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Notes Payable and Long-Term Debt | 3 Months Ended
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Nov. 30, 2015
Debt Disclosure [Abstract] |
Notes Payable and Long-Term Debt | Notes Payable and Long-Term Debt Our notes payable and long-term debt are subject to various restrictive requirements for maintenance of minimum consolidated net worth and other financial ratios. We were in compliance with our debt covenants as of November 30, 2015.
| November 30, 2015 |  | August 31, 2015
| (Dollars in thousands)
Notes payable | $ | 1,184,240 |  |  | $ | 813,717 |
CHS Capital notes payable | 510,123 |  |  | 351,661 |
Total notes payable | $ | 1,694,363 |  |  | $ | 1,165,378 |
In September 2015, we amended and restated our primary line of credit, which is a five-year, unsecured revolving credit facility to, among other things, provide for a committed amount of $3.0 billion that expires in September 2020. The outstanding balance on this facility was $450.0 million as of November 30, 2015; and there was no outstanding balance on the predecessor facility as of August 31, 2015. In September 2015, we also entered into a ten-year term loan with a syndication of banks. The agreement provides for committed term loans in an amount up to $600.0 million, which may be drawn down from time to time, but in no event on more than 10 occasions, from September 4, 2015 until September 4, 2016. Amounts drawn under this agreement that are subsequently repaid or prepaid may not be reborrowed. Principal on the term loans is payable in full on September 4, 2025. Borrowings under the agreement will bear interest at a base rate (or a London Interbank Offered Rate ("LIBOR")) plus an applicable margin, or at a fixed rate of interest determined and quoted by the administrative agent under the agreement in its sole and absolute discretion from time to time. The applicable margin will be based on our leverage ratio and ranges between 1.50% and 2.00% for LIBOR loans and between 0.50% and 1.00% for base rate loans. There are currently no amounts drawn under this agreement. In December 2015, we entered into three bilateral, uncommitted revolving credit facilities with an aggregate capacity of $1.3 billion. Amounts borrowed under these short-term lines will be used primarily to fund our working capital and will bear interest at base rates (or LIBOR rates) plus applicable margins ranging from 0.25% to 1.00%. We made initial borrowings of $150.0 million under these agreements in December 2015. The following table presents the components of interest expense, net for the three months ended November 30, 2015 and 2014. We have revised prior period amounts in this table to include interest expense related to capital lease obligations that were previously accounted for as operating leases. See Note 13, Correction of Immaterial Errors for more information on the nature and amounts of these revisions.
| For the Three Months Ended November 30,
| 2015 |  | 2014
| (Dollars in thousands)
Interest expense | $ | 22,710 |  |  | $ | 22,340 |
Interest-purchase of CHS McPherson noncontrolling interests | — |  |  | 14,068 |
Capitalized interest | (13,659 | ) |  | (11,905 | )
Interest income | (2,058 | ) |  | (2,598 | )
Interest expense, net | $ | 6,993 |  |  | $ | 21,905 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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