized our work associated with the income tax effects of the enactment of the Tax Act, however, a reasonable estimate was provisionally recorded as a net benefit of $155.2 million from the revaluation of our U.S. net deferred tax liability that resulted from the reduced corporate tax rate and CHS being subject to the employee compensation deduction limitations imposed by Internal Revenue Code Section 162(m). In February 2018, the FASB issued ASU No. 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 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 Act resulted in stranded tax effects. We elected to early adopt ASU No. 2018-02 during the fourth quarter of fiscal 2018. The adoption resulted in a reclassification from accumulated other comprehensive income to retained earnings in the amount of $27.0 million for stranded tax effects resulting from the Tax Act. 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 elected to early adopt ASU No. 2017-12 during the fourth quarter of fiscal 2018. The adoption did not have a material impact on our consolidated financial statements. In October 2016, the FASB issued 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. 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 August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans , which amends ASC 715-20, Compensation - Retirement Benefits - Defined Benefit Plans - General . This ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include (a) the amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year and (b) the effects of a one-percentage-point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for postretirement health care benefits. The new disclosures include the interest crediting rates for cash balance plans and an explanation of significant gains and losses related to changes in benefit obligations. This ASU is effective for us beginning September 1, 2021, for our fiscal year 2022 and for interim periods within that fiscal year, with early adoption permitted. The adoption of this amended guidance in not expected to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which amends ASC 820, Fair Value Measurement . This ASU modifies the disclosure requirements for fair value measurements by removing, modifying and adding certain disclosures. Specifically, the guidance removes the requirement to disclose the amount and reasons for any transfers between Level 1 and Level 2 of the fair value hierarchy and removes the requirement to disclose a description of the valuation processes used to value Level 3 fair value measurements. The guidance also requires additional disclosures surrounding Level 3 changes in unrealized gains/losses included in other comprehensive income as well the range and weighted average significant unobservable inputs calculation. This ASU is effective for us beginning September 1, 2020, for our fiscal year 2021 and for interim periods within that fiscal year. Early adoption is permitted. We elected to remove the disclosures permitted by ASU No. 2018-13 during the fourth quarter of fiscal 2018 but have not early adopted the new required additional disclosures, which is permitted by the guidance. The adoption of this amended guidance is not expected to have a material impact 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 provides that the service cost component should be included in the same income statement 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. Early adoption is permitted as of the beginning of an annual period for which interim financial statements have not been issued or made available for issuance. The guidance on the presentation of the components of net periodic benefit cost in the Consolidated Statement 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. The adoption of this amended guidance is not expected to have a material impact on our Consolidated Statements 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 ASC 840 - Leases . The amendments within this ASU, as well as within additional clarifying ASUs issued by the FASB, 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. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases , which amends ASU No. 2016-02, Leases . 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 liabilities 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 practical expedient guidance provisions available 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 . 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 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. |
Fair Value Measurements | ASC Topic 820, Fair Value Measurement 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. We determine fair values of derivative instruments and certain other assets, based on the fair value hierarchy established in ASC Topic 820, 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 that reflect the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. ASC Topic 820 describes three levels within its hierarchy that may be used to measure fair value, and our assessment of relevant instruments within those levels is as follows: Level 1: Values are based on unadjusted quoted prices in active markets for identical assets or liabilities. These assets and liabilities include exchange-traded derivative instruments, Rabbi Trust investments, deferred compensation investments and available-for-sale investments. Level 2: Values are based on 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, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. These assets and liabilities include interest rate, foreign exchange, and commodity swaps; forward commodity contracts with a fixed price component; and other OTC derivatives whose value is determined with inputs that are based on exchange traded prices, adjusted for location specific inputs that are primarily observable in the market or can be derived principally from, or corroborated by, observable market data. Level 3: Values are generated from unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. These unobservable inputs would reflect our own estimates of assumptions that market participants would use in pricing related assets or liabilities. Valuation techniques might include the use of pricing models, discounted cash flow models or similar techniques. |
Fair Value of Financial Instruments | Commodity 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, select ocean freight contracts and other OTC derivatives are determined using inputs that are generally based on exchange traded prices and/or recent market bids and offers, adjusted for location specific inputs, and are classified within Level 2. The location specific inputs are driven by local market supply and demand, and are generally based on 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 13, 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. Embedded derivative asset — The embedded derivative asset relates to contingent payments inherent to our investment in CF Nitrogen. The inputs used in 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 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 13, Derivative Financial Instruments and Hedging Activities for additional information. Deferred purchase price receivable — As described in Note 3, Receivables our Securitization Facility was amended during fiscal 2018 such that no DPP receivable remained as of August 31, 2018 . The fair value of the DPP receivable as of August 31, 2017 , was included in receivables, net and other assets, and was determined by discounting the expected cash flows to be received. The expected cash flows were primarily based on unobservable inputs consisting of the face amount of the Receivables adjusted for anticipated credit losses. Due to the use of significant unobservable inputs in the pricing model, including management's assumptions related to anticipated credit losses, the DPP receivable was classified as a Level 3 fair value measurement. |
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 significant equity method investments consist of CF Nitrogen, Ventura Foods, and Ardent Mills, LLC ("Ardent Mills"), which are summarized below. |
Restatement of Previously Iss_2
Restatement of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Summary of impacts of the restatement adjustments | The following tables present the summary impacts of the restatement adjustments on our previously reported consolidated capital reserves and total equities at August 31, 2015, and income (loss) before income taxes and net income (loss) for the years ended August 31, 2017 and 2016: August 31, 2015 Capital Reserves Total Equities (Dollars in thousands) As previously reported $ 1,604,670 $ 7,669,411 Cumulative restatement adjustments (119,237 ) (117,972 ) As restated $ 1,485,433 $ 7,551,439 For the Years Ended August 31, 2017 2016 (Dollars in thousands) Income (loss) before income taxes - As previously reported $ (54,852 ) $ 419,878 Restatement adjustments (55,314 ) (17,753 ) Income (loss) before income taxes - As restated $ (110,166 ) $ 402,125 Net income (loss) - As previously reported $ 127,223 $ 423,969 Restatement adjustments (56,265 ) (40,943 ) Net income (loss) - As restated $ 70,958 $ 383,026 The following tables present the restatement adjustments to previously issued consolidated financial statements, including the previously reported Consolidated Balance Sheet as of August 31, 2017, and the Consolidated Statements of Operations, Comprehensive Income and Cash Flows for the years ended August 31, 2017, and 2016. The corrections of misstatements affecting fiscal years prior to fiscal 2017 are reflected as a cumulative adjustment to the balance of capital reserves and accumulated other comprehensive income as of August 31, 2015, on the Consolidated Statements of Changes in Shareholders’ Equity. CHS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of August 31, 2017 As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents $ 181,379 $ — $ 181,379 Receivables 1,869,632 22,536 1,892,168 c Inventories 2,576,585 25,019 2,601,604 c Derivative assets 232,017 (13,275 ) 218,742 a Margin and related deposits 206,062 — 206,062 Supplier advance payments 249,234 — 249,234 Other current assets 299,618 (17,693 ) 281,925 a, c Total current assets 5,614,527 16,587 5,631,114 Investments 3,750,993 — 3,750,993 Property, plant and equipment 5,356,434 — 5,356,434 Other assets 1,251,802 (171,421 ) 1,080,381 a Total assets $ 15,973,756 $ (154,834 ) $ 15,818,922 LIABILITIES AND EQUITIES Current liabilities: Notes payable $ 1,988,215 $ (3,052 ) $ 1,985,163 c Current portion of long-term debt 156,345 — 156,345 Customer margin deposits and credit balances 157,914 — 157,914 Customer advance payments 413,163 10,607 423,770 c Accounts payable 1,951,292 40,002 1,991,294 c Derivative liabilities 316,018 (15,072 ) 300,946 a Accrued expenses 437,527 17,469 454,996 a, c Dividends and equities payable 12,121 — 12,121 Total current liabilities 5,432,595 49,954 5,482,549 Long-term debt 2,023,448 — 2,023,448 Long-term deferred tax liabilities 333,221 (3,241 ) 329,980 a, c Other liabilities 278,667 (1,362 ) 277,305 a Commitments and contingencies (Note 15) Equities: Preferred stock 2,264,038 — 2,264,038 Equity certificates 4,341,649 — 4,341,649 Accumulated other comprehensive loss (183,670 ) 3,310 (180,360 ) a, c Capital reserves 1,471,217 (203,409 ) 1,267,808 a, c Total CHS Inc. equities 7,893,234 (200,099 ) 7,693,135 Noncontrolling interests 12,591 (86 ) 12,505 a Total equities 7,905,825 (200,185 ) 7,705,640 Total liabilities and equities $ 15,973,756 $ (154,834 ) $ 15,818,922 As of August 31, 2017 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $174.1 million reduction of total assets, a $39.1 million reduction of current liabilities, a $27.5 million increase of long-term liabilities, and a $162.4 million reduction of total equities. The reduction of total assets related primarily to the elimination of $156.0 million of long-term derivative assets, an approximate $16.0 million reduction of goodwill which was triggered by the lower earnings associated with this restatement with the impairment charge recorded during fiscal 2015 and the elimination of $12.9 million of current derivative assets that had been recorded as assets on the Consolidated Balance Sheet. The decreases of total assets were partially offset by related adjustments, including an $8.9 million increase of prepaid income taxes resulting from the income tax impact of the freight misstatement and the recognition of a $1.5 million prepaid freight capacity balance. The decrease of total current liabilities related primarily to an $18.0 million reduction of current derivative liabilities and a $21.1 million reduction of income taxes payable resulting from the income tax effect of the freight misstatement. The increase of long-term liabilities resulted from a $28.9 million increase of long-term deferred tax liabilities, which was partially offset by a $1.4 million reduction of long-term derivative liabilities. The decrease of total equities related primarily to the elimination of the derivative assets and liabilities described above and the related income tax impacts, as well as the reduction of goodwill associated with the goodwill impairment charge recorded during fiscal 2015. Intercompany misstatements (b) None Other misstatements (c) Adjustments for other misstatements related primarily to misclassifications between line items included within the Consolidated Balance Sheets, as well as the impact of certain income tax adjustments on prepaid income taxes, income taxes payable and deferred income taxes. The misclassification adjustments arose primarily due to the application of differing accounting policies between businesses and collectively with the impact of income tax adjustments resulted in a $19.3 million increase of total assets, an $89.1 million increase of current liabilities, a $32.1 million decrease of long-term liabilities and a $37.7 million decrease of total equities. The increase of total assets related primarily to a $49.2 million increase of inventory with a corresponding increase to accounts payable that resulted from a misclassification adjustment for certain items previously included within a contra-inventory account to accounts payable. The increased inventories were partially offset by a $24.1 million misclassification adjustment to decrease inventory and increase accounts receivable as a result of a timing difference related to the settlement of a single ocean vessel. The increase of total assets was partially offset by a $28.1 million decrease of prepaid income taxes associated with the correction of other misstatements identified during fiscal 2017 and other periods. The increase of current liabilities related primarily to the $49.2 million increase of accounts payable as a result of a misclassification adjustment for certain items previously included within a contra-inventory account to accounts payable and a $38.6 million increase of accrued expenses. The increase of accrued expenses primarily resulted from the recognition of a $24.9 million accrued income tax balance associated with the correction of other misstatements identified during fiscal 2017 and other periods. Additionally, $13.7 million of accrued expenses were recorded in relation to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018. The decrease of long-term liabilities related to a $32.1 million decrease of long-term deferred tax liabilities that arose from the correction of other misstatements identified during fiscal 2017 and other periods. The $37.7 million decrease of total equities was primarily related to the $20.6 million net impact on income tax accounts and the recognition of $13.7 million of additional accrued expenses due to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018. CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Year Ended August 31, 2017 For the Year Ended August 31, 2016 As Previously Reported Restatement Adjustments As Restated As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) Revenues $ 31,934,751 $ 102,675 $ 32,037,426 $ 30,347,203 $ 8,057 $ 30,355,260 a, b, c Cost of goods sold 30,985,510 157,256 31,142,766 29,387,910 (1,395 ) 29,386,515 a, b, c Gross profit 949,241 (54,581 ) 894,660 959,293 9,452 968,745 Marketing, general and administrative 604,359 7,648 612,007 601,261 5 601,266 c Reserve and impairment charges (recoveries), net 456,679 — 456,679 47,836 27,200 75,036 c Operating earnings (loss) (111,797 ) (62,229 ) (174,026 ) 310,196 (17,753 ) 292,443 (Gain) loss on disposal of business — 2,190 2,190 — — — c Interest expense 171,239 — 171,239 113,704 — 113,704 Other (income) loss (90,846 ) (9,105 ) (99,951 ) (47,609 ) — (47,609 ) c Equity (income) loss from investments (137,338 ) — (137,338 ) (175,777 ) — (175,777 ) Income (loss) before income taxes (54,852 ) (55,314 ) (110,166 ) 419,878 (17,753 ) 402,125 Income tax expense (benefit) (182,075 ) 951 (181,124 ) (4,091 ) 23,190 19,099 a, c Net income (loss) 127,223 (56,265 ) 70,958 423,969 (40,943 ) 383,026 Net income (loss) attributable to noncontrolling interests (634 ) — (634 ) (223 ) — (223 ) Net income (loss) attributable to CHS Inc. $ 127,857 $ (56,265 ) $ 71,592 $ 424,192 $ (40,943 ) $ 383,249 For the year ended August 31, 2017 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $38.1 million reduction of income before income taxes and a $47.3 million reduction of net income. These adjustments related primarily to a $38.1 million increase of cost of goods sold and a $9.2 million increase of income tax expense resulting from the tax effect of the freight derivatives and related misstatements. Intercompany misstatements (b) The correction of intercompany misstatements had no impact on income (loss) before income taxes or net income (loss); however, the correction resulted in a $35.7 million decrease of both revenues and cost of goods sold due to different practices of eliminating intercompany sales between CHS's businesses which existed in previous periods. Other misstatements (c) The correction of other misstatements resulted in a $17.2 million decrease of income before income taxes and a $9.0 million decrease of net income. The $17.2 million decrease of income before income taxes related to a $12.1 million increase of cost of goods sold due to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018, a $2.6 million combined increase in cost of goods sold and marketing, general and administrative expenses for postretirement benefit plan activity that resulted from a timing difference associated with recording certain benefit plan expenses and a $2.5 million increase of costs of goods sold related to the valuation of crack spread derivatives. An income tax benefit of $8.2 million partially offset the decrease of income before income taxes and was recorded to adjust for the impact of other identified misstatements, as well as income tax items that had previously been identified and recorded as out of period adjustments in subsequent periods. Additionally, certain misclassification and offsetting adjustments were made between line items included in the Consolidated Statements of Operations primarily due to the application of differing accounting policies between businesses. These misclassification adjustments resulted in a $138.4 million increase of revenues, a $138.3 million increase of cost of goods sold, a $7.0 million increase of marketing, general and administrative expenses, a $2.2 million increase of loss on disposal of business and a $9.1 million increase of other income. For the year ended August 31, 2016 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $15.7 million reduction of income before income taxes and a $9.9 million reduction of net income. These adjustments related to a $15.7 million increase of cost of goods sold and a $5.8 million income tax benefit resulting from the tax effect of the freight derivatives and related misstatements. Intercompany misstatements (b) The correction of intercompany misstatements had no impact on income (loss) before income taxes or net income (loss); however, the correction resulted in a $57.5 million decrease of both revenues and cost of goods sold due to different practices of eliminating intercompany sales between CHS's businesses which existed in previous periods. Other misstatements The correction of other misstatements resulted in a $2.1 million decrease of income before income taxes and a $31.0 million decrease of net income. The $2.1 million decrease of income before income taxes related to a $1.7 million increase of cost of goods sold due to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018 and a $0.4 million increase of costs of goods sold related to the valuation of crack spread derivatives. In addition to the decrease of income before income taxes, additional income tax expense of $29.0 million was recorded to adjust for the impact of other identified misstatements, as well as income tax items that had previously been identified and recorded as out of period adjustments in subsequent periods. Additionally, misclassification and offsetting adjustments were made between line items included in the Consolidated Statements of Operations primarily due to the application of differing accounting policies between businesses between businesses. These adjustments resulted in a $65.6 million increase of revenues, a $38.4 million increase of cost of goods sold and a $27.2 million increase of reserve and impairment charges (recoveries), net. CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended August 31, 2017 For the Year Ended August 31, 2016 As Previously Reported Restatement Adjustments As Restated As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) Net income (loss) $ 127,223 $ (56,265 ) $ 70,958 $ 423,969 $ (40,943 ) $ 383,026 a, b, c Other comprehensive income (loss), net of tax: Postretirement benefit plan activity 30,100 2,602 32,702 6,583 — 6,583 c Unrealized net gain (loss) on available for sale investments 4,385 — 4,385 1,500 — 1,500 Cash flow hedges 2,242 — 2,242 (3,872 ) — (3,872 ) Foreign currency translation adjustment (8,671 ) 512 (8,159 ) (1,730 ) (1,174 ) (2,904 ) a Other comprehensive income (loss), net of tax 28,056 3,114 31,170 2,481 (1,174 ) 1,307 Comprehensive income 155,279 (53,151 ) 102,128 426,450 (42,117 ) 384,333 Less comprehensive income attributable to noncontrolling interests (634 ) — (634 ) (223 ) — (223 ) Comprehensive income attributable to CHS Inc. $ 155,913 $ (53,151 ) $ 102,762 $ 426,673 $ (42,117 ) $ 384,556 For the year ended August 31, 2017 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $47.3 million reduction of net income. Refer to descriptions of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2017, above. The adjustment related to foreign currency translation relates to the foreign currency impact associated with goodwill that was impaired during fiscal 2015. Intercompany misstatements (b) None Other misstatements (c) The correction of other misstatements resulted in a $9.0 million decrease of net income. Refer to descriptions of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2017, above. The adjustment related to postretirement benefit plan activity relates to a timing difference associated with recording certain benefit plan expenses. For the year ended August 31, 2016 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $9.9 million reduction of net income. Refer to descriptions of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2016, above. The adjustment related to foreign currency translation relates to the foreign currency impact associated with goodwill that was impaired during fiscal 2015. Intercompany misstatements (b) None Other misstatements (c) The correction of other misstatements resulted in a $31.0 million decrease of net income. Refer to descriptions of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2016, above. CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITIES For the Years Ended August 31, 2017, 2016, and 2015 Equity Certificates Accumulated Capital Nonpatronage Nonqualified Equity Certificates Preferred Capital Noncontrolling Total (Dollars in thousands) Balances, August 31, 2015 (As previously reported) $ 3,793,897 $ 23,057 $ 282,928 $ 2,167,540 $ (214,207 ) $ 1,604,670 $ 11,526 $ 7,669,411 Cumulative restatement adjustments — — — — 1,370 (119,237 ) (105 ) (117,972 ) Balances, August 31, 2015 (As restated) $ 3,793,897 $ 23,057 $ 282,928 $ 2,167,540 $ (212,837 ) $ 1,485,433 $ 11,421 $ 7,551,439 Balances, August 31, 2016 (As previously reported) $ 3,932,513 $ 22,894 $ 281,767 $ 2,244,132 $ (211,726 ) $ 1,582,380 $ 14,290 $ 7,866,250 Cumulative restatement adjustments (13,802 ) — — — 196 (93,381 ) (104 ) (107,091 ) Balances, August 31, 2016 (As restated) $ 3,918,711 $ 22,894 $ 281,767 $ 2,244,132 $ (211,530 ) $ 1,488,999 $ 14,186 $ 7,759,159 Balances, August 31, 2017 (As previously reported) $ 3,906,426 $ 29,836 $ 405,387 $ 2,264,038 $ (183,670 ) $ 1,471,217 $ 12,591 $ 7,905,825 Cumulative restatement adjustments — — — — 3,310 (203,409 ) (86 ) (200,185 ) Balances, August 31, 2017 (As restated) $ 3,906,426 $ 29,836 $ 405,387 $ 2,264,038 $ (180,360 ) $ 1,267,808 $ 12,505 $ 7,705,640 As of August 31, 2017, 2016, and 2015 The decrease of total equities for each restated period was driven primarily by the elimination of derivative assets and liabilities associated with the freight derivatives and related misstatements. Adjustments for the freight derivatives and related misstatements resulted in a $162.4 million reduction of total equities as of August 31, 2017, a $115.7 million reduction of total equities as of August 31, 2016, and a $104.6 million reduction of total equities as of August 31, 2015. CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year Ended August 31, 2017 As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) Cash flows from operating activities: Net income (loss) $ 127,223 $ (56,265 ) $ 70,958 a, b, c Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 480,223 — 480,223 Amortization of deferred major repair costs 67,058 — 67,058 Equity (income) loss from investments (137,338 ) — (137,338 ) Distributions from equity investments 213,352 — 213,352 Provision for doubtful accounts 177,969 — 177,969 (Gain) loss on disposal of business — 2,190 2,190 c Unrealized (gain) loss on crack spread contingent liability (15,051 ) — (15,051 ) Long-lived asset impairment, net of recoveries 145,042 — 145,042 Reserve against supplier advance payments 130,705 — 130,705 Deferred taxes (175,914 ) (18,553 ) (194,467 ) a, c Other, net 24,044 (3,871 ) 20,173 Changes in operating assets and liabilities, net of acquisitions: Receivables 121,630 25,158 146,788 b, c Inventories (293,549 ) (39,930 ) (333,479 ) b, c Derivative assets 126,824 (12,801 ) 114,023 a, b, c Margin and related deposits 104,214 (6,410 ) 97,804 b, c Supplier advance payments (34,583 ) 631 (33,952 ) b Other current assets and other assets (66,119 ) 15,390 (50,729 ) a, c Customer margin deposits and credit balances (50,920 ) — (50,920 ) Customer advance payments (528 ) (801 ) (1,329 ) b, c Accounts payable and accrued expenses 197,445 30,522 227,967 a, b, c Derivative liabilities (183,287 ) 50,864 (132,423 ) a, b, c Other liabilities (25,446 ) — (25,446 ) Net cash provided by (used in) operating activities 932,994 (13,876 ) 919,118 Cash flows from investing activities: Acquisition of property, plant and equipment (444,397 ) — (444,397 ) Proceeds from disposition of property, plant and equipment 19,541 — 19,541 Expenditures for major repairs (2,340 ) — (2,340 ) Investments in joint ventures and other (16,645 ) — (16,645 ) Changes in CHS Capital notes receivable, net 322 — 322 Financing extended to customers (67,225 ) — (67,225 ) Payments from customer financing 88,154 — 88,154 Other investing activities, net 17,549 — 17,549 Net cash provided by (used in) investing activities (405,041 ) — (405,041 ) Cash flows from financing activities: Proceeds from lines of credit and long-term borrowings 37,295,236 — 37,295,236 Payments on lines of credit, long-term borrowings and capital lease obligations (37,580,959 ) (3,052 ) (37,584,011 ) c Mandatorily redeemable noncontrolling interest payments — — — Preferred stock dividends paid (167,642 ) — (167,642 ) Redemptions of equities (35,268 ) — (35,268 ) Cash patronage dividends paid (103,879 ) — (103,879 ) Other financing activities, net (28,681 ) 5,987 (22,694 ) c Net cash provided by (used in) financing activities (621,193 ) 2,935 (618,258 ) Effect of exchange rate changes on cash and cash equivalents (4,694 ) (19 ) (4,713 ) Net increase (decrease) in cash and cash equivalents (97,934 ) (10,960 ) (108,894 ) Cash and cash equivalents at beginning of period 279,313 10,960 290,273 c Cash and cash equivalents at end of period $ 181,379 $ — $ 181,379 For the year ended August 31, 2017 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $47.3 million reduction of net income for the year ended August 31, 2017. Refer to descriptions of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2017, above. The impact of the adjustments to the Consolidated Balance Sheets as of August 31, 2017, and 2016, resulted in certain misclassifications between line items in the Consolidated Statements of Cash Flows; however, none of the freight derivatives and related misstatements impacted the classifications between operating, investing or financing activities. Refer to descriptions of the adjustments and their impact on the Consolidated Balance Sheet in the Consolidated Balance Sheet section as of August 31, 2017, above. Intercompany misstatements (b) The correction of intercompany misstatements did not impact net income for the year ended August 31, 2017; however, the impact of adjustments to the Consolidated Balance Sheets as of August 31, 2017, and 2016, resulted in certain misclassification adjustments between line items in the Consolidated Statements of Cash Flows. None of the intercompany misstatements impacted the classifications between operating, investing or financing activities within the Consolidated Statements of Cash Flows. Other misstatements (c) The correction of other misstatements resulted in a $9.0 million decrease of net income for the year ended August 31, 2017. Refer to further details of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2017, above. The impact of the adjustments to the Consolidated Balance Sheets as of August 31, 2017, and 2016, resulted in certain misclassification adjustments between line items in the Consolidated Statements of Cash Flows. As a result, two misclassification adjustments were made between operating and financing activities, including a $3.1 million reduction of notes payable resulted from a duplicative entry and the misclassification of a $6.0 million negative cash balance associated with a timing difference for the application of in-transit cash. Refer to descriptions of the adjustments and their impact on the Consolidated Balance Sheet in the Consolidated Balance Sheet section as of August 31, 2017, above. Additionally, an adjustment of $11.0 million was recorded to the opening cash balance, which related to a timing difference associated with the application of in-transit cash. Refer to the Consolidated Statement of Cash Flows for the year ended August 31, 2016, below for further details. CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Year Ended August 31, 2016 As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) Cash flows from operating activities: Net income (loss) $ 423,969 $ (40,943 ) $ 383,026 a, b, c Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 447,492 — 447,492 Amortization of deferred major repair costs 73,483 — 73,483 Equity (income) loss from investments (175,777 ) — (175,777 ) Distributions from equity investments 178,464 — 178,464 Provision for doubtful accounts 57,200 — 57,200 Unrealized (gain) loss on crack spread contingent liability (60,931 ) — (60,931 ) Long-lived asset impairment, net of recoveries 27,247 — 27,247 Reserve against supplier advance payments — — — Deferred taxes (24,178 ) 52,368 28,190 a, c Other, net (15,444 ) — (15,444 ) Changes in operating assets and liabilities, net of acquisitions: Receivables 46,405 (44,835 ) 1,570 b, c Inventories 338,662 14,910 353,572 b, c Derivative assets (20,257 ) 50,079 29,822 a, b, c Margin and related deposits (37,115 ) 6,410 (30,705 ) b, c Supplier advance payments 44,047 (632 ) 43,415 b Other current assets and other assets 120,993 7,610 128,603 a, c Customer margin deposits and credit balances 20,841 — 20,841 Customer advance payments 5,664 (12,743 ) (7,079 ) b, c Accounts payable and accrued expenses (129,259 ) (328 ) (129,587 ) a, b, c Derivative liabilities 36,283 (34,840 ) 1,443 a, b, c Other liabilities (94,291 ) — (94,291 ) Net cash provided by (used in) operating activities 1,263,498 (2,944 ) 1,260,554 Cash flows from investing activities: Acquisition of property, plant and equipment (692,780 ) — (692,780 ) Proceeds from disposition of property, plant and equipment 13,417 — 13,417 Expenditures for major repairs (19,610 ) — (19,610 ) Investments in joint ventures and other (2,855,218 ) — (2,855,218 ) Changes in CHS Capital notes receivable, net (209,902 ) — (209,902 ) Financing extended to customers (82,302 ) — (82,302 ) Payments from customer financing 35,188 — 35,188 Other investing activities, net 64,236 — 64,236 Net cash provided by (used in) investing activities (3,746,971 ) — (3,746,971 ) Cash flows from financing activities: Proceeds from lines of credit and long-term borrowings 31,586,968 — 31,586,968 Payments on lines of credit, long-term borrowings and capital lease obligations (29,232,842 ) — (29,232,842 ) Mandatorily redeemable noncontrolling interest payments (153,022 ) — (153,022 ) Preferred stock dividends paid (163,324 ) — (163,324 ) Redemptions of equities (23,911 ) — (23,911 ) Cash patronage dividends paid (251,740 ) — (251,740 ) Other financing activities, net 52,067 — 52,067 Net cash provided by (used in) financing activities 1,814,196 — 1,814,196 Effect of exchange rate changes on cash and cash equivalents (5,223 ) — (5,223 ) Net increase (decrease) in cash and cash equivalents (674,500 ) (2,944 ) (677,444 ) Cash and cash equivalents at beginning of period 953,813 13,904 967,717 c Cash and cash equivalents at end of period $ 279,313 $ 10,960 $ 290,273 For the year ended August 31, 2016 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $9.9 million reduction of net income for the year ended August 31, 2016. Refer to descriptions of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2016, above. The impact of the adjustments to the Consolidated Balance Sheets as of August 31, 2016, and 2015, resulted in certain misclassification adjustments between operating activity line items in the Consolidated Statements of Cash Flows; however, none of the freight derivatives and related misstatements impacted the classifications between operating, investing or financing activities. Refer to descriptions of the adjustments and their impact on the Consolidated Balance Sheets in the Consolidated Balance Sheet section as of August 31, 2017, and 2016, above. Intercompany misstatements (b) The correction of intercompany misstatements did not impact net income for the year ended August 31, 2016; however, the impact of adjustments to the Consolidated Balance Sheet as of August 31, 2016, resulted in certain misclassification adjustments between operating activity line items in the Consolidated Statements of Cash Flows. None of the intercompany misstatements impacted the classifications between operating, investing or financing activities within the Consolidated Statements of Cash Flows. Other misstatements (c) The correction of other misstatements resulted in a $31.0 million decrease of net income for the year ended August 31, 2016. Refer to further details of the adjustments and their impact on net income (loss) in the Consolidated Statement of Operations section for the year ended August 31, 2016, above. The impact of the adjustments to the Consolidated Balance Sheets as of August 31, 2016, and 2015, resulted in certain misclassification adjustments between operating activity line items within Consolidated Statements of Cash Flows and a $2.9 million reduction of cash that resulted from a timing difference for the application of in-transit cash; however, none of the other misstatements impacted the classifications between operating, investing or financing activities. Refer to descriptions of the adjustments and their impact on the Consolidated Balance Sheets in the Consolidated Balance Sheet section as of August 31, 2017, and 2016, above. Additionally, an adjustment of $13.9 million was recorded to the opening cash balance, which related to a timing difference associated with the application of in-transit cash during the prior year. |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Receivables | Receivables as of August 31, 2018 , and 2017 , are as follows: 2018 (As Restated) 2017 (Dollars in thousands) Trade accounts receivable $ 1,578,764 $ 1,258,644 CHS Capital short-term notes receivable 569,379 164,807 Deferred purchase price receivable — 202,947 Other 534,071 491,496 2,682,214 2,117,894 Less allowances and reserves 221,813 225,726 Total receivables $ 2,460,401 $ 1,892,168 |
Reconciliation of the Beginning and Ending Balances of the DPP Receivable | The following table is a reconciliation of the beginning and ending balances of the DPP receivable, including the long-term portion included in other assets, for the years ended August 31, 2018 , and 2017 : 2018 2017 (Dollars in thousands) Balance - beginning of year $ 548,602 $ — Cash collections on DPP receivable (10,961 ) — Transfer of receivables (386,900 ) 580,509 Monthly settlements, net (169,827 ) (31,907 ) Fair value adjustment 19,086 — Balance - end of year $ — $ 548,602 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as of August 31, 2018 , and 2017 , are as follows: 2018 (As Restated) 2017 (Dollars in thousands) Grain and oilseed $ 1,298,522 $ 1,121,141 Energy 715,161 755,886 Crop nutrients 246,326 248,699 Feed and farm supplies 391,906 402,293 Processed grain and oilseed 99,426 49,723 Other 17,308 23,862 Total inventories $ 2,768,649 $ 2,601,604 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Investments [Abstract] | |
