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Name | Symbol | Market | Type |
---|---|---|---|
CHS Inc | NASDAQ:CHSCO | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.11 | 0.41% | 26.83 | 26.77 | 26.89 | 26.88 | 26.79 | 26.84 | 3,097 | 15:37:36 |
☑ | Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||||||||
For the quarterly period ended | February 28, 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. | ||||||||
February 28, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 211,936 | $ | 413,159 | |||||||
Receivables | 3,494,888 | 2,860,884 | |||||||||
Inventories | 5,304,817 | 3,334,675 | |||||||||
Other current assets | 2,215,421 | 1,390,233 | |||||||||
Total current assets | 11,227,062 | 7,998,951 | |||||||||
Investments | 3,788,710 | 3,669,111 | |||||||||
Property, plant and equipment | 4,693,339 | 4,810,005 | |||||||||
Other assets | 1,038,190 | 1,098,208 | |||||||||
Total assets | $ | 20,747,301 | $ | 17,576,275 | |||||||
LIABILITIES AND EQUITIES | |||||||||||
Current liabilities: | |||||||||||
Notes payable | $ | 2,688,004 | $ | 1,740,859 | |||||||
Current portion of long-term debt | 9,522 | 38,450 | |||||||||
Accounts payable | 3,194,682 | 2,616,052 | |||||||||
Accrued expenses | 561,762 | 622,723 | |||||||||
Other current liabilities | 2,356,397 | 1,307,929 | |||||||||
Total current liabilities | 8,810,367 | 6,326,013 | |||||||||
Long-term debt | 1,955,205 | 1,579,911 | |||||||||
Other liabilities | 613,285 | 653,025 | |||||||||
Commitments and contingencies (Note 13) | |||||||||||
Equities: | |||||||||||
Preferred stock | 2,264,038 | 2,264,038 | |||||||||
Equity certificates | 5,122,930 | 5,247,238 | |||||||||
Accumulated other comprehensive loss | (221,855) | (216,391) | |||||||||
Capital reserves | 2,196,428 | 1,713,976 | |||||||||
Total CHS Inc. equities | 9,361,541 | 9,008,861 | |||||||||
Noncontrolling interests | 6,903 | 8,465 | |||||||||
Total equities | 9,368,444 | 9,017,326 | |||||||||
Total liabilities and equities | $ | 20,747,301 | $ | 17,576,275 |
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 10,332,588 | $ | 8,320,159 | $ | 21,213,345 | $ | 17,035,802 | |||||||||||||||
Cost of goods sold | 10,063,590 | 8,218,439 | 20,424,439 | 16,755,978 | |||||||||||||||||||
Gross profit | 268,998 | 101,720 | 788,906 | 279,824 | |||||||||||||||||||
Marketing, general and administrative expenses | 244,325 | 161,510 | 449,259 | 332,171 | |||||||||||||||||||
Operating earnings (loss) | 24,673 | (59,790) | 339,647 | (52,347) | |||||||||||||||||||
Interest expense | 25,174 | 28,855 | 48,606 | 53,905 | |||||||||||||||||||
Other income | (1,405) | (17,846) | (25,181) | (30,470) | |||||||||||||||||||
Equity income from investments | (229,923) | (64,109) | (381,268) | (114,132) | |||||||||||||||||||
Income (loss) before income taxes | 230,827 | (6,690) | 697,490 | 38,350 | |||||||||||||||||||
Income tax expense | 11,931 | 31,668 | 26,651 | 7,339 | |||||||||||||||||||
Net income (loss) | 218,896 | (38,358) | 670,839 | 31,011 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | (104) | (129) | (122) | (431) | |||||||||||||||||||
Net income (loss) attributable to CHS Inc. | $ | 219,000 | $ | (38,229) | $ | 670,961 | $ | 31,442 |
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Net income (loss) | $ | 218,896 | $ | (38,358) | $ | 670,839 | $ | 31,011 | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Pension and other postretirement benefits | 4,581 | 3,869 | 8,349 | 7,514 | |||||||||||||||||||
Cash flow hedges | (553) | (559) | (9,694) | 1,110 | |||||||||||||||||||
