Cover Page
Cover Page - USD ($) | 12 Months Ended | |
Aug. 31, 2023 | Nov. 08, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Aug. 31, 2023 | |
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, 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 Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
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 Public Float | $ 0 | |
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 | FY | |
Amendment Flag | false | |
Entity Address, Address Line One | 5500 Cenex Drive | |
Document Financial Statement Error Correction [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 |
Audit Information
Audit Information | 12 Months Ended |
Aug. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Location | Minneapolis, Minnesota |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,765,286 | $ 793,957 |
Receivables | 3,105,811 | 3,548,315 |
Inventories | 3,215,179 | 3,652,871 |
Other current assets | 1,042,373 | 1,382,704 |
Total current assets | 9,128,649 | 9,377,847 |
Investments | 3,828,872 | 3,728,006 |
Property, plant and equipment | 4,869,373 | 4,744,959 |
Other assets | 1,130,524 | 973,995 |
Total assets | 18,957,418 | 18,824,807 |
Current liabilities: | ||
Notes payable | 547,923 | 606,719 |
Current portion of long-term debt | 7,839 | 290,605 |
Accounts payable | 2,930,607 | 3,063,310 |
Accrued expenses | 773,054 | 784,317 |
Other Liabilities, Current | 1,639,771 | 2,207,018 |
Liabilities, Current | 5,899,194 | 6,951,969 |
Long-term debt | 1,819,819 | 1,668,209 |
Other liabilities | 786,016 | 743,363 |
Commitments and contingencies (Note 17) | ||
Equities: | ||
Preferred stock | 2,264,038 | 2,264,038 |
Equity certificates | 5,911,649 | 5,391,236 |
Accumulated other comprehensive loss | (265,395) | (255,335) |
Capital reserves | 2,537,486 | 2,055,682 |
Total CHS Inc. equities | 10,447,778 | 9,455,621 |
Noncontrolling interests | 4,611 | 5,645 |
Total equities | 10,452,389 | 9,461,266 |
Total liabilities and equities | $ 18,957,418 | $ 18,824,807 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Income Statement [Abstract] | |||
Revenues | $ 45,590,004 | $ 47,791,666 | $ 38,448,033 |
Cost of goods sold | 43,213,739 | 45,664,745 | 37,496,634 |
Gross profit | 2,376,265 | 2,126,921 | 951,399 |
Marketing, general and administrative expenses | 1,032,765 | 997,835 | 745,602 |
Operating earnings (loss) | 1,343,500 | 1,129,086 | 205,797 |
Interest expense | 137,442 | 114,156 | 104,565 |
Other income | (112,131) | (23,760) | (59,559) |
Equity income from investments | (689,590) | (771,327) | (354,529) |
Income before income taxes | 2,007,779 | 1,810,017 | 515,320 |
Income tax expense (benefit) | 107,655 | 132,116 | (38,249) |
Net income | 1,900,124 | 1,677,901 | 553,569 |
Net loss attributable to noncontrolling interests | (314) | (861) | (383) |
Earnings attributable to CHS Inc. | $ 1,900,438 | $ 1,678,762 | $ 553,952 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 1,900,124 | $ 1,677,901 | $ 553,569 |
Other comprehensive (loss) income, net of tax: | |||
Pension and other postretirement benefits | (5,285) | (27,255) | 18,295 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (6,811) | 4,019 | (6,062) |
Foreign currency translation adjustment | 2,036 | (15,708) | 5,300 |
Other comprehensive income, net of tax | (10,060) | (38,944) | 17,533 |
Comprehensive income | 1,890,064 | 1,638,957 | 571,102 |
Comprehensive loss attributable to noncontrolling interests | (314) | (861) | (383) |
Comprehensive income attributable to CHS Inc. | $ 1,890,378 | $ 1,639,818 | $ 571,485 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equities - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | $ 9,461,266 | $ 9,017,326 | $ 8,819,173 |
Reversal of prior year patronage and redemption estimates | 1,000,000 | 150,000 | 63,000 |
Cash patronage dividends payable | (503,057) | (51,026) | (30,042) |
Redemptions of equities | (495,790) | (111,818) | (79,381) |
Preferred stock dividends | (168,668) | (168,668) | (168,668) |
Other, net | (1,426) | (13,505) | (7,858) |
Net income | 1,900,124 | 1,677,901 | 553,569 |
Other comprehensive income, net of tax | (10,060) | (38,944) | 17,533 |
Estimated patronage refunds | (365,000) | (500,000) | (50,000) |
Estimated equity redemptions | (365,000) | (500,000) | (100,000) |
Balance | 10,452,389 | 9,461,266 | 9,017,326 |
Capital Equity Certificates | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 3,587,131 | 3,583,911 | 3,724,187 |
Reversal of prior year patronage and redemption estimates | (8,803) | 100,000 | 28,000 |
Redemptions of equities | (482,662) | (101,420) | (67,403) |
Other, net | (1,821) | (4,163) | (873) |
Estimated patronage refunds | 706,125 | 508,803 | |
Estimated equity redemptions | (365,000) | (500,000) | (100,000) |
Balance | 3,951,385 | 3,587,131 | 3,583,911 |
Distribution of patronage refunds | 516,415 | ||
Nonpatronage Equity Certificates | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 27,933 | 28,431 | 28,727 |
Redemptions of equities | (331) | (501) | (290) |
Other, net | (44) | 3 | (6) |
Balance | 27,558 | 27,933 | 28,431 |
Nonqualified Equity Certificates | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 1,776,172 | 1,634,896 | 1,408,696 |
Reversal of prior year patronage and redemption estimates | (153,858) | (230,290) | (206,970) |
Distribution of patronage refunds | 154,548 | 235,576 | 214,733 |
Redemptions of equities | (12,797) | (9,897) | (11,688) |
Other, net | (518) | (7,971) | (165) |
Estimated patronage refunds | 169,159 | 153,858 | 230,290 |
Estimated equity redemptions | 0 | 0 | |
Balance | 1,932,706 | 1,776,172 | 1,634,896 |
Preferred Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 2,264,038 | 2,264,038 | 2,264,038 |
Balance | 2,264,038 | 2,264,038 | 2,264,038 |
Accumulated Other Comprehensive Income (Loss) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | (255,335) | (216,391) | (233,924) |
Other comprehensive income, net of tax | (10,060) | (38,944) | 17,533 |
Balance | (265,395) | (255,335) | (216,391) |
Capital Reserves | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 2,055,682 | 1,713,976 | 1,618,147 |
Reversal of prior year patronage and redemption estimates | 1,162,661 | 280,290 | 241,970 |
Distribution of patronage refunds | (1,174,020) | (286,602) | (244,775) |
Preferred stock dividends | (168,668) | (168,668) | (168,668) |
Other, net | 1,677 | 585 | (6,360) |
Net income | 1,900,438 | 1,678,762 | 553,952 |
Estimated patronage refunds | (1,240,284) | (1,162,661) | (280,290) |
Balance | 2,537,486 | 2,055,682 | 1,713,976 |
Noncontrolling Interests | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance | 5,645 | 8,465 | 9,302 |
Other, net | (720) | (1,959) | (454) |
Net income | (314) | (861) | (383) |
Balance | $ 4,611 | $ 5,645 | $ 8,465 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Statement of Cash Flows [Abstract] | |||
Total cash and cash equivalents and restricted cash | $ 1,844,587 | $ 903,474 | $ 542,484 |
Cash flows from operating activities: | |||
Net income | 1,900,124 | 1,677,901 | 553,569 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
DepreciationDepletionAndAmortizationincludingmajormaintenance | 539,521 | 536,493 | 535,498 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (81,272) | (48,847) | (40,035) |
Provision for current expected credit losses | (15,624) | 19,920 | 6,692 |
Gain/recovery on sale of business | 300 | (13,083) | (19,034) |
Inventory, LIFO Reserve, Effect on Income, Net | 0 | 0 | (35,258) |
Deferred taxes | (6,429) | 39,548 | (11,957) |
Other, net | (44,546) | (17,833) | (41,218) |
Changes in operating assets and liabilities, net of acquisitions: | |||
Receivables | 645,781 | (547,564) | (568,752) |
Inventories | 437,692 | (317,918) | (549,221) |
Accounts payable and accrued expenses | (127,399) | 555,446 | 1,007,229 |
Other, net | 36,034 | 62,455 | (79,702) |
Net cash provided by operating activities | 3,284,182 | 1,946,518 | 757,811 |
Cash flows from investing activities: | |||
Capital expenditures | (564,522) | (354,444) | (317,794) |
Proceeds from disposition of property, plant and equipment | 29,645 | 14,318 | 20,742 |
Proceeds from sale of business | 64 | 73,152 | 81,366 |
Expenditures for Major Repairs | (217,413) | (24,768) | (40,922) |
CHSCapitalPaymentsForProceedsFromLoansReceivable | (203,843) | (161,340) | 132,268 |
Financing extended to customers | (137,091) | (83,514) | (1,926) |
Payments from customer financing | 148,690 | 94,388 | 6,892 |
Other investing activities, net | (5,721) | (14,876) | 17,702 |
Net cash used in investing activities | (950,191) | (457,084) | (101,672) |
Cash flows from financing activities: | |||
Proceeds from notes payable and long-term debt | 7,183,395 | 20,730,750 | 31,765,082 |
Payments on notes payable, long-term debt and finance lease obligations | (7,385,813) | (21,515,920) | (31,806,918) |
Preferred stock dividends paid | (168,668) | (168,668) | (168,668) |
Redemptions of equities | (495,790) | (111,818) | (79,381) |
Cash patronage dividends paid | (503,057) | (51,026) | (30,042) |
Other financing activities, net | (25,535) | 2,994 | (6,658) |
Net cash used in financing activities | (1,395,468) | (1,113,688) | (326,585) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | 2,590 | (14,756) | (4,063) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 941,113 | 360,990 | 325,491 |
Cash and cash equivalents and restricted cash at beginning of period | 793,957 | 413,159 | |
Cash and cash equivalents and restricted cash at end of period | 1,765,286 | 793,957 | 413,159 |
Supplemental Cash Flow Elements [Abstract] | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 139,424 | 113,726 | 102,093 |
Income Taxes Paid, Net | 184,444 | 19,712 | (8,842) |
Capital Expenditures Incurred but Not yet Paid | 66,492 | 55,214 | 28,010 |
Lease Obligation Incurred | 16,505 | 18,875 | 12,831 |
Other current liabilities | $ 730,000 | $ 1,000,000 | $ 150,000 |
Investments - Schedule of Equit
Investments - Schedule of Equity Method Investment - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Assets, Current | $ 9,128,649 | $ 9,377,847 | |
Liabilities, Current | 5,899,194 | 6,951,969 | |
Revenues | 45,590,004 | 47,791,666 | $ 38,448,033 |
Gross Profit | 2,376,265 | 2,126,921 | 951,399 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1,900,124 | 1,677,901 | 553,569 |
Earnings attributable to CHS Inc. | 1,900,438 | 1,678,762 | 553,952 |
CF Industries Nitrogen | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets, Current | 899,246 | 1,333,170 | |
Assets, Noncurrent | 5,355,732 | 5,787,921 | |
Liabilities, Current | 281,153 | 391,470 | |
Liabilities, Noncurrent | 1,128 | 1,895 | |
Revenues | 5,070,489 | 6,609,758 | 2,975,983 |
Gross Profit | 2,194,363 | 3,318,189 | 866,880 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,173,715 | 3,249,005 | 809,536 |
Earnings attributable to CHS Inc. | 394,678 | 593,182 | 198,439 |
Ventura Foods, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets, Current | 1,041,799 | 801,568 | |
Assets, Noncurrent | 609,021 | 618,310 | |
Liabilities, Current | 335,000 | 313,438 | |
Liabilities, Noncurrent | 303,209 | 311,982 | |
Revenues | 3,552,194 | 3,386,998 | 2,584,532 |
Gross Profit | 547,107 | 333,368 | 350,708 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 406,271 | 117,666 | 151,196 |
Earnings attributable to CHS Inc. | $ 203,136 | $ 58,833 | $ 78,519 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Aug. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation and Significant Accounting Policies | Significant Accounting Policies Significant accounting policies are summarized below or within the related notes to our consolidated financial statements. |
New Accounting Pronouncements and Changes in Accounting Principles | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | Organization, Basis of Presentation and Significant Accounting Policies Organization CHS Inc. (referred to herein as "CHS," "company," "we," "us" or "our") is the nation's leading integrated agricultural cooperative. As a cooperative, CHS is owned by farmers and ranchers and member cooperatives ("members") across the United States. We also have preferred shareholders who own shares of our five series of preferred stock, all of which are listed and traded on the Global Select Market of The Nasdaq Stock Market LLC ("The Nasdaq"). See Note 12, Equities , for more detailed information. We buy commodities from and provide products and services to individual agricultural producers, local cooperatives and other companies (including member and other nonmember customers), both domestically and internationally. Those products and services include initial agricultural inputs such as fuels, farm supplies, crop nutrients and crop protection products, as well as agricultural outputs that include grains and oilseeds, processed grains and oilseeds, renewable fuels and food products. A portion of our operations are conducted through equity investments and joint ventures whose operating results are not fully consolidated with our results; rather, a proportionate share of the income or loss from those entities is included as a component in our net income under the equity method of accounting. Basis of Presentation The consolidated financial statements include the accounts of CHS and all our subsidiaries and limited liability companies in which we have control. The effects of all significant intercompany transactions have been eliminated. The notes to our consolidated financial statements refer to our Energy, Ag and Nitrogen Production reportable segments, as well as our Corporate and Other category, which represents an aggregation of individually immaterial operating segments. The Nitrogen Production reportable segment consists of our investment in CF Industries Nitrogen, LLC ("CF Nitrogen"), and allocated expenses. See Note 14, Segment Reporting , for more information. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Due to the inherent uncertainty involved in making estimates, actual results could differ from those estimates. We evaluate our estimates and assumptions on an ongoing basis. Significant Accounting Policies Significant accounting policies are summarized below or within the related notes to our consolidated financial statements. Cash and Cash Equivalents and Restricted Cash Cash equivalents include short-term, highly liquid investments with original maturities of three months or less at the date of acquisition. The carrying value of cash and cash equivalents approximates the fair value due to the short-term nature of the instruments. Restricted cash is included in our Consolidated Balance Sheets within other current assets and primarily relates to customer deposits for futures and option contracts associated with regulated commodities held in separate accounts as required under federal and other regulations. Pursuant to the requirements of the Commodity Exchange Act, such funds must be carried in separate accounts that are designated as segregated customer accounts, as applicable. Restricted cash also includes funds held in escrow pursuant to applicable regulations limiting their use. The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported within our Consolidated Balance Sheets that aggregates to the amount presented in our Consolidated Statements of Cash Flows. August 31, 2023 2022 2021 (Dollars in thousands) Cash and cash equivalents $ 1,765,286 $ 793,957 $ 413,159 Restricted cash included in other current assets 79,301 109,517 129,325 Total cash and cash equivalents and restricted cash $ 1,844,587 $ 903,474 $ 542,484 Recent Accounting Pronouncements No recent accounting pronouncements are expected to have a material impact on our consolidated financial statements. |
Receivables
Receivables | 12 Months Ended |
Aug. 31, 2023 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Trade accounts receivable $ 2,010,162 $ 2,626,623 CHS Capital short-term notes receivable 845,192 644,875 Other 327,084 404,734 Gross receivables 3,182,438 3,676,232 Less allowances and reserves 76,627 127,917 Total receivables $ 3,105,811 $ 3,548,315 Trade Accounts Receivable Trade accounts receivable are recorded at net realizable value, which includes an allowance for expected credit losses in accordance with ASC Topic 326, Financial Instruments - Credit Losses ("ASC Topic 326"). 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. Receivables from related parties are disclosed in Note 18, Related Party Transactions . No third-party customer accounted for more than 10% of the total receivables balance as of August 31, 2023 or 2022. CHS Capital Notes Receivable Notes Receivable CHS Capital, LLC ("CHS Capital"), our wholly-owned subsidiary, has short-term notes receivable from commercial and producer borrowers. The short-term notes receivable have maturity terms of 12 months or less and are reported at their outstanding unpaid principal balances, less an allowance for expected credit losses, as CHS Capital has the intent and ability to hold the applicable loans for the foreseeable future or until maturity or payoff. The carrying value of CHS Capital short-term notes receivable approximates fair value given the notes' short-term duration and use of market pricing adjusted for risk. 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, Montana 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 $61.1 million and $54.3 million as of August 31, 2023 and 2022, respectively. The long-term notes receivable are included in other assets on our Consolidated Balance Sheets. As of August 31, 2023 and 2022, commercial notes represented 15% and 25%, respectively, and producer notes represented 85% 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 August 31, 2023, CHS Capital customers had additional available credit of $1.1 billion. Allowance for Loan Losses CHS Capital maintains an allowance for loan losses that is an estimate of current expected losses inherent in the loans receivable portfolio. In accordance with ASC Topic 326, the allowance for loan losses is based on our current expectation for future losses, which takes into consideration historical loss experience, third-party industry forecasts, as well as other quantitative and qualitative factors addressing operational risks and industry trends. Additions to the allowance for loan losses are reflected within marketing, general and administrative expenses in the Consolidated Statements of Operations. The portion of loans receivable deemed uncollectible is charged off against the allowance for loan losses. Recoveries of previously charged off amounts increase the allowance for loan losses. No significant amounts of CHS Capital notes were past due as of August 31, 2023 or 2022, and the allowance for loan losses related to CHS Capital notes were not material as of either date. Interest Income Interest income is recognized on the accrual basis using a method that computes simple interest on a daily basis. Accrual of interest on commercial loans receivable is discontinued at the time the receivable is 90 days past due unless the loan is well-collateralized and in process of collection. Past due status is based on contractual terms of the loan. Producer loans receivable are placed in nonaccrual status based on estimates and analysis due to the annual debt service terms inherent to CHS Capital's producer loans. In all cases, loans are placed in nonaccrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. Troubled Debt Restructurings Restructuring of a loan constitutes a troubled debt restructuring, or restructured loan, if the creditor, for economic reasons related to the debtor's financial difficulties, grants a concession to the debtor that it would otherwise not consider. Concessions vary by program and borrower. Concessions may include interest rate reductions, term extensions, payment deferrals or the acceptance of additional collateral in lieu of payments. In limited circumstances, principal may be forgiven. When a restructured loan constitutes a troubled debt restructuring, CHS includes these loans within its impaired loans. CHS Capital had no significant troubled debt restructurings during the years ended August 31, 2023, 2022 and 2021, and no third-party borrowers that accounted for more than 10% of the total CHS Capital notes receivable or total receivables as of August 31, 2023 or 2022. Loan Participations For the years ended August 31, 2023 and 2022, CHS Capital sold $60.8 million and $64.2 million of notes receivable, respectively, to various counterparties under a master participation agreement. The sales resulted in the removal of notes receivable from the Consolidated Balance Sheets. CHS Capital has no retained interests in the transferred notes receivable, other than collection and administrative services. Proceeds from sales of notes receivable have been included in investing activities in the Consolidated Statements of Cash Flows. Fees received related to the servicing of notes receivable are recorded in other income in the Consolidated Statements of Operations. We consider the fees received adequate compensation for services rendered and, accordingly, have recorded no servicing asset or liability. Other Receivables Other receivables are comprised of certain other amounts recorded in the normal course of business, including receivables related to vendor rebates, value-added taxes, certain financing receivables and pre-crop financing, primarily to Brazilian farmers, to finance a portion of supplier production costs. We receive volume-based rebates from certain vendors during the year. These vendor rebates are accounted for in accordance with ASC 705, Cost of Sales and Services, based on the terms of the volume rebate program. For rebates that meet the definition of a binding arrangement and are both probable and estimable, we estimate the amount of the rebate we will receive and accrue it as a reduction of the cost of inventory and cost of goods sold over the period in which the rebate is earned. For pre-crop financing arrangements we do not bear costs or operational risks associated with the related growing crops, although our ability to be paid depends on the crops actually being produced. The financing is collateralized by future crops, land and physical assets of the farmers, carries a local market interest rate and settles when the farmer's crop is harvested and sold. No significant troubled debt restructurings occurred during the years ended August 31, 2023, 2022 and 2021, and no third-party customer or borrower accounted for more than 10% of the total receivables balance as of August 31, 2023 or 2022. |
Inventories
Inventories | 12 Months Ended |
Aug. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Grain and oilseed $ 1,099,956 $ 1,133,531 Energy 645,333 824,114 Agronomy 1,111,477 1,295,548 Processed grain and oilseed 141,360 292,992 Other 217,053 106,686 Total inventories $ 3,215,179 $ 3,652,871 Grain, processed grain, oilseed, processed oilseed and other minimally processed soy-based inventories are accounted for in accordance with ASC Topic 330, Inventory , and are stated at net realizable value. These inventories are agricultural commodity inventories that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. The net realizable value of agricultural commodity inventories is determined using inputs that are generally based on exchange traded prices and/or recent market bids and offers, including location-specific adjustments. 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 over-the-counter ("OTC") markets. Changes in the net realizable value of agricultural commodity inventories are recognized in earnings as a component of cost of goods sold. All other inventories are stated at the lower of cost or net realizable value. Costs for inventories produced or modified by us through a manufacturing process include fixed and variable production and raw material costs, and inbound freight costs for raw materials. Costs for inventories purchased for resale include the cost of products and freight incurred to place the products at our points of sale. The costs of certain energy inventories (wholesale refined products, crude oil and asphalt) are determined on the last-in, first-out ("LIFO") method; all other inventories of nongrain products purchased for resale are valued on the first-in, first-out ("FIFO") and average cost methods. As of August 31, 2023 and 2022, we valued approximately 16% and 14%, respectively, of inventories, primarily crude oil and refined fuels within our Energy segment, using the lower of cost, determined on the LIFO method, or net realizable value. If the FIFO method of accounting had been used, inventories would have been higher than the reported amount by $589.0 million and $678.3 million as of August 31, 2023 and 2022, respectively. There were no liquidations of LIFO inventories during fiscal 2023 or fiscal 2022. |
Deferred Costs, Capitalized, Pr
Deferred Costs, Capitalized, Prepaid, and Other Assets | 12 Months Ended |
Aug. 31, 2023 | |
Other Current Assets [Abstract] | |
Other Assets | Other Assets Other assets as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Goodwill $ 179,976 $ 179,976 Customer lists, trademarks and other intangible assets 46,980 53,165 Notes receivable (Note 3) 76,919 46,012 Long-term derivative assets (Note 15) 1,119 8,546 Prepaid pension and other benefits (Note 13) 78,819 74,810 Capitalized major maintenance 289,377 147,521 Cash value life insurance 134,126 128,876 Operating lease right of use assets (Note 19) 254,844 242,859 Other 68,364 92,230 Total other assets $ 1,130,524 $ 973,995 Goodwill and Other Intangible Assets Goodwill represents the excess of cost over the fair value of identifiable assets acquired. Goodwill is assessed for impairment on an annual basis as of July 31, either by first assessing qualitative factors to determine whether a quantitative goodwill impairment test is necessary or by proceeding directly to the quantitative test. The quantitative test may be required more frequently if triggering events or other circumstances occur that could indicate impairment. Goodwill is assessed for impairment at the reporting unit level, which has been determined to be our operating segments or one level below our operating segments in certain instances. There were no changes in the net carrying amount of goodwill for the year ended August 31, 2023. Changes in the net carrying amount of goodwill for the year ended August 31, 2022, by segment, are as follows: Energy Ag Corporate Total (Dollars in thousands) Balances, August 31, 2021 $ 552 $ 160,475 $ 10,574 $ 171,601 Goodwill acquired during the period 8,906 — — 8,906 Goodwill disposed of during the period — (531) — (531) Balances, August 31, 2022 $ 9,458 $ 159,944 $ 10,574 $ 179,976 No goodwill has been allocated to our Nitrogen Production segment, which consists of a single investment accounted for under the equity method of accounting, and allocated expenses. No goodwill impairments were identified as a result of our annual goodwill analyses performed as of July 31, 2023, 2022 or 2021. Management will continue to monitor the results and projected cash flows for each of our businesses to assess whether any reserves or impairments may be necessary in the future. Intangible assets subject to amortization primarily include customer lists, trademarks and noncompete agreements, and are amortized over their respective useful lives (ranging from two August 31, 2023 August 31, 2022 Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Amortization Net (Dollars in thousands) Customer lists $ 85,341 $ (41,374) $ 43,967 $ 84,565 $ (35,280) $ 49,285 Trademarks and other intangible assets 11,332 (8,319) 3,013 11,902 (8,022) 3,880 Total intangible assets $ 96,673 $ (49,693) $ 46,980 $ 96,467 $ (43,302) $ 53,165 Intangible asset amortization expense for the years ended August 31, 2023, 2022 and 2021, was $6.7 million, $6.8 million and $6.9 million, respectively. The estimated annual amortization expense related to intangible assets subject to amortization for future years is as follows: (Dollars in thousands) 2024 $ 6,631 2025 6,415 2026 6,233 2027 6,178 2028 6,178 Thereafter 15,345 Total $ 46,980 Capitalized Major Maintenance Activity related to capitalized major maintenance costs at our refineries for the years ended August 31, 2023, 2022 and 2021, is summarized below: Balance at Cost Amortization Balance at (Dollars in thousands) 2023 $ 147,521 $ 216,762 $ (74,906) $ 289,377 2022 196,641 25,401 (74,521) 147,521 2021 228,511 41,899 (73,769) 196,641 |
Other Current Assets | Other Current Assets Other current assets as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Derivative assets (Note 15) $ 320,119 $ 535,698 Margin and related deposits 342,872 390,782 Prepaid expenses 149,682 127,286 Supplier advance payments 136,304 198,753 Restricted cash (Note 1) 79,301 109,517 Other 14,095 20,668 Total other current assets $ 1,042,373 $ 1,382,704 Margin and Related Deposits Many of our derivative contracts with futures and options brokers require us to make margin deposits of cash or other assets. Subsequent margin deposits may also be necessary when changes in commodity prices result in a loss on the contract value to comply with applicable regulations. Our margin and related deposit assets are generally held in separate accounts to support the associated derivative contracts and may be used to fund or partially fund the settlement of those contracts as they expire. Similar to our derivative financial instruments, margin and related deposits are reported on a gross basis. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Aug. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Major classes of property, plant and equipment, including finance lease assets, are summarized in the table below as of August 31, 2023 and 2022. 2023 2022 (Dollars in thousands) Land and land improvements $ 350,703 $ 334,085 Buildings 1,242,913 1,192,571 Machinery and equipment 7,979,164 7,819,152 Office equipment and other 498,430 496,121 Construction in progress 630,542 339,043 Gross property, plant and equipment 10,701,752 10,180,972 Less accumulated depreciation and amortization 5,832,379 5,436,013 Total property, plant and equipment $ 4,869,373 $ 4,744,959 Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided on the straight-line method by charges to operations at rates based on the expected useful lives of individual or groups of assets (generally 15 to 20 years for land improvements, 20 to 40 years for buildings, five to 20 years for machinery and equipment, and three to 10 years for office equipment and other). Expenditures for maintenance and minor repairs and renewals are expensed. We also capitalize and amortize eligible costs to acquire or develop internal-use software that are incurred during the application development stage. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from the related accounts and resulting gains or losses are reflected in operations. Depreciation expense, including amortization of finance lease assets, for the years ended August 31, 2023, 2022 and 2021, was $457.9 million, $458.2 million and $455.9 million, respectively. Property, plant and equipment and other long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may not be recoverable in accordance with U.S. GAAP. This evaluation of recoverability is based on various indicators, including the nature, future economic benefits and geographic locations of the assets, historical or future profitability measures and other external market conditions. If these indicators suggest the carrying amounts of an asset or asset group may not be recoverable, potential impairment is evaluated using undiscounted, estimated future cash flows. Should the sum of the expected future net cash flows be less than the carrying value, an impairment loss would be recognized. An impairment loss would be measured as the amount by which the carrying value of the asset or asset group exceeds its fair value. No significant impairments were identified during fiscal 2023, fiscal 2022 or fiscal 2021. We have asset retirement obligations with respect to certain of our refineries and other assets due to various legal obligations to clean and/or dispose of the component parts at the time they are retired. In most cases, these assets can be used for extended and indeterminate periods of time if they are properly maintained and/or upgraded. It is our practice and current intent to maintain refineries and related assets and to continue making improvements to those assets based on technological advances. As a result, we believe our refineries and related assets have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire a refinery and related assets cannot reasonably be estimated at this time. When a date or range of dates can reasonably be estimated for the retirement of any component part of a refinery or other asset, we estimate the cost of performing the retirement activities and record a liability for the fair value of that future cost. |
Other Assets
Other Assets | 12 Months Ended |
Aug. 31, 2023 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Other assets as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Goodwill $ 179,976 $ 179,976 Customer lists, trademarks and other intangible assets 46,980 53,165 Notes receivable (Note 3) 76,919 46,012 Long-term derivative assets (Note 15) 1,119 8,546 Prepaid pension and other benefits (Note 13) 78,819 74,810 Capitalized major maintenance 289,377 147,521 Cash value life insurance 134,126 128,876 Operating lease right of use assets (Note 19) 254,844 242,859 Other 68,364 92,230 Total other assets $ 1,130,524 $ 973,995 Goodwill and Other Intangible Assets Goodwill represents the excess of cost over the fair value of identifiable assets acquired. Goodwill is assessed for impairment on an annual basis as of July 31, either by first assessing qualitative factors to determine whether a quantitative goodwill impairment test is necessary or by proceeding directly to the quantitative test. The quantitative test may be required more frequently if triggering events or other circumstances occur that could indicate impairment. Goodwill is assessed for impairment at the reporting unit level, which has been determined to be our operating segments or one level below our operating segments in certain instances. There were no changes in the net carrying amount of goodwill for the year ended August 31, 2023. Changes in the net carrying amount of goodwill for the year ended August 31, 2022, by segment, are as follows: Energy Ag Corporate Total (Dollars in thousands) Balances, August 31, 2021 $ 552 $ 160,475 $ 10,574 $ 171,601 Goodwill acquired during the period 8,906 — — 8,906 Goodwill disposed of during the period — (531) — (531) Balances, August 31, 2022 $ 9,458 $ 159,944 $ 10,574 $ 179,976 No goodwill has been allocated to our Nitrogen Production segment, which consists of a single investment accounted for under the equity method of accounting, and allocated expenses. No goodwill impairments were identified as a result of our annual goodwill analyses performed as of July 31, 2023, 2022 or 2021. Management will continue to monitor the results and projected cash flows for each of our businesses to assess whether any reserves or impairments may be necessary in the future. Intangible assets subject to amortization primarily include customer lists, trademarks and noncompete agreements, and are amortized over their respective useful lives (ranging from two August 31, 2023 August 31, 2022 Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Amortization Net (Dollars in thousands) Customer lists $ 85,341 $ (41,374) $ 43,967 $ 84,565 $ (35,280) $ 49,285 Trademarks and other intangible assets 11,332 (8,319) 3,013 11,902 (8,022) 3,880 Total intangible assets $ 96,673 $ (49,693) $ 46,980 $ 96,467 $ (43,302) $ 53,165 Intangible asset amortization expense for the years ended August 31, 2023, 2022 and 2021, was $6.7 million, $6.8 million and $6.9 million, respectively. The estimated annual amortization expense related to intangible assets subject to amortization for future years is as follows: (Dollars in thousands) 2024 $ 6,631 2025 6,415 2026 6,233 2027 6,178 2028 6,178 Thereafter 15,345 Total $ 46,980 Capitalized Major Maintenance Activity related to capitalized major maintenance costs at our refineries for the years ended August 31, 2023, 2022 and 2021, is summarized below: Balance at Cost Amortization Balance at (Dollars in thousands) 2023 $ 147,521 $ 216,762 $ (74,906) $ 289,377 2022 196,641 25,401 (74,521) 147,521 2021 228,511 41,899 (73,769) 196,641 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Aug. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure | Other Current Liabilities Other current liabilities as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Customer margin deposits and credit balances $ 197,315 $ 283,234 Customer advance payments 356,760 525,003 Derivative liabilities (Note 15) 355,696 398,781 Dividends and equity payable (Note 12) 730,000 1,000,000 Total other current liabilities $ 1,639,771 $ 2,207,018 |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes CHS is a nonexempt agricultural cooperative and files a consolidated federal income tax return within our tax return period. We are subject to tax on income from nonpatronage sources, nonqualified patronage distributions and undistributed patronage-sourced income. Income tax expense (benefit) is primarily the current tax payable for the period and the change during the period in certain deferred tax assets and liabilities. Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized under U.S. GAAP and such amounts recognized for federal and state income tax purposes, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. The provision for (benefit from) income taxes for the years ended August 31, 2023, 2022 and 2021 is as follows: 2023 2022 2021 (Dollars in thousands) Current: Federal $ 66,672 $ 56,582 $ (533) State 36,925 24,224 2,943 Foreign 3,735 9,833 56 Total current 107,332 90,639 2,466 Deferred: Federal 7,799 41,710 (24,676) State (7,661) 491 (15,666) Foreign 185 (724) (373) Total deferred 323 41,477 (40,715) Total $ 107,655 $ 132,116 $ (38,249) Domestic income before income taxes was $2.0 billion, $1.8 billion and $497.5 million for the years ended August 31, 2023, 2022 and 2021, respectively. Foreign income (loss) before income taxes was $55.4 million, ($4.9) million and $17.8 million for the years ended August 31, 2023, 2022 and 2021, respectively. Deferred tax assets and liabilities as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Deferred tax assets: Accrued expenses $ 51,960 $ 61,843 Postretirement health care and deferred compensation 51,635 46,008 Tax credit carryforwards 97,730 101,457 Loss carryforwards 111,963 110,018 Nonqualified equity 467,519 424,869 Lease obligations 62,225 60,329 Other 43,164 95,027 Deferred tax assets valuation allowance (182,466) (189,685) Total deferred tax assets 703,730 709,866 Deferred tax liabilities: Pension costs 10,596 14,600 Investments 129,683 169,970 Property, plant and equipment 625,403 605,463 Lease right of use assets 60,501 58,852 Total deferred tax liabilities 826,183 848,885 Net deferred tax liabilities $ 122,453 $ 139,019 We had total gross loss carryforwards of $587.3 million, as of August 31, 2023, of which $344.4 million will expire over periods ranging from fiscal 2023 to fiscal 2043. The remainder will carry forward indefinitely. Based on estimates of future taxable profits and losses in certain foreign tax jurisdictions, as well as consideration of other factors, we assessed whether a valuation allowance was necessary to reduce specific foreign loss carryforwards to amounts we believe are more likely than not to be realized as of August 31, 2023. If our estimates prove inaccurate, adjustments to the valuation allowances may be required in the future with gains or losses being charged to income in the period such determination is made. Our McPherson refinery's gross state tax credit carryforwards for income tax were approximately $116.6 million and $122.8 million as of August 31, 2023 and 2022, respectively. The refinery's valuation allowance on Kansas state credits is necessary due to the limited amount of taxable income generated in Kansas by the combined group on an annual basis. Our state tax credits of $116.6 million will begin to expire during fiscal 2024. The reconciliation of the statutory federal income tax rates to the effective tax rates for the years ended August 31, 2023, 2022 and 2021 is as follows: 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 1.1 1.1 (2.6) Patronage earnings (13.0) (13.6) (11.4) Domestic production activities deduction (3.2) (3.2) (8.2) Export activities at rates other than the U.S. statutory rate (0.2) 0.4 0.5 Intercompany transfer of business assets — (0.1) (4.7) Increase in unrecognized tax benefits — — 0.8 Valuation allowance — 0.2 (0.2) Other (0.3) 1.5 (2.6) Effective tax rate 5.4 % 7.3 % (7.4) % Primary drivers of fiscal 2023 and 2022 income tax expense were increased nonpatronage earnings and other nondeductible items, which were partially offset by the current Domestic Production Activities Deduction ("DPAD") benefit. Primary drivers of the fiscal 2021 income tax benefit were retaining the current DPAD benefit and from tax planning associated with certain assets. We file income tax returns in the U.S. federal jurisdiction, as well as various state and foreign jurisdictions. Our uncertain tax positions are affected by the tax years that are under audit or remain subject to examination by the relevant taxing authorities. Fiscal years 2007 through 2019 remain subject to examination for certain issues. Reserves are recorded against unrecognized tax benefits when we believe certain fully supportable tax return positions are likely to be challenged and we may or may not prevail. If we determine that a tax position is more likely than not to be sustained upon audit, based on the technical merits of the position, we recognize the benefit by measuring the amount that is greater than 50% likely of being realized. We reevaluate the technical merits of our tax positions and recognize an uncertain tax benefit, or derecognize a previously recorded tax benefit, when there is (i) completion of a tax audit, (ii) effective settlement of an issue, (iii) a change in applicable tax law including a tax case or legislative guidance, or (iv) expiration of the applicable statute of limitations. Significant judgment is required in accounting for tax reserves. A reconciliation of the gross beginning and ending amounts of unrecognized tax benefits for the periods is presented as follows: 2023 2022 2021 (Dollars in thousands) Balance at beginning of period $ 124,959 $ 122,149 $ 119,150 Additions attributable to current year tax positions — — 2,000 Additions attributable to prior year tax positions 894 2,810 15,974 Reductions attributable to prior year tax positions — — (14,975) Balance at end of period $ 125,853 $ 124,959 $ 122,149 If we were to prevail on all positions taken in relation to uncertain tax positions, $116.0 million of the unrecognized tax benefits would ultimately benefit our effective tax rate. It is reasonably possible that the total amount of unrecognized tax benefits could significantly change in the next 12 months. |
Equities
Equities | 12 Months Ended |
Aug. 31, 2023 | |
Equity [Abstract] | |
Equities | Equities Patronage and Equity Redemptions In accordance with our bylaws and by action of the Board of Directors, annual net earnings from patronage sources are distributed to consenting patrons following the close of each fiscal year and are based on amounts using financial statement earnings. The cash portion of the qualified patronage distribution, if any, is determined annually by the Board of Directors, with the balance issued in the form of qualified and/or nonqualified capital equity certificates. Total patronage distributions for fiscal 2023 are estimated to be $1.2 billion, with the qualified cash portion estimated to be $365.0 million, estimated qualified equity distributions of $706.1 million and estimated nonqualified equity distributions of $169.2 million. The following table presents estimated patronage distributions for the year ending August 31, 2023, and actual patronage distributions for the years ended August 31, 2022, 2021 and 2020: 2024 2023 2022 2021 (Dollars in millions) Patronage distributed in cash $ 365.0 $ 503.1 $ 51.0 $ 30.0 Patronage distributed in equity 875.3 670.9 235.6 214.8 Total patronage distributed $ 1,240.3 $ 1,174.0 $ 286.6 $ 244.8 Annual net earnings from patronage or other sources may be added to the unallocated capital reserve or, upon action by the Board of Directors, may be allocated to members in the form of nonpatronage equity certificates. The Board of Directors authorized, in accordance with our bylaws, that 10% of the earnings from patronage business for fiscal 2023, 2022 and 2021 be added to our capital reserves. Redemptions of outstanding equity are at the discretion of the Board of Directors. Redemptions of capital equity certificates approved by the Board of Directors are divided into two pools, one for nonindividuals (primarily member cooperatives) who may participate in an annual redemption program for qualified equities held by them and another for individual members who are eligible for equity redemptions at age 70 or upon death. In accordance with authorization from the Board of Directors, we expect total redemptions related to the year ended August 31, 2023, which will be distributed in fiscal 2024, to be approximately $365.0 million. This amount is classified as a current liability on our August 31, 2023, Consolidated Balance Sheet. During the years ended August 31, 2023, 2022 and 2021, we redeemed in cash, outstanding owners' equities in accordance with authorization from the Board of Directors, in the amounts of $495.8 million, $111.8 million and $79.4 million, respectively. Preferred Stock The following is a summary of our outstanding preferred stock as of August 31, 2023, all shares of which are listed and traded on the Global Select Market of The Nasdaq: Nasdaq Symbol Issuance Date Shares Outstanding Redemption Value Net Proceeds (a) Dividend Rate Dividend Payment Frequency Redeemable Beginning (d) (Dollars in millions) 8% Cumulative Redeemable CHSCP (e) 12,272,003 $ 306.8 $ 311.2 8.00 % Quarterly 7/18/2023 Class B Cumulative Redeemable, Series 1 CHSCO (f) 21,459,066 536.5 569.3 7.875 % Quarterly 9/26/2023 Class B Reset Rate Cumulative Redeemable, Series 2 CHSCN 3/11/2014 16,800,000 420.0 406.2 7.10 % Quarterly 3/31/2024 Class B Reset Rate Cumulative Redeemable, Series 3 CHSCM 9/15/2014 19,700,000 492.5 476.7 6.75 % Quarterly 9/30/2024 Class B Cumulative Redeemable, Series 4 CHSCL 1/21/2015 20,700,000 517.5 501.0 7.50 % Quarterly 1/21/2025 (a) Includes patron equities redeemed with preferred stock. (b) The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 2 accumulates dividends at a rate of 7.10% per year until March 31, 2024, and then at a rate equal to the three-month benchmark interest rate plus 4.298%, not to exceed 8.00% per annum, subsequent to March 31, 2024. (c) The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 3 accumulates dividends at a rate of 6.75% per year until September 30, 2024, and then at a rate equal to the three-month benchmark interest rate plus 4.155%, not to exceed 8.00% per annum, subsequent to September 30, 2024. (d) Preferred stock is redeemable for cash at our option, in whole or in part, at a per share price equal to the per share liquidation preference of $25.00 per share, plus all dividends accumulated and unpaid on that share to and including the date of redemption, beginning on the dates set forth in this column. (e) The 8% Cumulative Redeemable Preferred Stock was issued at various times from 2003 through 2010. (f) Shares of Class B Cumulative Redeemable Preferred Stock, Series 1 were issued on September 26, 2013; August 25, 2014; March 31, 2016; and March 30, 2017. Preferred Stock Dividends We made dividend payments on our preferred stock of $168.7 million during each of the years ended August 31, 2023, 2022 and 2021. As of August 31, 2023, the Board of Directors had not authorized the issuance of any preferred shares that were not outstanding. The following is a summary of dividends per share by series of preferred stock for the years ended August 31, 2023 and 2022: Years Ended August 31, Nasdaq Symbol 2023 2022 (Dollars per share) 8% Cumulative Redeemable CHSCP $ 2.00 $ 2.00 Class B Cumulative Redeemable, Series 1 CHSCO 1.97 1.97 Class B Reset Rate Cumulative Redeemable, Series 2 CHSCN 1.78 1.78 Class B Reset Rate Cumulative Redeemable, Series 3 CHSCM 1.69 1.69 Class B Cumulative Redeemable, Series 4 CHSCL 1.88 1.88 Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive income (loss) by component, for the years ended August 31, 2023, 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, 2020, net of tax $ (159,680) $ 10,886 $ (85,130) $ (233,924) Other comprehensive income (loss), before tax: Amounts before reclassifications 4,048 11,700 5,573 21,321 Amounts reclassified out 20,256 (19,753) — 503 Total other comprehensive income (loss), before tax 24,304 (8,053) 5,573 21,824 Tax effect (6,009) 1,991 (273) (4,291) Other comprehensive income (loss), net of tax 18,295 (6,062) 5,300 17,533 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 (52,163) (2,161) (15,809) (70,133) Amounts reclassified out 22,240 7,455 — 29,695 Total other comprehensive income (loss), before tax (29,923) 5,294 (15,809) (40,438) Tax effect 2,668 (1,275) 101 1,494 Other comprehensive income (loss), net of tax (27,255) 4,019 (15,708) (38,944) 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 (13,596) (25,024) 1,829 (36,791) Amounts reclassified out 93 16,044 — 16,137 Total other comprehensive income (loss), before tax (13,503) (8,980) 1,829 (20,654) Tax effect 8,218 2,169 207 10,594 Other comprehensive income (loss), net of tax (5,285) (6,811) 2,036 (10,060) Balance as of August 31, 2023, net of tax $ (173,925) $ 2,032 $ (93,502) $ (265,395) 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 13, Benefit Plans , for further information). As described in Note 15, Derivative Financial Instruments and Hedging Activities |
Benefit Plans
Benefit Plans | 12 Months Ended |
Aug. 31, 2023 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans We have various pension and other defined benefits as well as defined contribution plans in which substantially all employees may participate. We also have nonqualified supplemental executive and Board retirement plans. We provide defined life insurance and health care benefits for certain retired employees and Board of Directors participants. The plan is contributory based on years of service and family status, with retiree contributions adjusted annually. Financial information on changes in projected benefit obligation, plan assets funded and balance sheet status as of August 31, 2023 and 2022, is as follows: Qualified Nonqualified Other Benefits 2023 2022 2023 2022 2023 2022 (Dollars in thousands) Change in benefit obligation: Projected benefit obligation at beginning of period $ 759,173 $ 925,239 $ 18,257 $ 20,604 $ 24,524 $ 29,069 Service cost 38,579 46,275 1,840 926 670 996 Interest cost 30,588 17,167 741 281 1,035 503 Actuarial loss (gain): Experience study and mortality updates 2,573 2,941 159 43 — 19 Other demographic experience* 5,181 9,875 1,999 1,313 (553) 717 Discount rate change (45,216) (164,543) (876) (2,892) (1,312) (4,979) Plan amendments 490 132 — — — — Settlements — — — (1,327) — — Benefits paid (82,857) (77,913) (1,140) (691) (1,792) (1,801) Projected benefit obligation at end of period $ 708,511 $ 759,173 $ 20,980 $ 18,257 $ 22,572 $ 24,524 Change in plan assets: Fair value of plan assets at beginning of period $ 787,422 $ 993,124 $ — $ — $ — $ — Actual (loss) gain on plan assets (8,415) (166,789) — — — — Company contributions 40,000 39,000 1,140 2,018 1,792 1,801 Benefits paid (82,857) (77,913) (1,140) (2,018) (1,792) (1,801) Fair value of plan assets at end of period $ 736,150 $ 787,422 $ — $ — $ — $ — Funded status at end of period $ 27,639 $ 28,249 $ (20,980) $ (18,257) $ (22,572) $ (24,524) Amounts recognized on balance sheet: Noncurrent assets $ 27,639 $ 28,249 $ — $ — $ — $ — Accrued benefit cost: Current liabilities — — (2,880) (2,300) (2,170) (2,290) Noncurrent liabilities — — (18,100) (15,957) (20,402) (22,234) Ending balance $ 27,639 $ 28,249 $ (20,980) $ (18,257) $ (22,572) $ (24,524) Amounts recognized in accumulated other comprehensive loss (pretax): Prior service cost (credit) $ 1,172 $ 831 $ (160) $ (274) $ (1,380) $ (1,825) Net loss (gain) 247,609 235,399 4,294 3,257 (18,096) (17,846) Ending balance $ 248,781 $ 236,230 $ 4,134 $ 2,983 $ (19,476) $ (19,671) * Other demographic experience is comprised of all demographic experience different than anticipated, including terminations, retirements, deaths, pay, etc. The accumulated benefit obligation of the qualified pension plans was $678.4 million and $728.9 million as of August 31, 2023 and 2022, respectively. The accumulated benefit obligation of the nonqualified pension plans was $20.9 million and $18.3 million as of August 31, 2023 and 2022, respectively. Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below: Years Ended August 31, 2023 2022 (Dollars in thousands) Projected benefit obligation $ 20,980 $ 18,257 Accumulated benefit obligation 20,908 18,257 Components of net periodic benefit costs for the years ended August 31, 2023, 2022 and 2021, are as follows: Qualified Nonqualified Other Benefits 2023 2022 2021 2023 2022 2021 2023 2022 2021 (Dollars in thousands) Components of net periodic benefit costs: Service cost $ 38,579 $ 46,275 $ 45,229 $ 1,840 $ 926 $ 433 $ 670 $ 996 $ 1,186 Interest cost 30,588 17,167 16,563 741 281 273 1,035 503 493 Expected return on assets (43,129) (43,958) (43,641) — — — — — — Prior service cost (credit) amortization 149 174 178 (114) (114) (114) (445) (445) (445) Actuarial loss (gain) amortization 1,872 23,406 21,790 245 478 212 (1,615) (1,259) (1,365) Net periodic benefit cost (benefit) $ 28,059 $ 43,064 $ 40,119 $ 2,712 $ 1,571 $ 804 $ (355) $ (205) $ (131) Components of net periodic benefit costs and amounts recognized in other comprehensive loss (income) for the years ended August 31, 2023, 2022 and 2021, are as follows: Qualified Nonqualified Other Benefits 2023 2022 2021 2023 2022 2021 2023 2022 2021 (Dollars in thousands) Other comprehensive loss (income): Prior service cost $ 490 $ 132 $ 113 $ — $ — $ — $ — $ — $ — Net actuarial loss (gain) 14,082 59,020 (4,408) 1,282 (1,537) 1,978 (1,865) (4,243) (1,163) Amortization of actuarial (gain) loss (1,872) (23,406) (21,790) (245) (478) (212) 1,615 1,259 1,365 Amortization of prior service (credit) costs (149) (174) (178) 114 114 114 445 445 445 Settlement of retiree obligations (a) — — — — (307) — — — — Total recognized in other comprehensive loss (income) $ 12,551 $ 35,572 $ (26,263) $ 1,151 $ (2,208) $ 1,880 $ 195 $ (2,539) $ 647 (a) Reflects amounts reclassified from accumulated other comprehensive loss (income) to net earnings. Estimated amortization in fiscal 2024 from accumulated other comprehensive loss into net periodic benefit cost is as follows: Qualified Nonqualified Other (Dollars in thousands) Amortization of prior service costs (credit) $ 178 $ (114) $ (445) Amortization of actuarial loss (gain) 1,796 380 (1,616) Plan assumptions for the years ended August 31, 2023, 2022 and 2021, are as follows: Qualified Nonqualified Other Benefits 2023 2022 2021 2023 2022 2021 2023 2022 2021 Weighted-average assumptions to determine the net periodic benefit cost: Interest credit rate 4.65 % 4.65 % 4.65 % 4.65 % 4.65 % 4.65 % N/A N/A N/A Discount rate 4.69 % 2.80 % 2.65 % 4.48 % 2.04 % 2.07 % 4.64 % 2.57 % 2.43 % Expected return on plan assets 4.88 % 4.88 % 4.90 % N/A N/A N/A N/A N/A N/A Rate of compensation increase 4.93 % 4.79 % 4.99 % 4.93 % 4.79 % 4.99 % N/A N/A N/A Weighted-average assumptions to determine the benefit obligations: Interest credit rate 4.80 % 4.65 % 4.65 % 4.80 % 4.65 % 4.65 % N/A N/A N/A Discount rate 5.38 % 4.69 % 2.78 % 5.23 % 4.49 % 2.08 % 5.33 % 4.64 % 2.57 % Rate of compensation increase 4.98 % 4.93 % 4.79 % 4.98 % 4.93 % 4.79 % N/A N/A N/A A significant assumption for pension costs and obligations is the discount rate. We use a full-yield curve approach by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The discount rate reflects the rate at which the associated benefits could be effectively settled as of the measurement date. In estimating this rate, we look at rates of return on fixed-income investments of similar duration to the liabilities in the plans that receive high investment-grade ratings by recognized ratings agencies. An annual analysis of the risk versus the return of the investment portfolio is conducted to justify the expected long-term rate of return assumption. We generally use long-term historical return information for the targeted asset mix identified in asset and liability studies. Adjustments are made to the expected long-term rate of return assumption when deemed necessary, based upon revised expectations of future investment performance of the overall investment markets. For measurement purposes, a 7.5% annual rate of increase in the per capita cost of covered health care benefits was assumed for the year ended August 31, 2023. The rate was assumed to decrease gradually to 4.5% by 2031 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in the assumed health care cost trend rates would have the following effects: 1% Increase 1% Decrease (Dollars in thousands) Effect on total of service and interest cost components $ 170 $ 140 Effect on postretirement benefit obligation 1,400 1,300 Contributions depend primarily on market returns on the pension plan assets and minimum funding level requirements. During fiscal 2023, we made a discretionary contribution of $40.0 million to the pension plans. Based on the funded status of the qualified pension plans as of August 31, 2023, we do not currently believe we will be required to contribute to these plans in fiscal 2024, although we may voluntarily elect to do so. We expect to pay $5.1 million to participants of the nonqualified pension and postretirement benefit plans during fiscal 2024. Our retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows: Qualified Nonqualified Other Benefits (Dollars in thousands) 2024 $ 69,100 $ 2,880 $ 2,170 2025 69,600 3,020 2,280 2026 69,800 2,800 2,220 2027 71,200 2,480 2,180 2028 74,200 2,160 2,060 2029-2033 339,800 8,380 8,570 We have trusts that hold the assets for the defined benefit plans. CHS has a qualified plan committee that sets investment guidelines with the assistance of external consultants. Investment objectives for the plans' assets are as follows: • Optimize the long-term returns on plan assets at an acceptable level of risk; • Maintain broad diversification across asset classes and among investment managers; and • Focus on long-term return objectives. Asset allocation targets promote optimal expected return and volatility characteristics given the long-term time horizon for fulfilling the obligations of the pension plans. The investment portfolio contains a diversified portfolio of investment categories, including equities, fixed-income securities and real estate. Securities are also diversified in terms of domestic and international securities, short- and long-term securities, growth and value equities, large and small cap stocks, as well as active and passive management styles. Our pension plans' investment policy strategy is such that liabilities match assets. This is being accomplished through the asset portfolio mix by reducing volatility and de-risking the plans. The plans' target allocation percentages range between 45% and 80% for fixed income securities and range between 20% and 55% for equity securities. The qualified plan committee believes that with prudent risk tolerance and asset diversification, the plans should be able to meet pension obligations in the future. Our pension plans' recurring fair value measurements by asset category as of August 31, 2023 and 2022, are presented in the tables below: 2023 Level 1 Level 2 Level 3 Total (Dollars in thousands) Cash and cash equivalents $ 12,505 $ — $ — $ 12,505 Equities: Common/collective trust at net asset value (1) — — — 127,225 Fixed income securities: Other investments 25,143 86,315 — 111,458 Common/collective trust at net asset value (1) — — — 425,180 Partnership and joint venture interests measured at net asset value (1) — — — 59,782 Total $ 37,648 $ 86,315 $ — $ 736,150 2022 Level 1 Level 2 Level 3 Total (Dollars in thousands) Cash and cash equivalents $ 7,472 $ — $ — $ 7,472 Equities: Common/collective trust at net asset value (1) — — — 142,730 Fixed income securities: Common/collective trust at net asset value (1) — — — 550,046 Partnership and joint venture interests measured at net asset value (1) — — — 87,174 Total $ 7,472 $ — $ — $ 787,422 (1) In accordance with ASC Topic 820-10, Fair Value Measurement, certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the "Financial information on changes in projected benefit obligation, plan assets funded and balance sheet status" table above. Definitions for valuation levels are found in Note 16, Fair Value Measurements . We use the following valuation methodologies for assets measured at fair value: Common/collective trusts. Common/collective trusts primarily consist of equity and fixed income funds and are valued using other significant observable inputs, including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the trust, etc. Common/collective trust investments can be redeemed daily and without restriction. Redemption of the entire investment balance generally requires a 45- to 60-day notice period. The equity funds provide exposure to large-, mid- and small-cap U.S. equities, international large- and small-cap equities and emerging market equities. The fixed income funds provide exposure to U.S., international and emerging market debt securities. Other investments. Other investments are comprised primarily of investments in various government agency obligations and U.S. Treasury securities which are valued using quoted market prices and classified within Level 1, as well as corporate, foreign government, and municipal issue fixed income marketable securities which are valued using institutional bond or broker quotes along with various other market and industry inputs and classified within Level 2. Partnership and joint venture interests. The net asset value of shares held by the plan at year-end is used to value these assets as a practical expedient for fair value. The net asset value is based on the fair value of the underlying assets owned by the trust, minus its liabilities, then divided by the number of units outstanding. Redemptions of these interests generally require a 45- to 60-day notice period. We are one of approximately 400 employers contributing to the Co-op Retirement Plan ("Co-op Plan"), which is a defined benefit plan constituting a multiple employer plan under the Internal Revenue Code of 1986, as amended, and a multiemployer plan under the accounting standards. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and • If we choose to stop participating in the multiemployer plan, we may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The withdrawal liability associated with the multiemployer plan was approximately $22.7 million as of August 31, 2023. Our participation in the Co-op Plan for the years ended August 31, 2023, 2022 and 2021, is outlined in the table below: Contributions of CHS (Dollars in thousands) Plan Name EIN/Plan Number 2023 2022 2021 Surcharge Imposed Expiration Date of Collective Bargaining Agreement Co-op Retirement Plan 01-0689331 / 001 $ 1,017 $ 955 $ 1,172 N/A N/A Our contributions for the years stated above did not represent more than 5% of total contributions to the Co-op Plan as indicated in the Co-op Plan's most recently available annual report (Form 5500). Provisions of the Pension Protection Act of 2006 ("PPA") do not apply to the Co-op Plan because there is a special exemption for cooperative plans if the plan is maintained by more than one employer and at least 85% of the employers are rural cooperatives or cooperative organizations owned by agricultural producers. In the Co-op Plan, a zone status determination is not required, and therefore not determined. In addition, the accumulated benefit obligations and plan assets are not determined or allocated separately by individual employers. The most recent financial statements available in 2023 and 2022 are for the Co-op Plan's year-end at March 31, 2023 and 2022, respectively. In total, the Co-op Plan was at least 80% funded on those dates based on the total plan assets and accumulated benefit obligations. Because the provisions of the PPA do not apply to the Co-op Plan, funding improvement plans and surcharges are not applicable. Future contribution requirements are determined each year as part of the actuarial valuation of the plan and may change as a result of plan experience. In addition to the contributions to the Co-op Plan listed above, total contributions to individually insignificant multiemployer pension plans were immaterial in fiscal 2023, 2022 and 2021. We have other contributory defined contribution plans covering substantially all employees. Total contributions by us to these plans were $38.7 million, $35.0 million and $30.1 million, for the years ended August 31, 2023, 2022 and 2021, respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Aug. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We are an integrated agricultural cooperative, providing grain, food, agronomy 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 UAN annually from CF Nitrogen. Corporate and Other represents our financing and hedging businesses, which primarily consists of a U.S. Commodity Futures Trading Commission-regulated futures commission merchant ("FCM") for commodities hedging and financial services related to crop production. Our nonconsolidated investments in 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 and IBIT generally trend lower during the second fiscal quarter and increase in the third fiscal quarter. 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 are conducted through companies in which we hold ownership interests of 50% or less or do not control the operations. We account for these investments primarily using the equity method of accounting, wherein we record our proportionate share of income or loss reported by the entity as equity income from investments, without consolidating the revenues and expenses of the entity in our Consolidated Statements of Operations. In our Ag segment, this includes our 50% interest in TEMCO, LLC ("TEMCO"). In our Nitrogen Production segment, this consists of our approximate 9% 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 6, 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 years ended August 31, 2023, 2022 and 2021, is presented in the tables below. Energy Ag Nitrogen Production Corporate Reconciling Total Year ended August 31, 2023 (Dollars in thousands) Revenues, including intersegment revenues $ 10,761,503 $ 35,456,969 $ — $ 82,107 $ (710,575) $ 45,590,004 Intersegment revenues (664,590) (31,765) — (14,220) 710,575 — Revenues, net of intersegment revenues $ 10,096,913 $ 35,425,204 $ — $ 67,887 $ — $ 45,590,004 Operating earnings (loss) 1,071,492 346,137 (73,828) (301) 1,343,500 Interest expense 7,672 71,115 60,090 31,487 (32,922) 137,442 Other income (19,456) (88,061) — (37,536) 32,922 (112,131) Equity (income) losses from investments 7,833 (48,725) (394,678) (254,020) (689,590) Income before income taxes $ 1,075,443 $ 411,808 $ 260,760 $ 259,768 $ — $ 2,007,779 Capital expenditures $ 204,003 $ 308,690 $ — $ 51,829 $ — $ 564,522 Depreciation and amortization $ 254,115 $ 166,982 $ — $ 43,518 $ — $ 464,615 Total assets as of August 31, 2023 $ 4,313,240 $ 7,095,283 $ 2,577,391 $ 4,971,504 $ — $ 18,957,418 Energy Ag Nitrogen Production Corporate Reconciling Total Year ended August 31, 2022 (Dollars in thousands) Revenues, including intersegment revenues $ 10,964,304 $ 37,489,203 $ — $ 45,278 $ (707,119) $ 47,791,666 Intersegment revenues (669,530) (28,992) — (8,597) 707,119 — Revenues, net of intersegment revenues $ 10,294,774 $ 37,460,211 $ — $ 36,681 $ — $ 47,791,666 Operating earnings (loss) 633,832 588,070 (55,600) (37,216) 1,129,086 Interest expense 6,768 59,118 48,110 5,105 (4,945) 114,156 Other (income) expense (3,474) (46,277) 11,487 9,559 4,945 (23,760) Equity (income) losses from investments 13,987 (82,357) (593,182) (109,775) (771,327) Income before income taxes $ 616,551 $ 657,586 $ 477,985 $ 57,895 $ — $ 1,810,017 Capital expenditures $ 116,136 $ 203,851 $ — $ 34,457 $ — $ 354,444 Depreciation and amortization $ 250,972 $ 173,488 $ — $ 37,512 $ — $ 461,972 Total assets as of August 31, 2022 $ 4,325,121 $ 8,159,191 $ 2,641,604 $ 3,698,891 $ — $ 18,824,807 Energy Ag Nitrogen Production Corporate Reconciling Total Year ended August 31, 2021 (Dollars in thousands) Revenues, including intersegment revenues $ 6,812,478 $ 32,058,064 $ — $ 46,476 $ (468,985) $ 38,448,033 Intersegment revenues (437,217) (22,722) — (9,046) 468,985 — Revenues, net of intersegment revenues $ 6,375,261 $ 32,035,342 $ — $ 37,430 $ — $ 38,448,033 Operating earnings (loss) (15,775) 265,362 (35,432) (8,358) 205,797 Interest expense 1,113 65,099 44,461 1,804 (7,912) 104,565 Other income (2,819) (47,452) (2,489) (14,711) 7,912 (59,559) Equity income from investments (3,473) (50,381) (198,439) (102,236) (354,529) Income (loss) before income taxes $ (10,596) $ 298,096 $ 121,035 $ 106,785 $ — $ 515,320 Capital expenditures $ 112,160 $ 148,770 $ — $ 56,864 $ — $ 317,794 Depreciation and amortization $ 245,273 $ 182,210 $ — $ 34,247 $ — $ 461,730 We have international sales, which are predominantly in our Ag segment. The following table presents our sales, based on the geographic location of the subsidiary making the sale, for the years ended August 31, 2023, 2022 and 2021: 2023 2022 2021 (Dollars in thousands) North America (a) $ 43,376,177 $ 45,039,981 $ 36,540,178 South America 378,021 371,493 242,848 Europe, Middle East and Africa (EMEA) 930,052 1,093,974 955,605 Asia Pacific (APAC) 905,754 1,286,218 709,402 Total $ 45,590,004 $ 47,791,666 $ 38,448,033 (a) Revenues in North America are substantially all attributed to revenues from the United States. Tangible long-lived assets include our property, plant and equipment, finance lease assets and capitalized major maintenance costs. The following table presents tangible long-lived assets by geographical region based on physical location: 2023 2022 (Dollars in thousands) United States $ 5,088,366 $ 4,821,483 International 70,384 70,997 Total $ 5,158,750 $ 4,892,480 |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
Aug. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | The following tables present the gross fair values of derivative assets, derivative liabilities and related margin deposits (cash collateral) recorded on our 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 OTC contracts, we have elected to report our derivative instruments on a gross basis on our Consolidated Balance Sheets under ASC Topic 210-20, Balance Sheet - Offsetting . August 31, 2023 Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting Gross Amounts Recognized Cash Collateral Derivative Instruments Net Amounts (Dollars in thousands) Derivative assets Commodity derivatives $ 280,440 $ — $ 4,866 $ 275,574 Foreign exchange derivatives 32,402 — 12,330 20,072 Total $ 312,842 $ — $ 17,196 $ 295,646 Derivative liabilities Commodity derivatives $ 349,131 $ 1,505 $ 4,866 $ 342,760 Foreign exchange derivatives 13,799 — 12,330 1,469 Total $ 362,930 $ 1,505 $ 17,196 $ 344,229 August 31, 2022 Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting Gross Amounts Recognized Cash Collateral Derivative Instruments Net Amounts (Dollars in thousands) Derivative assets Commodity derivatives $ 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 less than 12 months are recorded in other current assets and other current liabilities, respectively, on our Consolidated Balance Sheets. Derivative assets and liabilities with maturities greater than 12 months are recorded in other assets and other liabilities, respectively, on our Consolidated Balance Sheets. The amount of long-term derivative assets recorded on our Consolidated Balance Sheets as of August 31, 2023 and 2022, was $1.1 million and $8.5 million, respectively. The amount of long-term derivative liabilities recorded on our Consolidated Balance Sheets as of August 31, 2023 and 2022, was $12.6 million and $4.0 million, respectively. The following table sets forth the pretax (losses) gains on derivatives not accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the years ended August 31, 2023, 2022 and 2021: Derivative Type Location of 2023 2022 2021 (Dollars in thousands) Commodity derivatives Cost of goods sold $ (360,937) $ (568,877) $ (971,581) Foreign exchange derivatives Cost of goods sold (30,898) 9,587 25,277 Foreign exchange derivatives Marketing, general and administrative expenses (530) 577 1,105 Other derivatives Other income — 2,057 2,489 Total $ (392,365) $ (556,656) $ (942,710) Commodity Contracts When we enter into a commodity purchase or sales commitment, we incur risks related to price changes and performance, including delivery, quality, quantity and shipment period. In the event that market prices decrease, we are exposed to risk of loss for the market value of inventory and purchase contracts with fixed or partially fixed prices. Conversely, we are exposed to risk of loss on our fixed- or partially fixed-price sales contracts in the event that market prices increase. Our use of hedging reduces exposure to price volatility by protecting against adverse short-term price movements but also limits the benefits of favorable short-term price movements. To reduce the price risk associated with fixed-price commitments, we generally enter into commodity derivative contracts, to the extent practical, to achieve a net commodity position within the formal position limits we have established and deemed prudent for each commodity. These contracts are primarily transacted through our FCM on regulated commodity futures exchanges, but may include OTC derivative instruments when deemed appropriate. These contracts are recorded at fair values based on quotes listed on regulated commodity exchanges or the market prices of the underlying products listed on the exchanges, except that certain contracts are accounted for as normal purchase and normal sales transactions. For commodities where there is no liquid derivative contract, risk is managed through the use of forward sales contracts, other pricing arrangements and, to some extent, futures contracts in highly correlated commodities. These contracts are economic hedges of price risk, but are not designated as hedging instruments for accounting purposes. Unrealized gains and losses on these contracts are recognized in cost of goods sold in our Consolidated Statements of Operations. When a futures position is established, initial margin must be deposited with the applicable exchange or broker. The amount of margin required varies by commodity and is set by the applicable exchange at its sole discretion. If the market price relative to a short futures position increases, an additional margin deposit would be required. Similarly, a margin deposit would be required if the market price relative to a long futures position decreases. Conversely, if the market price increases relative to a long futures position or decreases relative to a short futures position, margin deposits may be returned by the applicable exchange or broker. Our policy is to manage our commodity price risk exposure according to internal policies and in alignment with our tolerance for risk. It is our policy that our profitability should come from operations, primarily derived from margins on products sold and grain merchandised, not from hedging transactions. At any one time, inventory and purchase contracts for delivery to us may be substantial. We have risk management policies and procedures that include established net physical position limits. These limits are defined for each commodity and business unit, and business units may include both trader and management limits as appropriate. The limits policy is overseen at a high level by our corporate middle office and compliance team, with day-to-day monitoring procedures being implemented within each individual business unit to ensure any limits overage is explained and exposures reduced, or a temporary limit increase is established if needed. The position limits are reviewed at least annually with our senior leadership and Board of Directors. We monitor current market conditions and may expand or reduce our net position limits or procedures in response to changes in those conditions. The use of hedging instruments does not protect against nonperformance by counterparties to cash contracts. We evaluate counterparty exposure by reviewing contracts and adjusting the values to reflect potential nonperformance. Risk of nonperformance by counterparties includes the inability to perform because of a counterparty's financial condition and the risk that the counterparty will refuse to perform on a contract during periods of price fluctuations where contract prices are significantly different from the current market prices. We manage these risks by entering into fixed-price purchase and sales contracts with preapproved producers and by establishing appropriate limits for individual suppliers. Fixed-price contracts are entered into with customers of acceptable creditworthiness, as internally evaluated. Regarding our use of derivatives, we transact in exchange traded instruments or enter into over-the-counter derivatives that primarily clear through our FCM, which limits our counterparty exposure relative to hedging activities. Historically, we have not experienced significant events of nonperformance on open contracts. Accordingly, we only adjust the estimated fair values of specifically identified contracts for nonperformance. Although we have established policies and procedures, we make no assurances that historical nonperformance experience will carry forward to future periods. As of August 31, 2023 and 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: 2023 2022 Derivative Type Long Short Long Short (Units in thousands) Grain and oilseed (bushels) 506,654 630,803 609,300 773,239 Energy products (barrels) 11,839 8,085 10,541 5,706 Processed grain and oilseed (tons) 7,380 9,437 1,191 4,182 Crop nutrients (tons) 70 10 23 22 Ocean freight (metric tons) 40 — 60 — Natural gas (MMBtu) 460 — 420 — Foreign Exchange Contracts We conduct a substantial portion of our business in U.S. dollars, but we are exposed to risks relating to foreign currency fluctuations primarily due to 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 CHS has some risk exposure relating to foreign currency transactions, a larger impact with exchange rate fluctuations is the ability of foreign buyers to purchase U.S. agricultural products and the competitiveness of U.S. agricultural products compared to the same products offered by alternative sources of world supply. The notional amount of our foreign exchange derivative contracts was $1.9 billion as of August 31, 2023 and 2022. 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 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 August 31, 2023 and 2022, the aggregate notional amount of cash flow hedges was 4.1 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 line items on our Consolidated Balance Sheets in which they are recorded as of August 31, 2023 and 2022: Derivative Assets Derivative Liabilities Balance Sheet Location 2023 2022 Balance Sheet Location 2023 2022 (Dollars in thousands) (Dollars in thousands) Other current assets $ 8,395 $ 27,154 Other current liabilities $ 5,345 $ 11,818 The following table presents the pretax losses recorded in other comprehensive income relating to cash flow hedges for the years ended August 31, 2023, 2022 and 2021: 2023 2022 2021 (Dollars in thousands) Commodity derivatives $ (12,285) $ (2,071) $ (7,824) 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 Consolidated Statements of Operations for the years ended August 31, 2023, 2022 and 2021: Location of 2023 2022 2021 (Dollars in thousands) Commodity derivatives Cost of goods sold $ (14,853) $ (6,254) $ 21,262 |
