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Equities | 6 Months Ended
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Feb. 29, 2024
Equity [Abstract] |
Equities | Changes in Equities Changes in equities for the three months ended February 29, 2024, and February 28, 2023, 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, 2023 | $ | 3,861,170 |  |  | $ | 27,488 |  |  | $ | 1,929,868 |  |  | $ | 2,264,038 |  |  | $ | (272,697) |  |  | $ | 2,881,596 |  |  | $ | 5,926 |  |  | $ | 10,697,389 |
Reversal of prior year patronage and redemption estimates | (700,904) |  |  | — |  |  | (169,159) |  |  | — |  |  | — |  |  | 1,175,367 |  |  | — |  |  | 305,304 |
Distribution of 2023 patronage refunds | 707,394 |  |  | — |  |  | 169,051 |  |  | — |  |  | — |  |  | (1,177,195) |  |  | — |  |  | (300,750) |
Redemptions of equities | (3,858) |  |  | (28) |  |  | (1,336) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,222) |
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (42,167) |  |  | — |  |  | (42,167) |
Other, net | (56) |  |  | — |  |  | (28) |  |  | — |  |  | — |  |  | 302 |  |  | (172) |  |  | 46 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 170,307 |  |  | 26 |  |  | 170,333 |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 5,428 |  |  | — |  |  | — |  |  | 5,428 |
Estimated 2024 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (31,399) |  |  | — |  |  | (31,399) |
Estimated 2024 equity redemptions | (31,399) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (31,399) |
Balances, February 29, 2024 | $ | 3,832,347 |  |  | $ | 27,460 |  |  | $ | 1,928,396 |  |  | $ | 2,264,038 |  |  | $ | (267,269) |  |  | $ | 2,976,811 |  |  | $ | 5,780 |  |  | $ | 10,767,563 |
| 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 |
Change in equities for the six months ended February 29, 2024, and February 28, 2023, 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, 2023 | $ | 3,951,385 |  |  | $ | 27,558 |  |  | $ | 1,932,706 |  |  | $ | 2,264,038 |  |  | $ | (265,395) |  |  | $ | 2,537,486 |  |  | $ | 4,611 |  |  | $ | 10,452,389 |
Reversal of prior year patronage and redemption estimates | (689,668) |  |  | — |  |  | (169,159) |  |  | — |  |  | — |  |  | 1,175,367 |  |  | — |  |  | 316,540 |
Distribution of 2023 patronage refunds | 707,394 |  |  | — |  |  | 169,051 |  |  | — |  |  | — |  |  | (1,177,195) |  |  | — |  |  | (300,750) |
Redemptions of equities | (12,145) |  |  | (95) |  |  | (4,218) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16,458) |
Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (126,501) |  |  | — |  |  | (126,501) |
Other, net | (22) |  |  | (3) |  |  | 16 |  |  | — |  |  | — |  |  | (979) |  |  | 698 |  |  | (290) |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 693,230 |  |  | 471 |  |  | 693,701 |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | (1,874) |  |  | — |  |  | — |  |  | (1,874) |
Estimated 2024 cash patronage refunds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (124,597) |  |  | — |  |  | (124,597) |
Estimated 2024 equity redemptions | (124,597) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (124,597) |
Balances, February 29, 2024 | $ | 3,832,347 |  |  | $ | 27,460 |  |  | $ | 1,928,396 |  |  | $ | 2,264,038 |  |  | $ | (267,269) |  |  | $ | 2,976,811 |  |  | $ | 5,780 |  |  | $ | 10,767,563 |
| 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 |
Preferred Stock Dividends The following table presents a summary of dividends declared per share by series of preferred stock for the three and six months ended February 29, 2024, and February 28, 2023.
|  |  | Three Months Ended |  | Six Months Ended
| Nasdaq symbol |  | February 29, 2024 |  | February 28, 2023 |  | February 29, 2024 |  | February 28, 2023
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 29, 2024, and February 28, 2023, are as follows:
| Pension and Other Postretirement Benefits |  | Cash Flow Hedges |  | Foreign Currency Translation Adjustment |  | Total
| (Dollars in thousands)
Balance as of November 30, 2023, net of tax | $ | (173,908) |  |  | $ | (2,129) |  |  | $ | (96,660) |  |  | $ | (272,697) |
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |
Amounts before reclassifications | — |  |  | 10,641 |  |  | (752) |  |  | 9,889 |
Amounts reclassified | 67 |  |  | (2,294) |  |  | — |  |  | (2,227) |
Total other comprehensive income (loss), before tax | 67 |  |  | 8,347 |  |  | (752) |  |  | 7,662 |
Tax effect | (16) |  |  | (2,044) |  |  | (174) |  |  | (2,234) |
Other comprehensive income (loss), net of tax | 51 |  |  | 6,303 |  |  | (926) |  |  | 5,428 |
Balance as of February 29, 2024, net of tax | $ | (173,857) |  |  | $ | 4,174 |  |  | $ | (97,586) |  |  | $ | (267,269) |
| 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) |
Changes in accumulated other comprehensive income (loss) by component for the six months ended February 29, 2024, and February 28, 2023, are as follows:
| Pension and Other Postretirement Benefits |  | Cash Flow Hedges |  | Foreign Currency Translation Adjustment |  | Total
| (Dollars in thousands)
Balance as of August 31, 2023, net of tax | $ | (173,925) |  |  | $ | 2,032 |  |  | $ | (93,502) |  |  | $ | (265,395) |
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |
Amounts before reclassifications | — |  |  | 12,921 |  |  | (4,102) |  |  | 8,819 |
Amounts reclassified | 90 |  |  | (10,084) |  |  | — |  |  | (9,994) |
Total other comprehensive income (loss), before tax | 90 |  |  | 2,837 |  |  | (4,102) |  |  | (1,175) |
Tax effect | (22) |  |  | (695) |  |  | 18 |  |  | (699) |
Other comprehensive income (loss), net of tax | 68 |  |  | 2,142 |  |  | (4,084) |  |  | (1,874) |
Balance as of February 29, 2024, net of tax | $ | (173,857) |  |  | $ | 4,174 |  |  | $ | (97,586) |  |  | $ | (267,269) |
| 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) |
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 in cost of goods sold. Gains or losses on foreign currency translation reclassifications are recorded in other income.

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