Foreign currency translation adjustment | 5,926 | (761) | (4,119) | 2,842 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 9,954 | 2,549 | (5,464) | 11,466 | |||||||||||||||||||
Comprehensive income (loss) | 228,850 | (35,809) | 665,375 | 42,477 | |||||||||||||||||||
Comprehensive loss attributable to noncontrolling interests | (104) | (129) | (122) | (431) | |||||||||||||||||||
Comprehensive income (loss) attributable to CHS Inc. | $ | 228,954 | $ | (35,680) | $ | 665,497 | $ | 42,908 |
Six Months Ended February 28, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 670,839 | $ | 31,011 | |||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization, including amortization of deferred major maintenance | 265,161 | 267,726 | |||||||||
Equity income from investments, net of distributions received | (112,641) | (3,687) | |||||||||
Provision for current expected credit losses | 11,562 | (4,674) | |||||||||
Deferred taxes | 4,301 | 35,797 | |||||||||
Other, net | (7,092) | (18,495) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | (591,106) | (100,398) | |||||||||
Inventories | (1,970,142) | (1,495,856) | |||||||||
Accounts payable and accrued expenses | 511,223 | 273,448 | |||||||||
Other, net | (85,646) | (119,417) | |||||||||
Net cash used in operating activities | (1,303,541) | (1,134,545) | |||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of property, plant and equipment | (130,884) | (164,565) | |||||||||
Proceeds from disposition of property, plant and equipment | 6,140 | 7,741 | |||||||||
Expenditures for major maintenance | (8,318) | (10,050) | |||||||||
Proceeds from sale of business | 55,546 | 39,567 | |||||||||
Changes in CHS Capital notes receivable, net | (82,384) | 43,283 | |||||||||
Financing extended to customers | (30,474) | (1,816) | |||||||||
Payments from customer financing | 33,310 | 5,589 | |||||||||
Other investing activities, net | 924 | 10,633 | |||||||||
Net cash used in investing activities | (156,140) | (69,618) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from notes payable and long-term debt | 12,322,409 | 16,930,536 | |||||||||
Payments on notes payable, long-term debt and finance lease obligations | (11,008,138) | (15,483,358) | |||||||||
Preferred stock dividends paid | (84,334) | (84,334) | |||||||||
Redemptions of equities | (17,485) | (12,486) | |||||||||
Cash patronage dividends paid | (30,043) | (21,416) | |||||||||
Other financing activities, net | 9,257 | (9,222) | |||||||||
Net cash provided by financing activities | 1,191,666 | 1,319,720 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (3,717) | 1,026 | |||||||||
(Decrease) increase in cash and cash equivalents and restricted cash | (271,732) | 116,583 | |||||||||
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 | $ | 270,752 | $ | 333,576 |
ASC Topic 606 | ASC Topic 815 | Other Guidance | Total Revenues | |||||||||||||||||||||||
Three Months Ended February 28, 2022 | (Dollars in thousands) | |||||||||||||||||||||||||
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 | ||||||||||||||||||
Three Months Ended February 28, 2021 | ||||||||||||||||||||||||||
Energy | $ | 1,243,072 | $ | 129,086 | $ | — | $ | 1,372,158 | ||||||||||||||||||
Ag | 1,169,411 | 5,753,333 | 15,468 | 6,938,212 | ||||||||||||||||||||||
Corporate and Other | 4,535 | — | 5,254 | 9,789 | ||||||||||||||||||||||
Total revenues | $ | 2,417,018 | $ | 5,882,419 | $ | 20,722 | $ | 8,320,159 | ||||||||||||||||||
ASC Topic 606 | ASC Topic 815 | Other Guidance | Total Revenues | |||||||||||||||||||||||
Six Months Ended February 28, 2022 | (Dollars in thousands) | |||||||||||||||||||||||||
