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Name | Symbol | Market | Type |
---|---|---|---|
CHS Inc | NASDAQ:CHSCL | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.23 | -0.89% | 25.66 | 25.50 | 27.88 | 25.90 | 25.65 | 25.84 | 24,859 | 21:25:00 |
☑ | Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||||||||
For the quarterly period ended | May 31, 2022 | ||||||||||
or | |||||||||||
☐ | Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to |
Minnesota | 41-0251095 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
8% Cumulative Redeemable Preferred Stock | CHSCP | The Nasdaq Stock Market LLC | ||||||
Class B Cumulative Redeemable Preferred Stock, Series 1 | CHSCO | The Nasdaq Stock Market LLC | ||||||
Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 2 | CHSCN | The Nasdaq Stock Market LLC | ||||||
Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 3 | CHSCM | The Nasdaq Stock Market LLC | ||||||
Class B Cumulative Redeemable Preferred Stock, Series 4 | CHSCL | The Nasdaq Stock Market LLC |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer | ☑ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Page No. | ||||||||
May 31, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 369,256 | $ | 413,159 | |||||||
Receivables | 4,093,122 | 2,860,884 | |||||||||
Inventories | 4,451,695 | 3,334,675 | |||||||||
Other current assets | 2,061,475 | 1,390,233 | |||||||||
Total current assets | 10,975,548 | 7,998,951 | |||||||||
Investments | 4,023,095 | 3,669,111 | |||||||||
Property, plant and equipment | 4,685,638 | 4,810,005 | |||||||||
Other assets | 1,024,762 | 1,098,208 | |||||||||
Total assets | $ | 20,709,043 | $ | 17,576,275 | |||||||
LIABILITIES AND EQUITIES | |||||||||||
Current liabilities: | |||||||||||
Notes payable | $ | 2,028,859 | $ | 1,740,859 | |||||||
Current portion of long-term debt | 161,308 | 38,450 | |||||||||
Accounts payable | 3,373,338 | 2,616,052 | |||||||||
Accrued expenses | 796,338 | 622,723 | |||||||||
Other current liabilities | 2,194,482 | 1,307,929 | |||||||||
Total current liabilities | 8,554,325 | 6,326,013 | |||||||||
Long-term debt | 1,800,779 | 1,579,911 | |||||||||
Other liabilities | 612,761 | 653,025 | |||||||||
Commitments and contingencies (Note 13) | |||||||||||
Equities: | |||||||||||
Preferred stock | 2,264,038 | 2,264,038 | |||||||||
Equity certificates | 5,000,593 | 5,247,238 | |||||||||
Accumulated other comprehensive loss | (240,076) | (216,391) | |||||||||
Capital reserves | 2,710,344 | 1,713,976 | |||||||||
Total CHS Inc. equities | 9,734,899 | 9,008,861 | |||||||||
Noncontrolling interests | 6,279 | 8,465 | |||||||||
Total equities | 9,741,178 | 9,017,326 | |||||||||
Total liabilities and equities | $ | 20,709,043 | $ | 17,576,275 |
Three Months Ended May 31, | Nine Months Ended May 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 13,137,724 | $ | 10,929,976 | $ | 34,351,069 | $ | 27,965,778 | |||||||||||||||
Cost of goods sold | 12,493,467 | 10,615,348 | 32,917,906 | 27,371,326 | |||||||||||||||||||
Gross profit | 644,257 | 314,628 | 1,433,163 | 594,452 | |||||||||||||||||||
Marketing, general and administrative expenses | 243,136 | 186,703 | 692,395 | 518,875 | |||||||||||||||||||
Operating earnings | 401,121 | 127,925 | 740,768 | 75,577 | |||||||||||||||||||
Interest expense | 32,099 | 28,992 | 80,705 | 82,897 | |||||||||||||||||||
Other income | (6,636) | (10,748) | (31,817) | (41,219) | |||||||||||||||||||
Equity income from investments | (263,079) | (146,522) | (644,347) | (260,654) | |||||||||||||||||||
Income before income taxes | 638,737 | 256,203 | 1,336,227 | 294,553 | |||||||||||||||||||
Income tax expense (benefit) | 62,492 | (17,469) | 89,143 | (10,130) | |||||||||||||||||||
Net income | 576,245 | 273,672 | 1,247,084 | 304,683 | |||||||||||||||||||
Net (loss) income attributable to noncontrolling interests | (329) | 81 | (451) | (350) | |||||||||||||||||||
Net income attributable to CHS Inc. | $ | 576,574 | $ | 273,591 | $ | 1,247,535 | $ | 305,033 |
Three Months Ended May 31, | Nine Months Ended May 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Net income | $ | 576,245 | $ | 273,672 | $ | 1,247,084 | $ | 304,683 | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Pension and other postretirement benefits | 4,485 | 3,888 | 12,834 | 11,402 | |||||||||||||||||||
Cash flow hedges | (25,257) | (4,991) | (34,951) | (3,881) | |||||||||||||||||||
Foreign currency translation adjustment | 2,551 | 8,218 | (1,568) | 11,060 | |||||||||||||||||||
Other comprehensive (loss) income, net of tax | (18,221) | 7,115 | (23,685) | 18,581 | |||||||||||||||||||
Comprehensive income | 558,024 | 280,787 | 1,223,399 | 323,264 | |||||||||||||||||||
Comprehensive (loss) income attributable to noncontrolling interests | (329) | 81 | (451) | (350) | |||||||||||||||||||
Comprehensive income attributable to CHS Inc. | $ | 558,353 | $ | 280,706 | $ | 1,223,850 | $ | 323,614 |