Summary of investments | Investments as of August 31, 2018 , and 2017 , are as follows: 2018 2017 (Dollars in thousands) Equity method investments: CF Industries Nitrogen, LLC $ 2,735,073 $ 2,756,076 Ventura Foods, LLC 360,150 347,016 Ardent Mills, LLC 205,898 206,529 Other equity method investments 288,016 309,767 Cost method and other investments 122,788 131,605 Total investments $ 3,711,925 $ 3,750,993 |
Summarized financial information of equity method investments | The following tables provide aggregate summarized financial information for our equity method investments in Ventura Foods and Ardent Mills for balance sheets as of August 31, 2018 , and 2017 , and statements of operations for the twelve months ended August 31, 2018 , 2017 and 2016 : 2018 2017 (Dollars in thousands) Current assets $ 1,462,590 $ 1,483,384 Non-current assets 2,331,295 2,358,434 Current liabilities 671,928 685,462 Non-current liabilities 693,360 765,078 2018 2017 2016 (Dollars in thousands) Net sales $ 5,882,035 $ 5,762,849 $ 5,694,622 Gross profit 601,927 673,329 677,920 Net earnings 226,776 265,126 265,025 Earnings attributable to CHS Inc. 46,069 60,716 88,936 The following tables provide aggregate summarized financial information for CF Nitrogen for the balance sheets as of August 31, 2018 , and 2017 , and the statements of operations for the twelve months ended August 31, 2018 , and 2017 , and the seven months ended August 31, 2016 : 2018 2017 (Dollars in thousands) Current assets $ 576,076 $ 394,089 Non-current assets 7,447,594 7,314,629 Current liabilities 215,104 390,206 Non-current liabilities 71 6 2018 2017 2016 (Dollars in thousands) Net sales $ 2,449,695 $ 2,051,159 $ 1,027,142 Gross profit 423,612 195,142 243,911 Net earnings 401,295 123,965 186,665 Earnings attributable to CHS Inc. 106,895 66,530 74,700 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Major classes of property, plant and equipment, including capital lease assets | As of August 31, 2018 , and 2017 , major classes of property, plant and equipment, which include capital lease assets, consisted of the amounts in the table below. 2018 2017 (Dollars in thousands) Land and land improvements $ 341,767 $ 357,829 Buildings 1,034,860 1,030,478 Machinery and equipment 7,199,509 6,950,435 Office equipment and other 316,946 235,361 Construction in progress 204,207 327,682 9,097,289 8,901,785 Less accumulated depreciation and amortization 3,955,570 3,545,351 Total property, plant and equipment $ 5,141,719 $ 5,356,434 |
Schedule of future minimum lease payments under capital leases with present value of net minimum lease payments | The following is a schedule by fiscal year of future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of August 31, 2018 : (Dollars in thousands) 2019 $ 4,845 2020 4,595 2021 4,197 2022 3,593 2023 3,427 Thereafter 7,936 Total minimum future lease payments 28,593 Less amount representing interest 3,313 Present value of net minimum lease payments $ 25,280 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Other assets as of August 31, 2018 , and 2017 , are as follows: 2018 (As Restated) 2017 (Dollars in thousands) Goodwill $ 138,464 $ 138,454 Customer lists, trademarks and other intangible assets 29,338 33,330 Notes receivable 211,986 51,586 Deferred purchase price receivable — 345,655 Long-term derivative assets 23,084 40,897 Prepaid pension and other benefits 101,539 122,433 Capitalized major maintenance 130,780 105,006 Cash value life insurance 123,010 118,677 Other 76,128 124,343 $ 834,329 $ 1,080,381 |
Changes in the Net Carrying Amount of Goodwill | Changes in the net carrying amount of goodwill for the years ended August 31, 2018 , and 2017, by segment, are as follows: Energy Ag Corporate Total (Dollars in thousands) Balances, August 31, 2016 - As previously reported $ 552 $ 148,916 $ 10,946 $ 160,414 Cumulative restatement adjustments — (16,130 ) — (16,130 ) Balances, August 31, 2016 - As restated 552 132,786 10,946 144,284 Effect of foreign currency translation adjustments — 352 — 352 Impairment — (5,542 ) — (5,542 ) Other — (268 ) (372 ) (640 ) Balances, August 31, 2017 - As restated $ 552 $ 127,328 $ 10,574 $ 138,454 Effect of foreign currency translation adjustments — 10 — 10 Other — — — — Balances, August 31, 2018 $ 552 $ 127,338 $ 10,574 $ 138,464 |
Schedule of Intangible Assets included in Other Assets | Information regarding intangible assets included in other assets on our Consolidated Balance Sheets is as follows: August 31, 2018 August 31, 2017 Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Amortization Net (Dollars in thousands) Customer lists $ 40,815 $ (13,082 ) $ 27,733 $ 46,180 $ (14,695 ) $ 31,485 Trademarks and other intangible assets 6,536 (4,931 ) 1,605 23,623 (21,778 ) 1,845 Total intangible assets $ 47,351 $ (18,013 ) $ 29,338 $ 69,803 $ (36,473 ) $ 33,330 |
Estimated Amortization Expense Related to Intangible Assets Subject to Amortization | The estimated annual amortization expense related to intangible assets subject to amortization for the next five years is as follows: (Dollars in thousands) 2019 $ 3,355 2020 3,272 2021 3,201 2022 2,989 2023 2,910 Thereafter 13,515 Total $ 29,242 |
Activity Related to Capitalized Major Maintenance Costs at Refineries | Activity related to capitalized major maintenance costs at our refineries for the years ended August 31, 2018 , 2017 , and 2016 , is summarized below: Balance at Cost Amortization Balance at (Dollars in thousands) 2018 $ 105,006 $ 87,460 $ (61,686 ) $ 130,780 2017 169,054 3,010 (67,058 ) 105,006 2016 241,588 949 (73,483 ) 169,054 |
Notes Payable and Long-Term D_2
Notes Payable and Long-Term Debt (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of notes payable | Notes payable as of August 31, 2018 , and 2017 , consisted of the following: Weighted-average Interest Rate 2018 (As Restated) 2018 (As Restated) (Dollars in thousands) Notes payable 3.50% 2.40% $ 1,437,264 $ 1,695,423 CHS Capital notes payable 2.82% 1.90% 834,932 289,740 Total notes payable $ 2,272,196 $ 1,985,163 |
Summary of primary lines of credit | The following table summarizes our primary lines of credit as of August 31, 2018 , and 2017 : Primary Revolving Credit Facilities Fiscal Year of Maturity Total Capacity Borrowings Outstanding Interest Rates 2018 2018 2017 (Dollars in thousands) Committed Five-Year Unsecured Facility 2021 $ 3,000,000 $— $480,000 LIBOR or Base Rate +0.00% to 1.45% Uncommitted Bilateral Facilities 2019 515,000 515,000 350,000 LIBOR or Base Rate +0.00% to 1.20% |
Schedule of amounts included in long-term debt | Amounts included in long-term debt on our Consolidated Balance Sheets as of August 31, 2018 , and 2017 , are presented in the table below. 2018 2017 (Dollars in thousands) 6.18% unsecured notes $400 million face amount, due in equal installments beginning in 2014 through 2018 $ — $ 80,000 5.60% unsecured notes $60 million face amount, due in equal installments beginning in 2012 through 2018 — 4,615 5.78% unsecured notes $50 million face amount, due in equal installments beginning in 2014 through 2018 — 10,000 4.00% unsecured notes $100 million face amount, due in equal installments beginning in 2017 through 2021 60,000 80,000 4.08% unsecured notes $130 million face amount, due in 2019 (a) 129,229 130,690 4.52% unsecured notes $160 million face amount, due in 2021 (a) 157,528 163,496 4.67% unsecured notes $130 million face amount, due in 2023 (a) 128,577 135,792 4.39% unsecured notes $152 million face amount, due in 2023 152,000 152,000 3.85% unsecured notes $80 million face amount, due in 2025 80,000 80,000 3.80% unsecured notes $100 million face amount, due in 2025 100,000 100,000 4.58% unsecured notes $150 million face amount, due in 2025 145,213 149,293 4.82% unsecured notes $80 million face amount, due in 2026 80,000 80,000 4.69% unsecured notes $58 million face amount, due in 2027 58,000 58,000 4.74% unsecured notes $95 million face amount, due in 2028 95,000 95,000 4.89% unsecured notes $100 million face amount, due in 2031 100,000 100,000 4.71% unsecured notes $100 million face amount, due in 2033 100,000 100,000 5.40% unsecured notes $125 million face amount, due in 2036 125,000 125,000 Private Placement debt 1,510,547 1,643,886 5.59% unsecured term loans from cooperative and other banks, due in equal installments beginning in 2013 through 2018 — 15,000 2.25% unsecured term loans from cooperative and other banks, due in 2025 (b) 366,000 430,000 Bank financing 366,000 445,000 Capital lease obligations 25,280 33,075 Other notes and contracts with interest rates from 1.30% to 15.25% 32,607 62,652 Deferred financing costs (4,179 ) (4,820 ) Total long-term debt 1,930,255 2,179,793 Less current portion 167,565 156,345 Long-term portion $ 1,762,690 $ 2,023,448 _______________________________________ (a) We have entered into interest rate swaps designated as fair value hedging relationships with these notes. Changes in the fair value of the swaps are recorded each period with a corresponding adjustment to the carrying value of the debt. See Note 13, Derivative Financial Instruments and Hedging Activities for more information. (b) Borrowings are variable under the agreement and bear interest at a base rate (or a LIBO rate) plus an applicable margin. |
Schedule of minimum future payments | Long-term debt outstanding as of August 31, 2018 , has aggregate maturities, excluding fair value adjustments and capital leases (see Note 6, Property, Plant and Equipment for a schedule of minimum future lease payments under capital leases), as follows: (Dollars in thousands) 2019 $ 162,846 2020 30,671 2021 182,472 2022 65 2023 282,065 Thereafter 1,260,570 Total $ 1,918,689 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for (benefit from) income taxes | The provision for (benefit from) income taxes for the years ended August 31, 2018 , 2017 , and 2016 is as follows: 2018 (As Restated) (As Restated) (Dollars in thousands) Current: Federal $ 15,576 $ 8,394 $ (14,536 ) State 7,041 (1,787 ) 2,427 Foreign 20,268 6,736 3,018 42,885 13,343 (9,091 ) Deferred: Federal (146,780 ) (173,184 ) 34,753 State (127 ) (13,244 ) (13,684 ) Foreign (54 ) (8,039 ) 7,121 (146,961 ) (194,467 ) 28,190 Total $ (104,076 ) $ (181,124 ) $ 19,099 |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities as of August 31, 2018 , and 2017 , are as follows: 2018 (As Restated) (Dollars in thousands) Deferred tax assets: Accrued expenses $ 138,417 $ 227,877 Postretirement health care and deferred compensation 41,797 82,682 Tax credit carryforwards 154,240 169,549 Loss carryforwards 104,519 156,615 Nonqualified equity 178,046 140,009 Major maintenance 5,484 13,011 Other 83,580 83,138 Deferred tax assets valuation reserve (230,373 ) (289,082 ) Total deferred tax assets 475,710 583,799 Deferred tax liabilities: Pension 19,397 32,150 Investments 98,608 130,816 Property, plant and equipment 513,238 709,313 Other 26,828 40,323 Total deferred tax liabilities 658,071 912,602 Net deferred tax liabilities $ 182,361 $ 328,803 |
Reconciliation of the statutory federal income tax rates to effective tax rates | The reconciliation of the statutory federal income tax rates to the effective tax rates for the years ended August 31, 2018 , 2017 , and 2016 is as follows: 2018 (As Restated) (As Restated) Statutory federal income tax rate 25.7 % 35.0 % 35.0 % State and local income taxes, net of federal income tax benefit 0.7 12.1 0.3 Patronage earnings (13.6 ) 91.7 (21.2 ) Domestic production activities deduction (8.4 ) 30.5 (12.1 ) Export activities at rates other than the U.S. statutory rate 6.1 51.6 (3.0 ) U.S. tax reform (23.2 ) — — Intercompany transfer of business assets (6.1 ) — — Increase in unrecognized tax benefits 6.8 — — Valuation allowance (3.4 ) (77.1 ) 25.4 Tax credits 0.7 22.8 (14.1 ) Crack spread contingency — 4.8 (5.3 ) Other (0.8 ) (7.0 ) (0.3 ) Effective tax rate (15.5 )% 164.4 % 4.7 % |
Reconciliation of the gross beginning and ending amounts of unrecognized tax benefits | A reconciliation of the gross beginning and ending amounts of unrecognized tax benefits for the periods presented follows: 2018 2017 2016 (Dollars in thousands) Balance at beginning of period $ 37,830 $ 37,105 $ 72,181 Additions attributable to current year tax positions 3,640 725 1,387 Additions attributable to prior year tax positions 49,665 — — Reductions attributable to prior year tax positions — — (36,463 ) Balance at end of period $ 91,135 $ 37,830 $ 37,105 |
Equities (Tables)
Equities (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Equity [Abstract] | |
Schedule of Outstanding Preferred Stock | The following is a summary of our outstanding preferred stock as of August 31, 2018 , all shares of which are listed on the Global Select Market of Nasdaq: Nasdaq symbol Issuance date Shares outstanding Redemption value Net proceeds (a) Dividend rate (b) (c) Dividend payment frequency Redeemable beginning (d) (Dollars in millions) 8% Cumulative Redeemable CHSCP (e) 12,272,003 $ 306.8 $ 311.2 8.00 % Quarterly 7/18/2023 Class B Cumulative Redeemable, Series 1 CHSCO (f) 21,459,066 $ 536.5 $ 569.3 7.875 % Quarterly 9/26/2023 Class B Reset Rate Cumulative Redeemable, Series 2 CHSCN 3/11/2014 16,800,000 $ 420.0 $ 406.2 7.10 % Quarterly 3/31/2024 Class B Reset Rate Cumulative Redeemable, Series 3 CHSCM 9/15/2014 19,700,000 $ 492.5 $ 476.7 6.75 % Quarterly 9/30/2024 Class B Cumulative Redeemable, Series 4 CHSCL 1/21/2015 20,700,000 $ 517.5 $ 501.0 7.50 % Quarterly 1/21/2025 (a) Includes patrons' equities redeemed with preferred stock. (b) The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 2 accumulates dividends at a rate of 7.10% per year until March 31, 2024, and then at a rate equal to the three-month LIBOR plus 4.298% , not to exceed 8.00% per annum, subsequent to March 31, 2024. (c) The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 3 accumulates dividends at a rate of 6.75% per year until September 30, 2024, and then at a rate equal to the three-month LIBOR plus 4.155% , not to exceed 8.00% per annum, subsequent to September 30, 2024. (d) Preferred stock is redeemable for cash at our option, in whole or in part, at a per share price equal to the per share liquidation preference of $25.00 per share, plus all dividends accumulated and unpaid on that share to and including the date of redemption, beginning on the dates set forth in this column. (e) The 8% Cumulative Redeemable Preferred Stock was issued at various times from 2003 through 2010. (f) Shares of Class B Cumulative Redeemable Preferred Stock, Series 1 were issued on September 26, 2013, August 25, 2014, March 31, 2016 and March 30, 2017. |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component | Changes in accumulated other comprehensive income (loss) by component, for the years ended August 31, 2018 , 2017 , and 2016 are as follows: Pension and Other Postretirement Benefits Unrealized Net Gain (Loss) on Available for Sale Investments Cash Flow Hedges Foreign Currency Translation Adjustment Total (Dollars in thousands) Balance as of August 31, 2015, net of tax (As previously reported) $ (171,729 ) $ 4,156 $ (5,324 ) $ (41,310 ) $ (214,207 ) Cumulative restatement adjustments — — — 1,370 1,370 Balance as of August 31, 2015, net of tax (As restated) (171,729 ) 4,156 (5,324 ) (39,940 ) (212,837 ) Other comprehensive income (loss), before tax: Amounts before reclassifications (10,512 ) 2,447 (11,353 ) (2,210 ) (21,628 ) Amounts reclassified out 20,998 — 5,071 469 26,538 Total other comprehensive income (loss), before tax 10,486 2,447 (6,282 ) (1,741 ) 4,910 Tax effect (3,903 ) (947 ) 2,410 (1,163 ) (3,603 ) Other comprehensive income (loss), net of tax 6,583 1,500 (3,872 ) (2,904 ) 1,307 Balance as of August 31, 2016, net of tax (As restated) (165,146 ) 5,656 (9,196 ) (42,844 ) (211,530 ) Other comprehensive income (loss), before tax: Amounts before reclassifications 25,216 7,117 1,892 (7,960 ) 26,265 Amounts reclassified out 26,174 — 1,742 15 27,931 Total other comprehensive income (loss), before tax 51,390 7,117 3,634 (7,945 ) 54,196 Tax effect (18,688 ) (2,732 ) (1,392 ) (214 ) (23,026 ) Other comprehensive income (loss), net of tax 32,702 4,385 2,242 (8,159 ) 31,170 Balance as of August 31, 2017, net of tax (As restated) (132,444 ) 10,041 (6,954 ) (51,003 ) (180,360 ) Other comprehensive income (loss), before tax: Amounts before reclassifications 7,633 21,078 1,031 (10,062 ) 19,680 Amounts reclassified out 21,804 (25,534 ) 1,704 (2,042 ) (4,068 ) Total other comprehensive income (loss), before tax 29,437 (4,456 ) 2,735 (12,104 ) 15,612 Tax effect (9,371 ) 1,308 (195 ) 83 (8,175 ) Other comprehensive income (loss), net of tax 20,066 (3,148 ) 2,540 (12,021 ) 7,437 Reclassification of tax effects to retained earnings (27,957 ) 1,968 (1,468 ) 465 (26,992 ) Balance as of August 31, 2018, net of tax $ (140,335 ) $ 8,861 $ (5,882 ) $ (62,559 ) $ (199,915 ) |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of defined benefit plans disclosures | Financial information on changes in benefit obligation, plan assets funded and balance sheet status as of August 31, 2018 , and 2017 , is as follows: Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits 2018 2017 2018 2017 2018 2017 (Dollars in thousands) Change in benefit obligation: Benefit obligation at beginning of period $ 806,174 $ 812,749 $ 25,599 $ 32,696 $ 31,836 $ 36,779 Service cost 39,677 42,149 548 1,206 943 1,160 Interest cost 24,007 22,999 711 843 908 930 Actuarial (gain) loss 3,146 (10,054 ) 205 (5,692 ) (623 ) (4,650 ) Assumption change (36,515 ) (17,750 ) (783 ) (655 ) (1,612 ) (775 ) Plan amendments 244 — — — — — Settlements — — (4,824 ) (2,131 ) — — Benefits paid (69,549 ) (43,919 ) (701 ) (668 ) (1,662 ) (1,608 ) Benefit obligation at end of period $ 767,184 $ 806,174 $ 20,755 $ 25,599 $ 29,790 $ 31,836 Change in plan assets: Fair value of plan assets at beginning of period $ 875,820 $ 883,265 $ — $ — $ — $ — Actual gain (loss) on plan assets 23,345 36,474 — — — — Company contributions — — 5,525 2,799 1,662 1,608 Settlements — — (4,824 ) (2,131 ) — — Benefits paid (69,549 ) (43,919 ) (701 ) (668 ) (1,662 ) (1,608 ) Fair value of plan assets at end of period $ 829,616 $ 875,820 $ — $ — $ — $ — Funded status at end of period $ 62,432 $ 69,646 $ (20,755 ) $ (25,599 ) $ (29,790 ) $ (31,836 ) Amounts recognized on balance sheet: Non-current assets $ 62,432 $ 70,019 $ — $ — $ — $ — Accrued benefit cost: Current liabilities — — (1,780 ) (2,270 ) (2,040 ) (2,140 ) Non-current liabilities — (373 ) (18,975 ) (23,329 ) (27,750 ) (29,696 ) Ending balance $ 62,432 $ 69,646 $ (20,755 ) $ (25,599 ) $ (29,790 ) $ (31,836 ) Amounts recognized in accumulated other comprehensive loss (pretax): Prior service cost (credit) $ 1,288 $ 2,481 $ (691 ) $ (660 ) $ (3,716 ) $ (4,281 ) Net (gain) loss 209,606 236,232 427 953 (17,875 ) (16,864 ) Ending balance $ 210,894 $ 238,713 $ (264 ) $ 293 $ (21,591 ) $ (21,145 ) |
Schedule of information for pensions plans with an accumulated benefit obligation in excess of plan assets | Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below: For the Years Ended August 31, 2018 2017 (Dollars in thousands) Projected benefit obligation $ 20,755 $ 28,177 Accumulated benefit obligation 18,586 23,221 Fair value of plan assets — 2,203 |
Schedule of net benefit costs of assumptions used | Components of net periodic benefit costs for the years ended August 31, 2018 , 2017 , and 2016 are as follows: Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits 2018 2017 2016 2018 2017 2016 2018 2017 2016 (Dollars in thousands) Components of net periodic benefit costs: Service cost $ 39,677 $ 42,149 $ 37,533 $ 548 $ 1,206 $ 1,035 $ 943 $ 1,160 $ 1,412 Interest cost 24,007 22,999 30,773 711 843 1,406 908 930 1,709 Expected return on assets (48,159 ) (48,235 ) (48,055 ) — — — — — — Settlement of retiree obligations — — — (112 ) (30 ) — — — — Prior service cost (credit) amortization 1,437 1,540 1,606 30 19 228 (565 ) (565 ) (120 ) Actuarial loss (gain) amortization 18,073 22,869 19,016 61 546 692 (1,224 ) (798 ) (464 ) Net periodic benefit cost $ 35,035 $ 41,322 $ 40,873 $ 1,238 $ 2,584 $ 3,361 $ 62 $ 727 $ 2,537 Weighted-average assumptions to determine the net periodic benefit cost: Discount rate 3.80 % 3.60 % 4.20 % 3.53 % 3.28 % 4.20 % 3.56 % 3.30 % 4.20 % Expected return on plan assets 5.75 % 5.75 % 6.00 % N/A N/A N/A N/A N/A N/A Rate of compensation increase 5.08 % 5.60 % 4.90 % 5.08 % 5.60 % 4.90 % N/A N/A N/A Weighted-average assumptions to determine the benefit obligations: Discount rate 4.23 % 3.80 % 3.60 % 4.09 % 3.53 % 3.28 % 4.13 % 3.56 % 3.30 % Rate of compensation increase 5.14 % 5.08 % 5.60 % 5.14 % 5.08 % 5.60 % N/A N/A N/A |
Schedule of components of net periodic benefit costs and amounts recognized in other comprehensive income (loss) | Components of net periodic benefit costs and amounts recognized in other comprehensive income (loss) for the years ended August 31, 2018, 2017, and 2016 are as follows: Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits 2018 2017 2016 2018 2017 2016 2018 2017 2016 (Dollars in thousands) Other comprehensive income (loss) Prior service cost (credit) $ 244 $ — $ 411 $ — $ — $ (1,044 ) $ — $ — $ (4,495 ) Net actuarial loss (gain) (8,553 ) (16,044 ) 17,712 (578 ) (6,345 ) (655 ) (2,234 ) (5,427 ) (2,290 ) Amortization of actuarial loss (gain) (18,073 ) (22,869 ) (19,016 ) (61 ) (546 ) (692 ) 1,224 798 464 Amortization of prior service costs (credit) (1,437 ) (1,540 ) (1,606 ) (30 ) (19 ) (228 ) 565 565 120 Settlement of retiree obligations (a) — — — 112 30 — — — — Total recognized in other comprehensive income $ (27,819 ) $ (40,453 ) $ (2,499 ) $ (557 ) $ (6,880 ) $ (2,619 ) $ (445 ) $ (4,064 ) $ (6,201 ) (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings |
Schedule of amounts in accumulated other comprehensive income (loss) to be recognized over next fiscal year | The estimated amortization in fiscal 2019 from accumulated other comprehensive loss into net periodic benefit cost is as follows: Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits (Dollars in thousands) Amortization of prior service cost (credit) $ 190 $ (75 ) $ (556 ) Amortization of net actuarial (gain) loss 12,266 2 (1,629 ) |
Schedule of effect of one-percentage-point change in assumed health care cost trend rates | A one-percentage point change in the assumed health care cost trend rates would have the following effects: 1% Increase 1% Decrease (Dollars in thousands) Effect on total of service and interest cost components $ 230 $ (200 ) Effect on postretirement benefit obligation 2,400 (2,100 ) |
Schedule of expected benefit payments | Our retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows: Qualified Pension Benefits Non-Qualified Pension Benefits Other Benefits (Dollars in thousands) 2019 $ 66,528 $ 1,780 $ 2,040 2020 62,320 1,670 2,260 2021 61,279 1,750 2,400 2022 62,877 2,230 2,590 2023 64,573 1,840 2,720 2024-2028 328,313 9,270 12,690 |
Schedule of defined benefit plans, fair value disclosure | Our pension plans’ recurring fair value measurements by asset category at August 31, 2018 , and 2017 , are presented in the tables below: 2018 Level 1 Level 2 Level 3 Total (Dollars in thousands) Cash and cash equivalents $ 7,424 $ — $ — $ 7,424 Equities: Mutual funds 692 — — 692 Common/collective trust at net asset value (1) — — — 216,962 Fixed income securities: Common/collective trust at net asset value (1) — — — 500,637 Partnership and joint venture interests measured at net asset value (1) — — — 101,954 Other assets measured at net asset value (1) — — — 1,947 Total $ 8,116 $ — $ — $ 829,616 2017 Level 1 Level 2 Level 3 Total (Dollars in thousands) Cash and cash equivalents $ 9,988 $ — $ — $ 9,988 Equities: Mutual funds 459 — — 459 Common/collective trust at net asset value (1) — — — 231,228 Fixed income securities: Common/collective trust at net asset value (1) — — — 535,185 Partnership and joint venture interests measured at net asset value (1) — — — 96,994 Other assets measured at net asset value (1) — — — 1,966 Total $ 10,447 $ — $ — $ 875,820 (1) In accordance with ASC Topic 820-10, Fair Value Measurements, certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of net assets. |
Schedule of multiemployer plans | Our participation in the Co-op Plan for the years ended August 31, 2018 , 2017 , and 2016 is outlined in the table below: Contributions of CHS (Dollars in thousands) Plan Name EIN/Plan Number 2018 2017 2016 Surcharge Imposed Expiration Date of Collective Bargaining Agreement Co-op Retirement Plan 01-0689331 / 001 $ 1,662 $ 1,653 $ 1,862 N/A N/A |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Segment information for the years ended August 31, 2018 , 2017 , and 2016 is presented in the tables below. Energy Ag Nitrogen Production Corporate Reconciling Total (Dollars in thousands) For the year ended August 31, 2018: Revenues, including intersegment revenues $ 8,068,717 $ 25,052,395 $ — $ 64,516 $ (502,281 ) $ 32,683,347 Operating earnings (loss) 390,092 95,883 (20,619 ) (8,270 ) — 457,086 (Gain) loss on disposal of business (65,862 ) (7,707 ) — (58,247 ) — (131,816 ) Interest expense 14,627 94,256 50,499 (7,712 ) (2,468 ) 149,202 Other (income) loss (7,718 ) (66,316 ) (3,061 ) (3,388 ) 2,468 (78,015 ) Equity (income) loss from investments (3,063 ) 1,392 (106,895 ) (44,949 ) — (153,515 ) Income (loss) before income taxes $ 452,108 $ 74,258 $ 38,838 $ 106,026 $ — $ 671,230 Intersegment revenues $ (479,598 ) $ (14,914 ) $ — $ (7,769 ) $ 502,281 $ — Capital expenditures $ 248,207 $ 77,962 $ — $ 29,243 $ — $ 355,412 Depreciation and amortization $ 230,230 $ 218,716 $ — $ 29,104 $ — $ 478,050 Total assets as of August 31, 2018 $ 4,168,239 $ 6,534,777 $ 2,758,668 $ 2,919,494 $ — $ 16,381,178 Energy Ag Nitrogen Production Corporate Reconciling Total (Dollars in thousands) For the year ended August 31, 2017: (As restated) Revenues, including intersegment revenues $ 6,620,680 $ 25,738,740 $ — $ 95,414 $ (417,408 ) $ 32,037,426 Operating earnings (loss) 75,138 (268,946 ) (18,430 ) 38,212 — (174,026 ) (Gain) loss on disposal of business — 2,190 — — — 2,190 Interest expense 18,365 71,986 48,893 33,250 (1,255 ) 171,239 Other (income) loss (1,164 ) (65,684 ) (30,534 ) (3,824 ) 1,255 (99,951 ) Equity (income) loss from investments (3,181 ) (7,277 ) (66,530 ) (60,350 ) — (137,338 ) Income (loss) before income taxes $ 61,118 $ (270,161 ) $ 29,741 $ 69,136 $ — $ (110,166 ) Intersegment revenues $ (392,842 ) $ (20,312 ) $ — $ (4,254 ) $ 417,408 $ — Capital expenditures $ 260,543 $ 146,139 $ — $ 37,715 $ — $ 444,397 Depreciation and amortization $ 223,229 $ 232,443 $ — $ 24,551 $ — $ 480,223 Total assets as of August 31, 2017 $ 4,290,618 $ 6,359,058 $ 2,781,610 $ 2,387,636 $ — $ 15,818,922 Energy Ag Nitrogen Production Corporate Reconciling Total (Dollars in thousands) For the year ended August 31, 2016: (As restated) Revenues, including intersegment revenues $ 5,743,882 $ 24,896,354 $ — $ 92,725 $ (377,701 ) $ 30,355,260 Operating earnings (loss) 246,105 36,649 (6,193 ) 15,882 — 292,443 Interest expense (22,244 ) 82,085 34,437 30,647 (11,221 ) 113,704 Other (income) loss (287 ) (53,044 ) — (5,499 ) 11,221 (47,609 ) Equity (income) loss from investments (4,739 ) (7,644 ) (74,700 ) (88,694 ) — (175,777 ) Income (loss) before income taxes $ 273,375 $ 15,252 $ 34,070 $ 79,428 $ — $ 402,125 Intersegment revenues $ (335,003 ) $ (40,336 ) $ — $ (2,362 ) $ 377,701 $ — Capital expenditures $ 376,841 $ 260,865 $ — $ 55,074 $ — $ 692,780 Depreciation and amortization $ 193,525 $ 230,172 $ — $ 23,795 $ — $ 447,492 |
Schedule of Sales Based on Geographic Locations | The following table presents our sales, based on the geographic locations in which the sales originated, for the years ended August 31, 2018 , 2017 , and 2016 : 2018 (As Restated) 2017 (As Restated) 2016 (Dollars in thousands) North America $ 29,475,724 $ 29,068,842 $ 26,571,367 South America 1,569,330 1,441,316 1,847,284 Europe, the Middle East and Africa (EMEA) 536,501 652,308 878,407 Asia Pacific (APAC) 1,101,792 874,960 1,058,202 Total $ 32,683,347 $ 32,037,426 $ 30,355,260 |
Schedule of Long-lived Assets by Geographical Region | The following table presents long-lived assets by geographical region: 2018 2017 (Dollars in thousands) United States $ 5,185,572 $ 5,359,270 International 86,927 102,170 Total $ 5,272,499 $ 5,461,440 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of gross fair values of derivative assets, derivative liabilities, and margin deposits (cash collateral) | The following tables present the gross fair values of derivative assets, derivative liabilities, and margin deposits (cash collateral) recorded on our Consolidated Balance Sheets along with the related amounts permitted to be offset in accordance with 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 . August 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 derivatives $ 313,033 $ — $ 26,781 $ 286,252 Foreign exchange derivatives 15,401 — 8,703 6,698 Embedded derivative asset 23,595 — — 23,595 Total $ 352,029 $ — $ 35,484 $ 316,545 Derivative Liabilities: Commodity derivatives $ 421,054 $ 12,983 $ 26,781 $ 381,290 Foreign exchange derivatives 24,701 — 8,703 15,998 Total $ 445,755 $ 12,983 $ 35,484 $ 397,288 August 31, 2017 (As Restated) 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 derivatives $ 215,349 $ — $ 34,912 $ 180,437 Foreign exchange derivatives 8,779 — 3,636 5,143 Embedded derivative asset 25,533 — — 25,533 Total $ 249,661 $ — $ 38,548 $ 211,113 Derivative Liabilities: Commodity derivatives $ 293,330 $ 3,898 $ 34,912 $ 254,520 Foreign exchange derivatives 19,931 — 3,636 16,295 Total $ 313,261 $ 3,898 $ 38,548 $ 270,815 |
Pretax gains (losses) on derivatives not accounted for as hedging instruments | 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 years ended August 31, 2018 , 2017 , and 2016 . Location of Gain (Loss) 2018 (As Restated) 2017 (As Restated) 2016 (Dollars in thousands) Commodity derivatives Cost of goods sold $ 162,321 $ 168,569 $ (67,014 ) Foreign exchange derivatives Cost of goods sold (26,010 ) (13,140 ) (10,904 ) Foreign exchange derivatives Marketing, general and administrative 596 (1,604 ) (97 ) Interest rate derivatives Interest expense (1 ) 8 (6,292 ) Embedded derivative Other income (loss) 3,061 30,533 — Total $ 139,967 $ 184,366 $ (84,307 ) |
Schedule of notional volumes for outstanding commodity contracts | The table below presents the notional volumes for all outstanding commodity contracts accounted for as derivative instruments. 2018 (As Restated) 2017 Long Short Long Short (Units in thousands) Grain and oilseed - bushels 715,866 929,873 569,243 767,110 Energy products - barrels 17,011 8,329 15,072 18,252 Processed grain and oilseed - tons 1,064 2,875 299 2,347 Crop nutrients - tons 11 76 9 15 Ocean freight - metric tons 227 45 160 198 Natural gas - MMBtu 610 — 500 — |
Schedule of fair value of derivative interest rate swap instruments designated as fair value hedges | The following table presents the fair value of our derivative interest rate swap instruments designated as fair value hedges and the line items on our Consolidated Balance Sheets in which they are recorded as of August 31, 2018 , and 2017 . 2018 2017 2018 2017 Balance Sheet Location Derivative Assets Balance Sheet Location Derivative Liabilities (Dollars in thousands) (Dollars in thousands) Derivative assets $ — $ — Derivative liabilities $ 771 $ — Other assets — 9,978 Other liabilities 8,681 707 Total $ — $ 9,978 Total $ 9,452 $ 707 |
Schedule of pretax gains (losses) on derivatives accounted for as hedging instruments | 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 years ended August 31, 2018 , 2017 , and 2016 . Gain (Loss) on Fair Value Hedging Relationships: Location of Gain (Loss) 2018 2017 2016 (Dollars in thousands) Interest rate swaps Interest expense $ 18,723 $ 12,806 $ (9,842 ) Hedged item Interest expense (18,723 ) (12,806 ) 9,842 Total $ — $ — $ — The following table presents the pretax gains (losses) recorded in other comprehensive income relating to cash flow hedges for the years ended August 31, 2018 , 2017 , and 2016 : 2018 2017 2016 (Dollars in thousands) Interest rate derivatives $ 178 $ — $ (10,070 ) The following table presents the pretax gains (losses) relating to cash flow hedges that were reclassified from accumulated other comprehensive loss into income for the years ended August 31, 2018 , 2017 , and 2016 : Location of Gain (Loss) 2018 2017 2016 (Dollars in thousands) Interest rate derivatives Interest expense $ (1,704 ) $ (1,742 ) $ (5,071 ) |
Schedule of location and carrying amount of hedged liabilities | The following table provides the location and carrying amount of hedged liabilities in our Consolidated Balance Sheets as of August 31, 2018 , and 2017 . August 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 $ 485,548 $ 9,452 $ 504,271 $ (9,271 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities recognized at fair value on a recurring basis | The following tables present assets and liabilities, included on our Consolidated Balance Sheets, that are recognized at fair value on a recurring basis, and indicate the fair value hierarchy utilized to determine these fair values. Assets and liabilities are classified, in their entirety, based on the lowest level of input that is a significant component of the fair value measurement. The lowest level of input is considered Level 3. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. Recurring fair value measurements at August 31, 2018 , and 2017 , are as follows: 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 derivatives $ 54,487 $ 259,359 $ — $ 313,846 Foreign currency derivatives — 15,401 — 15,401 Deferred compensation assets 39,073 — — 39,073 Embedded derivative asset — 23,595 — 23,595 Other assets 5,334 — — 5,334 Total $ 98,894 $ 298,355 $ — $ 397,249 Liabilities: Commodity derivatives $ 31,778 $ 389,911 $ — $ 421,689 Foreign currency derivatives — 24,701 — 24,701 Interest rate swap derivatives — 9,452 — 9,452 Total $ 31,778 $ 424,064 $ — $ 455,842 2017 (As Restated) 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 derivatives $ 48,483 $ 166,866 $ — $ 215,349 Foreign currency derivatives — 8,779 — 8,779 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 — 25,533 — 25,533 Other assets 14,846 — — 14,846 Total $ 115,743 $ 211,156 $ 548,602 $ 875,501 Liabilities: Commodity derivatives $ 31,190 $ 262,140 $ — $ 293,330 Foreign currency derivatives — 19,931 — 19,931 Interest rate swap derivatives — 707 — 707 Total $ 31,190 $ 282,778 $ — $ 313,968 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments for operating leases | Minimum future lease payments required under noncancelable operating leases as of August 31, 2018 , are as follows: (Dollars in thousands) 2019 $ 103,800 2020 50,653 2021 41,428 2022 29,733 2023 22,648 Thereafter 103,800 Total minimum future lease payments $ 352,062 |
Unrecorded unconditional purchase obligations disclosure | As of August 31, 2018 , minimum future payments required under long-term commitments that are noncancelable, and that third parties have used to secure financing for the facilities that will provide the contracted goods, are as follows: Payments Due by Period Total 2019 2020 2021 2022 2023 Thereafter (Dollars in thousands) Long-term unconditional purchase obligations $ 639,010 $ 54,631 $ 57,152 $ 57,523 $ 57,947 $ 58,372 $ 353,385 |
Supplemental Cash Flow and Ot_2