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 | ||||||||||||||||||
Six Months Ended February 28, 2021 | ||||||||||||||||||||||||||
Energy | $ | 2,308,036 | $ | 321,969 | $ | — | $ | 2,630,005 | ||||||||||||||||||
Ag | 2,513,910 | 11,840,572 | 29,132 | 14,383,614 | ||||||||||||||||||||||
Corporate and Other | 10,995 | — | 11,188 | 22,183 | ||||||||||||||||||||||
Total revenues | $ | 4,832,941 | $ | 12,162,541 | $ | 40,320 | $ | 17,035,802 |
February 28, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Trade accounts receivable | $ | 2,705,414 | $ | 2,047,198 | |||||||
CHS Capital short-term notes receivable | 559,987 | 505,778 | |||||||||
Other | 383,662 | 451,630 | |||||||||
Gross receivables | 3,649,063 | 3,004,606 | |||||||||
Less: allowances and reserves | 154,175 | 143,722 | |||||||||
Total receivables | $ | 3,494,888 | $ | 2,860,884 |
February 28, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Grain and oilseed | $ | 2,533,038 | $ | 1,435,544 | |||||||
Energy | 899,041 | 762,317 | |||||||||
Agronomy | 1,648,670 | 958,548 | |||||||||
Processed grain and oilseed | 162,323 | 140,975 | |||||||||
Other | 61,745 | 37,291 | |||||||||
Total inventories | $ | 5,304,817 | $ | 3,334,675 |
February 28, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Equity method investments: | |||||||||||
CF Industries Nitrogen, LLC | $ | 2,712,295 | $ | 2,667,164 | |||||||
Ventura Foods, LLC | 411,176 | 388,612 | |||||||||
Ardent Mills, LLC | 233,898 | 220,132 | |||||||||
TEMCO, LLC | 51,580 | 31,464 | |||||||||
Other equity method investments | 245,537 | 232,923 | |||||||||
Other investments | 134,224 | 128,816 | |||||||||
Total investments | $ | 3,788,710 | $ | 3,669,111 |
Six Months Ended February 28, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Net sales | $ | 3,018,167 | $ | 1,285,625 | |||||||
Gross profit | 1,547,086 | 321,565 | |||||||||
Net earnings | 1,522,292 | 297,297 | |||||||||
Earnings attributable to CHS Inc. | 292,592 | 53,033 |
Six Months Ended February 28, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Net sales | $ | 4,677,071 | $ | 5,502,631 | |||||||
Gross profit | 539,044 | 422,154 | |||||||||
Net earnings | 268,319 | 188,403 | |||||||||
Earnings attributable to CHS Inc. | 67,908 | 51,729 |
February 28, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Notes payable | $ | 1,880,621 | $ | 864,147 | |||||||
CHS Capital notes payable | 807,383 | 876,712 | |||||||||
Total notes payable | $ | 2,688,004 | $ | 1,740,859 |
February 28, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Private placement debt | $ | 1,551,144 | $ | 1,552,974 | |||||||
Bank financing | 366,000 | — | |||||||||
Finance lease obligations | 48,494 | 36,034 | |||||||||
Other notes and contracts payable | 2,897 | 33,443 | |||||||||
Deferred financing costs | (3,808) | (4,090) | |||||||||
Total long-term debt | 1,964,727 | 1,618,361 | |||||||||
Less current portion | 9,522 | 38,450 | |||||||||
Long-term portion | $ | 1,955,205 | $ | 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 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||||||||
Nasdaq symbol | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
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 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) | |||||||||||||||
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) | |||||||||||||||
Three Months Ended February 28, | |||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||
Six Months Ended February 28, | |||||||||||||||||||||||||||||||||||
