þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the fiscal year ended | August 31, | ||||
or | |||||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to . |
Minnesota (State or other jurisdiction of incorporation or organization) | 41-0251095 (I.R.S. Employer Identification Number) | |
5500 Cenex Drive | ||
Inver Grove Heights, Minnesota 55077 (Address of principal executive office, including zip code) | (651) 355-6000 (Registrant’s Telephone number, including area code) |
8% Cumulative Redeemable Preferred Stock | The NASDAQ | |||
(Title of Class) | (Name of Each Exchange on Which Registered) |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer þ | Smaller reporting company o |
(Do not check if a smaller reporting company) |
Page | ||||||||
No. | ||||||||
EX-10.11.A | ||||||||
1
Business Segment | Entity Name | Business Activity | CHS Ownership% | |||||||||||||
Energy | National Cooperative Refinery Association | Petroleum refining | 74.5 | % | Consolidated | |||||||||||
Front Range Pipeline, LLC | Crude oil transportation | 100 | % | Consolidated | ||||||||||||
Cenex Pipeline, LLC | Finished product transportation | 100 | % | Consolidated | ||||||||||||
Ag | CHS do Brasil Ltda. | Grain procurement and merchandising in Brazil | 100 | % | Consolidated | |||||||||||
TEMCO, LLC | Grain exporter | 50 | % | Equity Method | ||||||||||||
CHS Europe S.A. | Grain merchandising in Europe | 100 | % | Consolidated | ||||||||||||
CHS Ukraine, LLC | Grain procurement and merchandising in Ukraine | 100 | % | Consolidated | ||||||||||||
ACG Trade S.A. | Grain procurement and merchandising in Russia | 100 | % | Consolidated | ||||||||||||
CHSINC Iberica S.L. | 100 | % | Consolidated | |||||||||||||
CHS de Argentina S.A. | Grain merchandising in Argentina | 100 | % | Consolidated | ||||||||||||
CHS Argritrade Bulgaria LTD | Grain procurement and merchandising in Bulgaria | 100 | % | Consolidated | ||||||||||||
CHS Argritrade Hungary LTD | Grain procurement and merchandising in Hungary | 100 | % | Consolidated | ||||||||||||
CHS Argritrade Romania S.R.L. | Grain procurement and merchandising in Romania | 100 | % | Consolidated | ||||||||||||
CHS Serbia D.O.O. Novi Sad | Grain procurement and merchandising in Serbia | 100 | % | Consolidated | ||||||||||||
Agromarket, LLC | Grain procurement and merchandising in Russia | 100 | % | Consolidated | ||||||||||||
S.C. Silotrans S.R.L. | Romanian grain terminal port facility | 96 | % | Consolidated | ||||||||||||
CZL LTD | Grain procurement and merchandising in Japan | 51 | % | Consolidated | ||||||||||||
CHS Singapore Trading Company PTE. LTD. | Grain procurement and merchandising in Asia Pacific region | 100 | % | Consolidated | ||||||||||||
CHS (Shanghai) Trading Co., Ltd. | Grain merchandising in China | 100 | % | Consolidated | ||||||||||||
CHS Israel Protein Foods LTD | Israeli soybean processing and textured soy production facilities | 100 | % | Consolidated | ||||||||||||
S.P.E. CHS Plant Extracts LTD | Israeli textured soy production facility | 100 | % | Consolidated | ||||||||||||
Solbar Ningbo Food, Ltd. | Chinese textured soy production facility | 100 | % | Consolidated | ||||||||||||
