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Equities | 9 Months Ended
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May 31, 2021
Equity [Abstract] |
Equities | Equities Changes in Equities Changes in equities for the three and nine months ended May 31, 2021 and 2020, 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, 2020 | $ | 3,724,187 |  |  | $ | 28,727 |  |  | $ | 1,408,696 |  |  | $ | 2,264,038 |  |  | $ | (233,924) |  |  | $ | 1,618,147 |  |  | $ | 9,302 |  |  | $ | 8,819,173 |
Reversal of prior year redemption estimates | 7,726 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,726 |
Redemptions of equities | (6,539) |  |  | (31) |  |  | (1,156) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7,726) |
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (84,334) |  |  | — |  |  | (84,334) |
Other, net | (654) |  |  | (47) |  |  | (197) |  |  | — |  |  | — |  |  | (7,798) |  |  | 35 |  |  | (8,661) |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 69,671 |  |  | (302) |  |  | 69,369 |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 8,917 |  |  | — |  |  | — |  |  | 8,917 |
Estimated 2021 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9,304) |  |  | — |  |  | (9,304) |
Estimated 2021 equity redemptions | (9,304) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9,304) |
Balances, November 30, 2020 | $ | 3,715,416 |  |  | $ | 28,649 |  |  | $ | 1,407,343 |  |  | $ | 2,264,038 |  |  | $ | (225,007) |  |  | $ | 1,586,382 |  |  | $ | 9,035 |  |  | $ | 8,785,856 |
Reversal of prior year patronage and redemption estimates | 4,760 |  |  | — |  |  | (211,970) |  |  | — |  |  | — |  |  | 233,345 |  |  | — |  |  | 26,135 |
Distribution of 2020 patronage refunds | — |  |  | — |  |  | 214,720 |  |  | — |  |  | — |  |  | (236,136) |  |  | — |  |  | (21,416) |
Redemptions of equities | (4,177) |  |  | (35) |  |  | (548) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,760) |
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (42,167) |  |  | — |  |  | (42,167) |
Other, net | (26) |  |  | — |  |  | (15) |  |  | — |  |  | — |  |  | 1,068 |  |  | (361) |  |  | 666 |
Net loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (38,229) |  |  | (129) |  |  | (38,358) |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 2,549 |  |  | — |  |  | — |  |  | 2,549 |
Estimated 2021 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,639 |  |  | — |  |  | 5,639 |
Estimated 2021 equity redemptions | 5,639 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,639 |
Balances, February 28, 2021 | $ | 3,721,612 |  |  | $ | 28,614 |  |  | $ | 1,409,530 |  |  | $ | 2,264,038 |  |  | $ | (222,458) |  |  | $ | 1,509,902 |  |  | $ | 8,545 |  |  | $ | 8,719,783 |
Reversal of prior year redemption estimates | 15,514 |  |  | — |  |  | 5,000 |  |  | — |  |  | — |  |  | 8,625 |  |  | — |  |  | 29,139 |
Distribution of 2020 patronage refunds | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | (8,632) |  |  | — |  |  | (8,625) |
Redemptions of equities | (19,275) |  |  | (35) |  |  | (6,013) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (25,323) |
Other, net | (298) |  |  | 43 |  |  | 58 |  |  | — |  |  | — |  |  | (1,726) |  |  | (61) |  |  | (1,984) |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 273,591 |  |  | 81 |  |  | 273,672 |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 7,115 |  |  | — |  |  | — |  |  | 7,115 |
Estimated 2021 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (21,292) |  |  | — |  |  | (21,292) |
Estimated 2021 equity redemptions | (21,292) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (21,292) |
Balances, May 31, 2021 | $ | 3,696,261 |  |  | $ | 28,622 |  |  | $ | 1,408,582 |  |  | $ | 2,264,038 |  |  | $ | (215,343) |  |  | $ | 1,760,468 |  |  | $ | 8,565 |  |  | $ | 8,951,193 |
| 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 |
Preferred Stock Dividends The following is a summary of dividends per share by series of preferred stock for the nine months ended May 31, 2021 and 2020. Note that due to the timing of dividend declarations during the fiscal year, no declarations were made during the third quarter of fiscal 2021 or the third quarter of fiscal 2020.
|  |  |  |  | Nine Months Ended May 31,
| Nasdaq symbol |  |  |  |  |  | 2021 |  | 2020
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 three and nine months ended May 31, 2021 and 2020:
| 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 | (125) |  |  | 14,506 |  |  | 3,629 |  |  | 18,010 |
Amounts reclassified | 4,977 |  |  | (12,284) |  |  | — |  |  | (7,307) |
Total other comprehensive income, before tax | 4,852 |  |  | 2,222 |  |  | 3,629 |  |  | 10,703 |
Tax effect | (1,207) |  |  | (553) |  |  | (26) |  |  | (1,786) |
Other comprehensive income, net of tax | 3,645 |  |  | 1,669 |  |  | 3,603 |  |  | 8,917 |
Balance as of November 30, 2020, net of tax | $ | (156,035) |  |  | $ | 12,555 |  |  | $ | (81,527) |  |  | $ | (225,007) |
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |
Amounts before reclassifications | — |  |  | 2,929 |  |  | (587) |  |  | 2,342 |
Amounts reclassified | 5,151 |  |  | (3,673) |  |  | — |  |  | 1,478 |
Total other comprehensive income (loss), before tax | 5,151 |  |  | (744) |  |  | (587) |  |  | 3,820 |
Tax effect | (1,282) |  |  | 185 |  |  | (174) |  |  | (1,271) |
Other comprehensive income (loss), net of tax | 3,869 |  |  | (559) |  |  | (761) |  |  | 2,549 |
Balance as of February 28, 2021, net of tax | $ | (152,166) |  |  | $ | 11,996 |  |  | $ | (82,288) |  |  | $ | (222,458) |
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |
Amounts before reclassifications | 112 |  |  | (4,725) |  |  | 8,398 |  |  | 3,785 |
Amounts reclassified | 5,064 |  |  | (1,919) |  |  | — |  |  | 3,145 |
Total other comprehensive income (loss), before tax | 5,176 |  |  | (6,644) |  |  | 8,398 |  |  | 6,930 |
Tax effect | (1,288) |  |  | 1,653 |  |  | (180) |  |  | 185 |
Other comprehensive income (loss), net of tax | 3,888 |  |  | (4,991) |  |  | 8,218 |  |  | 7,115 |
Balance as of May 31, 2021, net of tax | $ | (148,278) |  |  | $ | 7,005 |  |  | $ | (74,070) |  |  | $ | (215,343) |
| 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) |
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, marketing, general and administrative expenses, and other income (see Note 9, 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 foreign currency translation reclassifications related to sales of businesses are recorded as other income.

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