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Name | Symbol | Market | Type |
---|---|---|---|
CHS Inc | NASDAQ:CHSCP | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.11 | -0.36% | 30.45 | 30.19 | 32.73 | 30.64 | 30.40 | 30.60 | 17,210 | 22:16:11 |
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þ
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Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended February 28, 2017.
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or
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o
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Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to
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Minnesota
(State or other jurisdiction of
incorporation or organization)
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41-0251095
(I.R.S. Employer
Identification Number)
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5500 Cenex Drive Inver Grove Heights, Minnesota 55077
(Address of principal executive offices,
including zip code)
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(651) 355-6000
(Registrant’s telephone number,
including area code)
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
þ
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Page
No.
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February 28,
2017 |
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August 31,
2016 |
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(Dollars in thousands)
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||||||
ASSETS
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Current assets:
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Cash and cash equivalents
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$
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249,801
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$
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279,313
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Receivables
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2,697,699
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2,880,763
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Inventories
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3,752,218
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2,370,699
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Derivative assets
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386,613
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543,821
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Margin deposits
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290,291
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310,276
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Supplier advance payments
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701,705
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347,600
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Other current assets
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200,288
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202,708
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Total current assets
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8,278,615
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6,935,180
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Investments
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3,802,379
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3,795,976
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Property, plant and equipment
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5,404,347
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5,488,323
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Other assets
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1,072,824
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1,092,656
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Total assets
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$
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18,558,165
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$
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17,312,135
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LIABILITIES AND EQUITIES
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Current liabilities:
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Notes payable
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$
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3,867,438
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$
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2,731,479
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Current portion of long-term debt
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205,136
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214,329
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Customer margin deposits and credit balances
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149,625
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208,991
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Customer advance payments
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871,370
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412,823
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Accounts payable
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1,877,040
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1,819,049
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Derivative liabilities
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275,484
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513,599
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Accrued expenses
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378,318
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422,494
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Dividends and equities payable
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131,380
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198,031
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Total current liabilities
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7,755,791
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6,520,795
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Long-term debt
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2,051,567
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2,082,876
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Long-term deferred tax liabilities
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516,681
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487,762
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Other liabilities
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272,532
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354,452
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Commitments and contingencies
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Equities:
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Preferred stock
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2,244,114
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2,244,132
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Equity certificates
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4,201,803
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4,237,174
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Accumulated other comprehensive loss
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(211,442
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)
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(211,726
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)
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Capital reserves
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1,713,784
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1,582,380
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Total CHS Inc. equities
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7,948,259
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7,851,960
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Noncontrolling interests
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13,335
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14,290
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Total equities
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7,961,594
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7,866,250
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Total liabilities and equities
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$
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18,558,165
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$
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17,312,135
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For the Three Months Ended
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For the Six Months Ended
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||||||||||||
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February 28, 2017
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February 29, 2016
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February 28, 2017
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February 29, 2016
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(Dollars in thousands)
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||||||||||||||
Revenues
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$
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7,320,406
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$
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6,639,330
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$
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15,368,656
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$
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14,368,122
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Cost of goods sold
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7,079,664
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6,550,326
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14,775,217
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13,867,300
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Gross profit
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240,742
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89,004
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593,439
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500,822
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Marketing, general and administrative
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230,235
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180,807
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396,441
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332,811
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Operating earnings (loss)
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10,507
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(91,803
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)
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196,998
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168,011
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(Gain) loss on investments
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(2,782
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)
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(3,050
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)
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4,619
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(8,722
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)
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Interest expense
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39,945
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25,036
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78,210
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34,087
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Other income
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(14,453
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)
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(9,323
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)
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(58,854
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)
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(11,381
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)
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Equity (income) loss from investments
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(35,800
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)
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(28,004
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)
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(76,128
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)
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(59,366
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)
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Income (loss) before income taxes
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23,597
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(76,462
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)
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249,151
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213,393
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Income tax expense (benefit)
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8,624
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(46,280
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)
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25,236
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(22,599
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)
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Net income (loss)
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14,973
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(30,182
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)
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223,915
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235,992
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Net income (loss) attributable to noncontrolling interests
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406
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797
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198
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|
496
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Net income (loss) attributable to CHS Inc.
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$
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14,567
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$
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(30,979
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)
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$
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223,717
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$
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235,496
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For the Three Months Ended
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For the Six Months Ended
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||||||||||||
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February 28, 2017
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February 29, 2016
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February 28, 2017
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February 29, 2016
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(Dollars in thousands)
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Net income (loss)
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$
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14,973
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$
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(30,182
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)
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$
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223,915
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$
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235,992
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Other comprehensive income (loss), net of tax:
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Postretirement benefit plan activity, net of tax expense (benefit) of $2,312, $2,028, $4,323 and $3,789, respectively
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3,724
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3,227
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6,963
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6,429
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Unrealized net gain (loss) on available for sale investments, net of tax expense (benefit) of $600, $(805), $1,083 and $(441), respectively
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968
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|
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(1,298
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)
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1,744
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(739
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)
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||||
Cash flow hedges, net of tax expense (benefit) of $598, $(1,354), $1,005 and $(4,050), respectively
|
963
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|
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(2,185
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)
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1,618
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(6,520
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)
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Foreign currency translation adjustment, net of tax expense (benefit) of $(204), $0, $5 and $0, respectively
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9,123
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(10,691
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)
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(10,041
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)
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(13,670
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)
|
||||
Other comprehensive income (loss), net of tax
|
14,778
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|
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(10,947
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)
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284
|
|
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(14,500
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)
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||||
Comprehensive income (loss)
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29,751
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(41,129
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)
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224,199
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|
|
221,492
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Less: comprehensive income (loss) attributable to noncontrolling interests
|
406
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|
|
797
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|
198
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|
|
496
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Comprehensive income (loss) attributable to CHS Inc.
