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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 | February 28, 2023 | ||||||||||
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 |
Page No. | ||||||||
February 28, 2023 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 462,220 | $ | 793,957 | |||||||
Receivables | 3,611,016 | 3,548,315 | |||||||||
Inventories | 4,858,258 | 3,652,871 | |||||||||
Other current assets | 1,690,433 | 1,382,704 | |||||||||
Total current assets | 10,621,927 | 9,377,847 | |||||||||
Investments | 3,790,655 | 3,728,006 | |||||||||
Property, plant and equipment | 4,735,335 | 4,744,959 | |||||||||
Other assets | 1,023,097 | 973,995 | |||||||||
Total assets | $ | 20,171,014 | $ | 18,824,807 | |||||||
LIABILITIES AND EQUITIES | |||||||||||
Current liabilities: | |||||||||||
Notes payable | $ | 1,093,091 | $ | 606,719 | |||||||
Current portion of long-term debt | 137,465 | 290,605 | |||||||||
Accounts payable | 3,044,269 | 3,063,310 | |||||||||
Accrued expenses | 665,469 | 784,317 | |||||||||
Other current liabilities | 2,521,995 | 2,207,018 | |||||||||
Total current liabilities | 7,462,289 | 6,951,969 | |||||||||
Long-term debt | 1,816,654 | 1,668,209 | |||||||||
Other liabilities | 1,062,752 | 743,363 | |||||||||
Commitments and contingencies (Note 13) | |||||||||||
Equities: | |||||||||||
Preferred stock | 2,264,038 | 2,264,038 | |||||||||
Equity certificates | 5,106,845 | 5,391,236 | |||||||||
Accumulated other comprehensive loss | (257,163) | (255,335) | |||||||||
Capital reserves | 2,710,507 | 2,055,682 | |||||||||
Total CHS Inc. equities | 9,824,227 | 9,455,621 | |||||||||
Noncontrolling interests | 5,092 | 5,645 | |||||||||
Total equities | 9,829,319 | 9,461,266 | |||||||||
Total liabilities and equities | $ | 20,171,014 | $ | 18,824,807 |
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 11,306,848 | $ | 10,332,588 | $ | 24,072,687 | $ | 21,213,345 | |||||||||||||||
Cost of goods sold | 10,922,581 | 10,063,590 | 22,809,285 | 20,424,439 | |||||||||||||||||||
Gross profit | 384,267 | 268,998 | 1,263,402 | 788,906 | |||||||||||||||||||
Marketing, general and administrative expenses | 241,925 | 244,325 | 476,591 | 449,259 | |||||||||||||||||||
Operating earnings | 142,342 | 24,673 | 786,811 | 339,647 | |||||||||||||||||||
Interest expense | 35,967 | 25,174 | 69,217 | 48,606 | |||||||||||||||||||
Other income | (28,313) | (1,405) | (52,602) | (25,181) | |||||||||||||||||||
Equity income from investments | (178,334) | (229,923) | (360,296) | (381,268) | |||||||||||||||||||
Income before income taxes | 313,022 | 230,827 | 1,130,492 | 697,490 | |||||||||||||||||||
Income tax expense | 20,974 | 11,931 | 55,528 | 26,651 | |||||||||||||||||||
Net income | 292,048 | 218,896 | 1,074,964 | 670,839 | |||||||||||||||||||
Net (loss) income attributable to noncontrolling interests | (273) | (104) | 45 | (122) | |||||||||||||||||||
Net income attributable to CHS Inc. | $ | 292,321 | $ | 219,000 | $ | 1,074,919 | $ | 670,961 |
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Net income | $ | 292,048 | $ | 218,896 | $ | 1,074,964 | $ | 670,839 | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Pension and other postretirement benefits | (3,973) | 4,581 | 4,551 | 8,349 | |||||||||||||||||||
Cash flow hedges | 15,143 | (553) | (5,064) | (9,694) | |||||||||||||||||||
Foreign currency translation adjustment | 620 | 5,926 | (1,315) | (4,119) | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 11,790 | 9,954 | (1,828) | (5,464) | |||||||||||||||||||
Comprehensive income | 303,838 | 228,850 | 1,073,136 | 665,375 | |||||||||||||||||||
Comprehensive (loss) income attributable to noncontrolling interests | (273) | (104) | 45 | (122) | |||||||||||||||||||
Comprehensive income attributable to CHS Inc. | $ | 304,111 | $ | 228,954 | $ | 1,073,091 | $ | 665,497 |
Six Months Ended February 28, | |||||||||||
2023 | 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 1,074,964 | $ | 670,839 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization, including amortization of deferred major maintenance | 265,873 | 265,161 | |||||||||