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 | $ | 23,138 | $ | 22,614 | $ | 463 | $ | 217 | $ | 498 | $ | 593 | |||||||||||||||||||||||
Interest cost | 8,584 | 8,281 | 141 | 136 | 252 | 246 | |||||||||||||||||||||||||||||
Expected return on assets | (21,979) | (21,821) | — | — | — | — | |||||||||||||||||||||||||||||
Prior service cost (credit) amortization | 87 | 89 | (57) | (57) | (223) | (223) | |||||||||||||||||||||||||||||
Actuarial loss (gain) amortization | 11,703 | 10,895 | 239 | 106 | (630) | (682) | |||||||||||||||||||||||||||||
Net periodic benefit cost (benefit) | $ | 21,533 | $ | 20,058 | $ | 786 | $ | 402 | $ | (103) | $ | (66) |
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 | ||||||||||||||||||||||||||||||
Three Months Ended February 28, 2021 | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenues, including intersegment revenues | $ | 1,470,465 | $ | 6,942,185 | $ | — | $ | 12,046 | $ | (104,537) | $ | 8,320,159 | |||||||||||||||||||||||
Intersegment revenues | (98,307) | (3,973) | — | (2,257) | 104,537 | — | |||||||||||||||||||||||||||||
Revenues, net of intersegment revenues | $ | 1,372,158 | $ | 6,938,212 | $ | — | $ | 9,789 | $ | — | $ | 8,320,159 | |||||||||||||||||||||||
Operating (loss) earnings | (55,449) | 2,093 | (8,240) | 1,806 | — | (59,790) | |||||||||||||||||||||||||||||
Interest expense | 1,063 | 16,630 | 12,241 | 7 | (1,086) | 28,855 | |||||||||||||||||||||||||||||
Other income | (990) | (11,636) | (302) | (6,004) | 1,086 | (17,846) | |||||||||||||||||||||||||||||
Equity income from investments | (832) | (16,945) | (31,344) | (14,988) | — | (64,109) | |||||||||||||||||||||||||||||
(Loss) income before income taxes | $ | (54,690) | $ | 14,044 | $ | 11,165 | $ | 22,791 | $ | — | $ | (6,690) |
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 | |||||||||||||||||||||||
Total assets as of February 28, 2022 | $ | 4,378,601 | $ | 10,338,907 | $ | 2,725,582 | $ | 3,304,211 | $ | — | $ | 20,747,301 | |||||||||||||||||||||||
Energy | Ag | Nitrogen Production | Corporate and Other | Reconciling Amounts | Total | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2021 | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenues, including intersegment revenues | $ | 2,828,310 | $ | 14,392,490 | $ | — | $ | 27,528 | $ | (212,526) | $ | 17,035,802 | |||||||||||||||||||||||
Intersegment revenues | (198,305) | (8,876) | — | (5,345) | 212,526 | — | |||||||||||||||||||||||||||||
Revenues, net of intersegment revenues | $ | 2,630,005 | $ | 14,383,614 | $ | — | $ | 22,183 | $ | — | $ | 17,035,802 | |||||||||||||||||||||||
Operating (loss) earnings | (123,834) | 77,617 | (15,862) | 9,732 | — | (52,347) | |||||||||||||||||||||||||||||
Interest expense | 826 | 31,135 | 23,403 | 1,145 | (2,604) | 53,905 | |||||||||||||||||||||||||||||
Other income | (1,472) | (23,453) | (1,867) | (6,282) | 2,604 | (30,470) | |||||||||||||||||||||||||||||
Equity income from investments | (1,321) | (27,118) | (53,033) | (32,660) | — | (114,132) | |||||||||||||||||||||||||||||
(Loss) income before income taxes | $ | (121,867) | $ | 97,053 | $ | 15,635 | $ | 47,529 | $ | — | $ | 38,350 |
February 28, 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 | $ | 804,483 | $ | — | $ | 11,232 | $ | 793,251 | |||||||||||||||
Foreign exchange derivatives | 67,239 | — | 6,102 | 61,137 | |||||||||||||||||||
Embedded derivative asset | 13,287 | — | — | 13,287 | |||||||||||||||||||
Total | $ | 885,009 | $ | — | $ | 17,334 | $ | 867,675 | |||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | 566,818 | $ | 1,219 | $ | 11,691 | $ | 553,908 | |||||||||||||||