Supplemental Cash Flow and Other Information (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of cash flow, supplemental disclosures | Additional information concerning supplemental disclosures of cash flow activities for the years ended August 31, 2018 , 2017 , and 2016 , is included in the table below. 2018 2017 (As Restated) 2016 (Dollars in thousands) Net cash paid during the period for: Interest $ 148,874 $ 160,040 $ 147,089 Income taxes 13,410 14,571 5,184 Other significant noncash investing and financing transactions: Notes receivable reacquired under Securitization Facility 615,089 — — Trade receivables reacquired under Securitization Facility 402,421 — — Securitized debt reacquired under Securitization Facility 634,000 — — Deferred purchase price receivable extinguished under Securitization Facility 386,900 — — Notes receivable sold under Securitization Facility — 747,345 — Securitized debt extinguished under Securitization Facility — 554,000 — Deferred purchase price receivable recognized under Securitization Facility — 547,553 — Land and improvements received for notes receivable — 138,699 — Capital expenditures and major repairs incurred but not yet paid 53,453 22,490 44,307 Capital lease obligations incurred 396 6,832 23,921 Capital equity certificates redeemed with preferred stock — 19,985 76,756 Capital equity certificates issued in exchange for Ag acquisitions — 2,928 19,089 Accrual of dividends and equities payable 153,941 12,121 162,439 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Related party transactions with equity investees, primarily CF Nitrogen, TEMCO, Ardent Mills and Ventura Foods for the years ended August 31, 2018 , 2017 , and 2016 , respectively, and balances as of August 31, 2018 , and 2017 , respectively, are as follows: 2018 2017 2016 (Dollars in thousands) Sales $ 2,928,984 $ 3,183,944 $ 2,728,793 Purchases 2,505,185 2,610,887 1,707,990 2018 2017 (Dollars in thousands) Due from related parties $ 31,063 $ 33,119 Due to related parties 52,284 39,232 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly financial information (unaudited) | (As Restated) As of November 30, 2017 As of February 28, 2018 As of May 31, 2018 (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents $ 249,767 $ 219,273 $ 533,887 Receivables 2,058,222 1,836,490 2,248,213 Inventories 3,111,963 3,676,325 2,913,507 Derivative assets 166,557 251,048 250,005 Margin and related deposits 206,955 188,167 253,141 Supplier advance payments 542,770 658,815 426,607 Other current assets 270,674 296,982 190,680 Total current assets 6,606,908 7,127,100 6,816,040 Investments 3,777,000 3,752,876 3,787,163 Property, plant and equipment 5,266,408 5,179,868 5,140,106 Other assets 997,402 943,552 960,240 Total assets $ 16,647,718 $ 17,003,396 $ 16,703,549 LIABILITIES AND EQUITIES Current liabilities: Notes payable $ 2,480,264 $ 3,071,639 $ 2,868,506 Current portion of long-term debt 71,022 46,290 53,056 Customer margin deposits and credit balances 139,868 106,323 137,999 Customer advance payments 413,519 756,642 372,590 Accounts payable 2,444,650 1,853,974 1,898,172 Derivative liabilities 207,426 361,909 316,831 Accrued expenses 425,912 465,032 538,249 Dividends and equities payable 121,209 128,700 209,718 Total current liabilities 6,303,870 6,790,509 6,395,121 Long-term debt 1,936,744 1,915,843 1,905,515 Long-term deferred tax liabilities 348,902 165,659 203,208 Other liabilities 315,254 265,028 278,869 Commitments and contingencies (Note 15) Equities: Preferred stock 2,264,038 2,264,038 2,264,038 Equity certificates 4,319,840 4,307,292 4,253,414 Accumulated other comprehensive loss (177,341 ) (167,230 ) (167,302 ) Capital reserves 1,324,372 1,450,326 1,559,040 Total CHS Inc. equities 7,730,909 7,854,426 7,909,190 Noncontrolling interests 12,039 11,931 11,646 Total equities 7,742,948 7,866,357 7,920,836 Total liabilities and equities $ 16,647,718 $ 17,003,396 $ 16,703,549 CHS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (As Restated) As of November 30, 2016 As of February 28, 2017 As of May 31, 2017 (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents $ 516,646 $ 276,137 $ 266,748 Receivables 3,034,083 2,767,150 2,767,967 Inventories 3,143,551 3,730,682 2,688,949 Derivative assets 277,498 233,429 206,187 Margin and related deposits 312,899 290,291 251,695 Supplier advance payments 476,907 701,705 431,433 Other current assets 187,524 196,237 265,469 Total current assets 7,949,108 8,195,631 6,878,448 Investments 3,828,899 3,802,379 3,841,749 Property, plant and equipment 5,443,079 5,404,347 5,405,651 Other assets 1,054,454 1,056,873 955,532 Total assets $ 18,275,540 $ 18,459,230 $ 17,081,380 LIABILITIES AND EQUITIES Current liabilities: Notes payable $ 3,227,564 $ 3,867,438 $ 3,321,808 Current portion of long-term debt 206,894 205,136 193,096 Customer margin deposits and credit balances 180,850 149,625 132,479 Customer advance payments 543,411 897,464 391,122 Accounts payable 2,574,006 1,919,421 1,865,803 Derivative liabilities 282,658 232,507 233,955 Accrued expenses 397,446 392,058 436,111 Dividends and equities payable 239,857 131,380 134,718 Total current liabilities 7,652,686 7,795,029 6,709,092 Long-term debt 1,958,907 2,051,567 2,046,264 Long-term deferred tax liabilities 511,821 531,522 369,170 Other liabilities 332,610 272,532 276,483 Commitments and contingencies (Note 15) Equities: Preferred stock 2,244,132 2,244,114 2,264,063 Equity certificates 4,194,534 4,201,803 4,214,657 Accumulated other comprehensive loss (224,935 ) (211,091 ) (208,568 ) Capital reserves 1,592,434 1,560,498 1,397,834 Total CHS Inc. equities 7,806,165 7,795,324 7,667,986 Noncontrolling interests 13,351 13,256 12,385 Total equities 7,819,516 7,808,580 7,680,371 Total liabilities and equities $ 18,275,540 $ 18,459,230 $ 17,081,380 CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (As Restated) Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Three Months Ended November 30, 2017 February 28, 2018 February 28, 2018 May 31, 2018 May 31, 2018 August 31, 2018 (Dollars in thousands) Revenues $ 8,031,884 $ 6,980,153 $ 15,012,037 $ 9,087,328 $ 24,099,365 $ 8,583,982 Cost of goods sold 7,711,057 6,844,849 14,555,906 8,841,361 23,397,267 8,192,620 Gross profit 320,827 135,304 456,131 245,967 702,098 391,362 Marketing, general and administrative 139,500 186,713 326,213 161,579 487,792 186,291 Reserve and impairment charges (recoveries), net (3,787 ) (11,346 ) (15,133 ) (3,811 ) (18,944 ) (18,765 ) Operating earnings (loss) 185,114 (40,063 ) 145,051 88,199 233,250 223,836 (Gain) loss on disposal of business — (7,705 ) (7,705 ) (124,050 ) (131,755 ) (61 ) Interest expense 40,702 40,176 80,878 49,340 130,218 18,984 Other (income) loss (25,014 ) (11,364 ) (36,378 ) (14,622 ) (51,000 ) (27,015 ) Equity (income) loss from investments (38,362 ) (39,441 ) (77,803 ) (59,308 ) (137,111 ) (16,404 ) Income (loss) before income taxes 207,788 (21,729 ) 186,059 236,839 422,898 248,332 Income tax expense (benefit) 20,606 (187,688 ) (167,082 ) 55,219 (111,863 ) 7,787 Net income (loss) 187,182 165,959 353,141 181,620 534,761 240,545 Net income (loss) attributable to noncontrolling interests (464 ) (48 ) (512 ) (187 ) (699 ) 98 Net income (loss) attributable to CHS Inc. $ 187,646 $ 166,007 $ 353,653 $ 181,807 $ 535,460 $ 240,447 CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (As Restated) Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Three Months Ended November 30, 2016 February 28, 2017 February 28, 2017 May 31, 2017 May 31, 2017 August 31, 2017 (Dollars in thousands) Revenues $ 8,001,904 $ 7,400,773 $ 15,402,677 $ 8,638,410 $ 24,041,087 $ 7,996,339 Cost of goods sold 7,655,524 7,165,265 14,820,789 8,417,264 23,238,053 7,904,713 Gross profit 346,380 235,508 581,888 221,146 803,034 91,626 Marketing, general and administrative 151,258 160,166 311,424 155,347 466,771 145,236 Reserve and impairment charges (recoveries), net 18,357 72,373 90,730 326,779 417,509 39,170 Operating earnings (loss) 176,765 2,969 179,734 (260,980 ) (81,246 ) (92,780 ) (Gain) loss on disposal of business 4,105 (1,395 ) 2,710 (1,224 ) 1,486 704 Interest expense 38,265 39,945 78,210 39,201 117,411 53,828 Other (income) loss (44,509 ) (18,083 ) (62,592 ) (11,952 ) (74,544 ) (25,407 ) Equity (income) loss from investments (40,328 ) (35,800 ) (76,128 ) (48,393 ) (124,521 ) (12,817 ) Income (loss) before income taxes 219,232 18,302 237,534 (238,612 ) (1,078 ) (109,088 ) Income tax expense (benefit) 16,076 3,685 19,761 (166,124 ) (146,363 ) (34,761 ) Net income (loss) 203,156 14,617 217,773 (72,488 ) 145,285 (74,327 ) Net income (loss) attributable to noncontrolling interests (208 ) 406 198 (955 ) (757 ) 123 Net income (loss) attributable to CHS Inc. $ 203,364 $ 14,211 $ 217,575 $ (71,533 ) $ 146,042 $ (74,450 ) CHS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (As Restated) Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Three Months Ended November 30, 2017 February 28, 2018 February 28, 2018 May 31, 2018 May 31, 2018 August 31, 2018 (Dollars in thousands) Net income (loss) $ 187,182 $ 165,959 $ 353,141 $ 181,620 $ 534,761 $ 240,545 Other comprehensive income (loss), net of tax: Postretirement benefit plan activity 1,594 3,142 4,736 3,417 8,153 11,913 Unrealized net gain (loss) on available for sale investments 3,640 3,554 7,194 6,286 13,480 (16,628 ) Cash flow hedges (4 ) 1,063 1,059 413 1,472 1,068 Foreign currency translation adjustment (2,211 ) 2,352 141 (10,188 ) (10,047 ) (1,974 ) Other comprehensive income (loss), net of tax 3,019 10,111 13,130 (72 ) 13,058 (5,621 ) Comprehensive income 190,201 176,070 366,271 181,548 547,819 234,924 Less comprehensive income attributable to noncontrolling interests (464 ) (48 ) (512 ) (187 ) (699 ) 98 Comprehensive income attributable to CHS Inc. $ 190,665 $ 176,118 $ 366,783 $ 181,735 $ 548,518 $ 234,826 (As Restated) Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Three Months Ended November 30, 2016 February 28, 2017 February 28, 2017 May 31, 2017 May 31, 2017 August 31, 2017 (Dollars in thousands) Net income (loss) $ 203,156 $ 14,617 $ 217,773 $ (72,488 ) $ 145,285 $ (74,327 ) Other comprehensive income (loss), net of tax: Postretirement benefit plan activity 3,239 3,724 6,963 3,636 10,599 22,103 Unrealized net gain (loss) on available for sale investments 777 968 1,745 (118 ) 1,627 2,758 Cash flow hedges 654 964 1,618 375 1,993 249 Foreign currency translation adjustment (18,075 ) 8,187 (9,888 ) (1,369 ) (11,257 ) 3,098 Other comprehensive income (loss), net of tax (13,405 ) 13,843 438 2,524 2,962 28,208 Comprehensive income 189,751 28,460 218,211 (69,964 ) 148,247 (46,119 ) Less comprehensive income attributable to noncontrolling interests (208 ) 406 198 (955 ) (757 ) 123 Comprehensive income attributable to CHS Inc. $ 189,959 $ 28,054 $ 218,013 $ (69,009 ) $ 149,004 $ (46,242 ) Reclassifications Amounts previously included within (gain) loss on investments were reclassified into other (income) loss to conform to the current period presentation. This reclassification had no impact on our previously reported net income, cash flows or shareholders' equity and represents reclassifications for the periods ended November 30, 2017 and 2016, and February 28, 2018 and 2017. The reclassifications included a $2.8 million gain reclassification during the three months ended November 30, 2017, a $4.1 million gain reclassification during the three months ended February 28, 2018, a $7.4 million loss during the three months ended November 30, 2016, and a $2.9 million gain during the three months ended February 28, 2017. Consolidated financial statement adjustment tables The following tables present the impacts of the restatement adjustments to the previously reported financial information for the quarterly periods ended November 30, 2017 and 2016, February 28, 2018 and 2017, May 31, 2018 and 2017, and August 31, 2017. Refer to discussion in Note 2, Restatement of Previously Issued Consolidated Financial Statements . The restatement references identified in the following tables directly correlate to the restatement adjustments detailed below. The categories of restatement adjustments and their impact on previously reported consolidated financial statements are described below. (a) Freight Derivatives and Related Misstatements - Corrections for freight derivatives and related misstatements were driven by the misstatement of amounts associated with both the value and quantity of rail freight contracts, as well as due to freight contracts not meeting the technical accounting requirements to qualify as derivative financial instruments. In addition to the elimination of the underlying freight derivative assets and liabilities and related impacts on revenues and cost of goods sold, additional adjustments were recorded to account for prepaid freight capacity balances in relevant periods and the impact of a goodwill impairment charge recorded during fiscal 2015 for goodwill held within our Grain Marketing reporting unit which was triggered by the lowering of earnings due to the restatement. Additional details related to the impact of the freight derivatives and related misstatements and their impact on each period are discussed in restatement reference (a). (b) Intercompany Misstatements - As a result of the work performed in relation to the freight misstatement, additional misstatements related to the incorrect elimination of intercompany balances were also identified and corrected within the consolidated financial statements. Certain of these intercompany misstatements resulted in a misstatement of various financial statement line items; however, the intercompany misstatements did not result in a material misstatement of income (loss) before income taxes or net income (loss). Additional details related to the impact of the intercompany misstatements and their impact on each period are discussed in restatement reference (b). (c) Other Misstatements - We made adjustments for other previously identified misstatements unrelated to the freight derivatives and related misstatements that were not material, individually or in the aggregate, to our consolidated financial statements. These other misstatements related primarily to certain misclassifications, adjustments to revenues and cost of goods sold, and adjustments to various income tax and indirect tax accrual accounts. Additional details related to the impact of the other misstatements and their impact on each period are discussed in restatement reference (c). CHS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) As of November 30, 2017 As of November 30, 2016 As Previously Reported Restatement Adjustments As Restated As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents $ 252,129 $ (2,362 ) $ 249,767 $ 515,484 $ 1,162 $ 516,646 b, c Receivables 2,059,623 (1,401 ) 2,058,222 3,052,989 (18,906 ) 3,034,083 a, b, c Inventories 3,046,101 65,862 3,111,963 3,117,935 25,616 3,143,551 c Derivative assets 283,256 (116,699 ) 166,557 419,103 (141,605 ) 277,498 a, c Margin and related deposits 206,955 — 206,955 312,899 — 312,899 Supplier advance payments 542,139 631 542,770 480,709 (3,802 ) 476,907 b Other current assets 289,250 (18,576 ) 270,674 189,896 (2,372 ) 187,524 a, c Total current assets 6,679,453 (72,545 ) 6,606,908 8,089,015 (139,907 ) 7,949,108 Investments 3,777,000 — 3,777,000 3,828,899 — 3,828,899 Property, plant and equipment 5,266,408 — 5,266,408 5,443,079 — 5,443,079 Other assets 1,061,562 (64,160 ) 997,402 1,069,468 (15,014 ) 1,054,454 a Total assets $ 16,784,423 $ (136,705 ) $ 16,647,718 $ 18,430,461 $ (154,921 ) $ 18,275,540 LIABILITIES AND EQUITIES Current liabilities: Notes payable $ 2,480,264 $ — $ 2,480,264 $ 3,227,564 $ — $ 3,227,564 Current portion of long-term debt 71,022 — 71,022 206,894 — 206,894 Customer margin deposits and credit balances 139,868 — 139,868 180,850 — 180,850 Customer advance payments 414,441 (922 ) 413,519 544,266 (855 ) 543,411 b, c Accounts payable 2,380,998 63,652 2,444,650 2,568,533 5,473 2,574,006 a, b, c Derivative liabilities 226,279 (18,853 ) 207,426 317,505 (34,847 ) 282,658 a, c Accrued expenses 409,522 16,390 425,912 389,321 8,125 397,446 a, c Dividends and equities payable 121,209 — 121,209 275,448 (35,591 ) 239,857 b, c Total current liabilities 6,243,603 60,267 6,303,870 7,710,381 (57,695 ) 7,652,686 Long-term debt 1,936,744 — 1,936,744 1,958,907 — 1,958,907 Long-term deferred tax liabilities 350,841 (1,939 ) 348,902 497,283 14,538 511,821 a, c Other liabilities 315,460 (206 ) 315,254 332,610 — 332,610 Commitments and contingencies (Note 15) Equities: Preferred stock 2,264,038 — 2,264,038 2,244,132 — 2,244,132 Equity certificates 4,319,840 — 4,319,840 4,208,336 (13,802 ) 4,194,534 b Accumulated other comprehensive loss (178,445 ) 1,104 (177,341 ) (226,220 ) 1,285 (224,935 ) a Capital reserves 1,520,218 (195,846 ) 1,324,372 1,691,603 (99,169 ) 1,592,434 a, b, c Total CHS Inc. equities 7,925,651 (194,742 ) 7,730,909 7,917,851 (111,686 ) 7,806,165 Noncontrolling interests 12,124 (85 ) 12,039 13,429 (78 ) 13,351 a Total equities 7,937,775 (194,827 ) 7,742,948 7,931,280 (111,764 ) 7,819,516 Total liabilities and equities $ 16,784,423 $ (136,705 ) $ 16,647,718 $ 18,430,461 $ (154,921 ) $ 18,275,540 As of November 30, 2017 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $171.7 million reduction of total assets, a $38.6 million reduction of current liabilities, a $30.2 million increase of long-term liabilities and a $163.2 million reduction of total equities. The reduction of total assets related primarily to the elimination of $116.8 million of current derivative assets and a $49.2 million reduction of long-term derivative assets that had been recorded as assets on the Consolidated Balance Sheet as well as an approximate $16.0 million reduction of goodwill associated with a goodwill impairment charge recorded during fiscal 2015 The decreases of total assets were partially offset by related adjustments, including an $8.5 million increase of prepaid income taxes resulting from the income tax impact of the freight misstatement and the recognition of a $1.1 million prepaid freight capacity balance. The decrease of total current liabilities related primarily to a $16.5 million reduction of current derivative liabilities and a $22.2 million reduction of income taxes payable resulting from the income tax effect of the freight misstatement. The increase of long-term liabilities resulted from a $30.2 million increase of long-term deferred tax liabilities. The decrease of total equities related primarily to the elimination of the derivative assets and liabilities described above and the related income tax impacts, as well as the reduction of goodwill associated with the goodwill impairment charge recorded during fiscal 2015. Intercompany misstatements (b) The correction of intercompany misstatements resulted in a $3.4 million reduction of total assets and a $3.4 million reduction of current liabilities due to different practices of eliminating intercompany balances between CHS's businesses which existed in previous periods. Other misstatements (c) Adjustments for other misstatements related primarily to misclassifications between line items included within the Consolidated Balance Sheets, as well as the impact of income tax adjustments on income tax accounts, including prepaid income taxes, income taxes payable and deferred income taxes. The misclassification adjustments arose primarily due to the application of differing accounting policies between businesses and collectively with the income tax adjustments resulted in a $38.4 million increase of total assets, a $102.3 million increase of current liabilities, a $32.3 million decrease of long-term liabilities and a $31.6 million decrease of total equities. The increase of total assets related primarily to a $67.5 million increase of inventories that resulted from a misclassification adjustment related to $67.5 million previously included as a contra-inventory balance moving to accounts payable. The increase related to inventories was partially offset by a $28.1 million decrease of other current assets that resulted from the reduction of prepaid income taxes associated with the correction of other misstatements identified during fiscal 2018 and other periods. The increase of current liabilities related primarily to a $67.5 million increase of accounts payable that resulted from a misclassification adjustment for amounts previously included as a contra-inventory balance to accounts payable and a $38.6 million increase of accrued expenses. The increase of accrued expenses related to the recognition of a $24.9 million accrued income tax balance associated with the correction of other misstatements identified during fiscal 2018 and other periods, as well as the recognition of $13.7 million of accrued expense related to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018. Long-term liabilities decreased primarily as a result of a $32.1 million decrease of long-term deferred tax liabilities related to the correction of other misstatements identified during fiscal 2018 and other periods. The $31.6 million decrease of total equities related primarily to the impacts associated with the $20.6 million net impact on income tax accounts and the recognition of an additional $13.7 million of accrued expense related to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018. As of November 30, 2016 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $145.5 million reduction of total assets, a $47.0 million reduction of current liabilities, a $15.5 million increase of long-term liabilities and a $114.0 million reduction of total equities. The reduction of total assets related primarily to the elimination of $141.0 million of current derivative assets that had been incorrectly recorded as assets on the Consolidated Balance Sheet and an approximate $16.0 million reduction of goodwill associated with a goodwill impairment charge recorded during fiscal 2015. The decreases of total assets were partially offset by related adjustments, including a $4.0 million increase of receivables, a $5.7 million increase of prepaid income taxes resulting from the income tax impact of the freight misstatement and the recognition of a $0.9 million prepaid freight capacity balance. The decrease of total current liabilities related primarily to a $35.0 million reduction of current derivative liabilities and a $20.7 million reduction of income taxes payable resulting from the income tax effect of the freight misstatement. These decreases of current liabilities were partially offset by an $8.7 million increase of accounts payable. The increase of long-term liabilities resulted from a $15.5 million increase of long-term deferred tax liabilities. The decrease of total equities related primarily to the elimination of the derivative assets and liabilities described above and the related income tax impacts, as well as the reduction of goodwill associated with the goodwill impairment charge recorded during fiscal 2015. Intercompany misstatements (b) The correction of intercompany misstatements resulted in a $73.3 million reduction of total assets, an $85.4 million reduction of current liabilities and a $12.1 million increase of total equities due to different practices of eliminating intercompany balances between CHS's businesses which existed in previous periods. Other misstatements (c) Adjustments for other misstatements related primarily to misclassifications between line items included within the Consolidated Balance Sheets, as well as the impact of income tax adjustments on income tax accounts, including prepaid income taxes, income taxes payable and deferred income taxes. The misclassification adjustments arose primarily due to the application of differing accounting policies between businesses and collectively with the income tax adjustments resulted in a $63.9 million increase of total assets, a $74.6 million increase of current liabilities, a $0.9 million decrease of long-term liabilities and a $9.9 million decrease of total equities. The increase of total assets related primarily to a misclassification adjustment for $73.8 million previously included as a contra-inventory balance moving to accounts payable. The increased inventories were partially offset by a $48.2 million reduction of inventory related to a misclassification adjustment for certain collateral moving from inventory to receivables. The increase of total liabilities relates primarily to a misclassification adjustment for $73.8 million previously included as a contra-inventory balance moving to accounts payable. The $9.9 million decrease of total equities relates primarily to the $28.8 million net impact on income tax accounts and the recognition of $8.1 million of accrued expense related to the use of a unit of measure assumption in the calculation of an excise tax credit that was changed during fiscal 2018. The overall decrease in total equities was partially offset by an increase that arose from a $27.9 million timing difference for the accrual of dividends and equities payable. CHS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) As of February 28, 2018 As of February 28, 2017 As Previously Reported Restatement Adjustments As Restated As Previously Reported Restatement Adjustments As Restated Restatement References (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents $ 190,426 $ 28,847 $ 219,273 $ 249,801 $ 26,336 $ 276,137 b, c Receivables 1,765,640 70,850 1,836,490 2,697,699 69,451 2,767,150 a, b, c Inventories 3,650,158 26,167 3,676,325 3,752,218 (21,536 ) 3,730,682 c Derivative assets 429,625 (178,577 ) 251,048 386,613 (153,184 ) 233,429 a, c Margin and related deposits 188,167 — 188,167 290,291 — 290,291 Supplier advance payments 658,815 — 658,815 701,705 — 701,705 b Other current assets 310,674 (13,692 ) 296,982 200,288 (4,051 ) 196,237 a, c Total current assets 7,193,505 (66,405 ) 7,127,100 8,278,615 (82,984 ) 8,195,631 Investments 3,752,876 — 3,752,876 3,802,379 — 3,802,379 Property, plant and equipment 5,179,868 — 5,179,868 5,404,347 — 5,404,347 Other assets 958,613 (15,061 ) 943,552 1,072,824 (15,951 ) 1,056,873 a Total assets $ 17,084,862 $ (81,466 ) $ 17,003,396 $ 18,558,165 $ (98,935 ) $ 18,459,230 LIABILITIES AND EQUITIES Current liabilities: Notes payable $ 2,993,456 $ 78,183 $ 3,071,639 $ 3,867,438 $ — $ 3,867,438 c Current portion of long-term debt 46,290 — 46,290 205,136 — 205,136 Customer margin deposits and credit balances 106,323 — 106,323 149,625 — 149,625 Customer advance payments 727,535 29,107 756,642 871,370 26,094 897,464 b, c Accounts payable 1,835,289 18,685 1,853,974 1,877,040 42,381 1,919,421 a, b, c Derivative liabilities 372,406 (10,497 ) 361,909 275,484 (42,977 ) 232,507 a, c Accrued expenses 459,867 5,165 465,032 378,318 13,740 392,058 a, c Dividends and equities payable 128,700 — 128,700 131,380 — 131,380 Total current liabilities 6,669,866 120,643 6,790,509 7,755,791 39,238 7,795,029 Long-term debt 1,915,843 — 1,915,843 2,051,567 — 2,051,567 Long-term deferred tax liabilities 171,844 (6,185 ) 165,659 516,681 14,841 531,522 c Other liabilities 265,349 (321 ) 265,028 272,532 — 272,532 c Commitments and contingencies (Note 15) Equities: Preferred stock 2,264,038 — 2,264,038 2,244,114 — 2,244,114 b Equity certificates 4,307,292 — 4,307,292 4,201,803 — 4,201,803 a Accumulated other comprehensive loss (168,225 ) 995 (167,230 ) (211,442 ) 351 (211,091 ) a Capital reserves 1,646,837 (196,511 ) 1,450,326 1,713,784 (153,286 ) 1,560,498 a, c Total CHS Inc. equities 8,049,942 (195,516 ) 7,854,426 7,948,259 (152,935 ) 7,795,324 a Noncontrolling interests 12,018 (87 ) 11,931 13,335 (79 ) 13,256 Total equities 8,061,960 (195,603 ) 7,866,357 7,961,594 (153,014 ) 7,808,580 Total liabilities and equities $ 17,084,862 $ (81,466 ) $ 17,003,396 $ 18,558,165 $ (98,935 ) $ 18,459,230 As of February 28, 2018 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $183.8 million reduction of total assets, a $26.8 million reduction of current liabilities, a $28.9 million increase of long-term liabilities and a $185.9 million reduction of total equities. The reduction of total assets related primarily to the elimination of $179.3 million of current derivative assets which had been incorrectly recorded as assets on the Consolidated Balance Sheet and an approximate $16.0 million impairment of goodwill which was triggered when earnings were lowered due to the restatement. The decrease of total assets was partially offset by a related adjustment to increase prepaid income taxes by $9.7 million as a result of the income tax impact of the freight misstatement. The decrease of total current liabilities related primarily to a $7.1 million reduction of current derivative liabilities and a $19.7 million reduction of income taxes payable resulting from the income tax effect of the freight misstatement. The increase of long-term liabilities was primarily attributable to the $28.9 million increase of long-term deferred tax liabilities. The decrease of total equities was related primarily to the elimination of derivative assets and liabilities from the Consolidated Balance Sheet as described above and the related income tax impacts, as well as the reduction of goodwill associated with the goodwill impairment charge recorded during fiscal 2015. Intercompany misstatements (b) The correction of intercompany misstatements resulted in a $5.6 million reduction of total assets and a $5.6 million reduction of current liabilities due to different practices of eliminating intercompany balances between CHS's businesses which existed in previous periods. Other misstatements (c) Adjustments for other misstatements related primarily to misclassifications between line items included within the Consolidated Balance Sheets, as well as the impact of income tax adjustments on income tax accounts, including prepaid income taxes, income taxes payable and deferred income taxes. These misclassification adjustments arose primarily due to the application of differing accounting policies between businesses and collectively with the income tax adjustments resulted in a $108.0 million increase of total assets, a $153.1 million increase of current liabilities, a $35.4 million decrease of long-term liabilities and a $9.7 million decrease of total equities. The increase of total assets related primarily to a $28.8 million increase of cash that resulted from a timing difference for the application of in-transit cash and a $78.2 million increase of receivables and notes payable related to a participation arrangement that did not meet certain criteria for off-balance sheet treatment. As a result, both receivables and notes payable were increased by $78.2 million . The increase of current liabilities related primarily to the $78.2 million increase of receivables and notes payable in a participation arrangement that did not meet certain criteria for off-balance sheet treatment, a $29.1 million increase of customer advance payments that resulted from a timing difference related to the application of in-transit cash and a $27.9 million increase of accounts payable that had previously been included as a contra-inventory balance. Long-term liabilities decreased primarily due to the recognition of long-term deferred tax liabilities of $35.1 million related to the correction of other misstatements identified during fiscal 2018 and other periods. The $9.7 million decrease of total equities relates primarily to the $14.1 million net impact on income tax accounts, which was partially offset by a $4.5 million increase related to the valuation of crack spread derivatives. As of February 28, 2017 Freight derivatives and related misstatements (a) The correction of freight derivatives and related misstatements resulted in a $160.3 million reduction of total assets, a $61.3 million reduction of current liabilities, a $15.8 million increase of long-term liabilities and a $114.7 million reduction of total equities. The reduction of total assets related primarily to the elimination of $153.0 million of current derivative assets that were incorrectly recorded as assets on the Consolidate Balance Sheet and an approximate $16.0 million impairment of goodwill recorded in fiscal 2015 associated with lower earnings as a result of the restatement. The overall decrease of total assets was partially offset by related adjustments, including a $6.4 million increase of prepaid income taxes resulting from the income tax impact of the freight misstatement and the recognition of a $0.6 million prepaid freight capacity balance. The decrease of total current liabilities related primarily to a $43.0 million reduction of current derivative liabilities and a $20.7 million reduction of income taxes payable resulting from the income tax effect of the freight misstatement, which were partially offset by the recognition of a $2.3 million accounts payable balance. The increase of long-term liabilities resulted from the $15.8 million increase of long-term deferred tax liabilities. The decrease of total equities related primarily to the elimination of the derivative assets and liabilities described above and the related income tax impacts, as well as the reduction of goodwill associated with the goodwill impairment charge recorded during fiscal 2015. Intercompany misstatements (b) The correction of intercompany misstatements resulted in a $4.9 million reduction of total assets and a $4.9 million reduction of current liabilities due to different practices of eliminating intercompany balances between CHS's businesses which existed in previous periods. Other misstatements (c) Adjustments for other misstatements related primarily to misclassifications between line items included within the Consolidated Balance Sheets, as well as the impact of income tax adjustments on income tax accounts, including prepaid income taxes, income taxes payable and deferred income taxes. These misclassification adju |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Aug. 31, 2018USD ($) | Aug. 31, 2018USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Intangible assets with indefinite useful lives | $ 0 | $ 0 |
Tax Act, provisionally recorded net benefit, revaluation of U.S. net deferred tax liability | 155,200 | |
Reclassification of tax effects to retained earnings | 0 | |
Accumulated Other Comprehensive Loss | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Reclassification of tax effects to retained earnings | (27,000) | (26,992) |
Capital Reserves | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Reclassification of tax effects to retained earnings | $ 27,000 | $ 26,992 |
Minimum | Major Maintenance Activities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Expenditures of turnarounds, capitalization period | 2 years | |
Minimum | Other Intangible Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Expenditures of turnarounds, capitalization period | 2 years | |
Minimum | Land improvements | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Property, plant and equipment, useful life | 15 years | |
Minimum | Buildings | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Minimum | Machinery and equipment | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Minimum | Office equipment and other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Maximum | Major Maintenance Activities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Expenditures of turnarounds, capitalization period | 4 years | |
Maximum | Other Intangible Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Expenditures of turnarounds, capitalization period | 30 years | |
Maximum | Land improvements | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Maximum | Buildings | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Property, plant and equipment, useful life | 40 years | |
Maximum | Machinery and equipment | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Maximum | Office equipment and other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Property, plant and equipment, useful life | 10 years |
Restatement of Previously Iss_3
Restatement of Previously Issued Consolidated Financial Statements - Summary of Impacts of the Restatement Adjustments on Previously Reported Consolidated Capital Reserves and Total Equities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | Aug. 31, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Capital reserves | $ 1,482,003 | $ 1,559,040 | $ 1,450,326 | $ 1,324,372 | $ 1,267,808 | $ 1,397,834 | $ 1,560,498 | $ 1,592,434 | $ 1,450,326 | $ 1,560,498 | $ 1,559,040 | $ 1,397,834 | $ 1,482,003 | $ 1,267,808 | $ 1,485,433 | |
Stockholders' equity | 8,165,028 | 7,920,836 | 7,866,357 | 7,742,948 | 7,705,640 | 7,680,371 | 7,808,580 | 7,819,516 | 7,866,357 | 7,808,580 | 7,920,836 | 7,680,371 | 8,165,028 | 7,705,640 | $ 7,759,159 | 7,551,439 |
Income (loss) before income taxes | 248,332 | 236,839 | (21,729) | 207,788 | (109,088) | (238,612) | 18,302 | 219,232 | 186,059 | 237,534 | 422,898 | (1,078) | 671,230 | (110,166) | 402,125 | |
Net income (loss) | $ 240,545 | 181,620 | 165,959 | 187,182 | (74,327) | (72,488) | 14,617 | 203,156 | 353,141 | 217,773 | 534,761 | 145,285 | $ 775,306 | 70,958 | 383,026 | |
As Previously Reported | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Capital reserves | 1,803,078 | 1,646,837 | 1,520,218 | 1,471,217 | 1,577,469 | 1,713,784 | 1,691,603 | 1,646,837 | 1,713,784 | 1,803,078 | 1,577,469 | 1,471,217 | 1,604,670 | |||
Stockholders' equity | 8,162,533 | 8,061,960 | 7,937,775 | 7,905,825 | 7,858,956 | 7,961,594 | 7,931,280 | 8,061,960 | 7,961,594 | 8,162,533 | 7,858,956 | 7,905,825 | 7,866,250 | 7,669,411 | ||
Income (loss) before income taxes | 289,484 | (14,550) | 199,555 | (94,845) | (209,158) | 23,597 | 225,554 | 185,005 | 249,151 | 474,490 | 39,994 | (54,852) | 419,878 | |||
Net income (loss) | 229,146 | 166,626 | 179,619 | (50,552) | (46,140) | 14,973 | 208,942 | 346,245 | 223,915 | 575,391 | 177,775 | 127,223 | 423,969 | |||
Restatement Adjustments | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Capital reserves | (244,038) | (196,511) | (195,846) | (203,409) | (179,635) | (153,286) | (99,169) | (196,511) | (153,286) | (244,038) | (179,635) | (203,409) | (119,237) | |||
Stockholders' equity | (241,697) | (195,603) | (194,827) | (200,185) | (178,585) | (153,014) | (111,764) | (195,603) | (153,014) | (241,697) | (178,585) | (200,185) | (107,091) | $ (117,972) | ||
Income (loss) before income taxes | (52,645) | (7,179) | 8,233 | (14,243) | (29,454) | (5,295) | (6,322) | 1,054 | (11,617) | (51,592) | (41,072) | (55,314) | (17,753) | |||
Net income (loss) | $ (47,526) | $ (667) | $ 7,563 | $ (23,775) | $ (26,348) | $ (356) | $ (5,786) | $ 6,896 | $ (6,142) | $ (40,630) | $ (32,490) | $ (56,265) | $ (40,943) |
Restatement of Previously Iss_4
Restatement of Previously Issued Consolidated Financial Statements - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Other (income) loss | $ 27,015,000 | $ 14,622,000 | $ 11,364,000 | $ 25,014,000 | $ 25,407,000 | $ 11,952,000 | $ 18,083,000 | $ 44,509,000 | $ 36,378,000 | $ 62,592,000 | $ 51,000,000 | $ 74,544,000 | $ 78,015,000 | $ 99,951,000 | $ 47,609,000 |
Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Other (income) loss | $ 0 | 0 | 0 | $ 743,000 | $ 5,000 | 848,000 | 7,509,000 | $ 0 | $ 8,357,000 | $ 0 | $ 8,361,000 | 9,105,000 | 0 | ||
Reclassification | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
(Gain) loss on investments | (4,100,000) | (2,800,000) | (2,900,000) | 7,400,000 | (4,600,000) | (9,300,000) | |||||||||
Other (income) loss | $ 4,100 | $ 2,800 | $ 2,900 | $ 7,400 | $ 4,600,000 | $ 9,300,000 |
Restatement of Previously Iss_5
Restatement of Previously Issued Consolidated Financial Statements - Summary of Impacts of the Restatement Adjustments on Previously Reported Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | Aug. 31, 2015 |
Current assets: | ||||||||||
Cash and cash equivalents | $ 450,617 | $ 533,887 | $ 219,273 | $ 249,767 | $ 181,379 | $ 266,748 | $ 276,137 | $ 516,646 | $ 290,273 | $ 967,717 |
Receivables | 2,460,401 | 2,248,213 | 1,836,490 | 2,058,222 | 1,892,168 | 2,767,967 | 2,767,150 | 3,034,083 | ||
Inventories | 2,768,649 | 2,913,507 | 3,676,325 | 3,111,963 | 2,601,604 | 2,688,949 | 3,730,682 | 3,143,551 | ||
Derivative assets | 329,757 | 250,005 | 251,048 | 166,557 | 218,742 | 206,187 | 233,429 | 277,498 | ||
Margin and related deposits | 151,150 | 253,141 | 188,167 | 206,955 | 206,062 | 251,695 | 290,291 | 312,899 | ||
Supplier advance payments | 288,423 | 426,607 | 658,815 | 542,770 | 249,234 | 431,433 | 701,705 | 476,907 | ||
Other current assets | 244,208 | 190,680 | 296,982 | 270,674 | 281,925 | 265,469 | 196,237 | 187,524 | ||
Total current assets | 6,693,205 | 6,816,040 | 7,127,100 | 6,606,908 | 5,631,114 | 6,878,448 | 8,195,631 | 7,949,108 | ||
Investments | 3,711,925 | 3,787,163 | 3,752,876 | 3,777,000 | 3,750,993 | 3,841,749 | 3,802,379 | 3,828,899 | ||
Property, plant and equipment | 5,141,719 | 5,140,106 | 5,179,868 | 5,266,408 | 5,356,434 | 5,405,651 | 5,404,347 | 5,443,079 | ||
Other assets | 834,329 | 960,240 | 943,552 | 997,402 | 1,080,381 | 955,532 | 1,056,873 | 1,054,454 | ||
Total assets | 16,381,178 | 16,703,549 | 17,003,396 | 16,647,718 | 15,818,922 | 17,081,380 | 18,459,230 | 18,275,540 | ||
Current liabilities: | ||||||||||