Derivatives and Fair Value | Note 15 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 Consolidated Balance Sheets at fair value with changes in fair value being recorded directly to earnings, primarily within cost of goods sold in our Consolidated Statements of Operations. See Note 16, 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 following tables present the gross fair values of derivative assets, derivative liabilities and related margin deposits (cash collateral) recorded on our 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 OTC contracts, we have elected to report our derivative instruments on a gross basis on our Consolidated Balance Sheets under ASC Topic 210-20, Balance Sheet - Offsetting . August 31, 2023 Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting Gross Amounts Recognized Cash Collateral Derivative Instruments Net Amounts (Dollars in thousands) Derivative assets Commodity derivatives $ 280,440 $ — $ 4,866 $ 275,574 Foreign exchange derivatives 32,402 — 12,330 20,072 Total $ 312,842 $ — $ 17,196 $ 295,646 Derivative liabilities Commodity derivatives $ 349,131 $ 1,505 $ 4,866 $ 342,760 Foreign exchange derivatives 13,799 — 12,330 1,469 Total $ 362,930 $ 1,505 $ 17,196 $ 344,229 August 31, 2022 Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting Gross Amounts Recognized Cash Collateral Derivative Instruments Net Amounts (Dollars in thousands) Derivative assets Commodity derivatives $ 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 less than 12 months are recorded in other current assets and other current liabilities, respectively, on our Consolidated Balance Sheets. Derivative assets and liabilities with maturities greater than 12 months are recorded in other assets and other liabilities, respectively, on our Consolidated Balance Sheets. The amount of long-term derivative assets recorded on our Consolidated Balance Sheets as of August 31, 2023 and 2022, was $1.1 million and $8.5 million, respectively. The amount of long-term derivative liabilities recorded on our Consolidated Balance Sheets as of August 31, 2023 and 2022, was $12.6 million and $4.0 million, respectively. The following table sets forth the pretax (losses) gains on derivatives not accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the years ended August 31, 2023, 2022 and 2021: Derivative Type Location of 2023 2022 2021 (Dollars in thousands) Commodity derivatives Cost of goods sold $ (360,937) $ (568,877) $ (971,581) Foreign exchange derivatives Cost of goods sold (30,898) 9,587 25,277 Foreign exchange derivatives Marketing, general and administrative expenses (530) 577 1,105 Other derivatives Other income — 2,057 2,489 Total $ (392,365) $ (556,656) $ (942,710) Commodity Contracts When we enter into a commodity purchase or sales commitment, we incur risks related to price changes and performance, including delivery, quality, quantity and shipment period. In the event that market prices decrease, we are exposed to risk of loss for the market value of inventory and purchase contracts with fixed or partially fixed prices. Conversely, we are exposed to risk of loss on our fixed- or partially fixed-price sales contracts in the event that market prices increase. Our use of hedging reduces exposure to price volatility by protecting against adverse short-term price movements but also limits the benefits of favorable short-term price movements. To reduce the price risk associated with fixed-price commitments, we generally enter into commodity derivative contracts, to the extent practical, to achieve a net commodity position within the formal position limits we have established and deemed prudent for each commodity. These contracts are primarily transacted through our FCM on regulated commodity futures exchanges, but may include OTC derivative instruments when deemed appropriate. These contracts are recorded at fair values based on quotes listed on regulated commodity exchanges or the market prices of the underlying products listed on the exchanges, except that certain contracts are accounted for as normal purchase and normal sales transactions. For commodities where there is no liquid derivative contract, risk is managed through the use of forward sales contracts, other pricing arrangements and, to some extent, futures contracts in highly correlated commodities. These contracts are economic hedges of price risk, but are not designated as hedging instruments for accounting purposes. Unrealized gains and losses on these contracts are recognized in cost of goods sold in our Consolidated Statements of Operations. When a futures position is established, initial margin must be deposited with the applicable exchange or broker. The amount of margin required varies by commodity and is set by the applicable exchange at its sole discretion. If the market price relative to a short futures position increases, an additional margin deposit would be required. Similarly, a margin deposit would be required if the market price relative to a long futures position decreases. Conversely, if the market price increases relative to a long futures position or decreases relative to a short futures position, margin deposits may be returned by the applicable exchange or broker. Our policy is to manage our commodity price risk exposure according to internal policies and in alignment with our tolerance for risk. It is our policy that our profitability should come from operations, primarily derived from margins on products sold and grain merchandised, not from hedging transactions. At any one time, inventory and purchase contracts for delivery to us may be substantial. We have risk management policies and procedures that include established net physical position limits. These limits are defined for each commodity and business unit, and business units may include both trader and management limits as appropriate. The limits policy is overseen at a high level by our corporate middle office and compliance team, with day-to-day monitoring procedures being implemented within each individual business unit to ensure any limits overage is explained and exposures reduced, or a temporary limit increase is established if needed. The position limits are reviewed at least annually with our senior leadership and Board of Directors. We monitor current market conditions and may expand or reduce our net position limits or procedures in response to changes in those conditions. The use of hedging instruments does not protect against nonperformance by counterparties to cash contracts. We evaluate counterparty exposure by reviewing contracts and adjusting the values to reflect potential nonperformance. Risk of nonperformance by counterparties includes the inability to perform because of a counterparty's financial condition and the risk that the counterparty will refuse to perform on a contract during periods of price fluctuations where contract prices are significantly different from the current market prices. We manage these risks by entering into fixed-price purchase and sales contracts with preapproved producers and by establishing appropriate limits for individual suppliers. Fixed-price contracts are entered into with customers of acceptable creditworthiness, as internally evaluated. Regarding our use of derivatives, we transact in exchange traded instruments or enter into over-the-counter derivatives that primarily clear through our FCM, which limits our counterparty exposure relative to hedging activities. Historically, we have not experienced significant events of nonperformance on open contracts. Accordingly, we only adjust the estimated fair values of specifically identified contracts for nonperformance. Although we have established policies and procedures, we make no assurances that historical nonperformance experience will carry forward to future periods. As of August 31, 2023 and 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: 2023 2022 Derivative Type Long Short Long Short (Units in thousands) Grain and oilseed (bushels) 506,654 630,803 609,300 773,239 Energy products (barrels) 11,839 8,085 10,541 5,706 Processed grain and oilseed (tons) 7,380 9,437 1,191 4,182 Crop nutrients (tons) 70 10 23 22 Ocean freight (metric tons) 40 — 60 — Natural gas (MMBtu) 460 — 420 — Foreign Exchange Contracts We conduct a substantial portion of our business in U.S. dollars, but we are exposed to risks relating to foreign currency fluctuations primarily due to 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 CHS has some risk exposure relating to foreign currency transactions, a larger impact with exchange rate fluctuations is the ability of foreign buyers to purchase U.S. agricultural products and the competitiveness of U.S. agricultural products compared to the same products offered by alternative sources of world supply. The notional amount of our foreign exchange derivative contracts was $1.9 billion as of August 31, 2023 and 2022. 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 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 August 31, 2023 and 2022, the aggregate notional amount of cash flow hedges was 4.1 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 line items on our Consolidated Balance Sheets in which they are recorded as of August 31, 2023 and 2022: Derivative Assets Derivative Liabilities Balance Sheet Location 2023 2022 Balance Sheet Location 2023 2022 (Dollars in thousands) (Dollars in thousands) Other current assets $ 8,395 $ 27,154 Other current liabilities $ 5,345 $ 11,818 The following table presents the pretax losses recorded in other comprehensive income relating to cash flow hedges for the years ended August 31, 2023, 2022 and 2021: 2023 2022 2021 (Dollars in thousands) Commodity derivatives $ (12,285) $ (2,071) $ (7,824) 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 Consolidated Statements of Operations for the years ended August 31, 2023, 2022 and 2021: Location of 2023 2022 2021 (Dollars in thousands) Commodity derivatives Cost of goods sold $ (14,853) $ (6,254) $ 21,262 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Aug. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We determine fair values of derivative instruments and certain other assets, based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. ASC Topic 820 describes three levels within its hierarchy that may be used to measure fair value, and our assessment of relevant instruments within those levels is as follows: Level 1. Values are based on unadjusted quoted prices in active markets for identical assets or liabilities. These assets and liabilities may include exchange-traded derivative instruments, rabbi trust investments, segregated investments and marketable securities. Level 2. Values are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. These assets and liabilities include interest rate, foreign exchange and commodity swaps; forward commodity contracts with a fixed price component; and other OTC derivatives whose values are determined with inputs that are based on exchange traded prices, adjusted for location-specific inputs that are primarily observable in the market or can be derived principally from, or corroborated by, observable market data. Level 3. Values are generated from unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. These unobservable inputs would reflect our own estimates of assumptions that market participants would use in pricing related assets or liabilities. Valuation techniques might include the use of pricing models, discounted cash flow models or similar techniques. The following tables present assets and liabilities, included on our Consolidated Balance Sheets, that are recognized at fair value on a recurring basis and indicate the fair value hierarchy utilized to determine these fair values. Assets and liabilities are classified in their entirety based on the lowest level of input that is a significant component of the fair value measurement. The lowest level of input is considered Level 3. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. Recurring fair value measurements as of August 31, 2023 and 2022, are as follows: 2023 Quoted Prices in Active Markets Significant Other Observable Significant Total (Dollars in thousands) Assets Commodity derivatives $ 5,344 $ 283,491 $ — $ 288,835 Foreign currency derivatives — 32,402 — 32,402 Segregated investments and marketable securities 225,715 — — 225,715 Other assets 89,592 — — 89,592 Total $ 320,651 $ 315,893 $ — $ 636,544 Liabilities Commodity derivatives $ 7,501 $ 346,975 $ — $ 354,476 Foreign currency derivatives — 13,799 — 13,799 Total $ 7,501 $ 360,774 $ — $ 368,275 2022 Quoted Prices in Active Markets Significant Other Observable Significant Total (Dollars in thousands) Assets Commodity derivatives $ 1,161 $ 490,160 $ — $ 491,321 Foreign currency derivatives — 52,923 — 52,923 Segregated investments and marketable securities 238,124 — — 238,124 Other assets 58,280 — — 58,280 Total $ 297,565 $ 543,083 $ — $ 840,648 Liabilities Commodity derivatives $ 10,256 $ 379,883 $ — $ 390,139 Foreign currency derivatives — 12,649 — 12,649 Total $ 10,256 $ 392,532 $ — $ 402,788 Commodity and foreign currency derivatives. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified within Level 1. Our forward commodity purchase and sales contracts with fixed-price components, select ocean freight contracts and other OTC derivatives are determined using inputs that are generally based on exchange traded prices and/or recent market bids and offers, 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 Consolidated Statements of Operations as a component of cost of goods sold. 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, money market funds and rabbi trust assets, which are valued using quoted market prices and classified within Level 1. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Aug. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental We are required to comply with various environmental laws and regulations incidental to our normal business operations. To meet our compliance requirements, we establish reserves for 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 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 the aggregate, will not have a material effect on our consolidated financial position, results of operations or cash flows during any fiscal year. Other Litigation and Claims We are involved as a defendant in various lawsuits, claims and disputes, which are in the normal course of our business. The resolution of any such matters may affect consolidated net income for any fiscal period; however, we currently believe any resulting liabilities, individually or in the aggregate, will not have a material effect on our consolidated financial position, results of operations or cash flows during any fiscal year. Guarantees We are a guarantor for lines of credit and performance obligations of related, nonconsolidated companies. Our bank covenants allow maximum guarantees of $1.1 billion, of which $75.9 million were outstanding as of August 31, 2023. We have collateral for a portion of these contingent obligations. We have not recorded a liability related to the contingent obligations as we do not expect to pay out any cash related to them, and the fair values are considered immaterial. The underlying loans to the counterparties for which we provide these guarantees are current as of August 31, 2023. Credit Commitments CHS Capital has commitments to extend credit to customers if there are no violations of any contractually established conditions. As of August 31, 2023, CHS Capital customers had additional available credit of $1.1 billion. Unconditional Purchase Obligations Unconditional purchase obligations are commitments to transfer funds in the future for fixed or minimum amounts or quantities of goods or services at fixed or minimum prices. Our long-term unconditional purchase obligations primarily relate to pipeline and grain handling take-or-pay and throughput agreements and are not recorded on our Consolidated Balance Sheets. As of August 31, 2023, minimum future payments required under long-term commitments that are noncancelable and that third parties have used to secure financing for facilities that will provide contracted goods, are as follows: Payments Due by Period Total 2024 2025 2026 2027 2028 Thereafter (Dollars in thousands) Long-term unconditional purchase obligations $ 451,943 $ 86,073 $ 64,134 $ 61,738 $ 47,795 $ 40,775 $ 151,428 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Aug. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We purchase and sell grain and other agricultural commodity products from certain equity investees, primarily CF Nitrogen, Ventura Foods, Ardent Mills and TEMCO. Sales to and purchases from related parties for the years ended August 31, 2023, 2022 and 2021, are as follows: 2023 2022 2021 (Dollars in thousands) Sales $ 1,653,125 $ 1,511,532 $ 2,744,482 Purchases 1,697,780 2,040,357 2,682,165 Receivables due from and payables due to related parties as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Due from related parties $ 80,510 $ 78,600 Due to related parties 90,267 140,174 As a cooperative, we are owned by farmers and ranchers and member cooperatives, which are referred to as members. We buy commodities from and provide products and services to our members. Individually, our members do not have a significant ownership in CHS. |
Leases, Codification Topic 842
Leases, Codification Topic 842 | 12 Months Ended |
Aug. 31, 2023 | |
Leases [Abstract] | |
lease disclosure | We assess arrangements at inception to determine whether they contain a lease. An arrangement is considered to contain a lease if it conveys the right to control the use of an asset for a period of time in exchange for consideration. The right to control the use of an asset must include both (i) the right to obtain substantially all economic benefits associated with an identified asset and (ii) the right to direct how and for what purpose the identified asset is used. Certain service agreements may provide us with the right to use an identified asset; however, most of these arrangements are not considered to represent a lease as we do not control how and for what purpose the identified asset is used. We lease property, plant and equipment used in our operations primarily under operating lease agreements and, to a lesser extent, under finance lease agreements. Our leases are primarily for railcars, equipment, vehicles and office space, many of which contain renewal options and escalation clauses. Renewal options are included as part of the right of use asset and liability when it is reasonably certain that we will exercise the renewal option; however, renewal options are generally not included as we are not reasonably certain to exercise such options. Right of use assets and liabilities for operating and finance leases are recognized under ASC Topic 842 at the lease commencement date for leases in excess of 12 months based on the present value of lease payments over the lease term. For measurement and classification of lease agreements, lease and nonlease components are grouped into a single lease component for all asset classes. Variable lease payments are excluded from measurement of right of use assets and liabilities and generally include payments for nonlease components such as maintenance costs, payments for leased assets beyond their noncancelable lease term and payments for other nonlease components such as sales tax. The discount rate used to calculate present value is our collateralized incremental borrowing rate or, if available, the rate implicit in the lease. The incremental borrowing rate is determined for each lease based primarily on its lease term. Certain lease arrangements include rental payments adjusted annually based on changes in an inflation index. Our lease arrangements generally do not contain residual value guarantees or material restrictive covenants. Lease expense is recognized on a straight-line basis over the lease term. The components of lease expense recognized in our Consolidated Statements of Operations as of August 31, 2023, 2022 and 2021, are as follows: 2023 2022 2021 (Dollars in thousands) Operating lease expense $ 77,588 $ 71,209 $ 73,489 Finance lease expense: Amortization of assets 8,966 8,967 8,065 Interest on lease liabilities 1,646 1,469 938 Short-term lease expense 20,068 16,915 16,955 Variable lease expense 650 1,699 2,300 Total net lease expense* $ 108,918 $ 100,259 $ 101,747 *Income related to sublease activity is not material and has been excluded from the table above. Supplemental balance sheet information related to operating and finance leases as of August 31, 2023 and 2022, is as follows: Balance Sheet Location 2023 2022 (Dollars in thousands) Operating leases Assets Operating lease right of use assets Other assets $ 254,844 $ 242,859 Liabilities Current operating lease liabilities Accrued expenses $ 61,094 $ 54,702 Long-term operating lease liabilities Other liabilities 200,758 194,250 Total operating lease liabilities $ 261,852 $ 248,952 Finance leases Assets Finance lease assets Property, plant and equipment $ 64,381 $ 57,932 Liabilities Current finance lease liabilities Current portion of long-term debt $ 6,797 $ 7,609 Long-term finance lease liabilities Long-term debt 42,438 37,164 Total finance lease liabilities $ 49,235 $ 44,773 Information related to the lease term and discount rate for operating and finance leases as of August 31, 2023 and 2022, is as follows: 2023 2022 Weighted average remaining lease term (in years) Operating leases 7.0 7.6 Finance leases 9.6 10.4 Weighted average discount rate Operating leases 3.50 % 3.00 % Finance leases 3.78 % 3.42 % Supplemental cash flow and other information related to operating and finance leases as of August 31, 2023, 2022 and 2021, is as follows: 2023 2022 2021 (Dollars in thousands) Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 71,798 $ 61,750 $ 71,702 Operating cash flows from finance leases 1,646 1,469 938 Financing cash flows from finance leases 8,571 9,171 8,235 Supplemental noncash information: Right of use assets obtained in exchange for lease liabilities $ 69,837 $ 54,199 $ 43,991 Right of use asset modifications 28,614 12,887 27,664 Maturities of lease liabilities by fiscal year as of August 31, 2023, were as follows: August 31, 2023 Finance Leases Operating Leases (Dollars in thousands) 2024 $ 8,548 $ 70,414 2025 6,885 57,904 2026 6,316 46,733 2027 5,943 31,407 2028 5,767 18,246 Thereafter 25,738 74,075 Total maturities of lease liabilities 59,197 298,779 Less amounts representing interest 9,962 36,927 Present value of future minimum lease payments 49,235 261,852 Less current obligations 6,797 61,094 Long-term obligations $ 42,438 $ 200,758 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Aug. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Balance at Additions: Deductions: Balance at (Dollars in thousands) Allowances for doubtful accounts 2023 $ 127,917 $ 2,348 $ (53,638) $ 76,627 2022 143,722 25,289 (41,094) 127,917 2021 165,540 10,175 (31,993) 143,722 Valuation allowance for deferred tax assets 2023 $ 189,685 $ 9,705 $ (16,924) $ 182,466 2022 208,810 18,341 (37,466) 189,685 2021 219,891 11,700 (22,781) 208,810 *Net of reserve adjustments. |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of CHS and all our subsidiaries and limited liability companies in which we have control. The effects of all significant intercompany transactions have been eliminated. The notes to our consolidated financial statements refer to our Energy, Ag and Nitrogen Production reportable segments, as well as our Corporate and Other category, which represents an aggregation of individually immaterial operating segments. The Nitrogen Production reportable segment consists of our investment in CF Industries Nitrogen, LLC ("CF Nitrogen"), and allocated expenses. See Note 14, Segment Reporting , for more information. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Due to the inherent uncertainty involved in making estimates, actual results could differ from those estimates. We evaluate our estimates and assumptions on an ongoing basis. |
Cash and Cash Equivalents | Cash and Cash Equivalents and Restricted Cash Cash equivalents include short-term, highly liquid investments with original maturities of three months or less at the date of acquisition. The carrying value of cash and cash equivalents approximates the fair value due to the short-term nature of the instruments. Restricted cash is included in our Consolidated Balance Sheets within other current assets and primarily relates to customer deposits for futures and option contracts associated with regulated commodities held in separate accounts as required under federal and other regulations. Pursuant to the requirements of the Commodity Exchange Act, such funds must be carried in separate accounts that are designated as segregated customer accounts, as applicable. Restricted cash also includes funds held in escrow pursuant to applicable regulations limiting their use. The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported within our Consolidated Balance Sheets that aggregates to the amount presented in our Consolidated Statements of Cash Flows. August 31, 2023 2022 2021 (Dollars in thousands) Cash and cash equivalents $ 1,765,286 $ 793,957 $ 413,159 Restricted cash included in other current assets 79,301 109,517 129,325 Total cash and cash equivalents and restricted cash $ 1,844,587 $ 903,474 $ 542,484 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements No recent accounting pronouncements are expected to have a material impact on our consolidated financial statements. |
Fair Value Measurements | ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We determine fair values of derivative instruments and certain other assets, based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. ASC Topic 820 describes three levels within its hierarchy that may be used to measure fair value, and our assessment of relevant instruments within those levels is as follows: Level 1. Values are based on unadjusted quoted prices in active markets for identical assets or liabilities. These assets and liabilities may include exchange-traded derivative instruments, rabbi trust investments, segregated investments and marketable securities. Level 2. Values are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. These assets and liabilities include interest rate, foreign exchange and commodity swaps; forward commodity contracts with a fixed price component; and other OTC derivatives whose values are determined with inputs that are based on exchange traded prices, adjusted for location-specific inputs that are primarily observable in the market or can be derived principally from, or corroborated by, observable market data. Level 3. Values are generated from unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. These unobservable inputs would reflect our own estimates of assumptions that market participants would use in pricing related assets or liabilities. Valuation techniques might include the use of pricing models, discounted cash flow models or similar techniques. |
Fair Value of Financial Instruments | Commodity and foreign currency derivatives. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified within Level 1. Our forward commodity purchase and sales contracts with fixed-price components, select ocean freight contracts and other OTC derivatives are determined using inputs that are generally based on exchange traded prices and/or recent market bids and offers, 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 Consolidated Statements of Operations as a component of cost of goods sold. 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, money market funds and rabbi trust assets, which are valued using quoted market prices and classified within Level 1. |
Equity Method Investments | Joint ventures and other investments in which we have significant ownership and influence but not control, are accounted for in our consolidated financial statements using the equity method of accounting. Our significant equity method investments consist of CF Nitrogen and Ventura Foods, LLC ("Ventura Foods"), which are summarized below. |
Revenue Recognition and Deferre
Revenue Recognition and Deferred Revenue (Policies) | 12 Months Ended |
Aug. 31, 2023 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue | We provide a wide variety of products and services, from agricultural inputs such as fuels, farm supplies and agronomy products, to agricultural outputs that include grain and oilseed, processed grains and oilseeds and food products, and renewable fuels production and marketing. We primarily conduct our operations and derive revenues within our Energy and Ag segments. Our Energy segment derives its revenues through refining, wholesaling and retailing of petroleum products. Our Ag segment derives its revenues through origination and marketing of grain, including service activities conducted at export terminals; through wholesale agronomy sales of crop nutrient and crop protection products; from sales of soybean meal, refined soy oil and soyflour products; through production and marketing of renewable fuels; and through retail sales of petroleum and agronomy products, processed sunflowers, and feed and farm supplies. Corporate and Other primarily consists of our financing and hedging businesses. Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied, which generally occurs when control of the goods has transferred to the customer in accordance with the underlying contract. For the majority of our contracts with customers, control transfers to customers at a point in time when goods and/or services have been delivered, as that is generally when legal title, physical possession and risks and rewards of ownership of the goods and/or services transfer to the customer. In limited arrangements, control transfers over time as the customer simultaneously receives and consumes the benefits of the service as we complete our performance obligation(s). Revenue is recognized as the transaction price we expect to be entitled to in exchange for transferring goods or services to a customer, excluding amounts collected on behalf of third parties. For physically settled derivative sales contracts that are outside the scope of the revenue guidance, we recognize revenue when control of the inventory is transferred. Revenues arising from our financing business are recognized in accordance with Accounting Standards Codification ("ASC") Topic 470, Debt ("ASC Topic 470") and fall outside the scope of ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"). Shipping and Handling Costs Shipping and handling amounts billed to a customer as part of a sales transaction are included in revenues, and the related costs are included in cost of goods sold. Shipping and handling is treated as a fulfillment activity, rather than a promised service, and therefore is not considered a separate performance obligation. Taxes Collected from Customers and Remitted to Governmental Authorities Revenues are recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant governmental authority. Contract Costs Commissions related to contracts with a duration of less than one year are expensed as incurred. We recognize incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets we otherwise would have recognized is one year or less. Disaggregation of Revenues The following table presents revenues recognized under 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 years ended August 31, 2023, 2022 and 2021. Other applicable accounting guidance primarily includes revenues recognized under ASC Topic 470 and ASC Topic 842, Leases ("ASC Topic 842"), that fall outside the scope of ASC Topic 606. Year ended August 31, 2023 Reportable Segment* ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 8,996,149 $ 1,100,764 $ — $ 10,096,913 Ag 9,808,664 25,606,485 10,055 35,425,204 Corporate and Other 26,001 — 41,886 67,887 Total revenues $ 18,830,814 $ 26,707,249 $ 51,941 $ 45,590,004 Year ended August 31, 2022 Reportable Segment* ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 9,302,400 $ 992,374 $ — $ 10,294,774 Ag 10,784,831 26,646,003 29,377 37,460,211 Corporate and Other 16,625 — 20,056 36,681 Total revenues $ 20,103,856 $ 27,638,377 $ 49,433 $ 47,791,666 Year ended August 31, 2021 Reportable Segment* ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 5,680,391 $ 694,870 $ — $ 6,375,261 Ag 7,491,484 24,517,033 26,825 32,035,342 Corporate and Other 18,325 — 19,105 37,430 Total revenues $ 13,190,200 $ 25,211,903 $ 45,930 $ 38,448,033 *Our Nitrogen Production reportable segment represents an equity method investment that records earnings and allocated expenses but not revenues. Less than 1% of revenues accounted for under ASC Topic 606 included within the table 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 Consolidated Balance Sheets and were $16.2 million and $17.2 million as of August 31, 2023 and 2022, respectively. Contract liabilities relate to advance payments received from customers for goods and services that we have yet to provide. Contract liabilities of $240.0 million and $541.5 million as of August 31, 2023 and 2022, respectively, are recorded within other current liabilities on our Consolidated Balance Sheets, and are recognized as revenues within the next respective fiscal year. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Revenues [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Year ended August 31, 2023 Reportable Segment* ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 8,996,149 $ 1,100,764 $ — $ 10,096,913 Ag 9,808,664 25,606,485 10,055 35,425,204 Corporate and Other 26,001 — 41,886 67,887 Total revenues $ 18,830,814 $ 26,707,249 $ 51,941 $ 45,590,004 Year ended August 31, 2022 Reportable Segment* ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 9,302,400 $ 992,374 $ — $ 10,294,774 Ag 10,784,831 26,646,003 29,377 37,460,211 Corporate and Other 16,625 — 20,056 36,681 Total revenues $ 20,103,856 $ 27,638,377 $ 49,433 $ 47,791,666 Year ended August 31, 2021 Reportable Segment* ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 5,680,391 $ 694,870 $ — $ 6,375,261 Ag 7,491,484 24,517,033 26,825 32,035,342 Corporate and Other 18,325 — 19,105 37,430 Total revenues $ 13,190,200 $ 25,211,903 $ 45,930 $ 38,448,033 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Receivables | Receivables as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Trade accounts receivable $ 2,010,162 $ 2,626,623 CHS Capital short-term notes receivable 845,192 644,875 Other 327,084 404,734 Gross receivables 3,182,438 3,676,232 Less allowances and reserves 76,627 127,917 Total receivables $ 3,105,811 $ 3,548,315 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Grain and oilseed $ 1,099,956 $ 1,133,531 Energy 645,333 824,114 Agronomy 1,111,477 1,295,548 Processed grain and oilseed 141,360 292,992 Other 217,053 106,686 Total inventories $ 3,215,179 $ 3,652,871 |
Deferred Costs, Capitalized, _2
Deferred Costs, Capitalized, Prepaid, and Other Assets (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Other Current Assets [Abstract] | |
Schedule of Other Current Assets | Other current assets as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Derivative assets (Note 15) $ 320,119 $ 535,698 Margin and related deposits 342,872 390,782 Prepaid expenses 149,682 127,286 Supplier advance payments 136,304 198,753 Restricted cash (Note 1) 79,301 109,517 Other 14,095 20,668 Total other current assets $ 1,042,373 $ 1,382,704 Margin and Related Deposits |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Investments [Abstract] | |
Summary of investments | Investments as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Equity method investments CF Industries Nitrogen, LLC $ 2,577,391 $ 2,641,604 Ventura Foods, LLC 519,169 410,093 Ardent Mills, LLC 265,146 250,857 Other equity method investments 337,281 298,722 Other investments 129,885 126,730 Total investments $ 3,828,872 $ 3,728,006 |
Summarized financial information of equity method investments | The following tables provide aggregate summarized financial information for CF Nitrogen for balance sheets as of August 31, 2023 and 2022, and statements of operations for the 12 months ended August 31, 2023, 2022 and 2021: 2023 2022 (Dollars in thousands) Current assets $ 899,246 $ 1,333,170 Noncurrent assets 5,355,732 5,787,921 Current liabilities 281,153 391,470 Noncurrent liabilities 1,128 1,895 2023 2022 2021 (Dollars in thousands) Net sales $ 5,070,489 $ 6,609,758 $ 2,975,983 Gross profit 2,194,363 3,318,189 866,880 Net earnings 2,173,715 3,249,005 809,536 Earnings attributable to CHS Inc. 394,678 593,182 198,439 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Major classes of property, plant and equipment, including capital lease assets | Major classes of property, plant and equipment, including finance lease assets, are summarized in the table below as of August 31, 2023 and 2022. 2023 2022 (Dollars in thousands) Land and land improvements $ 350,703 $ 334,085 Buildings 1,242,913 1,192,571 Machinery and equipment 7,979,164 7,819,152 Office equipment and other 498,430 496,121 Construction in progress 630,542 339,043 Gross property, plant and equipment 10,701,752 10,180,972 Less accumulated depreciation and amortization 5,832,379 5,436,013 Total property, plant and equipment $ 4,869,373 $ 4,744,959 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Other assets as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Goodwill $ 179,976 $ 179,976 Customer lists, trademarks and other intangible assets 46,980 53,165 Notes receivable (Note 3) 76,919 46,012 Long-term derivative assets (Note 15) 1,119 8,546 Prepaid pension and other benefits (Note 13) 78,819 74,810 Capitalized major maintenance 289,377 147,521 Cash value life insurance 134,126 128,876 Operating lease right of use assets (Note 19) 254,844 242,859 Other 68,364 92,230 Total other assets $ 1,130,524 $ 973,995 |
Changes in the Net Carrying Amount of Goodwill | Energy Ag Corporate Total (Dollars in thousands) Balances, August 31, 2021 $ 552 $ 160,475 $ 10,574 $ 171,601 Goodwill acquired during the period 8,906 — — 8,906 Goodwill disposed of during the period — (531) — (531) Balances, August 31, 2022 $ 9,458 $ 159,944 $ 10,574 $ 179,976 |
Schedule of Intangible Assets included in Other Assets | Information regarding intangible assets is as follows: August 31, 2023 August 31, 2022 Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Amortization Net (Dollars in thousands) Customer lists $ 85,341 $ (41,374) $ 43,967 $ 84,565 $ (35,280) $ 49,285 Trademarks and other intangible assets 11,332 (8,319) 3,013 11,902 (8,022) 3,880 Total intangible assets $ 96,673 $ (49,693) $ 46,980 $ 96,467 $ (43,302) $ 53,165 |
Estimated Amortization Expense Related to Intangible Assets Subject to Amortization | The estimated annual amortization expense related to intangible assets subject to amortization for future years is as follows: (Dollars in thousands) 2024 $ 6,631 2025 6,415 2026 6,233 2027 6,178 2028 6,178 Thereafter 15,345 Total $ 46,980 |
Activity Related to Capitalized Major Maintenance Costs at Refineries | Activity related to capitalized major maintenance costs at our refineries for the years ended August 31, 2023, 2022 and 2021, is summarized below: Balance at Cost Amortization Balance at (Dollars in thousands) 2023 $ 147,521 $ 216,762 $ (74,906) $ 289,377 2022 196,641 25,401 (74,521) 147,521 2021 228,511 41,899 (73,769) 196,641 |
Notes Payable and Long-Term Deb
Notes Payable and Long-Term Debt (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of notes payable | Notes payable as of August 31, 2023 and 2022, consisted of the following: Weighted-average Interest Rate 2023 2022 2023 2022 (Dollars in thousands) Notes payable 5.37% 4.41% $ 375,932 $ 459,398 CHS Capital notes payable 4.24% 1.34% 171,991 147,321 Total notes payable $ 547,923 $ 606,719 |
Schedule of amounts included in long-term debt | Amounts included in long-term debt on our Consolidated Balance Sheets as of August 31, 2023 and 2022, are presented in the table below: 2023 2022 (Dollars in thousands) 4.67% unsecured notes $130 million face amount, due in fiscal 2023 $ — $ 130,000 4.39% unsecured notes $152 million face amount, due in fiscal 2023 — 152,000 3.85% unsecured notes $80 million face amount, due in fiscal 2025 80,000 80,000 3.80% unsecured notes $100 million face amount, due in fiscal 2025 100,000 100,000 4.58% unsecured notes $150 million face amount, due in fiscal 2025 150,000 150,000 4.82% unsecured notes $80 million face amount, due in fiscal 2026 80,000 80,000 4.69% unsecured notes $58 million face amount, due in fiscal 2027 58,000 58,000 3.24% unsecured notes $95 million face amount, due in fiscal 2028 95,000 95,000 4.74% unsecured notes $95 million face amount, due in fiscal 2028 95,000 95,000 5.68% unsecured notes $150 million face amount, due in fiscal 2030 150,000 — 3.48% unsecured notes $100 million face amount, due in fiscal 2031 100,000 100,000 4.89% unsecured notes $100 million face amount, due in fiscal 2031 100,000 100,000 3.58% unsecured notes $65 million face amount, due in fiscal 2033 65,000 65,000 4.71% unsecured notes $100 million face amount, due in fiscal 2033 100,000 100,000 3.73% unsecured notes $115 million face amount, due in fiscal 2036 115,000 115,000 5.40% unsecured notes $125 million face amount, due in fiscal 2036 125,000 125,000 Private placement debt 1,413,000 1,545,000 6.93% unsecured term loan from cooperative and other banks, due in fiscal 2026 (a) 366,000 366,000 Term loan 366,000 366,000 Finance lease liabilities 49,235 44,773 Deferred financing costs (3,127) (3,535) Other, including notes and contracts with interest rates from 4.0% to 9.0% 2,550 6,576 Total long-term debt 1,827,658 1,958,814 Less current portion 7,839 290,605 Long-term portion $ 1,819,819 $ 1,668,209 (a) Borrowings are variable under the agreement and bear interest at a base rate plus an applicable margin. |
Schedule of minimum future payments | Long-term debt outstanding as of August 31, 2023, has aggregate maturities, excluding fair value adjustments and finance leases (see Note 19, Leases , for a schedule of minimum future lease payments under finance leases), as follows: (Dollars in thousands) 2024 $ 1,060 2025 330,187 2026 446,020 2027 58,021 2028 190,000 Thereafter 755,000 Total $ 1,780,288 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Other current liabilities as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Customer margin deposits and credit balances $ 197,315 $ 283,234 Customer advance payments 356,760 525,003 Derivative liabilities (Note 15) 355,696 398,781 Dividends and equity payable (Note 12) 730,000 1,000,000 Total other current liabilities $ 1,639,771 $ 2,207,018 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for (benefit from) income taxes | The provision for (benefit from) income taxes for the years ended August 31, 2023, 2022 and 2021 is as follows: 2023 2022 2021 (Dollars in thousands) Current: Federal $ 66,672 $ 56,582 $ (533) State 36,925 24,224 2,943 Foreign 3,735 9,833 56 Total current 107,332 90,639 2,466 Deferred: Federal 7,799 41,710 (24,676) State (7,661) 491 (15,666) Foreign 185 (724) (373) Total deferred 323 41,477 (40,715) Total $ 107,655 $ 132,116 $ (38,249) |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Deferred tax assets: Accrued expenses $ 51,960 $ 61,843 Postretirement health care and deferred compensation 51,635 46,008 Tax credit carryforwards 97,730 101,457 Loss carryforwards 111,963 110,018 Nonqualified equity 467,519 424,869 Lease obligations 62,225 60,329 Other 43,164 95,027 Deferred tax assets valuation allowance (182,466) (189,685) Total deferred tax assets 703,730 709,866 Deferred tax liabilities: Pension costs 10,596 14,600 Investments 129,683 169,970 Property, plant and equipment 625,403 605,463 Lease right of use assets 60,501 58,852 Total deferred tax liabilities 826,183 848,885 Net deferred tax liabilities $ 122,453 $ 139,019 |
Reconciliation of the statutory federal income tax rates to effective tax rates | The reconciliation of the statutory federal income tax rates to the effective tax rates for the years ended August 31, 2023, 2022 and 2021 is as follows: 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 1.1 1.1 (2.6) Patronage earnings (13.0) (13.6) (11.4) Domestic production activities deduction (3.2) (3.2) (8.2) Export activities at rates other than the U.S. statutory rate (0.2) 0.4 0.5 Intercompany transfer of business assets — (0.1) (4.7) Increase in unrecognized tax benefits — — 0.8 Valuation allowance — 0.2 (0.2) Other (0.3) 1.5 (2.6) Effective tax rate 5.4 % 7.3 % (7.4) % |
Reconciliation of the gross beginning and ending amounts of unrecognized tax benefits | A reconciliation of the gross beginning and ending amounts of unrecognized tax benefits for the periods is presented as follows: 2023 2022 2021 (Dollars in thousands) Balance at beginning of period $ 124,959 $ 122,149 $ 119,150 Additions attributable to current year tax positions — — 2,000 Additions attributable to prior year tax positions 894 2,810 15,974 Reductions attributable to prior year tax positions — — (14,975) Balance at end of period $ 125,853 $ 124,959 $ 122,149 |
Equities (Tables)
Equities (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Equity [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The following is a summary of our outstanding preferred stock as of August 31, 2023, all shares of which are listed and traded on the Global Select Market of The Nasdaq: Nasdaq Symbol Issuance Date Shares Outstanding Redemption Value Net Proceeds (a) Dividend Rate Dividend Payment Frequency Redeemable Beginning (d) (Dollars in millions) 8% Cumulative Redeemable CHSCP (e) 12,272,003 $ 306.8 $ 311.2 8.00 % Quarterly 7/18/2023 Class B Cumulative Redeemable, Series 1 CHSCO (f) 21,459,066 536.5 569.3 7.875 % Quarterly 9/26/2023 Class B Reset Rate Cumulative Redeemable, Series 2 CHSCN 3/11/2014 16,800,000 420.0 406.2 7.10 % Quarterly 3/31/2024 Class B Reset Rate Cumulative Redeemable, Series 3 CHSCM 9/15/2014 19,700,000 492.5 476.7 6.75 % Quarterly 9/30/2024 Class B Cumulative Redeemable, Series 4 CHSCL 1/21/2015 20,700,000 517.5 501.0 7.50 % Quarterly 1/21/2025 (a) Includes patron equities redeemed with preferred stock. (b) The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 2 accumulates dividends at a rate of 7.10% per year until March 31, 2024, and then at a rate equal to the three-month benchmark interest rate plus 4.298%, not to exceed 8.00% per annum, subsequent to March 31, 2024. (c) The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 3 accumulates dividends at a rate of 6.75% per year until September 30, 2024, and then at a rate equal to the three-month benchmark interest rate plus 4.155%, not to exceed 8.00% per annum, subsequent to September 30, 2024. (d) Preferred stock is redeemable for cash at our option, in whole or in part, at a per share price equal to the per share liquidation preference of $25.00 per share, plus all dividends accumulated and unpaid on that share to and including the date of redemption, beginning on the dates set forth in this column. (e) The 8% Cumulative Redeemable Preferred Stock was issued at various times from 2003 through 2010. (f) Shares of Class B Cumulative Redeemable Preferred Stock, Series 1 were issued on September 26, 2013; August 25, 2014; March 31, 2016; and March 30, 2017. Years Ended August 31, Nasdaq Symbol 2023 2022 (Dollars per share) 8% Cumulative Redeemable CHSCP $ 2.00 $ 2.00 Class B Cumulative Redeemable, Series 1 CHSCO 1.97 1.97 Class B Reset Rate Cumulative Redeemable, Series 2 CHSCN 1.78 1.78 Class B Reset Rate Cumulative Redeemable, Series 3 CHSCM 1.69 1.69 Class B Cumulative Redeemable, Series 4 CHSCL 1.88 1.88 |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component | Changes in accumulated other comprehensive income (loss) by component, for the years ended August 31, 2023, 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, 2020, net of tax $ (159,680) $ 10,886 $ (85,130) $ (233,924) Other comprehensive income (loss), before tax: Amounts before reclassifications 4,048 11,700 5,573 21,321 Amounts reclassified out 20,256 (19,753) — 503 Total other comprehensive income (loss), before tax 24,304 (8,053) 5,573 21,824 Tax effect (6,009) 1,991 (273) (4,291) Other comprehensive income (loss), net of tax 18,295 (6,062) 5,300 17,533 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 (52,163) (2,161) (15,809) (70,133) Amounts reclassified out 22,240 7,455 — 29,695 Total other comprehensive income (loss), before tax (29,923) 5,294 (15,809) (40,438) Tax effect 2,668 (1,275) 101 1,494 Other comprehensive income (loss), net of tax (27,255) 4,019 (15,708) (38,944) 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 (13,596) (25,024) 1,829 (36,791) Amounts reclassified out 93 16,044 — 16,137 Total other comprehensive income (loss), before tax (13,503) (8,980) 1,829 (20,654) Tax effect 8,218 2,169 207 10,594 Other comprehensive income (loss), net of tax (5,285) (6,811) 2,036 (10,060) Balance as of August 31, 2023, net of tax $ (173,925) $ 2,032 $ (93,502) $ (265,395) |
Equities Peferred Stock Table (
Equities Peferred Stock Table (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Preferred Stock [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The following is a summary of our outstanding preferred stock as of August 31, 2023, all shares of which are listed and traded on the Global Select Market of The Nasdaq: Nasdaq Symbol Issuance Date Shares Outstanding Redemption Value Net Proceeds (a) Dividend Rate Dividend Payment Frequency Redeemable Beginning (d) (Dollars in millions) 8% Cumulative Redeemable CHSCP (e) 12,272,003 $ 306.8 $ 311.2 8.00 % Quarterly 7/18/2023 Class B Cumulative Redeemable, Series 1 CHSCO (f) 21,459,066 536.5 569.3 7.875 % Quarterly 9/26/2023 Class B Reset Rate Cumulative Redeemable, Series 2 CHSCN 3/11/2014 16,800,000 420.0 406.2 7.10 % Quarterly 3/31/2024 Class B Reset Rate Cumulative Redeemable, Series 3 CHSCM 9/15/2014 19,700,000 492.5 476.7 6.75 % Quarterly 9/30/2024 Class B Cumulative Redeemable, Series 4 CHSCL 1/21/2015 20,700,000 517.5 501.0 7.50 % Quarterly 1/21/2025 (a) Includes patron equities redeemed with preferred stock. (b) The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 2 accumulates dividends at a rate of 7.10% per year until March 31, 2024, and then at a rate equal to the three-month benchmark interest rate plus 4.298%, not to exceed 8.00% per annum, subsequent to March 31, 2024. (c) The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 3 accumulates dividends at a rate of 6.75% per year until September 30, 2024, and then at a rate equal to the three-month benchmark interest rate plus 4.155%, not to exceed 8.00% per annum, subsequent to September 30, 2024. (d) Preferred stock is redeemable for cash at our option, in whole or in part, at a per share price equal to the per share liquidation preference of $25.00 per share, plus all dividends accumulated and unpaid on that share to and including the date of redemption, beginning on the dates set forth in this column. (e) The 8% Cumulative Redeemable Preferred Stock was issued at various times from 2003 through 2010. (f) Shares of Class B Cumulative Redeemable Preferred Stock, Series 1 were issued on September 26, 2013; August 25, 2014; March 31, 2016; and March 30, 2017. Years Ended August 31, Nasdaq Symbol 2023 2022 (Dollars per share) 8% Cumulative Redeemable CHSCP $ 2.00 $ 2.00 Class B Cumulative Redeemable, Series 1 CHSCO 1.97 1.97 Class B Reset Rate Cumulative Redeemable, Series 2 CHSCN 1.78 1.78 Class B Reset Rate Cumulative Redeemable, Series 3 CHSCM 1.69 1.69 Class B Cumulative Redeemable, Series 4 CHSCL 1.88 1.88 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Equity [Abstract] | |
Patronage | The following table presents estimated patronage distributions for the year ending August 31, 2023, and actual patronage distributions for the years ended August 31, 2022, 2021 and 2020: 2024 2023 2022 2021 (Dollars in millions) Patronage distributed in cash $ 365.0 $ 503.1 $ 51.0 $ 30.0 Patronage distributed in equity 875.3 670.9 235.6 214.8 Total patronage distributed $ 1,240.3 $ 1,174.0 $ 286.6 $ 244.8 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of defined benefit plans disclosures | Financial information on changes in projected benefit obligation, plan assets funded and balance sheet status as of August 31, 2023 and 2022, is as follows: Qualified Nonqualified Other Benefits 2023 2022 2023 2022 2023 2022 (Dollars in thousands) Change in benefit obligation: Projected benefit obligation at beginning of period $ 759,173 $ 925,239 $ 18,257 $ 20,604 $ 24,524 $ 29,069 Service cost 38,579 46,275 1,840 926 670 996 Interest cost 30,588 17,167 741 281 1,035 503 Actuarial loss (gain): Experience study and mortality updates 2,573 2,941 159 43 — 19 Other demographic experience* 5,181 9,875 1,999 1,313 (553) 717 Discount rate change (45,216) (164,543) (876) (2,892) (1,312) (4,979) Plan amendments 490 132 — — — — Settlements — — — (1,327) — — Benefits paid (82,857) (77,913) (1,140) (691) (1,792) (1,801) Projected benefit obligation at end of period $ 708,511 $ 759,173 $ 20,980 $ 18,257 $ 22,572 $ 24,524 Change in plan assets: Fair value of plan assets at beginning of period $ 787,422 $ 993,124 $ — $ — $ — $ — Actual (loss) gain on plan assets (8,415) (166,789) — — — — Company contributions 40,000 39,000 1,140 2,018 1,792 1,801 Benefits paid (82,857) (77,913) (1,140) (2,018) (1,792) (1,801) Fair value of plan assets at end of period $ 736,150 $ 787,422 $ — $ — $ — $ — Funded status at end of period $ 27,639 $ 28,249 $ (20,980) $ (18,257) $ (22,572) $ (24,524) Amounts recognized on balance sheet: Noncurrent assets $ 27,639 $ 28,249 $ — $ — $ — $ — Accrued benefit cost: Current liabilities — — (2,880) (2,300) (2,170) (2,290) Noncurrent liabilities — — (18,100) (15,957) (20,402) (22,234) Ending balance $ 27,639 $ 28,249 $ (20,980) $ (18,257) $ (22,572) $ (24,524) Amounts recognized in accumulated other comprehensive loss (pretax): Prior service cost (credit) $ 1,172 $ 831 $ (160) $ (274) $ (1,380) $ (1,825) Net loss (gain) 247,609 235,399 4,294 3,257 (18,096) (17,846) Ending balance $ 248,781 $ 236,230 $ 4,134 $ 2,983 $ (19,476) $ (19,671) |
Schedule of information for pensions plans with an accumulated benefit obligation in excess of plan assets | Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below: Years Ended August 31, 2023 2022 (Dollars in thousands) Projected benefit obligation $ 20,980 $ 18,257 Accumulated benefit obligation 20,908 18,257 |
Schedule of net benefit costs of assumptions used | Components of net periodic benefit costs for the years ended August 31, 2023, 2022 and 2021, are as follows: Qualified Nonqualified Other Benefits 2023 2022 2021 2023 2022 2021 2023 2022 2021 (Dollars in thousands) Components of net periodic benefit costs: Service cost $ 38,579 $ 46,275 $ 45,229 $ 1,840 $ 926 $ 433 $ 670 $ 996 $ 1,186 Interest cost 30,588 17,167 16,563 741 281 273 1,035 503 493 Expected return on assets (43,129) (43,958) (43,641) — — — — — — Prior service cost (credit) amortization 149 174 178 (114) (114) (114) (445) (445) (445) Actuarial loss (gain) amortization 1,872 23,406 21,790 245 478 212 (1,615) (1,259) (1,365) Net periodic benefit cost (benefit) $ 28,059 $ 43,064 $ 40,119 $ 2,712 $ 1,571 $ 804 $ (355) $ (205) $ (131) |
Schedule of components of net periodic benefit costs and amounts recognized in other comprehensive income (loss) | Components of net periodic benefit costs and amounts recognized in other comprehensive loss (income) for the years ended August 31, 2023, 2022 and 2021, are as follows: Qualified Nonqualified Other Benefits 2023 2022 2021 2023 2022 2021 2023 2022 2021 (Dollars in thousands) Other comprehensive loss (income): Prior service cost $ 490 $ 132 $ 113 $ — $ — $ — $ — $ — $ — Net actuarial loss (gain) 14,082 59,020 (4,408) 1,282 (1,537) 1,978 (1,865) (4,243) (1,163) Amortization of actuarial (gain) loss (1,872) (23,406) (21,790) (245) (478) (212) 1,615 1,259 1,365 Amortization of prior service (credit) costs (149) (174) (178) 114 114 114 445 445 445 Settlement of retiree obligations (a) — — — — (307) — — — — Total recognized in other comprehensive loss (income) $ 12,551 $ 35,572 $ (26,263) $ 1,151 $ (2,208) $ 1,880 $ 195 $ (2,539) $ 647 |
Schedule of amounts in accumulated other comprehensive income (loss) to be recognized over next fiscal year | stimated amortization in fiscal 2024 from accumulated other comprehensive loss into net periodic benefit cost is as follows: Qualified Nonqualified Other (Dollars in thousands) Amortization of prior service costs (credit) $ 178 $ (114) $ (445) Amortization of actuarial loss (gain) 1,796 380 (1,616) |
Schedule of effect of one-percentage-point change in assumed health care cost trend rates | A one-percentage-point change in the assumed health care cost trend rates would have the following effects: 1% Increase 1% Decrease (Dollars in thousands) Effect on total of service and interest cost components $ 170 $ 140 Effect on postretirement benefit obligation 1,400 1,300 |
Schedule of expected benefit payments | Our retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows: Qualified Nonqualified Other Benefits (Dollars in thousands) 2024 $ 69,100 $ 2,880 $ 2,170 2025 69,600 3,020 2,280 2026 69,800 2,800 2,220 2027 71,200 2,480 2,180 2028 74,200 2,160 2,060 2029-2033 339,800 8,380 8,570 |
Schedule of defined benefit plans, fair value disclosure | Our pension plans' recurring fair value measurements by asset category as of August 31, 2023 and 2022, are presented in the tables below: 2023 Level 1 Level 2 Level 3 Total (Dollars in thousands) Cash and cash equivalents $ 12,505 $ — $ — $ 12,505 Equities: Common/collective trust at net asset value (1) — — — 127,225 Fixed income securities: Other investments 25,143 86,315 — 111,458 Common/collective trust at net asset value (1) — — — 425,180 Partnership and joint venture interests measured at net asset value (1) — — — 59,782 Total $ 37,648 $ 86,315 $ — $ 736,150 2022 Level 1 Level 2 Level 3 Total (Dollars in thousands) Cash and cash equivalents $ 7,472 $ — $ — $ 7,472 Equities: Common/collective trust at net asset value (1) — — — 142,730 Fixed income securities: Common/collective trust at net asset value (1) — — — 550,046 Partnership and joint venture interests measured at net asset value (1) — — — 87,174 Total $ 7,472 $ — $ — $ 787,422 (1) In accordance with ASC Topic 820-10, Fair Value Measurement, certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the "Financial information on changes in projected benefit obligation, plan assets funded and balance sheet status" table above. |