Foreign exchange derivatives | 6,231 | — | 6,102 | 129 | |||||||||||||||||||
Total | $ | 573,049 | $ | 1,219 | $ | 17,793 | $ | 554,037 |
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 February 28, | Six Months Ended February 28, | ||||||||||||||||||||||||||||
Location of Gain (Loss) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commodity derivatives | Cost of goods sold | $ | (612,033) | $ | (191,284) | $ | (580,435) | $ | (392,646) | ||||||||||||||||||||
Foreign exchange derivatives | Cost of goods sold | 72,785 | (30,881) | 40,291 | (8,240) | ||||||||||||||||||||||||
Foreign exchange derivatives | Marketing, general and administrative expenses | 1,697 | (435) | 503 | 173 | ||||||||||||||||||||||||
Embedded derivative | Other income | 253 | 302 | 1,799 | 1,866 | ||||||||||||||||||||||||
Total | $ | (537,298) | $ | (222,298) | $ | (537,842) | $ | (398,847) |
February 28, 2022 | August 31, 2021 | ||||||||||||||||||||||
Long | Short | Long | Short | ||||||||||||||||||||
(Units in thousands) | |||||||||||||||||||||||
Grain and oilseed (bushels) | 758,887 | 1,128,403 | 666,726 | 851,582 | |||||||||||||||||||
Energy products (barrels) | 7,661 | 8,612 | 9,881 | 7,656 | |||||||||||||||||||
Processed grain and oilseed (tons) | 1,517 | 4,787 | 559 | 3,418 | |||||||||||||||||||
Crop nutrients (tons) | 53 | 27 | 66 | 12 | |||||||||||||||||||
Ocean freight (metric tons) | 60 | — | 210 | — | |||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||
Balance Sheet Location | February 28, 2022 | August 31, 2021 | Balance Sheet Location | February 28, 2022 | August 31, 2021 | |||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Other current assets | $ | 4,296 | $ | 11,874 | Other current liabilities | $ | 2,162 | $ | 1,001 |
Three Months Ended February 28, | Six Months Ended February 28, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Commodity derivatives | $ | (1,977) | $ | (2,084) | $ | (15,273) | $ | (110) |
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||||||||
Location of Gain | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commodity derivatives | Cost of goods sold | $ | 5,005 | $ | 4,082 | $ | 18,259 | $ | 16,755 |
February 28, 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 | $ | 2,162 | $ | 806,617 | $ | — | $ | 808,779 | |||||||||||||||
Foreign exchange derivatives | — | 67,239 | — | 67,239 | |||||||||||||||||||
Deferred compensation assets | 49,594 | — | — | 49,594 | |||||||||||||||||||
Embedded derivative asset | — | 13,287 | — | 13,287 | |||||||||||||||||||
Segregated investments and marketable securities | 124,928 | — | — | 124,928 | |||||||||||||||||||
Other assets | 7,096 | — | — | 7,096 | |||||||||||||||||||
Total | $ | 183,780 | $ | 887,143 | $ | — | $ | 1,070,923 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | 4,592 | $ | 564,388 | $ | — | $ | 568,980 | |||||||||||||||
Foreign exchange derivatives | — | 6,231 | — | 6,231 | |||||||||||||||||||
Total | $ | 4,592 | $ | 570,619 | $ | — | $ | 575,211 |
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 |
February 28, 2022 | August 31, 2021 | ||||||||||
Other current assets | (Dollars in thousands) | ||||||||||
Derivative assets (Note 11) | $ | 846,216 | $ | 559,056 | |||||||
Margin and related deposits | 355,811 | 336,397 | |||||||||
Supplier advance payments | 787,221 | 194,706 | |||||||||
Restricted cash | 58,816 | 129,325 | |||||||||
Other | 167,357 | 170,749 | |||||||||
Total other current assets | $ | 2,215,421 | $ | 1,390,233 | |||||||
Other current liabilities | |||||||||||