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$
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29,345
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$
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(41,926
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)
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$
|
224,001
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|
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$
|
220,996
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For the Six Months Ended
|
||||||
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February 28, 2017
|
|
February 29, 2016
|
||||
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(Dollars in thousands)
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||||||
Cash flows from operating activities:
|
|
|
|
|
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Net income
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$
|
223,915
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|
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$
|
235,992
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Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
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Depreciation and amortization
|
241,730
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|
|
207,302
|
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Amortization of deferred major repair costs
|
36,431
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36,302
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(Income) loss from equity investments
|
(76,128
|
)
|
|
(59,366
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)
|
||
Provision for doubtful accounts
|
97,113
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|
|
7,060
|
|
||
Distributions from equity investments
|
86,096
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|
|
54,682
|
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Unrealized (gain) loss on crack spread contingent liability
|
(12,879
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)
|
|
(51,827
|
)
|
||
Long-lived asset impairment
|
623
|
|
|
8,893
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|
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Deferred taxes
|
22,366
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|
|
(32,979
|
)
|
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Other, net
|
24,300
|
|
|
9,234
|
|
||
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
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Receivables
|
152,926
|
|
|
351,629
|
|
||
Inventories
|
(1,389,281
|
)
|
|
(338,016
|
)
|
||
Derivative assets
|
120,346
|
|
|
93,329
|
|
||
Margin deposits
|
19,985
|
|
|
76,397
|
|
||
Supplier advance payments
|
(354,105
|
)
|
|
(457,432
|
)
|
||
Other current assets and other assets
|
(3,401
|
)
|
|
68,811
|
|
||
Customer margin deposits and credit balances
|
(59,284
|
)
|
|
(42,809
|
)
|
||
Customer advance payments
|
457,095
|
|
|
368,834
|
|
||
Accounts payable and accrued expenses
|
58,427
|
|
|
24,729
|
|
||
Derivative liabilities
|
(239,894
|
)
|
|
(193,545
|
)
|
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Other liabilities
|
(49,555
|
)
|
|
(48,137
|
)
|
||
Net cash provided by (used in) operating activities
|
(643,174
|
)
|
|
319,083
|
|
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Cash flows from investing activities:
|
|
|
|
|
|
||
Acquisition of property, plant and equipment
|
(207,877
|
)
|
|
(428,290
|
)
|
||
Proceeds from disposition of property, plant and equipment
|
6,794
|
|
|
5,107
|
|
||
Expenditures for major repairs
|
(687
|
)
|
|
(19,090
|
)
|
||
Investments in joint ventures and other
|
(5,628
|
)
|
|
(2,814,031
|
)
|
||
Proceeds from sale of investments
|
6,041
|
|
|
21,016
|
|
||
Changes in notes receivable, net
|
(88,629
|
)
|
|
4,428
|
|
||
Business acquisitions, net of cash acquired
|
1,279
|
|
|
(10,154
|
)
|
||
Other investing activities, net
|
3,563
|
|
|
(4,068
|
)
|
||
Net cash provided by (used in) investing activities
|
(285,144
|
)