Nine Months Ended May 31, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 1,247,084 | $ | 304,683 | |||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization, including amortization of deferred major maintenance | 399,562 | 401,657 | |||||||||
Equity income from investments, net of distributions received | (345,846) | (128,635) | |||||||||
Provision for current expected credit losses | 18,641 | 3,353 | |||||||||
Deferred taxes | (51,522) | 17,379 | |||||||||
Other, net | (6,643) | (24,420) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | (1,074,111) | (885,496) | |||||||||
Inventories | (1,117,020) | (763,675) | |||||||||
Accounts payable and accrued expenses | 967,603 | 775,825 | |||||||||
Other, net | (44,886) | (333,049) | |||||||||
Net cash used in operating activities | (7,138) | (632,378) | |||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of property, plant and equipment | (207,455) | (238,774) | |||||||||
Proceeds from disposition of property, plant and equipment | 8,127 | 17,039 | |||||||||
Expenditures for major maintenance | (18,072) | (42,466) | |||||||||
Proceeds from sale of business | 73,152 | 39,567 | |||||||||
Changes in CHS Capital notes receivable, net | (200,380) | 31,543 | |||||||||
Financing extended to customers | (47,235) | (1,890) | |||||||||
Payments from customer financing | 53,442 | 6,110 | |||||||||
Other investing activities, net | (1,467) | 11,362 | |||||||||
Net cash used in investing activities | (339,888) | (177,509) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from notes payable and long-term debt | 19,077,600 | 26,618,429 | |||||||||
Payments on notes payable, long-term debt and finance lease obligations | (18,401,162) | (25,381,437) | |||||||||
Preferred stock dividends paid | (126,501) | (126,501) | |||||||||
Redemptions of equities | (99,229) | (37,809) | |||||||||
Cash patronage dividends paid | (51,026) | (30,042) | |||||||||
Other financing activities, net | (43,736) | (30,634) | |||||||||
Net cash provided by financing activities | 355,946 | 1,012,006 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (11,311) | (451) | |||||||||
(Decrease) increase in cash and cash equivalents and restricted cash | (2,391) | 201,668 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 542,484 | 216,993 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 540,093 | $ | 418,661 |
ASC Topic 606 | ASC Topic 815 | Other Guidance | Total Revenues | |||||||||||||||||||||||
Three Months Ended May 31, 2022 | (Dollars in thousands) | |||||||||||||||||||||||||
Energy | $ | 2,529,311 | $ | 246,631 | $ | — | $ | 2,775,942 | ||||||||||||||||||
Ag | 3,460,390 | 6,883,785 | 8,194 | 10,352,369 | ||||||||||||||||||||||
Corporate and Other | 4,205 | — | 5,208 | 9,413 | ||||||||||||||||||||||
Total revenues | $ | 5,993,906 | $ | 7,130,416 | $ | 13,402 | $ | 13,137,724 | ||||||||||||||||||
Three Months Ended May 31, 2021 | ||||||||||||||||||||||||||
Energy | $ | 1,533,643 | $ | 171,155 | $ | — | $ | 1,704,798 | ||||||||||||||||||
Ag | 2,810,389 | 6,389,677 | 16,138 | 9,216,204 | ||||||||||||||||||||||
Corporate and Other | 3,929 | — | 5,045 | 8,974 | ||||||||||||||||||||||
Total revenues | $ | 4,347,961 | $ | 6,560,832 | $ | 21,183 | $ | 10,929,976 | ||||||||||||||||||
ASC Topic 606 | ASC Topic 815 | Other Guidance | Total Revenues | |||||||||||||||||||||||
Nine Months Ended May 31, 2022 | (Dollars in thousands) | |||||||||||||||||||||||||
Energy | $ | 6,426,092 | $ | 681,836 | $ | — | $ | 7,107,928 | ||||||||||||||||||
Ag | 8,056,676 | 19,139,417 | 21,466 | 27,217,559 | ||||||||||||||||||||||
Corporate and Other | 11,785 | — | 13,797 | 25,582 | ||||||||||||||||||||||
Total revenues | $ | 14,494,553 | $ | 19,821,253 | $ | 35,263 | $ | 34,351,069 | ||||||||||||||||||
Nine Months Ended May 31, 2021 | ||||||||||||||||||||||||||
Energy | $ | 3,841,678 | $ | 493,125 | $ | — | $ | 4,334,803 | ||||||||||||||||||
Ag | 5,324,396 | 18,232,235 | 43,187 | 23,599,818 | ||||||||||||||||||||||
Corporate and Other | 14,925 | — | 16,232 | 31,157 | ||||||||||||||||||||||
Total revenues | $ | 9,180,999 | $ | 18,725,360 | $ | 59,419 | $ | 27,965,778 |
May 31, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Trade accounts receivable | $ | 3,164,995 | $ | 2,047,198 | |||||||
CHS Capital short-term notes receivable | 652,041 | 505,778 | |||||||||
Other | 404,352 | 451,630 | |||||||||
Gross receivables | 4,221,388 | 3,004,606 | |||||||||
Less: allowances and reserves | 128,266 | 143,722 | |||||||||
Total receivables | $ | 4,093,122 | $ | 2,860,884 |
May 31, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Grain and oilseed | $ | 2,044,585 | $ | 1,435,544 | |||||||
Energy | 577,360 | 762,317 | |||||||||
Agronomy | 1,439,716 | 958,548 | |||||||||
Processed grain and oilseed | 140,752 | 140,975 | |||||||||
Other | 249,282 | 37,291 | |||||||||
Total inventories | $ | 4,451,695 | $ | 3,334,675 |
May 31, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Equity method investments: | |||||||||||