Equity income from investments, net of distributions received | (51,267) | (112,641) | |||||||||
Provision for current expected credit losses | (15,555) | 11,562 | |||||||||
Deferred taxes | (16,522) | 4,301 | |||||||||
Other, net | (496) | (7,092) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | (52,159) | (591,106) | |||||||||
Inventories | (1,205,388) | (1,970,142) | |||||||||
Accounts payable and accrued expenses | (97,026) | 511,223 | |||||||||
Other, net | 114,146 | (85,646) | |||||||||
Net cash provided by (used in) operating activities | 16,570 | (1,303,541) | |||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of property, plant and equipment | (236,290) | (130,884) | |||||||||
Proceeds from disposition of property, plant and equipment | 12,642 | 6,140 | |||||||||
Expenditures for major maintenance | (39,400) | (8,318) | |||||||||
Proceeds from sale of business | 64 | 55,546 | |||||||||
Changes in CHS Capital notes receivable, net | (171,937) | (82,384) | |||||||||
Financing extended to customers | (76,142) | (30,474) | |||||||||
Payments from customer financing | 86,678 | 33,310 | |||||||||
Other investing activities, net | (9,102) | 924 | |||||||||
Net cash used in investing activities | (433,487) | (156,140) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from notes payable and long-term debt | 4,887,148 | 12,322,409 | |||||||||
Payments on notes payable, long-term debt and finance lease obligations | (4,288,434) | (11,008,138) | |||||||||
Preferred stock dividends paid | (84,334) | (84,334) | |||||||||
Redemptions of equities | (17,746) | (17,485) | |||||||||
Cash patronage dividends paid | (381,890) | (30,043) | |||||||||
Other financing activities, net | (11,242) | 9,257 | |||||||||
Net cash provided by financing activities | 103,502 | 1,191,666 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (205) | (3,717) | |||||||||
Decrease in cash and cash equivalents and restricted cash | (313,620) | (271,732) | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 903,474 | 542,484 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 589,854 | $ | 270,752 |
ASC Topic 606 | ASC Topic 815 | Other Guidance | Total Revenues | |||||||||||||||||||||||
Three Months Ended February 28, 2023 | (Dollars in thousands) | |||||||||||||||||||||||||
Energy | $ | 1,993,065 | $ | 175,836 | $ | — | $ | 2,168,901 | ||||||||||||||||||
Ag | 1,849,095 | 7,270,241 | 1,134 | 9,120,470 | ||||||||||||||||||||||
Corporate and Other | 6,787 | — | 10,690 | 17,477 | ||||||||||||||||||||||
Total revenues | $ | 3,848,947 | $ | 7,446,077 | $ | 11,824 | $ | 11,306,848 | ||||||||||||||||||
Three Months Ended February 28, 2022 | ||||||||||||||||||||||||||
Energy | $ | 1,849,505 | $ | 178,494 | $ | — | $ | 2,027,999 | ||||||||||||||||||
Ag | 2,066,065 | 6,224,661 | 5,205 | 8,295,931 | ||||||||||||||||||||||
Corporate and Other | 3,989 | — | 4,669 | 8,658 | ||||||||||||||||||||||
Total revenues | $ | 3,919,559 | $ | 6,403,155 | $ | 9,874 | $ | 10,332,588 | ||||||||||||||||||
ASC Topic 606 | ASC Topic 815 | Other Guidance | Total Revenues | |||||||||||||||||||||||
Six Months Ended February 28, 2023 | (Dollars in thousands) | |||||||||||||||||||||||||
Energy | $ | 4,795,220 | $ | 492,987 | $ | — | $ | 5,288,207 | ||||||||||||||||||
Ag | 4,462,555 | 14,279,594 | 11,565 | 18,753,714 | ||||||||||||||||||||||
Corporate and Other | 12,486 | — | 18,280 | 30,766 | ||||||||||||||||||||||
Total revenues | $ | 9,270,261 | $ | 14,772,581 | $ | 29,845 | $ | 24,072,687 | ||||||||||||||||||
Six Months Ended February 28, 2022 | ||||||||||||||||||||||||||
Energy | $ | 3,896,781 | $ | 435,205 | $ | — | $ | 4,331,986 | ||||||||||||||||||
Ag | 4,597,682 | 12,254,260 | 13,248 | 16,865,190 | ||||||||||||||||||||||
Corporate and Other | 7,579 | — | 8,590 | 16,169 | ||||||||||||||||||||||
Total revenues | $ | 8,502,042 | $ | 12,689,465 | $ | 21,838 | $ | 21,213,345 |
February 28, 2023 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Trade accounts receivable | $ | 2,736,793 | $ | 2,626,623 | |||||||
CHS Capital short-term notes receivable | 642,086 | 644,875 | |||||||||
Other | 332,186 | 404,734 | |||||||||
Gross receivables | 3,711,065 | 3,676,232 | |||||||||
Less: allowances and reserves | 100,049 | 127,917 | |||||||||
Total receivables | $ | 3,611,016 | $ | 3,548,315 |
February 28, 2023 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Grain and oilseed | $ | 1,753,088 | $ | 1,133,531 | |||||||
Energy | 827,198 | 824,114 | |||||||||
Agronomy | 1,853,407 | 1,295,548 | |||||||||
Processed grain and oilseed | 299,103 | 292,992 | |||||||||
Other | 125,462 | 106,686 | |||||||||
Total inventories | $ | 4,858,258 | $ | 3,652,871 |
February 28, 2023 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Equity method investments: | |||||||||||
CF Industries Nitrogen, LLC | $ | 2,629,429 | $ | 2,641,604 | |||||||
Ventura Foods, LLC | 439,617 | 410,093 | |||||||||
Ardent Mills, LLC | 258,068 | 250,857 | |||||||||
TEMCO, LLC | 52,454 | 32,809 | |||||||||
Other equity method investments | 275,772 | 265,913 | |||||||||
Other investments | 135,315 | 126,730 | |||||||||
Total investments | $ | 3,790,655 | $ | 3,728,006 |
Six Months Ended February 28, | |||||||||||
2023 | 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Net sales | $ | 3,124,839 | $ | 3,018,167 | |||||||
Gross profit | 1,435,598 | 1,547,086 | |||||||||
Net earnings | 1,428,713 | 1,522,292 | |||||||||
Earnings attributable to CHS Inc. | 242,580 | 292,592 |
February 28, 2023 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Notes payable | $ | 595,984 | $ | 459,398 | |||||||
CHS Capital notes payable | 497,107 | 147,321 | |||||||||
Total notes payable | $ | 1,093,091 | $ | 606,719 |
February 28, 2023 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Private placement debt | $ | 1,543,000 | $ | 1,545,000 | |||||||
Term loan | 366,000 | 366,000 | |||||||||
44,247 | 44,773 | ||||||||||
Deferred financing costs | (3,341) | (3,535) | |||||||||
Other | 4,213 | 6,576 | |||||||||
Total long-term debt | 1,954,119 | 1,958,814 | |||||||||
Less current portion | 137,465 | 290,605 | |||||||||
Long-term portion | $ | 1,816,654 | $ | 1,668,209 |
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 |
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 | |||||||||||||||||||||||||||||||
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 |
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) |
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) |
Three Months Ended February 28, | |||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | Nonqualified Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
Components of net periodic benefit costs: | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Service cost | $ | 9,645 | $ | 11,569 | $ | 460 | $ | 232 | $ | 168 | $ | 249 | |||||||||||||||||||||||
Interest cost | 7,647 | 4,292 | 185 | 70 | 259 | 126 | |||||||||||||||||||||||||||||
Expected return on assets | (10,782) | (10,990) | — | — | — | — | |||||||||||||||||||||||||||||
Prior service cost (credit) amortization | 37 | 44 | (29) | (29) | (111) | (111) | |||||||||||||||||||||||||||||
Actuarial loss (gain) amortization | 468 | 5,852 | 61 | 120 | (404) | (315) | |||||||||||||||||||||||||||||
Net periodic benefit cost (benefit) | $ | 7,015 | $ | 10,767 | $ | 677 | $ | 393 | $ | (88) | $ | (51) | |||||||||||||||||||||||
Six Months Ended February 28, | |||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | Nonqualified Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
Components of net periodic benefit costs: | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Service cost | $ | 19,290 | $ | 23,138 | $ | 920 | $ | 463 | $ | 335 | $ | 498 | |||||||||||||||||||||||
Interest cost | 15,294 | 8,584 | 371 | 141 | 518 | 252 | |||||||||||||||||||||||||||||
Expected return on assets | (21,565) | (21,979) | — | — | — | — | |||||||||||||||||||||||||||||
Prior service cost (credit) amortization | 75 | 87 | (57) | (57) | (223) | (223) | |||||||||||||||||||||||||||||
Actuarial loss (gain) amortization | 936 | 11,703 | 123 | 239 | (808) | (630) | |||||||||||||||||||||||||||||
Net periodic benefit cost (benefit) | $ | 14,030 | $ | 21,533 | $ | 1,357 | $ | 786 | $ | (178) | $ | (103) |
Energy | Ag | Nitrogen Production | Corporate and Other | Reconciling Amounts | Total | ||||||||||||||||||||||||||||||