|
|
(3,245,082
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from lines of credit and long-term borrowings
|
21,159,218
|
|
|
11,138,485
|
|
||
Payments on lines of credit, long term-debt and capital lease obligations
|
(20,062,366
|
)
|
|
(8,339,531
|
)
|
||
Mandatorily redeemable noncontrolling interest payments
|
—
|
|
|
(153,022
|
)
|
||
Payments on crack spread contingent liability
|
—
|
|
|
(2,625
|
)
|
||
Changes in checks and drafts outstanding
|
1,388
|
|
|
6,802
|
|
||
Preferred stock dividends paid
|
(83,650
|
)
|
|
(80,999
|
)
|
||
Retirements of equities
|
(13,670
|
)
|
|
(10,443
|
)
|
||
Cash patronage dividends paid
|
(103,879
|
)
|
|
(251,535
|
)
|
||
Other financing activities, net
|
2,551
|
|
|
3,148
|
|
||
Net cash provided by (used in) financing activities
|
899,592
|
|
|
2,310,280
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(786
|
)
|
|
1,443
|
|
||
Net increase (decrease) in cash and cash equivalents
|
(29,512
|
)
|
|
(614,276
|
)
|
||
Cash and cash equivalents at beginning of period
|
279,313
|
|
|
953,813
|
|
||
Cash and cash equivalents at end of period
|
$
|
249,801
|
|
|
$
|
339,537
|
|
|
February 28, 2017
|
|
August 31, 2016
|
||||
|
(Dollars in thousands)
|
||||||
Trade accounts receivable
|
$
|
1,485,693
|
|
|
$
|
1,804,646
|
|
CHS Capital notes receivable
|
957,986
|
|
|
858,805
|
|
||
Other
|
514,777
|
|
|
380,956
|
|
||
|
2,958,456
|
|
|
3,044,407
|
|
||
Less allowances and reserves
|
260,757
|
|
|
163,644
|
|
||
Total receivables
|
$
|
2,697,699
|
|
|
$
|
2,880,763
|
|
|
February 28, 2017
|
|
August 31, 2016
|
||||
|
(Dollars in thousands)
|
||||||
Grain and oilseed
|
$
|
1,646,960
|
|
|
$
|
937,258
|
|
Energy
|
842,258
|
|
|
729,695
|
|
||
Crop nutrients
|
353,651
|
|
|
217,521
|
|
||
Feed and farm supplies
|
822,975
|
|
|
417,431
|
|
||
Processed grain and oilseed
|
61,732
|
|
|
48,930
|
|
||
Other
|
24,642
|
|
|
19,864
|
|
||
Total inventories
|
$
|
3,752,218
|
|
|
$
|
2,370,699
|
|
|
2017
|
|
2016
|
||||
|
(Dollars in thousands)
|
||||||
Equity method investments:
|
|
|
|
||||
CF Industries Nitrogen, LLC
|
$
|
2,784,459
|
|
|
$
|
2,796,323
|
|
Ventura Foods, LLC
|
370,089
|
|
|
369,487
|
|
||
Ardent Mills, LLC
|
202,671
|
|
|
194,986
|
|
||
TEMCO, LLC
|
41,472
|
|
|
44,578
|
|
||
Other equity method investments
|
273,540
|
|
|
263,025
|
|
||
Cost method investments
|
130,148
|
|
|
127,577
|
|
||
Total investments
|
$
|
3,802,379
|
|
|
$
|
3,795,976
|
|
|
Energy
|
|
Ag
|
|
Corporate
and Other |
|
Total
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Balances, August 31, 2016
|
$
|
552
|
|
|
$
|
148,916
|
|
|
$
|
10,946
|
|
|
$
|
160,414
|
|
Effect of foreign currency translation adjustments
|
—
|
|
|
(284
|
)
|
|
—
|
|
|
(284
|
)
|
||||
Other
|
—
|
|
|
—
|
|
|
(372
|
)
|
|
(372
|
)
|
||||
Balances, February 28, 2017
|
$
|
552
|
|
|
$
|
148,632
|
|
|
$
|
10,574
|
|
|
$
|
159,758
|
|
|
February 28,
2017 |
|
August 31,
2016 |
||||||||||||||||||||
|
Carrying Amount
|
|
Accumulated Amortization
|
|
Net
|
|
Carrying Amount
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Customer lists
|
$
|
49,379
|
|
|
$
|
(13,899
|
)
|
|
$
|
35,480
|
|
|
$
|
51,554
|
|
|
$
|
(15,550
|
)
|
|
$
|
36,004
|
|
Trademarks and other intangible assets
|
31,569
|
|
|
(24,015
|
)
|
|
7,554
|
|
|
35,015
|
|
|
(26,253
|
)
|
|
8,762
|
|
||||||
Total intangible assets
|
$
|
80,948
|
|
|
$
|
(37,914
|
)
|
|
$
|
43,034
|
|
|
$
|
86,569
|
|
|
$
|
(41,803
|
)
|
|
$
|
44,766
|
|
|
February 28, 2017
|
|
August 31, 2016
|
||||
|
(Dollars in thousands)
|
||||||
Notes payable
|
$
|
2,983,033
|
|
|
$
|
1,803,174
|
|
CHS Capital notes payable
|
884,405
|
|
|
928,305
|
|
||
Total notes payable
|
$
|
3,867,438
|
|
|
$
|
2,731,479
|
|
|
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)
|
||||||||||||||||||||||||||||||
Balance, August 31, 2016
|
$
|
3,932,513
|
|
|
$
|
22,894
|
|
|
$
|
281,767
|
|
|
$
|
2,244,132
|
|
|
$
|
(211,726
|
)
|
|
$
|
1,582,380
|
|
|
$
|
14,290
|
|
|
$
|
7,866,250
|
|
Reversal of prior year redemption estimate
|
(153,711
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
