Cover Page
Cover Page - shares | 3 Months Ended | |
Nov. 30, 2022 | Jan. 11, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Nov. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36079 | |
Entity Registrant Name | CHS Inc. | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-0251095 | |
Entity Address, Address Line One | 5500 Cenex Drive | |
Entity Address, City or Town | Inver Grove Heights | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55077 | |
City Area Code | 651 | |
Local Phone Number | 355-6000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Central Index Key | 0000823277 | |
Current Fiscal Year End Date | --08-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
8% Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 8% Cumulative Redeemable Preferred Stock | |
Trading Symbol | CHSCP | |
Security Exchange Name | NASDAQ | |
Class B, Series 1 Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class B Cumulative Redeemable Preferred Stock, Series 1 | |
Trading Symbol | CHSCO | |
Security Exchange Name | NASDAQ | |
Class B, Series 2 Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 2 | |
Trading Symbol | CHSCN | |
Security Exchange Name | NASDAQ | |
Class B, Series 3 Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 3 | |
Trading Symbol | CHSCM | |
Security Exchange Name | NASDAQ | |
Class B, Series 4 Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class B Cumulative Redeemable Preferred Stock, Series 4 | |
Trading Symbol | CHSCL | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Nov. 30, 2022 | Aug. 31, 2022 |
Current assets [Abstract] | ||
Cash and cash equivalents | $ 636,296 | $ 793,957 |
Receivables | 4,276,643 | 3,548,315 |
Inventories | 5,070,104 | 3,652,871 |
Other current assets | 1,481,592 | 1,382,704 |
Total current assets | 11,464,635 | 9,377,847 |
Investments | 3,890,624 | 3,728,006 |
Property, plant and equipment | 4,728,819 | 4,744,959 |
Other assets | 989,186 | 973,995 |
Total assets | 21,073,264 | 18,824,807 |
Current liabilities [Abstract] | ||
Notes payable | 773,447 | 606,719 |
Current portion of long-term debt | 289,888 | 290,605 |
Accounts payable | 4,604,819 | 3,063,310 |
Accrued expenses | 666,614 | 784,317 |
Other Liabilities | 2,153,474 | 2,207,018 |
Total current liabilities | 8,488,242 | 6,951,969 |
Long-term debt | 1,668,158 | 1,668,209 |
Other liabilities | 1,188,019 | 743,363 |
Commitments and contingencies (Note 13) | ||
Equities: | ||
Preferred stock | 2,264,038 | 2,264,038 |
Equity certificates | 5,182,720 | 5,391,236 |
Accumulated other comprehensive loss | (268,953) | (255,335) |
Capital reserves | 2,545,102 | 2,055,682 |
Total CHS Inc. equities | 9,722,907 | 9,455,621 |
Noncontrolling interests | 5,938 | 5,645 |
Total equities | 9,728,845 | 9,461,266 |
Total liabilities and equities | $ 21,073,264 | $ 18,824,807 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Income Statement [Abstract] | ||
Revenues | $ 12,765,839 | $ 10,880,757 |
Cost of goods sold | 11,886,704 | 10,360,849 |
Gross profit | 879,135 | 519,908 |
Marketing, general and administrative expenses | 234,666 | 204,934 |
Operating earnings | 644,469 | 314,974 |
Interest expense | 33,250 | 23,432 |
Other income | (24,289) | (23,776) |
Equity income from investments | (181,962) | (151,345) |
Income before income taxes | 817,470 | 466,663 |
Income tax expense | 34,554 | 14,720 |
Net income | 782,916 | 451,943 |
Net income (loss) attributable to noncontrolling interests | 318 | (18) |
Net income attributable to CHS Inc. | $ 782,598 | $ 451,961 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Net income (loss) | $ 782,916 | $ 451,943 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Pension and other postretirement benefits | 8,524 | 3,768 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (20,207) | (9,141) |
Foreign currency translation adjustment | (1,935) | (10,045) |
Other comprehensive income, net of tax | (13,618) | (15,418) |
Comprehensive income (loss) | 769,298 | 436,525 |
Less comprehensive income attributable to noncontrolling interests | 318 | (18) |
Comprehensive Income (Loss) Attributable to CHS | $ 768,980 | $ 436,543 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 782,916 | $ 451,943 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 131,388 | 132,772 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (164,930) | (140,387) |
Provision for current expected credit losses | 2,961 | 1,472 |
Deferred taxes | (1,733) | 11,856 |
Other, net | 1,597 | (8,556) |
Changes in operating assets and liabilities, net of acquisitions: | ||
Receivables | (779,455) | (696,984) |
Inventories | (1,417,233) | (1,274,141) |
Accounts payable and accrued expenses | 1,441,469 | 1,420,237 |
Other liabilities | (177,172) | (81,799) |
Net cash provided by (used in) operating activities | (180,192) | (183,587) |
Cash flows from investing activities: | ||
Acquisition of property, plant and equipment | (122,598) | (74,878) |
Proceeds from disposition of property, plant and equipment | 5,034 | 2,822 |
Expenditures for major repairs | (27,398) | (5,541) |
Proceeds from Sales of Business, Affiliate and Productive Assets | 0 | 55,546 |
Changes in CHS Capital notes receivable, net | 32,098 | (31,509) |
Financing extended to customers | (39,814) | (456) |
Payments from customer financing | 42,121 | 3,833 |
Other investing activities, net | (156) | (2,013) |
Net cash provided by (used in) investing activities | (110,713) | (52,196) |
Cash flows from financing activities: | ||
Proceeds from lines of credit and long-term borrowings | 2,054,507 | 4,952,834 |
Payments on lines of credit, long-term borrowings and capital lease obligations | (1,887,483) | (4,792,770) |
Preferred stock dividends paid | (42,167) | (42,167) |
Redemptions of equities | (12,941) | (12,221) |
Other financing activities, net | 18,044 | 50,326 |
Net cash provided by (used in) financing activities | 129,960 | 156,002 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,415 | (3,550) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (159,530) | (83,331) |
Cash and cash equivalents and restricted cash at beginning of period | 903,474 | 542,484 |
Cash and cash equivalents and restricted cash at end of period | $ 743,944 | $ 459,153 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies | Basis of Presentation and Significant Accounting Policies Basis of Presentation These unaudited condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. The results of operations and cash flows for interim periods are not necessarily indicative of results for a full fiscal year because of the seasonal nature of our businesses, among other things. Our unaudited condensed consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended August 31, 2022, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"). Significant Accounting Policies No significant accounting policies were updated or changed since our Annual Report on Form 10-K for the year ended August 31, 2022. Recent Accounting Pronouncements No recent accounting pronouncements are expected to have a material impact on our condensed consolidated financial statements. |
Revenues (Notes)
Revenues (Notes) | 3 Months Ended |
Nov. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues The following table presents revenues recognized under Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), disaggregated by reportable segment, as well as the amount of revenues recognized under ASC Topic 815, Derivatives and Hedging ("ASC Topic 815"), and other applicable accounting guidance for the three months ended November 30, 2022 and 2021. Other applicable accounting guidance primarily includes revenues recognized under ASC Topic 470, Debt , and ASC Topic 842, Leases , that fall outside the scope of ASC Topic 606. ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues Three Months Ended November 30, 2022 (Dollars in thousands) Energy $ 2,802,155 $ 317,151 $ — $ 3,119,306 Ag 2,613,460 7,009,353 10,431 9,633,244 Corporate and Other 5,699 — 7,590 13,289 Total revenues $ 5,421,314 $ 7,326,504 $ 18,021 $ 12,765,839 Three Months Ended November 30, 2021 Energy $ 2,047,277 $ 256,710 $ — $ 2,303,987 Ag 2,531,956 6,029,260 8,043 8,569,259 Corporate and Other 3,590 — 3,921 7,511 Total revenues $ 4,582,823 $ 6,285,970 $ 11,964 $ 10,880,757 Less than 1% of revenues accounted for under ASC Topic 606 included within the tables above are recorded over time and relate primarily to service contracts. Contract Assets and Contract Liabilities Contract assets relate to unbilled amounts arising from goods that have already been transferred to the customer where the right to payment is not conditional on the passage of time. This results in recognition of an asset, as the amount of revenue recognized at a certain point in time exceeds the amount billed to customers. Contract assets are recorded in receivables within our Condensed Consolidated Balance Sheets and were $17.0 million and $17.2 million as of November 30, 2022, and August 31, 2022, respectively. |
Receivables
Receivables | 3 Months Ended |
Nov. 30, 2022 | |
Receivables [Abstract] | |
Receivables | Receivables November 30, August 31, (Dollars in thousands) Trade accounts receivable $ 3,359,600 $ 2,626,623 CHS Capital short-term notes receivable 587,917 644,875 Other 459,462 404,734 Gross receivables 4,406,979 3,676,232 Less: allowances and reserves 130,336 127,917 Total receivables $ 4,276,643 $ 3,548,315 Receivables are composed of trade accounts receivable, short-term notes receivable in our wholly-owned subsidiary, CHS Capital, LLC ("CHS Capital"), and other receivables, less an allowance for expected credit losses. The allowance for expected credit losses is based on our best estimate of expected credit losses in existing receivable balances and is determined using historical write-off experience, adjusted for various industry and regional data and current expectations of future credit losses. Notes receivable from commercial borrowers are collateralized by various combinations of mortgages, personal property, accounts and notes receivable, inventories and assignments of certain regional cooperatives' capital stock. These loans are primarily originated in the states of Minnesota and North Dakota. CHS Capital also has loans receivable from producer borrowers that are collateralized by various combinations of growing crops, livestock, inventories, accounts receivable, personal property and supplemental mortgages and are primarily originated in the same states as the commercial notes, as well as South Dakota. 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 $75.7 million and $54.3 million as of November 30, 2022, and August 31, 2022, respectively. The long-term notes receivable are included in other assets on our Condensed Consolidated Balance Sheets. As of November 30, 2022, and August 31, 2022, commercial notes represented 37% and 25%, respectively, and producer notes represented 63% and 75%, respectively, of total CHS Capital notes receivable. CHS Capital has commitments to extend credit to customers if there are no violations of any contractually established conditions. As of November 30, 2022, CHS Capital customers had additional available credit of $1.0 billion. No significant troubled debt restructuring activity occurred and no third-party customer or borrower accounted for more than 10% of the total receivables balance as of November 30, 2022, or August 31, 2022. |