Customer margin deposits and credit balances | $ | 179,762 | $ | 269,114 | |||||||
Customer advance payments | 1,296,811 | 439,293 | |||||||||
Derivative liabilities (Note 11) | 568,671 | 449,522 | |||||||||
Dividends and equity payable | 311,153 | 150,000 | |||||||||
Total other current liabilities | $ | 2,356,397 | $ | 1,307,929 |
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Refinery throughput volumes | (Barrels per day) | ||||||||||||||||||||||
Heavy, high-sulfur crude oil | 103,233 | 96,847 | 102,784 | 94,709 | |||||||||||||||||||
All other crude oil | 73,845 | 56,302 | 72,076 | 58,202 | |||||||||||||||||||
Other feedstocks and blendstocks | 12,255 | 11,744 | 15,314 | 13,791 | |||||||||||||||||||
Total refinery throughput volumes | 189,333 | 164,893 | 190,174 | 166,702 | |||||||||||||||||||
Refined fuel yields | |||||||||||||||||||||||
Gasolines | 88,764 | 77,479 | 90,837 | 80,890 | |||||||||||||||||||
Distillates | 83,166 | 68,916 | 81,033 | 67,376 |
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Market indicators | |||||||||||||||||||||||
WTI crude oil (dollars per barrel) | $ | 82.10 | $ | 52.74 | $ | 79.62 | $ | 46.46 | |||||||||||||||
WTI - WCS crude oil differential (dollars per barrel) | $ | 16.17 | $ | 11.91 | $ | 14.56 | $ | 10.85 | |||||||||||||||
Group 3 2:1:1 crack spread (dollars per barrel)* | $ | 17.88 | $ | 12.55 | $ | 17.96 | $ | 10.10 | |||||||||||||||
Group 3 5:3:2 crack spread (dollars per barrel)* | $ | 17.24 | $ | 12.08 | $ | 17.40 | $ | 9.73 | |||||||||||||||
D6 ethanol RIN (dollars per RIN) | $ | 1.0968 | $ | 0.8745 | $ | 1.1404 | $ | 0.7115 | |||||||||||||||
D4 ethanol RIN (dollars per RIN) | $ | 1.4405 | $ | 1.0385 | $ | 1.4541 | $ | 0.9245 |
Three Months Ended February 28, | Six Months Ended February 28, | ||||||||||||||||||||||||||||
Market Source* | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Commodity prices | |||||||||||||||||||||||||||||
Corn (dollars per bushel) | Chicago Board of Trade | $ | 6.39 | $ | 5.29 | $ | 5.98 | $ | 4.64 | ||||||||||||||||||||
Soybeans (dollars per bushel) | Chicago Board of Trade | $ | 14.88 | $ | 13.63 | $ | 13.62 | $ | 12.23 | ||||||||||||||||||||
Wheat (dollars per bushel) | Chicago Board of Trade | $ | 8.20 | $ | 6.21 | $ | 7.89 | $ | 5.82 | ||||||||||||||||||||
Urea (dollars per ton) | Green Markets NOLA | $ | 644.00 | $ | 293.00 | $ | 657.00 | $ | 259.00 | ||||||||||||||||||||
Urea ammonium nitrate (dollars per ton) | Green Markets NOLA | $ | 547.52 | $ | 154.88 | $ | 500.16 | $ | 137.10 | ||||||||||||||||||||
Ethanol (dollars per gallon) | Chicago Platts | $ | 2.43 | $ | 1.54 | $ | 2.62 | $ | 1.50 | ||||||||||||||||||||
Volumes | |||||||||||||||||||||||||||||
Grain and oilseed (thousands of bushels) | 534,955 | 665,030 | 1,099,067 | 1,411,613 | |||||||||||||||||||||||||
North American grain and oilseed port throughput (thousands of bushels) | 186,935 | 218,616 | 359,922 | 438,322 | |||||||||||||||||||||||||
Wholesale crop nutrients (thousands of tons) | 1,375 | 1,534 | 3,199 | 3,409 | |||||||||||||||||||||||||
Ethanol (thousands of gallons) | 228,355 | 218,147 | 452,601 | 438,918 |
Three Months Ended February 28, | |||||||||||||||||||||||
2022 | % of Revenues* | 2021 | % of Revenues* | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 10,332,588 | 100.0 | % | $ | 8,320,159 | 100.0 | % | |||||||||||||||
Cost of goods sold | 10,063,590 | 97.4 | 8,218,439 | 98.8 | |||||||||||||||||||
Gross profit | 268,998 | 2.6 | 101,720 | 1.2 | |||||||||||||||||||
Marketing, general and administrative expenses | 244,325 | 2.4 | 161,510 | 1.9 | |||||||||||||||||||
