We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.17 | 0.64% | 26.89 | 26.77 | 26.89 | 26.89 | 26.79 | 26.84 | 3,397 | 15:46:18 |
☑ | Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||||||||
For the quarterly period ended | November 30, 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 |
Page No. | ||||||||
November 30, 2022 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 636,296 | $ | 793,957 | |||||||
Receivables | 4,276,643 | 3,548,315 | |||||||||
Inventories | 5,070,104 | 3,652,871 | |||||||||
Other current assets | 1,481,592 | 1,382,704 | |||||||||
Total current assets | 11,464,635 | 9,377,847 | |||||||||
Investments | 3,890,624 | 3,728,006 | |||||||||
Property, plant and equipment | 4,728,819 | 4,744,959 | |||||||||
Other assets | 989,186 | 973,995 | |||||||||
Total assets | $ | 21,073,264 | $ | 18,824,807 | |||||||
LIABILITIES AND EQUITIES | |||||||||||
Current liabilities: | |||||||||||
Notes payable | $ | 773,447 | $ | 606,719 | |||||||
Current portion of long-term debt | 289,888 | 290,605 | |||||||||
Accounts payable | 4,604,819 | 3,063,310 | |||||||||
Accrued expenses | 666,614 | 784,317 | |||||||||
Other current liabilities | 2,153,474 | 2,207,018 | |||||||||
Total current liabilities | 8,488,242 | 6,951,969 | |||||||||
Long-term debt | 1,668,158 | 1,668,209 | |||||||||
Other liabilities | 1,188,019 | 743,363 | |||||||||
Commitments and contingencies (Note 13) | |||||||||||
Equities: | |||||||||||
Preferred stock | 2,264,038 | 2,264,038 | |||||||||
Equity certificates | 5,182,720 | 5,391,236 | |||||||||
Accumulated other comprehensive loss | (268,953) | (255,335) | |||||||||
Capital reserves | 2,545,102 | 2,055,682 | |||||||||
Total CHS Inc. equities | 9,722,907 | 9,455,621 | |||||||||
Noncontrolling interests | 5,938 | 5,645 | |||||||||
Total equities | 9,728,845 | 9,461,266 | |||||||||
Total liabilities and equities | $ | 21,073,264 | $ | 18,824,807 |
Three Months Ended November 30, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Revenues | $ | 12,765,839 | $ | 10,880,757 | |||||||
Cost of goods sold | 11,886,704 | 10,360,849 | |||||||||
Gross profit | 879,135 | 519,908 | |||||||||
Marketing, general and administrative expenses | 234,666 | 204,934 | |||||||||
Operating earnings | 644,469 | 314,974 | |||||||||
Interest expense | 33,250 | 23,432 | |||||||||
Other income | (24,289) | (23,776) | |||||||||
Equity income from investments | (181,962) | (151,345) | |||||||||
Income before income taxes | 817,470 | 466,663 | |||||||||
Income tax expense | 34,554 | 14,720 | |||||||||
Net income | 782,916 | 451,943 | |||||||||
Net income (loss) attributable to noncontrolling interests | 318 | (18) | |||||||||
Net income attributable to CHS Inc. | $ | 782,598 | $ | 451,961 |
Three Months Ended November 30, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Net income | $ | 782,916 | $ | 451,943 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Pension and other postretirement benefits | 8,524 | 3,768 | |||||||||
Cash flow hedges | (20,207) | (9,141) | |||||||||
Foreign currency translation adjustment | (1,935) | (10,045) | |||||||||
Other comprehensive loss, net of tax | (13,618) | (15,418) | |||||||||
Comprehensive income | 769,298 | 436,525 | |||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 318 | (18) | |||||||||
Comprehensive income attributable to CHS Inc. | $ | 768,980 | $ | 436,543 |
Three Months Ended November 30, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 782,916 | $ | 451,943 | |||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization, including amortization of deferred major maintenance | 131,388 | 132,772 | |||||||||
Equity income from investments, net of distributions received | (164,930) | (140,387) | |||||||||
Provision for current expected credit losses | 2,961 | 1,472 | |||||||||
Deferred taxes | (1,733) | 11,856 | |||||||||
Other, net | 1,597 | (8,556) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | (779,455) | (696,984) | |||||||||
Inventories | (1,417,233) | (1,274,141) | |||||||||
Accounts payable and accrued expenses | 1,441,469 | 1,420,237 | |||||||||
Other, net | (177,172) | (81,799) | |||||||||
Net cash used in operating activities | (180,192) | (183,587) | |||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of property, plant and equipment | (122,598) | (74,878) | |||||||||
Proceeds from disposition of property, plant and equipment | 5,034 | 2,822 | |||||||||
Expenditures for major maintenance | (27,398) | (5,541) | |||||||||
Proceeds from sale of business | — | 55,546 | |||||||||
Changes in CHS Capital notes receivable, net | 32,098 | (31,509) | |||||||||
Financing extended to customers | (39,814) | (456) | |||||||||
Payments from customer financing | 42,121 | 3,833 | |||||||||
Other investing activities, net | (156) | (2,013) | |||||||||
Net cash used in investing activities | (110,713) | (52,196) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from notes payable and long-term debt | 2,054,507 | 4,952,834 | |||||||||
Payments on notes payable, long-term debt and finance lease obligations | (1,887,483) | (4,792,770) | |||||||||
Preferred stock dividends paid | (42,167) | (42,167) | |||||||||
Redemptions of equities | (12,941) | (12,221) | |||||||||
Other financing activities, net | 18,044 | 50,326 | |||||||||
Net cash provided by financing activities | 129,960 | 156,002 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,415 | (3,550) | |||||||||
Decrease in cash and cash equivalents and restricted cash | (159,530) | (83,331) | |||||||||
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 | $ | 743,944 | $ | 459,153 |
ASC Topic 606 | ASC Topic 815 | Other Guidance | Total Revenues | |||||||||||||||||||||||
Three Months Ended November 30, 2022 | (Dollars in thousands) | |||||||||||||||||||||||||
Energy | $ | 2,802,155 | $ | 317,151 | $ | — | $ | 3,119,306 | ||||||||||||||||||
Ag | 2,613,460 | 7,009,353 | 10,431 | 9,633,244 | ||||||||||||||||||||||
Corporate and Other | 5,699 | — | 7,590 | 13,289 | ||||||||||||||||||||||
Total revenues | $ | 5,421,314 | $ | 7,326,504 | $ | 18,021 | $ | 12,765,839 | ||||||||||||||||||
Three Months Ended November 30, 2021 | ||||||||||||||||||||||||||
Energy | $ | 2,047,277 | $ | 256,710 | $ | — | $ | 2,303,987 | ||||||||||||||||||
Ag | 2,531,956 | 6,029,260 | 8,043 | 8,569,259 | ||||||||||||||||||||||
Corporate and Other | 3,590 | — | 3,921 | 7,511 | ||||||||||||||||||||||
Total revenues | $ | 4,582,823 | $ | 6,285,970 | $ | 11,964 | $ | 10,880,757 | ||||||||||||||||||
November 30, 2022 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Trade accounts receivable | $ | 3,359,600 | $ | 2,626,623 | |||||||
CHS Capital short-term notes receivable | 587,917 | 644,875 | |||||||||
Other | 459,462 | 404,734 | |||||||||
Gross receivables | 4,406,979 | 3,676,232 | |||||||||
Less: allowances and reserves | 130,336 | 127,917 | |||||||||
Total receivables | $ | 4,276,643 | $ | 3,548,315 |
November 30, 2022 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Grain and oilseed | $ | 2,244,788 | $ | 1,133,531 | |||||||
Energy | 918,042 | 824,114 | |||||||||
Agronomy | 1,482,707 | 1,295,548 | |||||||||
Processed grain and oilseed | 316,490 | 292,992 | |||||||||
Other | 108,077 | 106,686 | |||||||||
Total inventories | $ | 5,070,104 | $ | 3,652,871 |
November 30, 2022 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Equity method investments: | |||||||||||
CF Industries Nitrogen, LLC | $ | 2,769,170 | $ | 2,641,604 | |||||||
Ventura Foods, LLC | 427,343 | 410,093 | |||||||||
Ardent Mills, LLC | 255,106 | 250,857 | |||||||||
TEMCO, LLC | 44,091 | 32,809 | |||||||||
Other equity method investments | 268,731 | 265,913 | |||||||||
Other investments | 126,183 | 126,730 | |||||||||
Total investments | $ | 3,890,624 | $ | 3,728,006 |
Three Months Ended November 30, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Net sales | $ | 1,623,268 | $ | 1,316,899 | |||||||
Gross profit | 770,478 | 575,571 | |||||||||
Net earnings | 764,179 | 562,593 | |||||||||
Earnings attributable to CHS Inc. | 127,566 | 116,473 |
November 30, 2022 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Notes payable | $ | 625,872 | $ | 459,398 | |||||||
CHS Capital notes payable | 147,575 | 147,321 | |||||||||
Total notes payable | $ | 773,447 | $ | 606,719 |
November 30, 2022 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Private placement debt | $ | 1,545,000 | $ | 1,545,000 | |||||||
Term loan | 366,000 | 366,000 | |||||||||
45,069 | 44,773 | ||||||||||
Deferred financing costs | (3,399) | (3,535) | |||||||||
Other | 5,376 | 6,576 | |||||||||
Total long-term debt | 1,958,046 | 1,958,814 | |||||||||
Less current portion | 289,888 | 290,605 | |||||||||
Long-term portion | $ | 1,668,158 | $ | 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, 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 redemption estimates | 12,941 | — | — | — | — | — | — | 12,941 | |||||||||||||||||||||||||||||||||||||||
Redemptions of equities | (10,021) | (58) | (2,862) | — | — | — | — | (12,941) | |||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (84,334) | — | (84,334) | |||||||||||||||||||||||||||||||||||||||
Other, net | 291 | — | 57 | — | — | 20 | (25) | 343 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 782,598 | 318 | 782,916 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (13,618) | — | — | (13,618) | |||||||||||||||||||||||||||||||||||||||
Estimated 2023 cash patronage refunds | — | — | — | — | — | (208,864) | — | (208,864) | |||||||||||||||||||||||||||||||||||||||
Estimated 2023 equity redemptions | (208,864) | — | — | — | — | — | — | (208,864) | |||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Three Months Ended November 30, | |||||||||||||||||
Nasdaq symbol | 2022 | 2021 | |||||||||||||||
Series of preferred stock: | (Dollars per share) | ||||||||||||||||
8% Cumulative Redeemable | CHSCP | $ | 1.00 | $ | 1.00 | ||||||||||||
Class B Cumulative Redeemable, Series 1 | CHSCO | $ | 0.98 | $ | 0.98 | ||||||||||||
Class B Reset Rate Cumulative Redeemable, Series 2 | CHSCN | $ | 0.88 | $ | 0.88 | ||||||||||||
Class B Reset Rate Cumulative Redeemable, Series 3 | CHSCM | $ | 0.84 | $ | 0.84 | ||||||||||||
Class B Cumulative Redeemable, Series 4 | CHSCL | $ | 0.94 | $ | 0.94 |
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 | (66) | (33,899) | (2,227) | (36,192) | |||||||||||||||||||
Amounts reclassified | 5,560 | 7,229 | — | 12,789 | |||||||||||||||||||
Total other comprehensive income (loss), before tax | 5,494 | (26,670) | (2,227) | (23,403) | |||||||||||||||||||
Tax effect | 3,030 | 6,463 | 292 | 9,785 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 8,524 | (20,207) | (1,935) | (13,618) | |||||||||||||||||||
Balance as of November 30, 2022, net of tax | $ | (160,116) | $ | (11,364) | $ | (97,473) | $ | (268,953) | |||||||||||||||
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) | |||||||||||||||
Three Months Ended November 30, | |||||||||||||||||||||||||||||||||||
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 | $ | 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) | |||||||||||||||||||||||
Energy | Ag | Nitrogen Production | Corporate and Other | Reconciling Amounts | Total | ||||||||||||||||||||||||||||||
Three Months Ended November 30, 2022 | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenues, including intersegment revenues | $ | 3,337,125 | $ | 9,640,559 | $ | — | $ | 16,099 | $ | (227,944) | $ | 12,765,839 | |||||||||||||||||||||||
Intersegment revenues | (217,819) | (7,315) | — | (2,810) | 227,944 | — | |||||||||||||||||||||||||||||
Revenues, net of intersegment revenues | $ | 3,119,306 | $ | 9,633,244 | $ | — | $ | 13,289 | $ | — | $ | 12,765,839 | |||||||||||||||||||||||
Operating earnings (loss) | 398,659 | 263,502 | (16,272) | (1,420) | — | 644,469 | |||||||||||||||||||||||||||||
Interest expense | 2,056 | 18,567 | 14,421 | 4,125 | (5,919) | 33,250 | |||||||||||||||||||||||||||||
Other income | (3,523) | (19,302) | — | (7,383) | 5,919 | (24,289) | |||||||||||||||||||||||||||||
Equity (income) loss from investments | 3,532 | (23,062) | (127,566) | (34,866) | — | (181,962) | |||||||||||||||||||||||||||||
Income before income taxes | $ | 396,594 | $ | 287,299 | $ | 96,873 | $ | 36,704 | $ | — | $ | 817,470 | |||||||||||||||||||||||
Total assets as of November 30, 2022 | $ | 4,241,612 | $ | 10,392,187 | $ | 2,769,170 | $ | 3,670,296 | $ | — | $ | 21,073,264 | |||||||||||||||||||||||
Energy | Ag | Nitrogen Production | Corporate and Other | Reconciling Amounts | Total | ||||||||||||||||||||||||||||||
Three Months Ended November 30, 2021 | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenues, including intersegment revenues | $ | 2,468,343 | $ | 8,577,403 | $ | — | $ | 10,204 | $ | (175,193) | $ | 10,880,757 | |||||||||||||||||||||||
Intersegment revenues | (164,356) | (8,144) | — | (2,693) | 175,193 | — | |||||||||||||||||||||||||||||
Revenues, net of intersegment revenues | $ | 2,303,987 | $ | 8,569,259 | $ | — | $ | 7,511 | $ | — | $ | 10,880,757 | |||||||||||||||||||||||
Operating earnings (loss) | 67,850 | 259,773 | (10,183) | (2,466) | — | 314,974 | |||||||||||||||||||||||||||||
Interest expense | 488 | 13,661 | 11,254 | (1,820) | (151) | 23,432 | |||||||||||||||||||||||||||||
Other income | (728) | (20,579) | (1,547) | (1,073) | 151 | (23,776) | |||||||||||||||||||||||||||||
Equity income from investments | (1,100) | (19,734) | (116,473) | (14,038) | — | (151,345) | |||||||||||||||||||||||||||||
Income before income taxes | $ | 69,190 | $ | 286,425 | $ | 96,583 | $ | 14,465 | $ | — | $ | 466,663 |
November 30, 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 | $ | 315,322 | $ | — | $ | 7,792 | $ | 307,530 | |||||||||||||||
Foreign exchange derivatives | 51,509 | — | 7,372 | 44,137 | |||||||||||||||||||
Total | $ | 366,831 | $ | — | $ | 15,164 | $ | 351,667 | |||||||||||||||
Derivative liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | 225,676 | $ | 1,442 | $ | 9,865 | $ | 214,369 | |||||||||||||||
Foreign exchange derivatives | 13,937 | — | 7,372 | 6,565 | |||||||||||||||||||
Total | $ | 239,613 | $ | 1,442 | $ | 17,237 | $ | 220,934 |
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 November 30, | |||||||||||||||||
Location of Gain (Loss) | 2022 | 2021 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Commodity derivatives | Cost of goods sold | $ | (135,686) | $ | 31,598 | ||||||||||||
Foreign exchange derivatives | Cost of goods sold | (19,453) | (32,494) | ||||||||||||||
Foreign exchange derivatives | Marketing, general and administrative expenses | 237 | (1,194) | ||||||||||||||
Other derivatives | Other income | — | 1,546 | ||||||||||||||
Total | $ | (154,902) | $ | (544) |
November 30, 2022 | August 31, 2022 | ||||||||||||||||||||||
Long | Short | Long | Short | ||||||||||||||||||||
(Units in thousands) | |||||||||||||||||||||||
Grain and oilseed (bushels) | 837,115 | 850,388 | 609,300 | 773,239 | |||||||||||||||||||
Energy products (barrels) | 14,373 | 8,726 | 10,541 | 5,706 | |||||||||||||||||||
Processed grain and oilseed (tons) | 3,334 | 6,396 | 1,191 | 4,182 | |||||||||||||||||||
Crop nutrients (tons) | 59 | 33 | 23 | 22 | |||||||||||||||||||
Ocean freight (metric tons) | 15 | — | 60 | — | |||||||||||||||||||
Natural gas (metric million Btu) | 630 | 200 | 420 | — |
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||
Balance Sheet Location | November 30, 2022 | August 31, 2022 | Balance Sheet Location | November 30, 2022 | August 31, 2022 | |||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Other current assets | $ | 12,312 | $ | 27,154 | Other current liabilities | $ | 26,565 | $ | 11,818 |
Three Months Ended November 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Commodity derivatives | $ | (29,589) | $ | (13,296) |
Three Months Ended November 30, | |||||||||||||||||
Location of Gain (Loss) | 2022 | 2021 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Commodity derivatives | Cost of goods sold | $ | (6,929) | $ | 13,254 |
November 30, 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 | $ | 702 | $ | 326,932 | $ | — | $ | 327,634 | |||||||||||||||
Foreign exchange derivatives | — | 51,509 | — | 51,509 | |||||||||||||||||||
Deferred compensation assets | 48,430 | — | — | 48,430 | |||||||||||||||||||
Segregated investments and marketable securities | 207,521 | — | — | 207,521 | |||||||||||||||||||
Other assets | 85,457 | — | — | 85,457 | |||||||||||||||||||
Total | $ | 342,110 | $ | 378,441 | $ | — | $ | 720,551 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Commodity derivatives | $ | 2,894 | $ | 249,347 | $ | — | $ | 252,241 | |||||||||||||||
Foreign exchange derivatives | — | 13,937 | — | 13,937 | |||||||||||||||||||
Total | $ | 2,894 | $ | 263,284 | $ | — | $ | 266,178 |
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 | |||||||||||||||||||
Deferred compensation assets | 46,562 | — | — | 46,562 | |||||||||||||||||||
Segregated investments and marketable securities | 238,124 | — | — | 238,124 | |||||||||||||||||||
Other assets | 11,718 | — | — | 11,718 | |||||||||||||||||||
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 |
November 30, 2022 | August 31, 2022 | ||||||||||
Other current assets | (Dollars in thousands) | ||||||||||
Derivative assets (Note 11) | $ | 374,489 | $ | 535,698 | |||||||
Margin and related deposits | 318,807 | 390,782 | |||||||||
Supplier advance payments | 521,504 | 198,753 | |||||||||
Restricted cash | 107,648 | 109,517 | |||||||||
Other | 159,144 | 147,954 | |||||||||
Total other current assets | $ | 1,481,592 | $ | 1,382,704 | |||||||
Other current liabilities | |||||||||||
Customer margin deposits and credit balances | $ | 231,471 | $ | 283,234 | |||||||
