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Equities | 9 Months Ended
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May 31, 2020
Equity [Abstract] |
Equities | Equities Changes in Equities Changes in equities for the nine months ended May 31, 2020, and 2019, are as follows:
| Equity Certificates |  |  |  | Accumulated Other Comprehensive Loss |  |  |  |  |  |
| Capital Equity Certificates |  | Nonpatronage Equity Certificates |  | Nonqualified Equity Certificates |  | Preferred Stock |  |  | Capital Reserves |  | Noncontrolling Interests |  | Total Equities
| (Dollars in thousands)
Balances, August 31, 2019 | $ | 3,753,493 |  |  | $ | 29,074 |  |  | $ | 1,206,310 |  |  | $ | 2,264,038 |  |  | $ | (226,933 | ) |  | $ | 1,584,158 |  |  | $ | 7,390 |  |  | $ | 8,617,530 |
Reversal of prior year redemption estimates | 5,447 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,447 |
Redemptions of equities | (4,721 | ) |  | (54 | ) |  | (672 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,447 | )
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (84,334 | ) |  | — |  |  | (84,334 | )
ASC Topic 842 cumulative-effect adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33,707 |  |  | — |  |  | 33,707 |
Other, net | (8 | ) |  | — |  |  | (39 | ) |  | — |  |  | — |  |  | (1,312 | ) |  | 410 |  |  | (949 | )
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 177,882 |  |  | 855 |  |  | 178,737 |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | (1,638 | ) |  | — |  |  | — |  |  | (1,638 | )
Estimated 2020 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (28,504 | ) |  | — |  |  | (28,504 | )
Estimated 2020 equity redemptions | (91,633 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (91,633 | )
Balances, November 30, 2019 | $ | 3,662,578 |  |  | $ | 29,020 |  |  | $ | 1,205,599 |  |  | $ | 2,264,038 |  |  | $ | (228,571 | ) |  | $ | 1,681,597 |  |  | $ | 8,655 |  |  | $ | 8,622,916 |
Reversal of prior year patronage and redemption estimates | 3,387 |  |  | — |  |  | (472,398 | ) |  | — |  |  | — |  |  | 562,398 |  |  | — |  |  | 93,387 |
Distribution of 2019 patronage refunds | — |  |  | — |  |  | 474,066 |  |  | — |  |  | — |  |  | (564,096 | ) |  | — |  |  | (90,030 | )
Redemptions of equities | (2,998 | ) |  | (20 | ) |  | (369 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,387 | )
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (42,167 | ) |  | — |  |  | (42,167 | )
Other, net | (201 | ) |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 10 |  |  | (324 | ) |  | (512 | )
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 125,447 |  |  | 247 |  |  | 125,694 |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | (10,585 | ) |  | — |  |  | — |  |  | (10,585 | )
Estimated 2020 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (22,206 | ) |  | — |  |  | (22,206 | )
Estimated 2020 equity redemptions | (49,154 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (49,154 | )
Balances, February 29, 2020 | $ | 3,613,612 |  |  | $ | 29,000 |  |  | $ | 1,206,901 |  |  | $ | 2,264,038 |  |  | $ | (239,156 | ) |  | $ | 1,740,983 |  |  | $ | 8,578 |  |  | $ | 8,623,956 |
Reversal of prior year redemption estimates | 67,438 |  |  | — |  |  | 10,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 77,438 |
Distribution of 2019 patronage refunds | — |  |  | — |  |  | 327 |  |  | — |  |  | — |  |  | (409 | ) |  | — |  |  | (82 | )
Redemptions of equities | (64,273 | ) |  | (91 | ) |  | (13,074 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (77,438 | )
Other, net | (1,544 | ) |  | (7 | ) |  | (116 | ) |  | — |  |  | — |  |  | 1,053 |  |  | 8 |  |  | (606 | )
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 97,648 |  |  | (147 | ) |  | 97,501 |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | (2,009 | ) |  | — |  |  | — |  |  | (2,009 | )
Estimated 2020 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,551 |  |  | — |  |  | 13,551 |
Estimated 2020 equity redemptions | 47,975 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 47,975 |
Balances, May 31, 2020 | $ | 3,663,208 |  |  | $ | 28,902 |  |  | $ | 1,204,038 |  |  | $ | 2,264,038 |  |  | $ | (241,165 | ) |  | $ | 1,852,826 |  |  | $ | 8,439 |  |  | $ | 8,780,286 |