Operating earnings (loss) | 24,673 | 0.2 | (59,790) | (0.7) | |||||||||||||||||||
Interest expense | 25,174 | 0.2 | 28,855 | 0.3 | |||||||||||||||||||
Other income | (1,405) | — | (17,846) | (0.2) | |||||||||||||||||||
Equity income from investments | (229,923) | (2.2) | (64,109) | (0.8) | |||||||||||||||||||
Income (loss) before income taxes | 230,827 | 2.2 | (6,690) | (0.1) | |||||||||||||||||||
Income tax expense | 11,931 | 0.1 | 31,668 | 0.4 | |||||||||||||||||||
Net income (loss) | 218,896 | 2.1 | (38,358) | (0.5) | |||||||||||||||||||
Net loss attributable to noncontrolling interests | (104) | — | (129) | — | |||||||||||||||||||
Net income (loss) attributable to CHS Inc. | $ | 219,000 | 2.1 | % | $ | (38,229) | (0.5) | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income (loss) before income taxes | $ | 10,832 | $ | (54,690) | $ | 65,522 | 119.8 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income before income taxes | $ | 55,181 | $ | 14,044 | $ | 41,137 | 292.9 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production IBIT* | $ | 154,257 | $ | 11,165 | $ | 143,092 | 1,281.6 | % | |||||||||||||||
Corporate and Other IBIT | $ | 10,557 | $ | 22,791 | $ | (12,234) | (53.7) | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 2,027,999 | $ | 1,372,158 | $ | 655,841 | 47.8 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 8,295,931 | $ | 6,938,212 | $ | 1,357,719 | 19.6 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Corporate and Other revenues* | $ | 8,658 | $ | 9,789 | $ | (1,131) | (11.6) | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 1,952,852 | $ | 1,380,045 | $ | 572,807 | 41.5 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 8,111,480 | $ | 6,841,093 | $ | 1,270,387 | 18.6 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production COGS | $ | 414 | $ | 422 | $ | (8) | (1.9)% | ||||||||||||||||
Corporate and Other COGS | $ | (1,156) | $ | (3,121) | $ | 1,965 | 63.0% |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Marketing, general and administrative expenses | $ | 244,325 | $ | 161,510 | $ | 82,815 | 51.3 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Interest expense | $ | 25,174 | $ | 28,855 | $ | (3,681) | (12.8) | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Other income | $ | 1,405 | $ | 17,846 | $ | (16,441) | (92.1) | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Equity income from investments* | $ | 229,923 | $ | 64,109 | $ | 165,814 | 258.6 | % |
Three Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income tax expense | $ | 11,931 | $ | 31,668 | $ | (19,737) | 62.3 | % |
Six Months Ended February 28, | |||||||||||||||||||||||
2022 | % of Revenues* | 2021 | % of Revenues* | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 21,213,345 | 100.0 | % | $ | 17,035,802 | 100.0 | % | |||||||||||||||
Cost of goods sold | 20,424,439 | 96.3 | 16,755,978 | 98.4 | |||||||||||||||||||
Gross profit | 788,906 | 3.7 | 279,824 | 1.6 | |||||||||||||||||||
Marketing, general and administrative expenses | 449,259 | 2.1 | 332,171 | 1.9 | |||||||||||||||||||
Operating earnings (loss) | 339,647 | 1.6 | (52,347) | (0.3) | |||||||||||||||||||
Interest expense | 48,606 | 0.2 | 53,905 | 0.3 | |||||||||||||||||||
Other income | (25,181) | (0.1) | (30,470) | (0.2) | |||||||||||||||||||
Equity income from investments | (381,268) | (1.8) | (114,132) | (0.7) | |||||||||||||||||||
Income before income taxes | 697,490 | 3.3 | 38,350 | 0.2 | |||||||||||||||||||
Income tax expense | 26,651 | 0.1 | 7,339 | — | |||||||||||||||||||