Customer advance payments | 628,995 | 525,003 | |||||||||
Derivative liabilities (Note 11) | 263,781 | 398,781 | |||||||||
Dividends and equity payable | 1,029,227 | 1,000,000 | |||||||||
Total other current liabilities | $ | 2,153,474 | $ | 2,207,018 |
Three Months Ended November 30, | |||||||||||
2022 | 2021 | ||||||||||
Refinery throughput volumes | (Barrels per day) | ||||||||||
Heavy, high-sulfur crude oil | 89,415 | 102,340 | |||||||||
All other crude oil | 71,271 | 70,327 | |||||||||
Other feedstocks and blendstocks | 10,708 | 18,338 | |||||||||
Total refinery throughput volumes | 171,394 | 191,005 | |||||||||
Refined fuel yields | |||||||||||
Gasolines | 76,014 | 92,886 | |||||||||
Distillates | 75,393 | 78,924 |
Three Months Ended November 30, | |||||||||||
2022 | 2021 | ||||||||||
Market indicators | |||||||||||
WTI crude oil (dollars per barrel) | $ | 85.15 | $ | 77.14 | |||||||
WTI - WCS crude oil discount (dollars per barrel) | $ | 25.16 | $ | 12.95 | |||||||
Group 3 2:1:1 crack spread (dollars per barrel)* | $ | 44.76 | $ | 18.04 | |||||||
Group 3 5:3:2 crack spread (dollars per barrel)* | $ | 40.40 | $ | 17.56 | |||||||
D6 ethanol RIN (dollars per RIN) | $ | 1.6733 | $ | 1.1760 | |||||||
D4 ethanol RIN (dollars per RIN) | $ | 1.8259 | $ | 1.4648 |
Three Months Ended November 30, | |||||||||||||||||
Market Source* | 2022 | 2021 | |||||||||||||||
Commodity prices | |||||||||||||||||
Corn (dollars per bushel) | Chicago Board of Trade | $ | 6.77 | $ | 5.57 | ||||||||||||
Soybeans (dollars per bushel) | Chicago Board of Trade | $ | 14.14 | $ | 12.36 | ||||||||||||
Wheat (dollars per bushel) | Chicago Board of Trade | $ | 8.58 | $ | 7.57 | ||||||||||||
Urea (dollars per ton) | Green Markets NOLA | $ | 589.27 | $ | 676.00 | ||||||||||||
Urea ammonium nitrate (dollars per ton) | Green Markets NOLA | $ | 540.16 | $ | 456.64 | ||||||||||||
Ethanol (dollars per gallon) | Chicago Platts | $ | 2.50 | $ | 2.81 | ||||||||||||
Volumes | |||||||||||||||||
Grain and oilseed (thousands of bushels) | 517,439 | 564,112 | |||||||||||||||
North American grain and oilseed port throughput (thousands of bushels) | 161,715 | 172,987 | |||||||||||||||
Wholesale crop nutrients (thousands of tons) | 1,612 | 1,823 | |||||||||||||||
Ethanol (thousands of gallons) | 243,761 | 224,246 |
Three Months Ended November 30, | |||||||||||||||||||||||
2022 | % of Revenues* | 2021 | % of Revenues* | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 12,765,839 | 100.0 | % | $ | 10,880,757 | 100.0 | % | |||||||||||||||
Cost of goods sold | 11,886,704 | 93.1 | 10,360,849 | 95.2 | |||||||||||||||||||
Gross profit | 879,135 | 6.9 | 519,908 | 4.8 | |||||||||||||||||||
Marketing, general and administrative expenses | 234,666 | 1.8 | 204,934 | 1.9 | |||||||||||||||||||
Operating earnings | 644,469 | 5.0 | 314,974 | 2.9 | |||||||||||||||||||
Interest expense | 33,250 | 0.3 | 23,432 | 0.2 | |||||||||||||||||||
Other income | (24,289) | (0.2) | (23,776) | (0.2) | |||||||||||||||||||
Equity income from investments | (181,962) | (1.4) | (151,345) | (1.4) | |||||||||||||||||||
Income before income taxes | 817,470 | 6.4 | 466,663 | 4.3 | |||||||||||||||||||
Income tax expense | 34,554 | 0.3 | 14,720 | 0.1 | |||||||||||||||||||
Net income | 782,916 | 6.1 | 451,943 | 4.2 | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 318 | — | (18) | — | |||||||||||||||||||