Schedule of multiemployer plans | Our participation in the Co-op Plan for the years ended August 31, 2023, 2022 and 2021, is outlined in the table below: Contributions of CHS (Dollars in thousands) Plan Name EIN/Plan Number 2023 2022 2021 Surcharge Imposed Expiration Date of Collective Bargaining Agreement Co-op Retirement Plan 01-0689331 / 001 $ 1,017 $ 955 $ 1,172 N/A N/A |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Segment information for the years ended August 31, 2023, 2022 and 2021, is presented in the tables below. Energy Ag Nitrogen Production Corporate Reconciling Total Year ended August 31, 2023 (Dollars in thousands) Revenues, including intersegment revenues $ 10,761,503 $ 35,456,969 $ — $ 82,107 $ (710,575) $ 45,590,004 Intersegment revenues (664,590) (31,765) — (14,220) 710,575 — Revenues, net of intersegment revenues $ 10,096,913 $ 35,425,204 $ — $ 67,887 $ — $ 45,590,004 Operating earnings (loss) 1,071,492 346,137 (73,828) (301) 1,343,500 Interest expense 7,672 71,115 60,090 31,487 (32,922) 137,442 Other income (19,456) (88,061) — (37,536) 32,922 (112,131) Equity (income) losses from investments 7,833 (48,725) (394,678) (254,020) (689,590) Income before income taxes $ 1,075,443 $ 411,808 $ 260,760 $ 259,768 $ — $ 2,007,779 Capital expenditures $ 204,003 $ 308,690 $ — $ 51,829 $ — $ 564,522 Depreciation and amortization $ 254,115 $ 166,982 $ — $ 43,518 $ — $ 464,615 Total assets as of August 31, 2023 $ 4,313,240 $ 7,095,283 $ 2,577,391 $ 4,971,504 $ — $ 18,957,418 Energy Ag Nitrogen Production Corporate Reconciling Total Year ended August 31, 2022 (Dollars in thousands) Revenues, including intersegment revenues $ 10,964,304 $ 37,489,203 $ — $ 45,278 $ (707,119) $ 47,791,666 Intersegment revenues (669,530) (28,992) — (8,597) 707,119 — Revenues, net of intersegment revenues $ 10,294,774 $ 37,460,211 $ — $ 36,681 $ — $ 47,791,666 Operating earnings (loss) 633,832 588,070 (55,600) (37,216) 1,129,086 Interest expense 6,768 59,118 48,110 5,105 (4,945) 114,156 Other (income) expense (3,474) (46,277) 11,487 9,559 4,945 (23,760) Equity (income) losses from investments 13,987 (82,357) (593,182) (109,775) (771,327) Income before income taxes $ 616,551 $ 657,586 $ 477,985 $ 57,895 $ — $ 1,810,017 Capital expenditures $ 116,136 $ 203,851 $ — $ 34,457 $ — $ 354,444 Depreciation and amortization $ 250,972 $ 173,488 $ — $ 37,512 $ — $ 461,972 Total assets as of August 31, 2022 $ 4,325,121 $ 8,159,191 $ 2,641,604 $ 3,698,891 $ — $ 18,824,807 Energy Ag Nitrogen Production Corporate Reconciling Total Year ended August 31, 2021 (Dollars in thousands) Revenues, including intersegment revenues $ 6,812,478 $ 32,058,064 $ — $ 46,476 $ (468,985) $ 38,448,033 Intersegment revenues (437,217) (22,722) — (9,046) 468,985 — Revenues, net of intersegment revenues $ 6,375,261 $ 32,035,342 $ — $ 37,430 $ — $ 38,448,033 Operating earnings (loss) (15,775) 265,362 (35,432) (8,358) 205,797 Interest expense 1,113 65,099 44,461 1,804 (7,912) 104,565 Other income (2,819) (47,452) (2,489) (14,711) 7,912 (59,559) Equity income from investments (3,473) (50,381) (198,439) (102,236) (354,529) Income (loss) before income taxes $ (10,596) $ 298,096 $ 121,035 $ 106,785 $ — $ 515,320 Capital expenditures $ 112,160 $ 148,770 $ — $ 56,864 $ — $ 317,794 Depreciation and amortization $ 245,273 $ 182,210 $ — $ 34,247 $ — $ 461,730 |
Schedule of Sales Based on Geographic Locations | The following table presents our sales, based on the geographic location of the subsidiary making the sale, for the years ended August 31, 2023, 2022 and 2021: 2023 2022 2021 (Dollars in thousands) North America (a) $ 43,376,177 $ 45,039,981 $ 36,540,178 South America 378,021 371,493 242,848 Europe, Middle East and Africa (EMEA) 930,052 1,093,974 955,605 Asia Pacific (APAC) 905,754 1,286,218 709,402 Total $ 45,590,004 $ 47,791,666 $ 38,448,033 (a) Revenues in North America are substantially all attributed to revenues from the United States. Tangible long-lived assets include our property, plant and equipment, finance lease assets and capitalized major maintenance costs. The following table presents tangible long-lived assets by geographical region based on physical location: 2023 2022 (Dollars in thousands) United States $ 5,088,366 $ 4,821,483 International 70,384 70,997 Total $ 5,158,750 $ 4,892,480 |
Schedule of Long-lived Assets by Geographical Region | The following table presents tangible long-lived assets by geographical region based on physical location: 2023 2022 (Dollars in thousands) United States $ 5,088,366 $ 4,821,483 International 70,384 70,997 Total $ 5,158,750 $ 4,892,480 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of gross fair values of derivative assets, derivative liabilities, and margin deposits (cash collateral) | The following tables present the gross fair values of derivative assets, derivative liabilities and related margin deposits (cash collateral) recorded on our 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 OTC contracts, we have elected to report our derivative instruments on a gross basis on our Consolidated Balance Sheets under ASC Topic 210-20, Balance Sheet - Offsetting . August 31, 2023 Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting Gross Amounts Recognized Cash Collateral Derivative Instruments Net Amounts (Dollars in thousands) Derivative assets Commodity derivatives $ 280,440 $ — $ 4,866 $ 275,574 Foreign exchange derivatives 32,402 — 12,330 20,072 Total $ 312,842 $ — $ 17,196 $ 295,646 Derivative liabilities Commodity derivatives $ 349,131 $ 1,505 $ 4,866 $ 342,760 Foreign exchange derivatives 13,799 — 12,330 1,469 Total $ 362,930 $ 1,505 $ 17,196 $ 344,229 August 31, 2022 Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting Gross Amounts Recognized Cash Collateral Derivative Instruments Net Amounts (Dollars in thousands) Derivative assets Commodity derivatives $ 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 |
Pretax gains (losses) on derivatives not accounted for as hedging instruments | The following table sets forth the pretax (losses) gains on derivatives not accounted for as hedging instruments that have been included in our Consolidated Statements of Operations for the years ended August 31, 2023, 2022 and 2021: Derivative Type Location of 2023 2022 2021 (Dollars in thousands) Commodity derivatives Cost of goods sold $ (360,937) $ (568,877) $ (971,581) Foreign exchange derivatives Cost of goods sold (30,898) 9,587 25,277 Foreign exchange derivatives Marketing, general and administrative expenses (530) 577 1,105 Other derivatives Other income — 2,057 2,489 Total $ (392,365) $ (556,656) $ (942,710) |
Schedule of notional volumes for outstanding commodity contracts | The table below presents the notional volumes for all outstanding commodity contracts: 2023 2022 Derivative Type Long Short Long Short (Units in thousands) Grain and oilseed (bushels) 506,654 630,803 609,300 773,239 Energy products (barrels) 11,839 8,085 10,541 5,706 Processed grain and oilseed (tons) 7,380 9,437 1,191 4,182 Crop nutrients (tons) 70 10 23 22 Ocean freight (metric tons) 40 — 60 — Natural gas (MMBtu) 460 — 420 — |
Schedule of fair value of derivative interest rate swap instruments designated as fair value hedges | The following table presents the fair value of our commodity derivative instruments designated as cash flow hedges and the line items on our Consolidated Balance Sheets in which they are recorded as of August 31, 2023 and 2022: Derivative Assets Derivative Liabilities Balance Sheet Location 2023 2022 Balance Sheet Location 2023 2022 (Dollars in thousands) (Dollars in thousands) Other current assets $ 8,395 $ 27,154 Other current liabilities $ 5,345 $ 11,818 |
Schedule of pretax gains (losses) on derivatives accounted for as hedging instruments | The following table presents the pretax losses recorded in other comprehensive income relating to cash flow hedges for the years ended August 31, 2023, 2022 and 2021: 2023 2022 2021 (Dollars in thousands) Commodity derivatives $ (12,285) $ (2,071) $ (7,824) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities recognized at fair value on a recurring basis | The following tables present assets and liabilities, included on our Consolidated Balance Sheets, that are recognized at fair value on a recurring basis and indicate the fair value hierarchy utilized to determine these fair values. Assets and liabilities are classified in their entirety based on the lowest level of input that is a significant component of the fair value measurement. The lowest level of input is considered Level 3. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. Recurring fair value measurements as of August 31, 2023 and 2022, are as follows: 2023 Quoted Prices in Active Markets Significant Other Observable Significant Total (Dollars in thousands) Assets Commodity derivatives $ 5,344 $ 283,491 $ — $ 288,835 Foreign currency derivatives — 32,402 — 32,402 Segregated investments and marketable securities 225,715 — — 225,715 Other assets 89,592 — — 89,592 Total $ 320,651 $ 315,893 $ — $ 636,544 Liabilities Commodity derivatives $ 7,501 $ 346,975 $ — $ 354,476 Foreign currency derivatives — 13,799 — 13,799 Total $ 7,501 $ 360,774 $ — $ 368,275 2022 Quoted Prices in Active Markets Significant Other Observable Significant Total (Dollars in thousands) Assets Commodity derivatives $ 1,161 $ 490,160 $ — $ 491,321 Foreign currency derivatives — 52,923 — 52,923 Segregated investments and marketable securities 238,124 — — 238,124 Other assets 58,280 — — 58,280 Total $ 297,565 $ 543,083 $ — $ 840,648 Liabilities Commodity derivatives $ 10,256 $ 379,883 $ — $ 390,139 Foreign currency derivatives — 12,649 — 12,649 Total $ 10,256 $ 392,532 $ — $ 402,788 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded unconditional purchase obligations disclosure | As of August 31, 2023, minimum future payments required under long-term commitments that are noncancelable and that third parties have used to secure financing for facilities that will provide contracted goods, are as follows: Payments Due by Period Total 2024 2025 2026 2027 2028 Thereafter (Dollars in thousands) Long-term unconditional purchase obligations $ 451,943 $ 86,073 $ 64,134 $ 61,738 $ 47,795 $ 40,775 $ 151,428 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | , primarily CF Nitrogen, Ventura Foods, Ardent Mills and TEMCO. Sales to and purchases from related parties for the years ended August 31, 2023, 2022 and 2021, are as follows: 2023 2022 2021 (Dollars in thousands) Sales $ 1,653,125 $ 1,511,532 $ 2,744,482 Purchases 1,697,780 2,040,357 2,682,165 Receivables due from and payables due to related parties as of August 31, 2023 and 2022, are as follows: 2023 2022 (Dollars in thousands) Due from related parties $ 80,510 $ 78,600 Due to related parties 90,267 140,174 |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Leases [Abstract] | |
lease liability maturity | Maturities of lease liabilities by fiscal year as of August 31, 2023, were as follows: August 31, 2023 Finance Leases Operating Leases (Dollars in thousands) 2024 $ 8,548 $ 70,414 2025 6,885 57,904 2026 6,316 46,733 2027 5,943 31,407 2028 5,767 18,246 Thereafter 25,738 74,075 Total maturities of lease liabilities 59,197 298,779 Less amounts representing interest 9,962 36,927 Present value of future minimum lease payments 49,235 261,852 Less current obligations 6,797 61,094 Long-term obligations $ 42,438 $ 200,758 |
Lease Cash Inflow and Other Information Disclosure | Supplemental cash flow and other information related to operating and finance leases as of August 31, 2023, 2022 and 2021, is as follows: 2023 2022 2021 (Dollars in thousands) Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 71,798 $ 61,750 $ 71,702 Operating cash flows from finance leases 1,646 1,469 938 Financing cash flows from finance leases 8,571 9,171 8,235 Supplemental noncash information: Right of use assets obtained in exchange for lease liabilities $ 69,837 $ 54,199 $ 43,991 Right of use asset modifications 28,614 12,887 27,664 |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Significant Accounting Policies Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 1,765,286 | $ 793,957 | $ 413,159 | |
Restricted Cash, Current | 79,301 | 109,517 | 129,325 | |
Total cash and cash equivalents and restricted cash | $ 1,844,587 | $ 903,474 | $ 542,484 | $ 216,993 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | Aug. 31, 2023 | Aug. 31, 2022 |
Contract with Customer, Liability, Current | $ 240 | $ 541.5 |
Commodity Contract Asset, Current | $ 16.2 | $ 17.2 |
Revenues Disaggregated Revenue
Revenues Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Disaggregation of Revenue [Table Text Block] | Year ended August 31, 2023 Reportable Segment* ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 8,996,149 $ 1,100,764 $ — $ 10,096,913 Ag 9,808,664 25,606,485 10,055 35,425,204 Corporate and Other 26,001 — 41,886 67,887 Total revenues $ 18,830,814 $ 26,707,249 $ 51,941 $ 45,590,004 Year ended August 31, 2022 Reportable Segment* ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 9,302,400 $ 992,374 $ — $ 10,294,774 Ag 10,784,831 26,646,003 29,377 37,460,211 Corporate and Other 16,625 — 20,056 36,681 Total revenues $ 20,103,856 $ 27,638,377 $ 49,433 $ 47,791,666 Year ended August 31, 2021 Reportable Segment* ASC Topic 606 ASC Topic 815 Other Guidance Total Revenues (Dollars in thousands) Energy $ 5,680,391 $ 694,870 $ — $ 6,375,261 Ag 7,491,484 24,517,033 26,825 32,035,342 Corporate and Other 18,325 — 19,105 37,430 Total revenues $ 13,190,200 $ 25,211,903 $ 45,930 $ 38,448,033 | ||
Revenues | $ 45,590,004 | $ 47,791,666 | $ 38,448,033 |
Accounting Standards Update 2014-09 | |||
Revenues | 18,830,814 | 20,103,856 | 13,190,200 |
Accounting Standards Update 2017-12 [Member] | |||
Revenues | 26,707,249 | 27,638,377 | 25,211,903 |
Other Guidance [Member] | |||
Revenues | 51,941 | 49,433 | 45,930 |
Energy | |||
Revenues | 10,096,913 | 10,294,774 | 6,375,261 |
Energy | Accounting Standards Update 2014-09 | |||
Revenues | 8,996,149 | 9,302,400 | 5,680,391 |
Energy | Accounting Standards Update 2017-12 [Member] | |||
Revenues | 1,100,764 | 992,374 | 694,870 |
Energy | Other Guidance [Member] | |||
Revenues | 0 | 0 | 0 |
Ag | |||
Revenues | 35,425,204 | 37,460,211 | 32,035,342 |
Ag | Accounting Standards Update 2014-09 | |||
Revenues | 9,808,664 | 10,784,831 | 7,491,484 |
Ag | Accounting Standards Update 2017-12 [Member] | |||
Revenues | 25,606,485 | 26,646,003 | 24,517,033 |
Ag | Other Guidance [Member] | |||
Revenues | 10,055 | 29,377 | 26,825 |
Corporate and Other | |||
Revenues | 67,887 | 36,681 | 37,430 |
Corporate and Other | Accounting Standards Update 2014-09 | |||
Revenues | 26,001 | 16,625 | 18,325 |
Corporate and Other | Accounting Standards Update 2017-12 [Member] | |||
Revenues | 0 | 0 | 0 |
Corporate and Other | Other Guidance [Member] | |||
Revenues | $ 41,886 | $ 20,056 | $ 19,105 |
Receivables - Schedule of Recei
Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 2,010,162 | $ 2,626,623 |
CHS Capital short-term notes receivable | 845,192 | 644,875 |
Other | 327,084 | 404,734 |
Receivables, gross | 3,182,438 | 3,676,232 |
Less allowances and reserves | 76,627 | 127,917 |
Total receivables | $ 3,105,811 | $ 3,548,315 |
Receivables - Narrative (Detail
Receivables - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Aug. 31, 2023 | Aug. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
CHS Capital long-term notes receivable | $ 61.1 | $ 54.3 |
Percentage of commercial notes to CHS Capital long-term notes receivable | 15% | 25% |
Percentage of producer notes to CHS Capital long-term notes receivable | 85% | 75% |
Interest income accrual, discontinued, term | 90 days | |
Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
CHS Capital short-term notes receivable, term | 12 months | |
Long-term notes receivable, term | 10 years | |
CHS Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additional available credit | $ 1,100 | |
CHS Capital Notes Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan loss reserves | 0 | |
Note receivables sold under loan participations | $ 60.8 | $ 64.2 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Grain and oilseed | $ 1,099,956 | $ 1,133,531 |
Energy | 645,333 | 824,114 |
Agronomy | 1,111,477 | 1,295,548 |
Processed grain and oilseed | 141,360 | 292,992 |
Other | 217,053 | 106,686 |
Total inventories | $ 3,215,179 | $ 3,652,871 |
Percentage of LIFO Inventory | 16% | 14% |
Inventory, LIFO Reserve | $ 589,000 | $ 678,300 |
Deferred Costs, Capitalized, _3
Deferred Costs, Capitalized, Prepaid, and Other Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 |
Other Current Assets [Abstract] | |||
Derivative Asset, Current | $ 320,119 | $ 535,698 | |
Margin Deposit Assets | 342,872 | 390,782 | |
Prepaid Expense | 149,682 | 127,286 | |
Advances on Inventory Purchases | 136,304 | 198,753 | |
Restricted Cash, Current | 79,301 | 109,517 | $ 129,325 |
Other Assets, Miscellaneous, Current | 14,095 | 20,668 | |
Other current assets | $ 1,042,373 | $ 1,382,704 | |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other current assets |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Other Investments | $ 129,885 | $ 126,730 |
Investments | 3,828,872 | 3,728,006 |
CF Industries Nitrogen, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 2,577,391 | 2,641,604 |
Ventura Foods, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 519,169 | 410,093 |
Ardent Mills, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 265,146 | 250,857 |
Other equity method investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 337,281 | $ 298,722 |
Investments - Narrative (Detail
Investments - Narrative (Details) | 12 Months Ended | ||||
Feb. 01, 2016 | Aug. 31, 2023 USD ($) T | Aug. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | Feb. 01, 2096 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity income from investments, net of distributions received | $ (689,590,000) | $ (771,327,000) | $ (354,529,000) | ||
Capital reserves | 2,537,486,000 | 2,055,682,000 | |||
Retained Earnings, Undistributed Earnings from Equity Method Investees | 636,100,000 | ||||
CF Industries Nitrogen, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | 2,600,000,000 | ||||
Nitrogen Production | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity income from investments, net of distributions received | (394,678,000) | (593,182,000) | (198,439,000) | ||
Ag | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity income from investments, net of distributions received | $ (48,725,000) | (82,357,000) | (50,381,000) | ||
CF Industries Nitrogen, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 9% | ||||
Supply agreement, term | 80 years | ||||
Maximum annual granular urea eligible for purchases | T | 1,100,000 | ||||
Maximum annual UAN eligible for purchases | T | 580,000 | ||||
Equity method investments | $ 2,577,391,000 | 2,641,604,000 | |||
Cash Distribution from Equity Method | $ 458,900,000 | 618,700,000 | $ 193,900,000 | ||
CF Industries Nitrogen, LLC | Forecast | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 0 | ||||
Ventura Foods | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 50% | ||||
Equity method investments | $ 519,169,000 | 410,093,000 | |||
Ardent Mills | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 12% | ||||
Equity method investments | $ 265,146,000 | $ 250,857,000 | |||
TEMCO | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 50% |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,701,752 | $ 10,180,972 |
Less accumulated depreciation and amortization | 5,832,379 | 5,436,013 |
Total property, plant and equipment | 4,869,373 | 4,744,959 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 350,703 | 334,085 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,242,913 | 1,192,571 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,979,164 | 7,819,152 |
Office equipment and other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 498,430 | 496,121 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 630,542 | $ 339,043 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 457.9 | $ 458.2 | $ 455.9 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 179,976 | $ 179,976 | $ 171,601 | |
Customer lists, trademarks and other intangible assets | 46,980 | 53,165 | ||
Notes receivable (Note 3) | 76,919 | 46,012 | ||
Long-term derivative assets (Note 15) | 1,119 | 8,546 | ||
Prepaid pension and other benefits (Note 13) | 78,819 | 74,810 | ||
Capitalized major maintenance | 289,377 | 147,521 | $ 196,641 | $ 228,511 |
Cash value life insurance | $ 134,126 | $ 128,876 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | ||
Operating Lease, Right-of-Use Asset | $ 254,844 | $ 242,859 | ||
Other | 68,364 | 92,230 | ||
Other assets | 1,130,524 | 973,995 | ||
Customer lists, trademarks and other intangible assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Customer lists, trademarks and other intangible assets | $ 46,980 | $ 53,165 |
Other Assets - Schedule of Good
Other Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2023 | Aug. 31, 2021 | |
Goodwill [Roll Forward] | |||
Goodwill | $ 179,976 | $ 179,976 | $ 171,601 |
Goodwill, Acquired During Period | 8,906 | ||
Disposal Group, Including Discontinued Operation, Goodwill | (531) | ||
Corporate and Other | |||
Goodwill [Roll Forward] | |||
Goodwill | 10,574 | 10,574 | |
Disposal Group, Including Discontinued Operation, Goodwill | 0 | ||
Energy | |||
Goodwill [Roll Forward] | |||
Goodwill | 9,458 | 552 | |
Goodwill, Acquired During Period | 8,906 | ||
Disposal Group, Including Discontinued Operation, Goodwill | 0 | ||
Ag | |||
Goodwill [Roll Forward] | |||
Goodwill | 159,944 | $ 160,475 | |
Disposal Group, Including Discontinued Operation, Goodwill | $ 531 |
Other Assets - Narrative (Detai
Other Assets - Narrative (Details) - USD ($) | 12 Months Ended | |||
Jul. 31, 2022 | Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Goodwill [Line Items] | ||||
Goodwill | $ 179,976,000 | $ 179,976,000 | $ 171,601,000 | |
Goodwill impairment, result of annual impairment analysis | $ 0 | |||
Amortization of intangible assets | 6,700,000 | 6,800,000 | 6,900,000 | |
Ag | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 159,944,000 | $ 160,475,000 | ||
Nitrogen Production | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 0 | |||
Minimum | Other Intangible Assets | ||||
Goodwill [Line Items] | ||||
Intangible asset useful lives | 2 years | |||
Maximum | Other Intangible Assets | ||||
Goodwill [Line Items] | ||||
Intangible asset useful lives | 30 years |
Other Assets - Schedule of Inta
Other Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | $ 96,673 | $ 96,467 |
Accumulated Amortization | (49,693) | (43,302) |
Net | 46,980 | 53,165 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 85,341 | 84,565 |
Accumulated Amortization | (41,374) | (35,280) |
Net | 43,967 | 49,285 |
Trademarks and other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 11,332 | 11,902 |
Accumulated Amortization | (8,319) | (8,022) |
Net | $ 3,013 | $ 3,880 |
Other Assets - Schedule of Defi
Other Assets - Schedule of Definite Lived Intangible Assets Estimated Annual Amortization Expense (Details) $ in Thousands | Aug. 31, 2023 USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2024 | $ 6,631 |
2025 | 6,415 |
2026 | 6,233 |
2027 | 6,178 |
2028 | 6,178 |
Thereafter | 15,345 |
Total | $ 46,980 |
Other Assets - Rollforward of C
Other Assets - Rollforward of Capitalized Maintenance Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Capitalized Maintenance Expense [Roll Forward] | |||
Balance at Beginning of Year | $ 147,521 | $ 196,641 | $ 228,511 |
Cost Deferred | 216,762 | 25,401 | 41,899 |
Amortization | (74,906) | (74,521) | (73,769) |
Balance at End of Year | $ 289,377 | $ 147,521 | $ 196,641 |
Notes Payable and Long-Term D_2
Notes Payable and Long-Term Debt - Schedule of Notes Payable (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Short-term Debt [Line Items] | ||
Notes payable | $ 547,923 | $ 606,719 |
Notes Payable, Other Payables [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 5.37% | 4.41% |
CHS Capital notes payable | ||
Short-term Debt [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 4.24% | 1.34% |
CHS Capital notes payable | CHS Capital notes payable | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 171,991 | $ 147,321 |
Notes Payable, Other Payables [Member] | Recourse loan commitments | ||
Short-term Debt [Line Items] | ||
Notes payable | 0 | |
Short-term bank loans and notes payable current borrowing capacity | 100,000 | |
Notes Payable, Other Payables [Member] | Short-Term Notes Payable, Surplus Funds Program [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 172,000 | |
Revolving credit facility | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 375,932 | $ 459,398 |
Notes Payable and Long-Term D_3
Notes Payable and Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | Jul. 11, 2023 | Jan. 24, 2023 | |
Debt Instrument [Line Items] | |||||
Interest expense | $ 137,442 | $ 114,156 | $ 104,565 | ||
Long-term Debt, Fair Value | 1,600,000 | ||||
Notes payable | 547,923 | 606,719 | |||
Long-term Debt | 1,780,288 | ||||
Capitalized Interest | (14,000) | (6,100) | $ (8,000) | ||
Long-term debt repaid | 283,000 | ||||
Principal Amount Outstanding of Loans Held-in-portfolio | 950,200 | ||||
Loans and Leases Receivable, Loans in Process | $ 0 | ||||
Unsecured debt | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4% | ||||
Unsecured debt | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 9% | ||||
Five-year revolving facilities | Line of credit | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, amount outstanding | $ 0 | ||||
Debt Instrument, Term | 5 years | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 2,800,000 | ||||
Uncommitted lines of credit | Line of credit | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Long-term Line of Credit, Noncurrent | 185,900 | ||||
Other international subsidiaries, lines of credit | Line of credit | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, amount outstanding | 188,500 | ||||
Repurchase Facility [Member] | Subordinated Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | ||||
Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Notes payable | 375,932 | 459,398 | |||
Recourse loan commitments | Notes Payable, Other Payables [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term bank loans and notes payable current borrowing capacity | 100,000 | ||||
Notes payable | 0 | ||||
Short-Term Notes Payable, Surplus Funds Program [Member] | Notes Payable, Other Payables [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable | 172,000 | ||||
Committed Member | |||||
Debt Instrument [Line Items] | |||||
maximum availability under securitization | 850,000 | ||||
Uncommitted Member | |||||
Debt Instrument [Line Items] | |||||
maximum availability under securitization | $ 250,000 | ||||
Additional Private placement, payable in its entirety in 2030 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 150,000 | ||||
Additional Private placement, payable in its entirety in 2030 | Unsecured debt | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.68% | ||||
Debt Instrument, Face Amount | $ 150,000 | ||||
Long-term Debt | $ 150,000 | $ 0 |
Notes Payable and Long-Term D_4
Notes Payable and Long-Term Debt - Schedule of Primary Lines of Credit (Details) - Line of credit - Five-year revolving facilities - Revolving credit facility $ in Millions | Aug. 31, 2023 USD ($) |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | $ 2,800 |
Long-term Line of Credit | $ 0 |
Notes Payable and Long-Term D_5
Notes Payable and Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Jan. 24, 2023 | Aug. 31, 2022 |
Debt Instrument [Line Items] | |||
Notes payable | $ 547,923 | $ 606,719 | |
Total long-term debt | 1,780,288 | ||