278,968
|
|
|
—
|
|
|
125,257
|
|
||||||||
Distribution of 2016 patronage refunds
|
153,589
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(257,468
|
)
|
|
—
|
|
|
(103,879
|
)
|
||||||||
Redemptions of equities
|
(12,792
|
)
|
|
(82
|
)
|
|
(796
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,670
|
)
|
||||||||
Equities issued, net
|
3,123
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,123
|
|
||||||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(55,767
|
)
|
|
—
|
|
|
(55,767
|
)
|
||||||||
Other, net
|
(105
|
)
|
|
(64
|
)
|
|
(26
|
)
|
|
(18
|
)
|
|
—
|
|
|
3,936
|
|
|
(1,153
|
)
|
|
2,570
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
223,717
|
|
|
198
|
|
|
223,915
|
|
||||||||
Other comprehensive income (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
284
|
|
|
—
|
|
|
—
|
|
|
284
|
|
||||||||
Estimated 2017 cash patronage refunds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61,982
|
)
|
|
—
|
|
|
(61,982
|
)
|
||||||||
Estimated 2017 equity redemptions
|
(24,507
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,507
|
)
|
||||||||
Balance, February 28, 2017
|
$
|
3,898,110
|
|
|
$
|
22,748
|
|
|
$
|
280,945
|
|
|
$
|
2,244,114
|
|
|
$
|
(211,442
|
)
|
|
$
|
1,713,784
|
|
|
$
|
13,335
|
|
|
$
|
7,961,594
|
|
|
Pension and Other Postretirement Benefits
|
|
Unrealized Net Gain on Available for Sale Investments
|
|
Cash Flow Hedges
|
|
Foreign Currency Translation Adjustment
|
|
Total
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Balance as of August 31, 2016
|
$
|
(165,146
|
)
|
|
$
|
5,656
|
|
|
$
|
(9,196
|
)
|
|
$
|
(43,040
|
)
|
|
$
|
(211,726
|
)
|
Current period other comprehensive income (loss), net of tax
|
(309
|
)
|
|
1,744
|
|
|
1,077
|
|
|
(10,056
|
)
|
|
(7,544
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax
|
7,272
|
|
|
—
|
|
|
541
|
|
|
15
|
|
|
7,828
|
|
|||||
Net other comprehensive income (loss), net of tax
|
6,963
|
|
|
1,744
|
|
|
1,618
|
|
|
(10,041
|
)
|
|
284
|
|
|||||
Balance as of February 28, 2017
|
$
|
(158,183
|
)
|
|
$
|
7,400
|
|
|
$
|
(7,578
|
)
|
|
$
|
(53,081
|
)
|
|
$
|
(211,442
|
)
|
|
Pension and Other Postretirement Benefits
|
|
Unrealized Net Gain on Available for Sale Investments
|
|
Cash Flow Hedges
|
|
Foreign Currency Translation Adjustment
|
|
Total
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Balance as of August 31, 2015
|
$
|
(171,729
|
)
|
|
$
|
4,156
|
|
|
$
|
(5,324
|
)
|
|
$
|
(41,310
|
)
|
|
$
|
(214,207
|
)
|
Current period other comprehensive income (loss), net of tax
|
12,877
|
|
|
(739
|
)
|
|
(6,233
|
)
|
|
(13,670
|
)
|
|
(7,765
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax
|
(6,448
|
)
|
|
—
|
|
|
(287
|
)
|
|
—
|
|
|
(6,735
|
)
|
|||||
Net other comprehensive income (loss), net of tax
|
6,429
|
|
|
(739
|
)
|
|
(6,520
|
)
|
|
(13,670
|
)
|
|
(14,500
|
)
|
|||||
Balance as of February 29, 2016
|
$
|
(165,300
|
)
|
|
$
|
3,417
|
|
|
$
|
(11,844
|
)
|
|
$
|
(54,980
|
)
|
|
$
|
(228,707
|
)
|
|
Qualified
Pension Benefits
|
|
Non-Qualified
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
Components of net periodic benefit costs for the three months ended February 28, 2017, and February 29, 2016, are as follows:
|
(Dollars in thousands)
|
||||||||||||||||||||||
Service cost
|
$
|
11,692
|
|
|
$
|
9,383
|
|
|
$
|
344
|
|
|
$
|
259
|
|
|
$
|
227
|
|
|
$
|
353
|
|
Interest cost
|
3,812
|
|
|
7,691
|
|
|
70
|
|
|
351
|
|
|
39
|
|
|
428
|
|
||||||
Expected return on assets
|
(12,101
|
)
|
|
(12,013
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Prior service cost (credit) amortization
|
368
|
|
|
401
|
|
|
(47
|
)
|
|
57
|
|
|
(253
|
)
|
|
(30
|
)
|
||||||
Actuarial (gain) loss amortization
|
6,650
|
|
|
4,775
|
|
|
100
|
|
|
173
|
|
|
(283
|
)
|
|
(116
|
)
|
||||||
Net periodic benefit cost
|
$
|
10,421
|
|
|
$
|
10,237
|
|
|
$
|
467
|
|
|
$
|
840
|
|
|
$
|
(270
|
)
|
|
$
|
635
|
|
Components of net periodic benefit costs for the six months ended February 28, 2017, and February 29, 2016, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Service cost
|
$
|