| Equity Certificates |  |  |  | Accumulated Other Comprehensive Loss |  |  |  |  |  |
| Capital Equity Certificates |  | Nonpatronage Equity Certificates |  | Nonqualified Equity Certificates |  | Preferred Stock |  |  | Capital Reserves |  | Noncontrolling Interests |  | Total Equities
| (Dollars in thousands)
Balances, August 31, 2018 | $ | 3,837,580 |  |  | $ | 29,498 |  |  | $ | 742,378 |  |  | $ | 2,264,038 |  |  | $ | (199,915 | ) |  | $ | 1,482,003 |  |  | $ | 9,446 |  |  | $ | 8,165,028 |
Reversal of prior year redemption estimates | 24,072 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24,072 |
Redemptions of equities | (22,004 | ) |  | (183 | ) |  | (1,885 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (24,072 | )
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (84,334 | ) |  | — |  |  | (84,334 | )
Reclassification of unrealized (gain) loss on investments | — |  |  | — |  |  | — |  |  | — |  |  | (4,706 | ) |  | 4,706 |  |  | — |  |  | — |
Other, net | (409 | ) |  | — |  |  | (26 | ) |  | — |  |  | — |  |  | 3,436 |  |  | 318 |  |  | 3,319 |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 347,504 |  |  | (389 | ) |  | 347,115 |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 389 |  |  | — |  |  | — |  |  | 389 |
Estimated 2019 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (89,344 | ) |  | — |  |  | (89,344 | )
Estimated 2019 equity redemptions | (50,081 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (50,081 | )
Balances, November 30, 2018 | $ | 3,789,158 |  |  | $ | 29,315 |  |  | $ | 740,467 |  |  | $ | 2,264,038 |  |  | $ | (204,232 | ) |  | $ | 1,663,971 |  |  | $ | 9,375 |  |  | $ | 8,292,092 |
Reversal of prior year patronage and redemption estimates | 6,681 |  |  | — |  |  | (345,330 | ) |  | — |  |  | — |  |  | 420,330 |  |  | — |  |  | 81,681 |
Distribution of 2018 patronage refunds | — |  |  | — |  |  | 349,353 |  |  | — |  |  | — |  |  | (424,333 | ) |  | — |  |  | (74,980 | )
Redemptions of equities | (5,988 | ) |  | (74 | ) |  | (619 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,681 | )
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (42,167 | ) |  | — |  |  | (42,167 | )
Other, net | (774 | ) |  | — |  |  | 2,589 |  |  | — |  |  | — |  |  | (2,888 | ) |  | (581 | ) |  | (1,654 | )
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 248,766 |  |  | (462 | ) |  | 248,304 |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 14,884 |  |  | — |  |  | — |  |  | 14,884 |
Estimated 2019 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (69,400 | ) |  | — |  |  | (69,400 | )
Estimated 2019 equity redemptions | (39,850 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (39,850 | )
Balances, February 28, 2019 | $ | 3,749,227 |  |  | $ | 29,241 |  |  | $ | 746,460 |  |  | $ | 2,264,038 |  |  | $ | (189,348 | ) |  | $ | 1,794,279 |  |  | $ | 8,332 |  |  | $ | 8,402,229 |
Reversal of prior year redemption estimates | 45,815 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 45,815 |
Distribution of 2018 patronage refunds | — |  |  | — |  |  | 3,212 |  |  | — |  |  | — |  |  | (3,901 | ) |  | — |  |  | (689 | )
Redemptions of equities | (34,798 | ) |  | (34 | ) |  | (10,812 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (45,644 | )
Other, net | (1,285 | ) |  | — |  |  | (3,722 | ) |  | — |  |  | — |  |  | 4,526 |  |  | 11 |  |  | (470 | )
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 54,620 |  |  | 93 |  |  | 54,713 |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | (22,313 | ) |  | — |  |  | — |  |  | (22,313 | )
Estimated 2019 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (15,494 | ) |  | — |  |  | (15,494 | )
Estimated 2019 equity redemptions | (6,438 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,438 | )
Balances, May 31, 2019 | $ | 3,752,521 |  |  | $ | 29,207 |  |  | $ | 735,138 |  |  | $ | 2,264,038 |  |  | $ | (211,661 | ) |  | $ | 1,834,030 |  |  | $ | 8,436 |  |  | $ | 8,411,709 |
Preferred Stock Dividends The following is a summary of dividends per share by series of preferred stock for the nine months ended May 31, 2020, and 2019. Note that due to the timing of dividend declarations during the fiscal year, no declarations were made during the third quarter of fiscal 2020 or fiscal 2019.
|  |  | Nine Months Ended May 31,
| Nasdaq symbol |  | 2020 |  | 2019
Series of preferred stock: |  | (Dollars per share)
8% Cumulative Redeemable | CHSCP |  | $ | 1.50 |  |  | $ | 1.50 |
Class B Cumulative Redeemable, Series 1 | CHSCO |  | 1.48 |  |  | 1.48 |
Class B Reset Rate Cumulative Redeemable, Series 2 | CHSCN |  | 1.33 |  |  | 1.33 |
Class B Reset Rate Cumulative Redeemable, Series 3 | CHSCM |  | 1.27 |  |  | 1.27 |
Class B Cumulative Redeemable, Series 4 | CHSCL |  | 1.41 |  |  | 1.41 |
Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows for the nine months ended May 31, 2020, and 2019:
| Pension and Other Postretirement Benefits |  | Cash Flow Hedges |  | Foreign Currency Translation Adjustment |  | Total
| (Dollars in thousands)
Balance as of August 31, 2019, net of tax | $ | (172,478 | ) |  | $ | 15,297 |  |  | $ | (69,752 | ) |  | $ | (226,933 | )
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |
Amounts before reclassifications | (85 | ) |  | (3,331 | ) |  | (2,411 | ) |  | (5,827 | )
Amounts reclassified | 4,977 |  |  | (4,473 | ) |  | — |  |  | 504 |
Total other comprehensive income (loss), before tax | 4,892 |  |  | (7,804 | ) |  | (2,411 | ) |  | (5,323 | )
Tax effect | 181 |  |  | 1,932 |  |  | 1,572 |  |  | 3,685 |
Other comprehensive income (loss), net of tax | 5,073 |  |  | (5,872 | ) |  | (839 | ) |  | (1,638 | )
Balance as of November 30, 2019, net of tax | $ | (167,405 | ) |  | $ | 9,425 |  |  | $ | (70,591 | ) |  | $ | (228,571 | )
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |
Amounts before reclassifications | — |  |  | (5,975 | ) |  | (8,540 | ) |  | (14,515 | )
Amounts reclassified | 4,977 |  |  | (1,747 | ) |  | — |  |  | 3,230 |
Total other comprehensive income (loss), before tax | 4,977 |  |  | (7,722 | ) |  | (8,540 | ) |  | (11,285 | )
Tax effect | (1,231 | ) |  | 1,910 |  |  | 21 |  |  | 700 |
Other comprehensive income (loss), net of tax | 3,746 |  |  | (5,812 | ) |  | (8,519 | ) |  | (10,585 | )
Balance as of February 29, 2020, net of tax | $ | (163,659 | ) |  | $ | 3,613 |  |  | $ | (79,110 | ) |  | $ | (239,156 | )
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |
Amounts before reclassifications | (340 | ) |  | 7,795 |  |  | (12,515 | ) |  | (5,060 | )
Amounts reclassified | 4,977 |  |  | 1,263 |  |  | — |  |  | 6,240 |
Total other comprehensive income (loss), before tax | 4,637 |  |  | 9,058 |  |  | (12,515 | ) |  | 1,180 |
Tax effect | (1,147 | ) |  | (2,241 | ) |  | 199 |  |  | (3,189 | )
Other comprehensive income (loss), net of tax | 3,490 |  |  | 6,817 |  |  | (12,316 | ) |  | (2,009 | )
Balance as of May 31, 2020, net of tax | $ | (160,169 | ) |  | $ | 10,430 |  |  | $ | (91,426 | ) |  | $ | (241,165 | )
| Pension and Other Postretirement Benefits |  | Unrealized Net Gain on Available for Sale Investments |  | Cash Flow Hedges |  | Foreign Currency Translation Adjustment |  | Total
| (Dollars in thousands)
Balance as of August 31, 2018, net of tax | $ | (140,335 | ) |  | $ | 8,861 |  |  | $ | (5,882 | ) |  | $ | (62,559 | ) |  | $ | (199,915 | )
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |  |  |
Amounts before reclassifications | 175 |  |  | — |  |  | (317 | ) |  | (25 | ) |  | (167 | )
Amounts reclassified | 2,565 |  |  | — |  |  | (1,475 | ) |  | — |  |  | 1,090 |
Total other comprehensive income (loss), before tax | 2,740 |  |  | — |  |  | (1,792 | ) |  | (25 | ) |  | 923 |
Tax effect | (639 | ) |  | — |  |  | 485 |  |  | (380 | ) |  | (534 | )
Other comprehensive income (loss), net of tax | 2,101 |  |  | — |  |  | (1,307 | ) |  | (405 | ) |  | 389 |
Reclassifications | 416 |  |  | (8,861 | ) |  | 983 |  |  | 2,756 |  |  | (4,706 | )
Balance as of November 30, 2018, net of tax | $ | (137,818 | ) |  | $ | — |  |  | $ | (6,206 | ) |  | $ | (60,208 | ) |  | $ | (204,232 | )
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |  |  |
Amounts before reclassifications | 102 |  |  | — |  |  | 18,954 |  |  | 3,176 |  |  | 22,232 |
Amounts reclassified | 2,564 |  |  | — |  |  | (5,677 | ) |  | — |  |  | (3,113 | )
Total other comprehensive income (loss), before tax | 2,666 |  |  | — |  |  | 13,277 |  |  | 3,176 |  |  | 19,119 |
Tax effect | (664 | ) |  | — |  |  | (3,308 | ) |  | (263 | ) |  | (4,235 | )
Other comprehensive income, net of tax | 2,002 |  |  | — |  |  | 9,969 |  |  | 2,913 |  |  | 14,884 |
Balance as of February 28, 2019, net of tax | $ | (135,816 | ) |  | $ | — |  |  | $ | 3,763 |  |  | $ | (57,295 | ) |  | $ | (189,348 | )
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |  |  |
Amounts before reclassifications | (164 | ) |  | — |  |  | (19,680 | ) |  | (7,725 | ) |  | (27,569 | )
Amounts reclassified | 2,564 |  |  | — |  |  | (1,385 | ) |  | — |  |  | 1,179 |
Total other comprehensive income (loss), before tax | 2,400 |  |  | — |  |  | (21,065 | ) |  | (7,725 | ) |  | (26,390 | )
Tax effect | (904 | ) |  | — |  |  | 5,248 |  |  | (267 | ) |  | 4,077 |
Other comprehensive income (loss), net of tax | 1,496 |  |  | — |  |  | (15,817 | ) |  | (7,992 | ) |  | (22,313 | )
Balance as of May 31, 2019, net of tax | $ | (134,320 | ) |  | $ | — |  |  | $ | (12,054 | ) |  | $ | (65,287 | ) |  | $ | (211,661 | )
Amounts reclassified from accumulated other comprehensive income (loss) were related to pension and other postretirement benefits, cash flow hedges, available-for-sale investments and foreign currency translation adjustments. Pension and other postretirement reclassifications include amortization of net actuarial loss, prior service credit and transition amounts and are recorded as cost of goods sold, marketing, general and administrative expenses, and other income (see Note 8, Benefit Plans, for further information). Gains or losses associated with cash flow hedges are recorded as cost of goods sold (see Note 11, Derivative Financial Instruments and Hedging Activities, for further information). Gains or losses on the sale of available-for-sale investments and foreign currency translation reclassifications related to sales of businesses are recorded as other income.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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