XML 41 R11.htm IDEA: XBRL DOCUMENT
v3.23.1

Equities | 6 Months Ended
--- | ---
Feb. 28, 2023
Equity [Abstract] |
Equities | Changes in Equities Changes in equities for the three months ended February 28, 2023 and 2022, 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, November 30, 2022 | $ | 3,381,478 |  |  | $ | 27,875 |  |  | $ | 1,773,367 |  |  | $ | 2,264,038 |  |  | $ | (268,953) |  |  | $ | 2,545,102 |  |  | $ | 5,938 |  |  | $ | 9,728,845 |
Reversal of prior year patronage and redemption estimates | (503,999) |  |  | — |  |  | (153,858) |  |  | — |  |  | — |  |  | 1,043,301 |  |  | — |  |  | 385,444 |
Distribution of 2022 patronage refunds | 513,631 |  |  | — |  |  | 153,258 |  |  | — |  |  | — |  |  | (1,048,779) |  |  | — |  |  | (381,890) |
Redemptions of equities | (3,889) |  |  | (14) |  |  | (902) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,805) |
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (42,167) |  |  | — |  |  | (42,167) |
Other, net | (3) |  |  | — |  |  | (21) |  |  | — |  |  | — |  |  | 807 |  |  | (573) |  |  | 210 |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 292,321 |  |  | (273) |  |  | 292,048 |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 11,790 |  |  | — |  |  | — |  |  | 11,790 |
Estimated 2023 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (80,078) |  |  | — |  |  | (80,078) |
Estimated 2023 equity redemptions | (80,078) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (80,078) |
Balances, February 28, 2023 | $ | 3,307,140 |  |  | $ | 27,861 |  |  | $ | 1,771,844 |  |  | $ | 2,264,038 |  |  | $ | (257,163) |  |  | $ | 2,710,507 |  |  | $ | 5,092 |  |  | $ | 9,829,319 |
| 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, November 30, 2021 | $ | 3,505,903 |  |  | $ | 28,130 |  |  | $ | 1,632,753 |  |  | $ | 2,264,038 |  |  | $ | (231,809) |  |  | $ | 2,043,305 |  |  | $ | 7,606 |  |  | $ | 9,249,926 |
Reversal of prior year patronage and redemption estimates | 5,264 |  |  | — |  |  | (230,290) |  |  | — |  |  | — |  |  | 260,120 |  |  | — |  |  | 35,094 |
Distribution of 2021 patronage refunds | — |  |  | — |  |  | 231,371 |  |  | — |  |  | — |  |  | (261,414) |  |  | — |  |  | (30,043) |
Redemptions of equities | (4,228) |  |  | (20) |  |  | (1,016) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,264) |
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (42,167) |  |  | — |  |  | (42,167) |
Other, net | (5) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 50 |  |  | (599) |  |  | (554) |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 219,000 |  |  | (104) |  |  | 218,896 |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 9,954 |  |  | — |  |  | — |  |  | 9,954 |
Estimated 2022 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (22,466) |  |  | — |  |  | (22,466) |
Estimated 2022 equity redemptions | (44,932) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (44,932) |
Balances, February 28, 2022 | $ | 3,462,002 |  |  | $ | 28,110 |  |  | $ | 1,632,818 |  |  | $ | 2,264,038 |  |  | $ | (221,855) |  |  | $ | 2,196,428 |  |  | $ | 6,903 |  |  | $ | 9,368,444 |
Changes in equities for the six months ended February 28, 2023 and 2022, 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, 2022 | $ | 3,587,131 |  |  | $ | 27,933 |  |  | $ | 1,776,172 |  |  | $ | 2,264,038 |  |  | $ | (255,335) |  |  | $ | 2,055,682 |  |  | $ | 5,645 |  |  | $ | 9,461,266 |
Reversal of prior year patronage and redemption estimates | (491,058) |  |  | — |  |  | (153,858) |  |  | — |  |  | — |  |  | 1,043,301 |  |  | — |  |  | 398,385 |
Distribution of 2022 patronage refunds | 513,631 |  |  | — |  |  | 153,258 |  |  | — |  |  | — |  |  | (1,048,779) |  |  | — |  |  | (381,890) |
Redemptions of equities | (13,910) |  |  | (72) |  |  | (3,764) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (17,746) |
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (126,501) |  |  | — |  |  | (126,501) |
Other, net | 288 |  |  | — |  |  | 36 |  |  | — |  |  | — |  |  | 827 |  |  | (598) |  |  | 553 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,074,919 |  |  | 45 |  |  | 1,074,964 |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | (1,828) |  |  | — |  |  | — |  |  | (1,828) |
Estimated 2023 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (288,942) |  |  | — |  |  | (288,942) |
Estimated 2023 equity redemptions | (288,942) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (288,942) |
Balances, February 28, 2023 | $ | 3,307,140 |  |  | $ | 27,861 |  |  | $ | 1,771,844 |  |  | $ | 2,264,038 |  |  | $ | (257,163) |  |  | $ | 2,710,507 |  |  | $ | 5,092 |  |  | $ | 9,829,319 |
| 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, 2021 | $ | 3,583,911 |  |  | $ | 28,431 |  |  | $ | 1,634,896 |  |  | $ | 2,264,038 |  |  | $ | (216,391) |  |  | $ | 1,713,976 |  |  | $ | 8,465 |  |  | $ | 9,017,326 |
Reversal of prior year patronage and redemption estimates | 17,485 |  |  | — |  |  | (230,290) |  |  | — |  |  | — |  |  | 260,120 |  |  | — |  |  | 47,315 |
Distribution of 2021 patronage refunds | — |  |  | — |  |  | 231,371 |  |  | — |  |  | — |  |  | (261,414) |  |  | — |  |  | (30,043) |
Redemptions of equities | (14,052) |  |  | (338) |  |  | (3,095) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (17,485) |
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (126,501) |  |  | — |  |  | (126,501) |
Other, net | (1,028) |  |  | 17 |  |  | (64) |  |  | — |  |  | — |  |  | 1,443 |  |  | (1,440) |  |  | (1,072) |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 670,961 |  |  | (122) |  |  | 670,839 |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | (5,464) |  |  | — |  |  | — |  |  | (5,464) |
Estimated 2022 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (62,157) |  |  | — |  |  | (62,157) |
Estimated 2022 equity redemptions | (124,314) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (124,314) |
Balances, February 28, 2022 | $ | 3,462,002 |  |  | $ | 28,110 |  |  | $ | 1,632,818 |  |  | $ | 2,264,038 |  |  | $ | (221,855) |  |  | $ | 2,196,428 |  |  | $ | 6,903 |  |  | $ | 9,368,444 |
Preferred Stock Dividends The following is a summary of dividends declared per share by series of preferred stock for the three and six months ended February 28, 2023 and 2022.
|  |  | Three Months Ended February 28, |  | Six Months Ended February 28,
| Nasdaq symbol |  | 2023 |  | 2022 |  | 2023 |  | 2022
Series of preferred stock: |  |  | (Dollars per share)
8% Cumulative Redeemable | CHSCP |  | $ | 0.50 |  |  | $ | 0.50 |  |  | $ | 1.50 |  |  | $ | 1.50 |
Class B Cumulative Redeemable, Series 1 | CHSCO |  | $ | 0.49 |  |  | $ | 0.49 |  |  | $ | 1.48 |  |  | $ | 1.48 |
Class B Reset Rate Cumulative Redeemable, Series 2 | CHSCN |  | $ | 0.44 |  |  | $ | 0.44 |  |  | $ | 1.33 |  |  | $ | 1.33 |
Class B Reset Rate Cumulative Redeemable, Series 3 | CHSCM |  | $ | 0.42 |  |  | $ | 0.42 |  |  | $ | 1.27 |  |  | $ | 1.27 |
Class B Cumulative Redeemable, Series 4 | CHSCL |  | $ | 0.47 |  |  | $ | 0.47 |  |  | $ | 1.41 |  |  | $ | 1.41 |
Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component for the three months ended February 28, 2023 and 2022, are as follows:
| Pension and Other Postretirement Benefits |  | Cash Flow Hedges |  | Foreign Currency Translation Adjustment |  | Total
| (Dollars in thousands)
Balance as of November 30, 2022, net of tax | $ | (160,116) |  |  | $ | (11,364) |  |  | $ | (97,473) |  |  | $ | (268,953) |
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |
Amounts before reclassifications | 269 |  |  | 10,558 |  |  | 739 |  |  | 11,566 |
Amounts reclassified | (5,513) |  |  | 9,428 |  |  | — |  |  | 3,915 |
Total other comprehensive income (loss), before tax | (5,244) |  |  | 19,986 |  |  | 739 |  |  | 15,481 |
Tax effect | 1,271 |  |  | (4,843) |  |  | (119) |  |  | (3,691) |
Other comprehensive income (loss), net of tax | (3,973) |  |  | 15,143 |  |  | 620 |  |  | 11,790 |
Balance as of February 28, 2023, net of tax | $ | (164,089) |  |  | $ | 3,779 |  |  | $ | (96,853) |  |  | $ | (257,163) |
| Pension and Other Postretirement Benefits |  | Cash Flow Hedges |  | Foreign Currency Translation Adjustment |  | Total
| (Dollars in thousands)
Balance as of November 30, 2021, net of tax | $ | (137,617) |  |  | $ | (4,317) |  |  | $ | (89,875) |  |  | $ | (231,809) |
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |
Amounts before reclassifications | — |  |  | 3,974 |  |  | 5,807 |  |  | 9,781 |
Amounts reclassified | 6,056 |  |  | (4,705) |  |  | — |  |  | 1,351 |
Total other comprehensive income (loss), before tax | 6,056 |  |  | (731) |  |  | 5,807 |  |  | 11,132 |
Tax effect | (1,475) |  |  | 178 |  |  | 119 |  |  | (1,178) |
Other comprehensive income (loss), net of tax | 4,581 |  |  | (553) |  |  | 5,926 |  |  | 9,954 |
Balance as of February 28, 2022, net of tax | $ | (133,036) |  |  | $ | (4,870) |  |  | $ | (83,949) |  |  | $ | (221,855) |
Changes in accumulated other comprehensive income (loss) by component for the six months ended February 28, 2023 and 2022, are as follows:
| Pension and Other Postretirement Benefits |  | Cash Flow Hedges |  | Foreign Currency Translation Adjustment |  | Total
| (Dollars in thousands)
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 | 203 |  |  | (23,341) |  |  | (1,488) |  |  | (24,626) |
Amounts reclassified | 47 |  |  | 16,657 |  |  | — |  |  | 16,704 |
Total other comprehensive income (loss), before tax | 250 |  |  | (6,684) |  |  | (1,488) |  |  | (7,922) |
Tax effect | 4,301 |  |  | 1,620 |  |  | 173 |  |  | 6,094 |
Other comprehensive income (loss), net of tax | 4,551 |  |  | (5,064) |  |  | (1,315) |  |  | (1,828) |
Balance as of February 28, 2023, net of tax | $ | (164,089) |  |  | $ | 3,779 |  |  | $ | (96,853) |  |  | $ | (257,163) |
| Pension and Other Postretirement Benefits |  | Cash Flow Hedges |  | Foreign Currency Translation Adjustment |  | Total
| (Dollars in thousands)
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 | (83) |  |  | 4,844 |  |  | (4,176) |  |  | 585 |
Amounts reclassified | 11,120 |  |  | (17,659) |  |  | — |  |  | (6,539) |
Total other comprehensive income (loss), before tax | 11,037 |  |  | (12,815) |  |  | (4,176) |  |  | (5,954) |
Tax effect | (2,688) |  |  | 3,121 |  |  | 57 |  |  | 490 |
Other comprehensive income (loss), net of tax | 8,349 |  |  | (9,694) |  |  | (4,119) |  |  | (5,464) |
Balance as of February 28, 2022, net of tax | $ | (133,036) |  |  | $ | (4,870) |  |  | $ | (83,949) |  |  | $ | (221,855) |
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 9, Benefit Plans, for further information). As described in Note 11, Derivative Financial Instruments and Hedging Activities, amounts reclassified from accumulated other comprehensive loss for cash flow hedges are recorded as cost of goods sold. Gains or losses on foreign currency translation reclassifications are recorded as other income.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration