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Segment Reporting
 12 Months Ended
Aug. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting
Note 14        Segment Reporting

    We are an integrated agricultural cooperative, providing grain, food, agronomy and energy resources to businesses and consumers on a global basis. We provide a wide variety of products and services, from initial agricultural inputs such as fuels, farm supplies, crop nutrients and crop protection products, to agricultural outputs that include grain and oilseed, processed grain and oilseed, renewable fuels and food products. We define our operating segments in accordance with ASC Topic 280, Segment Reporting, and have three reportable segments: Energy, Ag and Nitrogen Production. This reflects the manner in which our chief operating decision maker ("CODM"), our Chief Executive Officer, evaluates performance and allocates resources in managing the business. The primary measure of segment profit or loss used by our CODM to regularly evaluate financial performance, make key operating decisions and determine resource allocation of and among each operating segment is Income before Income Taxes ("IBIT"). Our CODM regularly receives discrete financial information, including IBIT, that compares actual results to the prior period, current period budget and current period forecast by each reportable segment. We have identified our significant segment expenses as cost of goods sold ("COGS") and marketing, general and administrative expenses ("MG&A"). Total assets is not a measure by which the CODM assesses our performance or allocates resources, and asset information is therefore not included within our segment reporting disclosures.

    Our Energy segment produces and provides primarily for the wholesale distribution of petroleum products and transportation of those products. Our Ag segment purchases and further processes or resells grain and oilseed originated by our ag retail business, by our member cooperatives and by third parties; serves as a wholesaler and retailer of crop inputs; and produces and markets ethanol. Our Nitrogen Production segment consists of our equity method investment in CF Nitrogen that records earnings and allocated expenses but not revenues. Our supply agreement with CF Nitrogen entitles us to purchase up to a specified quantity of granular urea and UAN annually from CF Nitrogen. Corporate and Other represents our financing and hedging businesses, which primarily consists of a U.S. Commodity Futures Trading Commission-regulated futures commission merchant ("FCM") for commodities hedging and financial services related to crop production. Our nonconsolidated investments in Ventura Foods and Ardent Mills are also included in our Corporate and Other category. All other nonconsolidated investments are included in our Energy and Ag segments.

    Corporate administrative expenses and interest are allocated to each reportable segment and Corporate and Other, based on direct use of services, such as information technology and legal, and other factors or considerations relevant to the costs incurred. Capital expenditures and depreciation and amortization are presented in the table below before allocations from Corporate and Other to each reportable segment in alignment with reporting received by the CODM.
    
Many of our business activities are highly seasonal and our operating results vary throughout the year. Our revenues and IBIT generally trend lower during the second fiscal quarter and increase in the third fiscal quarter. For example, in our Ag
segment, our ag retail business generally experiences higher volumes and revenues during the fall harvest and spring planting seasons, which generally correspond to our first and third fiscal quarters, respectively. Our agronomy business generally experiences higher volumes and revenues during the spring planting season. Our global grain and processing operations are subject to fluctuations in volume and revenues based on producer harvests, world grain prices, demand and international trade relationships. Our Energy segment generally experiences higher volumes and revenues in certain operating areas, such as refined products, in the spring, summer and early fall when gasoline and diesel fuel use by agricultural producers is highest and is subject to global supply and demand forces. Other energy products, such as propane, generally experience higher volumes and revenues during the winter heating and fall crop-drying seasons.

    Our revenues, assets and cash flows can be significantly affected by global market prices for commodities such as petroleum products, natural gas, grain, oilseed, crop nutrients, edible oils and flour. Changes in market prices for commodities that we purchase without a corresponding change in the selling prices of those products can affect revenues and operating earnings. Commodity prices are affected by a wide range of factors beyond our control, including weather; crop damage due to plant disease or insects; drought; availability and adequacy of supply; demand variability; availability of reliable rail, river, truck and ocean transportation networks; outbreaks of disease; government regulations and policies; global trade disputes; wars and civil unrest; and general political and economic conditions.

    While our revenues and operating results are derived primarily from businesses and operations that are wholly-owned or subsidiaries and limited liability companies in which we have a controlling interest, a portion of our business operations are conducted through companies in which we do not have a controlling interest or do not control the operations. We account for these investments primarily using the equity method of accounting, wherein we record our proportionate share of income or loss reported by the entity as equity income from investments, without consolidating the revenues and expenses of the entity in our Consolidated Statements of Operations. In our Ag segment, this includes our approximate 57% noncontrolling interest in Producer Ag. On October 10, 2025, we announced our mutual agreement with MKC to start the process of ending our joint venture with Producer Ag. In our Nitrogen Production segment, this consists of our approximate 8.38% membership interest (based on product tons) in CF Nitrogen. In Corporate and Other, this principally includes our 50% ownership in Ventura Foods and our 12% ownership in Ardent Mills. See Note 6, Investments, for more information related to our equity method investments.

    Reconciling amounts represent the elimination of revenues between segments. Such transactions are executed at market prices to more accurately evaluate the profitability of the individual business segments.

    Segment information for the years ended August 31, 2025, 2024 and 2023, is presented in the tables below.
EnergyAgNitrogen ProductionTotal Reportable SegmentsCorporate
and Other		Reconciling
Amounts		Total
Year ended August 31, 2025(Dollars in thousands)
Revenues, including intersegment revenues$8,035,160 $27,755,290 $— $35,790,450 $87,915 $(415,757)$35,462,608 
Intersegment revenues(400,127)(6,809)— (406,936)(8,821)415,757 — 
Revenues, net of intersegment revenues $7,635,033 $27,748,481 $— $35,383,514 $79,094 $— $35,462,608 
Cost of goods sold (a)
7,339,336 26,985,759 1,673 34,326,768 (974)— 34,325,794 
Marketing, general and administrative expenses313,402 602,104 68,290 983,796 62,263 — 1,046,059 
Interest expense(6,103)94,580 69,094 157,571 17,278 (28,770)146,079 
Other income(4,968)(90,460)(3,654)(99,082)(30,119)28,770 (100,431)
Equity (income) losses from investments408 (89,162)(294,944)(383,698)(185,967)— (569,665)
(Loss) income before income taxes$(7,042)$245,660 $159,541 $398,159 $216,613 $— $614,772 
Capital expenditures (b)$533,570 $336,328 $— $869,898 $130,057 $— $999,955 
Depreciation and amortization$352,348 $243,098 $— $595,446 $55,980 $— $651,426 
EnergyAgNitrogen ProductionTotal Reportable SegmentsCorporate
and Other		Reconciling
Amounts		Total
Year ended August 31, 2024(Dollars in thousands)
Revenues, including intersegment revenues$9,339,079 $30,432,758 $— $39,771,837 $94,113 $(604,721)$39,261,229 
Intersegment revenues(572,584)(15,899)— (588,483)(16,238)604,721 — 
Revenues, net of intersegment revenues$8,766,495 $30,416,859 $— $39,183,354 $77,875 $— $39,261,229 
Cost of goods sold (a)
8,041,588 29,478,231 138 37,519,957 (10,055)— 37,509,902 
Marketing, general and administrative expenses321,053 697,301 71,392 1,089,746 77,223 — 1,166,969 
Interest expense(16,773)61,982 61,942 107,151 22,027 (25,114)104,064 
Other income(11,283)(98,142)(9,176)(118,601)(44,143)25,114 (137,630)
Equity (income) losses from investments2,857 (65,190)(275,531)(337,864)(141,999)— (479,863)
Income before income taxes$429,053 $342,677 $151,235 $922,965 $174,822 $— $1,097,787 
Capital expenditures (b)$226,899 $426,291 $— $653,190 $178,321 $— $831,511 
Depreciation and amortization$343,962 $178,400 $— $522,362 $47,529 $— $569,891 

EnergyAgNitrogen ProductionTotal Reportable SegmentsCorporate
and Other		Reconciling
Amounts		Total
Year ended August 31, 2023(Dollars in thousands)
Revenues, including intersegment revenues$10,761,503 $35,456,969 $— $46,218,472 $82,107 $(710,575)$45,590,004 
Intersegment revenues(664,590)(31,765)— (696,355)(14,220)710,575 — 
Revenues, net of intersegment revenues$10,096,913 $35,425,204 $— $45,522,117 $67,887 $— $45,590,004 
Cost of goods sold (a)8,718,224 34,501,163 1,693 43,221,080 (7,341)— 43,213,739 
Marketing, general and administrative expenses307,197 577,904 72,135 957,236 75,529 — 1,032,765 
Interest expense7,672 71,115 60,090 138,877 31,487 (32,922)137,442 
Other income(19,456)(88,061)— (107,517)(37,536)32,922 (112,131)
Equity (income) losses from investments7,833 (48,725)(394,678)(435,570)(254,020)— (689,590)
Income before income taxes$1,075,443 $411,808 $260,760 $1,748,011 $259,768 $— $2,007,779 
Capital expenditures (b)$421,416 $308,690 $— $730,106 $51,829 $— $781,935 
Depreciation and amortization$329,021 $166,982 $— $496,003 $43,518 $— $539,521 
(a) Cost of goods sold is presented net of intersegment cost of goods sold.
(b) Includes amounts related to acquisition of property, plant and equipment and expenditures for major maintenance.

    We have international sales, which are predominantly in our Ag segment. The following table presents our sales, based on the geographic location of the subsidiary making the sale, for the years ended August 31, 2025, 2024 and 2023:
202520242023
 (Dollars in thousands)
North America (a)
$34,112,112 $36,876,847 $43,376,177 
South America355,951 515,177 378,021 
Europe, Middle East and Africa 541,848 693,454 930,052 
Asia Pacific452,697 1,175,751 905,754 
Total$35,462,608 $39,261,229 $45,590,004 
(a) Revenues in North America are substantially all attributed to the United States.
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