CF Industries Nitrogen, LLC | $ | 2,916,993 | $ | 2,667,164 | |||||||
Ventura Foods, LLC | 414,929 | 388,612 | |||||||||
Ardent Mills, LLC | 237,971 | 220,132 | |||||||||
TEMCO, LLC | 57,295 | 31,464 | |||||||||
Other equity method investments | 264,555 | 232,923 | |||||||||
Other investments | 131,352 | 128,816 | |||||||||
Total investments | $ | 4,023,095 | $ | 3,669,111 |
Nine Months Ended May 31, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Net sales | $ | 4,972,383 | $ | 2,116,040 | |||||||
Gross profit | 2,682,653 | 565,067 | |||||||||
Net earnings | 2,641,425 | 524,071 | |||||||||
Earnings attributable to CHS Inc. | 497,289 | 118,477 |
Nine Months Ended May 31, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Net sales | $ | 7,124,636 | $ | 7,471,759 | |||||||
Gross profit | 850,417 | 741,461 | |||||||||
Net earnings | 439,502 | 363,988 | |||||||||
Earnings attributable to CHS Inc. | 105,869 | 116,436 |
May 31, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Notes payable | $ | 966,258 | $ | 864,147 | |||||||
CHS Capital notes payable | 1,062,601 | 876,712 | |||||||||
Total notes payable | $ | 2,028,859 | $ | 1,740,859 |
May 31, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Private placement debt | $ | 1,550,229 | $ | 1,552,974 | |||||||
Term loan | 366,000 | — | |||||||||
Finance lease obligations | 46,684 | 36,034 | |||||||||
Other notes and contracts payable | 2,845 | 33,443 | |||||||||
Deferred financing costs | (3,671) | (4,090) | |||||||||
Total long-term debt | 1,962,087 | 1,618,361 | |||||||||
Less current portion | 161,308 | 38,450 | |||||||||
Long-term portion | $ | 1,800,779 | $ | 1,579,911 |
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 redemption estimates | 12,221 | — | — | — | — | — | — | 12,221 | |||||||||||||||||||||||||||||||||||||||
Redemptions of equities | (9,824) | (318) | (2,079) | — | — | — | — | (12,221) | |||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (84,334) | — | (84,334) | |||||||||||||||||||||||||||||||||||||||
Other, net | (1,023) | 17 | (64) | — | — | 1,393 | (841) | (518) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | 451,961 | (18) | 451,943 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (15,418) | — | — | (15,418) | |||||||||||||||||||||||||||||||||||||||
Estimated 2022 cash patronage refunds | — | — | — | — | — | (39,691) | — | (39,691) | |||||||||||||||||||||||||||||||||||||||
Estimated 2022 equity redemptions | (79,382) | — | — | — | — | — | — | (79,382) | |||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
Reversal of prior year patronage and redemption estimates | 81,731 | — | — | — | — | 20,170 | — | 101,901 | |||||||||||||||||||||||||||||||||||||||
Distribution of 2021 patronage refunds | — | — | 4,205 | — | — | (25,188) | — | (20,983) | |||||||||||||||||||||||||||||||||||||||
Redemptions of equities | (78,616) | (90) | (3,038) | — | — | — | — | (81,744) | |||||||||||||||||||||||||||||||||||||||
Other, net | (2,228) | (1) | (6,809) | — | — | 1,105 | (295) | (8,228) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | 576,574 | (329) | 576,245 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (18,221) | — | — | (18,221) | |||||||||||||||||||||||||||||||||||||||
Estimated 2022 cash patronage refunds | — | — | — | — | — | (58,745) | — | (58,745) | |||||||||||||||||||||||||||||||||||||||
Estimated 2022 equity redemptions | (117,491) | — | — | — | — | — | — | (117,491) | |||||||||||||||||||||||||||||||||||||||
Balances, May 31, 2022 | $ | 3,345,398 | $ | 28,019 | $ | 1,627,176 | $ | 2,264,038 | $ | (240,076) | $ | 2,710,344 | $ | 6,279 | $ | 9,741,178 |
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 |
Nine Months Ended May 31, | |||||||||||||||||
Nasdaq symbol | 2022 | 2021 | |||||||||||||||
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 |
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) | 870 | (9,983) | (9,196) | |||||||||||||||||||
Amounts reclassified | 5,064 | (12,954) | — | (7,890) | |||||||||||||||||||
Total other comprehensive income (loss), before tax | 4,981 | (12,084) | (9,983) | (17,086) | |||||||||||||||||||
Tax effect | (1,213) | 2,943 | (62) | 1,668 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 3,768 | (9,141) | (10,045) | (15,418) | |||||||||||||||||||
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) | |||||||||||||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||||||
Amounts before reclassifications | 369 | (39,169) | 2,497 | (36,303) | |||||||||||||||||||
Amounts reclassified | 5,560 | 5,782 | — | 11,342 | |||||||||||||||||||
Total other comprehensive income (loss), before tax | 5,929 | (33,387) | 2,497 | (24,961) | |||||||||||||||||||
Tax effect | (1,444) | 8,130 | 54 | 6,740 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 4,485 | (25,257) | 2,551 | (18,221) | |||||||||||||||||||
Balance as of May 31, 2022, net of tax | $ | (128,551) | $ | (30,127) | $ | (81,398) | $ | (240,076) |