21,075
|
|
|
$
|
18,766
|
|
|
$
|
603
|
|
|
$
|
518
|
|
|
$
|
580
|
|
|
$
|
706
|
|
Interest cost
|
11,504
|
|
|
15,384
|
|
|
422
|
|
|
703
|
|
|
466
|
|
|
855
|
|
||||||
Expected return on assets
|
(24,115
|
)
|
|
(24,027
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Prior service cost (credit) amortization
|
770
|
|
|
803
|
|
|
10
|
|
|
114
|
|
|
(283
|
)
|
|
(60
|
)
|
||||||
Actuarial (gain) loss amortization
|
11,415
|
|
|
9,529
|
|
|
273
|
|
|
346
|
|
|
(399
|
)
|
|
(232
|
)
|
||||||
Net periodic benefit cost
|
$
|
20,649
|
|
|
$
|
20,455
|
|
|
$
|
1,308
|
|
|
$
|
1,681
|
|
|
$
|
364
|
|
|
$
|
1,269
|
|
|
Energy
|
|
Ag
|
|
Nitrogen Production
|
|
Foods
|
|
Corporate
and Other |
|
Reconciling
Amounts |
|
Total
|
||||||||||||||
For the Three Months Ended February 28, 2017:
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
Revenues
|
$
|
1,529,034
|
|
|
$
|
5,855,331
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31,430
|
|
|
$
|
(95,389
|
)
|
|
$
|
7,320,406
|
|
Operating earnings (loss)
|
19,506
|
|
|
(14,291
|
)
|
|
(4,385
|
)
|
|
(2,472
|
)
|
|
12,149
|
|
|
—
|
|
|
10,507
|
|
|||||||
(Gain) loss on investments
|
—
|
|
|
(690
|
)
|
|
—
|
|
|
—
|
|
|
(2,092
|
)
|
|
—
|
|
|
(2,782
|
)
|
|||||||
Interest expense
|
3,565
|
|
|
16,850
|
|
|
12,182
|
|
|
—
|
|
|
11,411
|
|
|
(4,063
|
)
|
|
39,945
|
|
|||||||
Other income
|
(187
|
)
|
|
(17,686
|
)
|
|
(464
|
)
|
|
—
|
|
|
(179
|
)
|
|
4,063
|
|
|
(14,453
|
)
|
|||||||
Equity (income) loss from investments
|
(486
|
)
|
|
(3,455
|
)
|
|
(21,557
|
)
|
|
(5,561
|
)
|
|
(4,741
|
)
|
|
—
|
|
|
(35,800
|
)
|
|||||||
Income (loss) before income taxes
|
$
|
16,614
|
|
|
$
|
(9,310
|
)
|
|
$
|
5,454
|
|
|
$
|
3,089
|
|
|
$
|
7,750
|
|
|
$
|
—
|
|
|
$
|
23,597
|
|
Intersegment revenues
|
$
|
(89,094
|
)
|
|
$
|
(4,758
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,537
|
)
|
|
$
|
95,389
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy
|
|
Ag
|
|
Nitrogen Production
|
|
Foods
|
|
Corporate
and Other |
|
Reconciling
Amounts |
|
Total
|
||||||||||||||
For the Three Months Ended February 29, 2016:
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
Revenues
|
$
|
1,134,148
|
|
|
$
|
5,580,450
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,201
|
|
|
$
|
(98,469
|
)
|
|
$
|
6,639,330
|
|
Operating earnings (loss)
|
(69,299
|
)
|
|
(21,818
|
)
|
|
(5,759
|
)
|
|
(2,125
|
)
|
|
7,198
|
|
|
—
|
|
|
(91,803
|
)
|
|||||||
(Gain) loss on investments
|
—
|
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|
(3,008
|
)
|
|
—
|
|
|
(3,050
|
)
|
|||||||
Interest expense
|
(4,854
|
)
|
|
16,485
|
|
|
4,737
|
|
|
779
|
|
|
7,280
|
|
|
609
|
|
|
25,036
|
|
|||||||
Other income
|
46
|
|
|
(8,493
|
)
|
|
—
|
|
|
—
|
|
|
(267
|
)
|
|
(609
|
)
|
|
(9,323
|
)
|
|||||||
Equity (income) loss from investments
|
(1,364
|
)
|
|
1,355
|
|
|
(11,855
|
)
|
|
(14,450
|
)
|
|
(1,690
|
)
|
|
—
|
|
|
(28,004
|
)
|
|||||||
Income (loss) before income taxes
|
$
|
(63,127
|
)
|
|
$
|
(31,123
|
)
|
|
$
|
1,359
|
|
|
$
|
11,546
|
|
|
$
|
4,883
|
|
|
$
|
—
|
|
|
$
|
(76,462
|
)
|
Intersegment revenues
|
$
|
(67,208
|
)
|
|
$
|
(29,963
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,298
|
)
|
|
$
|
98,469
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Energy
|
|
Ag
|
|
Nitrogen Production
|
|
Foods
|
|
Corporate
and Other |
|
Reconciling
Amounts |
|
Total
|
||||||||||||||
For the Six Months Ended February 28, 2017:
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
Revenues
|
$
|
3,229,214
|
|
|
$
|
12,291,325
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
58,871
|
|
|
$
|
(210,754
|
)
|
|
$
|
15,368,656
|
|
Operating earnings (loss)
|
92,286
|
|
|
95,306
|
|
|
(8,414
|
)
|
|
(5,269
|
)
|
|
23,089
|
|
|
—
|
|
|
196,998
|
|
|||||||
(Gain) loss on investments
|
—
|
|
|
6,695
|
|
|
—
|
|
|
—
|
|
|
(2,076
|
)
|
|
—
|
|
|
4,619
|
|
|||||||
Interest expense
|
7,833
|
|
|
33,189
|
|
|
24,918
|
|
|
—
|
|
|
19,385
|
|
|
(7,115
|
)
|
|
78,210
|
|
|||||||
Other income
|
(496
|
)
|
|
(35,609
|
)
|
|
(29,570
|
)
|
|
—
|
|
|
(294
|
)
|
|
7,115
|
|
|
(58,854
|
)
|
|||||||
Equity (income) loss from investments
|
(1,648
|
)
|
|
(8,872
|
)
|
|
(36,253
|
)
|
|
(18,930
|
)
|
|
(10,425
|
)
|
|
—
|
|
|
(76,128
|
)
|
|||||||
Income (loss) before income taxes
|
$
|
86,597
|
|
|
$
|
99,903
|
|
|
$
|
32,491
|
|
|
$
|
13,661
|
|
|
$
|
16,499
|
|
|
$
|
—
|
|
|
$
|
249,151
|
|
Intersegment revenues
|
$
|
(199,181
|
)
|
|
$
|
(8,523
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(3,050
|
)
|
|
$
|
210,754
|
|
|
$
|
—
|
|
Total assets at February 28, 2017
|
$
|
4,388,668
|
|
|
$
|
8,093,289
|
|
|
$
|
2,809,029
|
|
|
$
|
370,089
|
|
|
$
|
2,897,090
|
|
|
$
|
—
|
|
|
$
|
18,558,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Energy
|
|
Ag
|
|
Nitrogen Production
|
|
Foods
|
|
Corporate
and Other |
|
Reconciling
Amounts |
|
Total
|
||||||||||||||
For the Six Months Ended February 29, 2016:
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
Revenues
|
$
|
2,840,061
|
|
|
$
|
11,694,706
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
43,096
|
|
|
$
|
(209,741
|
)
|
|
$
|
14,368,122
|
|
Operating earnings (loss)
|
111,213
|
|
|
53,173
|
|
|
(5,759
|
)
|
|
(4,076
|
)
|
|
13,460
|
|
|
—
|
|
|
168,011
|
|
|||||||
(Gain) loss on investments
|
—
|
|
|
(5,714
|
)
|
|
—
|
|
|
—
|
|
|
(3,008
|
)
|
|
—
|
|
|
(8,722
|
)
|
|||||||
Interest expense
|
(16,453
|
)
|
|
33,267
|
|
|
4,737
|
|
|
1,601
|
|
|
10,935
|
|
|
—
|
|
|
34,087
|
|
|||||||
Other income
|
43
|
|
|
(10,305
|
)
|
|
—
|
|
|
—
|
|
|
(1,119
|
)
|
|
—
|
|
|
(11,381
|
)
|
|||||||
Equity (income) loss from investments
|
(2,187
|
)
|
|
(2,221
|
)
|
|
(11,855
|
)
|
|
(35,527
|
)
|
|
(7,576
|
)
|
|
—
|
|
|
(59,366
|
)
|
|||||||
Income (loss) before income taxes
|
$
|
129,810
|
|
|
$
|
38,146
|
|
|
$
|
1,359
|
|
|
$
|
29,850
|
|
|
$
|
14,228
|
|
|
$
|
—
|
|
|
$
|
213,393
|
|
Intersegment revenues
|
$
|
(174,311
|
)
|
|
$
|
(33,016
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2,414
|
)
|
|
$
|
209,741
|
|
|
$
|
—
|
|
|
February 28, 2017
|
||||||||||||||
|
|
|
Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting
|
|
|
||||||||||
|
Gross Amounts Recognized
|
|
Cash Collateral
|
|
Derivative Instruments
|
|
Net Amounts
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Derivative Assets:
|
|
|
|
|
|
|
|
||||||||
Commodity and freight derivatives
|
$
|
348,144
|
|
|
$
|
—
|
|
|
$
|
19,843
|
|
|
$
|
328,301
|
|
Foreign exchange derivatives
|
27,548
|
|
|
—
|
|
|
10,317
|
|
|
17,231
|
|
||||
Interest rate derivatives - hedge
|
6,892
|
|
|
—
|
|
|
—
|
|
|
6,892
|
|
||||
Embedded derivative asset - current
|
4,029
|
|
|
—
|
|
|
—
|
|
|
4,029
|
|
||||
Total current derivatives
|
$
|
386,613
|
|
|
$
|
—
|
|
|
$
|
30,160
|
|
|
$
|
356,453
|
|
Embedded derivative asset - long term
|
20,540
|
|
|
—
|
|
|
—
|
|
|
20,540
|
|
||||
Total
|
$
|
407,153
|
|
|
$
|
—
|
|
|
$
|
30,160
|
|
|
$
|
376,993
|
|
Derivative Liabilities:
|
|
|
|
|
|
|
|
||||||||
Commodity and freight derivatives
|
$
|
254,618
|
|
|
$
|
80
|
|
|
$
|
19,843
|
|
|
$
|
234,695
|
|
Foreign exchange derivatives
|
18,537
|
|
|
—
|
|
|
10,317
|
|
|
8,220
|
|
||||
Interest rate derivatives - hedge
|
2,327
|
|
|
—
|
|
|
—
|
|
|
2,327
|
|
||||
Interest rate derivatives - non-hedge
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Total
|
$
|
275,484
|
|
|
$
|
80
|
|
|
$
|
30,160
|
|
|
$
|
245,244
|
|
|
August 31, 2016
|
||||||||||||||
|
|
|
Amounts Not Offset on the Consolidated Balance Sheet but Eligible for Offsetting
|
|
|
||||||||||
|
Gross Amounts Recognized
|
|
Cash Collateral
|
|
Derivative Instruments
|
|
Net Amounts
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Derivative Assets:
|
|
|
|
|
|
|
|
||||||||
Commodity and freight derivatives
|
$
|
500,192
|
|
|
$
|
—
|
|
|
$
|
23,689
|
|
|
$
|
476,503
|
|
Foreign exchange derivatives
|
21,551
|
|
|
—
|
|
|
9,187
|
|
|
12,364
|
|
||||
Interest rate derivatives - hedge
|
22,078
|
|
|
—
|
|
|
—
|
|
|
22,078
|
|
||||
Total
|
$
|
543,821
|
|
|
$
|
—
|
|
|
$
|
32,876
|
|
|
$
|
510,945
|
|
Derivative Liabilities:
|
|
|
|
|
|
|
|
||||||||
Commodity and freight derivatives
|
$
|
491,302
|
|
|
$
|
811
|
|
|
$
|
23,689