Three Months Ended February 28, 2023 | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenues, including intersegment revenues | $ | 2,314,601 | $ | 9,127,526 | $ | — | $ | 20,479 | $ | (155,758) | $ | 11,306,848 | |||||||||||||||||||||||
Intersegment revenues | (145,700) | (7,056) | — | (3,002) | 155,758 | — | |||||||||||||||||||||||||||||
Revenues, net of intersegment revenues | $ | 2,168,901 | $ | 9,120,470 | $ | — | $ | 17,477 | $ | — | $ | 11,306,848 | |||||||||||||||||||||||
Operating earnings (loss) | 260,344 | (98,889) | (18,097) | (1,016) | — | 142,342 | |||||||||||||||||||||||||||||
Interest expense | 2,485 | 18,434 | 15,184 | 7,205 | (7,341) | 35,967 | |||||||||||||||||||||||||||||
Other income | (5,489) | (20,285) | — | (9,880) | 7,341 | (28,313) | |||||||||||||||||||||||||||||
Equity income from investments | (1,474) | (15,472) | (115,014) | (46,374) | — | (178,334) | |||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 264,822 | $ | (81,566) | $ | 81,733 | $ | 48,033 | $ | — | $ | 313,022 | |||||||||||||||||||||||
Energy | Ag | Nitrogen Production | Corporate and Other | Reconciling Amounts | Total | ||||||||||||||||||||||||||||||
Three Months Ended February 28, 2022 | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenues, including intersegment revenues | $ | 2,163,233 | $ | 8,302,502 | $ | — | $ | 10,641 | $ | (143,788) | $ | 10,332,588 | |||||||||||||||||||||||
Intersegment revenues | (135,234) | (6,571) | — | (1,983) | 143,788 | — | |||||||||||||||||||||||||||||
Revenues, net of intersegment revenues | $ | 2,027,999 | $ | 8,295,931 | $ | — | $ | 8,658 | $ | — | $ | 10,332,588 | |||||||||||||||||||||||
Operating earnings (loss) | 11,145 | 43,610 | (10,862) | (19,220) | — | 24,673 | |||||||||||||||||||||||||||||
Interest expense | 1,898 | 13,224 | 11,253 | (996) | (205) | 25,174 | |||||||||||||||||||||||||||||
Other income | (3) | (6,520) | (253) | 5,166 | 205 | (1,405) | |||||||||||||||||||||||||||||
Equity income from investments | (1,582) | (18,275) | (176,119) | (33,947) | — | (229,923) | |||||||||||||||||||||||||||||
Income before income taxes | $ | 10,832 | $ | 55,181 | $ | 154,257 | $ | 10,557 | $ | — | $ | 230,827 |
Energy | Ag | Nitrogen Production | Corporate and Other | Reconciling Amounts | Total | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2023 | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenues, including intersegment revenues | $ | 5,651,726 | $ | 18,768,085 | $ | — | $ | 36,578 | $ | (383,702) | $ | 24,072,687 | |||||||||||||||||||||||
Intersegment revenues | (363,519) | (14,371) | — | (5,812) | 383,702 | — | |||||||||||||||||||||||||||||
Revenues, net of intersegment revenues | $ | 5,288,207 | $ | 18,753,714 | $ | — | $ | 30,766 | $ | — | $ | 24,072,687 | |||||||||||||||||||||||
Operating earnings (loss) | 659,003 | 164,613 | (34,369) | (2,436) | — | 786,811 | |||||||||||||||||||||||||||||
Interest expense | 4,541 | 37,001 | 29,605 | 11,330 | (13,260) | 69,217 | |||||||||||||||||||||||||||||
Other income | (9,012) | (39,587) | — | (17,263) | 13,260 | (52,602) | |||||||||||||||||||||||||||||
Equity (income) loss from investments | 2,058 | (38,534) | (242,580) | (81,240) | — | (360,296) | |||||||||||||||||||||||||||||
Income before income taxes | $ | 661,416 | $ | 205,733 | $ | 178,606 | $ | 84,737 | $ | — | $ | 1,130,492 | |||||||||||||||||||||||
Total assets as of February 28, 2023 | $ | 4,172,499 | $ | 9,648,401 | $ | 2,629,429 | $ | 3,720,685 | $ | — | $ | 20,171,014 | |||||||||||||||||||||||
Energy | Ag | Nitrogen Production | Corporate and Other | Reconciling Amounts | Total | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2022 | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenues, including intersegment revenues | $ | 4,631,576 | $ | 16,879,905 | $ | — | $ | 20,845 | $ | (318,981) | $ | 21,213,345 | |||||||||||||||||||||||
Intersegment revenues | (299,590) | (14,715) | — | (4,676) | 318,981 | — | |||||||||||||||||||||||||||||
Revenues, net of intersegment revenues | $ | 4,331,986 | $ | 16,865,190 | $ | — | $ | 16,169 | $ | — | $ | 21,213,345 | |||||||||||||||||||||||
Operating earnings (loss) | 78,994 | 303,383 | (21,045) | (21,685) | — | 339,647 | |||||||||||||||||||||||||||||
Interest expense | 2,386 | 26,885 | 22,507 | (2,816) | (356) | 48,606 | |||||||||||||||||||||||||||||
Other income | (731) | (27,099) | (1,800) | 4,093 | 356 | (25,181) | |||||||||||||||||||||||||||||
Equity income from investments | (2,682) | (38,009) | (292,592) | (47,985) | — | (381,268) | |||||||||||||||||||||||||||||
Income before income taxes | $ | 80,021 | $ | 341,606 | $ | 250,840 | $ | 25,023 | $ | — | $ | 697,490 |
February 28, 2023 | |||||||||||||||||||||||
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 | $ | 391,602 | $ | — | $ | 8,480 | $ | 383,122 | |||||||||||||||
Foreign exchange derivatives | 56,962 | — | 7,274 | 49,688 | |||||||||||||||||||
Total | $ | 448,564 | $ | — | $ | 15,754 | $ | 432,810 | |||||||||||||||
Derivative liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | 288,612 | $ | 1,476 | $ | 8,480 | $ | 278,656 | |||||||||||||||
Foreign exchange derivatives | 11,256 | — | 7,274 | 3,982 | |||||||||||||||||||
Total | $ | 299,868 | $ | 1,476 | $ | 15,754 | $ | 282,638 |
August 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 | $ | 464,167 | $ | — | $ | 3,834 | $ | 460,333 | |||||||||||||||
Foreign exchange derivatives | 52,923 | — | 8,901 | 44,022 | |||||||||||||||||||
Total | $ | 517,090 | $ | — | $ | 12,735 | $ | 504,355 | |||||||||||||||
Derivative liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | 378,291 | $ | 1,424 | $ | 12,574 | $ | 364,293 | |||||||||||||||
Foreign exchange derivatives | 12,649 | — | 8,901 | 3,748 | |||||||||||||||||||
Total | $ | 390,940 | $ | 1,424 | $ | 21,475 | $ | 368,041 |
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||||||||
Location of Gain (Loss) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commodity derivatives | Cost of goods sold | $ | 31 | $ | (612,033) | $ | (135,655) | $ | (580,435) | ||||||||||||||||||||
Foreign exchange derivatives | Cost of goods sold | 17,414 | 72,785 | (2,039) | 40,291 | ||||||||||||||||||||||||
Foreign exchange derivatives | Marketing, general and administrative expenses | 11 | 1,697 | 248 | 503 | ||||||||||||||||||||||||
Other derivatives | Other income | — | 253 | — | 1,799 | ||||||||||||||||||||||||
Total | $ | 17,456 | $ | (537,298) | $ | (137,446) | $ | (537,842) |
February 28, 2023 | August 31, 2022 | ||||||||||||||||||||||
Long | Short | Long | Short | ||||||||||||||||||||
(Units in thousands) | |||||||||||||||||||||||
Grain and oilseed (bushels) | 660,728 | 742,227 | 609,300 | 773,239 | |||||||||||||||||||
Energy products (barrels) | 15,502 | 11,088 | 10,541 | 5,706 | |||||||||||||||||||
Processed grain and oilseed (tons) | 2,885 | 7,114 | 1,191 | 4,182 | |||||||||||||||||||
Crop nutrients (tons) | 69 | 25 | 23 | 22 | |||||||||||||||||||
Ocean freight (metric tons) | — | — | 60 | — | |||||||||||||||||||
Natural gas (metric million Btu) | 1,420 | — | 420 | — |
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||
Balance Sheet Location | February 28, 2023 | August 31, 2022 | Balance Sheet Location | February 28, 2023 | August 31, 2022 | |||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Other current assets | $ | 7,167 | $ | 27,154 | Other current liabilities | $ | 590 | $ | 11,818 |
Three Months Ended February 28, | Six Months Ended February 28, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Commodity derivatives | $ | 20,830 | $ | (1,977) | $ | (8,759) | $ | (15,273) |
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||||||||
Location of Gain (Loss) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commodity derivatives | Cost of goods sold | $ | (9,129) | $ | 5,005 | $ | (16,058) | $ | 18,259 |
February 28, 2023 | |||||||||||||||||||||||
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 | $ | 2,996 | $ | 395,773 | $ | — | $ | 398,769 | |||||||||||||||
Foreign exchange derivatives | — | 56,962 | — | 56,962 | |||||||||||||||||||
Segregated investments and marketable securities | 240,005 | — | — | 240,005 | |||||||||||||||||||
Other assets | 79,161 | — | — | 79,161 | |||||||||||||||||||