Corporate and Other | Ventura Foods, LLC | Food manufacturing and distributing | 50 | % | Equity Method | |||||||||||
Horizon Milling, LLC | Wheat milling in U.S. | 24 | % | Equity Method | ||||||||||||
Horizon Milling General Partnership | Wheat milling in Canada | 24 | % | Equity Method | ||||||||||||
Risk management products broker | 100 | % | Consolidated | |||||||||||||
Ag States Agency, LLC | Insurance agency | 100 | % | Consolidated | ||||||||||||
CHS Capital, LLC | Finance company | 100 | % | Consolidated |
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2011 | 2010 | 2009 | ||||||||||
(Dollars in thousands) | ||||||||||||
Revenues | $ | 11,467,381 | $ | 8,799,890 | $ | 7,639,838 | ||||||
Cost of goods sold | 10,694,687 | 8,437,504 | 7,110,324 | |||||||||
Gross profit | 772,694 | 362,386 | 529,514 | |||||||||
Marketing, general and administrative | 142,708 | 123,834 | 125,104 | |||||||||
Operating earnings | 629,986 | 238,552 | 404,410 | |||||||||
Loss (gain) on investments | 1,027 | (269 | ) | (15,748 | ) | |||||||
Interest, net | 5,829 | 9,939 | 5,483 | |||||||||
Equity income from investments | (6,802 | ) | (5,554 | ) | (4,044 | ) | ||||||
Income before income taxes | $ | 629,932 | $ | 234,436 | $ | 418,719 | ||||||
Intersegment revenues | $ | (383,389 | ) | $ | (295,536 | ) | $ | (251,626 | ) | |||
Total identifiable assets — August 31 | $ | 3,883,205 | $ | 3,004,471 | $ | 3,025,522 | ||||||
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Revenues | $ | 12,816,542 | $ | 11,467,381 | $ | 8,799,890 | |||||
Cost of goods sold | 11,514,463 | 10,694,687 | 8,437,504 | ||||||||
Gross profit | 1,302,079 | 772,694 | 362,386 | ||||||||
Marketing, general and administrative | 155,786 | 142,708 | 123,834 | ||||||||
Operating earnings | 1,146,293 | 629,986 | 238,552 | ||||||||
Loss (gain) on investments | 4,008 | 1,027 | (269 | ) | |||||||
Interest, net | 122,302 | 5,829 | 9,939 | ||||||||
Equity income from investments | (7,537 | ) | (6,802 | ) | (5,554 | ) | |||||
Income before income taxes | $ | 1,027,520 | $ | 629,932 | $ | 234,436 | |||||
Intersegment revenues | $ | (467,583 | ) | $ | (383,389 | ) | $ | (295,536 | ) | ||
Total identifiable assets at period end | $ | 3,684,571 | $ | 3,883,205 | $ | 3,004,471 |
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2011 | 2010 | 2009 | ||||||||||
(Dollars in thousands) | ||||||||||||
Revenues | $ | 25,767,033 | $ | 16,715,055 | $ | 18,292,204 | ||||||
Cost of goods sold | 25,204,301 | 16,258,679 | 17,994,462 | |||||||||
Gross profit | 562,732 | 456,376 | 297,742 | |||||||||
Marketing, general and administrative | 229,369 | 187,640 | 168,886 | |||||||||
Operating earnings | 333,363 | 268,736 | 128,856 | |||||||||
Gain on investments | (118,344 | ) | (421 | ) | (66 | ) | ||||||
Interest, net | 57,438 | 33,039 | 53,565 | |||||||||
Equity income from investments | (40,482 | ) | (31,248 | ) | (35,453 | ) | ||||||
Income before income taxes | $ | 434,751 | $ | 267,366 | $ | 110,810 | ||||||
Total identifiable assets — August 31 | $ | 5,276,537 | $ | 3,847,518 | $ | 3,202,132 | ||||||
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Revenues | $ | 28,181,445 | $ | 25,767,033 | $ | 16,715,055 | |||||