|
|
|
$
|
466,802
|
|
Foreign exchange derivatives
|
22,289
|
|
|
—
|
|
|
9,187
|
|
|
13,102
|
|
||||
Interest rate derivatives - non-hedge
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||
Total
|
$
|
513,599
|
|
|
$
|
811
|
|
|
$
|
32,876
|
|
|
$
|
479,912
|
|
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
Location of
Gain (Loss)
|
|
February 28, 2017
|
|
February 29, 2016
|
|
February 28, 2017
|
|
February 29, 2016
|
||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||
Commodity and freight derivatives
|
Cost of goods sold
|
|
$
|
56,896
|
|
|
$
|
54,971
|
|
|
$
|
75,305
|
|
|
$
|
90,017
|
|
Foreign exchange derivatives
|
Cost of goods sold
|
|
(3,429
|
)
|
|
(10,481
|
)
|
|
2,595
|
|
|
(9,798
|
)
|
||||
Foreign exchange derivatives
|
Marketing, general and administrative
|
|
(951
|
)
|
|
7,605
|
|
|
(806
|
)
|
|
15,128
|
|
||||
Interest rate derivatives
|
Interest expense
|
|
1
|
|
|
(500
|
)
|
|
4
|
|
|
(1,203
|
)
|
||||
Embedded derivative
|
Other Income
|
|
468
|
|
|
—
|
|
|
29,574
|
|
|
—
|
|
||||
Total
|
|
$
|
52,985
|
|
|
$
|
51,595
|
|
|
$
|
106,672
|
|
|
$
|
94,144
|
|
|
February 28, 2017
|
|
August 31, 2016
|
||||||||
|
Long
|
|
Short
|
|
Long
|
|
Short
|
||||
|
(Units in thousands)
|
||||||||||
Grain and oilseed - bushels
|
635,896
|
|
|
1,001,200
|
|
|
774,279
|
|
|
995,396
|
|
Energy products - barrels
|
10,493
|
|
|
6,732
|
|
|
14,740
|
|
|
6,470
|
|
Processed grain and oilseed - tons
|
365
|
|
|
2,344
|
|
|
541
|
|
|
2,060
|
|
Crop nutrients - tons
|
160
|
|
|
225
|
|
|
108
|
|
|
135
|
|
Ocean and barge freight - metric tons
|
5,365
|
|
|
727
|
|
|
4,406
|
|
|
877
|
|
Rail freight - rail cars
|
165
|
|
|
51
|
|
|
205
|
|
|
79
|
|
Natural gas - MMBtu
|
2,467
|
|
|
—
|
|
|
3,550
|
|
|
300
|
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
|
February 28, 2017
|
|
February 29, 2016
|
|
February 28, 2017
|
|
February 29, 2016
|
||||||||
|
|
(Dollars in thousands)
|
||||||||||||||
Interest rate derivatives
|
|
$
|
—
|
|
|
$
|
(3,252
|
)
|
|
$
|
—
|
|
|
$
|
(10,070
|
)
|
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
Location of
Gain (Loss)
|
|
February 28, 2017
|
|
February 29, 2016
|
|
February 28, 2017
|
|
February 29, 2016
|
||||||||
|
|
|
(Dollars in thousands)
|
||||||||||||||
Interest rate derivatives
|
Interest expense
|
|
$
|
(436
|
)
|
|
$
|
(275
|
)
|
|
$
|
(877
|
)
|
|
$
|
(465
|
)
|
|
February 28, 2017
|
||||||||||||||
|
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 and freight derivatives
|
$
|
28,220
|
|
|
$
|
319,924
|
|
|
$
|
—
|
|
|
$
|
348,144
|
|
Foreign currency derivatives
|
—
|
|
|
27,548
|
|
|
—
|
|
|
27,548
|
|
||||
Interest rate swap derivatives
|
—
|
|
|
6,892
|
|
|
—
|
|
|
6,892
|
|
||||
Deferred compensation assets
|
50,599
|
|
|
—
|
|
|
—
|
|
|
50,599
|
|
||||
Embedded derivative asset
|
—
|
|
|
24,569
|
|
|
—
|
|
|
24,569
|
|
||||
Other assets
|
14,133
|
|
|
—
|
|
|
—
|
|
|
14,133
|
|
||||
Total
|
$
|
92,952
|
|
|
$
|
378,933
|
|
|
$
|
—
|
|
|
$
|
471,885
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|||||
Commodity and freight derivatives
|
$
|
17,960
|
|
|
$
|
236,658
|
|
|
$
|
—
|
|
|
$
|
254,618
|
|
Foreign currency derivatives
|
—
|
|
|
18,537
|
|
|
—
|
|
|
18,537
|
|
||||
Interest rate swap derivatives
|
—
|
|
|
2,329
|
|
|
—
|
|
|
2,329
|
|
||||
Crack spread contingent consideration liability
|
—
|
|
|
—
|
|
|
2,172
|
|
|
2,172
|
|
||||
Total
|
$
|
17,960
|
|
|
$
|
257,524
|
|
|
$
|
2,172
|
|
|
$
|
277,656
|
|
|
August 31, 2016
|
||||||||||||||
|
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 and freight derivatives
|
$
|
62,538
|
|
|
$
|
437,654
|
|
|
$
|
—
|
|
|
$
|
500,192
|
|
Foreign currency derivatives
|
—
|
|
|
21,551
|
|
|
—
|
|
|
21,551
|
|
||||
Interest rate swap derivatives
|
—
|
|
|
22,078
|
|
|
—
|
|
|
22,078
|
|
||||
Deferred compensation assets
|
50,099
|
|
|
—
|
|
|
—
|
|
|
50,099
|
|
||||
Other assets
|
12,678
|
|
|
—
|
|
|
—
|
|
|
12,678
|
|
||||
Total
|
$
|
125,315
|
|
|
$
|
481,283
|
|
|
$
|
—
|
|
|
$
|
606,598
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Commodity and freight derivatives