Notes payable | 2,272,196 | 2,868,506 | 3,071,639 | 2,480,264 | 1,985,163 | 3,321,808 | 3,867,438 | 3,227,564 | ||
Current portion of long-term debt | 167,565 | 53,056 | 46,290 | 71,022 | 156,345 | 193,096 | 205,136 | 206,894 | ||
Customer margin deposits and credit balances | 137,395 | 137,999 | 106,323 | 139,868 | 157,914 | 132,479 | 149,625 | 180,850 | ||
Customer advance payments | 409,088 | 372,590 | 756,642 | 413,519 | 423,770 | 391,122 | 897,464 | 543,411 | ||
Accounts payable | 1,844,489 | 1,898,172 | 1,853,974 | 2,444,650 | 1,991,294 | 1,865,803 | 1,919,421 | 2,574,006 | ||
Derivative liabilities | 438,465 | 316,831 | 361,909 | 207,426 | 300,946 | 233,955 | 232,507 | 282,658 | ||
Accrued expenses | 511,032 | 538,249 | 465,032 | 425,912 | 454,996 | 436,111 | 392,058 | 397,446 | ||
Dividends and equities payable | 153,941 | 209,718 | 128,700 | 121,209 | 12,121 | 134,718 | 131,380 | 239,857 | 162,439 | |
Total current liabilities | 5,934,171 | 6,395,121 | 6,790,509 | 6,303,870 | 5,482,549 | 6,709,092 | 7,795,029 | 7,652,686 | ||
Long-term debt | 1,762,690 | 1,905,515 | 1,915,843 | 1,936,744 | 2,023,448 | 2,046,264 | 2,051,567 | 1,958,907 | ||
Long-term deferred tax liabilities | 182,770 | 203,208 | 165,659 | 348,902 | 329,980 | 369,170 | 531,522 | 511,821 | ||
Other liabilities | 336,519 | 278,869 | 265,028 | 315,254 | 277,305 | 276,483 | 272,532 | 332,610 | ||
Commitments and contingencies (Note 15) | ||||||||||
Equities: | ||||||||||
Preferred stock | 2,264,038 | 2,264,038 | 2,264,038 | 2,264,038 | 2,264,038 | 2,264,063 | 2,244,114 | 2,244,132 | ||
Equity certificates | 4,609,456 | 4,253,414 | 4,307,292 | 4,319,840 | 4,341,649 | 4,214,657 | 4,201,803 | 4,194,534 | ||
Accumulated other comprehensive loss | (199,915) | (167,302) | (167,230) | (177,341) | (180,360) | (208,568) | (211,091) | (224,935) | ||
Capital reserves | 1,482,003 | 1,559,040 | 1,450,326 | 1,324,372 | 1,267,808 | 1,397,834 | 1,560,498 | 1,592,434 | 1,485,433 | |
Total CHS Inc. equities | 8,155,582 | 7,909,190 | 7,854,426 | 7,730,909 | 7,693,135 | 7,667,986 | 7,795,324 | 7,806,165 | ||
Noncontrolling interests | 9,446 | 11,646 | 11,931 | 12,039 | 12,505 | 12,385 | 13,256 | 13,351 | ||
Total equities | 8,165,028 | 7,920,836 | 7,866,357 | 7,742,948 | 7,705,640 | 7,680,371 | 7,808,580 | 7,819,516 | 7,759,159 | 7,551,439 |
Total liabilities and equities | 16,381,178 | 16,703,549 | 17,003,396 | 16,647,718 | 15,818,922 | 17,081,380 | 18,459,230 | 18,275,540 | ||
Long-term derivative assets | 23,084 | 40,897 | ||||||||
Goodwill | $ 138,464 | 138,454 | 144,284 | |||||||
As Previously Reported | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 533,887 | 190,426 | 252,129 | 181,379 | 267,229 | 249,801 | 515,484 | 279,313 | 953,813 | |
Receivables | 2,198,211 | 1,765,640 | 2,059,623 | 1,869,632 | 2,722,325 | 2,697,699 | 3,052,989 | |||
Inventories | 2,940,907 | 3,650,158 | 3,046,101 | 2,576,585 | 2,684,087 | 3,752,218 | 3,117,935 | |||
Derivative assets | 483,794 | 429,625 | 283,256 | 232,017 | 388,188 | 386,613 | 419,103 | |||
Margin and related deposits | 253,141 | 188,167 | 206,955 | 206,062 | 251,695 | 290,291 | 312,899 | |||
Supplier advance payments | 426,607 | 658,815 | 542,139 | 249,234 | 431,433 | 701,705 | 480,709 | |||
Other current assets | 198,078 | 310,674 | 289,250 | 299,618 | 255,236 | 200,288 | 189,896 | |||
Total current assets | 7,034,625 | 7,193,505 | 6,679,453 | 5,614,527 | 7,000,193 | 8,278,615 | 8,089,015 | |||
Investments | 3,787,163 | 3,752,876 | 3,777,000 | 3,750,993 | 3,841,749 | 3,802,379 | 3,828,899 | |||
Property, plant and equipment | 5,140,106 | 5,179,868 | 5,266,408 | 5,356,434 | 5,409,151 | 5,404,347 | 5,443,079 | |||
Other assets | 973,885 | 958,613 | 1,061,562 | 1,251,802 | 970,704 | 1,072,824 | 1,069,468 | |||
Total assets | 16,935,779 | 17,084,862 | 16,784,423 | 15,973,756 | 17,221,797 | 18,558,165 | 18,430,461 | |||
Current liabilities: | ||||||||||
Notes payable | 2,819,086 | 2,993,456 | 2,480,264 | 1,988,215 | 3,321,808 | 3,867,438 | 3,227,564 | |||
Current portion of long-term debt | 53,056 | 46,290 | 71,022 | 156,345 | 193,096 | 205,136 | 206,894 | |||
Customer margin deposits and credit balances | 137,999 | 106,323 | 139,868 | 157,914 | 132,479 | 149,625 | 180,850 | |||
Customer advance payments | 372,616 | 727,535 | 414,441 | 413,163 | 390,576 | 871,370 | 544,266 | |||
Accounts payable | 1,904,819 | 1,835,289 | 2,380,998 | 1,951,292 | 1,809,868 | 1,877,040 | 2,568,533 | |||
Derivative liabilities | 344,973 | 372,406 | 226,279 | 316,018 | 284,212 | 275,484 | 317,505 | |||
Accrued expenses | 538,249 | 459,867 | 409,522 | 437,527 | 422,371 | 378,318 | 389,321 | |||
Dividends and equities payable | 209,718 | 128,700 | 121,209 | 12,121 | 134,718 | 131,380 | 275,448 | |||
Total current liabilities | 6,380,516 | 6,669,866 | 6,243,603 | 5,432,595 | 6,689,128 | 7,755,791 | 7,710,381 | |||
Long-term debt | 1,905,515 | 1,915,843 | 1,936,744 | 2,023,448 | 2,046,264 | 2,051,567 | 1,958,907 | |||
Long-term deferred tax liabilities | 207,912 | 171,844 | 350,841 | 333,221 | 350,966 | 516,681 | 497,283 | |||
Other liabilities | 279,303 | 265,349 | 315,460 | 278,667 | 276,483 | 272,532 | 332,610 | |||
Commitments and contingencies (Note 15) | ||||||||||
Equities: | ||||||||||
Preferred stock | 2,264,038 | 2,264,038 | 2,264,038 | 2,264,038 | 2,264,063 | 2,244,114 | 2,244,132 | |||
Equity certificates | 4,253,414 | 4,307,292 | 4,319,840 | 4,341,649 | 4,214,657 | 4,201,803 | 4,208,336 | |||
Accumulated other comprehensive loss | (169,726) | (168,225) | (178,445) | (183,670) | (209,700) | (211,442) | (226,220) | |||
Capital reserves | 1,803,078 | 1,646,837 | 1,520,218 | 1,471,217 | 1,577,469 | 1,713,784 | 1,691,603 | 1,604,670 | ||
Total CHS Inc. equities | 8,150,804 | 8,049,942 | 7,925,651 | 7,893,234 | 7,846,489 | 7,948,259 | 7,917,851 | |||
Noncontrolling interests | 11,729 | 12,018 | 12,124 | 12,591 | 12,467 | 13,335 | 13,429 | |||
Total equities | 8,162,533 | 8,061,960 | 7,937,775 | 7,905,825 | 7,858,956 | 7,961,594 | 7,931,280 | 7,866,250 | 7,669,411 | |
Total liabilities and equities | 16,935,779 | 17,084,862 | 16,784,423 | 15,973,756 | 17,221,797 | 18,558,165 | 18,430,461 | |||
Goodwill | 160,414 | |||||||||
Restatement Adjustments | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 0 | 28,847 | (2,362) | 0 | (481) | 26,336 | 1,162 | 10,960 | 13,904 | |
Receivables | 50,002 | 70,850 | (1,401) | 22,536 | 45,642 | 69,451 | (18,906) | |||
Inventories | (27,400) | 26,167 | 65,862 | 25,019 | 4,862 | (21,536) | 25,616 | |||
Derivative assets | (233,789) | (178,577) | (116,699) | (13,275) | (182,001) | (153,184) | (141,605) | |||
Margin and related deposits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Supplier advance payments | 0 | 0 | 631 | 0 | 0 | 0 | (3,802) | |||
Other current assets | (7,398) | (13,692) | (18,576) | (17,693) | 10,233 | (4,051) | (2,372) | |||
Total current assets | (218,585) | (66,405) | (72,545) | 16,587 | (121,745) | (82,984) | (139,907) | |||
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Property, plant and equipment | 0 | 0 | 0 | 0 | (3,500) | 0 | 0 | |||
Other assets | (13,645) | (15,061) | (64,160) | (171,421) | (15,172) | (15,951) | (15,014) | |||
Total assets | (232,230) | (81,466) | (136,705) | (154,834) | (140,417) | (98,935) | (154,921) | |||
Current liabilities: | ||||||||||
Notes payable | 49,420 | 78,183 | 0 | (3,052) | 0 | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Customer margin deposits and credit balances | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Customer advance payments | (26) | 29,107 | (922) | 10,607 | 546 | 26,094 | (855) | |||
Accounts payable | (6,647) | 18,685 | 63,652 | 40,002 | 55,935 | 42,381 | 5,473 | |||
Derivative liabilities | (28,142) | (10,497) | (18,853) | (15,072) | (50,257) | (42,977) | (34,847) | |||
Accrued expenses | 0 | 5,165 | 16,390 | 17,469 | 13,740 | 13,740 | 8,125 | |||
Dividends and equities payable | 0 | 0 | 0 | 0 | 0 | 0 | (35,591) | |||
Total current liabilities | 14,605 | 120,643 | 60,267 | 49,954 | 19,964 | 39,238 | (57,695) | |||
Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Long-term deferred tax liabilities | (4,704) | (6,185) | (1,939) | (3,241) | 18,204 | 14,841 | 14,538 | |||
Other liabilities | (434) | (321) | (206) | (1,362) | 0 | 0 | 0 | |||
Commitments and contingencies (Note 15) | ||||||||||
Equities: | ||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Equity certificates | 0 | 0 | 0 | 0 | 0 | 0 | (13,802) | |||
Accumulated other comprehensive loss | 2,424 | 995 | 1,104 | 3,310 | 1,132 | 351 | 1,285 | |||
Capital reserves | (244,038) | (196,511) | (195,846) | (203,409) | (179,635) | (153,286) | (99,169) | (119,237) | ||
Total CHS Inc. equities | (241,614) | (195,516) | (194,742) | (200,099) | (178,503) | (152,935) | (111,686) | |||
Noncontrolling interests | (83) | (87) | (85) | (86) | (82) | (79) | (78) | |||
Total equities | (241,697) | (195,603) | (194,827) | (200,185) | (178,585) | (153,014) | (111,764) | (107,091) | (117,972) | |
Total liabilities and equities | (232,230) | (81,466) | (136,705) | (154,834) | (140,417) | (98,935) | (154,921) | |||
Goodwill | (16,130) | |||||||||
Freight Derivatives and Related Misstatements | Restatement Adjustments | ||||||||||
Current assets: | ||||||||||
Receivables | 500 | 4,000 | ||||||||
Derivative assets | (233,900) | (179,300) | (116,800) | (12,900) | (181,800) | (153,000) | (141,000) | |||
Total assets | (229,300) | (183,800) | (171,700) | (174,100) | (181,600) | (160,300) | (145,500) | |||
Current liabilities: | ||||||||||
Accounts payable | 7,000 | 2,300 | 8,700 | |||||||
Derivative liabilities | (25,600) | (7,100) | (16,500) | (18,000) | (50,300) | (43,000) | (35,000) | |||
Total current liabilities | (50,500) | (26,800) | (38,600) | (39,100) | (64,000) | (61,300) | (47,000) | |||
Long-term deferred tax liabilities | 30,400 | 28,900 | 30,200 | 28,900 | 19,100 | 15,800 | 15,500 | |||
Equities: | ||||||||||
Total equities | (209,200) | 185,900 | (163,200) | (162,400) | 136,800 | (114,700) | (114,000) | $ (115,700) | $ (104,600) | |
Long-term derivative assets | (49,200) | (156,000) | ||||||||
Long-term liabilities | 30,400 | 28,900 | 30,200 | 27,500 | 19,100 | 15,800 | 15,500 | |||
Goodwill | (16,000) | (16,000) | (16,000) | 16,000 | (16,000) | (16,000) | ||||
Prepaid income taxes | 11,100 | 9,700 | 8,500 | 8,900 | 12,900 | 6,400 | 5,700 | |||
Prepaid freight capacity | 7,500 | 1,100 | 1,500 | 2,000 | 600 | 900 | ||||
Income taxes payable | (24,900) | (19,700) | (22,200) | (21,100) | (20,700) | (20,700) | (20,700) | |||
Derivative liability, noncurrent | (1,400) | |||||||||
Other Misstatements | Restatement Adjustments | ||||||||||
Current assets: | ||||||||||
Receivables | 49,400 | 78,200 | ||||||||
Inventories | 67,500 | 49,200 | 47,700 | |||||||
Other current assets | (28,100) | |||||||||
Total assets | 3,900 | 108,000 | 38,400 | 19,300 | 41,200 | 66,300 | 63,900 | |||
Current liabilities: | ||||||||||
Notes payable | 49,400 | 78,200 | ||||||||
Customer advance payments | 29,100 | 26,100 | ||||||||
Accrued expenses | 38,600 | 38,600 | 34,400 | |||||||
Total current liabilities | 72,000 | 153,100 | 102,300 | 89,100 | 83,900 | 105,500 | 74,600 | |||
Long-term deferred tax liabilities | (35,100) | (35,100) | (32,100) | (32,100) | ||||||
Equities: | ||||||||||
Total equities | (32,500) | (9,700) | (31,600) | (37,700) | (41,800) | (38,300) | (9,900) | |||
Long-term liabilities | (35,500) | (35,400) | (32,300) | (32,100) | (900) | (900) | (900) | |||
Prepaid income taxes | (24,500) | |||||||||
Income taxes payable | 24,900 | 24,900 | 24,900 | 21,000 | 20,700 | |||||
Other Misstatements, Net Impact On Income Tax Accounts | Restatement Adjustments | ||||||||||
Equities: | ||||||||||
Total equities | (14,100) | $ 14,100 | 20,600 | 20,600 | (24,400) | (24,400) | (28,800) | |||
Other Misstatements, Misclassification | Restatement Adjustments | ||||||||||
Current assets: | ||||||||||
Inventories | 24,100 | (48,200) | (48,200) | (48,200) | ||||||
Total assets | 28,100 | |||||||||
Current liabilities: | ||||||||||
Accounts payable | 49,200 | |||||||||
Other Misstatements, Timing Difference | Restatement Adjustments | ||||||||||
Equities: | ||||||||||
Total equities | $ (18,800) | 27,900 | ||||||||
Other Misstatements, Excise Tax Credit | Restatement Adjustments | ||||||||||
Current liabilities: | ||||||||||
Accrued expenses | $ 13,700 | $ 13,700 | $ 13,700 | $ 13,700 | $ 8,100 |
Restatement of Previously Iss_6
Restatement of Previously Issued Consolidated Financial Statements - Summary of Impacts of the Restatement Adjustments on Previously Reported Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | $ 8,583,982 | $ 9,087,328 | $ 6,980,153 | $ 8,031,884 | $ 7,996,339 | $ 8,638,410 | $ 7,400,773 | $ 8,001,904 | $ 15,012,037 | $ 15,402,677 | $ 24,099,365 | $ 24,041,087 | $ 32,683,347 | $ 32,037,426 | $ 30,355,260 |
Cost of goods sold | (8,192,620) | (8,841,361) | (6,844,849) | (7,711,057) | (7,904,713) | (8,417,264) | (7,165,265) | (7,655,524) | (14,555,906) | (14,820,789) | (23,397,267) | (23,238,053) | (31,589,887) | (31,142,766) | (29,386,515) |
Gross profit | 391,362 | 245,967 | 135,304 | 320,827 | 91,626 | 221,146 | 235,508 | 346,380 | 456,131 | 581,888 | 702,098 | 803,034 | 1,093,460 | 894,660 | 968,745 |
Marketing, general and administrative | 186,291 | 161,579 | 186,713 | 139,500 | 145,236 | 155,347 | 160,166 | 151,258 | 326,213 | 311,424 | 487,792 | 466,771 | 674,083 | 612,007 | 601,266 |
Reserve and impairment charges (recoveries), net | (18,765) | (3,811) | (11,346) | (3,787) | 39,170 | 326,779 | 72,373 | 18,357 | (15,133) | 90,730 | (18,944) | 417,509 | (37,709) | 456,679 | 75,036 |
Operating earnings (loss) | 223,836 | 88,199 | (40,063) | 185,114 | (92,780) | (260,980) | 2,969 | 176,765 | 145,051 | 179,734 | 233,250 | (81,246) | 457,086 | (174,026) | 292,443 |
(Gain) loss on disposal of business | (61) | (124,050) | (7,705) | 0 | 704 | (1,224) | (1,395) | 4,105 | (7,705) | 2,710 | (131,755) | 1,486 | (131,816) | 2,190 | 0 |
Interest expense | 18,984 | 49,340 | 40,176 | 40,702 | 53,828 | 39,201 | 39,945 | 38,265 | 80,878 | 78,210 | 130,218 | 117,411 | 149,202 | 171,239 | 113,704 |
Other (income) loss | (27,015) | (14,622) | (11,364) | (25,014) | (25,407) | (11,952) | (18,083) | (44,509) | (36,378) | (62,592) | (51,000) | (74,544) | (78,015) | (99,951) | (47,609) |
Equity (income) loss from investments | (16,404) | (59,308) | (39,441) | (38,362) | (12,817) | (48,393) | (35,800) | (40,328) | (77,803) | (76,128) | (137,111) | (124,521) | (153,515) | (137,338) | (175,777) |
Income (loss) before income taxes | 248,332 | 236,839 | (21,729) | 207,788 | (109,088) | (238,612) | 18,302 | 219,232 | 186,059 | 237,534 | 422,898 | (1,078) | 671,230 | (110,166) | 402,125 |
Income tax expense (benefit) | 7,787 | 55,219 | (187,688) | 20,606 | (34,761) | (166,124) | 3,685 | 16,076 | (167,082) | 19,761 | (111,863) | (146,363) | (104,076) | (181,124) | 19,099 |
Net income (loss) | 240,545 | 181,620 | 165,959 | 187,182 | (74,327) | (72,488) | 14,617 | 203,156 | 353,141 | 217,773 | 534,761 | 145,285 | 775,306 | 70,958 | 383,026 |
Net income (loss) attributable to noncontrolling interests | 98 | (187) | (48) | (464) | 123 | (955) | 406 | (208) | (512) | 198 | (699) | (757) | (601) | (634) | (223) |
Comprehensive income attributable to CHS Inc. | $ 240,447 | 181,807 | 166,007 | 187,646 | (74,450) | (71,533) | 14,211 | 203,364 | 353,653 | 217,575 | 535,460 | 146,042 | $ 775,907 | 71,592 | 383,249 |
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | 9,027,525 | 6,851,093 | 8,048,889 | 7,952,005 | 8,614,090 | 7,320,406 | 8,048,250 | 14,899,982 | 15,368,656 | 23,927,508 | 23,982,746 | 31,934,751 | 30,347,203 | ||
Cost of goods sold | (8,728,914) | (6,708,610) | (7,735,627) | (7,843,305) | (8,366,988) | (7,079,664) | (7,695,553) | (14,444,237) | (14,775,217) | (23,173,151) | (23,142,205) | (30,985,510) | (29,387,910) | ||
Gross profit | 298,611 | 142,483 | 313,262 | 108,700 | 247,102 | 240,742 | 352,697 | 455,745 | 593,439 | 754,357 | 840,541 | 949,241 | 959,293 | ||
Marketing, general and administrative | 161,578 | 186,716 | 140,168 | 144,528 | 153,498 | 157,862 | 147,849 | 326,881 | 305,711 | 488,459 | 459,831 | 604,359 | 601,261 | ||
Reserve and impairment charges (recoveries), net | (3,811) | (11,349) | (3,787) | 42,670 | 323,901 | 72,373 | 18,357 | (15,133) | 90,730 | (18,944) | 414,009 | 456,679 | 47,836 | ||
Operating earnings (loss) | 140,844 | (32,884) | 176,881 | (78,498) | (230,297) | 10,507 | 186,491 | 143,997 | 196,998 | 284,842 | (33,299) | (111,797) | 310,196 | ||
(Gain) loss on disposal of business | (124,050) | (7,705) | 0 | 0 | 0 | 0 | (7,705) | 0 | (131,755) | 0 | 0 | 0 | |||
Interest expense | 49,340 | 40,176 | 40,702 | 53,828 | 39,201 | 39,945 | 38,265 | 80,878 | 78,210 | 130,218 | 117,411 | 171,239 | 113,704 | ||
Other (income) loss | (14,622) | (11,364) | (25,014) | (24,664) | (11,947) | (17,235) | (37,000) | (36,378) | (54,235) | (51,000) | (66,183) | (90,846) | (47,609) | ||
Equity (income) loss from investments | (59,308) | (39,441) | (38,362) | (12,817) | (48,393) | (35,800) | (40,328) | (77,803) | (76,128) | (137,111) | (124,521) | (137,338) | (175,777) | ||
Income (loss) before income taxes | 289,484 | (14,550) | 199,555 | (94,845) | (209,158) | 23,597 | 225,554 | 185,005 | 249,151 | 474,490 | 39,994 | (54,852) | 419,878 | ||
Income tax expense (benefit) | 60,338 | (181,176) | 19,936 | (44,293) | (163,018) | 8,624 | 16,612 | (161,240) | 25,236 | (100,901) | (137,781) | (182,075) | (4,091) | ||
Net income (loss) | 229,146 | 166,626 | 179,619 | (50,552) | (46,140) | 14,973 | 208,942 | 346,245 | 223,915 | 575,391 | 177,775 | 127,223 | 423,969 | ||
Net income (loss) attributable to noncontrolling interests | (187) | (48) | (464) | 123 | (955) | 406 | (208) | (512) | 198 | (699) | (757) | (634) | (223) | ||
Comprehensive income attributable to CHS Inc. | 229,333 | 166,674 | 180,083 | (50,675) | (45,185) | 14,567 | 209,150 | 346,757 | 223,717 | 576,090 | 178,532 | 127,857 | 424,192 | ||
Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | 59,803 | 129,060 | (17,005) | 44,334 | 24,320 | 80,367 | (46,346) | 112,055 | 34,021 | 171,857 | 58,341 | 102,675 | 8,057 | ||
Cost of goods sold | (112,447) | (136,239) | 24,570 | (61,408) | (50,276) | (85,601) | 40,029 | (111,669) | (45,572) | (224,116) | (95,848) | (157,256) | 1,395 | ||
Gross profit | (52,644) | (7,179) | 7,565 | (17,074) | (25,956) | (5,234) | (6,317) | 386 | (11,551) | (52,259) | (37,507) | (54,581) | 9,452 | ||
Marketing, general and administrative | 1 | (3) | (668) | 708 | 1,849 | 2,304 | 3,409 | (668) | 5,713 | (667) | 6,940 | 7,648 | 5 | ||
Reserve and impairment charges (recoveries), net | 0 | 3 | 0 | (3,500) | 2,878 | 0 | 0 | 0 | 0 | 0 | 3,500 | 0 | 27,200 | ||
Operating earnings (loss) | (52,645) | (7,179) | 8,233 | (14,282) | (30,683) | (7,538) | (9,726) | 1,054 | (17,264) | (51,592) | (47,947) | (62,229) | (17,753) | ||
(Gain) loss on disposal of business | 0 | 0 | 704 | (1,224) | (1,395) | 4,105 | 0 | 2,710 | 0 | 1,486 | 2,190 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other (income) loss | 0 | 0 | 0 | (743) | (5) | (848) | (7,509) | 0 | (8,357) | 0 | (8,361) | (9,105) | 0 | ||
Equity (income) loss from investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Income (loss) before income taxes | (52,645) | (7,179) | 8,233 | (14,243) | (29,454) | (5,295) | (6,322) | 1,054 | (11,617) | (51,592) | (41,072) | (55,314) | (17,753) | ||
Income tax expense (benefit) | (5,119) | (6,512) | 670 | 9,532 | (3,106) | (4,939) | (536) | (5,842) | (5,475) | (10,962) | (8,582) | 951 | 23,190 | ||
Net income (loss) | (47,526) | (667) | 7,563 | (23,775) | (26,348) | (356) | (5,786) | 6,896 | (6,142) | (40,630) | (32,490) | (56,265) | (40,943) | ||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Comprehensive income attributable to CHS Inc. | (47,526) | (667) | 7,563 | (23,775) | (26,348) | (356) | (5,786) | 6,896 | (6,142) | (40,630) | (32,490) | (56,265) | (40,943) | ||
Freight Derivatives and Related Misstatements | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | 2,900 | (3,700) | (1,100) | 1,900 | 700 | (2,900) | |||||||||
Cost of goods sold | (29,800) | (22,500) | (500) | (14,900) | (22,200) | 900 | (1,900) | (23,000) | (1,000) | (52,900) | (23,200) | (38,100) | (15,700) | ||
Income (loss) before income taxes | (29,800) | (22,500) | (500) | (12,000) | (25,900) | (300) | 100 | (23,000) | (200) | (52,900) | (26,200) | (38,100) | (15,700) | ||
Income tax expense (benefit) | (5,100) | 100 | 700 | 13,300 | (3,100) | (500) | (600) | 800 | (1,000) | (4,400) | (4,100) | 9,200 | (5,800) | ||
Net income (loss) | (24,700) | (22,600) | (1,200) | (25,200) | (22,800) | 200 | 600 | (23,800) | 800 | (48,500) | (22,100) | (47,300) | (9,900) | ||
Intercompany Misstatements | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | 38,800 | 161,500 | (11,400) | (7,700) | (77,300) | 150,200 | 189,000 | (28,000) | (35,700) | (57,500) | |||||
Cost of goods sold | (38,800) | (161,500) | (11,400) | 7,700 | 9,600 | 58,900 | 77,300 | (150,200) | 18,400 | (189,000) | 28,000 | 35,700 | 57,500 | ||
Other Misstatements | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | (28,000) | (9,600) | 58,900 | 29,100 | (18,400) | ||||||||||
Cost of goods sold | (18,800) | 1,600 | (5,600) | (29,100) | (12,100) | ||||||||||
Marketing, general and administrative | 3,400 | ||||||||||||||
Reserve and impairment charges (recoveries), net | (3,500) | 3,500 | 3,500 | ||||||||||||
(Gain) loss on disposal of business | 4,100 | ||||||||||||||
Other (income) loss | (7,500) | ||||||||||||||
Income (loss) before income taxes | (22,800) | 15,300 | 8,800 | (2,300) | (3,600) | (5,000) | (6,400) | 24,100 | (11,400) | 1,300 | (14,900) | (17,200) | (2,100) | ||
Income tax expense (benefit) | (6,600) | (3,700) | (4,500) | (6,600) | (4,500) | (6,600) | (4,500) | (8,200) | 29,000 | ||||||
Net income (loss) | (22,800) | $ 21,900 | 8,800 | 1,400 | $ (3,600) | (600) | $ (6,400) | 30,700 | (6,900) | 7,900 | (10,400) | (9,000) | (31,000) | ||
Other Misstatements, Reclassification, Unit Of Measure Assumption Adjustment | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of goods sold | (12,100) | (1,700) | |||||||||||||
Other Misstatements, Reclassification, Application Of Accounting Policies | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | 138,400 | 65,600 | |||||||||||||
Cost of goods sold | (138,300) | (38,400) | |||||||||||||
Marketing, general and administrative | 7,000 | ||||||||||||||
Reserve and impairment charges (recoveries), net | 27,200 | ||||||||||||||
(Gain) loss on disposal of business | (2,200) | ||||||||||||||
Other (income) loss | (9,100) | ||||||||||||||
Other Misstatements, Valuation of Derivatives | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of goods sold | $ (1,300) | 6,200 | $ (3,200) | $ 600 | 7,900 | $ 700 | 6,600 | $ 700 | (2,500) | $ (400) | |||||
Other Misstatements, Postretirement Benefit Plan Activity | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of goods sold | $ 2,600 | $ (2,600) | $ 2,600 | ||||||||||||
Cost of goods and services sold and selling, general, and administrative expense | $ 2,600 |
Restatement of Previously Iss_7
Restatement of Previously Issued Consolidated Financial Statements - Summary of Impacts of the Restatement Adjustments on Previously Reported Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | $ 240,545 | $ 181,620 | $ 165,959 | $ 187,182 | $ (74,327) | $ (72,488) | $ 14,617 | $ 203,156 | $ 353,141 | $ 217,773 | $ 534,761 | $ 145,285 | $ 775,306 | $ 70,958 | $ 383,026 |
Other comprehensive income (loss), net of tax: | |||||||||||||||
Postretirement benefit plan activity | 11,913 | 3,417 | 3,142 | 1,594 | 22,103 | 3,636 | 3,724 | 3,239 | 4,736 | 6,963 | 8,153 | 10,599 | 20,066 | 32,702 | 6,583 |
Unrealized net gain (loss) on available for sale investments | (16,628) | 6,286 | 3,554 | 3,640 | 2,758 | (118) | 968 | 777 | 7,194 | 1,745 | 13,480 | 1,627 | (3,148) | 4,385 | 1,500 |
Cash flow hedges | 1,068 | 413 | 1,063 | (4) | 249 | 375 | 964 | 654 | 1,059 | 1,618 | 1,472 | 1,993 | 2,540 | 2,242 | (3,872) |
Foreign currency translation adjustment | (1,974) | (10,188) | 2,352 | (2,211) | 3,098 | (1,369) | 8,187 | (18,075) | 141 | (9,888) | (10,047) | (11,257) | (12,021) | (8,159) | (2,904) |
Other comprehensive income (loss), net of tax | (5,621) | (72) | 10,111 | 3,019 | 28,208 | 2,524 | 13,843 | (13,405) | 13,130 | 438 | 13,058 | 2,962 | 7,437 | 31,170 | 1,307 |
Comprehensive income | 234,924 | 181,548 | 176,070 | 190,201 | (46,119) | (69,964) | 28,460 | 189,751 | 366,271 | 218,211 | 547,819 | 148,247 | 782,743 | 102,128 | 384,333 |
Less comprehensive income attributable to noncontrolling interests | 98 | (187) | (48) | (464) | 123 | (955) | 406 | (208) | (512) | 198 | (699) | (757) | (601) | (634) | (223) |
Comprehensive income attributable to CHS Inc. | $ 234,826 | 181,735 | 176,118 | 190,665 | (46,242) | (69,009) | 28,054 | 189,959 | 366,783 | 218,013 | 548,518 | 149,004 | $ 783,344 | 102,762 | 384,556 |
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | 229,146 | 166,626 | 179,619 | (50,552) | (46,140) | 14,973 | 208,942 | 346,245 | 223,915 | 575,391 | 177,775 | 127,223 | 423,969 | ||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Postretirement benefit plan activity | 3,417 | 3,141 | 4,196 | 19,501 | 3,635 | 3,724 | 3,239 | 7,338 | 6,963 | 10,755 | 10,599 | 30,100 | 6,583 | ||
Unrealized net gain (loss) on available for sale investments | 6,286 | 3,554 | 3,640 | 2,758 | (117) | 968 | 777 | 7,194 | 1,744 | 13,480 | 1,627 | 4,385 | 1,500 | ||
Cash flow hedges | 413 | 1,063 | (4) | 249 | 375 | 963 | 654 | 1,059 | 1,618 | 1,472 | 1,993 | 2,242 | (3,872) | ||
Foreign currency translation adjustment | (11,617) | 2,461 | (2,607) | 3,522 | (2,151) | 9,123 | (19,164) | (146) | (10,041) | (11,763) | (12,193) | (8,671) | (1,730) | ||
Other comprehensive income (loss), net of tax | (1,501) | 10,219 | 5,225 | 26,030 | 1,742 | 14,778 | (14,494) | 15,445 | 284 | 13,944 | 2,026 | 28,056 | 2,481 | ||
Comprehensive income | 227,645 | 176,845 | 184,844 | (24,522) | (44,398) | 29,751 | 194,448 | 361,690 | 224,199 | 589,335 | 179,801 | 155,279 | 426,450 | ||
Less comprehensive income attributable to noncontrolling interests | (187) | (48) | (464) | 123 | (955) | 406 | (208) | (512) | 198 | (699) | (757) | (634) | (223) | ||
Comprehensive income attributable to CHS Inc. | 227,832 | 176,893 | 185,308 | (24,645) | (43,443) | 29,345 | 194,656 | 362,202 | 224,001 | 590,034 | 180,558 | 155,913 | 426,673 | ||
Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | (47,526) | (667) | 7,563 | (23,775) | (26,348) | (356) | (5,786) | 6,896 | (6,142) | (40,630) | (32,490) | (56,265) | (40,943) | ||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Postretirement benefit plan activity | 0 | 1 | (2,602) | 2,602 | 1 | 0 | 0 | (2,602) | 0 | (2,602) | 0 | 2,602 | 0 | ||
Unrealized net gain (loss) on available for sale investments | 0 | 0 | 0 | 0 | (1) | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | ||
Cash flow hedges | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Foreign currency translation adjustment | 1,429 | (109) | 396 | (424) | 782 | (936) | 1,089 | 287 | 153 | 1,716 | 936 | 512 | (1,174) | ||
Other comprehensive income (loss), net of tax | 1,429 | (108) | (2,206) | 2,178 | 782 | (935) | 1,089 | (2,315) | 154 | (886) | 936 | 3,114 | (1,174) | ||
Comprehensive income | (46,097) | (775) | 5,357 | (21,597) | (25,566) | (1,291) | (4,697) | 4,581 | (5,988) | (41,516) | (31,554) | (53,151) | (42,117) | ||
Less comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Comprehensive income attributable to CHS Inc. | (46,097) | (775) | 5,357 | (21,597) | (25,566) | (1,291) | (4,697) | 4,581 | (5,988) | (41,516) | (31,554) | (53,151) | (42,117) | ||
Freight Derivatives and Related Misstatements | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | (24,700) | (22,600) | (1,200) | (25,200) | (22,800) | 200 | 600 | (23,800) | 800 | (48,500) | (22,100) | (47,300) | (9,900) | ||
Other Misstatements | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | $ (22,800) | $ 21,900 | $ 8,800 | $ 1,400 | $ (3,600) | $ (600) | $ (6,400) | $ 30,700 | $ (6,900) | $ 7,900 | $ (10,400) | $ (9,000) | $ (31,000) |
Restatement of Previously Iss_8
Restatement of Previously Issued Consolidated Financial Statements - Summary of Impacts of the Restatement Adjustments on Previously Reported Consolidated Statements of Changes in Equities (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | Aug. 31, 2015 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | $ 8,165,028 | $ 7,920,836 | $ 7,866,357 | $ 7,742,948 | $ 7,705,640 | $ 7,680,371 | $ 7,808,580 | $ 7,819,516 | $ 7,759,159 | $ 7,551,439 |
As Previously Reported | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 8,162,533 | 8,061,960 | 7,937,775 | 7,905,825 | 7,858,956 | 7,961,594 | 7,931,280 | 7,866,250 | 7,669,411 | |
Cumulative restatement adjustments | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | (241,697) | (195,603) | (194,827) | (200,185) | (178,585) | (153,014) | (111,764) | (107,091) | (117,972) | |
Capital Equity Certificates | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 3,837,580 | 3,906,426 | 3,918,711 | 3,793,897 | ||||||
Capital Equity Certificates | As Previously Reported | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 3,906,426 | 3,932,513 | 3,793,897 | |||||||
Capital Equity Certificates | Cumulative restatement adjustments | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 0 | (13,802) | 0 | |||||||
Nonpatronage Equity Certificates | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 29,498 | 29,836 | 22,894 | 23,057 | ||||||
Nonpatronage Equity Certificates | As Previously Reported | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 29,836 | 22,894 | 23,057 | |||||||
Nonpatronage Equity Certificates | Cumulative restatement adjustments | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 0 | 0 | 0 | |||||||
Nonqualified Equity Certificates | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 742,378 | 405,387 | 281,767 | 282,928 | ||||||
Nonqualified Equity Certificates | As Previously Reported | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 405,387 | 281,767 | 282,928 | |||||||
Nonqualified Equity Certificates | Cumulative restatement adjustments | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 0 | 0 | 0 | |||||||
Preferred Stock | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 2,264,038 | 2,264,038 | 2,244,132 | 2,167,540 | ||||||
Preferred Stock | As Previously Reported | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 2,264,038 | 2,244,132 | 2,167,540 | |||||||
Preferred Stock | Cumulative restatement adjustments | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 0 | 0 | 0 | |||||||
Accumulated Other Comprehensive Loss | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | (199,915) | (180,360) | (211,530) | (212,837) | ||||||
Accumulated Other Comprehensive Loss | As Previously Reported | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | (183,670) | (211,726) | (214,207) | |||||||
Accumulated Other Comprehensive Loss | Cumulative restatement adjustments | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 3,310 | 196 | 1,370 | |||||||
Capital Reserves | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 1,482,003 | 1,267,808 | 1,488,999 | 1,485,433 | ||||||
Capital Reserves | As Previously Reported | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 1,471,217 | 1,582,380 | 1,604,670 | |||||||
Capital Reserves | Cumulative restatement adjustments | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | (203,409) | (93,381) | (119,237) | |||||||
Noncontrolling Interests | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | $ 9,446 | 12,505 | 14,186 | 11,421 | ||||||
Noncontrolling Interests | As Previously Reported | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 12,591 | 14,290 | 11,526 | |||||||
Noncontrolling Interests | Cumulative restatement adjustments | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | (86) | (104) | (105) | |||||||
Freight Derivatives and Related Misstatements | Cumulative restatement adjustments | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | $ (209,200) | $ 185,900 | $ (163,200) | $ (162,400) | $ 136,800 | $ (114,700) | $ (114,000) | $ (115,700) | $ (104,600) |
Restatement of Previously Iss_9
Restatement of Previously Issued Consolidated Financial Statements - Summary of Impacts of the Restatement Adjustments on Previously Reported Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | Aug. 31, 2015 | |
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ 240,545 | $ 181,620 | $ 165,959 | $ 187,182 | $ (74,327) | $ (72,488) | $ 14,617 | $ 203,156 | $ 353,141 | $ 217,773 | $ 534,761 | $ 145,285 | $ 775,306 | $ 70,958 | $ 383,026 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation and amortization | 478,050 | 480,223 | 447,492 | |||||||||||||
Amortization of deferred major repair costs | 61,686 | 67,058 | 73,483 | |||||||||||||
Equity (income) loss from investments | (16,404) | (59,308) | (39,441) | (38,362) | (12,817) | (48,393) | (35,800) | (40,328) | (77,803) | (76,128) | (137,111) | (124,521) | (153,515) | (137,338) | (175,777) | |
Distributions from equity investments | 190,297 | 213,352 | 178,464 | |||||||||||||
Provision for doubtful accounts | 2,085 | 177,969 | 57,200 | |||||||||||||
(Gain) loss on disposal of business | (61) | (124,050) | (7,705) | 0 | 704 | (1,224) | (1,395) | 4,105 | (7,705) | 2,710 | (131,755) | 1,486 | (131,816) | 2,190 | 0 | |
Unrealized (gain) loss on crack spread contingent liability | 0 | (15,051) | (60,931) | |||||||||||||
Long-lived asset impairment, net of recoveries | (10,352) | 145,042 | 27,247 | |||||||||||||
Reserve against supplier advance payments | 0 | 130,705 | 0 | |||||||||||||
Deferred taxes | (146,961) | (194,467) | 28,190 | |||||||||||||
Other, net | 6,653 | 20,173 | (15,444) | |||||||||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||||
Receivables | 210,775 | 146,788 | 1,570 | |||||||||||||
Inventories | (169,581) | (333,479) | 353,572 | |||||||||||||
Derivative assets | (102,368) | 114,023 | 29,822 | |||||||||||||
Margin and related deposits | 54,912 | 97,804 | (30,705) | |||||||||||||
Supplier advance payments | (39,189) | (33,952) | 43,415 | |||||||||||||
Other current assets and other assets | (13,450) | (50,729) | 128,603 | |||||||||||||
Customer margin deposits and credit balances | (20,518) | (50,920) | 20,841 | |||||||||||||
Customer advance payments | (14,682) | (1,329) | (7,079) | |||||||||||||
Accounts payable and accrued expenses | (78,388) | 227,967 | (129,587) | |||||||||||||
Derivative liabilities | 132,495 | (132,423) | 1,443 | |||||||||||||
Other liabilities | 40,629 | (25,446) | (94,291) | |||||||||||||
Net cash provided by (used in) operating activities | 1,072,068 | 919,118 | 1,260,554 | |||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Acquisition of property, plant and equipment | (355,412) | (444,397) | (692,780) | |||||||||||||
Proceeds from disposition of property, plant and equipment | 91,153 | 19,541 | 13,417 | |||||||||||||
Expenditures for major repairs | (80,514) | (2,340) | (19,610) | |||||||||||||
Investments in joint ventures and other | (21,679) | (16,645) | (2,855,218) | |||||||||||||
Changes in CHS Capital notes receivable, net | 25,335 | 322 | (209,902) | |||||||||||||
Financing extended to customers | (74,402) | (67,225) | (82,302) | |||||||||||||
Payments from customer financing | 52,453 | 88,154 | 35,188 | |||||||||||||
Other investing activities, net | 48,628 | 17,549 | 64,236 | |||||||||||||
Net cash provided by (used in) investing activities | (79,524) | (405,041) | (3,746,971) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from lines of credit and long-term borrowings | 36,040,240 | 37,295,236 | 31,586,968 | |||||||||||||
Payments on lines of credit, long-term borrowings and capital lease obligations | (36,525,136) | (37,584,011) | (29,232,842) | |||||||||||||
Mandatorily redeemable noncontrolling interest payments | 0 | 0 | (153,022) | |||||||||||||
Preferred stock dividends paid | (168,668) | (167,642) | (163,324) | |||||||||||||
Redemptions of equities | (8,847) | (35,268) | (23,911) | |||||||||||||
Cash patronage dividends paid | 0 | (103,879) | (251,740) | |||||||||||||
Other financing activities, net | (69,759) | (22,694) | 52,067 | |||||||||||||
Net cash provided by (used in) financing activities | (732,170) | (618,258) | 1,814,196 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 8,864 | (4,713) | (5,223) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 269,238 | (108,894) | (677,444) | |||||||||||||
Cash and cash equivalents at beginning of period | 533,887 | 219,273 | 249,767 | 181,379 | 266,748 | 276,137 | 516,646 | 290,273 | 181,379 | 290,273 | 181,379 | 290,273 | 181,379 | 290,273 | 967,717 | |
Cash and cash equivalents at end of period | 450,617 | 533,887 | 219,273 | 249,767 | 181,379 | 266,748 | 276,137 | 516,646 | 219,273 | 276,137 | 533,887 | 266,748 | 450,617 | 181,379 | 290,273 | |
As Previously Reported | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | 229,146 | 166,626 | 179,619 | (50,552) | (46,140) | 14,973 | 208,942 | 346,245 | 223,915 | 575,391 | 177,775 | 127,223 | 423,969 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation and amortization | 480,223 | 447,492 | ||||||||||||||
Amortization of deferred major repair costs | 67,058 | 73,483 | ||||||||||||||
Equity (income) loss from investments | (59,308) | (39,441) | (38,362) | (12,817) | (48,393) | (35,800) | (40,328) | (77,803) | (76,128) | (137,111) | (124,521) | (137,338) | (175,777) | |||
Distributions from equity investments | 213,352 | 178,464 | ||||||||||||||
Provision for doubtful accounts | 177,969 | 57,200 | ||||||||||||||
(Gain) loss on disposal of business | (124,050) | (7,705) | 0 | 0 | 0 | 0 | (7,705) | 0 | (131,755) | 0 | 0 | 0 | ||||
Unrealized (gain) loss on crack spread contingent liability | (15,051) | (60,931) | ||||||||||||||
Long-lived asset impairment, net of recoveries | 145,042 | 27,247 | ||||||||||||||
Reserve against supplier advance payments | 130,705 | 0 | ||||||||||||||
Deferred taxes | (175,914) | (24,178) | ||||||||||||||
Other, net | 24,044 | (15,444) | ||||||||||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||||
Receivables | 121,630 | 46,405 | ||||||||||||||