Net income attributable to CHS Inc. | $ | 782,598 | 6.1 | % | $ | 451,961 | 4.2 | % |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income before income taxes | $ | 396,594 | $ | 69,190 | $ | 327,404 | 473.2 | % |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income before income taxes | $ | 287,299 | $ | 286,425 | $ | 874 | 0.3 | % |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production IBIT* | $ | 96,873 | $ | 96,583 | $ | 290 | 0.3 | % | |||||||||||||||
Corporate and Other IBIT | $ | 36,704 | $ | 14,465 | $ | 22,239 | 153.7 | % |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 3,119,306 | $ | 2,303,987 | $ | 815,319 | 35.4 | % |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 9,633,244 | $ | 8,569,259 | $ | 1,063,985 | 12.4 | % |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Corporate and Other revenues* | $ | 13,289 | $ | 7,511 | $ | 5,778 | 76.9 | % |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 2,654,729 | $ | 2,179,625 | $ | 475,104 | 21.8 | % |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of goods sold | $ | 9,232,728 | $ | 8,183,993 | $ | 1,048,735 | 12.8 | % |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Nitrogen Production COGS | $ | 428 | $ | 414 | $ | 14 | 3.4% | ||||||||||||||||
Corporate and Other COGS | $ | (1,181) | $ | (3,183) | $ | 2,002 | 62.9% |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Marketing, general and administrative expenses | $ | 234,666 | $ | 204,934 | $ | 29,732 | 14.5 | % |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Interest expense | $ | 33,250 | $ | 23,432 | $ | 9,818 | 41.9 | % |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Other income | $ | 24,289 | $ | 23,776 | $ | 513 | 2.2 | % |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Equity income from investments* | $ | 181,962 | $ | 151,345 | $ | 30,617 | 20.2 | % |
Three Months Ended November 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income tax expense | $ | 34,554 | $ | 14,720 | $ | 19,834 | 134.7 | % |
November 30, 2022 | August 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Cash and cash equivalents | $ | 636,296 | $ | 793,957 | |||||||
Notes payable | 773,447 | 606,719 | |||||||||
Long-term debt including current maturities | 1,958,046 | 1,958,814 | |||||||||
Total equities | 9,728,845 | 9,461,266 | |||||||||
Working capital | 2,976,393 | 2,425,878 | |||||||||
Current ratio* | 1.4 | 1.3 |
November 30, 2022 | August 31, 2022 | Change | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Current assets | $ | 11,464,635 | $ | 9,377,847 | $ | 2,086,788 | |||||||||||
Less current liabilities | 8,488,242 | 6,951,969 | 1,536,273 | ||||||||||||||
Working capital | $ | 2,976,393 | $ | 2,425,878 | $ | 550,515 |
Three Months Ended November 30, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net cash used in operating activities | $ | (180,192) | $ | (183,587) | $ | 3,395 | |||||||||||
Net cash used in investing activities | (110,713) | (52,196) | (58,517) | ||||||||||||||
Net cash provided by financing activities | 129,960 | 156,002 | (26,042) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,415 | (3,550) | 4,965 | ||||||||||||||
Decrease in cash and cash equivalents and restricted cash | $ | (159,530) | $ | (83,331) | $ | (76,199) |
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 | ||||
Amendment No. 3 to Employment Agreement, dated as of November 1, 2022, between CHS Inc. and Jay D. Debertin (incorporated by reference to our Form 10-K for the year ended August 31, 2022, filed November 2, 2022). | |||||
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: | January 11, 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 |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions