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Derivative Financial Instruments and Hedging Activities | 12 Months Ended
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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 (Loss) Gain |  | 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 (Loss) Gain |  | 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 (Loss) Gain |  | 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 (Loss) Gain |  | 2023 |  | 2022 |  | 2021
|  |  | (Dollars in thousands)
Commodity derivatives | Cost of goods sold |  | $ | (14,853) |  |  | $ | (6,254) |  |  | $ | 21,262 |

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