Inventories
Inventories | 3 Months Ended |
Nov. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories November 30, August 31, (Dollars in thousands) Grain and oilseed $ 2,244,788 $ 1,133,531 Energy 918,042 824,114 Agronomy 1,482,707 1,295,548 Processed grain and oilseed 316,490 292,992 Other 108,077 106,686 Total inventories $ 5,070,104 $ 3,652,871 As of November 30, 2022, and August 31, 2022, we valued approximately 12% and 14%, respectively, of inventories, primarily crude oil and refined fuels within our Energy segment, using the lower of cost, determined on the last in, first out ("LIFO") method, or net realizable value. If the first in, first out ("FIFO") method of accounting had been used, inventories |
Investments
Investments | 3 Months Ended |
Nov. 30, 2022 | |
Investments [Abstract] | |
Investments | Investments November 30, August 31, (Dollars in thousands) Equity method investments: CF Industries Nitrogen, LLC $ 2,769,170 $ 2,641,604 Ventura Foods, LLC 427,343 410,093 Ardent Mills, LLC 255,106 250,857 TEMCO, LLC 44,091 32,809 Other equity method investments 268,731 265,913 Other investments 126,183 126,730 Total investments $ 3,890,624 $ 3,728,006 Joint ventures and other investments in which we have significant ownership and influence, but not control, are accounted for in our condensed consolidated financial statements using the equity method of accounting. Our only significant equity method investment during the three months ended November 30, 2022 and 2021, was CF Industries Nitrogen, LLC ("CF Nitrogen"), which is summarized below. In addition to recognition of our share of income from equity method investments, our equity method investments are evaluated for indicators of other-than-temporary impairment on an ongoing basis in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). Other investments consist primarily of investments in cooperatives without readily determinable fair values and are generally recorded at cost, unless an impairment or other observable market price change occurs requiring an adjustment. We have approximately $680.1 million of cumulative undistributed earnings from our equity method investees included in the investments balance as of November 30, 2022. CF Nitrogen We have a $2.8 billion investment in CF Nitrogen, a strategic venture with CF Industries Holdings, Inc. ("CF Industries"). The investment consists of an approximate 8% membership interest (based on product tons) in CF Nitrogen. We account for this investment using the hypothetical liquidation at book value method, recognizing our share of the earnings and losses of CF Nitrogen as equity income from investments in our Nitrogen Production segment based on our contractual claims on the entity's net assets pursuant to the liquidation provisions of CF Nitrogen's Limited Liability Company Agreement, adjusted for semiannual cash distributions. The following table provides summarized unaudited financial information for our equity method investment in CF Nitrogen for the three months ended November 30, 2022 and 2021: Three Months Ended November 30, 2022 2021 (Dollars in thousands) Net sales $ 1,623,268 $ 1,316,899 Gross profit 770,478 575,571 Net earnings 764,179 562,593 Earnings attributable to CHS Inc. 127,566 116,473 Our investments in other equity method investees are not significant in relation to our condensed consolidated financial statements, either individually or in aggregate. |
Equities
Equities | 3 Months Ended |
Nov. 30, 2022 | |
Equity [Abstract] | |
Equities | Changes in Equities Changes in equities for the three months ended November 30, 2022 and 2021, are as follows: Equity Certificates Accumulated Capital Nonpatronage Nonqualified Equity Certificates Preferred Capital Noncontrolling Total (Dollars in thousands) Balances, August 31, 2022 $ 3,587,131 $ 27,933 $ 1,776,172 $ 2,264,038 $ (255,335) $ 2,055,682 $ 5,645 $ 9,461,266 Reversal of prior year redemption estimates 12,941 — — — — — — 12,941 Redemptions of equities (10,021) (58) (2,862) — — — — (12,941) Preferred stock dividends — — — — — (84,334) — (84,334) Other, net 291 — 57 — — 20 (25) 343 Net income — — — — — 782,598 318 782,916 Other comprehensive loss, net of tax — — — — (13,618) — — (13,618) Estimated 2023 cash patronage refunds — — — — — (208,864) — (208,864) Estimated 2023 equity redemptions (208,864) — — — — — — (208,864) Balances, November 30, 2022 $ 3,381,478 $ 27,875 $ 1,773,367 $ 2,264,038 $ (268,953) $ 2,545,102 $ 5,938 $ 9,728,845 Equity Certificates Accumulated Capital Nonpatronage Nonqualified Equity Certificates Preferred Capital Noncontrolling Total (Dollars in thousands) Balances, August 31, 2021 $ 3,583,911 $ 28,431 $ 1,634,896 $ 2,264,038 $ (216,391) $ 1,713,976 $ 8,465 $ 9,017,326 Reversal of prior year redemption estimates 12,221 — — — — — — 12,221 Redemptions of equities (9,824) (318) (2,079) — — — — (12,221) Preferred stock dividends — — — — — (84,334) — (84,334) Other, net (1,023) 17 (64) — — 1,393 (841) (518) Net income (loss) — — — — — 451,961 (18) 451,943 Other comprehensive loss, net of tax — — — — (15,418) — — (15,418) Estimated 2022 cash patronage refunds — — — — — (39,691) — (39,691) Estimated 2022 equity redemptions (79,382) — — — — — — (79,382) Balances, November 30, 2021 $ 3,505,903 $ 28,130 $ 1,632,753 $ 2,264,038 $ (231,809) $ 2,043,305 $ 7,606 $ 9,249,926 Preferred Stock Dividends The following is a summary of dividends declared per share by series of preferred stock for the three months ended November 30, 2022 and 2021. Three Months Ended November 30, Nasdaq symbol 2022 2021 Series of preferred stock: (Dollars per share) 8% Cumulative Redeemable CHSCP $ 1.00 $ 1.00 Class B Cumulative Redeemable, Series 1 CHSCO $ 0.98 $ 0.98 Class B Reset Rate Cumulative Redeemable, Series 2 CHSCN $ 0.88 $ 0.88 Class B Reset Rate Cumulative Redeemable, Series 3 CHSCM $ 0.84 $ 0.84 Class B Cumulative Redeemable, Series 4 CHSCL $ 0.94 $ 0.94 Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component for the three months ended November 30, 2022 and 2021, are as follows: Pension and Other Postretirement Benefits Cash Flow Hedges Foreign Currency Translation Adjustment Total (Dollars in thousands) Balance as of August 31, 2022, net of tax $ (168,640) $ 8,843 $ (95,538) $ (255,335) Other comprehensive income (loss), before tax: Amounts before reclassifications (66) (33,899) (2,227) (36,192) Amounts reclassified 5,560 7,229 — 12,789 Total other comprehensive income (loss), before tax 5,494 (26,670) (2,227) (23,403) Tax effect 3,030 6,463 292 9,785 Other comprehensive income (loss), net of tax 8,524 (20,207) (1,935) (13,618) Balance as of November 30, 2022, net of tax $ (160,116) $ (11,364) $ (97,473) $ (268,953) Pension and Other Postretirement Benefits Cash Flow Hedges Foreign Currency Translation Adjustment Total (Dollars in thousands) Balance as of August 31, 2021, net of tax $ (141,385) $ 4,824 $ (79,830) $ (216,391) Other comprehensive income (loss), before tax: Amounts before reclassifications (83) 870 (9,983) (9,196) Amounts reclassified 5,064 (12,954) — (7,890) Total other comprehensive income (loss), before tax 4,981 (12,084) (9,983) (17,086) Tax effect (1,213) 2,943 (62) 1,668 Other comprehensive income (loss), net of tax 3,768 (9,141) (10,045) (15,418) Balance as of November 30, 2021, net of tax $ (137,617) $ (4,317) $ (89,875) $ (231,809) Amounts reclassified from accumulated other comprehensive income (loss) were related to pension and other postretirement benefits, cash flow hedges 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 9, Benefit Plans , for further information). As described in Note 11, Derivative Financial Instruments and Hedging Activities , amounts reclassified from accumulated other comprehensive loss for cash flow hedges are recorded as cost of goods sold. Gains or losses on foreign currency translation reclassifications are recorded as other income. |
Benefit Plans
Benefit Plans | 3 Months Ended |
Nov. 30, 2022 | |
Retirement Benefits [Abstract] | |
Benefit plans | Benefit Plans We have various pension and other defined benefit and defined contribution plans, in which substantially all employees may participate. We also have nonqualified supplemental executive and Board of Directors retirement plans. Components of net periodic benefit costs for the three months ended November 30, 2022 and 2021, are as follows: Three Months Ended November 30, Qualified Nonqualified Other Benefits 2022 2021 2022 2021 2022 2021 Components of net periodic benefit costs: (Dollars in thousands) Service cost $ 9,645 $ 11,569 $ 460 $ 232 $ 168 $ 249 Interest cost 7,647 4,292 185 70 259 126 Expected return on assets (10,782) (10,990) — — — — Prior service cost (credit) amortization 37 44 (29) (29) (111) (111) Actuarial loss (gain) amortization 468 5,852 61 120 (404) (315) Net periodic benefit cost (benefit) $ 7,015 $ 10,767 $ 677 $ 393 $ (88) $ (51) Employer Contributions Contributions depend primarily on market returns on the pension plan assets and minimum funding level requirements. No contributions were made to the pension plans during the three months ended November 30, 2022, and we do not currently anticipate being required to make contributions for our pension plans in fiscal 2023, although we may voluntarily elect to do so. |
Income Taxes
Income Taxes | 3 Months Ended |
Nov. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Our effective tax rate for the three months ended November 30, 2022, was 4.2%, compared to 3.2% for the three months ended November 30, 2021. Our income tax expense reflects the mix of full-year earnings projected across business units and current equity management assumptions. Income taxes and effective tax rates vary each year based on profitability and nonpatronage business activity during the year. Our uncertain tax positions are affected by the tax years that are under audit or remain subject to examination by the relevant taxing authorities. Reserves are recorded against unrecognized tax benefits when we believe certain fully supportable tax return positions are likely to be challenged, and we may not prevail. If we were to prevail on all positions taken in relation to uncertain tax positions, $115.3 million and $115.1 million of the unrecognized tax benefits would ultimately benefit our effective tax rate as of November 30, 2022, and August 31, 2022, respectively. It is reasonably possible that the total amount of unrecognized tax benefits could significantly change in the next 12 months. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Nov. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We are an integrated agricultural cooperative, 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 grain and oilseed, processed grain and oilseed, renewable fuels and food products. 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 grain and oilseed originated by our country operations business, by our member cooperatives and by third parties; serves as a wholesaler and retailer of crop inputs; and produces and markets ethanol. Our Nitrogen Production segment consists of our equity method investment in CF Nitrogen and allocated expenses. Our supply agreement with CF Nitrogen entitles us to purchase up to a specified quantity of granular urea and urea ammonium nitrate ("UAN") annually from CF Nitrogen. Corporate and Other represents our financing and hedging businesses, which primarily consist of financial services related to crop production and a U.S. Commodity Futures Trading Commission-regulated futures commission merchant ("FCM") for commodities hedging. Our nonconsolidated investments in Ventura Foods, LLC ("Ventura Foods"), and Ardent Mills, LLC ("Ardent Mills"), are also included in our Corporate and Other category. Corporate administrative expenses and interest are allocated to each reportable segment and Corporate and Other, based on direct use of services, such as information technology and legal, and other factors or considerations relevant to the costs incurred. Many of our business activities are highly seasonal and our operating results vary throughout the year. Our revenues generally trend lower during the second fiscal quarter; however, our income before income taxes does not necessarily follow the same trend due to weather and other events that can impact profitability. For example, in our Ag segment, our country operations business generally experiences higher volumes and revenues during the fall harvest and spring planting seasons, which generally correspond to our first and third fiscal quarters, respectively. Additionally, our agronomy business generally experiences higher volumes and revenues during the spring planting season. Our global grain and processing operations are subject to fluctuations in volume and revenues based on producer harvests, world grain prices, demand and international trade relationships. Our Energy segment generally experiences higher volumes and revenues in certain operating areas, such as refined products, in the spring, summer and early fall when gasoline and diesel fuel use by agricultural producers is highest and is subject to global supply and demand forces. Other energy products, such as propane, generally experience higher volumes and revenues during the winter heating and fall 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, grain, oilseed, 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 weather, crop damage due to plant disease or insects, drought, availability and adequacy of supply, availability of reliable rail and river transportation networks, outbreaks of disease, government regulations and policies, global trade disputes, wars and civil unrest, and general political and economic conditions. While our revenues and operating results are derived primarily from businesses and operations that are wholly-owned or subsidiaries and limited liability companies in which we have a controlling interest, a portion of our business operations is conducted through companies in which we hold ownership interests of 50% or less or otherwise 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 Condensed Consolidated Statements of Operations. In our Ag segment, this includes our 50% interest in TEMCO. In our Nitrogen Production segment, this consists of our approximate 8% 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 our equity method investments. Reconciling amounts represent the elimination of revenues between segments. Such transactions are executed at market prices to more accurately evaluate the profitability of the individual business segments. Segment information for the three months ended November 30, 2022 and 2021, is presented in the tables below: Energy Ag Nitrogen Production Corporate Reconciling Total Three Months Ended November 30, 2022 (Dollars in thousands) Revenues, including intersegment revenues $ 3,337,125 $ 9,640,559 $ — $ 16,099 $ (227,944) $ 12,765,839 Intersegment revenues (217,819) (7,315) — (2,810) 227,944 — Revenues, net of intersegment revenues $ 3,119,306 $ 9,633,244 $ — $ 13,289 $ — $ 12,765,839 Operating earnings (loss) 398,659 263,502 (16,272) (1,420) — 644,469 Interest expense 2,056 18,567 14,421 4,125 (5,919) 33,250 Other income (3,523) (19,302) — (7,383) 5,919 (24,289) Equity (income) loss from investments 3,532 (23,062) (127,566) (34,866) — (181,962) Income before income taxes $ 396,594 $ 287,299 $ 96,873 $ 36,704 $ — $ 817,470 Total assets as of November 30, 2022 $ 4,241,612 $ 10,392,187 $ 2,769,170 $ 3,670,296 $ — $ 21,073,264 Energy Ag Nitrogen Production Corporate Reconciling Total Three Months Ended November 30, 2021 (Dollars in thousands) Revenues, including intersegment revenues $ 2,468,343 $ 8,577,403 $ — $ 10,204 $ (175,193) $ 10,880,757 Intersegment revenues (164,356) (8,144) — (2,693) 175,193 — Revenues, net of intersegment revenues $ 2,303,987 $ 8,569,259 $ — $ 7,511 $ — $ 10,880,757 Operating earnings (loss) 67,850 259,773 (10,183) (2,466) — 314,974 Interest expense 488 13,661 11,254 (1,820) (151) 23,432 Other income (728) (20,579) (1,547) (1,073) 151 (23,776) Equity income from investments (1,100) (19,734) (116,473) (14,038) — (151,345) Income before income taxes $ 69,190 $ 286,425 $ 96,583 $ 14,465 $ — $ 466,663 |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 3 Months Ended |
Nov. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities Disclosure | Derivative Financial Instruments and Hedging Activities We enter into various derivative instruments to manage our exposure to movements primarily associated with agricultural and energy commodity prices and, to a lesser degree, foreign currency exchange rates and interest rates. Except for certain cash-settled swaps related to future crude oil purchases and refined product sales, which are accounted for as cash flow hedges, our derivative instruments represent economic hedges of price risk for which hedge accounting under ASC Topic 815 is not applied. Rather, the derivative instruments are recorded on our Condensed Consolidated Balance Sheets at fair value with changes in fair value being recorded directly to earnings, primarily within cost of goods sold in our Condensed Consolidated Statements of Operations. See Note 12, Fair Value Measurements, for additional information. The majority of our exchange-traded agricultural commodity futures are settled daily through CHS Hedging, LLC, our wholly-owned FCM. Derivatives Not Designated as Hedging Instruments The majority of our derivative instruments have not been designated as hedging instruments. The following tables present the gross fair values of derivative assets, derivative liabilities and margin deposits (cash collateral) recorded on our Condensed Consolidated Balance Sheets, along with related amounts permitted to be offset in accordance with U.S. GAAP. 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 Condensed Consolidated Balance Sheets under ASC Topic 210-20, Balance Sheet-Offsetting . November 30, 2022 Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting Gross Amount Recognized Cash Collateral Derivative Instruments Net Amount (Dollars in thousands) Derivative assets Commodity derivatives $ 315,322 $ — $ 7,792 $ 307,530 Foreign exchange derivatives 51,509 — 7,372 44,137 Total $ 366,831 $ — $ 15,164 $ 351,667 Derivative liabilities Commodity derivatives $ 225,676 $ 1,442 $ 9,865 $ 214,369 Foreign exchange derivatives 13,937 — 7,372 6,565 Total $ 239,613 $ 1,442 $ 17,237 $ 220,934 August 31, 2022 Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting Gross Amount Recognized Cash Collateral Derivative Instruments Net Amount (Dollars in thousands) Derivative assets Commodity derivatives $ 464,167 $ — $ 3,834 $ 460,333 Foreign exchange derivatives 52,923 — 8,901 44,022 Total $ 517,090 $ — $ 12,735 $ 504,355 Derivative liabilities Commodity derivatives $ 378,291 $ 1,424 $ 12,574 $ 364,293 Foreign exchange derivatives 12,649 — 8,901 3,748 Total $ 390,940 $ 1,424 $ 21,475 $ 368,041 Derivative assets and liabilities with maturities of 12 months or less are recorded in other current assets and other current liabilities, respectively, on our Condensed Consolidated Balance Sheets. Derivative assets and liabilities with maturities greater than 12 months are recorded in other assets and other liabilities, respectively, on our Condensed Consolidated Balance Sheets. The amount of long-term derivative assets recorded on our Condensed Consolidated Balance Sheets as of November 30, 2022, and August 31, 2022, was $4.7 million and $8.5 million, respectively. The amount of long-term derivative liabilities recorded on our Condensed Consolidated Balance Sheets as of November 30, 2022, and August 31, 2022, was $2.4 million and $4.0 million, respectively. The following table sets forth the pretax gains (losses) on derivatives not accounted for as hedging instruments that have been included in our Condensed Consolidated Statements of Operations for the three months ended November 30, 2022 and 2021: Three Months Ended November 30, Location of Gain (Loss) 2022 2021 (Dollars in thousands) Commodity derivatives Cost of goods sold $ (135,686) $ 31,598 Foreign exchange derivatives Cost of goods sold (19,453) (32,494) Foreign exchange derivatives Marketing, general and administrative expenses 237 (1,194) Other derivatives Other income — 1,546 Total $ (154,902) $ (544) Commodity Contracts As of November 30, 2022, and August 31, 2022, 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: November 30, 2022 August 31, 2022 Long Short Long Short (Units in thousands) Grain and oilseed (bushels) 837,115 850,388 609,300 773,239 Energy products (barrels) 14,373 8,726 10,541 5,706 Processed grain and oilseed (tons) 3,334 6,396 1,191 4,182 Crop nutrients (tons) 59 33 23 22 Ocean freight (metric tons) 15 — 60 — Natural gas (metric million Btu) 630 200 420 — Foreign Exchange Contracts We conduct a substantial portion of our business in U.S. dollars, but are exposed to risks relating to foreign currency fluctuations, primarily due to global 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 we have 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 amount of our foreign exchange derivative contracts was $1.6 billion and $1.9 billion as of November 30, 2022, and August 31, 2022, respectively. Derivatives Designated as Cash Flow Hedging Strategies Certain pay-fixed, receive-variable, cash-settled swaps are designated as cash flow hedges of future crude oil purchases in our Energy segment. We also designate certain pay-variable, receive-fixed, cash-settled swaps as cash flow hedges of future refined energy 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. We may also elect to dedesignate certain derivative instruments previously designated as cash flow hedges as part of our risk management strategy. Amounts recorded in other comprehensive income for these dedesignated derivative instruments remain in other comprehensive income and are recognized in earnings in the period in which the underlying transactions affect earnings. As of November 30, 2022, and August 31, 2022, the aggregate notional amounts of cash flow hedges were 3.1 million and 3.8 million barrels, respectively. The following table presents the fair value of our commodity derivative instruments designated as cash flow hedges and the locations on our Condensed Consolidated Balance Sheets in which they are recorded: Derivative Assets Derivative Liabilities Balance Sheet Location November 30, August 31, Balance Sheet Location November 30, August 31, (Dollars in thousands) (Dollars in thousands) Other current assets $ 12,312 $ 27,154 Other current liabilities $ 26,565 $ 11,818 The following table presents the pretax losses recorded in other comprehensive income relating to cash flow hedges for the three months ended November 30, 2022 and 2021: Three Months Ended November 30, 2022 2021 (Dollars in thousands) Commodity derivatives $ (29,589) $ (13,296) The following table presents the pretax (losses) gains relating to our existing cash flow hedges that were reclassified from accumulated other comprehensive loss into our Condensed Consolidated Statements of Operations for the three months ended November 30, 2022 and 2021: Three Months Ended November 30, Location of Gain (Loss) 2022 2021 (Dollars in thousands) Commodity derivatives Cost of goods sold $ (6,929) $ 13,254 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Nov. 30, 2022 | |
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 among the 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 use of observable inputs and minimize 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. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are unobservable inputs that are supported by little or no market activity for the assets or liabilities. Categorization within the valuation hierarchy is based on the lowest level of input significant to the fair value measurement. Recurring fair value measurements as of November 30, 2022, and August 31, 2022, are as follows: November 30, 2022 Quoted Prices in Significant Significant Total (Dollars in thousands) Assets Commodity derivatives $ 702 $ 326,932 $ — $ 327,634 Foreign exchange derivatives — 51,509 — 51,509 Deferred compensation assets 48,430 — — 48,430 Segregated investments and marketable securities 207,521 — — 207,521 Other assets 85,457 — — 85,457 Total $ 342,110 $ 378,441 $ — $ 720,551 Liabilities Commodity derivatives $ 2,894 $ 249,347 $ — $ 252,241 Foreign exchange derivatives — 13,937 — 13,937 Total $ 2,894 $ 263,284 $ — $ 266,178 August 31, 2022 Quoted Prices in Significant Significant Total (Dollars in thousands) Assets Commodity derivatives $ 1,161 $ 490,160 $ — $ 491,321 Foreign exchange derivatives — 52,923 — 52,923 Deferred compensation assets 46,562 — — 46,562 Segregated investments and marketable securities 238,124 — — 238,124 Other assets 11,718 — — 11,718 Total $ 297,565 $ 543,083 $ — $ 840,648 Liabilities Commodity derivatives $ 10,256 $ 379,883 $ — $ 390,139 Foreign exchange derivatives — 12,649 — 12,649 Total $ 10,256 $ 392,532 $ — $ 402,788 Commodity and foreign exchange 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, including location-specific adjustments, and are classified within Level 2. 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 listed or OTC markets. Changes in the fair values of these contracts are recognized in our Condensed Consolidated Statements of Operations as a component of cost of goods sold. Deferred compensation assets . Our deferred compensation investments consist primarily of rabbi trust assets that are valued based on unadjusted quoted prices on active exchanges and are classified within Level 1. Changes in the fair values of these assets are primarily recognized in our Condensed Consolidated Statements of Operations as a component of marketing, general and administrative expenses. Segregated investments and marketable securities and other assets. Our segregated investments and marketable securities and other assets are comprised primarily of investments in various government agencies, U.S. Treasury securities and money market funds, which are valued using quoted market prices and classified within Level 1. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Nov. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies Environmental We are required to comply with various environmental laws and regulations incidental to our normal business operations. To meet our compliance requirements, we establish reserves for future costs of remediation associated with identified issues that are both 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 and are included in cost of goods sold and marketing, general and administrative expenses in our Condensed Consolidated Statements of Operations. 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. The resolution of any such matters may affect consolidated net income for any fiscal period; however, we currently believe any resulting liabilities, individually or in 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 currently believe any resulting liabilities, individually or in 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, nonconsolidated companies. Our bank covenants allow maximum guarantees of $1.0 billion, of which $116.0 million were outstanding on November 30, 2022. We have collateral for a portion of these contingent obligations. We have not recorded a liability related to the contingent obligations as we do not expect to pay out any cash related to them, and the fair values are considered immaterial. The underlying loans to the counterparties for which we provide these guarantees were current as of November 30, 2022. |
Other Current Assets and Liabil
Other Current Assets and Liabilities | 3 Months Ended |
Nov. 30, 2022 | |
Other current assets and liabilities [Abstract] | |
Other current assets and liabilities Text block | Other Current Assets and Liabilities Other current assets and liabilities as of November 30, 2022, and August 31, 2022, are as follows: November 30, August 31, Other current assets (Dollars in thousands) Derivative assets (Note 11) $ 374,489 $ 535,698 Margin and related deposits 318,807 390,782 Supplier advance payments 521,504 198,753 Restricted cash 107,648 109,517 Other 159,144 147,954 Total other current assets $ 1,481,592 $ 1,382,704 Other current liabilities Customer margin deposits and credit balances $ 231,471 $ 283,234 Customer advance payments 628,995 525,003 Derivative liabilities (Note 11) 263,781 398,781 Dividends and equity payable 1,029,227 1,000,000 Total other current liabilities $ 2,153,474 $ 2,207,018 |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | Basis of Presentation These unaudited condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. The results of operations and cash flows for interim periods are not necessarily indicative of results for a full fiscal year because of the seasonal nature of our businesses, among other things. Our unaudited condensed consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended August 31, 2022, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"). |
Significant Accounting Policies [Text Block] | Significant Accounting Policies No significant accounting policies were updated or changed since our Annual Report on Form 10-K for the year ended August 31, 2022. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements No recent accounting pronouncements are expected to have a material impact on our condensed consolidated financial statements. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Nov. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenues | The following table presents revenues recognized under Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), disaggregated by reportable segment, as well as the amount of revenues recognized under ASC Topic 815, Derivatives and Hedging ("ASC Topic 815"), and other applicable accounting guidance for the three months ended November 30, 2022 and 2021. Other applicable accounting guidance primarily includes revenues recognized under ASC Topic 470, Debt , and ASC Topic 842, Leases , that fall outside the scope of ASC Topic 606. ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues Three Months Ended November 30, 2022 (Dollars in thousands) Energy $ 2,802,155 $ 317,151 $ — $ 3,119,306 Ag 2,613,460 7,009,353 10,431 9,633,244 Corporate and Other 5,699 — 7,590 13,289 Total revenues $ 5,421,314 $ 7,326,504 $ 18,021 $ 12,765,839 Three Months Ended November 30, 2021 Energy $ 2,047,277 $ 256,710 $ — $ 2,303,987 Ag 2,531,956 6,029,260 8,043 8,569,259 Corporate and Other 3,590 — 3,921 7,511 Total revenues $ 4,582,823 $ 6,285,970 $ 11,964 $ 10,880,757 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Nov. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | November 30, August 31, (Dollars in thousands) Trade accounts receivable $ 3,359,600 $ 2,626,623 CHS Capital short-term notes receivable 587,917 644,875 Other 459,462 404,734 Gross receivables 4,406,979 3,676,232 Less: allowances and reserves 130,336 127,917 Total receivables $ 4,276,643 $ 3,548,315 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Nov. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | November 30, August 31, (Dollars in thousands) Grain and oilseed $ 2,244,788 $ 1,133,531 Energy 918,042 824,114 Agronomy 1,482,707 1,295,548 Processed grain and oilseed 316,490 292,992 Other 108,077 106,686 Total inventories $ 5,070,104 $ 3,652,871 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Nov. 30, 2022 | |
Investments [Abstract] | |
Investment Holdings, Schedule of Investments [Table Text Block] | November 30, August 31, (Dollars in thousands) Equity method investments: CF Industries Nitrogen, LLC $ 2,769,170 $ 2,641,604 Ventura Foods, LLC 427,343 410,093 Ardent Mills, LLC 255,106 250,857 TEMCO, LLC 44,091 32,809 Other equity method investments 268,731 265,913 Other investments 126,183 126,730 Total investments $ 3,890,624 $ 3,728,006 |
Equity Method Investments [Table Text Block] | The following table provides summarized unaudited financial information for our equity method investment in CF Nitrogen for the three months ended November 30, 2022 and 2021: Three Months Ended November 30, 2022 2021 (Dollars in thousands) Net sales $ 1,623,268 $ 1,316,899 Gross profit 770,478 575,571 Net earnings 764,179 562,593 Earnings attributable to CHS Inc. 127,566 116,473 |
Long-Term Debt Table
Long-Term Debt Table - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2022 | Aug. 31, 2022 | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,668,158 | $ 1,668,209 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | ||
Finance Lease, Liability | $ 45,069 | 44,773 |
Debt Issuance Costs, Net | (3,399) | (3,535) |
Other Long-Term Debt | 5,376 | 6,576 |
Long-term Debt and Lease Obligation, Including Current Maturities | 1,958,046 | 1,958,814 |
Current portion of long-term debt | $ 289,888 | 290,605 |
Schedule of Short-term Debt | November 30, August 31, (Dollars in thousands) Notes payable $ 625,872 $ 459,398 CHS Capital notes payable 147,575 147,321 Total notes payable $ 773,447 $ 606,719 | |
Schedule of Long-term Debt Instruments | The following table presents summarized long-term debt (including current portion) as of November 30, 2022, and August 31, 2022: November 30, August 31, (Dollars in thousands) Private placement debt $ 1,545,000 $ 1,545,000 Term loan 366,000 366,000 Finance lease obligations 45,069 44,773 Deferred financing costs (3,399) (3,535) Other 5,376 6,576 Total long-term debt 1,958,046 1,958,814 Less current portion 289,888 290,605 Long-term portion $ 1,668,158 $ 1,668,209 | |
Private Placement | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,545,000 | 1,545,000 |
Unsecured Debt | Term loans from cooperatives and other banks, 430K payable in 2025 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 366,000 | $ 366,000 |
Equities (Tables)
Equities (Tables) | 3 Months Ended |
Nov. 30, 2022 | |
Class of Stock [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Pension and Other Postretirement Benefits Cash Flow Hedges Foreign Currency Translation Adjustment Total (Dollars in thousands) Balance as of August 31, 2022, net of tax $ (168,640) $ 8,843 $ (95,538) $ (255,335) Other comprehensive income (loss), before tax: Amounts before reclassifications (66) (33,899) (2,227) (36,192) Amounts reclassified 5,560 7,229 — 12,789 Total other comprehensive income (loss), before tax 5,494 (26,670) (2,227) (23,403) Tax effect 3,030 6,463 292 9,785 Other comprehensive income (loss), net of tax 8,524 (20,207) (1,935) (13,618) Balance as of November 30, 2022, net of tax $ (160,116) $ (11,364) $ (97,473) $ (268,953) Pension and Other Postretirement Benefits Cash Flow Hedges Foreign Currency Translation Adjustment Total (Dollars in thousands) Balance as of August 31, 2021, net of tax $ (141,385) $ 4,824 $ (79,830) $ (216,391) Other comprehensive income (loss), before tax: Amounts before reclassifications (83) 870 (9,983) (9,196) Amounts reclassified 5,064 (12,954) — (7,890) Total other comprehensive income (loss), before tax 4,981 (12,084) (9,983) (17,086) Tax effect (1,213) 2,943 (62) 1,668 Other comprehensive income (loss), net of tax 3,768 (9,141) (10,045) (15,418) Balance as of November 30, 2021, net of tax $ (137,617) $ (4,317) $ (89,875) $ (231,809) |
Schedule of Stockholders Equity | Changes in equities for the three months ended November 30, 2022 and 2021, are as follows: Equity Certificates Accumulated Capital Nonpatronage Nonqualified Equity Certificates Preferred Capital Noncontrolling Total (Dollars in thousands) Balances, August 31, 2022 $ 3,587,131 $ 27,933 $ 1,776,172 $ 2,264,038 $ (255,335) $ 2,055,682 $ 5,645 $ 9,461,266 Reversal of prior year redemption estimates 12,941 — — — — — — 12,941 Redemptions of equities (10,021) (58) (2,862) — — — — (12,941) Preferred stock dividends — — — — — (84,334) — (84,334) Other, net 291 — 57 — — 20 (25) 343 Net income — — — — — 782,598 318 782,916 Other comprehensive loss, net of tax — — — — (13,618) — — (13,618) Estimated 2023 cash patronage refunds — — — — — (208,864) — (208,864) Estimated 2023 equity redemptions (208,864) — — — — — — (208,864) Balances, November 30, 2022 $ 3,381,478 $ 27,875 $ 1,773,367 $ 2,264,038 $ (268,953) $ 2,545,102 $ 5,938 $ 9,728,845 Equity Certificates Accumulated Capital Nonpatronage Nonqualified Equity Certificates Preferred Capital Noncontrolling Total (Dollars in thousands) Balances, August 31, 2021 $ 3,583,911 $ 28,431 $ 1,634,896 $ 2,264,038 $ (216,391) $ 1,713,976 $ 8,465 $ 9,017,326 Reversal of prior year redemption estimates 12,221 — — — — — — 12,221 Redemptions of equities (9,824) (318) (2,079) — — — — (12,221) Preferred stock dividends — — — — — (84,334) — (84,334) Other, net (1,023) 17 (64) — — 1,393 (841) (518) Net income (loss) — — — — — 451,961 (18) 451,943 Other comprehensive loss, net of tax — — — — (15,418) — — (15,418) Estimated 2022 cash patronage refunds — — — — — (39,691) — (39,691) Estimated 2022 equity redemptions (79,382) — — — — — — (79,382) Balances, November 30, 2021 $ 3,505,903 $ 28,130 $ 1,632,753 $ 2,264,038 $ (231,809) $ 2,043,305 $ 7,606 $ 9,249,926 |
Preferred Stock [Text Block] | Preferred Stock Dividends The following is a summary of dividends declared per share by series of preferred stock for the three months ended November 30, 2022 and 2021. Three Months Ended November 30, Nasdaq symbol 2022 2021 Series of preferred stock: (Dollars per share) 8% Cumulative Redeemable CHSCP $ 1.00 $ 1.00 Class B Cumulative Redeemable, Series 1 CHSCO $ 0.98 $ 0.98 Class B Reset Rate Cumulative Redeemable, Series 2 CHSCN $ 0.88 $ 0.88 Class B Reset Rate Cumulative Redeemable, Series 3 CHSCM $ 0.84 $ 0.84 Class B Cumulative Redeemable, Series 4 CHSCL $ 0.94 $ 0.94 |
Benefit Plans Schedule of Net B
Benefit Plans Schedule of Net Benefit Costs (Tables) | 3 Months Ended |
Nov. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs of Assumptions Used | Components of net periodic benefit costs for the three months ended November 30, 2022 and 2021, are as follows: Three Months Ended November 30, Qualified Nonqualified Other Benefits 2022 2021 2022 2021 2022 2021 Components of net periodic benefit costs: (Dollars in thousands) Service cost $ 9,645 $ 11,569 $ 460 $ 232 $ 168 $ 249 Interest cost 7,647 4,292 185 70 259 126 Expected return on assets (10,782) (10,990) — — — — Prior service cost (credit) amortization 37 44 (29) (29) (111) (111) Actuarial loss (gain) amortization 468 5,852 61 120 (404) (315) Net periodic benefit cost (benefit) $ 7,015 $ 10,767 $ 677 $ 393 $ (88) $ (51) |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended |
Nov. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Reconciliation of gross and net fair values of assets and liabilities subject to offsetting arrangements | November 30, 2022 Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting Gross Amount Recognized Cash Collateral Derivative Instruments Net Amount (Dollars in thousands) Derivative assets Commodity derivatives $ 315,322 $ — $ 7,792 $ 307,530 Foreign exchange derivatives 51,509 — 7,372 44,137 Total $ 366,831 $ — $ 15,164 $ 351,667 Derivative liabilities Commodity derivatives $ 225,676 $ 1,442 $ 9,865 $ 214,369 Foreign exchange derivatives 13,937 — 7,372 6,565 Total $ 239,613 $ 1,442 $ 17,237 $ 220,934 August 31, 2022 Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting Gross Amount Recognized Cash Collateral Derivative Instruments Net Amount (Dollars in thousands) Derivative assets Commodity derivatives $ 464,167 $ — $ 3,834 $ 460,333 Foreign exchange derivatives 52,923 — 8,901 44,022 Total $ 517,090 $ — $ 12,735 $ 504,355 Derivative liabilities Commodity derivatives $ 378,291 $ 1,424 $ 12,574 $ 364,293 Foreign exchange derivatives 12,649 — 8,901 3,748 Total $ 390,940 $ 1,424 $ 21,475 $ 368,041 |
Derivatives Not 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 Condensed Consolidated Statements of Operations for the three months ended November 30, 2022 and 2021: Three Months Ended November 30, Location of Gain (Loss) 2022 2021 (Dollars in thousands) Commodity derivatives Cost of goods sold $ (135,686) $ 31,598 Foreign exchange derivatives Cost of goods sold (19,453) (32,494) Foreign exchange derivatives Marketing, general and administrative expenses 237 (1,194) Other derivatives Other income — 1,546 Total $ (154,902) $ (544) |
Schedule of Derivative Instruments, Purchase and Sales Contracts | all outstanding commodity contracts: November 30, 2022 August 31, 2022 Long Short Long Short (Units in thousands) Grain and oilseed (bushels) 837,115 850,388 609,300 773,239 Energy products (barrels) 14,373 8,726 10,541 5,706 Processed grain and oilseed (tons) 3,334 6,396 1,191 4,182 Crop nutrients (tons) 59 33 23 22 Ocean freight (metric tons) 15 — 60 — Natural gas (metric million Btu) 630 200 420 — |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value of our commodity derivative instruments designated as cash flow hedges and the locations on our Condensed Consolidated Balance Sheets in which they are recorded: Derivative Assets Derivative Liabilities Balance Sheet Location November 30, August 31, Balance Sheet Location November 30, August 31, (Dollars in thousands) (Dollars in thousands) Other current assets $ 12,312 $ 27,154 Other current liabilities $ 26,565 $ 11,818 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents the pretax (losses) gains relating to our existing cash flow hedges that were reclassified from accumulated other comprehensive loss into our Condensed Consolidated Statements of Operations for the three months ended November 30, 2022 and 2021: Three Months Ended November 30, Location of Gain (Loss) 2022 2021 (Dollars in thousands) Commodity derivatives Cost of goods sold $ (6,929) $ 13,254 |
Cash flow hedge gain (loss) recorded in other comprehensive income | The following table presents the pretax losses recorded in other comprehensive income relating to cash flow hedges for the three months ended November 30, 2022 and 2021: Three Months Ended November 30, 2022 2021 (Dollars in thousands) Commodity derivatives $ (29,589) $ (13,296) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Nov. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | November 30, 2022 Quoted Prices in Significant Significant Total (Dollars in thousands) Assets Commodity derivatives $ 702 $ 326,932 $ — $ 327,634 Foreign exchange derivatives — 51,509 — 51,509 Deferred compensation assets 48,430 — — 48,430 Segregated investments and marketable securities 207,521 — — 207,521 Other assets 85,457 — — 85,457 Total $ 342,110 $ 378,441 $ — $ 720,551 Liabilities Commodity derivatives $ 2,894 $ 249,347 $ — $ 252,241 Foreign exchange derivatives — 13,937 — 13,937 Total $ 2,894 $ 263,284 $ — $ 266,178 August 31, 2022 Quoted Prices in Significant Significant Total (Dollars in thousands) Assets Commodity derivatives $ 1,161 $ 490,160 $ — $ 491,321 Foreign exchange derivatives — 52,923 — 52,923 Deferred compensation assets 46,562 — — 46,562 Segregated investments and marketable securities 238,124 — — 238,124 Other assets 11,718 — — 11,718 Total $ 297,565 $ 543,083 $ — $ 840,648 Liabilities Commodity derivatives $ 10,256 $ 379,883 $ — $ 390,139 Foreign exchange derivatives — 12,649 — 12,649 Total $ 10,256 $ 392,532 $ — $ 402,788 |
Other Current Assets and Liab_2
Other Current Assets and Liabilities (table) | 3 Months Ended |
Nov. 30, 2022 | |
Other current assets and liabilities [Abstract] | |
Other current assets and liabilities Table Text block [Table] | Other current assets and liabilities as of November 30, 2022, and August 31, 2022, are as follows: November 30, August 31, Other current assets (Dollars in thousands) Derivative assets (Note 11) $ 374,489 $ 535,698 Margin and related deposits 318,807 390,782 Supplier advance payments 521,504 198,753 Restricted cash 107,648 109,517 Other 159,144 147,954 Total other current assets $ 1,481,592 $ 1,382,704 Other current liabilities Customer margin deposits and credit balances $ 231,471 $ 283,234 Customer advance payments 628,995 525,003 Derivative liabilities (Note 11) 263,781 398,781 Dividends and equity payable 1,029,227 1,000,000 Total other current liabilities $ 2,153,474 $ 2,207,018 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Aug. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |||
Revenue recognized | $ 122 | $ 107.2 | |
Contract liabilities | 367.1 | $ 541.5 | |
Commodity Contract Asset, Current | $ 17 | $ 17.2 |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 12,765,839 | $ 10,880,757 |
Energy | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3,119,306 | 2,303,987 |
Ag | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 9,633,244 | 8,569,259 |
Corporate and Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13,289 | 7,511 |
ASC Topic 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5,421,314 | 4,582,823 |
ASC Topic 606 | Energy | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,802,155 | 2,047,277 |
ASC Topic 606 | Ag | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,613,460 | 2,531,956 |
ASC Topic 606 | Corporate and Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5,699 | 3,590 |
ASC Topic 815 | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 7,326,504 | 6,285,970 |
ASC Topic 815 | Energy | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 317,151 | 256,710 |
ASC Topic 815 | Ag | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 7,009,353 | 6,029,260 |
ASC Topic 815 | Corporate and Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Other Guidance | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 18,021 | 11,964 |
Other Guidance | Energy | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Other Guidance | Ag | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10,431 | 8,043 |
Other Guidance | Corporate and Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 7,590 | $ 3,921 |
Receivables - Schedule of Recei
Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands | Nov. 30, 2022 | Aug. 31, 2022 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 3,359,600 | $ 2,626,623 |
CHS Capital short-term notes receivable | 587,917 | 644,875 |
Other | 459,462 | 404,734 |
Receivables, gross | 4,406,979 | 3,676,232 |
Less: allowances and reserves | 130,336 | 127,917 |
Total receivables | $ 4,276,643 | $ 3,548,315 |
Receivables - Narrative (Detail
Receivables - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Nov. 30, 2022 | Aug. 31, 2022 | |
Notes Receivable, Long-Term | ||
CHS Capital long-term notes receivable additional available credit of counterparty | $ 1,000 | |
CHS Capital Notes Receivable [Member] | ||
Notes Receivable, Long-Term | ||
CHS Capital long-term notes receivable, non-current, term | 10 years | |
CHS Capital long-term notes receivable | $ 75.7 | $ 54.3 |
Commercial Notes to Notes and Loans Receivable, Net, Percentage | 37% | 25% |
Producer Notes to Notes and Loans Receivable, Net, Percentage | 63% | 75% |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Nov. 30, 2022 | Aug. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Grain and oilseed | $ 2,244,788 | $ 1,133,531 |
Energy | 918,042 | 824,114 |
Agronomy | 1,482,707 | 1,295,548 |
Processed grain and oilseed | 316,490 | 292,992 |
Other | 108,077 | 106,686 |
Total inventories | $ 5,070,104 | $ 3,652,871 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | Nov. 30, 2022 | Aug. 31, 2022 |
Inventory Disclosure [Abstract] | ||
LIFO inventory, difference amount had FIFO inventory valuation method been used | $ 515.9 | $ 678.3 |
Percentage of LIFO inventory | 12% | 14% |
Inventory [Line Items] | ||
Percentage of LIFO inventory | 12% | 14% |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Aug. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity income from investments | $ (181,962) | $ (151,345) | |
Investments | 3,890,624 | $ 3,728,006 | |
Investment Company, Distributable Earnings | $ 680,100 | ||
CF Nitrogen LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 8% | ||
Equity Method Investments | $ 2,769,170 | 2,641,604 | |
Ventura Foods, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50% | ||
Equity Method Investments | $ 427,343 | 410,093 | |
TEMCO, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50% | ||
Equity Method Investments | $ 44,091 | 32,809 | |
Ardent Mills LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 12% | ||
Equity Method Investments | $ 255,106 | $ 250,857 | |
Nitrogen Production [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income from investments | (127,566) | (116,473) | |
Corporate and Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income from investments | (34,866) | (14,038) | |
Ag | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income from investments | $ (23,062) | $ (19,734) |
Investments Equity Method inves
Investments Equity Method investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Aug. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||
Other Investments | $ 126,183 | $ 126,730 | |
Net income (loss) attributable to CHS Inc. | 782,598 | $ 451,961 | |
Gross Profit | 879,135 | 519,908 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 782,916 | 451,943 | |
CF Nitrogen LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 2,769,170 | 2,641,604 | |
Ventura Foods, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 427,343 | 410,093 | |
Ardent Mills LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 255,106 | 250,857 | |
TEMCO, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 44,091 | 32,809 | |
Other Equity Method Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 268,731 | $ 265,913 | |
CF Nitrogen LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net income (loss) attributable to CHS Inc. | 127,566 | 116,473 | |
Revenues | 1,623,268 | 1,316,899 | |
Gross Profit | 770,478 | 575,571 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 764,179 | $ 562,593 |
Notes Payable and Long-Term Deb
Notes Payable and Long-Term Debt - Schedule of Notes Payable and Long-Term Debt (Details) - USD ($) $ in Thousands | Nov. 30, 2022 | Aug. 31, 2022 |
Debt Instrument [Line Items] | ||
Notes payable | $ 773,447 | $ 606,719 |
Notes payable [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 625,872 | 459,398 |
CHS Capital notes payable | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 147,575 | $ 147,321 |
Notes Payable and Long-Term D_2
Notes Payable and Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Aug. 31, 2022 | |
Debt Instrument [Line Items] | |||
Interest expense | $ 33,250 | $ 23,432 | |
Capitalized interest | 2,500 | 2,300 | |
Interest Expense | 33,250 | $ 23,432 | |
Principal Amount Outstanding of Loans Held-in-portfolio | 929,000 | ||
Long-term Debt | $ 1,668,158 | $ 1,668,209 | |
Five-Year Revolving Facilities | Line of Credit | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Debt instrument, term | 5 years | ||
Current borrowing capacity | $ 2,750,000 | ||
Outstanding balance | 0 | ||
Repurchase Facility | Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 0 | ||
Maximum borrowing capacity | 150,000 | ||
Term loans from cooperatives and other banks, 430K payable in 2025 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 366,000 | $ 366,000 | |
committed | |||
Debt Instrument [Line Items] | |||
maximum availability under securitization | 850,000 | ||
uncommitted | |||
Debt Instrument [Line Items] | |||
maximum availability under securitization | $ 250,000 |
Equities Changes in Equity (Det
Equities Changes in Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | $ 9,461,266 | $ 9,017,326 |
Reversal of prior year patronage and redemption estimates | 12,941 | 12,221 |
Redemptions of equities | (12,941) | (12,221) |
Preferred stock dividends | (84,334) | (84,334) |
Other, net | 343 | (518) |
Net income (loss) | 782,916 | 451,943 |
Net income (loss) attributable to CHS Inc. | 782,598 | 451,961 |
Net income (loss) attributable to noncontrolling interests | 318 | (18) |
Other comprehensive income, net of tax | (13,618) | (15,418) |
Estimated 2022 cash patronage refunds | (208,864) | (39,691) |
Estimated 2022 equity redemptions | (208,864) | (79,382) |
Ending Balance | 9,728,845 | 9,249,926 |
Capital equity certificates [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | 3,587,131 | 3,583,911 |
Reversal of prior year patronage and redemption estimates | 12,941 | 12,221 |
Redemptions of equities | (10,021) | (9,824) |
Other, net | 291 | (1,023) |
Estimated 2022 equity redemptions | (208,864) | (79,382) |
Ending Balance | 3,381,478 | 3,505,903 |
Nonpatronage Equity Certificates [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | 27,933 | 28,431 |
Reversal of prior year patronage and redemption estimates | 0 | 0 |
Redemptions of equities | (58) | (318) |
Other, net | 17 | |
Ending Balance | 27,875 | 28,130 |
Non-qualified Equity Certificates [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | 1,776,172 | 1,634,896 |
Reversal of prior year patronage and redemption estimates | 0 | 0 |
Redemptions of equities | (2,862) | (2,079) |
Other, net | 57 | (64) |
Ending Balance | 1,773,367 | 1,632,753 |
Preferred Stock [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | 2,264,038 | 2,264,038 |
Redemptions of equities | 0 | 0 |
Ending Balance | 2,264,038 | 2,264,038 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | (255,335) | (216,391) |
Other comprehensive income, net of tax | (13,618) | (15,418) |
Ending Balance | (268,953) | (231,809) |
Capital Reserves [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | 2,055,682 | 1,713,976 |
Reversal of prior year patronage and redemption estimates | 0 | 0 |
Preferred stock dividends | (84,334) | (84,334) |
Other, net | 20 | 1,393 |
Net income (loss) attributable to CHS Inc. | 782,598 | 451,961 |
Estimated 2022 cash patronage refunds | (208,864) | (39,691) |
Ending Balance | 2,545,102 | 2,043,305 |
Noncontrolling Interest [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Beginning Balance | 5,645 | 8,465 |
Other, net | (25) | (841) |
Net income (loss) attributable to noncontrolling interests | 318 | (18) |
Ending Balance | $ 5,938 | $ 7,606 |
Equities Accumulated Other Comp
Equities Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 9,461,266 | $ 9,017,326 |
Other comprehensive income, net of tax | (13,618) | (15,418) |
Ending Balance | 9,728,845 | 9,249,926 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (168,640) | (141,385) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (66) | (83) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 5,560 | 5,064 |
Other Comprehensive Income (Loss), before Tax | 5,494 | 4,981 |
Other Comprehensive Income (Loss), Tax | 3,030 | (1,213) |
Other comprehensive income, net of tax | 8,524 | 3,768 |
Ending Balance | (160,116) | (137,617) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 8,843 | 4,824 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (33,899) | 870 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 7,229 | (12,954) |
Other Comprehensive Income (Loss), before Tax | (26,670) | (12,084) |
Other Comprehensive Income (Loss), Tax | 6,463 | 2,943 |
Other comprehensive income, net of tax | (20,207) | (9,141) |
Ending Balance | (11,364) | (4,317) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (95,538) | (79,830) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (2,227) | (9,983) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | (2,227) | (9,983) |
Other Comprehensive Income (Loss), Tax | 292 | (62) |
Other comprehensive income, net of tax | (1,935) | (10,045) |
Ending Balance | (97,473) | (89,875) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (255,335) | (216,391) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (36,192) | (9,196) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 12,789 | (7,890) |
Other Comprehensive Income (Loss), before Tax | (23,403) | (17,086) |
Other Comprehensive Income (Loss), Tax | 9,785 | 1,668 |
Other comprehensive income, net of tax | (13,618) | (15,418) |
Ending Balance | $ (268,953) | $ (231,809) |
Equities Dividends Per Share (D
Equities Dividends Per Share (Details) - $ / shares | 3 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
8% Cumulative Redeemable [Member] | ||
8% Cumulative Redeemable [Line Items] | ||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $ 1 | $ 1 |
Class B, Series 1 Preferred Stock [Member] | ||
8% Cumulative Redeemable [Line Items] | ||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | 0.98 | 0.98 |
Class B, Series 2 Preferred Stock [Member] | ||
8% Cumulative Redeemable [Line Items] | ||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | 0.88 | 0.88 |
Class B, Series 3 Preferred Stock [Member] | ||
8% Cumulative Redeemable [Line Items] | ||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | 0.84 | 0.84 |
Class B, Series 4 Preferred Stock [Member] | ||
8% Cumulative Redeemable [Line Items] | ||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $ 0.94 | $ 0.94 |
Benefit Plans - Net Periodic Be
Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Qualified Pension Benefits | ||
Component of net periodic benefit costs: [Abstract] | ||
Service cost | $ 9,645 | $ 11,569 |
Interest cost | 7,647 | 4,292 |
Expected return on assets | (10,782) | (10,990) |
Prior service cost (credit) amortization | 37 | 44 |
Actuarial loss (gain) amortization | 468 | 5,852 |
Net periodic benefit cost (benefit) | 7,015 | 10,767 |
Non-Qualified Pension Benefits | ||
Component of net periodic benefit costs: [Abstract] | ||
Service cost | 460 | 232 |
Interest cost | 185 | 70 |
Expected return on assets | 0 | 0 |
Prior service cost (credit) amortization | (29) | (29) |
Actuarial loss (gain) amortization | 61 | 120 |
Net periodic benefit cost (benefit) | 677 | 393 |
Other Benefits | ||
Component of net periodic benefit costs: [Abstract] | ||
Service cost | 168 | 249 |
Interest cost | 259 | 126 |
Expected return on assets | 0 | 0 |
Prior service cost (credit) amortization | (111) | (111) |
Actuarial loss (gain) amortization | (404) | (315) |
Net periodic benefit cost (benefit) | $ (88) | $ (51) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Aug. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Percent | 4.20% | 3.20% | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 115.3 | $ 115.1 |
Segment Reporting - Segment Inf
Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Aug. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 12,765,839 | $ 10,880,757 | |
Revenue From Contract With Customer Net of Intersegment Revenue Excluding Assessed Tax | 12,765,839 | 10,880,757 | |
Operating earnings (loss) | 644,469 | 314,974 | |
Interest Expense | 33,250 | 23,432 | |
Other income | (24,289) | (23,776) | |
Equity income from investments | (181,962) | (151,345) | |
Income before income taxes | 817,470 | 466,663 | |
Total assets | $ 21,073,264 | $ 18,824,807 | |
CF Nitrogen LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Ownership percentage | 8% | ||
TEMCO, LLC | |||
Segment Reporting Information [Line Items] | |||
Ownership percentage | 50% | ||
Ventura Foods, LLC | |||
Segment Reporting Information [Line Items] | |||
Ownership percentage | 50% | ||
Ardent Mills LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Ownership percentage | 12% | ||
Energy | |||
Segment Reporting Information [Line Items] | |||
Revenues, including intersegment revenues | $ 3,337,125 | 2,468,343 | |
Revenues | 3,119,306 | 2,303,987 | |
Intersegment Revenue | (217,819) | (164,356) | |
Revenue From Contract With Customer Net of Intersegment Revenue Excluding Assessed Tax | 3,119,306 | 2,303,987 | |
Operating earnings (loss) | 398,659 | 67,850 | |
Interest Income, Operating | 2,056 | ||
Interest Expense | 488 | ||
Other income | (3,523) | (728) | |
Equity income from investments | 3,532 | (1,100) | |
Income before income taxes | 396,594 | 69,190 | |
Total assets | 4,241,612 | ||
Ag | |||
Segment Reporting Information [Line Items] | |||
Revenues, including intersegment revenues | 9,640,559 | 8,577,403 | |
Revenues | 9,633,244 | 8,569,259 | |
Intersegment Revenue | (7,315) | (8,144) | |
Revenue From Contract With Customer Net of Intersegment Revenue Excluding Assessed Tax | 9,633,244 | 8,569,259 | |
Operating earnings (loss) | 263,502 | 259,773 | |
Interest Expense | 18,567 | 13,661 | |
Other income | (19,302) | (20,579) | |
Equity income from investments | (23,062) | (19,734) | |
Income before income taxes | 287,299 | 286,425 | |
Total assets | 10,392,187 | ||
Nitrogen Production [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues, including intersegment revenues | 0 | 0 | |
Intersegment Revenue | 0 | 0 | |
Revenue From Contract With Customer Net of Intersegment Revenue Excluding Assessed Tax | 0 | 0 | |
Operating earnings (loss) | (16,272) | (10,183) | |
Interest Expense | 14,421 | 11,254 | |
Other income | 0 | (1,547) | |
Equity income from investments | (127,566) | (116,473) | |
Income before income taxes | 96,873 | 96,583 | |
Total assets | 2,769,170 | ||
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Revenues, including intersegment revenues | 16,099 | 10,204 | |
Revenues | 13,289 | 7,511 | |
Intersegment Revenue | (2,810) | (2,693) | |
Revenue From Contract With Customer Net of Intersegment Revenue Excluding Assessed Tax | 13,289 | 7,511 | |
Operating earnings (loss) | (1,420) | (2,466) | |
Interest Expense | 4,125 | (1,820) | |
Other income | (7,383) | (1,073) | |
Equity income from investments | (34,866) | (14,038) | |
Income before income taxes | 36,704 | 14,465 | |
Total assets | 3,670,296 | ||
Other Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | (227,944) | (175,193) | |
Intersegment Revenue | 227,944 | 175,193 | |
Revenue From Contract With Customer Net of Intersegment Revenue Excluding Assessed Tax | 0 | 0 | |
Operating earnings (loss) | 0 | 0 | |
Interest Expense | (5,919) | (151) | |
Other income | 5,919 | 151 | |
Equity income from investments | 0 | 0 | |
Income before income taxes | 0 | $ 0 | |
Total assets | $ 0 |
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 | Nov. 30, 2022 | Aug. 31, 2022 |
Reconciliation of gross and net fair value of assets and liabilities subject to offsetting arrangements [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 366,831 | $ 517,090 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 351,667 | 504,355 |
Derivative Liability, Fair Value, Gross Liability | 239,613 | 390,940 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 220,934 | 368,041 |
Not Designated as Hedging Instrument | Commodity derivatives | ||
Reconciliation of gross and net fair value of assets and liabilities subject to offsetting arrangements [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 315,322 | 464,167 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 307,530 | 460,333 |
Derivative Liability, Fair Value, Gross Liability | 225,676 | 378,291 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 214,369 | 364,293 |
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] | ||
Derivative Asset, Fair Value, Gross Asset | 51,509 | 52,923 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 44,137 | 44,022 |
Derivative Liability, Fair Value, Gross Liability | 13,937 | 12,649 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 6,565 | $ 3,748 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging Activities - Purchase and Sale Contracts (Details) - Not Designated as Hedging Instrument t in Thousands, T in Thousands, MMBtu in Thousands, Bushels in Thousands, Barrels in Thousands | Nov. 30, 2022 MMBtu T Barrels Bushels t | Aug. 31, 2022 T t MMBtu Bushels Barrels |
Grain and oilseed (bushels) | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Bushels | 837,115 | 609,300 |
Grain and oilseed (bushels) | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Bushels | 850,388 | 773,239 |
Energy products (barrels) | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Barrels | 14,373 | 10,541 |
Energy products (barrels) | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Barrels | 8,726 | 5,706 |
Processed grain and oilseed (tons) | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 3,334 | 1,191 |
Processed grain and oilseed (tons) | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 6,396 | 4,182 |
Crop nutrients (tons) | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 59 | 23 |
Crop nutrients (tons) | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 33 | 22 |
Ocean Freight Contracts [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | t | 15 | 60 |
Ocean Freight Contracts [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | t | 0 | 0 |
Natural gas (metric million Btu) | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBtu | 630 | 420 |
Natural gas (metric million Btu) | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBtu | 200 | 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Hedging Activities - Derivatives (Details) $ in Thousands, bbl in Millions | 3 Months Ended | 12 Months Ended |
Nov. 30, 2022 USD ($) bbl | Aug. 31, 2022 USD ($) bbl | |
Derivative [Line Items] | ||
Derivative Liability, Noncurrent | $ 2,400 | $ 4,000 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 351,667 | 504,355 |
Derivative Asset, Fair Value, Gross Amount Not Offset on Balance Sheet | 15,164 | 12,735 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 220,934 | 368,041 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 1,442 | 1,424 |
Derivative Liability, Fair Value, Gross Amount Not Offset on Balance Sheet | 17,237 | 21,475 |
Derivative Asset, Noncurrent, Excluding Fair Value Hedges | 4,700 | 8,500 |
Foreign exchange derivatives | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 44,137 | 44,022 |
Derivative Asset, Fair Value, Gross Amount Not Offset on Balance Sheet | 7,372 | 8,901 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 6,565 | 3,748 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability, Fair Value, Gross Amount Not Offset on Balance Sheet | 7,372 | 8,901 |
Derivative, Notional Amount | 1,600,000 | 1,900,000 |
Commodity derivatives | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 307,530 | 460,333 |
Derivative Asset, Fair Value, Gross Amount Not Offset on Balance Sheet | 7,792 | 3,834 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 214,369 | 364,293 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 1,442 | 1,424 |
Derivative Liability, Fair Value, Gross Amount Not Offset on Balance Sheet | $ 9,865 | $ 12,574 |
Cash Flow Hedging | ||
Derivative [Line Items] | ||
Aggregate notional amount of cash flow hedges (in barrels) | bbl | 3.1 | 3.8 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Hedging Activities - Pretax Gains (Losses) On Derivatives Not Accounted For As Hedging Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (154,902) | $ (544) |
Commodity derivatives | Cost of goods sold | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (135,686) | 31,598 |
Foreign exchange derivatives | Cost of goods sold | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (19,453) | (32,494) |
Foreign exchange derivatives | Selling, General and Administrative Expenses [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 237 | (1,194) |
Embedded Derivative Financial Instruments [Member] | Other Income [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0 | $ 1,546 |
Derivative Financial Instrume_7
Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Thousands | Nov. 30, 2022 | Aug. 31, 2022 |
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 239,613 | $ 390,940 |
Derivative Financial Instrume_8
Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Instruments, Effect on Earnings (Details) - USD ($) $ in Thousands | Nov. 30, 2022 | Aug. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 366,831 | $ 517,090 |
Derivative Financial Instrume_9
Derivative Financial Instruments and Hedging Activities - Fair Value of Commodity Derivative Instruments (Details) - USD ($) $ in Thousands | Nov. 30, 2022 | Aug. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 239,613 | $ 390,940 |
Derivative Asset, Fair Value, Gross Asset | 366,831 | 517,090 |
Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 26,565 | 11,818 |
Derivative Asset, Fair Value, Gross Asset | $ 12,312 | $ 27,154 |
Derivative Financial Instrum_10
Derivative Financial Instruments and Hedging Activities - Commodity Derivatives (Details) - Commodity derivatives - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Cost of goods sold | ||
Derivative [Line Items] | ||
Pretax gains (losses) reclassified from AOCI related to cash flow hedges | $ (6,929) | $ 13,254 |
Cash Flow Hedging | ||
Derivative [Line Items] | ||
Pretax gains (losses) recorded in OCI related to cash flow hedges | $ (29,589) | $ (13,296) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Nov. 30, 2022 | Aug. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation assets | $ 48,430 | $ 46,562 |
Securities Segregated under Other Regulations | 207,521 | 238,124 |
Other assets | 85,457 | 11,718 |
Total assets | 720,551 | 840,648 |
Foreign exchange derivatives | 12,649 | |
Total liabilities | 266,178 | 402,788 |
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 | 48,430 | 46,562 |
Securities Segregated under Other Regulations | 207,521 | 238,124 |
Other assets | 85,457 | 11,718 |
Total assets | 342,110 | 297,565 |
Foreign exchange derivatives | 0 | |
Total liabilities | 2,894 | 10,256 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation assets | 0 | 0 |
Securities Segregated under Other Regulations | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 378,441 | 543,083 |
Foreign exchange derivatives | 12,649 | |
Total liabilities | 263,284 | 392,532 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation assets | 0 | 0 |
Securities Segregated under Other Regulations | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 0 | 0 |
Foreign exchange derivatives | 0 | |
Total liabilities | 0 | 0 |
Commodity derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 327,634 | 491,321 |
Derivative Liability | 252,241 | 390,139 |
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 | 702 | 1,161 |
Derivative Liability | 2,894 | 10,256 |
Commodity derivatives | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 326,932 | 490,160 |
Derivative Liability | 249,347 | 379,883 |
Commodity derivatives | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Foreign exchange derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange derivatives | 51,509 | 52,923 |
Foreign exchange derivatives | 13,937 | |
Foreign exchange 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 exchange derivatives | 0 | 0 |
Foreign exchange derivatives | 0 | |
Foreign exchange derivatives | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange derivatives | 51,509 | 52,923 |
Foreign exchange derivatives | 13,937 | |
Foreign exchange derivatives | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange derivatives | 0 | $ 0 |
Foreign exchange derivatives | $ 0 |
Commitments and Contingencies G
Commitments and Contingencies Guarantees (Details) $ in Millions | Nov. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantor obligations, maximum exposure, undiscounted | $ 116 |
Maximum guarantees allowed by bank covenants | $ 1,000 |
Other Current Assets and Liab_3
Other Current Assets and Liabilities (details) - USD ($) $ in Thousands | Nov. 30, 2022 | Aug. 31, 2022 |
Other current assets and liabilities [Abstract] | ||
Derivative assets (Note 11) | $ 374,489 | $ 535,698 |
Margin and related deposits | 318,807 | 390,782 |
Supplier advance payments | 521,504 | 198,753 |
Restricted cash | 107,648 | 109,517 |
Other | 159,144 | 147,954 |
Other current assets | 1,481,592 | 1,382,704 |
Customer margin deposits and credit balances | 231,471 | 283,234 |
Customer advance payments | 628,995 | 525,003 |
Derivative liabilities (Note 11) | 263,781 | 398,781 |
Dividends and equities payable | 1,029,227 | 1,000,000 |
Other Liabilities, Current | $ 2,153,474 | $ 2,207,018 |