|
$
|
22,331
|
|
|
$
|
468,971
|
|
|
$
|
—
|
|
|
$
|
491,302
|
|
Foreign currency derivatives
|
—
|
|
|
22,289
|
|
|
—
|
|
|
22,289
|
|
||||
Interest rate swap derivatives
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
||||
Crack spread contingent consideration liability
|
—
|
|
|
—
|
|
|
15,051
|
|
|
15,051
|
|
||||
Total
|
$
|
22,331
|
|
|
$
|
491,268
|
|
|
$
|
15,051
|
|
|
$
|
528,650
|
|
|
|
Level 3 Liabilities
|
||||||
|
|
Crack spread contingent consideration liability
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
(Dollars in thousands)
|
||||||
Balances, November 30, 2016 and 2015, respectively
|
|
$
|
8,281
|
|
|
$
|
43,693
|
|
Total (gains) losses included in cost of goods sold
|
|
(6,109
|
)
|
|
(19,538
|
)
|
||
Balances, February 28, 2017, and February 29, 2016, respectively
|
|
$
|
2,172
|
|
|
$
|
24,155
|
|
|
|
Level 3 Liabilities
|
||||||
|
|
Crack spread contingent consideration liability
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
(Dollars in thousands)
|
||||||
Balances, August 31, 2016, and 2015, respectively
|
|
$
|
15,051
|
|
|
$
|
75,982
|
|
Total (gains) losses included in cost of goods sold
|
|
(12,879
|
)
|
|
(51,827
|
)
|
||
Balances, February 28, 2017 and February 29, 2016, respectively
|
|
$
|
2,172
|
|
|
$
|
24,155
|
|
|
|
NASDAQ symbol
|
|
Issuance date
|
|
Shares outstanding
|
|
Redemption value
|
|
Dividend rate (a) (b)
|
|
Dividend payment frequency
|
|
Redeemable beginning (c)
|
||||
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|||||
8% Cumulative Redeemable
|
|
CHSCP
|
|
(d)
|
|
12,272,003
|
|
|
$
|
306.8
|
|
|
8.000
|
%
|
|
Quarterly
|
|
7/18/2023
|
Class B Cumulative Redeemable Series 1
|
|
CHSCO
|
|
(e)
|
|
20,764,558
|
|
|
$
|
519.1
|
|
|
7.875
|
%
|
|
Quarterly
|
|
9/26/2023
|
Class B Reset Rate Cumulative Redeemable Series 2
|
|
CHSCN
|
|
3/11/2014
|
|
16,800,000
|
|
|
$
|
420.0
|
|
|
7.100
|
%
|
|
Quarterly
|
|
3/31/2024
|
Class B Reset Rate Cumulative Redeemable Series 3
|
|
CHSCM
|
|
9/15/2014
|
|
19,700,000
|
|
|
$
|
492.5
|
|
|
6.750
|
%
|
|
Quarterly
|
|
9/30/2024
|
Class B Cumulative Redeemable Series 4
|
|
CHSCL
|
|
1/21/2015
|
|
20,700,000
|
|
|
$
|
517.5
|
|
|
7.500
|
%
|
|
Quarterly
|
|
1/21/2025
|
(a)
|
The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 2 accumulates dividends at a rate of 7.10% per year until March 31, 2024, and then at a rate equal to the three-month U.S. Dollar LIBOR plus 4.298%, not to exceed 8.00% per annum, subsequent to March 31, 2024.
|
(b)
|
The Class B Reset Rate Cumulative Redeemable Preferred Stock, Series 3 accumulates dividends at a rate of 6.75% per year until September 30, 2024, and then at a rate equal to the three-month U.S. Dollar LIBOR plus 4.155%, not to exceed 8.00% per annum, subsequent to September 30, 2024.
|
(c)
|
Preferred stock is redeemable for cash at our option, in whole or in part, at a per share price equal to the per share liquidation preference of $25.00 per share, plus all dividends accumulated and unpaid on that share to and including the date of redemption, beginning on the dates set forth in this column.
|
(d)
|
The 8% Cumulative Redeemable Preferred Stock was issued at various times from 2003-2010.
|
(e)
|
11,319,175 shares of Class B Cumulative Redeemable Preferred Stock, Series 1 were issued on September 26, 2013; 6,752,188 shares were issued on August 25, 2014; and an additional 2,693,195 shares were issued on March 31, 2016; 695,390 shares were issued on March 30, 2017.
|
Exhibit
|
Description
|
31.1
|
|
31.2
|
|
32.1
|
|
32.2
|
|
101
|
The following financial information from CHS Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended February 28, 2017, formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Operations, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, and (v) the Notes to the Consolidated Financial Statements.
|
Date:
|
April 5, 2017
|
|
By:
|
|
/s/ Timothy Skidmore
|
|
|
|
|
|
Timothy Skidmore
|
|
|
|
|
|
Executive Vice President and Chief Financial Officer
|
1 Year CHS Chart |
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