Total | $ | 322,162 | $ | 452,735 | $ | — | $ | 774,897 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | 1,179 | $ | 288,023 | $ | — | $ | 289,202 | |||||||||||||||
Foreign exchange derivatives | — | 11,256 | — | 11,256 | |||||||||||||||||||
Total | $ | 1,179 | $ | 299,279 | $ | — | $ | 300,458 |
August 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 | $ | 1,161 | $ | 490,160 | $ | — | $ | 491,321 | |||||||||||||||
Foreign exchange derivatives | — | 52,923 | — | 52,923 | |||||||||||||||||||
Segregated investments and marketable securities | 238,124 | — | — | 238,124 | |||||||||||||||||||
Other assets | 58,280 | — | — | 58,280 | |||||||||||||||||||
Total | $ | 297,565 | $ | 543,083 | $ | — | $ | 840,648 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | 10,256 | $ | 379,883 | $ | — | $ | 390,139 | |||||||||||||||
Foreign exchange derivatives | — | 12,649 | — | 12,649 | |||||||||||||||||||
Total | $ | 10,256 | $ | 392,532 | $ | — | $ | 402,788 |
February 28, 2023 | August 31, 2022 | ||||||||||
Other current assets | (Dollars in thousands) | ||||||||||
Derivative assets (Note 11) | $ | 453,455 | $ | 535,698 | |||||||
Margin and related deposits | 348,448 | 390,782 | |||||||||
Supplier advance payments | 624,293 | 198,753 | |||||||||
Restricted cash | 127,634 | 109,517 | |||||||||
Other | 136,603 | 147,954 | |||||||||
Total other current assets | $ | 1,690,433 | $ | 1,382,704 | |||||||
Other current liabilities | |||||||||||
Customer margin deposits and credit balances | $ | 231,219 | $ | 283,234 | |||||||
Customer advance payments | 1,126,830 | 525,003 | |||||||||
Derivative liabilities (Note 11) | 297,679 | 398,781 | |||||||||
Dividends and equity payable | 866,267 | 1,000,000 | |||||||||
Total other current liabilities | $ | 2,521,995 | $ | 2,207,018 |
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Refinery throughput volumes | (Barrels per day) | ||||||||||||||||||||||
Heavy, high-sulfur crude oil | 102,880 | 103,233 | 96,111 | 102,784 | |||||||||||||||||||
All other crude oil | 69,371 | 73,845 | 70,326 | 72,076 | |||||||||||||||||||
Other feedstocks and blendstocks | 9,477 | 12,255 | 10,096 | 15,314 | |||||||||||||||||||
Total refinery throughput volumes | 181,728 | 189,333 | 176,533 | 190,174 | |||||||||||||||||||
Refined fuel yields | |||||||||||||||||||||||
Gasolines | 80,722 | 88,764 | 78,355 | 90,837 | |||||||||||||||||||
Distillates | 82,208 | 83,166 | 78,782 | 81,033 |
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Market indicators | |||||||||||||||||||||||
WTI crude oil (dollars per barrel) | $ | 77.18 | $ | 82.10 | $ | 81.17 | $ | 79.62 | |||||||||||||||
WTI - WCS crude oil discount (dollars per barrel) | $ | 27.77 | $ | 16.17 | $ | 25.09 | $ | 14.56 | |||||||||||||||
Group 3 2:1:1 crack spread (dollars per barrel)* | $ | 30.46 | $ | 17.88 | $ | 37.61 | $ | 17.96 | |||||||||||||||
Group 3 5:3:2 crack spread (dollars per barrel)* | $ | 28.12 | $ | 17.24 | $ | 34.26 | $ | 17.40 | |||||||||||||||
D6 ethanol RIN (dollars per RIN) | $ | 1.6194 | $ | 1.0968 | $ | 1.6463 | $ | 1.1404 | |||||||||||||||
D4 biodiesel RIN (dollars per RIN) | $ | 1.6857 | $ | 1.4405 | $ | 1.7558 | $ | 1.4541 |
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||||||||
Market Source* | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Commodity prices | |||||||||||||||||||||||||||||
Corn (dollars per bushel) | Chicago Board of Trade | $ | 6.63 | $ | 6.39 | $ | 6.70 | $ | 5.98 | ||||||||||||||||||||
Soybeans (dollars per bushel) | Chicago Board of Trade | $ | 15.16 | $ | 14.88 | $ | 14.65 | $ | 13.62 | ||||||||||||||||||||
Wheat (dollars per bushel) | Chicago Board of Trade | $ | 7.48 | $ | 8.20 | $ | 8.03 | $ | 7.89 | ||||||||||||||||||||
Urea (dollars per ton) | Green Markets NOLA | $ | 396.83 | $ | 644.00 | $ | 499.12 | $ | 657.00 | ||||||||||||||||||||
Urea ammonium nitrate (dollars per ton) | Green Markets NOLA | $ | 392.96 | $ | 547.52 | $ | 469.85 | $ | 500.16 | ||||||||||||||||||||
Ethanol (dollars per gallon) | Chicago Platts | $ | 2.19 | $ | 2.43 | $ | 2.34 | $ | 2.62 | ||||||||||||||||||||
Volumes | |||||||||||||||||||||||||||||
Grain and oilseed (thousands of bushels) | 567,198 | 534,955 | 1,084,637 | 1,099,067 | |||||||||||||||||||||||||
North American grain and oilseed port throughput (thousands of bushels) | 174,876 | 186,935 | 336,591 | 359,922 | |||||||||||||||||||||||||
Wholesale crop nutrients (thousands of tons) | 1,373 | 1,375 | 2,985 | 3,199 | |||||||||||||||||||||||||
Ethanol (thousands of gallons) | 237,642 | 228,355 | 481,403 | 452,601 |
Three Months Ended February 28, | |||||||||||||||||||||||
2023 | % of Revenues* | 2022 | % of Revenues* | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 11,306,848 | 100.0 | % | $ | 10,332,588 | 100.0 | % | |||||||||||||||
Cost of goods sold | 10,922,581 | 96.6 | 10,063,590 | 97.4 | |||||||||||||||||||
Gross profit | 384,267 | 3.4 | 268,998 | 2.6 | |||||||||||||||||||
Marketing, general and administrative expenses | 241,925 | 2.1 | 244,325 | 2.4 | |||||||||||||||||||
Operating earnings | 142,342 | 1.3 | 24,673 | 0.2 | |||||||||||||||||||
Interest expense | 35,967 | 0.3 | 25,174 | 0.2 | |||||||||||||||||||
Other income | (28,313) | (0.3) | (1,405) | — | |||||||||||||||||||
Equity income from investments | (178,334) | (1.6) | (229,923) | (2.2) | |||||||||||||||||||
Income before income taxes | 313,022 | 2.8 | 230,827 | 2.2 | |||||||||||||||||||
Income tax expense | 20,974 | 0.2 | 11,931 | 0.1 | |||||||||||||||||||
Net income | 292,048 | 2.6 | 218,896 | 2.1 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | (273) | — | (104) | — | |||||||||||||||||||
Net income attributable to CHS Inc. | $ | 292,321 | 2.6 | % | $ | 219,000 | 2.1 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income before income taxes | $ | 264,822 | $ | 10,832 | $ | 253,990 | 2,344.8 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income before income taxes | $ | (81,566) | $ | 55,181 | $ | (136,747) | (247.8 | %) |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production IBIT* | $ | 81,733 | $ | 154,257 | $ | (72,524) | (47.0 | %) | |||||||||||||||
Corporate and Other IBIT | $ | 48,033 | $ | 10,557 | $ | 37,476 | 355.0 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 2,168,901 | $ | 2,027,999 | $ | 140,902 | 6.9 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 9,120,470 | $ | 8,295,931 | $ | 824,539 | 9.9 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Corporate and Other revenues* | $ | 17,477 | $ | 8,658 | $ | 8,819 | 101.9 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 1,831,252 | $ | 1,952,852 | $ | (121,600) | (6.2 | %) |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 9,091,307 | $ | 8,111,480 | $ | 979,827 | 12.1 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production COGS | $ | 424 | $ | 414 | $ | 10 | 2.4 | % | |||||||||||||||
Corporate and Other COGS | $ | (402) | $ | (1,156) | $ | 754 | 65.2 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Marketing, general and administrative expenses | $ | 241,925 | $ | 244,325 | $ | (2,400) | (1.0 | %) |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Interest expense | $ | 35,967 | $ | 25,174 | $ | 10,793 | 42.9 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Other income | $ | 28,313 | $ | 1,405 | $ | 26,908 | 1,915.2 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Equity income from investments* | $ | 178,334 | $ | 229,923 | $ | (51,589) | (22.4 | %) |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income tax expense | $ | 20,974 | $ | 11,931 | $ | 9,043 | 75.8 | % |
Six Months Ended February 28, | |||||||||||||||||||||||
2023 | % of Revenues* | 2022 | % of Revenues* | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 24,072,687 | 100.0 | % | $ | 21,213,345 | 100.0 | % | |||||||||||||||
Cost of goods sold | 22,809,285 | 94.8 | 20,424,439 | 96.3 | |||||||||||||||||||
Gross profit | 1,263,402 | 5.2 | 788,906 | 3.7 | |||||||||||||||||||
Marketing, general and administrative expenses | 476,591 | 2.0 | 449,259 | 2.1 | |||||||||||||||||||
Operating earnings | 786,811 | 3.3 | 339,647 | 1.6 | |||||||||||||||||||
Interest expense | 69,217 | 0.3 | 48,606 | 0.2 | |||||||||||||||||||
Other income | (52,602) | (0.2) | (25,181) | (0.1) | |||||||||||||||||||
Equity income from investments | (360,296) | (1.5) | (381,268) | (1.8) | |||||||||||||||||||
Income before income taxes | 1,130,492 | 4.7 | 697,490 | 3.3 | |||||||||||||||||||
Income tax expense | 55,528 | 0.2 | 26,651 | 0.1 | |||||||||||||||||||
Net income | 1,074,964 | 4.5 | 670,839 | 3.2 | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 45 | — | (122) | — | |||||||||||||||||||
Net income attributable to CHS Inc. | $ | 1,074,919 | 4.5 | % | $ | 670,961 | 3.2 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income before income taxes | $ | 661,416 | $ | 80,021 | $ | 581,395 | 726.6 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income before income taxes | $ | 205,733 | $ | 341,606 | $ | (135,873) | (39.8 | %) |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production IBIT* | $ | 178,606 | $ | 250,840 | $ | (72,234) | (28.8 | %) | |||||||||||||||
Corporate and Other IBIT | $ | 84,737 | $ | 25,023 | $ | 59,714 | 238.6 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 5,288,207 | $ | 4,331,986 | $ | 956,221 | 22.1 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 18,753,714 | $ | 16,865,190 | $ | 1,888,524 | 11.2 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Corporate and Other revenues* | $ | 30,766 | $ | 16,169 | $ | 14,597 | 90.3 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 4,485,981 | $ | 4,132,477 | $ | 353,504 | 8.6 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 18,324,035 | $ | 16,295,473 | $ | 2,028,562 | 12.4 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production COGS | $ | 852 | $ | 828 | $ | 24 | 2.9 | % | |||||||||||||||
Corporate and Other COGS | $ | (1,583) | $ | (4,339) | $ | 2,756 | 63.5 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Marketing, general and administrative expenses | $ | 476,591 | $ | 449,259 | $ | 27,332 | 6.1 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Interest expense | $ | 69,217 | $ | 48,606 | $ | 20,611 | 42.4 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Other income | $ | 52,602 | $ | 25,181 | $ | 27,421 | 108.9 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Equity income from investments* | $ | 360,296 | $ | 381,268 | $ | (20,972) | (5.5 | %) |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income tax expense | $ | 55,528 | $ | 26,651 | $ | 28,877 | 108.4 | % |
February 28, 2023 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Cash and cash equivalents | $ | 462,220 | $ | 793,957 | |||||||
Notes payable | 1,093,091 | 606,719 | |||||||||
Long-term debt including current maturities | 1,954,119 | 1,958,814 | |||||||||
Total equities | 9,829,319 | 9,461,266 | |||||||||
Working capital | 3,159,638 | 2,425,878 | |||||||||
Current ratio* | 1.4 | 1.3 |
February 28, 2023 | August 31, 2022 | Change | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Current assets | $ | 10,621,927 | $ | 9,377,847 | $ | 1,244,080 | |||||||||||
Less current liabilities | 7,462,289 | 6,951,969 | 510,320 | ||||||||||||||
Working capital | $ | 3,159,638 | $ | 2,425,878 | $ | 733,760 |
Six Months Ended February 28, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 16,570 | $ | (1,303,541) | $ | 1,320,111 | |||||||||||
Net cash used in investing activities | (433,487) | (156,140) | (277,347) | ||||||||||||||
Net cash provided by financing activities | 103,502 | 1,191,666 | (1,088,164) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (205) | (3,717) | 3,512 | ||||||||||||||
Decrease in cash and cash equivalents and restricted cash | $ | (313,620) | $ | (271,732) | $ | (41,888) |
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 | ||||
Note Purchase Agreement, dated as of January 24, 2023, among CHS Inc. and each of the Purchasers signatory thereto. (Incorporated by reference to our Current Report on Form 8-K, filed January 25, 2023). | |||||
CHS Inc. Deferred Compensation Plan Master Plan Document (2023 Restatement). | |||||
CHS Inc. Supplemental Executive Retirement Plan (2023 Restatement). | |||||
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: | April 5, 2023 | By: | /s/ Olivia Nelligan | ||||||||||||||
Olivia Nelligan | |||||||||||||||||
Executive Vice President, Chief Financial Officer and Chief Strategy Officer |
1 Year CHS Chart |
1 Month CHS Chart |
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