Net income | 670,839 | 3.2 | 31,011 | 0.2 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | (122) | — | (431) | — | |||||||||||||||||||
Net income attributable to CHS Inc. | $ | 670,961 | 3.2 | % | $ | 31,442 | 0.2 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income (loss) before income taxes | $ | 80,021 | $ | (121,867) | $ | 201,888 | 165.7 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income before income taxes | $ | 341,606 | $ | 97,053 | $ | 244,553 | 252.0 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production IBIT* | $ | 250,840 | $ | 15,635 | $ | 235,205 | 1,504.3 | % | |||||||||||||||
Corporate and Other IBIT | $ | 25,023 | $ | 47,529 | $ | (22,506) | (47.4) | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 4,331,986 | $ | 2,630,005 | $ | 1,701,981 | 64.7 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 16,865,190 | $ | 14,383,614 | $ | 2,481,576 | 17.3 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Corporate and Other revenues* | $ | 16,169 | $ | 22,183 | $ | (6,014) | (27.1) | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 4,132,477 | $ | 2,661,087 | $ | 1,471,390 | 55.3 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 16,295,473 | $ | 14,101,435 | $ | 2,194,038 | 15.6 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production COGS | $ | 828 | $ | 843 | $ | (15) | (1.8)% | ||||||||||||||||
Corporate and Other COGS | $ | (4,339) | $ | (7,387) | $ | 3,048 | 41.3% |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Marketing, general and administrative expenses | $ | 449,259 | $ | 332,171 | $ | 117,088 | 35.2 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Interest expense | $ | 48,606 | $ | 53,905 | $ | (5,299) | (9.8) | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Other income | $ | 25,181 | $ | 30,470 | $ | (5,289) | (17.4) | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Equity income from investments* | $ | 381,268 | $ | 114,132 | $ | 267,136 | 234.1 | % |
Six Months Ended February 28, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income tax expense | $ | 26,651 | $ | 7,339 | $ | 19,312 | (263.1) | % |
February 28, 2022 | August 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Cash and cash equivalents | $ | 211,936 | $ | 413,159 | |||||||
Notes payable | 2,688,004 | 1,740,859 | |||||||||
Long-term debt including current maturities | 1,964,727 | 1,618,361 | |||||||||
Total equities | 9,368,444 | 9,017,326 | |||||||||
Working capital | 2,416,695 | 1,672,938 | |||||||||
Current ratio* | 1.3 | 1.3 |
February 28, 2022 | August 31, 2021 | Change | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Current assets | $ | 11,227,062 | $ | 7,998,951 | $ | 3,228,111 | |||||||||||
Less current liabilities | 8,810,367 | 6,326,013 | 2,484,354 | ||||||||||||||
Working capital | $ | 2,416,695 | $ | 1,672,938 | $ | 743,757 |
Six Months Ended February 28, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net cash used in operating activities | $ | (1,303,541) | $ | (1,134,545) | $ | (168,996) | |||||||||||
Net cash used in investing activities | (156,140) | (69,618) | (86,522) | ||||||||||||||
Net cash provided by financing activities | 1,191,666 | 1,319,720 | (128,054) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (3,717) | 1,026 | (4,743) | ||||||||||||||
(Decrease) increase in cash and cash equivalents and restricted cash | $ | (271,732) | $ | 116,583 | $ | (388,315) |
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: | April 6, 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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