Debt Issuance Costs, Net | (3,127) | (3,535) | |
Other Long-Term Debt | 2,550 | 6,576 | |
Long-term Debt, Fair Value | 1,827,658 | ||
Less current portion | 7,839 | 290,605 | |
Long-term portion | 1,819,819 | 1,668,209 | |
Long-term debt | |||
Debt Instrument [Line Items] | |||
Finance Lease, Liability | 42,438 | 37,164 | |
Total Long-term Debt | |||
Debt Instrument [Line Items] | |||
Finance Lease, Liability | $ 49,235 | 44,773 | |
Unsecured debt | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate | 4% | ||
Unsecured debt | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate | 9% | ||
term loan | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.93% | ||
Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Notes payable | $ 375,932 | 459,398 | |
Private placement, payable in its entirety in 2023 | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 130,000 | ||
Total long-term debt | $ 0 | 130,000 | |
Interest rate | 4.67% | ||
Private placement, payable in 2023 152k [Member] [Member] | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 152,000 | ||
Total long-term debt | $ 0 | 152,000 | |
Interest rate | 4.39% | ||
Private placement, payable in 2025 80k [Member] | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 80,000 | ||
Total long-term debt | $ 80,000 | 80,000 | |
Interest rate | 3.85% | ||
Private placement, payable in 2025 100k [Member] | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 100,000 | ||
Total long-term debt | $ 100,000 | 100,000 | |
Interest rate | 3.80% | ||
Private placement, payable in 2025 150k [Member] [Member] | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 150,000 | ||
Total long-term debt | $ 150,000 | 150,000 | |
Interest rate | 4.58% | ||
Private placement, payable in its entirety in 2026 | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 80,000 | ||
Total long-term debt | $ 80,000 | 80,000 | |
Interest rate | 4.82% | ||
Private placement, payable in its entirety in 2027 [Member] | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 58,000 | ||
Total long-term debt | $ 58,000 | 58,000 | |
Interest rate | 4.69% | ||
Private placement, payable in its entirety in 2028 [Member] | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 95,000 | ||
Total long-term debt | $ 95,000 | 95,000 | |
Interest rate | 4.74% | ||
Private placement, payable in its entirety in 2031 [Member] | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 100,000 | ||
Total long-term debt | $ 100,000 | 100,000 | |
Interest rate | 4.89% | ||
Private placement, payable in its entirety 2033 [Member] | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 100,000 | ||
Total long-term debt | $ 100,000 | 100,000 | |
Interest rate | 4.71% | ||
Private placement, payable in its entirety in 2036 [Member] | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 125,000 | ||
Total long-term debt | $ 125,000 | 125,000 | |
Interest rate | 5.40% | ||
Private Placement [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 1,413,000 | 1,545,000 | |
us-gaap_DebtInstrumentName | us-gaap_LongtermDebtType | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Fair Value | 1,958,814 | ||
Less current portion | 290,605 | ||
Unsecured term loans | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 366,000 | 366,000 | |
Additional Private placement, payable in its entirety in 2027 | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 95,000 | ||
Total long-term debt | $ 95,000 | 95,000 | |
Interest rate | 3.24% | ||
Private placement, payable in its entirety in 2030 | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 100,000 | ||
Total long-term debt | $ 100,000 | 100,000 | |
Interest rate | 3.48% | ||
Private placement, payable in its entirety in 2032 | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 65,000 | ||
Total long-term debt | $ 65,000 | 65,000 | |
Interest rate | 3.58% | ||
Private placement, payable in its entirety in 2035 | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 115,000 | ||
Total long-term debt | $ 115,000 | 115,000 | |
Interest rate | 3.73% | ||
Additional Private placement, payable in its entirety in 2030 | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 150,000 | ||
Additional Private placement, payable in its entirety in 2030 | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 150,000 | ||
Total long-term debt | $ 150,000 | $ 0 | |
Interest rate | 5.68% |
Notes Payable and Long-Term D_6
Notes Payable and Long-Term Debt - Schedule of Minimum Future Payments (Details) $ in Thousands | Aug. 31, 2023 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2024 | $ 1,060 |
2025 | 330,187 |
2026 | 446,020 |
2027 | 58,021 |
2028 | 190,000 |
Thereafter | 755,000 |
Total | $ 1,780,288 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 |
Other Liabilities Disclosure [Abstract] | |||
Customer Margin Deposits And Credit Balances | $ 197,315 | $ 283,234 | |
CustomerAdvancepayments | $ 356,760 | 525,003 | |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | ||
Derivative Liability, Current | $ 355,696 | 398,781 | |
Other current liabilities | 730,000 | 1,000,000 | $ 150,000 |
Other Liabilities, Current | $ 1,639,771 | $ 2,207,018 |
Income Taxes - Provision for (B
Income Taxes - Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Current: | |||
Federal | $ 66,672 | $ 56,582 | $ (533) |
State | 36,925 | 24,224 | 2,943 |
Foreign | 3,735 | 9,833 | 56 |
Current Total | 107,332 | 90,639 | 2,466 |
Deferred: | |||
Federal | 7,799 | 41,710 | (24,676) |
State | (7,661) | 491 | (15,666) |
Foreign | 185 | (724) | (373) |
Deferred Total | 323 | 41,477 | (40,715) |
Total | $ 107,655 | $ 132,116 | $ (38,249) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Income tax expense (benefit) | $ 107,655 | $ 132,116 | $ (38,249) |
Deferred Tax Liabilities, Net | 122,453 | 139,019 | |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 2,000,000 | 1,800,000 | 497,500 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 55,400 | $ (4,900) | $ 17,800 |
Statutory federal income tax rate | 21% | 21% | 21% |
Operating Loss Carryforwards | $ 587,300 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 344,400 | ||
Amount of unrecognized tax benefits that would benefit effective tax rate | 116,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 800 | $ 700 | $ 1,400 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 3,700 | 3,300 | |
State tax credit | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward, amount | 116,600 | ||
NCRA | State tax credit | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward, amount | $ 116,600 | $ 122,800 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Deferred tax assets: | ||
Accrued expenses | $ 51,960 | $ 61,843 |
Postretirement health care and deferred compensation | 51,635 | 46,008 |
Tax credit carryforwards | 97,730 | 101,457 |
Loss carryforwards | 111,963 | 110,018 |
Nonqualified equity | 467,519 | 424,869 |
Deferred tax asset lease obligation | 62,225 | 60,329 |
Other | 43,164 | 95,027 |
Deferred tax assets valuation allowance | (182,466) | (189,685) |
Total deferred tax assets | 703,730 | 709,866 |
Deferred tax liabilities: | ||
Pension costs | 10,596 | 14,600 |
Investments | 129,683 | 169,970 |
Property, plant and equipment | 625,403 | 605,463 |
Deferred tax liability right of use asset | 60,501 | 58,852 |
Total deferred tax liabilities | 826,183 | 848,885 |
Deferred Tax Liabilities, Net | $ 122,453 | $ 139,019 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Statutory Tax Rates to the Effective Tax Rates (Details) | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
State and local income taxes, net of federal income tax benefit | 1.10% | 1.10% | (2.60%) |
Patronage earnings | (13.00%) | (13.60%) | (11.40%) |
Effective Income Tax Rate Reconciliation, Deduction, Percent | (3.20%) | (3.20%) | (8.20%) |
Export activities at rates other than the U.S. statutory rate | (0.20%) | 0.40% | 0.50% |
Intercompany transfer of business assets | 0% | (0.10%) | (4.70%) |
Increase in unrecognized tax benefits | 0% | 0% | 0.80% |
Valuation allowance | 0% | 0.20% | (0.20%) |
Other | (0.30%) | 1.50% | (2.60%) |
Effective tax rate | 5.40% | 7.30% | (7.40%) |
Income Taxes - Rollforward of U
Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 124,959 | $ 122,149 | $ 119,150 |
Additions attributable to current year tax positions | 0 | 0 | 2,000 |
Additions attributable to prior year tax positions | 894 | 2,810 | 15,974 |
Reductions attributable to prior year tax positions | 0 | 0 | (14,975) |
Balance at end of period | $ 125,853 | $ 124,959 | $ 122,149 |
Equities - Narrative (Details)
Equities - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 USD ($) pools | Aug. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | |
Class of Stock [Line Items] | |||
Estimated patronage refunds | $ (365,000) | $ (500,000) | $ (50,000) |
Cash patronage dividends payable | $ (503,057) | (51,026) | (30,042) |
Patronage source earnings, percentage allocated to reserves | 10% | ||
Capital equity certificates, number of pools | pools | 2 | ||
Equity redemptions, age | 70 years | ||
Redemptions of equities | $ 495,790 | 111,818 | 79,381 |
Preferred stock dividends paid | (168,668) | (168,668) | (168,668) |
Estimated Cash Patronage Dividends Payable | 365,000 | ||
futurePaymentsForRepurchaseOfOtherEquity | (365,000) | ||
Total Patronage refunds, estimated | 1,240,300 | ||
nonqualified patronage, estimated | 169,200 | ||
Total patronage refunds | 1,200,000 | ||
Class B, Series 1 Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Redemption Amount | 536,500 | ||
Capital Reserves | |||
Class of Stock [Line Items] | |||
Estimated patronage refunds | (1,240,284) | (1,162,661) | (280,290) |
Nonqualified Equity Certificates | |||
Class of Stock [Line Items] | |||
Estimated patronage refunds | 169,159 | 153,858 | $ 230,290 |
Qualified Equity Certificates | |||
Class of Stock [Line Items] | |||
Estimated patronage refunds | 706,100 | ||
Capital Equity Certificates | |||
Class of Stock [Line Items] | |||
Estimated patronage refunds | $ 706,125 | $ 508,803 |
Equities - Summary of Outstandi
Equities - Summary of Outstanding Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Aug. 31, 2023 | Aug. 31, 2022 | |
Class of Stock [Line Items] | ||
Preferred Stock, Liquidation Preference Per Share | $ 25 | |
8% Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $ 2 | $ 2 |
Preferred Stock, Shares Outstanding | 12,272,003 | |
Preferred Stock, Redemption Amount | $ 306.8 | |
Proceeds from issuance of preferred stock, net of issuance costs | $ 311.2 | |
Preferred Stock, Dividend Rate, Percentage | 8% | |
Class B, Series 1 Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $ 1.97 | 1.97 |
Preferred Stock, Shares Outstanding | 21,459,066 | |
Preferred Stock, Redemption Amount | $ 536.5 | |
Proceeds from issuance of preferred stock, net of issuance costs | $ 569.3 | |
Preferred Stock, Dividend Rate, Percentage | 7.875% | |
Class B, Series 2 Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $ 1.78 | 1.78 |
Preferred Stock, Shares Outstanding | 16,800,000 | |
Preferred Stock, Redemption Amount | $ 420 | |
Proceeds from issuance of preferred stock, net of issuance costs | $ 406.2 | |
Preferred Stock, Dividend Rate, Percentage | 7.10% | |
Class B, Series 2 Preferred Stock [Member] | Maximum | ||
Class of Stock [Line Items] | ||
Preferred Stock, Basis Spread on Dividends, Percent | 8% | |
Class B, Series 2 Preferred Stock [Member] | variable rate | ||
Class of Stock [Line Items] | ||
Preferred Stock, Basis Spread on Dividends, Percent | 4.298% | |
Class B, Series 3 Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $ 1.69 | 1.69 |
Preferred Stock, Shares Outstanding | 19,700,000 | |
Preferred Stock, Redemption Amount | $ 492.5 | |
Proceeds from issuance of preferred stock, net of issuance costs | $ 476.7 | |
Preferred Stock, Dividend Rate, Percentage | 6.75% | |
Class B, Series 3 Preferred Stock [Member] | Maximum | ||
Class of Stock [Line Items] | ||
Preferred Stock, Basis Spread on Dividends, Percent | 8% | |
Class B, Series 3 Preferred Stock [Member] | variable rate | ||
Class of Stock [Line Items] | ||
Preferred Stock, Basis Spread on Dividends, Percent | 4.155% | |
Class B, Series 4 Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears | $ 1.88 | $ 1.88 |
Preferred Stock, Shares Outstanding | 20,700,000 | |
Preferred Stock, Redemption Amount | $ 517.5 | |
Proceeds from issuance of preferred stock, net of issuance costs | $ 501 | |
Preferred Stock, Dividend Rate, Percentage | 7.50% |
Equities - Accumulated Other Co
Equities - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | $ 9,461,266 | $ 9,017,326 | $ 8,819,173 |
Other comprehensive income, net of tax | (10,060) | (38,944) | 17,533 |
Balance | 10,452,389 | 9,461,266 | 9,017,326 |
Pension and Other Postretirement Benefits | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (13,596) | (52,163) | 4,048 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 93 | 22,240 | 20,256 |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (168,640) | (141,385) | (159,680) |
Other Comprehensive Income (Loss), before Tax | (13,503) | (29,923) | 24,304 |
Tax effect | 8,218 | 2,668 | (6,009) |
Other comprehensive income, net of tax | (5,285) | (27,255) | 18,295 |
Balance | (173,925) | (168,640) | (141,385) |
Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (25,024) | (2,161) | 11,700 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 16,044 | 7,455 | (19,753) |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | 8,843 | 4,824 | 10,886 |
Other Comprehensive Income (Loss), before Tax | (8,980) | 5,294 | (8,053) |
Tax effect | 2,169 | (1,275) | 1,991 |
Other comprehensive income, net of tax | (6,811) | 4,019 | (6,062) |
Balance | 2,032 | 8,843 | 4,824 |
Foreign Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 1,829 | (15,809) | 5,573 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (95,538) | (79,830) | (85,130) |
Other Comprehensive Income (Loss), before Tax | 1,829 | (15,809) | 5,573 |
Tax effect | 207 | 101 | (273) |
Other comprehensive income, net of tax | 2,036 | (15,708) | 5,300 |
Balance | (93,502) | (95,538) | (79,830) |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (36,791) | (70,133) | 21,321 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 16,137 | 29,695 | 503 |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (255,335) | (216,391) | (233,924) |
Other Comprehensive Income (Loss), before Tax | (20,654) | (40,438) | 21,824 |
Tax effect | 10,594 | 1,494 | (4,291) |
Other comprehensive income, net of tax | (10,060) | (38,944) | 17,533 |
Balance | $ (265,395) | $ (255,335) | $ (216,391) |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Patronage [Line Items] | |||
Total Patronage refunds, estimated | $ 1,240,300 | ||
Estimated Patronage distributed in cash | 365,000 | ||
Patronage distributed in cash | 503,100 | $ 51,000 | $ 30,000 |
Total estimated patronage distributed in equity | 875,300 | ||
nonqualified patronage, estimated | 169,200 | ||
Total patronage | 1,174,000 | 286,600 | 244,800 |
Total patronage distributed in equity | $ 670,900 | $ 235,600 | $ 214,800 |
Benefit Plans - Financial Infor
Benefit Plans - Financial Information on Changes in Benefit Obligation, Plan Assets Funded and Balance Sheets Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Change in plan assets: [Abstract] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 40,000 | ||
Fair value of plan assets at end of period | 736,150 | ||
Pension Benefits | |||
Change in plan assets: [Abstract] | |||
Fair value of plan assets at beginning of period | 787,422 | ||
Fair value of plan assets at end of period | $ 787,422 | ||
Other Benefits | |||
Change in benefit obligation: | |||
Projected benefit obligation at beginning of period | 24,524 | 29,069 | |
Service cost | 670 | 996 | $ 1,186 |
Assumption change | (1,312) | (4,979) | |
Plan Amendments | 0 | 0 | |
Settlements | 0 | 0 | |
Benefits paid | (1,792) | (1,801) | |
Projected benefit obligation at end of period | 22,572 | 24,524 | 29,069 |
Change in plan assets: [Abstract] | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual gain (loss) on plan assets | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,792 | 1,801 | |
Benefits Paid | (1,792) | (1,801) | |
Fair value of plan assets at end of period | 0 | 0 | 0 |
Funded Status of Plan | (22,572) | (24,524) | |
ASSETS | |||
Non-current assets | 0 | 0 | |
Liabilities [Abstract] | |||
Current liabilities | (2,170) | (2,290) | |
Non-current liabilities | (20,402) | (22,234) | |
Ending balance | (22,572) | (24,524) | |
Amounts recognized in accumulated other comprehensive loss (pretax): [Abstract] | |||
Prior service cost (credit) | (1,380) | (1,825) | |
Net (gain) loss | (18,096) | (17,846) | |
Ending balance | (19,476) | (19,671) | |
Qualified Pension Benefits | Pension Benefits | |||
Change in benefit obligation: | |||
Projected benefit obligation at beginning of period | 759,173 | 925,239 | |
Service cost | 38,579 | 46,275 | 45,229 |
Assumption change | (45,216) | (164,543) | |
Plan Amendments | 490 | 132 | |
Settlements | 0 | 0 | |
Benefits paid | (82,857) | (77,913) | |
Projected benefit obligation at end of period | 708,511 | 759,173 | 925,239 |
Change in plan assets: [Abstract] | |||
Fair value of plan assets at beginning of period | 787,422 | 993,124 | |
Actual gain (loss) on plan assets | (8,415) | (166,789) | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 40,000 | 39,000 | |
Benefits Paid | (82,857) | (77,913) | |
Fair value of plan assets at end of period | 736,150 | 787,422 | 993,124 |
Funded Status of Plan | 27,639 | 28,249 | |
ASSETS | |||
Non-current assets | 27,639 | 28,249 | |
Liabilities [Abstract] | |||
Current liabilities | 0 | 0 | |
Non-current liabilities | 0 | 0 | |
Ending balance | 27,639 | 28,249 | |
Amounts recognized in accumulated other comprehensive loss (pretax): [Abstract] | |||
Prior service cost (credit) | 1,172 | 831 | |
Net (gain) loss | 247,609 | 235,399 | |
Ending balance | 248,781 | 236,230 | |
Nonqualified Pension Benefits | Pension Benefits | |||
Change in benefit obligation: | |||
Projected benefit obligation at beginning of period | 18,257 | 20,604 | |
Service cost | 1,840 | 926 | 433 |
Assumption change | (876) | (2,892) | |
Plan Amendments | 0 | 0 | |
Settlements | 0 | (1,327) | |
Benefits paid | (1,140) | (691) | |
Projected benefit obligation at end of period | 20,980 | 18,257 | 20,604 |
Change in plan assets: [Abstract] | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual gain (loss) on plan assets | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,140 | 2,018 | |
Benefits Paid | (1,140) | (2,018) | |
Fair value of plan assets at end of period | 0 | 0 | $ 0 |
Funded Status of Plan | (20,980) | (18,257) | |
ASSETS | |||
Non-current assets | 0 | 0 | |
Liabilities [Abstract] | |||
Current liabilities | (2,880) | (2,300) | |
Non-current liabilities | (18,100) | (15,957) | |
Ending balance | (20,980) | (18,257) | |
Amounts recognized in accumulated other comprehensive loss (pretax): [Abstract] | |||
Prior service cost (credit) | (160) | (274) | |
Net (gain) loss | 4,294 | 3,257 | |
Ending balance | $ 4,134 | $ 2,983 |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 USD ($) Employers | Aug. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 40,000 | ||
Defined benefit plan, health care benefits annual rate of increase in the per capita cost | 7.50% | ||
Defined benefit plan, health care benefits, decrease in the per capita cost trend rate | 4.50% | ||
Defined contribution plan, contributions by employer | $ 38,700 | $ 35,000 | $ 30,100 |
Pension protection act, percentage of employers that are rural cooperatives or cooperative organizations owned by agricultural producers, criteria | 85% | ||
Separate Account, Liability, Surrender and Withdrawal | $ 22,700 | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 678,400 | 728,900 | |
Defined benefit plan, expected future benefit payments, next twelve months | 69,100 | ||
Non-Qualified Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 20,900 | 18,300 | |
Defined benefit plan, expected future benefit payments, next twelve months | 2,880 | ||
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,792 | $ 1,801 | |
Defined benefit plan, expected future benefit payments, next twelve months | 2,170 | ||
Pension Plans And Postretirement Plans, Defined Benefit, Non-Qualified [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, expected future benefit payments, next twelve months | $ 5,100 | ||
Co-op Retirement Plan | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of employers contributing to Co-op Retirement Plan (in number of employers) | Employers | 400 | ||
Maximum | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target allocation percentage | 55% | ||
Maximum | Fixed Income Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target allocation percentage | 80% | ||
Maximum | Co-op Retirement Plan | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions as percent of total contributions of all contributing employers | 5% | ||
Minimum | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target allocation percentage | 20% | ||
Minimum | Fixed Income Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, target allocation percentage | 45% | ||
Minimum | Co-op Retirement Plan | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, funded percentage | 80% |
Benefit Plans - Information for
Benefit Plans - Information for the Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 20,980 | $ 18,257 |
Accumulated benefit obligation | $ 20,908 | $ 18,257 |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
experience study | |||
Weighted-average assumptions to determine the net periodic benefit cost: [Abstract] | |||
Actuarial (gain) loss | $ 0 | $ 19 | |
Other demographic experience | |||
Weighted-average assumptions to determine the net periodic benefit cost: [Abstract] | |||
Actuarial (gain) loss | (553) | 717 | |
Other Benefits | |||
Component of net periodic benefit costs: [Abstract] | |||
Service costs | 670 | 996 | $ 1,186 |
Expected return on assets | 0 | 0 | 0 |
Amortization of actuarial (gain) loss | (1,615) | (1,259) | (1,365) |
Periodic benefit costs, net | $ (355) | $ (205) | $ (131) |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.64% | 2.57% | 2.43% |
Weighted-average assumptions to determine the net periodic benefit cost: [Abstract] | |||
Discount rate | 5.33% | 4.64% | 2.57% |
Amortization of prior service (credit) costs | $ (445) | $ (445) | $ (445) |
Other Benefits | interest cost | |||
Component of net periodic benefit costs: [Abstract] | |||
Periodic benefit costs, net | 1,035 | 503 | 493 |
Qualified Pension Benefits | experience study | |||
Weighted-average assumptions to determine the net periodic benefit cost: [Abstract] | |||
Actuarial (gain) loss | 2,573 | 2,941 | |
Qualified Pension Benefits | Other demographic experience | |||
Weighted-average assumptions to determine the net periodic benefit cost: [Abstract] | |||
Actuarial (gain) loss | 5,181 | 9,875 | |
Qualified Pension Benefits | Pension Benefits | |||
Component of net periodic benefit costs: [Abstract] | |||
Service costs | 38,579 | 46,275 | 45,229 |
Amortization of actuarial (gain) loss | 1,872 | 23,406 | 21,790 |
Periodic benefit costs, net | $ 28,059 | $ 43,064 | $ 40,119 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.69% | 2.80% | 2.65% |
Expected return on plan assets | 4.88% | 4.88% | 4.90% |
Rate of compensation increase | 4.93% | 4.79% | 4.99% |
Weighted-average assumptions to determine the net periodic benefit cost: [Abstract] | |||
Discount rate | 5.38% | 4.69% | 2.78% |
Rate of compensation increase | 4.98% | 4.93% | 4.79% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 4.80% | 4.65% | 4.65% |
Amortization of prior service (credit) costs | $ 149 | $ 174 | $ 178 |
Qualified Pension Benefits | Pension Benefits | interest cost | |||
Component of net periodic benefit costs: [Abstract] | |||
Periodic benefit costs, net | 30,588 | 17,167 | 16,563 |
Qualified Pension Benefits | Pension Benefits | expected return on asset | |||
Component of net periodic benefit costs: [Abstract] | |||
Periodic benefit costs, net | (43,129) | (43,958) | (43,641) |
Nonqualified Pension Benefits | experience study | |||
Weighted-average assumptions to determine the net periodic benefit cost: [Abstract] | |||
Actuarial (gain) loss | 159 | 43 | |
Nonqualified Pension Benefits | Other demographic experience | |||
Weighted-average assumptions to determine the net periodic benefit cost: [Abstract] | |||
Actuarial (gain) loss | 1,999 | 1,313 | |
Nonqualified Pension Benefits | Pension Benefits | |||
Component of net periodic benefit costs: [Abstract] | |||
Service costs | 1,840 | 926 | 433 |
Expected return on assets | 0 | 0 | 0 |
Amortization of actuarial (gain) loss | 245 | 478 | 212 |
Periodic benefit costs, net | $ 2,712 | $ 1,571 | $ 804 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.48% | 2.04% | 2.07% |
Rate of compensation increase | 4.93% | 4.79% | 4.99% |
Weighted-average assumptions to determine the net periodic benefit cost: [Abstract] | |||
Discount rate | 5.23% | 4.49% | 2.08% |
Rate of compensation increase | 4.98% | 4.93% | 4.79% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 4.80% | 4.65% | 4.65% |
Amortization of prior service (credit) costs | $ (114) | $ (114) | $ (114) |
Nonqualified Pension Benefits | Pension Benefits | interest cost | |||
Component of net periodic benefit costs: [Abstract] | |||
Periodic benefit costs, net | $ 741 | $ 281 | $ 273 |
Benefit Plans - Components of_2
Benefit Plans - Components of Net Periodic Benefit Costa and Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Pension Benefits | Qualified Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Prior service cost | $ 490 | $ 132 | $ 113 |
Net actuarial loss (gain) | 14,082 | 59,020 | (4,408) |
Amortization of actuarial (gain) loss | (1,872) | (23,406) | (21,790) |
Amortization of prior service (credit) costs | (149) | (174) | (178) |
Settlement of retiree obligations | 0 | 0 | 0 |
Total recognized in other comprehensive loss (income) | 12,551 | 35,572 | (26,263) |
Pension Benefits | Nonqualified Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Prior service cost | 0 | 0 | 0 |
Net actuarial loss (gain) | 1,282 | (1,537) | 1,978 |
Amortization of actuarial (gain) loss | (245) | (478) | (212) |
Amortization of prior service (credit) costs | 114 | 114 | 114 |
Settlement of retiree obligations | 0 | (307) | 0 |
Total recognized in other comprehensive loss (income) | 1,151 | (2,208) | 1,880 |
Other Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Prior service cost | 0 | 0 | 0 |
Net actuarial loss (gain) | (1,865) | (4,243) | (1,163) |
Amortization of actuarial (gain) loss | 1,615 | 1,259 | 1,365 |
Amortization of prior service (credit) costs | 445 | 445 | 445 |
Settlement of retiree obligations | 0 | 0 | 0 |
Total recognized in other comprehensive loss (income) | $ 195 | $ (2,539) | $ 647 |
Benefit Plans - Schedule of Amo
Benefit Plans - Schedule of Amortization from Other Accumulated Comprehensive Income into Net Period Benefit Costs (Details) $ in Thousands | Aug. 31, 2023 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, health care benefits annual rate of increase in the per capita cost | 7.50% |
Defined benefit plan, health care benefits, decrease in the per capita cost trend rate | 4.50% |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Fiscal 2018 Amortization of prior service cost (credit) | $ 178 |
Fiscal 2018 Amortization of net actuarial (gain) loss | 1,796 |
Non-Qualified Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Fiscal 2018 Amortization of prior service cost (credit) | (114) |
Fiscal 2018 Amortization of net actuarial (gain) loss | 380 |
Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Fiscal 2018 Amortization of prior service cost (credit) | (445) |
Fiscal 2018 Amortization of net actuarial (gain) loss | $ (1,616) |
Benefit Plans - Schedule of the
Benefit Plans - Schedule of the Effect a Percentage Point Change in the Assumed Health Care Cost Trend Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Effect on total of service and interest cost components (1% increase) | $ 170 | ||
Effect on total of service and interest cost components (1% decrease) | 140 | ||
Effect on postretirement benefit obligation (1% increase) | 1,400 | ||
Effect on postretirement benefit obligation (1% decrease) | $ 1,300 | ||
Nonqualified Pension Benefits | Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate | 4.65% | 4.65% | 4.65% |
Qualified Pension Benefits | Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate | 4.65% | 4.65% | 4.65% |
Benefit Plans - Expected Future
Benefit Plans - Expected Future Retiree Benefit Payments (Details) $ in Thousands | Aug. 31, 2023 USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 69,100 |
2025 | 69,600 |
2026 | 69,800 |
2027 | 71,200 |
2028 | 74,200 |
2029-2033 | 339,800 |
Non-Qualified Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 2,880 |
2025 | 3,020 |
2026 | 2,800 |
2027 | 2,480 |
2028 | 2,160 |
2029-2033 | 8,380 |
Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 2,170 |
2025 | 2,280 |
2026 | 2,220 |
2027 | 2,180 |
2028 | 2,060 |
2029-2033 | $ 8,570 |
Equity Securities | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target allocation percentage | 20% |
Equity Securities | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target allocation percentage | 55% |
Benefit Plans - Schedule of Pen
Benefit Plans - Schedule of Pension Plans' Fair Value Measurements (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | $ 736,150 | |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 12,505 | |
Equity Securities: Common/collective trust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 127,225 | |
Fixed Income Securities: Common/collective trust [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 425,180 | |
Partnership and joint venture interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 59,782 | |
Other Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 111,458 | |
Fair Value, Inputs, Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Fair Value, Inputs, Level 3 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Fair Value, Inputs, Level 3 | Equity Securities: Common/collective trust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Fair Value, Inputs, Level 3 | Fixed Income Securities: Common/collective trust [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Fair Value, Inputs, Level 3 | Partnership and joint venture interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Fair Value, Inputs, Level 3 | Other Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Fair Value, Inputs, Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 37,648 | $ 7,472 |
Fair Value, Inputs, Level 1 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 12,505 | |
Fair Value, Inputs, Level 1 | Equity Securities: Common/collective trust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Fair Value, Inputs, Level 1 | Fixed Income Securities: Common/collective trust [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Fair Value, Inputs, Level 1 | Partnership and joint venture interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Fair Value, Inputs, Level 1 | Other Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 25,143 | |
Fair Value, Inputs, Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 86,315 | |
Fair Value, Inputs, Level 2 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Fair Value, Inputs, Level 2 | Equity Securities: Common/collective trust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Fair Value, Inputs, Level 2 | Fixed Income Securities: Common/collective trust [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Fair Value, Inputs, Level 2 | Partnership and joint venture interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Fair Value, Inputs, Level 2 | Other Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | $ 86,315 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 787,422 | |
Pension Benefits | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 7,472 | |
Pension Benefits | Equity Securities: Common/collective trust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 142,730 | |
Pension Benefits | Fixed Income Securities: Common/collective trust [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 550,046 | |
Pension Benefits | Partnership and joint venture interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 87,174 | |
Pension Benefits | Fair Value, Inputs, Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Pension Benefits | Fair Value, Inputs, Level 3 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Pension Benefits | Fair Value, Inputs, Level 3 | Equity Securities: Common/collective trust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Pension Benefits | Fair Value, Inputs, Level 3 | Fixed Income Securities: Common/collective trust [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Pension Benefits | Fair Value, Inputs, Level 3 | Partnership and joint venture interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Pension Benefits | Fair Value, Inputs, Level 1 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 7,472 | |
Pension Benefits | Fair Value, Inputs, Level 1 | Equity Securities: Common/collective trust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Pension Benefits | Fair Value, Inputs, Level 1 | Fixed Income Securities: Common/collective trust [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Pension Benefits | Fair Value, Inputs, Level 1 | Partnership and joint venture interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Pension Benefits | Fair Value, Inputs, Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Pension Benefits | Fair Value, Inputs, Level 2 | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Pension Benefits | Fair Value, Inputs, Level 2 | Equity Securities: Common/collective trust [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Pension Benefits | Fair Value, Inputs, Level 2 | Fixed Income Securities: Common/collective trust [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | 0 | |
Pension Benefits | Fair Value, Inputs, Level 2 | Partnership and joint venture interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plans assets, fair value | $ 0 |
Benefit Plans - Multiemployer C
Benefit Plans - Multiemployer Co-op Retirement Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Co-op Retirement Plan | Pension Benefits | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Employer Contribution, Cost | $ 1,017 | $ 955 | $ 1,172 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 USD ($) segment | Aug. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Revenues | $ 45,590,004 | $ 47,791,666 | $ 38,448,033 |
Ag | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 35,425,204 | 37,460,211 | 32,035,342 |
Corporate and Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 67,887 | $ 36,681 | $ 37,430 |
CF Industries Nitrogen, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 9% | ||
Ventura Foods | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 50% | ||
Ardent Mills, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 12% | ||
TEMCO | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 50% |
Segment Reporting - Segment Inf
Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenue From Contract With Customer, Including Intersegment Revenue, Excluding Assessed Tax | $ 45,590,004 | $ 47,791,666 | $ 38,448,033 |
Intersegment Revenue | 0 | 0 | 0 |
RevenueFromContractWithCustomerNetofIntersegmentRevenueExcludingAssessedTax | 45,590,004 | 47,791,666 | 38,448,033 |
Operating earnings (loss) | 1,343,500 | 1,129,086 | 205,797 |
Interest expense | 137,442 | 114,156 | 104,565 |
Other income | (112,131) | (23,760) | (59,559) |
Equity income from investments | (689,590) | (771,327) | (354,529) |
Income before income taxes | 2,007,779 | 1,810,017 | 515,320 |
Capital expenditures | 564,522 | 354,444 | 317,794 |
Depreciation and amortization, including amortization of deferred major maintenance | 464,615 | 461,972 | 461,730 |
Total assets | 18,957,418 | 18,824,807 | |
Nitrogen Production | |||
Segment Reporting Information [Line Items] | |||
Revenue From Contract With Customer, Including Intersegment Revenue, Excluding Assessed Tax | 0 | 0 | 0 |
Intersegment Revenue | 0 | 0 | 0 |
RevenueFromContractWithCustomerNetofIntersegmentRevenueExcludingAssessedTax | 0 | 0 | 0 |
Operating earnings (loss) | (73,828) | (55,600) | (35,432) |
Interest expense | 60,090 | 48,110 | 44,461 |
Other income | 0 | 11,487 | (2,489) |
Equity income from investments | (394,678) | (593,182) | (198,439) |
Income before income taxes | 260,760 | 477,985 | 121,035 |
Capital expenditures | 0 | 0 | 0 |
Depreciation and amortization, including amortization of deferred major maintenance | 0 | 0 | 0 |
Total assets | 2,577,391 | 2,641,604 | |
Ag | |||
Segment Reporting Information [Line Items] | |||
Revenue From Contract With Customer, Including Intersegment Revenue, Excluding Assessed Tax | 35,456,969 | 37,489,203 | 32,058,064 |
Intersegment Revenue | (31,765) | (28,992) | (22,722) |
RevenueFromContractWithCustomerNetofIntersegmentRevenueExcludingAssessedTax | 35,425,204 | 37,460,211 | 32,035,342 |
Operating earnings (loss) | 346,137 | 588,070 | 265,362 |
Interest expense | 71,115 | 59,118 | 65,099 |
Other income | (88,061) | (46,277) | (47,452) |
Equity income from investments | (48,725) | (82,357) | (50,381) |
Income before income taxes | 411,808 | 657,586 | 298,096 |
Capital expenditures | 308,690 | 203,851 | 148,770 |
Depreciation and amortization, including amortization of deferred major maintenance | 166,982 | 173,488 | 182,210 |
Total assets | 7,095,283 | 8,159,191 | |
Energy | |||
Segment Reporting Information [Line Items] | |||
Revenue From Contract With Customer, Including Intersegment Revenue, Excluding Assessed Tax | 10,761,503 | 10,964,304 | 6,812,478 |
Intersegment Revenue | (664,590) | (669,530) | (437,217) |
RevenueFromContractWithCustomerNetofIntersegmentRevenueExcludingAssessedTax | 10,096,913 | 10,294,774 | 6,375,261 |
Operating earnings (loss) | 1,071,492 | 633,832 | (15,775) |
Interest expense | 7,672 | 6,768 | 1,113 |
Other income | (19,456) | (3,474) | (2,819) |
Equity income from investments | 7,833 | 13,987 | (3,473) |
Income before income taxes | 1,075,443 | 616,551 | (10,596) |
Capital expenditures | 204,003 | 116,136 | 112,160 |
Depreciation and amortization, including amortization of deferred major maintenance | 254,115 | 250,972 | 245,273 |
Total assets | 4,313,240 | 4,325,121 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Revenue From Contract With Customer, Including Intersegment Revenue, Excluding Assessed Tax | 82,107 | 45,278 | 46,476 |
Intersegment Revenue | (14,220) | (8,597) | (9,046) |
RevenueFromContractWithCustomerNetofIntersegmentRevenueExcludingAssessedTax | 67,887 | 36,681 | 37,430 |
Operating earnings (loss) | (301) | (37,216) | (8,358) |
Interest expense | 31,487 | 5,105 | 1,804 |
Other income | (37,536) | 9,559 | (14,711) |
Equity income from investments | (254,020) | (109,775) | (102,236) |
Income before income taxes | 259,768 | 57,895 | 106,785 |
Capital expenditures | 51,829 | 34,457 | 56,864 |
Depreciation and amortization, including amortization of deferred major maintenance | 43,518 | 37,512 | 34,247 |
Total assets | 4,971,504 | 3,698,891 | |
Other Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue From Contract With Customer, Including Intersegment Revenue, Excluding Assessed Tax | (710,575) | (707,119) | (468,985) |
Intersegment Revenue | 710,575 | 707,119 | 468,985 |
RevenueFromContractWithCustomerNetofIntersegmentRevenueExcludingAssessedTax | 0 | 0 | 0 |
Operating earnings (loss) | |||
Interest expense | (32,922) | (4,945) | (7,912) |
Other income | 32,922 | 4,945 | 7,912 |
Equity income from investments | |||
Income before income taxes | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Depreciation and amortization, including amortization of deferred major maintenance | 0 | 0 | $ 0 |
Total assets | $ 0 | $ 0 |
Segment Reporting - Sales By Ge
Segment Reporting - Sales By Geographic Regions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 45,590,004 | $ 47,791,666 | $ 38,448,033 |
North America (a) | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 43,376,177 | 45,039,981 | 36,540,178 |
South America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 378,021 | 371,493 | 242,848 |
Europe, Middle East and Africa (EMEA) | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 930,052 | 1,093,974 | 955,605 |
Asia Pacific (APAC) | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 905,754 | 1,286,218 | 709,402 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 5,088,366 | 4,821,483 | |
International | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 70,384 | 70,997 | |
srt_SegmentGeographicalDomain [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 45,590,004 | 47,791,666 | $ 38,448,033 |
Long-lived assets | $ 5,158,750 | $ 4,892,480 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities - Gross Fair Values of Derivative Assets, Derivative Liabilities, and Margin Deposits (Cash Collateral) (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Reconciliation of gross and net fair value of assets and liabilities subject to offsetting arrangements [Line Items] | ||
Gross Amounts Recognized | $ 312,842 | $ 517,090 |
Derivative asset, fair value, gross amount not offset on Balance sheet | 17,196 | 12,735 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 295,646 | 504,355 |
Derivative Liability, Fair Value, Gross Liability | 362,930 | 390,940 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 1,505 | 1,424 |
Derivative liability, fair value, gross amount not offset on balance sheet | 17,196 | 21,475 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 344,229 | 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] | ||
Gross Amounts Recognized | 280,440 | 464,167 |
Derivative asset, fair value, gross amount not offset on Balance sheet | 4,866 | 3,834 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 275,574 | 460,333 |
Derivative Liability, Fair Value, Gross Liability | 349,131 | 378,291 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 1,505 | 1,424 |
Derivative liability, fair value, gross amount not offset on balance sheet | 4,866 | 12,574 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 342,760 | 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] | ||
Gross Amounts Recognized | 32,402 | 52,923 |
Derivative asset, fair value, gross amount not offset on Balance sheet | 12,330 | 8,901 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 20,072 | 44,022 |
Derivative Liability, Fair Value, Gross Liability | 13,799 | 12,649 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative liability, fair value, gross amount not offset on balance sheet | 12,330 | 8,901 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 1,469 | $ 3,748 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging Activities - Narrative (Details) bbl in Millions, $ in Millions | 12 Months Ended | |
Aug. 31, 2023 USD ($) bbl | Aug. 31, 2022 USD ($) bbl | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Asset, Noncurrent, Excluding Fair Value Hedges | $ 1.1 | $ 8.5 |
Derivative Liability, Noncurrent, Excluding Fair Value Hedges | $ 12.6 | $ 4 |
Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | bbl | 4.1 | 3.8 |
Foreign exchange derivatives | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 1,900 | $ 1,900 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Hedging Activities - Derivative Assets and Liabilities Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (392,365) | $ (556,656) | $ (942,710) |
Commodity derivatives | Cost of goods sold | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (360,937) | (568,877) | (971,581) |
Foreign exchange derivatives | Cost of goods sold | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (30,898) | 9,587 | 25,277 |
Foreign exchange derivatives | Marketing, general and administrative expenses | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (530) | 577 | 1,105 |
Other derivatives | Other income | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0 | $ 2,057 | $ 2,489 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Hedging Activities - Purchase and Sales Contracts Outstanding (Details) - Not Designated as Hedging Instrument t in Thousands, T in Thousands, MMBtu in Thousands, Bushels in Thousands, Barrels in Thousands | Aug. 31, 2023 Bushels Barrels T MMBtu t | Aug. 31, 2022 t T MMBtu Barrels Bushels |
Grain and oilseed contracts [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Bushels | 506,654 | 609,300 |
Grain and oilseed contracts [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Bushels | 630,803 | 773,239 |
Energy products [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Barrels | 11,839 | 10,541 |
Energy products [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Barrels | 8,085 | 5,706 |
Processed grain and oilseed contracts [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 7,380 | 1,191 |
Processed grain and oilseed contracts [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 9,437 | 4,182 |
Crop nutrient contracts | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 70 | 23 |
Crop nutrient contracts | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 10 | 22 |
Ocean freight contracts | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | t | 40 | 60 |
Ocean freight contracts | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | t | 0 | 0 |
Natural gas contracts [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBtu | 460 | 420 |
Natural gas contracts [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBtu | 0 | 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments and Hedging Activities - Derivative Instruments Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 362,930 | $ 390,940 |
Gross Amounts Recognized | $ 312,842 | $ 517,090 |
Derivative Financial Instrume_8
Derivative Financial Instruments and Hedging Activities - Fair Value of Derivative Instruments Designated as Fair Value Hedges (Details) - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Derivative [Line Items] | ||
Derivative asset | $ 312,842 | $ 517,090 |
Derivative liability | 362,930 | 390,940 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative asset | 8,395 | 27,154 |
Derivative liability | $ 5,345 | $ 11,818 |
Derivative Financial Instrume_9
Derivative Financial Instruments and Hedging Activities - Pretax Gains (Losses) on Derivatives Accounted for as Hedging Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Cash Flow Hedging [Member] | Commodity [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax | $ (12,285) | $ (2,071) | $ (7,824) |
Derivative Financial Instrum_10
Derivative Financial Instruments and Hedging Activities - Pretax Gains (Losses) Recorded in Other Comprehensive Income Relating to Cash Flow Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Cash Flow Hedging [Member] | Commodity [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax | $ (12,285) | $ (2,071) | $ (7,824) |
Derivative Financial Instrum_11
Derivative Financial Instruments and Hedging Activities - Pretax Gains (Losses) Relating to Cash Flow Hedges Reclassified from AOCL into Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate derivatives | $ (14,853) | $ (6,254) | $ 21,262 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Aug. 31, 2023 | Aug. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Segregated under Other Regulations | $ 225,715 | $ 238,124 |
Other assets | 89,592 | 58,280 |
Total assets | 636,544 | 840,648 |
Total liabilities | 368,275 | 402,788 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Segregated under Other Regulations | 0 | |
Other assets | 0 | 0 |
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Segregated under Other Regulations | 0 | |
Other assets | 0 | 0 |
Total assets | 315,893 | 543,083 |
Total liabilities | 360,774 | 392,532 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities Segregated under Other Regulations | 225,715 | 238,124 |
Other assets | 89,592 | 58,280 |
Total assets | 320,651 | 297,565 |
Total liabilities | 7,501 | 10,256 |
Commodity derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments and Hedges, Liabilities | 354,476 | 390,139 |
Derivative Instruments and Hedges, Assets | 288,835 | 491,321 |
Commodity derivatives | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments and Hedges, Liabilities | 0 | 0 |
Derivative Instruments and Hedges, Assets | 0 | 0 |
Commodity derivatives | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments and Hedges, Liabilities | 346,975 | 379,883 |
Derivative Instruments and Hedges, Assets | 283,491 | 490,160 |
Commodity derivatives | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments and Hedges, Liabilities | 7,501 | 10,256 |
Derivative Instruments and Hedges, Assets | 5,344 | 1,161 |
Foreign currency derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 32,402 | 52,923 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 13,799 | 12,649 |
Foreign currency derivatives | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 |
Foreign currency derivatives | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 32,402 | 52,923 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 13,799 | 12,649 |
Foreign currency derivatives | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | Aug. 31, 2023 USD ($) |
Guarantees [Abstract] | |
Maximum guarantees allowed by bank covenants | $ 1,100 |
Guarantor obligations, maximum exposure, undiscounted | 75.9 |
CHS Capital | |
Credit Commitments [Abstract] | |
CHS Capital long-term notes receivable additional available credit of counterparty | $ 1,100 |
Commitments and Contingencies_2
Commitments and Contingencies - Unconditional Purchase Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |||
Total payments under unconditional purchase obligation arrangements | $ 77,800 | $ 75,200 | $ 81,000 |
Minimum | |||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |||
Long-term unconditional purchase obligations, Total | 451,943 | ||
2024 | 86,073 | ||
2025 | 64,134 | ||
2026 | 61,738 | ||
2027 | 47,795 | ||
2028 | 40,775 | ||
Thereafter | $ 151,428 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Revenues | $ 45,590,004 | $ 47,791,666 | $ 38,448,033 |
Primarily CF Nitrogen, TEMCO, Ardent Mills and Ventura Foods | |||
Related Party Transaction [Line Items] | |||
Purchases | 1,697,780 | 2,040,357 | 2,682,165 |
Revenues | 1,653,125 | 1,511,532 | $ 2,744,482 |
Other Receivables | 80,510 | 78,600 | |
Other Liabilities | $ 90,267 | $ 140,174 |
Leases, Codification Topic 84_2
Leases, Codification Topic 842 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Leases [Abstract] | |||
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 8,548 | ||
Finance Lease, Liability, Payments, Due Year Two | 6,885 | ||
Finance Lease, Liability, Payments, Due Year Three | 6,316 | ||
Finance Lease, Liability, Payments, Due Year Four | 5,943 | ||
Finance Lease, Liability, Payments, Due Year Five | 5,767 | ||
Finance Lease, Liability, Payments, Due after Year Five | 25,738 | ||
Finance Lease, Liability, Payment, Due | 59,197 | ||
Finance Lease, Liability, Undiscounted Excess Amount | 9,962 | ||
Operating Leases, Future Minimum Payments, Next Rolling Twelve Months | 70,414 | ||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 31,407 | ||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 18,246 | ||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 74,075 | ||
Lessee, Operating Lease, Liability, Payments, Due | 298,779 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 36,927 | ||
Operating Lease, Right-of-Use Asset | 254,844 | $ 242,859 | |
Operating Lease, Expense | 77,588 | 71,209 | $ 73,489 |
Finance Lease, Right-of-Use Asset, Amortization | 8,966 | 8,967 | 8,065 |
Finance Lease, Interest Expense | 1,646 | 1,469 | 938 |
Short-term Lease, Cost | 20,068 | 16,915 | 16,955 |
Variable Lease, Cost | 650 | 1,699 | 2,300 |
Finance Lease, Right-of-Use Asset | $ 64,381 | $ 57,932 | |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 7 years 7 months 6 days | |
Finance Lease, Weighted Average Remaining Lease Term | 9 years 7 months 6 days | 10 years 4 months 24 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.50% | 3% | |
Finance Lease, Weighted Average Discount Rate, Percent | 3.78% | 3.42% | |
Operating Lease, Payments | $ 71,798 | $ 61,750 | 71,702 |
Finance Lease, Interest Payment on Liability | 1,646 | 1,469 | 938 |
Finance Lease, Principal Payments | 8,571 | 9,171 | 8,235 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 69,837 | 54,199 | 43,991 |
Right of Use Asset Modification | 28,614 | $ 12,887 | 27,664 |
2023 | 57,904 | ||
2024 | $ 46,733 | ||
Lessee, Lease, Description [Line Items] | |||
Finance Leased Asset, Type [Extensible Enumeration] | Property, plant and equipment | Property, plant and equipment | |
Operating Lease, Expense | $ 77,588 | $ 71,209 | 73,489 |
Finance Lease, Right-of-Use Asset, Amortization | 8,966 | 8,967 | 8,065 |
Finance Lease, Interest Expense | 1,646 | 1,469 | 938 |
Short-term Lease, Cost | 20,068 | 16,915 | 16,955 |
Variable Lease, Cost | 650 | 1,699 | 2,300 |
Operating Lease, Cost | 108,918 | 100,259 | 101,747 |
Operating Lease, Right-of-Use Asset | 254,844 | 242,859 | |
Finance Lease, Right-of-Use Asset | $ 64,381 | $ 57,932 | |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 7 years 7 months 6 days | |
Finance Lease, Weighted Average Remaining Lease Term | 9 years 7 months 6 days | 10 years 4 months 24 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.50% | 3% | |
Finance Lease, Weighted Average Discount Rate, Percent | 3.78% | 3.42% | |
Operating Lease, Payments | $ 71,798 | $ 61,750 | 71,702 |
Finance Lease, Interest Payment on Liability | 1,646 | 1,469 | 938 |
Finance Lease, Principal Payments | 8,571 | 9,171 | 8,235 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 69,837 | 54,199 | 43,991 |
Right of Use Asset Modification | $ 28,614 | $ 12,887 | $ 27,664 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Liabilities, Total | |||
Leases [Abstract] | |||
Operating Lease, Liability | $ 261,852 | $ 248,952 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability | 261,852 | 248,952 | |
Long-term debt | |||
Leases [Abstract] | |||
Finance Lease, Liability | 42,438 | 37,164 | |
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Liability | 42,438 | 37,164 | |
Other Liabilities [Member] | |||
Leases [Abstract] | |||
Operating Lease, Liability | 200,758 | 194,250 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability | 200,758 | 194,250 | |
Accrued Liabilities [Member] | |||
Leases [Abstract] | |||
Operating Lease, Liability | 61,094 | 54,702 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability | 61,094 | 54,702 | |
Total Long-term Debt | |||
Leases [Abstract] | |||
Finance Lease, Liability | 49,235 | 44,773 | |
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Liability | 49,235 | 44,773 | |
Short-Term Debt | |||
Leases [Abstract] | |||
Finance Lease, Liability | 6,797 | 7,609 | |
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Liability | $ 6,797 | $ 7,609 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Allowances for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 127,917 | $ 143,722 | $ 165,540 |
Additions: Charged to Costs and Expenses | 2,348 | 25,289 | 10,175 |
Deductions: Write-offs, Net of Recoveries | (53,638) | (41,094) | (31,993) |
Balance at End of Year | 76,627 | 127,917 | 143,722 |
Valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 189,685 | 208,810 | 219,891 |
Additions: Charged to Costs and Expenses | 9,705 | 18,341 | 11,700 |
Deductions: Write-offs, Net of Recoveries | (16,924) | (37,466) | (22,781) |
Balance at End of Year | $ 182,466 | $ 189,685 | $ 208,810 |