Inventories | (293,549) | 338,662 | ||||||||||||||
Derivative assets | 126,824 | (20,257) | ||||||||||||||
Margin and related deposits | 104,214 | (37,115) | ||||||||||||||
Supplier advance payments | (34,583) | 44,047 | ||||||||||||||
Other current assets and other assets | (66,119) | 120,993 | ||||||||||||||
Customer margin deposits and credit balances | (50,920) | 20,841 | ||||||||||||||
Customer advance payments | (528) | 5,664 | ||||||||||||||
Accounts payable and accrued expenses | 197,445 | (129,259) | ||||||||||||||
Derivative liabilities | (183,287) | 36,283 | ||||||||||||||
Other liabilities | (25,446) | (94,291) | ||||||||||||||
Net cash provided by (used in) operating activities | 932,994 | 1,263,498 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Acquisition of property, plant and equipment | (444,397) | (692,780) | ||||||||||||||
Proceeds from disposition of property, plant and equipment | 19,541 | 13,417 | ||||||||||||||
Expenditures for major repairs | (2,340) | (19,610) | ||||||||||||||
Investments in joint ventures and other | (16,645) | (2,855,218) | ||||||||||||||
Changes in CHS Capital notes receivable, net | 322 | (209,902) | ||||||||||||||
Financing extended to customers | (67,225) | (82,302) | ||||||||||||||
Payments from customer financing | 88,154 | 35,188 | ||||||||||||||
Other investing activities, net | 17,549 | 64,236 | ||||||||||||||
Net cash provided by (used in) investing activities | (405,041) | (3,746,971) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from lines of credit and long-term borrowings | 37,295,236 | 31,586,968 | ||||||||||||||
Payments on lines of credit, long-term borrowings and capital lease obligations | (37,580,959) | (29,232,842) | ||||||||||||||
Mandatorily redeemable noncontrolling interest payments | 0 | (153,022) | ||||||||||||||
Preferred stock dividends paid | (167,642) | (163,324) | ||||||||||||||
Redemptions of equities | (35,268) | (23,911) | ||||||||||||||
Cash patronage dividends paid | (103,879) | (251,740) | ||||||||||||||
Other financing activities, net | (28,681) | 52,067 | ||||||||||||||
Net cash provided by (used in) financing activities | (621,193) | 1,814,196 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (4,694) | (5,223) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (97,934) | (674,500) | ||||||||||||||
Cash and cash equivalents at beginning of period | 533,887 | 190,426 | 252,129 | 181,379 | 267,229 | 249,801 | 515,484 | 279,313 | 181,379 | 279,313 | 181,379 | 279,313 | 181,379 | 279,313 | 953,813 | |
Cash and cash equivalents at end of period | 533,887 | 190,426 | 252,129 | 181,379 | 267,229 | 249,801 | 515,484 | 190,426 | 249,801 | 533,887 | 267,229 | 181,379 | 279,313 | |||
Restatement Adjustments | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | (47,526) | (667) | 7,563 | (23,775) | (26,348) | (356) | (5,786) | 6,896 | (6,142) | (40,630) | (32,490) | (56,265) | (40,943) | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation and amortization | 0 | 0 | ||||||||||||||
Amortization of deferred major repair costs | 0 | 0 | ||||||||||||||
Equity (income) loss from investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Distributions from equity investments | 0 | 0 | ||||||||||||||
Provision for doubtful accounts | 0 | 0 | ||||||||||||||
(Gain) loss on disposal of business | 0 | 0 | 704 | (1,224) | (1,395) | 4,105 | 0 | 2,710 | 0 | 1,486 | 2,190 | 0 | ||||
Unrealized (gain) loss on crack spread contingent liability | 0 | 0 | ||||||||||||||
Long-lived asset impairment, net of recoveries | 0 | 0 | ||||||||||||||
Reserve against supplier advance payments | 0 | 0 | ||||||||||||||
Deferred taxes | (18,553) | 52,368 | ||||||||||||||
Other, net | (3,871) | 0 | ||||||||||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||||
Receivables | 25,158 | (44,835) | ||||||||||||||
Inventories | (39,930) | 14,910 | ||||||||||||||
Derivative assets | (12,801) | 50,079 | ||||||||||||||
Margin and related deposits | (6,410) | 6,410 | ||||||||||||||
Supplier advance payments | 631 | (632) | ||||||||||||||
Other current assets and other assets | 15,390 | 7,610 | ||||||||||||||
Customer margin deposits and credit balances | 0 | 0 | ||||||||||||||
Customer advance payments | (801) | (12,743) | ||||||||||||||
Accounts payable and accrued expenses | 30,522 | (328) | ||||||||||||||
Derivative liabilities | 50,864 | (34,840) | ||||||||||||||
Other liabilities | 0 | 0 | ||||||||||||||
Net cash provided by (used in) operating activities | (13,876) | (2,944) | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Acquisition of property, plant and equipment | 0 | 0 | ||||||||||||||
Proceeds from disposition of property, plant and equipment | 0 | 0 | ||||||||||||||
Expenditures for major repairs | 0 | 0 | ||||||||||||||
Investments in joint ventures and other | 0 | 0 | ||||||||||||||
Changes in CHS Capital notes receivable, net | 0 | 0 | ||||||||||||||
Financing extended to customers | 0 | 0 | ||||||||||||||
Payments from customer financing | 0 | 0 | ||||||||||||||
Other investing activities, net | 0 | 0 | ||||||||||||||
Net cash provided by (used in) investing activities | 0 | 0 | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from lines of credit and long-term borrowings | 0 | 0 | ||||||||||||||
Payments on lines of credit, long-term borrowings and capital lease obligations | (3,052) | 0 | ||||||||||||||
Mandatorily redeemable noncontrolling interest payments | 0 | 0 | ||||||||||||||
Preferred stock dividends paid | 0 | 0 | ||||||||||||||
Redemptions of equities | 0 | 0 | ||||||||||||||
Cash patronage dividends paid | 0 | 0 | ||||||||||||||
Other financing activities, net | 5,987 | 0 | ||||||||||||||
Net cash provided by (used in) financing activities | 2,935 | 0 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (19) | 0 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (10,960) | (2,944) | ||||||||||||||
Cash and cash equivalents at beginning of period | $ 0 | 28,847 | (2,362) | 0 | (481) | 26,336 | 1,162 | 10,960 | 0 | 10,960 | 0 | 10,960 | $ 0 | 10,960 | 13,904 | |
Cash and cash equivalents at end of period | 0 | 28,847 | (2,362) | 0 | (481) | 26,336 | 1,162 | 28,847 | 26,336 | 0 | (481) | 0 | 10,960 | |||
Freight Derivatives and Related Misstatements | Restatement Adjustments | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | (24,700) | (22,600) | (1,200) | (25,200) | (22,800) | 200 | 600 | (23,800) | 800 | (48,500) | (22,100) | (47,300) | (9,900) | |||
Other Misstatements | Restatement Adjustments | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ (22,800) | 21,900 | $ 8,800 | 1,400 | $ (3,600) | (600) | (6,400) | 30,700 | (6,900) | $ 7,900 | $ (10,400) | (9,000) | (31,000) | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
(Gain) loss on disposal of business | $ 4,100 | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Notes payable | (3,100) | (3,100) | ||||||||||||||
Cash | $ 28,800 | 11,000 | $ 24,800 | $ 28,800 | $ 24,800 | 11,000 | $ 2,900 | $ 13,900 | ||||||||
Other Misstatements, Timing Difference | Restatement Adjustments | ||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Cash | $ 6,000 | $ 6,000 |
Receivables - Schedule of Rece
Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 |
Receivables [Abstract] | ||||||||
Trade accounts receivable | $ 1,578,764 | $ 1,258,644 | ||||||
CHS Capital short-term notes receivable | 569,379 | 164,807 | ||||||
Deferred purchase price receivable | 0 | 202,947 | ||||||
Other | 534,071 | 491,496 | ||||||
Receivables, gross | 2,682,214 | 2,117,894 | ||||||
Less allowances and reserves | 221,813 | 225,726 | ||||||
Total receivables | $ 2,460,401 | $ 2,248,213 | $ 1,836,490 | $ 2,058,222 | $ 1,892,168 | $ 2,767,967 | $ 2,767,150 | $ 3,034,083 |
Receivables - Narrative (Detai
Receivables - Narrative (Details) a in Thousands, $ in Thousands | Jul. 31, 2017USD ($) | Jun. 30, 2018USD ($) | Aug. 31, 2018USD ($) | May 31, 2017USD ($)a | Aug. 31, 2018USD ($) | Aug. 31, 2017USD ($) | Aug. 31, 2016USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Increase to accounts receivable reserve | $ 98,700 | ||||||
Reserve, related to supplier advance payments held by trading partner | $ 130,700 | ||||||
Recovery of losses | $ 20,800 | ||||||
CHS Capital long-term notes receivable | $ 203,000 | $ 203,000 | $ 17,000 | ||||
Percentage of commercial notes to CHS Capital long-term notes receivable | 40.00% | 40.00% | 17.00% | ||||
Percentage of producer notes to CHS Capital long-term notes receivable | 60.00% | 60.00% | 83.00% | ||||
Interest income accrual, discontinued, term | 90 days | ||||||
Land received as collateral (acres) | a | 14 | ||||||
Receivables securitization facility, maximum availability | $ 700,000 | $ 700,000 | |||||
Securitization Facility availability | 645,000 | 645,000 | $ 618,000 | ||||
Transfer of financial assets accounted for as sale, receivables sold under securitization | $ 1,100,000 | $ 1,000,000 | |||||
Securitized debt extinguished under Securitization Facility | 554,000 | 634,000 | $ 0 | 554,000 | $ 0 | ||
Deferred purchase price | $ 580,500 | $ 386,900 | |||||
Maximum | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
CHS Capital short-term notes receivable, term | 12 months | ||||||
Long-term notes receivable, term | 10 years | ||||||
CHS Capital | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Additional available credit | 706,300 | $ 706,300 | |||||
CHS Capital Notes Receivable | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loan loss reserves | $ 0 | 0 | $ 0 | ||||
Note receivables sold under loan participations | $ 64,100 | ||||||
Customer Concentration Risk | CHS Capital Notes Receivable | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Concentration risk percentage | 10.00% |
Receivables - Reconciliation o
Receivables - Reconciliation of the Beginning and Ending Balances of the DPP Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Deferred Purchase Price Receivable [Roll Forward] | ||
Balance - beginning of year | $ 548,602 | $ 0 |
Cash collections on DPP receivable | (10,961) | 0 |
Transfer of receivables | (386,900) | 580,509 |
Monthly settlements, net | (169,827) | (31,907) |
Fair value adjustment | 19,086 | 0 |
Balance - end of year | $ 0 | $ 548,602 |
Inventories - Schedule of Inve
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 |
Inventory Disclosure [Abstract] | ||||||||
Grain and oilseed | $ 1,298,522 | $ 1,121,141 | ||||||
Energy | 715,161 | 755,886 | ||||||
Crop nutrients | 246,326 | 248,699 | ||||||
Feed and farm supplies | 391,906 | 402,293 | ||||||
Processed grain and oilseed | 99,426 | 49,723 | ||||||
Other | 17,308 | 23,862 | ||||||
Total inventories | $ 2,768,649 | $ 2,913,507 | $ 3,676,325 | $ 3,111,963 | $ 2,601,604 | $ 2,688,949 | $ 3,730,682 | $ 3,143,551 |
Inventories - Narrative (Detai
Inventories - Narrative (Details) - USD ($) $ in Millions | Aug. 31, 2018 | Aug. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Percentage of LIFO inventory | 16.00% | 19.00% |
LIFO inventory reserve | $ 345 | $ 186.2 |
Investments - Schedule of Inve
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 |
Schedule of Equity Method Investments [Line Items] | ||||||||
Cost method investments | $ 122,788 | $ 131,605 | ||||||
Investments | 3,711,925 | $ 3,787,163 | $ 3,752,876 | $ 3,777,000 | 3,750,993 | $ 3,841,749 | $ 3,802,379 | $ 3,828,899 |
CF Industries Nitrogen, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investments | 2,735,073 | 2,756,076 | ||||||
Ventura Foods, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investments | 360,150 | 347,016 | ||||||
Ardent Mills, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investments | 205,898 | 206,529 | ||||||
Other equity method investments | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investments | $ 288,016 | $ 309,767 |
Investments - Narrative (Detai
Investments - Narrative (Details) | Feb. 01, 2016USD ($) | Aug. 31, 2018USD ($)companyT | May 31, 2018USD ($) | Feb. 28, 2018USD ($) | Nov. 30, 2017USD ($) | Aug. 31, 2017USD ($) | May 31, 2017USD ($) | Feb. 28, 2017USD ($) | Nov. 30, 2016USD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2017USD ($) | May 31, 2018USD ($) | May 31, 2017USD ($) | Aug. 31, 2018USD ($)companyT | Aug. 31, 2017USD ($) | Aug. 31, 2016USD ($) | Feb. 01, 2096USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Equity (income) loss from investments | $ (16,404,000) | $ (59,308,000) | $ (39,441,000) | $ (38,362,000) | $ (12,817,000) | $ (48,393,000) | $ (35,800,000) | $ (40,328,000) | $ (77,803,000) | $ (76,128,000) | $ (137,111,000) | $ (124,521,000) | $ (153,515,000) | $ (137,338,000) | $ (175,777,000) | ||
Number of parent companies | company | 3 | 3 | |||||||||||||||
CF Industries Nitrogen | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Amount invested in equity method investment | $ 2,800,000,000 | ||||||||||||||||
Supply agreement, term | 80 years | ||||||||||||||||
Maximum annual granular urea eligible for purchases | T | 1,100,000 | 1,100,000 | |||||||||||||||
Maximum annual UAN eligible for purchases | T | 580,000 | 580,000 | |||||||||||||||
Equity method investments | $ 2,735,073,000 | 2,756,076,000 | $ 2,735,073,000 | 2,756,076,000 | |||||||||||||
CF Industries Nitrogen | Forecast | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Equity method investments | $ 0 | ||||||||||||||||
CF Industries Nitrogen | Nitrogen Production | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Equity method investment, ownership percentage | 10.00% | 10.00% | |||||||||||||||
Equity (income) loss from investments | $ 106,900,000 | 66,500,000 | |||||||||||||||
Ventura Foods | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Equity method investments | $ 360,150,000 | 347,016,000 | $ 360,150,000 | 347,016,000 | |||||||||||||
Ventura Foods | Ag | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||||||||||||
Ardent Mills | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Equity method investment, ownership percentage | 12.00% | 12.00% | |||||||||||||||
Equity method investments | $ 205,898,000 | $ 206,529,000 | $ 205,898,000 | $ 206,529,000 |
Investments - Schedule of Equi
Investments - Schedule of Equity Method Investment Balance Sheet and Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Earnings attributable to CHS Inc. | $ 240,447 | $ 181,807 | $ 166,007 | $ 187,646 | $ (74,450) | $ (71,533) | $ 14,211 | $ 203,364 | $ 353,653 | $ 217,575 | $ 535,460 | $ 146,042 | $ 775,907 | $ 71,592 | $ 383,249 |
CF Industries Nitrogen | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Current assets | 576,076 | 394,089 | 576,076 | 394,089 | |||||||||||
Non-current assets | 7,447,594 | 7,314,629 | 7,447,594 | 7,314,629 | |||||||||||
Current liabilities | 215,104 | 390,206 | 215,104 | 390,206 | |||||||||||
Non-current liabilities | 71 | 6 | 71 | 6 | |||||||||||
Net sales | 2,449,695 | 2,051,159 | 1,027,142 | ||||||||||||
Gross profit | 423,612 | 195,142 | 243,911 | ||||||||||||
Net earnings | 401,295 | 123,965 | 186,665 | ||||||||||||
Earnings attributable to CHS Inc. | 106,895 | 66,530 | 74,700 | ||||||||||||
Ventura Foods and Ardent Mills | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Current assets | 1,462,590 | 1,483,384 | 1,462,590 | 1,483,384 | |||||||||||
Non-current assets | 2,331,295 | 2,358,434 | 2,331,295 | 2,358,434 | |||||||||||
Current liabilities | 671,928 | 685,462 | 671,928 | 685,462 | |||||||||||
Non-current liabilities | $ 693,360 | $ 765,078 | 693,360 | 765,078 | |||||||||||
Net sales | 5,882,035 | 5,762,849 | 5,694,622 | ||||||||||||
Gross profit | 601,927 | 673,329 | 677,920 | ||||||||||||
Net earnings | 226,776 | 265,126 | 265,025 | ||||||||||||
Earnings attributable to CHS Inc. | $ 46,069 | $ 60,716 | $ 88,936 |
Property, Plant and Equipment
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||||||||
Property, plant and equipment, gross | $ 9,097,289 | $ 8,901,785 | ||||||
Less accumulated depreciation and amortization | 3,955,570 | 3,545,351 | ||||||
Total property, plant and equipment | 5,141,719 | $ 5,140,106 | $ 5,179,868 | $ 5,266,408 | 5,356,434 | $ 5,405,651 | $ 5,404,347 | $ 5,443,079 |
Land and land improvements | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, plant and equipment, gross | 341,767 | 357,829 | ||||||
Buildings | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, plant and equipment, gross | 1,034,860 | 1,030,478 | ||||||
Machinery and equipment | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, plant and equipment, gross | 7,199,509 | 6,950,435 | ||||||
Office equipment and other | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, plant and equipment, gross | 316,946 | 235,361 | ||||||
Construction in progress | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, plant and equipment, gross | $ 204,207 | $ 327,682 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Assets under capital leases | $ 50,000 | $ 58,200 | |
Accumulated amortization on assets under capital leases | 18,900 | 27,400 | |
Impairment charge | (10,352) | 145,042 | $ 27,247 |
Depreciation expense | $ 475,800 | 475,900 | $ 437,600 |
Reserve and impairment charges [Member] | Ag | |||
Property, Plant and Equipment [Line Items] | |||
Impairment charge | 30,400 | ||
Reserve and impairment charges [Member] | Energy | |||
Property, Plant and Equipment [Line Items] | |||
Impairment charge | $ 32,700 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Capital Leases, Future Minimum Payments (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
2,019 | $ 4,845 | |
2,020 | 4,595 | |
2,021 | 4,197 | |
2,022 | 3,593 | |
2,023 | 3,427 | |
Thereafter | 7,936 | |
Total minimum future lease payments | 28,593 | |
Less amount representing interest | 3,313 | |
Present value of net minimum lease payments | $ 25,280 | $ 33,075 |
Other Assets - Schedule of Oth
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | Aug. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Goodwill | $ 138,464 | $ 138,454 | $ 144,284 | |||||||
Customer lists, trademarks and other intangible assets | 29,338 | 33,330 | ||||||||
Notes receivable | 211,986 | 51,586 | ||||||||
Deferred purchase price receivable | 0 | 345,655 | ||||||||
Long-term derivative assets | 23,084 | 40,897 | ||||||||
Prepaid pension and other benefits | 101,539 | 122,433 | ||||||||
Capitalized major maintenance | 130,780 | 105,006 | $ 169,054 | $ 241,588 | ||||||
Cash value life insurance | 123,010 | 118,677 | ||||||||
Other | 76,128 | 124,343 | ||||||||
Other assets | 834,329 | $ 960,240 | $ 943,552 | $ 997,402 | 1,080,381 | $ 955,532 | $ 1,056,873 | $ 1,054,454 | ||
Customer lists, trademarks and other intangible assets | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Customer lists, trademarks and other intangible assets | $ 29,338 | $ 33,330 |
Other Assets - Schedule of Goo
Other Assets - Schedule of Goodwill (Details) - USD ($) | Jul. 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 |
Goodwill [Roll Forward] | ||||
Balances, beginning of period | $ 138,454,000 | $ 144,284,000 | ||
Effect of foreign currency translation adjustments | 10,000 | 352,000 | ||
Impairment | $ 0 | $ (5,500,000) | (5,542,000) | |
Other | 0 | (640,000) | ||
Balances, end of period | 138,464,000 | 138,454,000 | ||
Energy | ||||
Goodwill [Roll Forward] | ||||
Balances, beginning of period | 552,000 | 552,000 | ||
Effect of foreign currency translation adjustments | 0 | 0 | ||
Impairment | 0 | |||
Other | 0 | 0 | ||
Balances, end of period | 552,000 | 552,000 | ||
Ag | ||||
Goodwill [Roll Forward] | ||||
Balances, beginning of period | 127,328,000 | 132,786,000 | ||
Effect of foreign currency translation adjustments | 10,000 | 352,000 | ||
Impairment | (5,542,000) | |||
Other | 0 | (268,000) | ||
Balances, end of period | 127,338,000 | 127,328,000 | ||
Corporate and Other | ||||
Goodwill [Roll Forward] | ||||
Balances, beginning of period | 10,574,000 | 10,946,000 | ||
Effect of foreign currency translation adjustments | 0 | 0 | ||
Impairment | 0 | |||
Other | 0 | (372,000) | ||
Balances, end of period | $ 10,574,000 | 10,574,000 | ||
As Previously Reported | ||||
Goodwill [Roll Forward] | ||||
Balances, beginning of period | 160,414,000 | |||
As Previously Reported | Energy | ||||
Goodwill [Roll Forward] | ||||
Balances, beginning of period | 552,000 | |||
As Previously Reported | Ag | ||||
Goodwill [Roll Forward] | ||||
Balances, beginning of period | 148,916,000 | |||
As Previously Reported | Corporate and Other | ||||
Goodwill [Roll Forward] | ||||
Balances, beginning of period | 10,946,000 | |||
Restatement Adjustments | ||||
Goodwill [Roll Forward] | ||||
Balances, beginning of period | (16,130,000) | |||
Restatement Adjustments | Energy | ||||
Goodwill [Roll Forward] | ||||
Balances, beginning of period | 0 | |||
Restatement Adjustments | Ag | ||||
Goodwill [Roll Forward] | ||||
Balances, beginning of period | (16,130,000) | |||
Restatement Adjustments | Corporate and Other | ||||
Goodwill [Roll Forward] | ||||
Balances, beginning of period | $ 0 |
Other Assets - Narrative (Deta
Other Assets - Narrative (Details) - USD ($) | Jul. 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 |
Goodwill [Line Items] | |||||
Goodwill | $ 138,464,000 | $ 138,454,000 | $ 144,284,000 | ||
Goodwill impairment, result of annual impairment analysis | $ 0 | ||||
Goodwill impairment charge | $ 0 | $ 5,500,000 | 5,542,000 | ||
Disposal group impairment charges | 78,800,000 | ||||
Amortization of intangible assets | 3,400,000 | $ 4,300,000 | $ 6,100,000 | ||
Nitrogen Production | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 0 | ||||
Minimum | Other Intangible Assets | |||||
Goodwill [Line Items] | |||||
Intangible asset useful lives | 2 years | ||||
Maximum | Other Intangible Assets | |||||
Goodwill [Line Items] | |||||
Intangible asset useful lives | 30 years |
Other Assets - Schedule of Int
Other Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | $ 47,351 | $ 69,803 |
Accumulated Amortization | (18,013) | (36,473) |
Net | 29,338 | 33,330 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 40,815 | 46,180 |
Accumulated Amortization | (13,082) | (14,695) |
Net | 27,733 | 31,485 |
Trademarks and other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 6,536 | 23,623 |
Accumulated Amortization | (4,931) | (21,778) |
Net | $ 1,605 | $ 1,845 |
Other Assets - Schedule of Def
Other Assets - Schedule of Definite Lived Intangible Assets Estimated Annual Amortization Expense (Details) $ in Thousands | Aug. 31, 2018USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2,019 | $ 3,355 |
2,020 | 3,272 |
2,021 | 3,201 |
2,022 | 2,989 |
2,023 | 2,910 |
Thereafter | 13,515 |
Total | $ 29,242 |
Other Assets - Rollforward of
Other Assets - Rollforward of Capitalized Maintenance Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Capitalized Maintenance Expense [Roll Forward] | |||
Balance at Beginning of Year | $ 105,006 | $ 169,054 | $ 241,588 |
Cost Deferred | 87,460 | 3,010 | 949 |
Amortization | (61,686) | (67,058) | (73,483) |
Balance at End of Year | $ 130,780 | $ 105,006 | $ 169,054 |
Notes Payable and Long-Term D_3
Notes Payable and Long-Term Debt - Schedule of Notes Payable (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 |
Short-term Debt [Line Items] | ||||||||
Notes payable | $ 2,272,196 | $ 2,868,506 | $ 3,071,639 | $ 2,480,264 | $ 1,985,163 | $ 3,321,808 | $ 3,867,438 | $ 3,227,564 |
Notes Payable, Other Payables [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.50% | 2.40% | ||||||
CHS Capital notes payable | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.82% | 1.90% | ||||||
CHS Capital notes payable | CHS Capital notes payable | ||||||||
Short-term Debt [Line Items] | ||||||||
Notes payable | $ 834,932 | $ 289,740 | ||||||
Notes Payable, Other Payables [Member] | Recourse loan commitments | ||||||||
Short-term Debt [Line Items] | ||||||||
Notes payable | 98,300 | |||||||
Short-term bank loans and notes payable current borrowing capacity | 180,900 | |||||||
Notes Payable, Other Payables [Member] | Short-Term Notes Payable, Surplus Funds Program [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Notes payable | 69,300 | |||||||
Revolving credit facility | Line of credit | Three-year revolving facility | ||||||||
Short-term Debt [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 315,000 | |||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 181,100 | |||||||
Revolving credit facility | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Notes payable | $ 1,437,264 | $ 1,695,423 |
Notes Payable and Long-Term D_4
Notes Payable and Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2015 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Debt Instrument [Line Items] | ||||||||||||||||
Interest expense | $ 18,984 | $ 49,340 | $ 40,176 | $ 40,702 | $ 53,828 | $ 39,201 | $ 39,945 | $ 38,265 | $ 80,878 | $ 78,210 | $ 130,218 | $ 117,411 | $ 149,202 | $ 171,239 | $ 113,704 | |
Long-term Debt, Fair Value | 1,800,000 | 1,800,000 | ||||||||||||||
Notes payable | 2,272,196 | $ 2,868,506 | $ 3,071,639 | $ 2,480,264 | 1,985,163 | $ 3,321,808 | $ 3,867,438 | $ 3,227,564 | $ 3,071,639 | $ 3,867,438 | $ 2,868,506 | $ 3,321,808 | 2,272,196 | 1,985,163 | ||
Long-term Debt | $ 1,918,689 | 1,918,689 | ||||||||||||||
Capitalized Interest | (6,700) | (6,900) | $ (30,300) | |||||||||||||
Long-term debt repaid | $ 208,000 | |||||||||||||||
Unsecured debt | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 1.30% | 1.30% | ||||||||||||||
Unsecured debt | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 15.25% | 15.25% | ||||||||||||||
Five-year revolving facilities | Line of credit | Revolving credit facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, amount outstanding | $ 0 | 480,000 | $ 0 | 480,000 | ||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||
Five-year revolving facilities | Line of credit | Revolving credit facility | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||||||||||||||
Five-year revolving facilities | Line of credit | Revolving credit facility | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | |||||||||||||||
Three-year revolving facility | Line of credit | Revolving credit facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Term | 3 years | |||||||||||||||
Uncommitted lines of credit | Line of credit | Revolving credit facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Line of Credit, Noncurrent | 454,100 | $ 454,100 | ||||||||||||||
Other international subsidiaries, lines of credit | Line of credit | Revolving credit facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, amount outstanding | 279,400 | 279,400 | ||||||||||||||
Line Of Credit, Collateralized Amount | 40,500 | 40,500 | ||||||||||||||
Miscellaneous short-term notes payable | Line of credit | Revolving credit facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, amount outstanding | 7,400 | 7,400 | ||||||||||||||
Master participation agreements | Notes Payable, Other Payables [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Short-term bank loans and notes payable current borrowing capacity | 36,000 | 36,000 | ||||||||||||||
Notes payable | $ 6,300 | $ 6,300 | ||||||||||||||
Master participation agreements | Notes Payable, Other Payables [Member] | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 2.22% | 2.22% | ||||||||||||||
Master participation agreements | Notes Payable, Other Payables [Member] | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 3.72% | 3.72% | ||||||||||||||
Term loans from cooperative and other banks | Line of credit | Revolving credit facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.59% | 5.59% | ||||||||||||||
Long-term Debt | $ 0 | 15,000 | $ 0 | 15,000 | ||||||||||||
Private placement, payable in equal installments beginning in 2014 through 2018 | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 6.18% | 6.18% | ||||||||||||||
Debt Instrument, Face Amount | $ 400,000 | $ 400,000 | ||||||||||||||
Long-term Debt | $ 0 | 80,000 | $ 0 | 80,000 | ||||||||||||
Private placement, payable in installments through 2018 | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.60% | 5.60% | ||||||||||||||
Debt Instrument, Face Amount | $ 60,000 | $ 60,000 | ||||||||||||||
Long-term Debt | 0 | 4,615 | 0 | 4,615 | ||||||||||||
Private placement, payable in equal installments beginning in 2014 through 2018 | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | $ 0 | 10,000 | $ 0 | 10,000 | ||||||||||||
Private placement, payable in equal installments beginning in 2014 through 2018 | Notes Payable, Other Payables [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.78% | 5.78% | ||||||||||||||
Debt Instrument, Face Amount | $ 50,000 | $ 50,000 | ||||||||||||||
Private placement, payable in equal installments beginning in 2017 through 2021 | Unsecured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | $ 60,000 | 80,000 | $ 60,000 | 80,000 | ||||||||||||
Private placement, payable in equal installments beginning in 2017 through 2021 | Notes Payable, Other Payables [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 4.00% | 4.00% | ||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | $ 100,000 | ||||||||||||||
Other notes and contracts | Secured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 32,607 | 62,652 | 32,607 | 62,652 | ||||||||||||
Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Revolving credit facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Notes payable | 1,437,264 | $ 1,695,423 | 1,437,264 | $ 1,695,423 | ||||||||||||
Recourse loan commitments | Notes Payable, Other Payables [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Short-term bank loans and notes payable current borrowing capacity | 180,900 | 180,900 | ||||||||||||||
Notes payable | $ 98,300 | $ 98,300 | ||||||||||||||
Interest rate | 3.22% | 3.22% | ||||||||||||||
Short-Term Notes Payable, Surplus Funds Program [Member] | Notes Payable, Other Payables [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Notes payable | $ 69,300 | $ 69,300 | ||||||||||||||
Short-Term Notes Payable, Surplus Funds Program [Member] | Notes Payable, Other Payables [Member] | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 0.10% | 0.10% | ||||||||||||||
Short-Term Notes Payable, Surplus Funds Program [Member] | Notes Payable, Other Payables [Member] | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 1.40% | 1.40% | ||||||||||||||
Committed Term Loans, September 2015 [Member] | Secured debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Term | 10 years | |||||||||||||||
Debt Instrument, Face Amount | $ 600,000 | $ 600,000 | ||||||||||||||
Long-term Debt | $ 236,000 | $ 236,000 |
Notes Payable and Long-Term D_5
Notes Payable and Long-Term Debt - Schedule of Primary Lines of Credit (Details) - Line of credit - Revolving credit facility - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Five-year revolving facilities | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 3,000,000 | |
Long-term Line of Credit | 0 | $ 480,000 |
Bilateral, uncommitted revolving facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 515,000 | |
Short-term Debt, Fair Value | $ 515,000 | $ 350,000 |
Minimum | Five-year revolving facilities | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |
Minimum | Bilateral, uncommitted revolving facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |
Maximum | Five-year revolving facilities | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | |
Maximum | Bilateral, uncommitted revolving facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.20% |
Notes Payable and Long-Term D_6
Notes Payable and Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Sep. 30, 2015 | Aug. 31, 2017 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 |
Debt Instrument [Line Items] | ||||||||||
Notes payable | $ 1,985,163 | $ 2,272,196 | $ 2,868,506 | $ 3,071,639 | $ 2,480,264 | $ 3,321,808 | $ 3,867,438 | $ 3,227,564 | ||
Total long-term debt | 1,918,689 | |||||||||
Debt Issuance Costs, Net | (4,820) | (4,179) | ||||||||
Capital Lease Obligations | 33,075 | 25,280 | ||||||||
Long-term Debt, Fair Value | 2,179,793 | 1,930,255 | ||||||||
Less current portion | 156,345 | 167,565 | 53,056 | 46,290 | 71,022 | 193,096 | 205,136 | 206,894 | ||
Long-term portion | 2,023,448 | $ 1,762,690 | $ 1,905,515 | $ 1,915,843 | $ 1,936,744 | $ 2,046,264 | $ 2,051,567 | $ 1,958,907 | ||
Unsecured debt | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 1.30% | |||||||||
Unsecured debt | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 15.25% | |||||||||
Term loans from cooperative and other banks, due in installments through 2018 | Line of credit | Revolving credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 5.59% | |||||||||
Total long-term debt | 15,000 | $ 0 | ||||||||
Committed Term Loans, September 2015 [Member] | Secured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total long-term debt | 236,000 | |||||||||
Debt Instrument, Face Amount | 600,000 | |||||||||
Debt Instrument, Term | 10 years | |||||||||
Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Revolving credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Notes payable | 1,695,423 | $ 1,437,264 | ||||||||
Private placement, payable in equal installments beginning in 2014 through 2018 | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 6.18% | |||||||||
Total long-term debt | 80,000 | $ 0 | ||||||||
Debt Instrument, Face Amount | $ 400,000 | |||||||||
Private placement, payable in installments through 2018 | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 5.60% | |||||||||
Total long-term debt | 4,615 | $ 0 | ||||||||
Debt Instrument, Face Amount | 60,000 | |||||||||
Private placement, payable in equal installments beginning in 2014 through 2018 | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total long-term debt | 10,000 | $ 0 | ||||||||
Private placement, payable in equal installments beginning in 2014 through 2018 | Notes Payable, Other Payables [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 5.78% | |||||||||
Debt Instrument, Face Amount | $ 50,000 | |||||||||
Private placement, payable in equal installments beginning in 2017 through 2021 | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total long-term debt | 80,000 | $ 60,000 | ||||||||
Private placement, payable in equal installments beginning in 2017 through 2021 | Notes Payable, Other Payables [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.00% | |||||||||
Debt Instrument, Face Amount | $ 100,000 | |||||||||
Private placement, payable in its entirety in 2019 | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.08% | |||||||||
Total long-term debt | 130,690 | $ 129,229 | ||||||||
Debt Instrument, Face Amount | $ 130,000 | |||||||||
Private placement, payable in its entirety in 2021 | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.52% | |||||||||
Total long-term debt | 163,496 | $ 157,528 | ||||||||
Debt Instrument, Face Amount | $ 160,000 | |||||||||
Private placement, payable in its entirety in 2023 | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.67% | |||||||||
Total long-term debt | 135,792 | $ 128,577 | ||||||||
Debt Instrument, Face Amount | $ 130,000 | |||||||||
Private placement, payable in 2023 152k [Member] [Member] | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.39% | |||||||||
Total long-term debt | 152,000 | $ 152,000 | ||||||||
Debt Instrument, Face Amount | $ 152,000 | |||||||||
Private placement, payable in 2025 80k [Member] | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 3.85% | |||||||||
Total long-term debt | 80,000 | $ 80,000 | ||||||||
Debt Instrument, Face Amount | $ 80,000 | |||||||||
Private placement, payable in 2025 100k [Member] | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 3.80% | |||||||||
Total long-term debt | 100,000 | $ 100,000 | ||||||||
Debt Instrument, Face Amount | $ 100,000 | |||||||||
Private placement, payable in 2025 150k [Member] [Member] | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.58% | |||||||||
Total long-term debt | 149,293 | $ 145,213 | ||||||||
Debt Instrument, Face Amount | $ 150,000 | |||||||||
Private placement, payable in its entirety in 2026 | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.82% | |||||||||
Total long-term debt | 80,000 | $ 80,000 | ||||||||
Debt Instrument, Face Amount | $ 80,000 | |||||||||
Private placement, payable in its entirety in 2027 [Member] | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.69% | |||||||||
Total long-term debt | 58,000 | $ 58,000 | ||||||||
Debt Instrument, Face Amount | $ 58,000 | |||||||||
Private placement, payable in its entirety in 2028 [Member] | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.74% | |||||||||
Total long-term debt | 95,000 | $ 95,000 | ||||||||
Debt Instrument, Face Amount | $ 95,000 | |||||||||
Private placement, payable in its entirety in 2031 [Member] | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.89% | |||||||||
Total long-term debt | 100,000 | $ 100,000 | ||||||||
Debt Instrument, Face Amount | $ 100,000 | |||||||||
Private placement, payable in its entirety 2033 [Member] | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.71% | |||||||||
Total long-term debt | 100,000 | $ 100,000 | ||||||||
Debt Instrument, Face Amount | $ 100,000 | |||||||||
Private placement, payable in its entirety in 2036 [Member] | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 5.40% | |||||||||
Total long-term debt | 125,000 | $ 125,000 | ||||||||
Debt Instrument, Face Amount | 125,000 | |||||||||
Private Placement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total long-term debt | 1,643,886 | $ 1,510,547 | ||||||||
Term loans, 430K payable in 2025 [Member] | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 2.25% | |||||||||
Total long-term debt | 430,000 | $ 366,000 | ||||||||
Bank financing [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total long-term debt | 445,000 | 366,000 | ||||||||
Other notes and contracts | Secured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total long-term debt | 62,652 | 32,607 | ||||||||
Committed Term Loans, September 2016 [Member] | Secured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total long-term debt | $ 130,000 | |||||||||
Debt instrument, amount available to be paid and re-advanced | $ 300,000 | |||||||||
Amount re-advanced | $ 130,000 | |||||||||
Debt Instrument, Face Amount | $ 600,000 | |||||||||
Debt Instrument, Term | 10 years |
Notes Payable and Long-Term D_7
Notes Payable and Long-Term Debt - Schedule of Minimum Future Payments (Details) $ in Thousands | Aug. 31, 2018USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,019 | $ 162,846 |
2,020 | 30,671 |
2,021 | 182,472 |
2,022 | 65 |
2,023 | 282,065 |
Thereafter | 1,260,570 |
Total | $ 1,918,689 |
Income Taxes - Provision for (
Income Taxes - Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Current: | |||||||||||||||
Federal | $ 15,576 | $ 8,394 | $ (14,536) | ||||||||||||
State | 7,041 | (1,787) | 2,427 | ||||||||||||
Foreign | 20,268 | 6,736 | 3,018 | ||||||||||||
Current Total | 42,885 | 13,343 | (9,091) | ||||||||||||
Deferred: | |||||||||||||||
Federal | (146,780) | (173,184) | 34,753 | ||||||||||||
State | (127) | (13,244) | (13,684) | ||||||||||||
Foreign | (54) | (8,039) | 7,121 | ||||||||||||
Deferred Total | (146,961) | (194,467) | 28,190 | ||||||||||||
Total | $ 7,787 | $ 55,219 | $ (187,688) | $ 20,606 | $ (34,761) | $ (166,124) | $ 3,685 | $ 16,076 | $ (167,082) | $ 19,761 | $ (111,863) | $ (146,363) | $ (104,076) | $ (181,124) | $ 19,099 |
Income Taxes - Narrative (Deta
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Income tax expense (benefit) | $ 7,787 | $ 55,219 | $ (187,688) | $ 20,606 | $ (34,761) | $ (166,124) | $ 3,685 | $ 16,076 | $ (167,082) | $ 19,761 | $ (111,863) | $ (146,363) | $ (104,076) | $ (181,124) | $ 19,099 |
Deferred Tax Liabilities, Net | 182,361 | 328,803 | 182,361 | 328,803 | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 717,400 | 158,500 | 473,000 | ||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ (46,200) | $ (268,700) | $ (70,900) | ||||||||||||
Statutory federal income tax rate | 25.70% | 35.00% | 35.00% | ||||||||||||
Tax Act, provisionally recorded net benefit, revaluation of U.S. net deferred tax liability | $ 155,200 | ||||||||||||||
Operating Loss Carryforwards | 531,100 | 531,100 | |||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 342,800 | 342,800 | |||||||||||||
Change in valuation allowance for deferred tax asset | 33,800 | ||||||||||||||
Amount of unrecognized tax benefits that would benefit effective tax rate | 83,300 | 83,300 | |||||||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 1,200 | ||||||||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 1,200 | 1,200 | |||||||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | $ 0 | |||||||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 0 | |||||||||||||
Other assets | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 400 | 1,200 | 400 | 1,200 | |||||||||||
State tax credit | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Tax credit carryforward, amount | 121,600 | 121,600 | |||||||||||||
Alternative minimum tax credit | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Tax credit carryforward, amount | 6,100 | 6,100 | |||||||||||||
Low sulfer diesel credits | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Tax credit carryforward, amount | 61,200 | 61,200 | |||||||||||||
NCRA | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Change in valuation allowance for deferred tax asset | 17,000 | ||||||||||||||
NCRA | State tax credit | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Tax credit carryforward, amount | 121,600 | 172,900 | 121,600 | 172,900 | |||||||||||
Foreign tax authority | Fiscal year 2018 | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Tax credit carryforward, amount | $ 11,200 | $ 11,200 | |||||||||||||
Restatement Adjustments | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Income tax expense (benefit) | (5,119) | (6,512) | 670 | 9,532 | (3,106) | (4,939) | (536) | (5,842) | (5,475) | (10,962) | (8,582) | 951 | $ 23,190 | ||
As Previously Reported | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Income tax expense (benefit) | $ 60,338 | $ (181,176) | $ 19,936 | (44,293) | $ (163,018) | $ 8,624 | $ 16,612 | $ (161,240) | $ 25,236 | $ (100,901) | $ (137,781) | (182,075) | $ (4,091) | ||
Deferred Tax Liabilities, Net | $ 3,700 | $ 3,700 |
Income Taxes - Schedule of Def
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Deferred tax assets: | ||
Accrued expenses | $ 138,417 | $ 227,877 |
Postretirement health care and deferred compensation | 41,797 | 82,682 |
Tax credit carryforwards | 154,240 | 169,549 |
Loss carryforwards | 104,519 | 156,615 |
Nonqualified equity | 178,046 | 140,009 |
Major maintenance | 5,484 | 13,011 |
Other | 83,580 | 83,138 |
Deferred tax assets valuation reserve | (230,373) | (289,082) |
Total deferred tax assets | 475,710 | 583,799 |
Deferred tax liabilities: | ||
Pension | 19,397 | 32,150 |
Investments | 98,608 | 130,816 |
Property, plant and equipment | 513,238 | 709,313 |
Other | 26,828 | 40,323 |
Total deferred tax liabilities | 658,071 | 912,602 |
Net deferred tax liabilities | $ 182,361 | $ 328,803 |
Income Taxes - Reconciliation
Income Taxes - Reconciliation of the Statutory Tax Rates to the Effective Tax Rates (Details) | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory federal income tax rate | 25.70% | 35.00% | 35.00% |
State and local income taxes, net of federal income tax benefit | 0.70% | 12.10% | 0.30% |
Patronage earnings | (13.60%) | 91.70% | (21.20%) |
Domestic production activities deduction | (8.40%) | 30.50% | (12.10%) |
Export activities at rates other than the U.S. statutory rate | 6.10% | 51.60% | (3.00%) |
U.S. tax reform | (23.20%) | 0.00% | 0.00% |
Intercompany transfer of business assets | (6.10%) | 0.00% | 0.00% |
Increase in unrecognized tax benefits | 6.80% | 0.00% | 0.00% |
Valuation allowance | (3.40%) | (77.10%) | 25.40% |
Tax credits | 0.70% | 22.80% | (14.10%) |
Crack spread contingency | 0.00% | 4.80% | (5.30%) |
Other | (0.80%) | (7.00%) | (0.30%) |
Effective tax rate | (15.50%) | 164.40% | 4.70% |
Income Taxes - Rollforward of
Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 37,830 | $ 37,105 | $ 72,181 |
Additions attributable to current year tax positions | 3,640 | 725 | 1,387 |
Additions attributable to prior year tax positions | 49,665 | 0 | 0 |
Reductions attributable to prior year tax positions | 0 | 0 | (36,463) |
Balance at end of period | $ 91,135 | $ 37,830 | $ 37,105 |
Equities - Narrative (Details)
Equities - Narrative (Details) | Mar. 30, 2017USD ($)$ / sharesshares | Aug. 31, 2018USD ($)pools | May 31, 2016USD ($)$ / shares | Aug. 31, 2018USD ($)pools | Aug. 31, 2017USD ($) | Aug. 31, 2016USD ($) | Aug. 31, 2014USD ($) | Mar. 31, 2016USD ($)shares |
Class of Stock [Line Items] | ||||||||
Estimated patronage refunds | $ 75,000,000 | $ 103,879,000 | ||||||
Cash patronage dividends payable | $ 75,000,000 | $ 0 | 103,900,000 | $ 251,700,000 | ||||
Distribution of patronage refunds | $ 103,879,000 | $ 251,740,000 | ||||||
Patronage source earnings, percentage allocated to reserves | 10.00% | 10.00% | 10.00% | |||||
Capital equity certificates, number of pools | pools | 2 | 2 | ||||||
Equity redemptions, age | 70 years | |||||||
Redemptions of equities | $ (8,847,000) | $ (35,268,000) | $ (23,911,000) | |||||
Stock Redeemed or Called During Period, Price per Share | $ / shares | $ 28.74 | $ 28.50 | ||||||
Preferred stock dividends paid | (168,668,000) | (167,642,000) | (163,324,000) | |||||
Reclassification of tax effects to retained earnings | 0 | |||||||
Class B, Series 1 Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Shares Issued | shares | 695,390 | 2,693,195 | ||||||
Preferred Stock, Redemption Amount | $ 536,500,000 | 536,500,000 | ||||||
Fiscal Year 2017 [Domain] | ||||||||
Class of Stock [Line Items] | ||||||||
Estimated payments for redemptions of equities | 75,000,000 | |||||||
Accumulated Other Comprehensive Loss | ||||||||
Class of Stock [Line Items] | ||||||||
Reclassification of tax effects to retained earnings | (27,000,000) | (26,992,000) | ||||||
Capital Reserves | ||||||||
Class of Stock [Line Items] | ||||||||
Estimated patronage refunds | 420,330,000 | 126,333,000 | 257,458,000 | |||||
Distribution of patronage refunds | 128,831,000 | 257,468,000 | 627,246,000 | |||||
Reclassification of tax effects to retained earnings | $ 27,000,000 | 26,992,000 | ||||||
Nonqualified Equity Certificates | ||||||||
Class of Stock [Line Items] | ||||||||
Estimated patronage refunds | (345,330,000) | (126,333,000) | ||||||
Distribution of patronage refunds | (128,831,000) | |||||||
Qualified Equity Certificates | ||||||||
Class of Stock [Line Items] | ||||||||
Estimated patronage refunds | 0 | |||||||
Patronage refunds and capital stock | ||||||||
Class of Stock [Line Items] | ||||||||
Distribution of patronage refunds | 128,800,000 | 257,500,000 | $ 627,200,000 | |||||
Capital Equity Certificates | ||||||||
Class of Stock [Line Items] | ||||||||
Estimated patronage refunds | (153,579,000) | |||||||
Distribution of patronage refunds | $ (153,589,000) | (375,506,000) | ||||||
Stock Redeemed or Called During Period, Value | $ 20,000,000 | $ 76,800,000 | ||||||
Preferred Stock, Redemption Amount | $ 17,400,000 | $ 67,300,000 | ||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Reclassification of tax effects to retained earnings | $ (1,468,000) | |||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Loss reclassified from accumulated other comprehensive loss | $ 3,700,000 |
Equities - Summary of Outstand
Equities - Summary of Outstanding Preferred Stock (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Aug. 31, 2018USD ($)$ / sharesshares | |
Class of Stock [Line Items] | |
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 25 |
8% Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock, Shares Outstanding | shares | 12,272,003 |
Preferred Stock, Redemption Amount | $ 306.8 |
Proceeds from issuance of preferred stock, net of issuance costs | $ 311.2 |
Preferred Stock, Dividend Rate, Percentage | 8.00% |
Class B, Series 1 Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock, Shares Outstanding | shares | 21,459,066 |
Preferred Stock, Redemption Amount | $ 536.5 |
Proceeds from issuance of preferred stock, net of issuance costs | $ 569.3 |
Preferred Stock, Dividend Rate, Percentage | 7.875% |
Class B, Series 2 Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock, Shares Outstanding | shares | 16,800,000 |
Preferred Stock, Redemption Amount | $ 420 |
Proceeds from issuance of preferred stock, net of issuance costs | $ 406.2 |
Preferred Stock, Dividend Rate, Percentage | 7.10% |
Class B, Series 2 Preferred Stock [Member] | Maximum | |
Class of Stock [Line Items] | |
Preferred Stock, Basis Spread on Dividends, Percent | 8.00% |
Class B, Series 2 Preferred Stock [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Class of Stock [Line Items] | |
Preferred Stock, Basis Spread on Dividends, Percent | 4.298% |
Class B, Series 3 Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock, Shares Outstanding | shares | 19,700,000 |
Preferred Stock, Redemption Amount | $ 492.5 |
Proceeds from issuance of preferred stock, net of issuance costs | $ 476.7 |
Preferred Stock, Dividend Rate, Percentage | 6.75% |
Class B, Series 3 Preferred Stock [Member] | Maximum | |
Class of Stock [Line Items] | |
Preferred Stock, Basis Spread on Dividends, Percent | 8.00% |
Class B, Series 3 Preferred Stock [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Class of Stock [Line Items] | |
Preferred Stock, Basis Spread on Dividends, Percent | 4.155% |
Class B, Series 4 Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock, Shares Outstanding | shares | 20,700,000 |
Preferred Stock, Redemption Amount | $ 517.5 |
Proceeds from issuance of preferred stock, net of issuance costs | $ 501 |
Preferred Stock, Dividend Rate, Percentage | 7.50% |
Equities - Accumulated Other C
Equities - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | $ 7,920,836 | $ 7,866,357 | $ 7,742,948 | $ 7,705,640 | $ 7,680,371 | $ 7,808,580 | $ 7,819,516 | $ 7,759,159 | $ 7,705,640 | $ 7,759,159 | $ 7,705,640 | $ 7,759,159 | $ 7,705,640 | $ 7,759,159 | $ 7,551,439 |
Other comprehensive income (loss), net of tax | (5,621) | (72) | 10,111 | 3,019 | 28,208 | 2,524 | 13,843 | (13,405) | 13,130 | 438 | 13,058 | 2,962 | 7,437 | 31,170 | 1,307 |
Reclassification of tax effects to retained earnings | 0 | ||||||||||||||
Balance | 8,165,028 | 7,920,836 | 7,866,357 | 7,742,948 | 7,705,640 | 7,680,371 | 7,808,580 | 7,819,516 | 7,866,357 | 7,808,580 | 7,920,836 | 7,680,371 | 8,165,028 | 7,705,640 | 7,759,159 |
Pension and Other Postretirement Benefits | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | (132,444) | (165,146) | (132,444) | (165,146) | (132,444) | (165,146) | (132,444) | (165,146) | (171,729) | ||||||
Amounts before reclassifications | 7,633 | 25,216 | (10,512) | ||||||||||||
Amounts reclassified out | 21,804 | 26,174 | 20,998 | ||||||||||||
Total other comprehensive income (loss), before tax | 29,437 | 51,390 | 10,486 | ||||||||||||
Tax effect | (9,371) | (18,688) | (3,903) | ||||||||||||
Other comprehensive income (loss), net of tax | 20,066 | 32,702 | 6,583 | ||||||||||||
Reclassification of tax effects to retained earnings | (27,957) | ||||||||||||||
Balance | (140,335) | (132,444) | (140,335) | (132,444) | (165,146) | ||||||||||
Unrealized Net Gain (Loss) on Available for Sale Investments | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | 10,041 | 5,656 | 10,041 | 5,656 | 10,041 | 5,656 | 10,041 | 5,656 | 4,156 | ||||||
Amounts before reclassifications | 21,078 | 7,117 | 2,447 | ||||||||||||
Amounts reclassified out | (25,534) | 0 | 0 | ||||||||||||
Total other comprehensive income (loss), before tax | (4,456) | 7,117 | 2,447 | ||||||||||||
Tax effect | 1,308 | (2,732) | (947) | ||||||||||||
Other comprehensive income (loss), net of tax | (3,148) | 4,385 | 1,500 | ||||||||||||
Reclassification of tax effects to retained earnings | 1,968 | ||||||||||||||
Balance | 8,861 | 10,041 | 8,861 | 10,041 | 5,656 | ||||||||||
Cash Flow Hedges | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | (6,954) | (9,196) | (6,954) | (9,196) | (6,954) | (9,196) | (6,954) | (9,196) | (5,324) | ||||||
Amounts before reclassifications | 1,031 | 1,892 | (11,353) | ||||||||||||
Amounts reclassified out | 1,704 | 1,742 | 5,071 | ||||||||||||
Total other comprehensive income (loss), before tax | 2,735 | 3,634 | (6,282) | ||||||||||||
Tax effect | (195) | (1,392) | 2,410 | ||||||||||||
Other comprehensive income (loss), net of tax | 2,540 | 2,242 | (3,872) | ||||||||||||
Reclassification of tax effects to retained earnings | (1,468) | ||||||||||||||
Balance | (5,882) | (6,954) | (5,882) | (6,954) | (9,196) | ||||||||||
Foreign Currency Translation Adjustment | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | (51,003) | (42,844) | (51,003) | (42,844) | (51,003) | (42,844) | (51,003) | (42,844) | (39,940) | ||||||
Amounts before reclassifications | (10,062) | (7,960) | (2,210) | ||||||||||||
Amounts reclassified out | (2,042) | 15 | 469 | ||||||||||||
Total other comprehensive income (loss), before tax | (12,104) | (7,945) | (1,741) | ||||||||||||
Tax effect | 83 | (214) | (1,163) | ||||||||||||
Other comprehensive income (loss), net of tax | (12,021) | (8,159) | (2,904) | ||||||||||||
Reclassification of tax effects to retained earnings | 465 | ||||||||||||||
Balance | (62,559) | (51,003) | (62,559) | (51,003) | (42,844) | ||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | (180,360) | (211,530) | (180,360) | (211,530) | (180,360) | (211,530) | (180,360) | (211,530) | (212,837) | ||||||
Amounts before reclassifications | 19,680 | 26,265 | (21,628) | ||||||||||||
Amounts reclassified out | (4,068) | 27,931 | 26,538 | ||||||||||||
Total other comprehensive income (loss), before tax | 15,612 | 54,196 | 4,910 | ||||||||||||
Tax effect | (8,175) | (23,026) | (3,603) | ||||||||||||
Other comprehensive income (loss), net of tax | 7,437 | 31,170 | 1,307 | ||||||||||||
Reclassification of tax effects to retained earnings | (27,000) | (26,992) | |||||||||||||
Balance | (199,915) | (180,360) | (199,915) | (180,360) | (211,530) | ||||||||||
As Previously Reported | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | 8,162,533 | 8,061,960 | 7,937,775 | 7,905,825 | 7,858,956 | 7,961,594 | 7,931,280 | 7,866,250 | 7,905,825 | 7,866,250 | 7,905,825 | 7,866,250 | 7,905,825 | 7,866,250 | 7,669,411 |
Other comprehensive income (loss), net of tax | (1,501) | 10,219 | 5,225 | 26,030 | 1,742 | 14,778 | (14,494) | 15,445 | 284 | 13,944 | 2,026 | 28,056 | 2,481 | ||
Balance | 8,162,533 | 8,061,960 | 7,937,775 | 7,905,825 | 7,858,956 | 7,961,594 | 7,931,280 | 8,061,960 | 7,961,594 | 8,162,533 | 7,858,956 | 7,905,825 | 7,866,250 | ||
As Previously Reported | Pension and Other Postretirement Benefits | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | (171,729) | ||||||||||||||
As Previously Reported | Unrealized Net Gain (Loss) on Available for Sale Investments | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | 4,156 | ||||||||||||||
As Previously Reported | Cash Flow Hedges | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | (5,324) | ||||||||||||||
As Previously Reported | Foreign Currency Translation Adjustment | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | (41,310) | ||||||||||||||
As Previously Reported | Accumulated Other Comprehensive Loss | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | (183,670) | (211,726) | (183,670) | (211,726) | (183,670) | (211,726) | (183,670) | (211,726) | (214,207) | ||||||
Balance | (183,670) | (183,670) | (211,726) | ||||||||||||
Restatement Adjustments | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | $ (241,697) | (195,603) | (194,827) | (200,185) | (178,585) | (153,014) | (111,764) | (107,091) | (200,185) | (107,091) | (200,185) | (107,091) | (200,185) | (107,091) | (117,972) |
Other comprehensive income (loss), net of tax | 1,429 | (108) | (2,206) | 2,178 | 782 | (935) | 1,089 | (2,315) | 154 | (886) | 936 | 3,114 | (1,174) | ||
Balance | $ (241,697) | $ (195,603) | (194,827) | (200,185) | $ (178,585) | $ (153,014) | (111,764) | (195,603) | (153,014) | (241,697) | (178,585) | (200,185) | (107,091) | ||
Restatement Adjustments | Pension and Other Postretirement Benefits | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | 0 | ||||||||||||||
Restatement Adjustments | Unrealized Net Gain (Loss) on Available for Sale Investments | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | 0 | ||||||||||||||
Restatement Adjustments | Cash Flow Hedges | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | 0 | ||||||||||||||
Restatement Adjustments | Foreign Currency Translation Adjustment | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | 1,370 | ||||||||||||||
Restatement Adjustments | Accumulated Other Comprehensive Loss | |||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||||||
Balance | $ 3,310 | $ 196 | $ 3,310 | $ 196 | $ 3,310 | $ 196 | $ 3,310 | 196 | 1,370 | ||||||
Balance | $ 3,310 | $ 3,310 | $ 196 |
Benefit Plans - Financial Info
Benefit Plans - Financial Information on Changes in Benefit Obligation, Plan Assets Funded and Balance Sheets Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Pension Benefits | |||
Change in plan assets: [Abstract] | |||
Fair value of plan assets at beginning of period | $ 875,820 | ||
Fair value of plan assets at end of period | 829,616 | $ 875,820 | |
Other Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 31,836 | 36,779 | |
Service cost | 943 | 1,160 | $ 1,412 |
Interest cost | 908 | 930 | 1,709 |
Actuarial (gain) loss | (623) | (4,650) | |
Assumption change | (1,612) | (775) | |
Plan Amendments | 0 | 0 | |
Settlements | 0 | 0 | |
Benefits paid | (1,662) | (1,608) | |
Benefit obligation at end of period | 29,790 | 31,836 | 36,779 |
Change in plan assets: [Abstract] | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual gain (loss) on plan assets | 0 | 0 | |
Company contributions | 1,662 | 1,608 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Benefits Paid | (1,662) | (1,608) | |
Fair value of plan assets at end of period | 0 | 0 | 0 |
Funded Status of Plan | (29,790) | (31,836) | |
ASSETS | |||
Non-current assets | 0 | 0 | |
Liabilities [Abstract] | |||
Current liabilities | (2,040) | (2,140) | |
Non-current liabilities | (27,750) | (29,696) | |
Ending balance | (29,790) | (31,836) | |
Amounts recognized in accumulated other comprehensive loss (pretax): [Abstract] | |||
Prior service cost (credit) | (3,716) | (4,281) | |
Net (gain) loss | (17,875) | (16,864) | |
Ending balance | (21,591) | (21,145) | |
Qualified Pension Benefits | Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 806,174 | 812,749 | |
Service cost | 39,677 | 42,149 | 37,533 |
Interest cost | 24,007 | 22,999 | 30,773 |
Actuarial (gain) loss | 3,146 | (10,054) | |
Assumption change | (36,515) | (17,750) | |
Plan Amendments | 244 | 0 | |
Settlements | 0 | 0 | |
Benefits paid | (69,549) | (43,919) | |
Benefit obligation at end of period | 767,184 | 806,174 | 812,749 |
Change in plan assets: [Abstract] | |||
Fair value of plan assets at beginning of period | 875,820 | 883,265 | |
Actual gain (loss) on plan assets | 23,345 | 36,474 | |
Company contributions | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Benefits Paid | (69,549) | (43,919) | |
Fair value of plan assets at end of period | 829,616 | 875,820 | 883,265 |
Funded Status of Plan | 62,432 | 69,646 | |
ASSETS | |||
Non-current assets | 62,432 | 70,019 | |
Liabilities [Abstract] | |||
Current liabilities | 0 | 0 | |
Non-current liabilities | 0 | (373) | |
Ending balance | 62,432 | 69,646 | |
Amounts recognized in accumulated other comprehensive loss (pretax): [Abstract] | |||
Prior service cost (credit) | 1,288 | 2,481 | |
Net (gain) loss | 209,606 | 236,232 | |
Ending balance | 210,894 | 238,713 | |
Non-Qualified Pension Benefits | Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 25,599 | 32,696 | |
Service cost | 548 | 1,206 | 1,035 |
Interest cost | 711 | 843 | 1,406 |
Actuarial (gain) loss | 205 | (5,692) | |
Assumption change | (783) | (655) | |
Plan Amendments | 0 | 0 | |
Settlements | 4,824 | (2,131) | |
Benefits paid | (701) | (668) | |
Benefit obligation at end of period | 20,755 | 25,599 | 32,696 |
Change in plan assets: [Abstract] | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual gain (loss) on plan assets | 0 | 0 | |
Company contributions | 5,525 | 2,799 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (4,824) | (2,131) | |
Benefits Paid | (701) | (668) | |
Fair value of plan assets at end of period | 0 | 0 | $ 0 |
Funded Status of Plan | (20,755) | (25,599) | |
ASSETS | |||
Non-current assets | 0 | 0 | |
Liabilities [Abstract] | |||
Current liabilities | (1,780) | (2,270) | |
Non-current liabilities | (18,975) | (23,329) | |
Ending balance | (20,755) | (25,599) | |
Amounts recognized in accumulated other comprehensive loss (pretax): [Abstract] | |||
Prior service cost (credit) | (691) | (660) | |
Net (gain) loss | 427 | 953 | |
Ending balance | $ (264) | $ 293 |
Benefit Plans - Narrative (Det
Benefit Plans - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018USD ($)Employers | Aug. 31, 2017USD ($) | Aug. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, health care benefits annual rate of increase in the per capita cost | 7.50% | ||
Defined benefit plan, health care benefits, decrease in the per capita cost trend rate | 4.50% | ||
Defined contribution plan, contributions by employer | $ 24,700 | $ 19,900 | $ 29,500 |
Pension protection act, percentage of employers that are rural cooperatives or cooperative organizations owned by agricultural producers, criteria | 85.00% | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 736,200 | 743,500 | |
Defined benefit plan, expected future benefit payments, next twelve months | $ 66,528 | ||
Pension Benefits | Multiemployer Plans, Pension | Co-op Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of employers contributing to Co-op Retirement Plan (in number of employers) | Employers | 400 | ||
Non-Qualified Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 18,600 | $ 20,600 | |
Defined benefit plan, expected future benefit payments, next twelve months | 1,780 | ||
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, expected future benefit payments, next twelve months | 2,040 | ||
Pension Plans And Postretirement Plans, Defined Benefit, Non-Qualified [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, expected future benefit payments, next twelve months | $ 3,800 | ||
Maximum | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target allocation percentage | 65.00% | ||
Maximum | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target allocation percentage | 55.00% | ||
Maximum | Pension Benefits | Multiemployer Plans, Pension | Co-op Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions as percent of total contributions of all contributing employers | 5.00% | ||
Minimum | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target allocation percentage | 45.00% | ||
Minimum | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target allocation percentage | 35.00% | ||
Minimum | Pension Benefits | Multiemployer Plans, Pension | Co-op Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, funded percentage | 80.00% |
Benefit Plans - Information fo
Benefit Plans - Information for the Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 20,755 | $ 28,177 |
Accumulated benefit obligation | 18,586 | 23,221 |
Fair value of plan assets | $ 0 | $ 2,203 |
Benefit Plans - Components of
Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Other Benefits | |||
Component of net periodic benefit costs: [Abstract] | |||
Service costs | $ 943 | $ 1,160 | $ 1,412 |
Interest costs | 908 | 930 | 1,709 |
Expected return on assets | 0 | 0 | 0 |
Settlement of retiree obligations | 0 | 0 | 0 |
Prior service cost (credit) amortization | (565) | (565) | (120) |
Actuarial loss (gain) amortization | (1,224) | (798) | (464) |
Periodic benefit costs, net | $ 62 | $ 727 | $ 2,537 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.56% | 3.30% | 4.20% |
Weighted-average assumptions to determine the net periodic benefit cost: [Abstract] | |||
Discount rate | 4.13% | 3.56% | 3.30% |
Qualified Pension Benefits | Pension Benefits | |||
Component of net periodic benefit costs: [Abstract] | |||
Service costs | $ 39,677 | $ 42,149 | $ 37,533 |
Interest costs | 24,007 | 22,999 | 30,773 |
Expected return on assets | (48,159) | (48,235) | (48,055) |
Settlement of retiree obligations | 0 | 0 | 0 |
Prior service cost (credit) amortization | 1,437 | 1,540 | 1,606 |
Actuarial loss (gain) amortization | 18,073 | 22,869 | 19,016 |
Periodic benefit costs, net | $ 35,035 | $ 41,322 | $ 40,873 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.80% | 3.60% | 4.20% |
Expected return on plan assets | 5.75% | 5.75% | 6.00% |
Rate of compensation increase | 5.08% | 5.60% | 4.90% |
Weighted-average assumptions to determine the net periodic benefit cost: [Abstract] | |||
Discount rate | 4.23% | 3.80% | 3.60% |
Rate of compensation increase | 5.14% | 5.08% | 5.60% |
Non-Qualified Pension Benefits | Pension Benefits | |||
Component of net periodic benefit costs: [Abstract] | |||
Service costs | $ 548 | $ 1,206 | $ 1,035 |
Interest costs | 711 | 843 | 1,406 |
Expected return on assets | 0 | 0 | 0 |
Settlement of retiree obligations | (112) | (30) | 0 |
Prior service cost (credit) amortization | 30 | 19 | 228 |
Actuarial loss (gain) amortization | 61 | 546 | 692 |
Periodic benefit costs, net | $ 1,238 | $ 2,584 | $ 3,361 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.53% | 3.28% | 4.20% |
Rate of compensation increase | 5.08% | 5.60% | 4.90% |
Weighted-average assumptions to determine the net periodic benefit cost: [Abstract] | |||
Discount rate | 4.09% | 3.53% | 3.28% |
Rate of compensation increase | 5.14% | 5.08% | 5.60% |
Benefit Plans - Components o_2
Benefit Plans - Components of Net Periodic Benefit Costa and Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Pension Benefits | Qualified Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Prior service cost (credit) | $ 244 | $ 0 | $ 411 |
Net actuarial loss (gain) | (8,553) | (16,044) | 17,712 |
Amortization of actuarial loss (gain) | (18,073) | (22,869) | (19,016) |
Amortization of prior service costs (credit) | (1,437) | (1,540) | (1,606) |
Settlement of retiree obligations | 0 | 0 | 0 |
Total recognized in other comprehensive income | (27,819) | (40,453) | (2,499) |
Pension Benefits | Non-Qualified Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Prior service cost (credit) | 0 | 0 | (1,044) |
Net actuarial loss (gain) | (578) | (6,345) | (655) |
Amortization of actuarial loss (gain) | (61) | (546) | (692) |
Amortization of prior service costs (credit) | (30) | (19) | (228) |
Settlement of retiree obligations | 112 | 30 | 0 |
Total recognized in other comprehensive income | (557) | (6,880) | (2,619) |
Other Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Prior service cost (credit) | 0 | 0 | (4,495) |
Net actuarial loss (gain) | (2,234) | (5,427) | (2,290) |
Amortization of actuarial loss (gain) | 1,224 | 798 | 464 |
Amortization of prior service costs (credit) | 565 | 565 | 120 |
Settlement of retiree obligations | 0 | 0 | 0 |
Total recognized in other comprehensive income | $ (445) | $ (4,064) | $ (6,201) |
Benefit Plans - Schedule of Am
Benefit Plans - Schedule of Amortization from Other Accumulated Comprehensive Income into Net Period Benefit Costs (Details) $ in Thousands | Aug. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, health care benefits annual rate of increase in the per capita cost | 7.50% |
Defined benefit plan, health care benefits, decrease in the per capita cost trend rate | 4.50% |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Fiscal 2018 Amortization of prior service cost (credit) | $ 190 |
Fiscal 2018 Amortization of net actuarial (gain) loss | 12,266 |
Non-Qualified Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Fiscal 2018 Amortization of prior service cost (credit) | (75) |
Fiscal 2018 Amortization of net actuarial (gain) loss | 2 |
Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Fiscal 2018 Amortization of prior service cost (credit) | (556) |
Fiscal 2018 Amortization of net actuarial (gain) loss | $ (1,629) |
Benefit Plans - Schedule of th
Benefit Plans - Schedule of the Effect a Percentage Point Change in the Assumed Health Care Cost Trend Rates (Details) $ in Thousands | 12 Months Ended |
Aug. 31, 2018USD ($) | |
Retirement Benefits [Abstract] | |
Effect on total of service and interest cost components (1% increase) | $ 230 |
Effect on total of service and interest cost components (1% decrease) | (200) |
Effect on postretirement benefit obligation (1% increase) | 2,400 |
Effect on postretirement benefit obligation (1% decrease) | $ (2,100) |
Benefit Plans - Expected Futur
Benefit Plans - Expected Future Retiree Benefit Payments (Details) $ in Thousands | Aug. 31, 2018USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 66,528 |
2,020 | 62,320 |
2,021 | 61,279 |
2,022 | 62,877 |
2,023 | 64,573 |
2024-2028 | 328,313 |
Non-Qualified Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 1,780 |
2,020 | 1,670 |
2,021 | 1,750 |
2,022 | 2,230 |
2,023 | 1,840 |
2024-2028 | 9,270 |
Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 2,040 |
2,020 | 2,260 |
2,021 | 2,400 |
2,022 | 2,590 |
2,023 | 2,720 |
2024-2028 | $ 12,690 |
Fixed Income Securities | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target allocation percentage | 45.00% |
Fixed Income Securities | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target allocation percentage | 65.00% |
Equity Securities | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target allocation percentage | 35.00% |
Equity Securities | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target allocation percentage | 55.00% |
Benefit Plans - Schedule of Pe
Benefit Plans - Schedule of Pension Plans' Fair Value Measurements (Details) - Pension Benefits - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | $ 829,616 | $ 875,820 |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 7,424 | 9,988 |
Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 692 | 459 |
Equity Securities: Common/collective trust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 216,962 | 231,228 |
Fixed Income Securities: Common/collective trust [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 500,637 | 535,185 |
Partnership and joint venture interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 101,954 | 96,994 |
Other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 1,947 | 1,966 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 8,116 | 10,447 |
Level 1 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 7,424 | 9,988 |
Level 1 | Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 692 | 459 |
Level 1 | Equity Securities: Common/collective trust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 1 | Fixed Income Securities: Common/collective trust [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 1 | Partnership and joint venture interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 1 | Other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 2 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 2 | Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 2 | Equity Securities: Common/collective trust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 2 | Fixed Income Securities: Common/collective trust [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 2 | Partnership and joint venture interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 2 | Other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 3 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 3 | Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 3 | Equity Securities: Common/collective trust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 3 | Fixed Income Securities: Common/collective trust [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 3 | Partnership and joint venture interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | 0 |
Level 3 | Other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | $ 0 | $ 0 |
Benefit Plans - Multiemployer
Benefit Plans - Multiemployer Co-op Retirement Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Co-op Retirement Plan | Multiemployer Plans, Pension | Pension Benefits | |||
Multiemployer Plans [Line Items] | |||
Co-op Retirement Plan - Contributions of CHS | $ 1,662 | $ 1,653 | $ 1,862 |
Segment Reporting - Narrative
Segment Reporting - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018USD ($) | May 31, 2018USD ($) | Feb. 28, 2018USD ($) | Nov. 30, 2017USD ($) | Aug. 31, 2017USD ($) | May 31, 2017USD ($) | Feb. 28, 2017USD ($) | Nov. 30, 2016USD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2017USD ($) | May 31, 2018USD ($) | May 31, 2017USD ($) | Aug. 31, 2018USD ($)segment | Aug. 31, 2017USD ($) | Aug. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of reportable segments | segment | 3 | ||||||||||||||
Revenues | $ 8,583,982 | $ 9,087,328 | $ 6,980,153 | $ 8,031,884 | $ 7,996,339 | $ 8,638,410 | $ 7,400,773 | $ 8,001,904 | $ 15,012,037 | $ 15,402,677 | $ 24,099,365 | $ 24,041,087 | $ 32,683,347 | $ 32,037,426 | $ 30,355,260 |
United States | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Revenues | $ 29,500,000 | $ 29,000,000 | $ 26,500,000 | ||||||||||||
TEMCO | Ag | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||||||||||
CF Industries Nitrogen, LLC | Nitrogen Production | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership percentage | 10.00% | 10.00% | |||||||||||||
Ventura Foods | Corporate and Other | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||||||||||
Ardent Mills, LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership percentage | 12.00% | 12.00% | |||||||||||||
Ardent Mills, LLC | Corporate and Other | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership percentage | 12.00% | 12.00% |
Segment Reporting - Segment In
Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues, including intersegment revenues | $ 8,583,982 | $ 9,087,328 | $ 6,980,153 | $ 8,031,884 | $ 7,996,339 | $ 8,638,410 | $ 7,400,773 | $ 8,001,904 | $ 15,012,037 | $ 15,402,677 | $ 24,099,365 | $ 24,041,087 | $ 32,683,347 | $ 32,037,426 | $ 30,355,260 |
Operating earnings (loss) | 223,836 | 88,199 | (40,063) | 185,114 | (92,780) | (260,980) | 2,969 | 176,765 | 145,051 | 179,734 | 233,250 | (81,246) | 457,086 | (174,026) | 292,443 |
(Gain) loss on disposal of business | (61) | (124,050) | (7,705) | 0 | 704 | (1,224) | (1,395) | 4,105 | (7,705) | 2,710 | (131,755) | 1,486 | (131,816) | 2,190 | 0 |
Interest expense | 18,984 | 49,340 | 40,176 | 40,702 | 53,828 | 39,201 | 39,945 | 38,265 | 80,878 | 78,210 | 130,218 | 117,411 | 149,202 | 171,239 | 113,704 |
Other (income) loss | (27,015) | (14,622) | (11,364) | (25,014) | (25,407) | (11,952) | (18,083) | (44,509) | (36,378) | (62,592) | (51,000) | (74,544) | (78,015) | (99,951) | (47,609) |
Equity (income) loss from investments | (16,404) | (59,308) | (39,441) | (38,362) | (12,817) | (48,393) | (35,800) | (40,328) | (77,803) | (76,128) | (137,111) | (124,521) | (153,515) | (137,338) | (175,777) |
Income (loss) before income taxes | 248,332 | 236,839 | (21,729) | 207,788 | (109,088) | (238,612) | 18,302 | 219,232 | 186,059 | 237,534 | 422,898 | (1,078) | 671,230 | (110,166) | 402,125 |
Intersegment revenues | 0 | 0 | 0 | ||||||||||||
Capital expenditures | 355,412 | 444,397 | 692,780 | ||||||||||||
Depreciation and amortization | 478,050 | 480,223 | 447,492 | ||||||||||||
Total assets | 16,381,178 | $ 16,703,549 | $ 17,003,396 | $ 16,647,718 | 15,818,922 | $ 17,081,380 | $ 18,459,230 | $ 18,275,540 | $ 17,003,396 | $ 18,459,230 | $ 16,703,549 | $ 17,081,380 | 16,381,178 | 15,818,922 | |
Operating Segments | Energy | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues, including intersegment revenues | 8,068,717 | 6,620,680 | 5,743,882 | ||||||||||||
Operating earnings (loss) | 390,092 | 75,138 | 246,105 | ||||||||||||
(Gain) loss on disposal of business | (65,862) | 0 | |||||||||||||
Interest expense | 14,627 | 18,365 | (22,244) | ||||||||||||
Other (income) loss | (7,718) | (1,164) | (287) | ||||||||||||
Equity (income) loss from investments | (3,063) | (3,181) | (4,739) | ||||||||||||
Income (loss) before income taxes | 452,108 | 61,118 | 273,375 | ||||||||||||
Intersegment revenues | (479,598) | (392,842) | (335,003) | ||||||||||||
Capital expenditures | 248,207 | 260,543 | 376,841 | ||||||||||||