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) |
Three Months Ended May 31, | |||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | Nonqualified Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Components of net periodic benefit costs: | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Service cost | $ | 11,569 | $ | 11,307 | $ | 232 | $ | 108 | $ | 249 | $ | 297 | |||||||||||||||||||||||
Interest cost | 4,292 | 4,141 | 70 | 68 | 126 | 123 | |||||||||||||||||||||||||||||
Expected return on assets | (10,990) | (10,910) | — | — | — | — | |||||||||||||||||||||||||||||
Prior service cost (credit) amortization | 44 | 45 | (29) | (28) | (111) | (111) | |||||||||||||||||||||||||||||
Actuarial loss (gain) amortization | 5,852 | 5,447 | 120 | 53 | (315) | (341) | |||||||||||||||||||||||||||||
Net periodic benefit cost (benefit) | $ | 10,767 | $ | 10,030 | $ | 393 | $ | 201 | $ | (51) | $ | (32) | |||||||||||||||||||||||
Nine Months Ended May 31, | |||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | Nonqualified Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Components of net periodic benefit costs: | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Service cost | $ | 34,706 | $ | 33,921 | $ | 695 | $ | 325 | $ | 747 | $ | 890 | |||||||||||||||||||||||
Interest cost | 12,875 | 12,422 | 211 | 205 | 377 | 369 | |||||||||||||||||||||||||||||
Expected return on assets | (32,969) | (32,731) | — | — | — | — | |||||||||||||||||||||||||||||
Prior service cost (credit) amortization | 131 | 134 | (86) | (85) | (334) | (334) | |||||||||||||||||||||||||||||
Actuarial loss (gain) amortization | 17,555 | 16,342 | 359 | 159 | (944) | (1,024) | |||||||||||||||||||||||||||||
Net periodic benefit cost (benefit) | $ | 32,298 | $ | 30,088 | $ | 1,179 | $ | 604 | $ | (154) | $ | (99) |
Energy | Ag | Nitrogen Production | Corporate and Other | Reconciling Amounts | Total | ||||||||||||||||||||||||||||||
Three Months Ended May 31, 2022 | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenues, including intersegment revenues | $ | 2,943,305 | $ | 10,359,992 | $ | — | $ | 11,215 | $ | (176,788) | $ | 13,137,724 | |||||||||||||||||||||||
Intersegment revenues | (167,363) | (7,623) | — | (1,802) | 176,788 | — | |||||||||||||||||||||||||||||
Revenues, net of intersegment revenues | $ | 2,775,942 | $ | 10,352,369 | $ | — | $ | 9,413 | $ | — | $ | 13,137,724 | |||||||||||||||||||||||
Operating earnings (loss) | 164,016 | 256,817 | (14,480) | (5,232) | — | 401,121 | |||||||||||||||||||||||||||||
Interest expense | 2,182 | 18,581 | 12,263 | (257) | (670) | 32,099 | |||||||||||||||||||||||||||||
Other income | (485) | (10,221) | (258) | 3,658 | 670 | (6,636) | |||||||||||||||||||||||||||||
Equity income from investments | (922) | (25,231) | (204,697) | (32,229) | — | (263,079) | |||||||||||||||||||||||||||||
Income before income taxes | $ | 163,241 | $ | 273,688 | $ | 178,212 | $ | 23,596 | $ | — | $ | 638,737 | |||||||||||||||||||||||
Energy | Ag | Nitrogen Production | Corporate and Other | Reconciling Amounts | Total | ||||||||||||||||||||||||||||||
Three Months Ended May 31, 2021 | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenues, including intersegment revenues | $ | 1,815,077 | $ | 9,222,597 | $ | — | $ | 10,842 | $ | (118,540) | $ | 10,929,976 | |||||||||||||||||||||||
Intersegment revenues | (110,279) | (6,393) | — | (1,868) | 118,540 | — | |||||||||||||||||||||||||||||
Revenues, net of intersegment revenues | $ | 1,704,798 | $ | 9,216,204 | $ | — | $ | 8,974 | $ | — | $ | 10,929,976 | |||||||||||||||||||||||
Operating earnings (loss) | 2,955 | 134,606 | (8,799) | (837) | — | 127,925 | |||||||||||||||||||||||||||||
Interest expense | (333) | 17,661 | 10,318 | 390 | 956 | 28,992 | |||||||||||||||||||||||||||||
Other income | (636) | (6,331) | (308) | (2,517) | (956) | (10,748) | |||||||||||||||||||||||||||||
Equity income from investments | (1,035) | (16,855) | (65,444) | (63,188) | — | (146,522) | |||||||||||||||||||||||||||||
Income before income taxes | $ | 4,959 | $ | 140,131 | $ | 46,635 | $ | 64,478 | $ | — | $ | 256,203 |
Energy | Ag | Nitrogen Production | Corporate and Other | Reconciling Amounts | Total | ||||||||||||||||||||||||||||||
Nine Months Ended May 31, 2022 | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenues, including intersegment revenues | $ | 7,574,881 | $ | 27,239,897 | $ | — | $ | 32,060 | $ | (495,769) | $ | 34,351,069 | |||||||||||||||||||||||
Intersegment revenues | (466,953) | (22,338) | — | (6,478) | 495,769 | — | |||||||||||||||||||||||||||||
Revenues, net of intersegment revenues | $ | 7,107,928 | $ | 27,217,559 | $ | — | $ | 25,582 | $ | — | $ | 34,351,069 | |||||||||||||||||||||||
Operating earnings (loss) | 243,009 | 560,200 | (35,525) | (26,916) | — | 740,768 | |||||||||||||||||||||||||||||
Interest expense | 4,568 | 45,466 | 34,770 | (3,073) | (1,026) | 80,705 | |||||||||||||||||||||||||||||
Other income | (1,217) | (37,320) | (2,058) | 7,752 | 1,026 | (31,817) | |||||||||||||||||||||||||||||
Equity income from investments | (3,604) | (63,240) | (497,289) | (80,214) | — | (644,347) | |||||||||||||||||||||||||||||
Income before income taxes | $ | 243,262 | $ | 615,294 | $ | 429,052 | $ | 48,619 | $ | — | $ | 1,336,227 | |||||||||||||||||||||||
Total assets as of May 31, 2022 | $ | 4,357,274 | $ | 9,556,610 | $ | 2,930,538 | $ | 3,864,621 | $ | — | $ | 20,709,043 | |||||||||||||||||||||||
Energy | Ag | Nitrogen Production | Corporate and Other | Reconciling Amounts | Total | ||||||||||||||||||||||||||||||
Nine Months Ended May 31, 2021 | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenues, including intersegment revenues | $ | 4,643,387 | $ | 23,615,087 | $ | — | $ | 38,370 | $ | (331,066) | $ | 27,965,778 | |||||||||||||||||||||||
Intersegment revenues | (308,584) | (15,269) | — | (7,213) | 331,066 | — | |||||||||||||||||||||||||||||
Revenues, net of intersegment revenues | $ | 4,334,803 | $ | 23,599,818 | $ | — | $ | 31,157 | $ | — | $ | 27,965,778 | |||||||||||||||||||||||
Operating earnings (loss) | (120,879) | 212,223 | (24,661) | 8,894 | — | 75,577 | |||||||||||||||||||||||||||||
Interest expense | 492 | 48,796 | 33,721 | 1,536 | (1,648) | 82,897 | |||||||||||||||||||||||||||||
Other income | (2,108) | (29,784) | (2,175) | (8,800) | 1,648 | (41,219) | |||||||||||||||||||||||||||||
Equity income from investments | (2,355) | (43,974) | (118,477) | (95,848) | — | (260,654) | |||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | (116,908) | $ | 237,185 | $ | 62,270 | $ | 112,006 | $ | — | $ | 294,553 |
May 31, 2022 | |||||||||||||||||||||||
Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting | |||||||||||||||||||||||
Gross Amount Recognized | Cash Collateral | Derivative Instruments | Net Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||
Commodity derivatives | $ | 762,167 | $ | — | $ | 21,015 | $ | 741,152 | |||||||||||||||
Foreign exchange derivatives | 114,804 | — | 15,410 | 99,394 | |||||||||||||||||||
Embedded derivative asset | 13,545 | — | — | 13,545 | |||||||||||||||||||
Total | $ | 890,516 | $ | — | $ | 36,425 | $ | 854,091 | |||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | 609,663 | $ | 239 | $ | 22,590 | $ | 586,834 | |||||||||||||||
Foreign exchange derivatives | 15,454 | — | 15,410 | 44 | |||||||||||||||||||
Total | $ | 625,117 | $ | 239 | $ | 38,000 | $ | 586,878 |
August 31, 2021 | |||||||||||||||||||||||
Amounts Not Offset on Condensed Consolidated Balance Sheet but Eligible for Offsetting | |||||||||||||||||||||||
Gross Amount Recognized | Cash Collateral | Derivative Instruments | Net Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||
Commodity derivatives | $ | 532,832 | $ | — | $ | 4,174 | $ | 528,658 | |||||||||||||||
Foreign exchange derivatives | 19,429 | — | 5,582 | 13,847 | |||||||||||||||||||
Embedded derivative asset | 16,488 | — | — | 16,488 | |||||||||||||||||||
Total | $ | 568,749 | $ | — | $ | 9,756 | $ | 558,993 | |||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | 444,861 | $ | 2,485 | $ | 4,174 | $ | 438,202 | |||||||||||||||
Foreign exchange derivatives | 8,506 | — | 5,582 | 2,924 | |||||||||||||||||||
Total | $ | 453,367 | $ | 2,485 | $ | 9,756 | $ | 441,126 |
Three Months Ended May 31, | Nine Months Ended May 31, | ||||||||||||||||||||||||||||
Location of Gain (Loss) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commodity derivatives | Cost of goods sold | $ | (324,965) | $ | (552,985) | $ | (905,400) | $ | (945,631) | ||||||||||||||||||||
Foreign exchange derivatives | Cost of goods sold | 18,147 | 35,567 | 58,438 | 27,327 | ||||||||||||||||||||||||
Foreign exchange derivatives | Marketing, general and administrative expenses | 1,097 | 838 | 1,600 | 1,011 | ||||||||||||||||||||||||
Embedded derivative | Other income | 258 | 308 | 2,057 | 2,174 | ||||||||||||||||||||||||
Total | $ | (305,463) | $ | (516,272) | $ | (843,305) | $ | (915,119) |
May 31, 2022 | August 31, 2021 | ||||||||||||||||||||||
Long | Short | Long | Short | ||||||||||||||||||||
(Units in thousands) | |||||||||||||||||||||||
Grain and oilseed (bushels) | 754,573 | 1,279,773 | 666,726 | 851,582 | |||||||||||||||||||
Energy products (barrels) | 13,138 | 8,778 | 9,881 | 7,656 | |||||||||||||||||||
Processed grain and oilseed (tons) | 1,050 | 4,475 | 559 | 3,418 | |||||||||||||||||||
Crop nutrients (tons) | 74 | 3 | 66 | 12 | |||||||||||||||||||
Ocean freight (metric tons) | 45 | — | 210 | — | |||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||
Balance Sheet Location | May 31, 2022 | August 31, 2021 | Balance Sheet Location | May 31, 2022 | August 31, 2021 | |||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Other current assets | $ | 19,596 | $ | 11,874 | Other current liabilities | $ | 54,150 | $ | 1,001 |
Three Months Ended May 31, | Nine Months Ended May 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Commodity derivatives | $ | (36,688) | $ | (7,590) | $ | (51,961) | $ | (7,700) |
Three Months Ended May 31, | Nine Months Ended May 31, | ||||||||||||||||||||||||||||
Location of Gain | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commodity derivatives | Cost of goods sold | $ | (5,482) | $ | 2,329 | $ | 12,777 | $ | 19,084 |
May 31, 2022 | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Commodity derivatives | $ | 1,790 | $ | 779,973 | $ | — | $ | 781,763 | |||||||||||||||
Foreign exchange derivatives | — | 114,804 | — | 114,804 | |||||||||||||||||||
Deferred compensation assets | 47,435 | — | — | 47,435 | |||||||||||||||||||
Embedded derivative asset | — | 13,545 | — | 13,545 | |||||||||||||||||||
Segregated investments and marketable securities | 319,551 | — | — | 319,551 | |||||||||||||||||||
Other assets | 5,965 | — | — | 5,965 | |||||||||||||||||||
Total | $ | 374,741 | $ | 908,322 | $ | — | $ | 1,283,063 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | 3,678 | $ | 660,134 | $ | — | $ | 663,812 | |||||||||||||||
Foreign exchange derivatives | — | 15,454 | — | 15,454 | |||||||||||||||||||
Total | $ | 3,678 | $ | 675,588 | $ | — | $ | 679,266 |
August 31, 2021 | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Commodity derivatives | $ | 2,453 | $ | 542,253 | $ | — | $ | 544,706 | |||||||||||||||
Foreign exchange derivatives | — | 19,429 | — | 19,429 | |||||||||||||||||||
Deferred compensation assets | 51,940 | — | — | 51,940 | |||||||||||||||||||
Embedded derivative asset | — | 16,488 | — | 16,488 | |||||||||||||||||||
Segregated investments and marketable securities | 99,837 | — | — | 99,837 | |||||||||||||||||||
Other assets | 6,052 | — | — | 6,052 | |||||||||||||||||||
Total | $ | 160,282 | $ | 578,170 | $ | — | $ | 738,452 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | 1,615 | $ | 444,247 | $ | — | $ | 445,862 | |||||||||||||||
Foreign exchange derivatives | — | 8,506 | — | 8,506 | |||||||||||||||||||
Total | $ | 1,615 | $ | 452,753 | $ | — | $ | 454,368 |
May 31, 2022 | August 31, 2021 | ||||||||||
Other current assets | (Dollars in thousands) | ||||||||||
Derivative assets (Note 11) | $ | 880,836 | $ | 559,056 | |||||||
Margin and related deposits | 425,943 | 336,397 | |||||||||
Supplier advance payments | 386,174 | 194,706 | |||||||||
Restricted cash | 170,837 | 129,325 | |||||||||
Other | 197,685 | 170,749 | |||||||||
Total other current assets | $ | 2,061,475 | $ | 1,390,233 | |||||||
Other current liabilities | |||||||||||
Customer margin deposits and credit balances | $ | 383,743 | $ | 269,114 | |||||||
Customer advance payments | 771,540 | 439,293 | |||||||||
Derivative liabilities (Note 11) | 675,708 | 449,522 | |||||||||
Dividends and equity payable | 363,491 | 150,000 | |||||||||
Total other current liabilities | $ | 2,194,482 | $ | 1,307,929 |
Three Months Ended May 31, | Nine Months Ended May 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Refinery throughput volumes | (Barrels per day) | ||||||||||||||||||||||
Heavy, high-sulfur crude oil | 106,658 | 94,854 | 104,090 | 94,758 | |||||||||||||||||||
All other crude oil | 72,915 | 69,156 | 72,359 | 61,893 | |||||||||||||||||||
Other feedstocks and blendstocks | 11,436 | 12,917 | 14,007 | 13,496 | |||||||||||||||||||
Total refinery throughput volumes | 191,009 | 176,927 | 190,456 | 170,147 | |||||||||||||||||||
Refined fuel yields | |||||||||||||||||||||||
Gasolines | 87,174 | 89,297 | 89,602 | 83,723 | |||||||||||||||||||
Distillates | 85,078 | 65,841 | 82,396 | 66,859 |
Three Months Ended May 31, | Nine Months Ended May 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Market indicators | |||||||||||||||||||||||
WTI crude oil (dollars per barrel) | $ | 106.39 | $ | 63.07 | $ | 88.54 | $ | 52.00 | |||||||||||||||
WTI - WCS crude oil discount (dollars per barrel) | $ | 12.98 | $ | 11.00 | $ | 14.03 | $ | 10.90 | |||||||||||||||
Group 3 2:1:1 crack spread (dollars per barrel)* | $ | 38.86 | $ | 20.27 | $ | 24.93 | $ | 13.49 | |||||||||||||||
Group 3 5:3:2 crack spread (dollars per barrel)* | $ | 36.30 | $ | 20.38 | $ | 23.70 | $ | 13.28 | |||||||||||||||
D6 ethanol RIN (dollars per RIN) | $ | 1.3176 | $ | 1.3496 | $ | 1.1995 | $ | 0.9242 | |||||||||||||||
D4 ethanol RIN (dollars per RIN) | $ | 1.6443 | $ | 1.4342 | $ | 1.5175 | $ | 1.0928 |
Three Months Ended May 31, | Nine Months Ended May 31, | ||||||||||||||||||||||||||||
Market Source* | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Commodity prices | |||||||||||||||||||||||||||||
Corn (dollars per bushel) | Chicago Board of Trade | $ | 7.74 | $ | 6.54 | $ | 6.34 | $ | 5.27 | ||||||||||||||||||||
Soybeans (dollars per bushel) | Chicago Board of Trade | $ | 16.70 | $ | 15.13 | $ | 14.18 | $ | 13.20 | ||||||||||||||||||||
Wheat (dollars per bushel) | Chicago Board of Trade | $ | 10.46 | $ | 6.75 | $ | 8.74 | $ | 6.38 | ||||||||||||||||||||
Urea (dollars per ton) | Green Markets NOLA | $ | 745.00 | $ | 376.00 | $ | 688.00 | $ | 298.00 | ||||||||||||||||||||
Urea ammonium nitrate (dollars per ton) | Green Markets NOLA | $ | 615.04 | $ | 295.68 | $ | 539.52 | $ | 189.76 | ||||||||||||||||||||
Ethanol (dollars per gallon) | Chicago Platts | $ | 2.62 | $ | 2.16 | $ | 2.62 | $ | 1.72 | ||||||||||||||||||||
Volumes | |||||||||||||||||||||||||||||
Grain and oilseed (thousands of bushels) | 575,827 | 685,761 | 1,674,894 | 2,099,623 | |||||||||||||||||||||||||
North American grain and oilseed port throughput (thousands of bushels) | 176,773 | 199,246 | 536,695 | 736,612 | |||||||||||||||||||||||||
Wholesale crop nutrients (thousands of tons) | 1,750 | 2,857 | 4,949 | 6,265 | |||||||||||||||||||||||||
Ethanol (thousands of gallons) | 234,679 | 221,125 | 687,280 | 660,043 |
Three Months Ended May 31, | |||||||||||||||||||||||
2022 | % of Revenues* | 2021 | % of Revenues* | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 13,137,724 | 100.0 | % | $ | 10,929,976 | 100.0 | % | |||||||||||||||
Cost of goods sold | 12,493,467 | 95.1 | 10,615,348 | 97.1 | |||||||||||||||||||
Gross profit | 644,257 | 4.9 | 314,628 | 2.9 | |||||||||||||||||||
Marketing, general and administrative expenses | 243,136 | 1.9 | 186,703 | 1.7 | |||||||||||||||||||
Operating earnings | 401,121 | 3.1 | 127,925 | 1.2 | |||||||||||||||||||
Interest expense | 32,099 | 0.2 | 28,992 | 0.3 | |||||||||||||||||||
Other income | (6,636) | (0.1) | (10,748) | (0.1) | |||||||||||||||||||
Equity income from investments | (263,079) | (2.0) | (146,522) | (1.3) | |||||||||||||||||||
Income before income taxes | 638,737 | 4.9 | 256,203 | 2.3 | |||||||||||||||||||
Income tax expense (benefit) | 62,492 | 0.5 | (17,469) | (0.2) | |||||||||||||||||||
Net income | 576,245 | 4.4 | 273,672 | 2.5 | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (329) | — | 81 | — | |||||||||||||||||||
Net income attributable to CHS Inc. | $ | 576,574 | 4.4 | % | $ | 273,591 | 2.5 | % |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income before income taxes | $ | 163,241 | $ | 4,959 | $ | 158,282 | 3,191.8 | % |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income before income taxes | $ | 273,688 | $ | 140,131 | $ | 133,557 | 95.3 | % |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production IBIT* | $ | 178,212 | $ | 46,635 | $ | 131,577 | 282.1 | % | |||||||||||||||
Corporate and Other IBIT | $ | 23,596 | $ | 64,478 | $ | (40,882) | (63.4) | % |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 2,775,942 | $ | 1,704,798 | $ | 1,071,144 | 62.8 | % |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 10,352,369 | $ | 9,216,204 | $ | 1,136,165 | 12.3 | % |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Corporate and Other revenues* | $ | 9,413 | $ | 8,974 | $ | 439 | 4.9 | % |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 2,533,135 | $ | 1,649,905 | $ | 883,230 | 53.5 | % |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 9,960,631 | $ | 8,967,297 | $ | 993,334 | 11.1 | % |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production COGS | $ | 428 | $ | 425 | $ | 3 | 0.7% | ||||||||||||||||
Corporate and Other COGS | $ | (727) | $ | (2,279) | $ | 1,552 | 68.1% |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Marketing, general and administrative expenses | $ | 243,136 | $ | 186,703 | $ | 56,433 | 30.2 | % |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Interest expense | $ | 32,099 | $ | 28,992 | $ | 3,107 | 10.7 | % |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Other income | $ | 6,636 | $ | 10,748 | $ | (4,112) | (38.3) | % |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Equity income from investments* | $ | 263,079 | $ | 146,522 | $ | 116,557 | 79.5 | % |
Three Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income tax expense (benefit) | $ | 62,492 | $ | (17,469) | $ | 79,961 | 457.7 | % |
Nine Months Ended May 31, | |||||||||||||||||||||||
2022 | % of Revenues* | 2021 | % of Revenues* | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 34,351,069 | 100.0 | % | $ | 27,965,778 | 100.0 | % | |||||||||||||||
Cost of goods sold | 32,917,906 | 95.8 | 27,371,326 | 97.9 | |||||||||||||||||||
Gross profit | 1,433,163 | 4.2 | 594,452 | 2.1 | |||||||||||||||||||
Marketing, general and administrative expenses | 692,395 | 2.0 | 518,875 | 1.9 | |||||||||||||||||||
Operating earnings | 740,768 | 2.2 | 75,577 | 0.3 | |||||||||||||||||||
Interest expense | 80,705 | 0.2 | 82,897 | 0.3 | |||||||||||||||||||
Other income | (31,817) | (0.1) | (41,219) | (0.1) | |||||||||||||||||||
Equity income from investments | (644,347) | (1.9) | (260,654) | (0.9) | |||||||||||||||||||
Income before income taxes | 1,336,227 | 3.9 | 294,553 | 1.1 | |||||||||||||||||||
Income tax expense (benefit) | 89,143 | 0.3 | (10,130) | — | |||||||||||||||||||
Net income | 1,247,084 | 3.6 | 304,683 | 1.1 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | (451) | — | (350) | — | |||||||||||||||||||
Net income attributable to CHS Inc. | $ | 1,247,535 | 3.6 | % | $ | 305,033 | 1.1 | % |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income (loss) before income taxes | $ | 243,262 | $ | (116,908) | $ | 360,170 | 308.1 | % |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income before income taxes | $ | 615,294 | $ | 237,185 | $ | 378,109 | 159.4 | % |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production IBIT* | $ | 429,052 | $ | 62,270 | $ | 366,782 | 589.0 | % | |||||||||||||||
Corporate and Other IBIT | $ | 48,619 | $ | 112,006 | $ | (63,387) | (56.6) | % |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 7,107,928 | $ | 4,334,803 | $ | 2,773,125 | 64.0 | % |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 27,217,559 | $ | 23,599,818 | $ | 3,617,741 | 15.3 | % |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Corporate and Other revenues* | $ | 25,582 | $ | 31,157 | $ | (5,575) | (17.9) | % |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 6,665,612 | $ | 4,310,992 | $ | 2,354,620 | 54.6 | % |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 26,256,104 | $ | 23,068,732 | $ | 3,187,372 | 13.8 | % |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production COGS | $ | 1,256 | $ | 1,268 | $ | (12) | (0.9)% | ||||||||||||||||
Corporate and Other COGS | $ | (5,066) | $ | (9,666) | $ | 4,600 | 47.6% |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Marketing, general and administrative expenses | $ | 692,395 | $ | 518,875 | $ | 173,520 | 33.4 | % |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Interest expense | $ | 80,705 | $ | 82,897 | $ | (2,192) | (2.6) | % |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Other income | $ | 31,817 | $ | 41,219 | $ | (9,402) | (22.8) | % |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Equity income from investments* | $ | 644,347 | $ | 260,654 | $ | 383,693 | 147.2 | % |
Nine Months Ended May 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income tax expense (benefit) | $ | 89,143 | $ | (10,130) | $ | 99,273 | 980.0 | % |
May 31, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Cash and cash equivalents | $ | 369,256 | $ | 413,159 | |||||||
Notes payable | 2,028,859 | 1,740,859 | |||||||||
Long-term debt including current maturities | 1,962,087 | 1,618,361 | |||||||||
Total equities | 9,741,178 | 9,017,326 | |||||||||
Working capital | 2,421,223 | 1,672,938 | |||||||||
Current ratio* | 1.3 | 1.3 |
May 31, 2022 | August 31, 2021 | Change | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Current assets | $ | 10,975,548 | $ | 7,998,951 | $ | 2,976,597 | |||||||||||
Less current liabilities | 8,554,325 | 6,326,013 | 2,228,312 | ||||||||||||||
Working capital | $ | 2,421,223 | $ | 1,672,938 | $ | 748,285 |
Nine Months Ended May 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net cash used in operating activities | $ | (7,138) | $ | (632,378) | $ | 625,240 | |||||||||||
Net cash used in investing activities | (339,888) | (177,509) | (162,379) | ||||||||||||||
Net cash provided by financing activities | 355,946 | 1,012,006 | (656,060) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (11,311) | (451) | (10,860) | ||||||||||||||
(Decrease) increase in cash and cash equivalents and restricted cash | $ | (2,391) | $ | 201,668 | $ | (204,059) |
Nasdaq Symbol | Issuance Date | Shares Outstanding | Redemption Value | Net Proceeds (a) | Dividend Rate (b) (c) | Dividend Payment Frequency | Redeemable Beginning (d) | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
8% Cumulative Redeemable | CHSCP | (e) | 12,272,003 | $ | 306.8 | $ | 311.2 | 8.00 | % | Quarterly | 7/18/2023 | |||||||||||||||||||||||||||||||||||||||
Class B Cumulative Redeemable, Series 1 | CHSCO | (f) | 21,459,066 | $ | 536.5 | $ | 569.3 | 7.875 | % | Quarterly | 9/26/2023 | |||||||||||||||||||||||||||||||||||||||
Class B Reset Rate Cumulative Redeemable, Series 2 | CHSCN | 3/11/2014 | 16,800,000 | $ | 420.0 | $ | 406.2 | 7.10 | % | Quarterly | 3/31/2024 | |||||||||||||||||||||||||||||||||||||||
Class B Reset Rate Cumulative Redeemable, Series 3 | CHSCM | 9/15/2014 | 19,700,000 | $ | 492.5 | $ | 476.7 | 6.75 | % | Quarterly | 9/30/2024 | |||||||||||||||||||||||||||||||||||||||
Class B Cumulative Redeemable, Series 4 | CHSCL | 1/21/2015 | 20,700,000 | $ | 517.5 | $ | 501.0 | 7.50 | % | Quarterly | 1/21/2025 |
Exhibit | Description | ||||
Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||
Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||
101.INS | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | ||||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Date: | July 7, 2022 | By: | /s/ Olivia Nelligan | ||||||||||||||
Olivia Nelligan | |||||||||||||||||
Executive Vice President and Chief Financial Officer |
1 Year CHS Chart |
1 Month CHS Chart |
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