Depreciation and amortization | 230,230 | 223,229 | 193,525 | ||||||||||||
Total assets | 4,168,239 | 4,290,618 | 4,168,239 | 4,290,618 | |||||||||||
Operating Segments | Ag | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues, including intersegment revenues | 25,052,395 | 25,738,740 | 24,896,354 | ||||||||||||
Operating earnings (loss) | 95,883 | (268,946) | 36,649 | ||||||||||||
(Gain) loss on disposal of business | (7,707) | 2,190 | |||||||||||||
Interest expense | 94,256 | 71,986 | 82,085 | ||||||||||||
Other (income) loss | (66,316) | (65,684) | (53,044) | ||||||||||||
Equity (income) loss from investments | 1,392 | (7,277) | (7,644) | ||||||||||||
Income (loss) before income taxes | 74,258 | (270,161) | 15,252 | ||||||||||||
Intersegment revenues | (14,914) | (20,312) | (40,336) | ||||||||||||
Capital expenditures | 77,962 | 146,139 | 260,865 | ||||||||||||
Depreciation and amortization | 218,716 | 232,443 | 230,172 | ||||||||||||
Total assets | 6,534,777 | 6,359,058 | 6,534,777 | 6,359,058 | |||||||||||
Operating Segments | Nitrogen Production | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues, including intersegment revenues | 0 | 0 | 0 | ||||||||||||
Operating earnings (loss) | (20,619) | (18,430) | (6,193) | ||||||||||||
(Gain) loss on disposal of business | 0 | 0 | |||||||||||||
Interest expense | 50,499 | 48,893 | 34,437 | ||||||||||||
Other (income) loss | (3,061) | (30,534) | 0 | ||||||||||||
Equity (income) loss from investments | (106,895) | (66,530) | (74,700) | ||||||||||||
Income (loss) before income taxes | 38,838 | 29,741 | 34,070 | ||||||||||||
Intersegment revenues | 0 | 0 | 0 | ||||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||||
Total assets | 2,758,668 | 2,781,610 | 2,758,668 | 2,781,610 | |||||||||||
Corporate and Other | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues, including intersegment revenues | 64,516 | 95,414 | 92,725 | ||||||||||||
Operating earnings (loss) | (8,270) | 38,212 | 15,882 | ||||||||||||
(Gain) loss on disposal of business | (58,247) | 0 | |||||||||||||
Interest expense | (7,712) | 33,250 | 30,647 | ||||||||||||
Other (income) loss | (3,388) | (3,824) | (5,499) | ||||||||||||
Equity (income) loss from investments | (44,949) | (60,350) | (88,694) | ||||||||||||
Income (loss) before income taxes | 106,026 | 69,136 | 79,428 | ||||||||||||
Intersegment revenues | (7,769) | (4,254) | (2,362) | ||||||||||||
Capital expenditures | 29,243 | 37,715 | 55,074 | ||||||||||||
Depreciation and amortization | 29,104 | 24,551 | 23,795 | ||||||||||||
Total assets | 2,919,494 | 2,387,636 | 2,919,494 | 2,387,636 | |||||||||||
Reconciling Amounts | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues, including intersegment revenues | (502,281) | (417,408) | (377,701) | ||||||||||||
Operating earnings (loss) | 0 | 0 | 0 | ||||||||||||
(Gain) loss on disposal of business | 0 | 0 | |||||||||||||
Interest expense | (2,468) | (1,255) | (11,221) | ||||||||||||
Other (income) loss | 2,468 | 1,255 | 11,221 | ||||||||||||
Equity (income) loss from investments | 0 | 0 | 0 | ||||||||||||
Income (loss) before income taxes | 0 | 0 | 0 | ||||||||||||
Intersegment revenues | 502,281 | 417,408 | 377,701 | ||||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||||||
Depreciation and amortization | 0 | 0 | $ 0 | ||||||||||||
Total assets | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting - Sales By G
Segment Reporting - Sales By Geographic Regions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Sales | $ 8,583,982 | $ 9,087,328 | $ 6,980,153 | $ 8,031,884 | $ 7,996,339 | $ 8,638,410 | $ 7,400,773 | $ 8,001,904 | $ 15,012,037 | $ 15,402,677 | $ 24,099,365 | $ 24,041,087 | $ 32,683,347 | $ 32,037,426 | $ 30,355,260 |
North America | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Sales | 29,475,724 | 29,068,842 | 26,571,367 | ||||||||||||
South America | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Sales | 1,569,330 | 1,441,316 | 1,847,284 | ||||||||||||
Europe, the Middle East and Africa (EMEA) | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Sales | 536,501 | 652,308 | 878,407 | ||||||||||||
Asia Pacific (APAC) | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Sales | $ 1,101,792 | $ 874,960 | $ 1,058,202 |
Segment Reporting - Long lived
Segment Reporting - Long lived assets by geography (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Long-lived assets | $ 5,272,499 | $ 5,461,440 |
United States | ||
Long-lived assets | 5,185,572 | 5,359,270 |
International | ||
Long-lived assets | $ 86,927 | $ 102,170 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities - Gross Fair Values of Derivative Assets, Derivative Liabilities, and Margin Deposits (Cash Collateral) (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Reconciliation of gross and net fair value of assets and liabilities subject to offsetting arrangements [Line Items] | ||
Gross Amounts Recognized | $ 352,029 | $ 249,661 |
Derivative asset, fair value, gross amount not offset on Balance sheet | 35,484 | 38,548 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 316,545 | 211,113 |
Derivative Liability, Fair Value, Gross Liability | 445,755 | 313,261 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 12,983 | 3,898 |
Derivative liability, fair value, gross amount not offset on balance sheet | 35,484 | 38,548 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 397,288 | 270,815 |
Not Designated as Hedging Instrument | Commodity derivatives | ||
Reconciliation of gross and net fair value of assets and liabilities subject to offsetting arrangements [Line Items] | ||
Gross Amounts Recognized | 313,033 | 215,349 |
Derivative asset, fair value, gross amount not offset on Balance sheet | 26,781 | 34,912 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 286,252 | 180,437 |
Derivative Liability, Fair Value, Gross Liability | 421,054 | 293,330 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 12,983 | 3,898 |
Derivative liability, fair value, gross amount not offset on balance sheet | 26,781 | 34,912 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 381,290 | 254,520 |
Not Designated as Hedging Instrument | Foreign exchange derivatives | ||
Reconciliation of gross and net fair value of assets and liabilities subject to offsetting arrangements [Line Items] | ||
Gross Amounts Recognized | 15,401 | 8,779 |
Derivative asset, fair value, gross amount not offset on Balance sheet | 8,703 | 3,636 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 6,698 | 5,143 |
Derivative Liability, Fair Value, Gross Liability | 24,701 | 19,931 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative liability, fair value, gross amount not offset on balance sheet | 8,703 | 3,636 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 15,998 | 16,295 |
Not Designated as Hedging Instrument | Embedded derivative asset | ||
Reconciliation of gross and net fair value of assets and liabilities subject to offsetting arrangements [Line Items] | ||
Gross Amounts Recognized | 23,595 | 25,533 |
Derivative asset, fair value, gross amount not offset on Balance sheet | 0 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 23,595 | $ 25,533 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2017USD ($) | Nov. 30, 2016USD ($) | May 31, 2016USD ($)derivative | Feb. 29, 2016USD ($)derivative | Nov. 30, 2015USD ($)derivative | Aug. 31, 2018USD ($) | Aug. 31, 2017USD ($) | Aug. 31, 2015USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Asset, Noncurrent, Excluding Fair Value Hedges | $ 23.1 | $ 30.9 | ||||||
Annual Payment Receivable Contingent On Investment Credit Rating | 5 | |||||||
Embedded Derivative, Gain on Embedded Derivative | $ 29.1 | 30.5 | ||||||
Payments For Credit Rating Decrease | $ 5 | $ 5 | ||||||
Embedded Derivative, Fair Value of Embedded Derivative Asset | 23.6 | |||||||
Derivative Liability, Noncurrent, Excluding Fair Value Hedges | 7.9 | 12.3 | ||||||
Foreign exchange derivatives | Not Designated as Hedging Instrument | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Notional Amount | 988.8 | $ 776.7 | ||||||
Interest rate swap derivatives | Designated as Hedging Instrument | Fair Value Hedging [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Notional Amount | $ 495 | |||||||
Interest rate swap derivatives | Designated as Hedging Instrument | Cash Flow Hedging [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Notional Amount | $ 300 | |||||||
Cash paid to settle derivatives | $ 5.1 | $ 5.3 | $ 6.4 | |||||
Derivatives settled, number | derivative | 2 | 2 | 2 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Hedging Activities - Derivative Assets and Liabilities Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 139,967 | $ 184,366 | $ (84,307) |
Commodity derivatives | Cost of goods sold | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 162,321 | 168,569 | (67,014) |
Foreign exchange derivatives | Cost of goods sold | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (26,010) | (13,140) | (10,904) |
Foreign exchange derivatives | Marketing, general and administrative | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 596 | (1,604) | (97) |
Interest rate derivatives | Interest expense | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1) | 8 | (6,292) |
Embedded derivative asset | Other income (loss) | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 3,061 | $ 30,533 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Hedging Activities - Purchase and Sales Contracts Outstanding (Details) - Not Designated as Hedging Instrument t in Thousands, T in Thousands, MMBtu in Thousands, Bushels in Thousands, Barrels in Thousands | Aug. 31, 2018TtBushelsMMBtuBarrels | Aug. 31, 2017TtBushelsMMBtuBarrels |
Grain and oilseed contracts [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Bushels | 715,866 | 569,243 |
Grain and oilseed contracts [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Bushels | 929,873 | 767,110 |
Energy products [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Barrels | 17,011 | 15,072 |
Energy products [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Barrels | 8,329 | 18,252 |
Processed grain and oilseed contracts [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 1,064 | 299 |
Processed grain and oilseed contracts [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 2,875 | 2,347 |
Crop nutrient contracts | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 11 | 9 |
Crop nutrient contracts | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 76 | 15 |
Ocean freight contracts | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | t | 227 | 160 |
Ocean freight contracts | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | t | 45 | 198 |
Natural gas contracts [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBtu | 610 | 500 |
Natural gas contracts [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBtu | 0 | 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments and Hedging Activities - Derivative Instruments Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 445,755 | $ 313,261 |
Gross Amounts Recognized | $ 352,029 | $ 249,661 |
Derivative Financial Instrume_8
Derivative Financial Instruments and Hedging Activities - Fair Value of Derivative Instruments Designated as Fair Value Hedges (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Derivative [Line Items] | ||
Derivative asset | $ 352,029 | $ 249,661 |
Derivative liability | 445,755 | 313,261 |
Designated as Hedging Instrument | Interest rate swap derivatives | ||
Derivative [Line Items] | ||
Derivative asset | 0 | 9,978 |
Derivative liability | 9,452 | 707 |
Designated as Hedging Instrument | Derivative assets | Interest rate swap derivatives | ||
Derivative [Line Items] | ||
Derivative asset | 0 | 0 |
Designated as Hedging Instrument | Derivative liabilities | Interest rate swap derivatives | ||
Derivative [Line Items] | ||
Derivative liability | 771 | 0 |
Designated as Hedging Instrument | Other assets | Interest rate swap derivatives | ||
Derivative [Line Items] | ||
Derivative asset | 0 | 9,978 |
Designated as Hedging Instrument | Other liabilities | Interest rate swap derivatives | ||
Derivative [Line Items] | ||
Derivative liability | $ 8,681 | $ 707 |
Derivative Financial Instrume_9
Derivative Financial Instruments and Hedging Activities - Pretax Gains (Losses) on Derivatives Accounted for as Hedging Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 0 | $ 0 | $ 0 |
Interest expense | Interest rate swap derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 18,723 | 12,806 | (9,842) |
Interest expense | Hedged item | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (18,723) | $ (12,806) | $ 9,842 |
Derivative Financial Instrum_10
Derivative Financial Instruments and Hedging Activities - Location and Carrying Amount of Hedged Liabilities (Details) - Designated as Hedging Instrument - Long-term debt - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Derivative [Line Items] | ||
Carrying Amount of Hedged Liabilities | $ 485,548 | $ 504,271 |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities | $ 9,452 | $ (9,271) |
Derivative Financial Instrum_11
Derivative Financial Instruments and Hedging Activities - Pretax Gains (Losses) Recorded in Other Comprehensive Income Relating to Cash Flow Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Interest rate derivatives | $ 178 | $ 0 | $ (10,070) |
Derivative Financial Instrum_12
Derivative Financial Instruments and Hedging Activities - Pretax Gains (Losses) Relating to Cash Flow Hedges Reclassified from AOCL into Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate derivatives | $ (1,704) | $ (1,742) | $ (5,071) |
Fair Value Measurements - Recu
Fair Value Measurements - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | $ 23,600 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation Assets, at Fair Value | 39,073 | $ 52,414 |
Deferred Consideration Receivable, Fair Value Disclosure | 548,602 | |
Embedded Derivative, Fair Value of Embedded Derivative Asset | 23,595 | 25,533 |
Other assets | 5,334 | 14,846 |
Total assets | 397,249 | 875,501 |
Total liabilities | 455,842 | 313,968 |
Fair Value, Measurements, Recurring | 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, at Fair Value | 39,073 | 52,414 |
Deferred Consideration Receivable, Fair Value Disclosure | 0 | |
Embedded Derivative, Fair Value of Embedded Derivative Asset | 0 | 0 |
Other assets | 5,334 | 14,846 |
Total assets | 98,894 | 115,743 |
Total liabilities | 31,778 | 31,190 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation Assets, at Fair Value | 0 | 0 |
Deferred Consideration Receivable, Fair Value Disclosure | 0 | |
Embedded Derivative, Fair Value of Embedded Derivative Asset | 23,595 | 25,533 |
Other assets | 0 | 0 |
Total assets | 298,355 | 211,156 |
Total liabilities | 424,064 | 282,778 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation Assets, at Fair Value | 0 | 0 |
Deferred Consideration Receivable, Fair Value Disclosure | 548,602 | |
Embedded Derivative, Fair Value of Embedded Derivative Asset | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 0 | 548,602 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Commodity derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 313,846 | 215,349 |
Derivative Liability | 421,689 | 293,330 |
Fair Value, Measurements, Recurring | Commodity 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 | 54,487 | 48,483 |
Derivative Liability | 31,778 | 31,190 |
Fair Value, Measurements, Recurring | Commodity derivatives | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 259,359 | 166,866 |
Derivative Liability | 389,911 | 262,140 |
Fair Value, Measurements, Recurring | Commodity derivatives | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring | Foreign currency derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 15,401 | 8,779 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 24,701 | 19,931 |
Fair Value, Measurements, Recurring | 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 Contract, Asset, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 15,401 | 8,779 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 24,701 | 19,931 |
Fair Value, Measurements, Recurring | Foreign currency derivatives | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Interest rate swap derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 9,978 | |
Derivative Liability | 9,452 | 707 |
Fair Value, Measurements, Recurring | 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 | 0 | 0 |
Fair Value, Measurements, Recurring | 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 | 9,452 | 707 |
Fair Value, Measurements, Recurring | Interest rate swap derivatives | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | |
Derivative Liability | $ 0 | $ 0 |
Commitments and Contingencies
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Guarantees [Abstract] | |||
Maximum guarantees allowed by bank covenants | $ 1,000 | ||
Guarantor obligations, maximum exposure, undiscounted | 122.3 | ||
Lease Commitments | |||
Operating leases, rent expense, net | 88.5 | $ 81.3 | $ 74.7 |
Sale-leaseback transaction, lease arrangement term | 20 years | ||
Sale leaseback transaction, annual rent | $ 3.4 | ||
Sale leaseback transaction, annual rent increase | 2.00% | ||
CHS Capital | |||
Credit Commitments [Abstract] | |||
CHS Capital long-term notes receivable additional available credit of counterparty | $ 706.3 | ||
Minimum | |||
Lease Commitments | |||
Operating leases, terms of contract | 1 year | ||
Maximum | |||
Lease Commitments | |||
Operating leases, terms of contract | 19 years |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Minimum Future Lease Payments Required Under Noncancelable Operating Leases (Details) $ in Thousands | Aug. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 103,800 |
2,020 | 50,653 |
2,021 | 41,428 |
2,022 | 29,733 |
2,023 | 22,648 |
Thereafter | 103,800 |
Total minimum future lease payments | $ 352,062 |
Commitments and Contingencies_3
Commitments and Contingencies - Unconditional Purchase Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |||
Total payments under unconditional purchase obligation arrangements | $ 61,400 | $ 70,500 | $ 88,000 |
Minimum | |||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |||
Long-term unconditional purchase obligations, Total | 639,010 | ||
2,019 | 54,631 | ||
2,020 | 57,152 | ||
2,021 | 57,523 | ||
2,022 | 57,947 | ||
2,023 | 58,372 | ||
Thereafter | $ 353,385 |
Supplemental Cash Flow and Ot_3
Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Jun. 30, 2018 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 |
Net cash paid during the period for: | |||||||||||
Interest | $ 148,874 | $ 160,040 | $ 147,089 | ||||||||
Income taxes | 13,410 | 14,571 | 5,184 | ||||||||
Other significant noncash investing and financing transactions: | |||||||||||
Notes receivable reacquired under Securitization Facility | 615,089 | 0 | 0 | ||||||||
Trade receivables reacquired under Securitization Facility | 402,421 | 0 | 0 | ||||||||
Securitized debt reacquired under Securitization Facility | 634,000 | 0 | 0 | ||||||||
Deferred purchase price receivable extinguished under Securitization Facility | 386,900 | 0 | 0 | ||||||||
Notes receivable sold under Securitization Facility | 0 | 747,345 | 0 | ||||||||
Securitized debt extinguished under Securitization Facility | $ 554,000 | $ 634,000 | 0 | 554,000 | 0 | ||||||
Deferred purchase price receivable recognized under Securitization Facility | 0 | 547,553 | 0 | ||||||||
Land and improvements received for notes receivable | 0 | 138,699 | 0 | ||||||||
Capital expenditures and major repairs incurred but not yet paid | 53,453 | 22,490 | 44,307 | ||||||||
Capital lease obligations incurred | 396 | 6,832 | 23,921 | ||||||||
Capital equity certificates redeemed with preferred stock | 0 | 19,985 | 76,756 | ||||||||
Capital equity certificates issued in exchange for Ag acquisitions | 0 | 2,928 | 19,089 | ||||||||
Accrual of dividends and equities payable | $ 153,941 | $ 12,121 | $ 162,439 | $ 209,718 | $ 128,700 | $ 121,209 | $ 134,718 | $ 131,380 | $ 239,857 |
Related Party Transactions (Det
Related Party Transactions (Details) - Primarily CF Nitrogen, TEMCO, Ardent Mills and Ventura Foods - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Sales | $ 2,928,984 | $ 3,183,944 | $ 2,728,793 |
Purchases | 2,505,185 | 2,610,887 | $ 1,707,990 |
Due from related parties | 31,063 | 33,119 | |
Due to related parties | $ 52,284 | $ 39,232 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | Aug. 31, 2015 |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Cash and cash equivalents | $ 450,617 | $ 533,887 | $ 219,273 | $ 249,767 | $ 181,379 | $ 266,748 | $ 276,137 | $ 516,646 | $ 290,273 | $ 967,717 |
Receivables | 2,460,401 | 2,248,213 | 1,836,490 | 2,058,222 | 1,892,168 | 2,767,967 | 2,767,150 | 3,034,083 | ||
Inventories | 2,768,649 | 2,913,507 | 3,676,325 | 3,111,963 | 2,601,604 | 2,688,949 | 3,730,682 | 3,143,551 | ||
Derivative assets | 329,757 | 250,005 | 251,048 | 166,557 | 218,742 | 206,187 | 233,429 | 277,498 | ||
Margin and related deposits | 151,150 | 253,141 | 188,167 | 206,955 | 206,062 | 251,695 | 290,291 | 312,899 | ||
Supplier advance payments | 288,423 | 426,607 | 658,815 | 542,770 | 249,234 | 431,433 | 701,705 | 476,907 | ||
Other current assets | 244,208 | 190,680 | 296,982 | 270,674 | 281,925 | 265,469 | 196,237 | 187,524 | ||
Assets, Current | 6,693,205 | 6,816,040 | 7,127,100 | 6,606,908 | 5,631,114 | 6,878,448 | 8,195,631 | 7,949,108 | ||
Investments | 3,711,925 | 3,787,163 | 3,752,876 | 3,777,000 | 3,750,993 | 3,841,749 | 3,802,379 | 3,828,899 | ||
Property, plant and equipment | 5,141,719 | 5,140,106 | 5,179,868 | 5,266,408 | 5,356,434 | 5,405,651 | 5,404,347 | 5,443,079 | ||
Other assets | 834,329 | 960,240 | 943,552 | 997,402 | 1,080,381 | 955,532 | 1,056,873 | 1,054,454 | ||
Total assets | 16,381,178 | 16,703,549 | 17,003,396 | 16,647,718 | 15,818,922 | 17,081,380 | 18,459,230 | 18,275,540 | ||
Notes payable | 2,272,196 | 2,868,506 | 3,071,639 | 2,480,264 | 1,985,163 | 3,321,808 | 3,867,438 | 3,227,564 | ||
Current portion of long-term debt | 167,565 | 53,056 | 46,290 | 71,022 | 156,345 | 193,096 | 205,136 | 206,894 | ||
Customer margin deposits and credit balances | 137,395 | 137,999 | 106,323 | 139,868 | 157,914 | 132,479 | 149,625 | 180,850 | ||
Customer advance payments | 409,088 | 372,590 | 756,642 | 413,519 | 423,770 | 391,122 | 897,464 | 543,411 | ||
Accounts payable | 1,844,489 | 1,898,172 | 1,853,974 | 2,444,650 | 1,991,294 | 1,865,803 | 1,919,421 | 2,574,006 | ||
Derivative liabilities | 438,465 | 316,831 | 361,909 | 207,426 | 300,946 | 233,955 | 232,507 | 282,658 | ||
Accrued expenses | 511,032 | 538,249 | 465,032 | 425,912 | 454,996 | 436,111 | 392,058 | 397,446 | ||
Dividends and equities payable | 153,941 | 209,718 | 128,700 | 121,209 | 12,121 | 134,718 | 131,380 | 239,857 | 162,439 | |
Total current liabilities | 5,934,171 | 6,395,121 | 6,790,509 | 6,303,870 | 5,482,549 | 6,709,092 | 7,795,029 | 7,652,686 | ||
Long-term debt | 1,762,690 | 1,905,515 | 1,915,843 | 1,936,744 | 2,023,448 | 2,046,264 | 2,051,567 | 1,958,907 | ||
Long-term deferred tax liabilities | 182,770 | 203,208 | 165,659 | 348,902 | 329,980 | 369,170 | 531,522 | 511,821 | ||
Other liabilities | 336,519 | 278,869 | 265,028 | 315,254 | 277,305 | 276,483 | 272,532 | 332,610 | ||
Commitments and contingencies (Note 15) | ||||||||||
Preferred stock | 2,264,038 | 2,264,038 | 2,264,038 | 2,264,038 | 2,264,038 | 2,264,063 | 2,244,114 | 2,244,132 | ||
Equity certificates | 4,609,456 | 4,253,414 | 4,307,292 | 4,319,840 | 4,341,649 | 4,214,657 | 4,201,803 | 4,194,534 | ||
Accumulated other comprehensive loss | (199,915) | (167,302) | (167,230) | (177,341) | (180,360) | (208,568) | (211,091) | (224,935) | ||
Capital reserves | 1,482,003 | 1,559,040 | 1,450,326 | 1,324,372 | 1,267,808 | 1,397,834 | 1,560,498 | 1,592,434 | 1,485,433 | |
Stockholders' Equity Attributable to Parent | 8,155,582 | 7,909,190 | 7,854,426 | 7,730,909 | 7,693,135 | 7,667,986 | 7,795,324 | 7,806,165 | ||
Noncontrolling interests | 9,446 | 11,646 | 11,931 | 12,039 | 12,505 | 12,385 | 13,256 | 13,351 | ||
Stockholders' equity | 8,165,028 | 7,920,836 | 7,866,357 | 7,742,948 | 7,705,640 | 7,680,371 | 7,808,580 | 7,819,516 | $ 7,759,159 | $ 7,551,439 |
Liabilities and Equity | $ 16,381,178 | $ 16,703,549 | $ 17,003,396 | $ 16,647,718 | $ 15,818,922 | $ 17,081,380 | $ 18,459,230 | $ 18,275,540 |
Quarterly Financial Informati_4
Quarterly Financial Information (Unaudited) - Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Revenues | $ 8,583,982 | $ 9,087,328 | $ 6,980,153 | $ 8,031,884 | $ 7,996,339 | $ 8,638,410 | $ 7,400,773 | $ 8,001,904 | $ 15,012,037 | $ 15,402,677 | $ 24,099,365 | $ 24,041,087 | $ 32,683,347 | $ 32,037,426 | $ 30,355,260 |
Cost of goods sold | 8,192,620 | 8,841,361 | 6,844,849 | 7,711,057 | 7,904,713 | 8,417,264 | 7,165,265 | 7,655,524 | 14,555,906 | 14,820,789 | 23,397,267 | 23,238,053 | 31,589,887 | 31,142,766 | 29,386,515 |
Gross profit | 391,362 | 245,967 | 135,304 | 320,827 | 91,626 | 221,146 | 235,508 | 346,380 | 456,131 | 581,888 | 702,098 | 803,034 | 1,093,460 | 894,660 | 968,745 |
Marketing, general and administrative | 186,291 | 161,579 | 186,713 | 139,500 | 145,236 | 155,347 | 160,166 | 151,258 | 326,213 | 311,424 | 487,792 | 466,771 | 674,083 | 612,007 | 601,266 |
Reserve and impairment charges (recoveries), net | (18,765) | (3,811) | (11,346) | (3,787) | 39,170 | 326,779 | 72,373 | 18,357 | (15,133) | 90,730 | (18,944) | 417,509 | (37,709) | 456,679 | 75,036 |
Operating earnings (loss) | 223,836 | 88,199 | (40,063) | 185,114 | (92,780) | (260,980) | 2,969 | 176,765 | 145,051 | 179,734 | 233,250 | (81,246) | 457,086 | (174,026) | 292,443 |
(Gain) loss on disposal of business | (61) | (124,050) | (7,705) | 0 | 704 | (1,224) | (1,395) | 4,105 | (7,705) | 2,710 | (131,755) | 1,486 | (131,816) | 2,190 | 0 |
Interest expense | 18,984 | 49,340 | 40,176 | 40,702 | 53,828 | 39,201 | 39,945 | 38,265 | 80,878 | 78,210 | 130,218 | 117,411 | 149,202 | 171,239 | 113,704 |
Other (income) loss | (27,015) | (14,622) | (11,364) | (25,014) | (25,407) | (11,952) | (18,083) | (44,509) | (36,378) | (62,592) | (51,000) | (74,544) | (78,015) | (99,951) | (47,609) |
Equity (income) loss from investments | (16,404) | (59,308) | (39,441) | (38,362) | (12,817) | (48,393) | (35,800) | (40,328) | (77,803) | (76,128) | (137,111) | (124,521) | (153,515) | (137,338) | (175,777) |
Income (loss) before income taxes | 248,332 | 236,839 | (21,729) | 207,788 | (109,088) | (238,612) | 18,302 | 219,232 | 186,059 | 237,534 | 422,898 | (1,078) | 671,230 | (110,166) | 402,125 |
Income tax expense (benefit) | 7,787 | 55,219 | (187,688) | 20,606 | (34,761) | (166,124) | 3,685 | 16,076 | (167,082) | 19,761 | (111,863) | (146,363) | (104,076) | (181,124) | 19,099 |
Net income (loss) | 240,545 | 181,620 | 165,959 | 187,182 | (74,327) | (72,488) | 14,617 | 203,156 | 353,141 | 217,773 | 534,761 | 145,285 | 775,306 | 70,958 | 383,026 |
Net income (loss) attributable to noncontrolling interests | 98 | (187) | (48) | (464) | 123 | (955) | 406 | (208) | (512) | 198 | (699) | (757) | (601) | (634) | (223) |
Comprehensive income attributable to CHS Inc. | $ 240,447 | $ 181,807 | $ 166,007 | $ 187,646 | $ (74,450) | $ (71,533) | $ 14,211 | $ 203,364 | $ 353,653 | $ 217,575 | $ 535,460 | $ 146,042 | $ 775,907 | $ 71,592 | $ 383,249 |
Quarterly Financial Informati_5
Quarterly Financial Information (Unaudited) - Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Net income (loss) | $ 240,545 | $ 181,620 | $ 165,959 | $ 187,182 | $ (74,327) | $ (72,488) | $ 14,617 | $ 203,156 | $ 353,141 | $ 217,773 | $ 534,761 | $ 145,285 | $ 775,306 | $ 70,958 | $ 383,026 |
Other comprehensive income (loss), net of tax: | |||||||||||||||
Postretirement benefit plan activity | 11,913 | 3,417 | 3,142 | 1,594 | 22,103 | 3,636 | 3,724 | 3,239 | 4,736 | 6,963 | 8,153 | 10,599 | 20,066 | 32,702 | 6,583 |
Unrealized net gain (loss) on available for sale investments | (16,628) | 6,286 | 3,554 | 3,640 | 2,758 | (118) | 968 | 777 | 7,194 | 1,745 | 13,480 | 1,627 | (3,148) | 4,385 | 1,500 |
Cash flow hedges | 1,068 | 413 | 1,063 | (4) | 249 | 375 | 964 | 654 | 1,059 | 1,618 | 1,472 | 1,993 | 2,540 | 2,242 | (3,872) |
Foreign currency translation adjustment | (1,974) | (10,188) | 2,352 | (2,211) | 3,098 | (1,369) | 8,187 | (18,075) | 141 | (9,888) | (10,047) | (11,257) | (12,021) | (8,159) | (2,904) |
Other comprehensive income (loss), net of tax | (5,621) | (72) | 10,111 | 3,019 | 28,208 | 2,524 | 13,843 | (13,405) | 13,130 | 438 | 13,058 | 2,962 | 7,437 | 31,170 | 1,307 |
Comprehensive income | 234,924 | 181,548 | 176,070 | 190,201 | (46,119) | (69,964) | 28,460 | 189,751 | 366,271 | 218,211 | 547,819 | 148,247 | 782,743 | 102,128 | 384,333 |
Less comprehensive income attributable to noncontrolling interests | 98 | (187) | (48) | (464) | 123 | (955) | 406 | (208) | (512) | 198 | (699) | (757) | (601) | (634) | (223) |
Comprehensive income attributable to CHS Inc. | $ 234,826 | $ 181,735 | $ 176,118 | $ 190,665 | $ (46,242) | $ (69,009) | $ 28,054 | $ 189,959 | $ 366,783 | $ 218,013 | $ 548,518 | $ 149,004 | $ 783,344 | $ 102,762 | $ 384,556 |
Quarterly Financial Informati_6
Quarterly Financial Information (Unaudited) - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Goodwill | $ 138,464,000 | $ 138,454,000 | $ 138,464,000 | $ 138,454,000 | $ 144,284,000 | ||||||||||
Other (income) loss | $ (27,015,000) | $ (14,622,000) | $ (11,364,000) | $ (25,014,000) | (25,407,000) | $ (11,952,000) | $ (18,083,000) | $ (44,509,000) | $ (36,378,000) | $ (62,592,000) | $ (51,000,000) | $ (74,544,000) | $ (78,015,000) | (99,951,000) | (47,609,000) |
Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Goodwill | (16,130,000) | ||||||||||||||
Other (income) loss | 0 | 0 | 0 | $ (743,000) | (5,000) | (848,000) | (7,509,000) | 0 | (8,357,000) | 0 | (8,361,000) | (9,105,000) | 0 | ||
Reclassification | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
(Gain) loss on investments | (4,100,000) | (2,800,000) | (2,900,000) | 7,400,000 | (4,600,000) | (9,300,000) | |||||||||
Other (income) loss | (4,100) | (2,800) | (2,900) | (7,400) | $ (4,600,000) | $ (9,300,000) | |||||||||
Freight Derivatives and Related Misstatements | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Goodwill | $ (16,000,000) | $ (16,000,000) | $ (16,000,000) | $ 16,000,000 | $ (16,000,000) | $ (16,000,000) | $ (16,000,000) | $ (16,000,000) | $ (16,000,000) | $ 16,000,000 |
Quarterly Financial Informati_7
Quarterly Financial Information (Unaudited) - Impacts of the Restatement Adjustments to the Previously Reported Consolidated Balance Sheets (Details) - USD ($) | Jul. 31, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | Aug. 31, 2015 |
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ 450,617,000 | $ 533,887,000 | $ 219,273,000 | $ 249,767,000 | $ 181,379,000 | $ 266,748,000 | $ 276,137,000 | $ 516,646,000 | $ 219,273,000 | $ 276,137,000 | $ 533,887,000 | $ 266,748,000 | $ 450,617,000 | $ 181,379,000 | $ 290,273,000 | $ 967,717,000 | |
Receivables | 2,460,401,000 | 2,248,213,000 | 1,836,490,000 | 2,058,222,000 | 1,892,168,000 | 2,767,967,000 | 2,767,150,000 | 3,034,083,000 | 1,836,490,000 | 2,767,150,000 | 2,248,213,000 | 2,767,967,000 | 2,460,401,000 | 1,892,168,000 | |||
Inventories | (2,768,649,000) | (2,913,507,000) | (3,676,325,000) | (3,111,963,000) | (2,601,604,000) | (2,688,949,000) | (3,730,682,000) | (3,143,551,000) | (3,676,325,000) | (3,730,682,000) | (2,913,507,000) | (2,688,949,000) | (2,768,649,000) | (2,601,604,000) | |||
Derivative assets | (329,757,000) | (250,005,000) | (251,048,000) | (166,557,000) | (218,742,000) | (206,187,000) | (233,429,000) | (277,498,000) | (251,048,000) | (233,429,000) | (250,005,000) | (206,187,000) | (329,757,000) | (218,742,000) | |||
Margin and related deposits | 151,150,000 | 253,141,000 | 188,167,000 | 206,955,000 | 206,062,000 | 251,695,000 | 290,291,000 | 312,899,000 | 188,167,000 | 290,291,000 | 253,141,000 | 251,695,000 | 151,150,000 | 206,062,000 | |||
Supplier advance payments | 288,423,000 | 426,607,000 | 658,815,000 | 542,770,000 | 249,234,000 | 431,433,000 | 701,705,000 | 476,907,000 | 658,815,000 | 701,705,000 | 426,607,000 | 431,433,000 | 288,423,000 | 249,234,000 | |||
Other current assets | (244,208,000) | (190,680,000) | (296,982,000) | (270,674,000) | (281,925,000) | (265,469,000) | (196,237,000) | (187,524,000) | (296,982,000) | (196,237,000) | (190,680,000) | (265,469,000) | (244,208,000) | (281,925,000) | |||
Total current assets | 6,693,205,000 | 6,816,040,000 | 7,127,100,000 | 6,606,908,000 | 5,631,114,000 | 6,878,448,000 | 8,195,631,000 | 7,949,108,000 | 7,127,100,000 | 8,195,631,000 | 6,816,040,000 | 6,878,448,000 | 6,693,205,000 | 5,631,114,000 | |||
Investments | 3,711,925,000 | 3,787,163,000 | 3,752,876,000 | 3,777,000,000 | 3,750,993,000 | 3,841,749,000 | 3,802,379,000 | 3,828,899,000 | 3,752,876,000 | 3,802,379,000 | 3,787,163,000 | 3,841,749,000 | 3,711,925,000 | 3,750,993,000 | |||
Property, plant and equipment | 5,141,719,000 | 5,140,106,000 | 5,179,868,000 | 5,266,408,000 | 5,356,434,000 | 5,405,651,000 | 5,404,347,000 | 5,443,079,000 | 5,179,868,000 | 5,404,347,000 | 5,140,106,000 | 5,405,651,000 | 5,141,719,000 | 5,356,434,000 | |||
Other assets | 834,329,000 | 960,240,000 | 943,552,000 | 997,402,000 | 1,080,381,000 | 955,532,000 | 1,056,873,000 | 1,054,454,000 | 943,552,000 | 1,056,873,000 | 960,240,000 | 955,532,000 | 834,329,000 | 1,080,381,000 | |||
Total assets | (16,381,178,000) | (16,703,549,000) | (17,003,396,000) | (16,647,718,000) | (15,818,922,000) | (17,081,380,000) | (18,459,230,000) | (18,275,540,000) | (17,003,396,000) | (18,459,230,000) | (16,703,549,000) | (17,081,380,000) | (16,381,178,000) | (15,818,922,000) | |||
Current liabilities: | |||||||||||||||||
Notes payable | 2,272,196,000 | 2,868,506,000 | 3,071,639,000 | 2,480,264,000 | 1,985,163,000 | 3,321,808,000 | 3,867,438,000 | 3,227,564,000 | 3,071,639,000 | 3,867,438,000 | 2,868,506,000 | 3,321,808,000 | 2,272,196,000 | 1,985,163,000 | |||
Current portion of long-term debt | 167,565,000 | 53,056,000 | 46,290,000 | 71,022,000 | 156,345,000 | 193,096,000 | 205,136,000 | 206,894,000 | 46,290,000 | 205,136,000 | 53,056,000 | 193,096,000 | 167,565,000 | 156,345,000 | |||
Customer margin deposits and credit balances | 137,395,000 | 137,999,000 | 106,323,000 | 139,868,000 | 157,914,000 | 132,479,000 | 149,625,000 | 180,850,000 | 106,323,000 | 149,625,000 | 137,999,000 | 132,479,000 | 137,395,000 | 157,914,000 | |||
Customer advance payments | 409,088,000 | 372,590,000 | 756,642,000 | 413,519,000 | 423,770,000 | 391,122,000 | 897,464,000 | 543,411,000 | 756,642,000 | 897,464,000 | 372,590,000 | 391,122,000 | 409,088,000 | 423,770,000 | |||
Accounts payable | 1,844,489,000 | 1,898,172,000 | 1,853,974,000 | 2,444,650,000 | 1,991,294,000 | 1,865,803,000 | 1,919,421,000 | 2,574,006,000 | 1,853,974,000 | 1,919,421,000 | 1,898,172,000 | 1,865,803,000 | 1,844,489,000 | 1,991,294,000 | |||
Derivative liabilities | 438,465,000 | 316,831,000 | 361,909,000 | 207,426,000 | 300,946,000 | 233,955,000 | 232,507,000 | 282,658,000 | 361,909,000 | 232,507,000 | 316,831,000 | 233,955,000 | 438,465,000 | 300,946,000 | |||
Accrued expenses | 511,032,000 | 538,249,000 | 465,032,000 | 425,912,000 | 454,996,000 | 436,111,000 | 392,058,000 | 397,446,000 | 465,032,000 | 392,058,000 | 538,249,000 | 436,111,000 | 511,032,000 | 454,996,000 | |||
Dividends and equities payable | 153,941,000 | 209,718,000 | 128,700,000 | 121,209,000 | 12,121,000 | 134,718,000 | 131,380,000 | 239,857,000 | 128,700,000 | 131,380,000 | 209,718,000 | 134,718,000 | 153,941,000 | 12,121,000 | 162,439,000 | ||
Total current liabilities | 5,934,171,000 | 6,395,121,000 | 6,790,509,000 | 6,303,870,000 | 5,482,549,000 | 6,709,092,000 | 7,795,029,000 | 7,652,686,000 | 6,790,509,000 | 7,795,029,000 | 6,395,121,000 | 6,709,092,000 | 5,934,171,000 | 5,482,549,000 | |||
Long-term debt | 1,762,690,000 | 1,905,515,000 | 1,915,843,000 | 1,936,744,000 | 2,023,448,000 | 2,046,264,000 | 2,051,567,000 | 1,958,907,000 | 1,915,843,000 | 2,051,567,000 | 1,905,515,000 | 2,046,264,000 | 1,762,690,000 | 2,023,448,000 | |||
Long-term deferred tax liabilities | 182,770,000 | 203,208,000 | 165,659,000 | 348,902,000 | 329,980,000 | 369,170,000 | 531,522,000 | 511,821,000 | 165,659,000 | 531,522,000 | 203,208,000 | 369,170,000 | 182,770,000 | 329,980,000 | |||
Other liabilities | 336,519,000 | 278,869,000 | 265,028,000 | 315,254,000 | 277,305,000 | 276,483,000 | 272,532,000 | 332,610,000 | 265,028,000 | 272,532,000 | 278,869,000 | 276,483,000 | 336,519,000 | 277,305,000 | |||
Commitments and contingencies (Note 15) | |||||||||||||||||
Equities: | |||||||||||||||||
Preferred stock | 2,264,038,000 | 2,264,038,000 | 2,264,038,000 | 2,264,038,000 | 2,264,038,000 | 2,264,063,000 | 2,244,114,000 | 2,244,132,000 | 2,264,038,000 | 2,244,114,000 | 2,264,038,000 | 2,264,063,000 | 2,264,038,000 | 2,264,038,000 | |||
Equity certificates | 4,609,456,000 | 4,253,414,000 | 4,307,292,000 | 4,319,840,000 | 4,341,649,000 | 4,214,657,000 | 4,201,803,000 | 4,194,534,000 | 4,307,292,000 | 4,201,803,000 | 4,253,414,000 | 4,214,657,000 | 4,609,456,000 | 4,341,649,000 | |||
Accumulated other comprehensive loss | (199,915,000) | (167,302,000) | (167,230,000) | (177,341,000) | (180,360,000) | (208,568,000) | (211,091,000) | (224,935,000) | (167,230,000) | (211,091,000) | (167,302,000) | (208,568,000) | (199,915,000) | (180,360,000) | |||
Capital reserves | 1,482,003,000 | 1,559,040,000 | 1,450,326,000 | 1,324,372,000 | 1,267,808,000 | 1,397,834,000 | 1,560,498,000 | 1,592,434,000 | 1,450,326,000 | 1,560,498,000 | 1,559,040,000 | 1,397,834,000 | 1,482,003,000 | 1,267,808,000 | 1,485,433,000 | ||
Total CHS Inc. equities | 8,155,582,000 | 7,909,190,000 | 7,854,426,000 | 7,730,909,000 | 7,693,135,000 | 7,667,986,000 | 7,795,324,000 | 7,806,165,000 | 7,854,426,000 | 7,795,324,000 | 7,909,190,000 | 7,667,986,000 | 8,155,582,000 | 7,693,135,000 | |||
Noncontrolling interests | 9,446,000 | 11,646,000 | 11,931,000 | 12,039,000 | 12,505,000 | 12,385,000 | 13,256,000 | 13,351,000 | 11,931,000 | 13,256,000 | 11,646,000 | 12,385,000 | 9,446,000 | 12,505,000 | |||
Total equities | 8,165,028,000 | 7,920,836,000 | 7,866,357,000 | 7,742,948,000 | 7,705,640,000 | 7,680,371,000 | 7,808,580,000 | 7,819,516,000 | 7,866,357,000 | 7,808,580,000 | 7,920,836,000 | 7,680,371,000 | 8,165,028,000 | 7,705,640,000 | 7,759,159,000 | 7,551,439,000 | |
Total liabilities and equities | 16,381,178,000 | 16,703,549,000 | 17,003,396,000 | 16,647,718,000 | 15,818,922,000 | 17,081,380,000 | 18,459,230,000 | 18,275,540,000 | 17,003,396,000 | 18,459,230,000 | 16,703,549,000 | 17,081,380,000 | 16,381,178,000 | 15,818,922,000 | |||
Goodwill | 138,464,000 | 138,454,000 | 138,464,000 | 138,454,000 | 144,284,000 | ||||||||||||
Long-term derivative assets | 23,084,000 | 40,897,000 | 23,084,000 | 40,897,000 | |||||||||||||
Goodwill impairment | $ 0 | 5,500,000 | 5,542,000 | ||||||||||||||
Reserve and impairment charges (recoveries), net | $ (18,765,000) | (3,811,000) | (11,346,000) | (3,787,000) | 39,170,000 | 326,779,000 | 72,373,000 | 18,357,000 | (15,133,000) | 90,730,000 | (18,944,000) | 417,509,000 | $ (37,709,000) | 456,679,000 | 75,036,000 | ||
As Previously Reported | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | 533,887,000 | 190,426,000 | 252,129,000 | 181,379,000 | 267,229,000 | 249,801,000 | 515,484,000 | 190,426,000 | 249,801,000 | 533,887,000 | 267,229,000 | 181,379,000 | 279,313,000 | 953,813,000 | |||
Receivables | 2,198,211,000 | 1,765,640,000 | 2,059,623,000 | 1,869,632,000 | 2,722,325,000 | 2,697,699,000 | 3,052,989,000 | 1,765,640,000 | 2,697,699,000 | 2,198,211,000 | 2,722,325,000 | 1,869,632,000 | |||||
Inventories | (2,940,907,000) | (3,650,158,000) | (3,046,101,000) | (2,576,585,000) | (2,684,087,000) | (3,752,218,000) | (3,117,935,000) | (3,650,158,000) | (3,752,218,000) | (2,940,907,000) | (2,684,087,000) | (2,576,585,000) | |||||
Derivative assets | (483,794,000) | (429,625,000) | (283,256,000) | (232,017,000) | (388,188,000) | (386,613,000) | (419,103,000) | (429,625,000) | (386,613,000) | (483,794,000) | (388,188,000) | (232,017,000) | |||||
Margin and related deposits | 253,141,000 | 188,167,000 | 206,955,000 | 206,062,000 | 251,695,000 | 290,291,000 | 312,899,000 | 188,167,000 | 290,291,000 | 253,141,000 | 251,695,000 | 206,062,000 | |||||
Supplier advance payments | 426,607,000 | 658,815,000 | 542,139,000 | 249,234,000 | 431,433,000 | 701,705,000 | 480,709,000 | 658,815,000 | 701,705,000 | 426,607,000 | 431,433,000 | 249,234,000 | |||||
Other current assets | (198,078,000) | (310,674,000) | (289,250,000) | (299,618,000) | (255,236,000) | (200,288,000) | (189,896,000) | (310,674,000) | (200,288,000) | (198,078,000) | (255,236,000) | (299,618,000) | |||||
Total current assets | 7,034,625,000 | 7,193,505,000 | 6,679,453,000 | 5,614,527,000 | 7,000,193,000 | 8,278,615,000 | 8,089,015,000 | 7,193,505,000 | 8,278,615,000 | 7,034,625,000 | 7,000,193,000 | 5,614,527,000 | |||||
Investments | 3,787,163,000 | 3,752,876,000 | 3,777,000,000 | 3,750,993,000 | 3,841,749,000 | 3,802,379,000 | 3,828,899,000 | 3,752,876,000 | 3,802,379,000 | 3,787,163,000 | 3,841,749,000 | 3,750,993,000 | |||||
Property, plant and equipment | 5,140,106,000 | 5,179,868,000 | 5,266,408,000 | 5,356,434,000 | 5,409,151,000 | 5,404,347,000 | 5,443,079,000 | 5,179,868,000 | 5,404,347,000 | 5,140,106,000 | 5,409,151,000 | 5,356,434,000 | |||||
Other assets | 973,885,000 | 958,613,000 | 1,061,562,000 | 1,251,802,000 | 970,704,000 | 1,072,824,000 | 1,069,468,000 | 958,613,000 | 1,072,824,000 | 973,885,000 | 970,704,000 | 1,251,802,000 | |||||
Total assets | (16,935,779,000) | (17,084,862,000) | (16,784,423,000) | (15,973,756,000) | (17,221,797,000) | (18,558,165,000) | (18,430,461,000) | (17,084,862,000) | (18,558,165,000) | (16,935,779,000) | (17,221,797,000) | (15,973,756,000) | |||||
Current liabilities: | |||||||||||||||||
Notes payable | 2,819,086,000 | 2,993,456,000 | 2,480,264,000 | 1,988,215,000 | 3,321,808,000 | 3,867,438,000 | 3,227,564,000 | 2,993,456,000 | 3,867,438,000 | 2,819,086,000 | 3,321,808,000 | 1,988,215,000 | |||||
Current portion of long-term debt | 53,056,000 | 46,290,000 | 71,022,000 | 156,345,000 | 193,096,000 | 205,136,000 | 206,894,000 | 46,290,000 | 205,136,000 | 53,056,000 | 193,096,000 | 156,345,000 | |||||
Customer margin deposits and credit balances | 137,999,000 | 106,323,000 | 139,868,000 | 157,914,000 | 132,479,000 | 149,625,000 | 180,850,000 | 106,323,000 | 149,625,000 | 137,999,000 | 132,479,000 | 157,914,000 | |||||
Customer advance payments | 372,616,000 | 727,535,000 | 414,441,000 | 413,163,000 | 390,576,000 | 871,370,000 | 544,266,000 | 727,535,000 | 871,370,000 | 372,616,000 | 390,576,000 | 413,163,000 | |||||
Accounts payable | 1,904,819,000 | 1,835,289,000 | 2,380,998,000 | 1,951,292,000 | 1,809,868,000 | 1,877,040,000 | 2,568,533,000 | 1,835,289,000 | 1,877,040,000 | 1,904,819,000 | 1,809,868,000 | 1,951,292,000 | |||||
Derivative liabilities | 344,973,000 | 372,406,000 | 226,279,000 | 316,018,000 | 284,212,000 | 275,484,000 | 317,505,000 | 372,406,000 | 275,484,000 | 344,973,000 | 284,212,000 | 316,018,000 | |||||
Accrued expenses | 538,249,000 | 459,867,000 | 409,522,000 | 437,527,000 | 422,371,000 | 378,318,000 | 389,321,000 | 459,867,000 | 378,318,000 | 538,249,000 | 422,371,000 | 437,527,000 | |||||
Dividends and equities payable | 209,718,000 | 128,700,000 | 121,209,000 | 12,121,000 | 134,718,000 | 131,380,000 | 275,448,000 | 128,700,000 | 131,380,000 | 209,718,000 | 134,718,000 | 12,121,000 | |||||
Total current liabilities | 6,380,516,000 | 6,669,866,000 | 6,243,603,000 | 5,432,595,000 | 6,689,128,000 | 7,755,791,000 | 7,710,381,000 | 6,669,866,000 | 7,755,791,000 | 6,380,516,000 | 6,689,128,000 | 5,432,595,000 | |||||
Long-term debt | 1,905,515,000 | 1,915,843,000 | 1,936,744,000 | 2,023,448,000 | 2,046,264,000 | 2,051,567,000 | 1,958,907,000 | 1,915,843,000 | 2,051,567,000 | 1,905,515,000 | 2,046,264,000 | 2,023,448,000 | |||||
Long-term deferred tax liabilities | 207,912,000 | 171,844,000 | 350,841,000 | 333,221,000 | 350,966,000 | 516,681,000 | 497,283,000 | 171,844,000 | 516,681,000 | 207,912,000 | 350,966,000 | 333,221,000 | |||||
Other liabilities | 279,303,000 | 265,349,000 | 315,460,000 | 278,667,000 | 276,483,000 | 272,532,000 | 332,610,000 | 265,349,000 | 272,532,000 | 279,303,000 | 276,483,000 | 278,667,000 | |||||
Commitments and contingencies (Note 15) | |||||||||||||||||
Equities: | |||||||||||||||||
Preferred stock | 2,264,038,000 | 2,264,038,000 | 2,264,038,000 | 2,264,038,000 | 2,264,063,000 | 2,244,114,000 | 2,244,132,000 | 2,264,038,000 | 2,244,114,000 | 2,264,038,000 | 2,264,063,000 | 2,264,038,000 | |||||
Equity certificates | 4,253,414,000 | 4,307,292,000 | 4,319,840,000 | 4,341,649,000 | 4,214,657,000 | 4,201,803,000 | 4,208,336,000 | 4,307,292,000 | 4,201,803,000 | 4,253,414,000 | 4,214,657,000 | 4,341,649,000 | |||||
Accumulated other comprehensive loss | (169,726,000) | (168,225,000) | (178,445,000) | (183,670,000) | (209,700,000) | (211,442,000) | (226,220,000) | (168,225,000) | (211,442,000) | (169,726,000) | (209,700,000) | (183,670,000) | |||||
Capital reserves | 1,803,078,000 | 1,646,837,000 | 1,520,218,000 | 1,471,217,000 | 1,577,469,000 | 1,713,784,000 | 1,691,603,000 | 1,646,837,000 | 1,713,784,000 | 1,803,078,000 | 1,577,469,000 | 1,471,217,000 | 1,604,670,000 | ||||
Total CHS Inc. equities | 8,150,804,000 | 8,049,942,000 | 7,925,651,000 | 7,893,234,000 | 7,846,489,000 | 7,948,259,000 | 7,917,851,000 | 8,049,942,000 | 7,948,259,000 | 8,150,804,000 | 7,846,489,000 | 7,893,234,000 | |||||
Noncontrolling interests | 11,729,000 | 12,018,000 | 12,124,000 | 12,591,000 | 12,467,000 | 13,335,000 | 13,429,000 | 12,018,000 | 13,335,000 | 11,729,000 | 12,467,000 | 12,591,000 | |||||
Total equities | 8,162,533,000 | 8,061,960,000 | 7,937,775,000 | 7,905,825,000 | 7,858,956,000 | 7,961,594,000 | 7,931,280,000 | 8,061,960,000 | 7,961,594,000 | 8,162,533,000 | 7,858,956,000 | 7,905,825,000 | 7,866,250,000 | 7,669,411,000 | |||
Total liabilities and equities | 16,935,779,000 | 17,084,862,000 | 16,784,423,000 | 15,973,756,000 | 17,221,797,000 | 18,558,165,000 | 18,430,461,000 | 17,084,862,000 | 18,558,165,000 | 16,935,779,000 | 17,221,797,000 | 15,973,756,000 | |||||
Goodwill | 160,414,000 | ||||||||||||||||
Reserve and impairment charges (recoveries), net | (3,811,000) | (11,349,000) | (3,787,000) | 42,670,000 | 323,901,000 | 72,373,000 | 18,357,000 | (15,133,000) | 90,730,000 | (18,944,000) | 414,009,000 | 456,679,000 | 47,836,000 | ||||
Restatement Adjustments | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | 0 | 28,847,000 | (2,362,000) | 0 | (481,000) | 26,336,000 | 1,162,000 | 28,847,000 | 26,336,000 | 0 | (481,000) | 0 | 10,960,000 | 13,904,000 | |||
Receivables | 50,002,000 | 70,850,000 | (1,401,000) | 22,536,000 | 45,642,000 | 69,451,000 | (18,906,000) | 70,850,000 | 69,451,000 | 50,002,000 | 45,642,000 | 22,536,000 | |||||
Inventories | 27,400,000 | (26,167,000) | (65,862,000) | (25,019,000) | (4,862,000) | 21,536,000 | (25,616,000) | (26,167,000) | 21,536,000 | 27,400,000 | (4,862,000) | (25,019,000) | |||||
Derivative assets | 233,789,000 | 178,577,000 | 116,699,000 | 13,275,000 | 182,001,000 | 153,184,000 | 141,605,000 | 178,577,000 | 153,184,000 | 233,789,000 | 182,001,000 | 13,275,000 | |||||
Margin and related deposits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Supplier advance payments | 0 | 0 | 631,000 | 0 | 0 | 0 | (3,802,000) | 0 | 0 | 0 | 0 | 0 | |||||
Other current assets | 7,398,000 | 13,692,000 | 18,576,000 | 17,693,000 | (10,233,000) | 4,051,000 | 2,372,000 | 13,692,000 | 4,051,000 | 7,398,000 | (10,233,000) | 17,693,000 | |||||
Total current assets | (218,585,000) | (66,405,000) | (72,545,000) | 16,587,000 | (121,745,000) | (82,984,000) | (139,907,000) | (66,405,000) | (82,984,000) | (218,585,000) | (121,745,000) | 16,587,000 | |||||
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Property, plant and equipment | 0 | 0 | 0 | 0 | (3,500,000) | 0 | 0 | 0 | 0 | 0 | (3,500,000) | 0 | |||||
Other assets | (13,645,000) | (15,061,000) | (64,160,000) | (171,421,000) | (15,172,000) | (15,951,000) | (15,014,000) | (15,061,000) | (15,951,000) | (13,645,000) | (15,172,000) | (171,421,000) | |||||
Total assets | 232,230,000 | 81,466,000 | 136,705,000 | 154,834,000 | 140,417,000 | 98,935,000 | 154,921,000 | 81,466,000 | 98,935,000 | 232,230,000 | 140,417,000 | 154,834,000 | |||||
Current liabilities: | |||||||||||||||||
Notes payable | 49,420,000 | 78,183,000 | 0 | (3,052,000) | 0 | 0 | 0 | 78,183,000 | 0 | 49,420,000 | 0 | (3,052,000) | |||||
Current portion of long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Customer margin deposits and credit balances | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Customer advance payments | (26,000) | 29,107,000 | (922,000) | 10,607,000 | 546,000 | 26,094,000 | (855,000) | 29,107,000 | 26,094,000 | (26,000) | 546,000 | 10,607,000 | |||||
Accounts payable | (6,647,000) | 18,685,000 | 63,652,000 | 40,002,000 | 55,935,000 | 42,381,000 | 5,473,000 | 18,685,000 | 42,381,000 | (6,647,000) | 55,935,000 | 40,002,000 | |||||
Derivative liabilities | (28,142,000) | (10,497,000) | (18,853,000) | (15,072,000) | (50,257,000) | (42,977,000) | (34,847,000) | (10,497,000) | (42,977,000) | (28,142,000) | (50,257,000) | (15,072,000) | |||||
Accrued expenses | 0 | 5,165,000 | 16,390,000 | 17,469,000 | 13,740,000 | 13,740,000 | 8,125,000 | 5,165,000 | 13,740,000 | 0 | 13,740,000 | 17,469,000 | |||||
Dividends and equities payable | 0 | 0 | 0 | 0 | 0 | 0 | (35,591,000) | 0 | 0 | 0 | 0 | 0 | |||||
Total current liabilities | 14,605,000 | 120,643,000 | 60,267,000 | 49,954,000 | 19,964,000 | 39,238,000 | (57,695,000) | 120,643,000 | 39,238,000 | 14,605,000 | 19,964,000 | 49,954,000 | |||||
Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Long-term deferred tax liabilities | (4,704,000) | (6,185,000) | (1,939,000) | (3,241,000) | 18,204,000 | 14,841,000 | 14,538,000 | (6,185,000) | 14,841,000 | (4,704,000) | 18,204,000 | (3,241,000) | |||||
Other liabilities | (434,000) | (321,000) | (206,000) | (1,362,000) | 0 | 0 | 0 | (321,000) | 0 | (434,000) | 0 | (1,362,000) | |||||
Commitments and contingencies (Note 15) | |||||||||||||||||
Equities: | |||||||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Equity certificates | 0 | 0 | 0 | 0 | 0 | 0 | (13,802,000) | 0 | 0 | 0 | 0 | 0 | |||||
Accumulated other comprehensive loss | 2,424,000 | 995,000 | 1,104,000 | 3,310,000 | 1,132,000 | 351,000 | 1,285,000 | 995,000 | 351,000 | 2,424,000 | 1,132,000 | 3,310,000 | |||||
Capital reserves | (244,038,000) | (196,511,000) | (195,846,000) | (203,409,000) | (179,635,000) | (153,286,000) | (99,169,000) | (196,511,000) | (153,286,000) | (244,038,000) | (179,635,000) | (203,409,000) | (119,237,000) | ||||
Total CHS Inc. equities | (241,614,000) | (195,516,000) | (194,742,000) | (200,099,000) | (178,503,000) | (152,935,000) | (111,686,000) | (195,516,000) | (152,935,000) | (241,614,000) | (178,503,000) | (200,099,000) | |||||
Noncontrolling interests | (83,000) | (87,000) | (85,000) | (86,000) | (82,000) | (79,000) | (78,000) | (87,000) | (79,000) | (83,000) | (82,000) | (86,000) | |||||
Total equities | (241,697,000) | (195,603,000) | (194,827,000) | (200,185,000) | (178,585,000) | (153,014,000) | (111,764,000) | (195,603,000) | (153,014,000) | (241,697,000) | (178,585,000) | (200,185,000) | (107,091,000) | (117,972,000) | |||
Total liabilities and equities | (232,230,000) | (81,466,000) | (136,705,000) | (154,834,000) | (140,417,000) | (98,935,000) | (154,921,000) | (81,466,000) | (98,935,000) | (232,230,000) | (140,417,000) | (154,834,000) | |||||
Goodwill | (16,130,000) | ||||||||||||||||
Reserve and impairment charges (recoveries), net | 0 | 3,000 | 0 | (3,500,000) | 2,878,000 | 0 | 0 | 0 | 0 | 0 | 3,500,000 | 0 | 27,200,000 | ||||
Restatement Adjustments | Freight Derivatives and Related Misstatements | |||||||||||||||||
Current assets: | |||||||||||||||||
Receivables | 500,000 | 4,000,000 | 500,000 | ||||||||||||||
Derivative assets | 233,900,000 | 179,300,000 | 116,800,000 | 12,900,000 | 181,800,000 | 153,000,000 | 141,000,000 | 179,300,000 | 153,000,000 | 233,900,000 | 181,800,000 | 12,900,000 | |||||
Total assets | 229,300,000 | 183,800,000 | 171,700,000 | 174,100,000 | 181,600,000 | 160,300,000 | 145,500,000 | 183,800,000 | 160,300,000 | 229,300,000 | 181,600,000 | 174,100,000 | |||||
Current liabilities: | |||||||||||||||||
Accounts payable | 7,000,000 | 2,300,000 | 8,700,000 | 2,300,000 | 7,000,000 | ||||||||||||
Derivative liabilities | (25,600,000) | (7,100,000) | (16,500,000) | (18,000,000) | (50,300,000) | (43,000,000) | (35,000,000) | (7,100,000) | (43,000,000) | (25,600,000) | (50,300,000) | (18,000,000) | |||||
Total current liabilities | (50,500,000) | (26,800,000) | (38,600,000) | (39,100,000) | (64,000,000) | (61,300,000) | (47,000,000) | (26,800,000) | (61,300,000) | (50,500,000) | (64,000,000) | (39,100,000) | |||||
Long-term deferred tax liabilities | 30,400,000 | 28,900,000 | 30,200,000 | 28,900,000 | 19,100,000 | 15,800,000 | 15,500,000 | 28,900,000 | 15,800,000 | 30,400,000 | 19,100,000 | 28,900,000 | |||||
Equities: | |||||||||||||||||
Total equities | (209,200,000) | 185,900,000 | (163,200,000) | (162,400,000) | 136,800,000 | (114,700,000) | (114,000,000) | 185,900,000 | (114,700,000) | (209,200,000) | 136,800,000 | (162,400,000) | (115,700,000) | (104,600,000) | |||
Goodwill | (16,000,000) | (16,000,000) | (16,000,000) | 16,000,000 | (16,000,000) | (16,000,000) | (16,000,000) | (16,000,000) | (16,000,000) | 16,000,000 | |||||||
Prepaid income taxes | 11,100,000 | 9,700,000 | 8,500,000 | 8,900,000 | 12,900,000 | 6,400,000 | 5,700,000 | 9,700,000 | 6,400,000 | 11,100,000 | 12,900,000 | 8,900,000 | |||||
Prepaid freight capacity | 7,500,000 | 1,100,000 | 1,500,000 | 2,000,000 | 600,000 | 900,000 | 600,000 | 7,500,000 | 2,000,000 | 1,500,000 | |||||||
Long-term derivative assets | (49,200,000) | (156,000,000) | (156,000,000) | ||||||||||||||
Income taxes payable | (24,900,000) | (19,700,000) | (22,200,000) | (21,100,000) | (20,700,000) | (20,700,000) | (20,700,000) | (19,700,000) | (20,700,000) | (24,900,000) | (20,700,000) | (21,100,000) | |||||
Long-term liabilities | 30,400,000 | 28,900,000 | 30,200,000 | 27,500,000 | 19,100,000 | 15,800,000 | 15,500,000 | 28,900,000 | 15,800,000 | 30,400,000 | 19,100,000 | 27,500,000 | |||||
Restatement Adjustments | Intercompany Misstatements | |||||||||||||||||
Current assets: | |||||||||||||||||
Total assets | 6,900,000 | 5,600,000 | 3,400,000 | 4,900,000 | 73,300,000 | 5,600,000 | 4,900,000 | 6,900,000 | |||||||||
Current liabilities: | |||||||||||||||||
Total current liabilities | (6,900,000) | (5,600,000) | (3,400,000) | (4,900,000) | (85,400,000) | (5,600,000) | (4,900,000) | (6,900,000) | |||||||||
Equities: | |||||||||||||||||
Total equities | 12,100,000 | ||||||||||||||||
Restatement Adjustments | Other Misstatements | |||||||||||||||||
Current assets: | |||||||||||||||||
Receivables | 49,400,000 | 78,200,000 | 78,200,000 | 49,400,000 | |||||||||||||
Inventories | (67,500,000) | (49,200,000) | (47,700,000) | (47,700,000) | (49,200,000) | ||||||||||||
Other current assets | 28,100,000 | ||||||||||||||||
Total assets | (3,900,000) | (108,000,000) | (38,400,000) | (19,300,000) | (41,200,000) | (66,300,000) | (63,900,000) | (108,000,000) | (66,300,000) | (3,900,000) | (41,200,000) | (19,300,000) | |||||
Current liabilities: | |||||||||||||||||
Notes payable | 49,400,000 | 78,200,000 | 78,200,000 | 49,400,000 | |||||||||||||
Customer advance payments | 29,100,000 | 26,100,000 | 29,100,000 | 26,100,000 | |||||||||||||
Accrued expenses | 38,600,000 | 38,600,000 | 34,400,000 | 34,400,000 | 38,600,000 | ||||||||||||
Total current liabilities | 72,000,000 | 153,100,000 | 102,300,000 | 89,100,000 | 83,900,000 | 105,500,000 | 74,600,000 | 153,100,000 | 105,500,000 | 72,000,000 | 83,900,000 | 89,100,000 | |||||
Long-term deferred tax liabilities | (35,100,000) | (35,100,000) | (32,100,000) | (32,100,000) | (35,100,000) | (35,100,000) | (32,100,000) | ||||||||||
Equities: | |||||||||||||||||
Total equities | (32,500,000) | (9,700,000) | (31,600,000) | (37,700,000) | (41,800,000) | (38,300,000) | (9,900,000) | (9,700,000) | (38,300,000) | (32,500,000) | (41,800,000) | (37,700,000) | |||||
Cash | 28,800,000 | 11,000,000 | 24,800,000 | 28,800,000 | 24,800,000 | 11,000,000 | $ 2,900,000 | $ 13,900,000 | |||||||||
Contra-inventory | (27,900,000) | (67,500,000) | 53,100,000 | 73,800,000 | (27,900,000) | 53,100,000 | |||||||||||
Prepaid income taxes | (24,500,000) | (24,500,000) | |||||||||||||||
Income taxes payable | 24,900,000 | 24,900,000 | 24,900,000 | 21,000,000 | 20,700,000 | 20,700,000 | 24,900,000 | 21,000,000 | 24,900,000 | ||||||||
Long-term liabilities | (35,500,000) | (35,400,000) | (32,300,000) | (32,100,000) | (900,000) | (900,000) | (900,000) | (35,400,000) | (900,000) | (35,500,000) | (900,000) | (32,100,000) | |||||
Reserve and impairment charges (recoveries), net | (3,500,000) | 3,500,000 | 3,500,000 | ||||||||||||||
Restatement Adjustments | Other Misstatements, Net Impact On Income Tax Accounts | |||||||||||||||||
Equities: | |||||||||||||||||
Total equities | (14,100,000) | 14,100,000 | 20,600,000 | 20,600,000 | (24,400,000) | (24,400,000) | (28,800,000) | 14,100,000 | (24,400,000) | (14,100,000) | (24,400,000) | 20,600,000 | |||||
Reserve and impairment charges (recoveries), net | 3,500,000 | ||||||||||||||||
Restatement Adjustments | Other Misstatements, Overstatement | |||||||||||||||||
Current assets: | |||||||||||||||||
Inventories | 18,800,000 | 18,800,000 | |||||||||||||||
Restatement Adjustments | Other Misstatements, Timing Difference | |||||||||||||||||
Equities: | |||||||||||||||||
Total equities | $ (18,800,000) | 27,900,000 | $ (18,800,000) | ||||||||||||||
Cash | 6,000,000 | 6,000,000 | |||||||||||||||
Restatement Adjustments | Other Misstatements, Excise Tax Credit | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accrued expenses | $ 13,700,000 | 13,700,000 | 13,700,000 | 13,700,000 | 8,100,000 | 13,700,000 | 13,700,000 | 13,700,000 | |||||||||
Restatement Adjustments | Other Misstatements, Valuation of Derivatives | |||||||||||||||||
Equities: | |||||||||||||||||
Total equities | $ 4,500,000 | $ 4,500,000 | |||||||||||||||
Restatement Adjustments | Other Misstatements, Misclassification | |||||||||||||||||
Current assets: | |||||||||||||||||
Inventories | (24,100,000) | 48,200,000 | $ 48,200,000 | $ 48,200,000 | $ 48,200,000 | $ 48,200,000 | (24,100,000) | ||||||||||
Total assets | (28,100,000) | (28,100,000) | |||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ 49,200,000 | $ 49,200,000 | |||||||||||||||
Equities: | |||||||||||||||||
Reserve and impairment charges (recoveries), net | $ 600,000 |
Quarterly Financial Informati_8
Quarterly Financial Information (Unaudited) - Impacts of the Restatement Adjustments to the Previously Reported Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | $ 8,583,982 | $ 9,087,328 | $ 6,980,153 | $ 8,031,884 | $ 7,996,339 | $ 8,638,410 | $ 7,400,773 | $ 8,001,904 | $ 15,012,037 | $ 15,402,677 | $ 24,099,365 | $ 24,041,087 | $ 32,683,347 | $ 32,037,426 | $ 30,355,260 |
Cost of goods sold | 8,192,620 | 8,841,361 | 6,844,849 | 7,711,057 | 7,904,713 | 8,417,264 | 7,165,265 | 7,655,524 | 14,555,906 | 14,820,789 | 23,397,267 | 23,238,053 | 31,589,887 | 31,142,766 | 29,386,515 |
Gross profit | 391,362 | 245,967 | 135,304 | 320,827 | 91,626 | 221,146 | 235,508 | 346,380 | 456,131 | 581,888 | 702,098 | 803,034 | 1,093,460 | 894,660 | 968,745 |
Marketing, general and administrative | 186,291 | 161,579 | 186,713 | 139,500 | 145,236 | 155,347 | 160,166 | 151,258 | 326,213 | 311,424 | 487,792 | 466,771 | 674,083 | 612,007 | 601,266 |
Reserve and impairment charges (recoveries), net | (18,765) | (3,811) | (11,346) | (3,787) | 39,170 | 326,779 | 72,373 | 18,357 | (15,133) | 90,730 | (18,944) | 417,509 | (37,709) | 456,679 | 75,036 |
Operating earnings (loss) | 223,836 | 88,199 | (40,063) | 185,114 | (92,780) | (260,980) | 2,969 | 176,765 | 145,051 | 179,734 | 233,250 | (81,246) | 457,086 | (174,026) | 292,443 |
(Gain) loss on disposal of business | (61) | (124,050) | (7,705) | 0 | 704 | (1,224) | (1,395) | 4,105 | (7,705) | 2,710 | (131,755) | 1,486 | (131,816) | 2,190 | 0 |
Interest expense | 18,984 | 49,340 | 40,176 | 40,702 | 53,828 | 39,201 | 39,945 | 38,265 | 80,878 | 78,210 | 130,218 | 117,411 | 149,202 | 171,239 | 113,704 |
Other (income) loss | (27,015) | (14,622) | (11,364) | (25,014) | (25,407) | (11,952) | (18,083) | (44,509) | (36,378) | (62,592) | (51,000) | (74,544) | (78,015) | (99,951) | (47,609) |
Equity (income) loss from investments | (16,404) | (59,308) | (39,441) | (38,362) | (12,817) | (48,393) | (35,800) | (40,328) | (77,803) | (76,128) | (137,111) | (124,521) | (153,515) | (137,338) | (175,777) |
Income (loss) before income taxes | 248,332 | 236,839 | (21,729) | 207,788 | (109,088) | (238,612) | 18,302 | 219,232 | 186,059 | 237,534 | 422,898 | (1,078) | 671,230 | (110,166) | 402,125 |
Income tax expense (benefit) | 7,787 | 55,219 | (187,688) | 20,606 | (34,761) | (166,124) | 3,685 | 16,076 | (167,082) | 19,761 | (111,863) | (146,363) | (104,076) | (181,124) | 19,099 |
Net income (loss) | 240,545 | 181,620 | 165,959 | 187,182 | (74,327) | (72,488) | 14,617 | 203,156 | 353,141 | 217,773 | 534,761 | 145,285 | 775,306 | 70,958 | 383,026 |
Net income (loss) attributable to noncontrolling interests | 98 | (187) | (48) | (464) | 123 | (955) | 406 | (208) | (512) | 198 | (699) | (757) | (601) | (634) | (223) |
Comprehensive income attributable to CHS Inc. | $ 240,447 | 181,807 | 166,007 | 187,646 | (74,450) | (71,533) | 14,211 | 203,364 | 353,653 | 217,575 | 535,460 | 146,042 | $ 775,907 | 71,592 | 383,249 |
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | 9,027,525 | 6,851,093 | 8,048,889 | 7,952,005 | 8,614,090 | 7,320,406 | 8,048,250 | 14,899,982 | 15,368,656 | 23,927,508 | 23,982,746 | 31,934,751 | 30,347,203 | ||
Cost of goods sold | 8,728,914 | 6,708,610 | 7,735,627 | 7,843,305 | 8,366,988 | 7,079,664 | 7,695,553 | 14,444,237 | 14,775,217 | 23,173,151 | 23,142,205 | 30,985,510 | 29,387,910 | ||
Gross profit | 298,611 | 142,483 | 313,262 | 108,700 | 247,102 | 240,742 | 352,697 | 455,745 | 593,439 | 754,357 | 840,541 | 949,241 | 959,293 | ||
Marketing, general and administrative | 161,578 | 186,716 | 140,168 | 144,528 | 153,498 | 157,862 | 147,849 | 326,881 | 305,711 | 488,459 | 459,831 | 604,359 | 601,261 | ||
Reserve and impairment charges (recoveries), net | (3,811) | (11,349) | (3,787) | 42,670 | 323,901 | 72,373 | 18,357 | (15,133) | 90,730 | (18,944) | 414,009 | 456,679 | 47,836 | ||
Operating earnings (loss) | 140,844 | (32,884) | 176,881 | (78,498) | (230,297) | 10,507 | 186,491 | 143,997 | 196,998 | 284,842 | (33,299) | (111,797) | 310,196 | ||
(Gain) loss on disposal of business | (124,050) | (7,705) | 0 | 0 | 0 | 0 | (7,705) | 0 | (131,755) | 0 | 0 | 0 | |||
Interest expense | 49,340 | 40,176 | 40,702 | 53,828 | 39,201 | 39,945 | 38,265 | 80,878 | 78,210 | 130,218 | 117,411 | 171,239 | 113,704 | ||
Other (income) loss | (14,622) | (11,364) | (25,014) | (24,664) | (11,947) | (17,235) | (37,000) | (36,378) | (54,235) | (51,000) | (66,183) | (90,846) | (47,609) | ||
Equity (income) loss from investments | (59,308) | (39,441) | (38,362) | (12,817) | (48,393) | (35,800) | (40,328) | (77,803) | (76,128) | (137,111) | (124,521) | (137,338) | (175,777) | ||
Income (loss) before income taxes | 289,484 | (14,550) | 199,555 | (94,845) | (209,158) | 23,597 | 225,554 | 185,005 | 249,151 | 474,490 | 39,994 | (54,852) | 419,878 | ||
Income tax expense (benefit) | 60,338 | (181,176) | 19,936 | (44,293) | (163,018) | 8,624 | 16,612 | (161,240) | 25,236 | (100,901) | (137,781) | (182,075) | (4,091) | ||
Net income (loss) | 229,146 | 166,626 | 179,619 | (50,552) | (46,140) | 14,973 | 208,942 | 346,245 | 223,915 | 575,391 | 177,775 | 127,223 | 423,969 | ||
Net income (loss) attributable to noncontrolling interests | (187) | (48) | (464) | 123 | (955) | 406 | (208) | (512) | 198 | (699) | (757) | (634) | (223) | ||
Comprehensive income attributable to CHS Inc. | 229,333 | 166,674 | 180,083 | (50,675) | (45,185) | 14,567 | 209,150 | 346,757 | 223,717 | 576,090 | 178,532 | 127,857 | 424,192 | ||
Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | 59,803 | 129,060 | (17,005) | 44,334 | 24,320 | 80,367 | (46,346) | 112,055 | 34,021 | 171,857 | 58,341 | 102,675 | 8,057 | ||
Cost of goods sold | 112,447 | 136,239 | (24,570) | 61,408 | 50,276 | 85,601 | (40,029) | 111,669 | 45,572 | 224,116 | 95,848 | 157,256 | (1,395) | ||
Gross profit | (52,644) | (7,179) | 7,565 | (17,074) | (25,956) | (5,234) | (6,317) | 386 | (11,551) | (52,259) | (37,507) | (54,581) | 9,452 | ||
Marketing, general and administrative | 1 | (3) | (668) | 708 | 1,849 | 2,304 | 3,409 | (668) | 5,713 | (667) | 6,940 | 7,648 | 5 | ||
Reserve and impairment charges (recoveries), net | 0 | 3 | 0 | (3,500) | 2,878 | 0 | 0 | 0 | 0 | 0 | 3,500 | 0 | 27,200 | ||
Operating earnings (loss) | (52,645) | (7,179) | 8,233 | (14,282) | (30,683) | (7,538) | (9,726) | 1,054 | (17,264) | (51,592) | (47,947) | (62,229) | (17,753) | ||
(Gain) loss on disposal of business | 0 | 0 | 704 | (1,224) | (1,395) | 4,105 | 0 | 2,710 | 0 | 1,486 | 2,190 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other (income) loss | 0 | 0 | 0 | (743) | (5) | (848) | (7,509) | 0 | (8,357) | 0 | (8,361) | (9,105) | 0 | ||
Equity (income) loss from investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Income (loss) before income taxes | (52,645) | (7,179) | 8,233 | (14,243) | (29,454) | (5,295) | (6,322) | 1,054 | (11,617) | (51,592) | (41,072) | (55,314) | (17,753) | ||
Income tax expense (benefit) | (5,119) | (6,512) | 670 | 9,532 | (3,106) | (4,939) | (536) | (5,842) | (5,475) | (10,962) | (8,582) | 951 | 23,190 | ||
Net income (loss) | (47,526) | (667) | 7,563 | (23,775) | (26,348) | (356) | (5,786) | 6,896 | (6,142) | (40,630) | (32,490) | (56,265) | (40,943) | ||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Comprehensive income attributable to CHS Inc. | (47,526) | (667) | 7,563 | (23,775) | (26,348) | (356) | (5,786) | 6,896 | (6,142) | (40,630) | (32,490) | (56,265) | (40,943) | ||
Freight Derivatives and Related Misstatements | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | 2,900 | (3,700) | (1,100) | 1,900 | 700 | (2,900) | |||||||||
Cost of goods sold | 29,800 | 22,500 | 500 | 14,900 | 22,200 | (900) | 1,900 | 23,000 | 1,000 | 52,900 | 23,200 | 38,100 | 15,700 | ||
Income (loss) before income taxes | (29,800) | (22,500) | (500) | (12,000) | (25,900) | (300) | 100 | (23,000) | (200) | (52,900) | (26,200) | (38,100) | (15,700) | ||
Income tax expense (benefit) | (5,100) | 100 | 700 | 13,300 | (3,100) | (500) | (600) | 800 | (1,000) | (4,400) | (4,100) | 9,200 | (5,800) | ||
Net income (loss) | (24,700) | (22,600) | (1,200) | (25,200) | (22,800) | 200 | 600 | (23,800) | 800 | (48,500) | (22,100) | (47,300) | (9,900) | ||
Intercompany Misstatements | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | 38,800 | 161,500 | (11,400) | (7,700) | (77,300) | 150,200 | 189,000 | (28,000) | (35,700) | (57,500) | |||||
Cost of goods sold | 38,800 | 161,500 | 11,400 | (7,700) | (9,600) | (58,900) | (77,300) | 150,200 | (18,400) | 189,000 | (28,000) | (35,700) | (57,500) | ||
Other Misstatements | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | (28,000) | (9,600) | 58,900 | 29,100 | (18,400) | ||||||||||
Cost of goods sold | 18,800 | (1,600) | 5,600 | 29,100 | 12,100 | ||||||||||
Marketing, general and administrative | 3,400 | ||||||||||||||
Reserve and impairment charges (recoveries), net | (3,500) | 3,500 | 3,500 | ||||||||||||
(Gain) loss on disposal of business | 4,100 | ||||||||||||||
Other (income) loss | (7,500) | ||||||||||||||
Income (loss) before income taxes | (22,800) | 15,300 | 8,800 | (2,300) | (3,600) | (5,000) | (6,400) | 24,100 | (11,400) | 1,300 | (14,900) | (17,200) | (2,100) | ||
Income tax expense (benefit) | (6,600) | (3,700) | (4,500) | (6,600) | (4,500) | (6,600) | (4,500) | (8,200) | 29,000 | ||||||
Net income (loss) | (22,800) | 21,900 | 8,800 | 1,400 | (3,600) | (600) | $ (6,400) | 30,700 | (6,900) | 7,900 | (10,400) | (9,000) | (31,000) | ||
Other Misstatements, Timing Of Revenue Recognition | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | 11,800 | 7,000 | |||||||||||||
Cost of goods sold | 14,500 | 9,900 | |||||||||||||
Other Misstatements, Timing Difference | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of goods sold | 2,600 | 18,800 | |||||||||||||
Other Misstatements, Misclassification | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | 9,200 | (5,700) | 49,100 | 37,600 | 22,600 | (33,400) | 51,700 | (24,100) | 89,200 | ||||||
Cost of goods sold | 9,200 | 27,700 | 5,700 | 49,100 | 37,600 | 22,500 | 33,400 | 51,600 | 24,100 | 89,200 | |||||
Marketing, general and administrative | 1,800 | 2,300 | 5,700 | 6,900 | |||||||||||
Reserve and impairment charges (recoveries), net | 600 | ||||||||||||||
(Gain) loss on disposal of business | 700 | $ (1,200) | (1,400) | 2,700 | (1,500) | ||||||||||
Other (income) loss | (700) | (800) | (8,400) | (8,400) | |||||||||||
Other Misstatements, Excise Tax Credit | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of goods sold | $ (13,700) | (13,700) | (13,700) | 12,100 | |||||||||||
Other Misstatements, Valuation of Derivatives | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of goods sold | $ 1,300 | (6,200) | $ 3,200 | $ (600) | (7,900) | $ (700) | (6,600) | $ (700) | $ 2,500 | $ 400 | |||||
Other Misstatements, Postretirement Benefit Plan Activity | Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of goods sold | $ (2,600) | $ 2,600 | $ (2,600) |
Quarterly Financial Informati_9
Quarterly Financial Information (Unaudited) - Impacts of the Restatement Adjustments to the Previously Reported Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | May 31, 2018 | May 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | $ 240,545 | $ 181,620 | $ 165,959 | $ 187,182 | $ (74,327) | $ (72,488) | $ 14,617 | $ 203,156 | $ 353,141 | $ 217,773 | $ 534,761 | $ 145,285 | $ 775,306 | $ 70,958 | $ 383,026 |
Postretirement benefit plan activity | 11,913 | 3,417 | 3,142 | 1,594 | 22,103 | 3,636 | 3,724 | 3,239 | 4,736 | 6,963 | 8,153 | 10,599 | 20,066 | 32,702 | 6,583 |
Unrealized net gain (loss) on available for sale investments | (16,628) | 6,286 | 3,554 | 3,640 | 2,758 | (118) | 968 | 777 | 7,194 | 1,745 | 13,480 | 1,627 | (3,148) | 4,385 | 1,500 |
Cash flow hedges | 1,068 | 413 | 1,063 | (4) | 249 | 375 | 964 | 654 | 1,059 | 1,618 | 1,472 | 1,993 | 2,540 | 2,242 | (3,872) |
Foreign currency translation adjustment | (1,974) | (10,188) | 2,352 | (2,211) | 3,098 | (1,369) | 8,187 | (18,075) | 141 | (9,888) | (10,047) | (11,257) | (12,021) | (8,159) | (2,904) |
Other comprehensive income (loss), net of tax | (5,621) | (72) | 10,111 | 3,019 | 28,208 | 2,524 | 13,843 | (13,405) | 13,130 | 438 | 13,058 | 2,962 | 7,437 | 31,170 | 1,307 |
Comprehensive income | 234,924 | 181,548 | 176,070 | 190,201 | (46,119) | (69,964) | 28,460 | 189,751 | 366,271 | 218,211 | 547,819 | 148,247 | 782,743 | 102,128 | 384,333 |
Less comprehensive income attributable to noncontrolling interests | 98 | (187) | (48) | (464) | 123 | (955) | 406 | (208) | (512) | 198 | (699) | (757) | (601) | (634) | (223) |
Comprehensive income attributable to CHS Inc. | $ 234,826 | 181,735 | 176,118 | 190,665 | (46,242) | (69,009) | 28,054 | 189,959 | 366,783 | 218,013 | 548,518 | 149,004 | $ 783,344 | 102,762 | 384,556 |
Postretirement benefit plan, tax expense (benefit) | 1,424 | 1,309 | 2,620 | 12,108 | 2,257 | 2,312 | 2,011 | 3,929 | 4,323 | 5,353 | 6,580 | ||||
Unrealized net gain (loss) on available for sale investments, tax expense (benefit) | 2,620 | 1,481 | 404 | 1,722 | (72) | 600 | 482 | 1,885 | 1,083 | 4,505 | 1,010 | ||||
Cash flow hedges, tax expense (benefit) | 172 | 443 | (2) | 155 | 233 | 598 | 406 | 441 | 1,005 | 613 | 1,238 | ||||
Foreign currency translation adjustment, tax expense (benefit) | (254) | 422 | (443) | 542 | (334) | (204) | (209) | (21) | 5 | (275) | (329) | ||||
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | 229,146 | 166,626 | 179,619 | (50,552) | (46,140) | 14,973 | 208,942 | 346,245 | 223,915 | 575,391 | 177,775 | 127,223 | 423,969 | ||
Postretirement benefit plan activity | 3,417 | 3,141 | 4,196 | 19,501 | 3,635 | 3,724 | 3,239 | 7,338 | 6,963 | 10,755 | 10,599 | 30,100 | 6,583 | ||
Unrealized net gain (loss) on available for sale investments | 6,286 | 3,554 | 3,640 | 2,758 | (117) | 968 | 777 | 7,194 | 1,744 | 13,480 | 1,627 | 4,385 | 1,500 | ||
Cash flow hedges | 413 | 1,063 | (4) | 249 | 375 | 963 | 654 | 1,059 | 1,618 | 1,472 | 1,993 | 2,242 | (3,872) | ||
Foreign currency translation adjustment | (11,617) | 2,461 | (2,607) | 3,522 | (2,151) | 9,123 | (19,164) | (146) | (10,041) | (11,763) | (12,193) | (8,671) | (1,730) | ||
Other comprehensive income (loss), net of tax | (1,501) | 10,219 | 5,225 | 26,030 | 1,742 | 14,778 | (14,494) | 15,445 | 284 | 13,944 | 2,026 | 28,056 | 2,481 | ||
Comprehensive income | 227,645 | 176,845 | 184,844 | (24,522) | (44,398) | 29,751 | 194,448 | 361,690 | 224,199 | 589,335 | 179,801 | 155,279 | 426,450 | ||
Less comprehensive income attributable to noncontrolling interests | (187) | (48) | (464) | 123 | (955) | 406 | (208) | (512) | 198 | (699) | (757) | (634) | (223) | ||
Comprehensive income attributable to CHS Inc. | 227,832 | 176,893 | 185,308 | (24,645) | (43,443) | 29,345 | 194,656 | 362,202 | 224,001 | 590,034 | 180,558 | 155,913 | 426,673 | ||
Restatement Adjustments | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | (47,526) | (667) | 7,563 | (23,775) | (26,348) | (356) | (5,786) | 6,896 | (6,142) | (40,630) | (32,490) | (56,265) | (40,943) | ||
Postretirement benefit plan activity | 0 | 1 | (2,602) | 2,602 | 1 | 0 | 0 | (2,602) | 0 | (2,602) | 0 | 2,602 | 0 | ||
Unrealized net gain (loss) on available for sale investments | 0 | 0 | 0 | 0 | (1) | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | ||
Cash flow hedges | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Foreign currency translation adjustment | 1,429 | (109) | 396 | (424) | 782 | (936) | 1,089 | 287 | 153 | 1,716 | 936 | 512 | (1,174) | ||
Other comprehensive income (loss), net of tax | 1,429 | (108) | (2,206) | 2,178 | 782 | (935) | 1,089 | (2,315) | 154 | (886) | 936 | 3,114 | (1,174) | ||
Comprehensive income | (46,097) | (775) | 5,357 | (21,597) | (25,566) | (1,291) | (4,697) | 4,581 | (5,988) | (41,516) | (31,554) | (53,151) | (42,117) | ||
Less comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Comprehensive income attributable to CHS Inc. | (46,097) | (775) | 5,357 | (21,597) | (25,566) | (1,291) | (4,697) | 4,581 | (5,988) | (41,516) | (31,554) | (53,151) | (42,117) | ||
Restatement Adjustments | Freight Derivatives and Related Misstatements | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | (24,700) | (22,600) | (1,200) | (25,200) | (22,800) | 200 | 600 | (23,800) | 800 | (48,500) | (22,100) | (47,300) | (9,900) | ||
Restatement Adjustments | Other Misstatements | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | $ (22,800) | $ 21,900 | $ 8,800 | $ 1,400 | $ (3,600) | (600) | $ (6,400) | $ 30,700 | $ (6,900) | $ 7,900 | $ (10,400) | $ (9,000) | $ (31,000) | ||
Restatement Adjustments | Freight Derivatives And Related Misstatements, Foreign Currency Impact [Member] | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income (loss) | $ 200 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2016 | |
Allowances for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 225,726 | $ 163,644 | $ 106,445 |
Additions: Charged to Costs and Expenses | 2,748 | 191,581 | 65,725 |
Deductions: Write-offs, net of Recoveries | (6,661) | (129,499) | (8,526) |
Balance at End of Year | 221,813 | 225,726 | 163,644 |
Valuation Allowance for Deferred Tax Assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 289,083 | 213,583 | 104,334 |
Additions: Charged to Costs and Expenses | 61,854 | 115,893 | 138,794 |
Deductions: Write-offs, net of Recoveries | (120,563) | (40,393) | (29,545) |
Balance at End of Year | 230,374 | 289,083 | 213,583 |
Reserve for Supplier Advance Payments | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 130,705 | 0 | |
Additions: Charged to Costs and Expenses | 0 | 130,705 | |
Deductions: Write-offs, net of Recoveries | (20,092) | 0 | |
Balance at End of Year | $ 110,613 | $ 130,705 | $ 0 |