Cost of goods sold | 27,544,040 | 25,204,301 | 16,258,679 | ||||||||
Gross profit | 637,405 | 562,732 | 456,376 | ||||||||
Marketing, general and administrative | 273,757 | 229,369 | 187,640 | ||||||||
Operating earnings | 363,648 | 333,363 | 268,736 | ||||||||
Loss (gain) on investments | 1,049 | (118,344 | ) | (421 | ) | ||||||
Interest, net | 57,915 | 57,438 | 33,039 | ||||||||
Equity income from investments | (22,737 | ) | (40,482 | ) | (31,248 | ) | |||||
Income before income taxes | $ | 327,421 | $ | 434,751 | $ | 267,366 | |||||
Total identifiable assets — August 31 | $ | 6,816,809 | $ | 5,276,537 | $ | 3,847,518 |
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Table of Contents |
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Refinery | Laurel, Montana | |
Propane terminals | Glenwood, Minnesota; Black Creek, Wisconsin (leased to another entity) | |
Transportation terminals/repair facilities | 13 locations in Iowa, Kansas, Minnesota, Montana, North Dakota, South Dakota, Texas, Washington and Wisconsin, 2 of which are leased | |
Petroleum and asphalt terminals/storage facilities | 11 locations in Montana, North Dakota and Wisconsin | |
Pump stations | 11 locations in Montana and North Dakota | |
Pipelines: | ||
Cenex Pipeline, LLC | Laurel, Montana to Fargo, North Dakota | |
Front Range Pipeline, LLC | Canadian border to Laurel, Montana and on to Billings, Montana | |
Convenience stores/gas stations | ||
Lubricant plants/warehouses | 3 locations in Minnesota, Ohio and Texas, 1 of which is leased |
Refinery | McPherson, Kansas | |
Petroleum terminals/storage | 2 locations in Iowa and Kansas | |
Pipeline | McPherson, Kansas to Council Bluffs, Iowa | |
Jayhawk Pipeline, LLC | Throughout Kansas, with branches in Nebraska, Oklahoma and Texas | |
Jayhawk stations | 26 locations located in Kansas, Nebraska and Oklahoma | |
Osage Pipeline (50% owned by NCRA) | Oklahoma to Kansas | |
Kaw Pipeline (67% owned by NCRA) | Throughout Kansas |
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ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
ITEM 6. | SELECTED FINANCIAL DATA |
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Income Statement Data: | ||||||||||||||||||||
Revenues | $ | 36,915,834 | $ | 25,267,931 | $ | 25,729,916 | $ | 32,167,461 | $ | 17,215,992 | ||||||||||
Cost of goods sold | 35,512,988 | 24,397,410 | 24,849,901 | 30,993,899 | 16,129,233 | |||||||||||||||
Gross profit | 1,402,846 | 870,521 | 880,015 | 1,173,562 | 1,086,759 | |||||||||||||||
Marketing, general and administrative | 438,498 | 366,582 | 355,299 | 329,965 | 245,357 | |||||||||||||||
Operating earnings | 964,348 | 503,939 | 524,716 | 843,597 | 841,402 | |||||||||||||||
(Gain) loss on investments | (126,729 | ) | (29,433 | ) | 56,305 | (29,193 | ) | (20,616 | ) | |||||||||||
Interest, net | 74,835 | 58,324 | 70,487 | 76,460 | 31,098 | |||||||||||||||
Equity income from investments | (131,414 | ) | (108,787 | ) | (105,754 | ) | (150,413 | ) | (109,685 | ) | ||||||||||
Income before income taxes | 1,147,656 | 583,835 | 503,678 | 946,743 | 940,605 | |||||||||||||||
Income taxes | 86,628 | 48,438 | 63,304 | 71,861 | 37,784 | |||||||||||||||
Net income | 1,061,028 | 535,397 | 440,374 | 874,882 | 902,821 | |||||||||||||||
Net income attributable to noncontrolling interests | 99,673 | 33,238 | 58,967 | 71,837 | 146,098 | |||||||||||||||
Net income attributable to CHS Inc. | $ | 961,355 | $ | 502,159 | $ | 381,407 | $ | 803,045 | $ | 756,723 | ||||||||||
Balance Sheet Data (August 31): | ||||||||||||||||||||
Working capital | $ | 2,776,492 | $ | 1,603,994 | $ | 1,626,352 | $ | 1,738,600 | $ | 821,878 | ||||||||||
Net property, plant and equipment | 2,420,214 | 2,253,071 | 2,099,325 | 1,948,305 | 1,728,171 | |||||||||||||||
Total assets | 12,217,010 | 8,666,128 | 7,869,845 | 8,771,978 | 6,754,373 | |||||||||||||||
Long-term debt, including current maturities | 1,501,997 | 986,241 | 1,071,953 | 1,194,855 | 688,321 | |||||||||||||||
Total equities | 4,265,320 | 3,604,451 | 3,333,164 | 3,161,418 | 2,672,841 |
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Income Statement Data: | |||||||||||||||||||
Revenues | $ | 40,599,286 | $ | 36,915,834 | $ | 25,267,931 | $ | 25,729,916 | $ | 32,167,461 | |||||||||
Cost of goods sold | 38,588,143 | 35,512,988 | 24,397,410 | 24,849,901 | 30,993,899 | ||||||||||||||
Gross profit | 2,011,143 | 1,402,846 | 870,521 | 880,015 | 1,173,562 | ||||||||||||||
Marketing, general and administrative | 498,233 | 438,498 | 366,582 | 355,299 | 329,965 | ||||||||||||||
Operating earnings | 1,512,910 | 964,348 | 503,939 | 524,716 | 843,597 | ||||||||||||||
Loss (gain) on investments | 5,465 | (126,729 | ) | (29,433 | ) | 56,305 | (29,193 | ) | |||||||||||
Interest, net | 193,263 | 74,835 | 58,324 | 70,487 | 76,460 | ||||||||||||||
Equity income from investments | (102,389 | ) | (131,414 | ) | (108,787 | ) | (105,754 | ) | (150,413 | ) | |||||||||
Income before income taxes | 1,416,571 | 1,147,656 | 583,835 | 503,678 | 946,743 | ||||||||||||||
Income taxes | 80,852 | 86,628 | 48,438 | 63,304 | 71,861 | ||||||||||||||
Net income | 1,335,719 | 1,061,028 | 535,397 | 440,374 | 874,882 | ||||||||||||||
Net income attributable to noncontrolling interests | 75,091 | 99,673 | 33,238 | 58,967 | 71,837 | ||||||||||||||
Net income attributable to CHS Inc. | $ | 1,260,628 | $ | 961,355 | $ | 502,159 | $ | 381,407 | $ | 803,045 | |||||||||
Balance Sheet Data (August 31): | |||||||||||||||||||
Working capital | $ | 2,848,462 | $ | 2,776,492 | $ | 1,603,994 | $ | 1,626,352 | $ | 1,738,600 | |||||||||
Net property, plant and equipment | 2,786,324 | 2,420,214 | 2,253,071 | 2,099,325 | 1,948,305 | ||||||||||||||
Total assets | 13,423,151 | 12,217,010 | 8,666,128 | 7,869,845 | 8,771,978 | ||||||||||||||
Long-term debt, including current maturities | 1,440,353 | 1,501,997 | 986,241 | 1,071,953 | 1,194,855 | ||||||||||||||
Total equities | 4,473,323 | 4,265,320 | 3,604,451 | 3,333,164 | 3,161,418 |
Energy | Ag Business | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2011 | 2010 | 2009 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Revenues | $ | 11,467,381 | $ | 8,799,890 | $ | 7,639,838 | $ | 25,767,033 | $ | 16,715,055 | $ | 18,292,204 | ||||||||||||
Cost of goods sold | 10,694,687 | 8,437,504 | 7,110,324 | 25,204,301 | 16,258,679 | 17,994,462 | ||||||||||||||||||
Gross profit | 772,694 | 362,386 | 529,514 | 562,732 | 456,376 | 297,742 | ||||||||||||||||||
Marketing, general and administrative | 142,708 | 123,834 | 125,104 | 229,369 | 187,640 | 168,886 | ||||||||||||||||||
Operating earnings | 629,986 | 238,552 | 404,410 | 333,363 | 268,736 | 128,856 | ||||||||||||||||||
Loss (gain) on investments | 1,027 | (269 | ) | (15,748 | ) | (118,344 | ) | (421 | ) | (66 | ) | |||||||||||||
Interest, net | 5,829 | 9,939 | 5,483 | 57,438 | 33,039 | 53,565 | ||||||||||||||||||
Equity income from investments | (6,802 | ) | (5,554 | ) | (4,044 | ) | (40,482 | ) | (31,248 | ) | (35,453 | ) | ||||||||||||
Income before income taxes | $ | 629,932 | $ | 234,436 | $ | 418,719 | $ | 434,751 | $ | 267,366 | $ | 110,810 | ||||||||||||
Intersegment revenues | $ | (383,389 | ) | $ | (295,536 | ) | $ | (251,626 | ) | |||||||||||||||
Total identifiable assets — August 31 | $ | 3,883,205 | $ | 3,004,471 | $ | 3,025,522 | $ | 5,276,537 | $ | 3,847,518 | $ | 3,202,132 | ||||||||||||
Energy | Ag | ||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenues | $ | 12,816,542 | $ | 11,467,381 | $ | 8,799,890 | $ | 28,181,445 | $ | 25,767,033 | $ | 16,715,055 | |||||||||||
Cost of goods sold | 11,514,463 | 10,694,687 | 8,437,504 | 27,544,040 | 25,204,301 | 16,258,679 | |||||||||||||||||
Gross profit | 1,302,079 | 772,694 | 362,386 | 637,405 | 562,732 | 456,376 | |||||||||||||||||
Marketing, general and administrative | 155,786 | 142,708 | 123,834 | 273,757 | 229,369 | 187,640 | |||||||||||||||||
Operating earnings | 1,146,293 | 629,986 | 238,552 | 363,648 | 333,363 | 268,736 | |||||||||||||||||
Loss (gain) on investments | 4,008 | 1,027 | (269 | ) | 1,049 | (118,344 | ) | (421 | ) | ||||||||||||||
Interest, net | 122,302 | 5,829 | 9,939 | 57,915 | 57,438 | 33,039 | |||||||||||||||||
Equity income from investments | (7,537 | ) | (6,802 | ) | (5,554 | ) | (22,737 | ) | (40,482 | ) | (31,248 | ) | |||||||||||
Income before income taxes | $ | 1,027,520 | $ | 629,932 | $ | 234,436 | $ | 327,421 | $ | 434,751 | $ | 267,366 | |||||||||||
Intersegment revenues | $ | (467,583 | ) | $ | (383,389 | ) | $ | (295,536 | ) | ||||||||||||||
Total identifiable assets — August 31 | $ | 3,684,571 | $ | 3,883,205 | $ | 3,004,471 | $ | 6,816,809 | $ | 5,276,537 | $ | 3,847,518 |
Corporate and Other | ||||||||||||
2011 | 2010 | 2009 | ||||||||||
(Dollars in thousands) | ||||||||||||
Revenues | 64,809 | $ | 48,522 | $ | 49,500 | |||||||
Cost of goods sold | (2,611 | ) | (3,237 | ) | (3,259 | ) | ||||||
Gross profit | 67,420 | 51,759 | 52,759 | |||||||||
Marketing, general and administrative | 66,421 | 55,108 | 61,309 | |||||||||
Operating earnings (losses) | 999 | (3,349 | ) | (8,550 | ) | |||||||
(Gain) loss on investments | (9,412 | ) | (28,743 | ) | 72,119 | |||||||
Interest, net | 11,568 | 15,346 | 11,439 | |||||||||
Equity income from investments | (84,130 | ) | (71,985 | ) | (66,257 | ) | ||||||
Income (loss) before income taxes | $ | 82,973 | $ | 82,033 | $ | (25,851 | ) | |||||
Intersegment revenues | ||||||||||||
Total identifiable assets — August 31 | $ | 3,057,268 | $ | 1,814,139 | $ | 1,642,191 | ||||||
28
Corporate and Other | |||||||||||
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Revenues | $ | 68,882 | $ | 64,809 | $ | 48,522 | |||||
Cost of goods sold | (2,777 | ) | (2,611 | ) | (3,237 | ) | |||||
Gross profit | 71,659 | 67,420 | 51,759 | ||||||||
Marketing, general and administrative | 68,690 | 66,421 | 55,108 | ||||||||
Operating earnings (losses) | 2,969 | 999 | (3,349 | ) | |||||||
Loss (gain) on investments | 408 | (9,412 | ) | (28,743 | ) | ||||||
Interest, net | 13,046 | 11,568 | 15,346 | ||||||||
Equity income from investments | (72,115 | ) | (84,130 | ) | (71,985 | ) | |||||
Income before income taxes | $ | 61,630 | $ | 82,973 | $ | 82,033 | |||||
Intersegment revenues | |||||||||||
Total identifiable assets — August 31 | $ | 2,921,771 | $ | 3,057,268 | $ | 1,814,139 |
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2012 | $ | 90,804 | ||
2013 | 100,707 | |||
2014 | 154,549 | |||
2015 | 154,500 | |||
2016 | 129,517 | |||
Thereafter | 871,920 | |||
$ | 1,501,997 | |||
2013 | $ | 108,211 | |
2014 | 161,986 | ||
2015 | 163,647 | ||
2016 | 130,044 | ||
2017 | 150,213 | ||
Thereafter | 726,252 | ||
$ | 1,440,353 |
44
Total | ||||
(Dollars in millions) | ||||
2012 | $ | 52.0 | ||
2013 | 41.4 | |||
2014 | 31.0 | |||
2015 | 25.1 | |||
2016 | 17.8 | |||
Thereafter | 22.9 | |||
Total minimum future lease payments | $ | 190.2 | ||
Total | |||
(Dollars in thousands) | |||
2013 | $ | 48,959 | |
2014 | 39,245 | ||
2015 | 33,778 | ||
2016 | 31,078 | ||
2017 | 24,215 | ||
Thereafter | 25,734 | ||
Total minimum future lease payments | $ | 203,009 |
Payments Due by Period | ||||||||||||||||||||||||
Less than | 1 - 3 | 3 - 5 | More than | |||||||||||||||||||||
Contractual Obligations | Total | 1 Year | Years | Years | 5 Years | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Notes payable(1) | $ | 577,140 | $ | 577,140 | ||||||||||||||||||||
Long-term debt(1) | 1,501,997 | 90,804 | $ | 255,256 | $ | 284,017 | $ | 871,920 | ||||||||||||||||
Interest payments(2) | 437,848 | 78,814 | 133,117 | 95,111 | 130,806 | |||||||||||||||||||
Operating leases | 190,246 | 51,961 | 72,420 | 42,913 | 22,952 | |||||||||||||||||||
Purchase obligations(3) | 7,422,299 | 7,312,609 | 102,313 | 3,790 | 3,587 | |||||||||||||||||||
Other liabilities(4) | 47,662 | 27,521 | 12,786 | 7,355 | ||||||||||||||||||||
Total obligations | $ | 10,177,192 | $ | 8,111,328 | $ | 590,627 | $ | 438,617 | $ | 1,036,620 | ||||||||||||||
Payments Due by Period | |||||||||||||||||||
Contractual Obligations | Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Notes payable(1) | $ | 803,623 | $ | 803,623 | |||||||||||||||
Long-term debt(1) | 1,440,353 | 108,211 | $ | 325,633 | $ | 280,257 | $ | 726,252 | |||||||||||
Interest payments(2) | 366,800 | 74,601 | 114,255 | 81,121 | 96,823 | ||||||||||||||
Operating leases | 203,009 | 48,959 | 73,023 | 55,293 | 25,734 | ||||||||||||||
Purchase obligations(3) | 9,035,609 | 8,418,568 | 231,718 | 127,088 | 258,235 | ||||||||||||||
Mandatorily redeemable noncontrolling interests(4) | 350,550 | 65,981 | 131,962 | 153,021 | — | ||||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests(1)(5) | 127,516 | 34,489 | 63,914 | 29,113 | |||||||||||||||
Other liabilities(6) | 55,213 | 30,243 | 12,657 | 12,313 | |||||||||||||||
Total obligations | $ | 12,382,673 | $ | 9,519,943 | $ | 941,323 | $ | 773,351 | $ | 1,148,470 |
(1) | Included on our Consolidated Balance Sheet. |
(2) | Based on interest rates and long-term debt balances as of August 31, |
(3) | Purchase obligations are legally binding and enforceable agreements to purchase goods or services that specify all significant terms, including fixed or minimum quantities; fixed, minimum or variable price provisions; and time of the transactions. Of our total purchase obligations at August 31, |
(4) | The present value, totaling $334.7 million, of the future payments is recorded on the Consolidated Balance Sheet. |
(5) | Based on estimated fair value at August 31, 2012. |
(6) | Other liabilities |
46
2012 | 2013 | 2014 | 2015 | 2016 | Thereafter | Total | Fair Value | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Variable rate miscellaneous short-term notes payable | $ | 130,719 | $ | 130,719 | $ | 130,719 | ||||||||||||||||||||||||||
Average interest rate | 2.4 | % | 2.4 | % | ||||||||||||||||||||||||||||
Variable rate CHS Capital short-term notes payable | $ | 585,549 | $ | 585,549 | $ | 585,549 | ||||||||||||||||||||||||||
Average interest rate | 1.9 | % | 1.9 | % | ||||||||||||||||||||||||||||
Fixed rate long-term debt | $ | 90,804 | $ | 100,707 | $ | 154,549 | $ | 154,500 | $ | 129,517 | $ | 871,920 | $ | 1,501,997 | $ | 1,526,489 | ||||||||||||||||
Average interest rate | 5.9 | % | 6.0 | % | 5.9 | % | 5.9 | % | 6.0 | % | 4.8 | % | 5.3 | % | ||||||||||||||||||
Interest Rate Derivatives | ||||||||||||||||||||||||||||||||
Variable to fixed CHS Capital notes payable interest rate swaps | $ | 18,854 | $ | 18,854 | $ | 15,536 | $ | 14,470 | $ | 12,424 | $ | 4,122 | $ | 84,260 | $ | 750 | ||||||||||||||||
Average pay rate(a) | range | range | range | range | range | range | ||||||||||||||||||||||||||
Average receive rate(b) | 0.21 | % | 0.21 | % | 0.21 | % | 0.21 | % | 0.21 | % | 0.21 | % |
51
2012 | 2013 | 2014 | 2015 | 2016 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Variable rate miscellaneous short- term notes payable | $ | 269,783 | $ | 269,783 | $ | 269,783 | |||||||||||||||||||||||||
Average interest rate | 2.6 | % | 2.6 | % | |||||||||||||||||||||||||||
Variable rate CHS Capital short- term notes payable | $ | 533,839 | $ | 533,839 | $ | 533,839 | |||||||||||||||||||||||||
Average interest rate | 1.7 | % | 1.7 | % | |||||||||||||||||||||||||||
Fixed rate long-term debt | $ | 108,211 | $ | 161,986 | $ | 163,647 | $ | 130,044 | $ | 150,213 | $ | 726,252 | $ | 1,440,353 | $ | 1,491,852 | |||||||||||||||
Average interest rate | 5.6 | % | 5.7 | % | 5.7 | % | 6.0 | % | 5.7 | % | 4.6 | % | 5.2 | % | |||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||||||||||||||||
Variable to fixed CHS Capital notes payable interest rate swaps | $ | 12,532 | $ | 12,215 | $ | 11,548 | $ | 10,046 | $ | 3,486 | $ | 3,486 | $ | 53,313 | $ | 544 | |||||||||||||||
Average pay rate(a) | range | range | range | range | range | range | |||||||||||||||||||||||||
Average receive rate(b) | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % |
(a) | Swaps expiring in fiscal 2013 through fiscal 2018 |
(b) | One month London Interbank Offered Rate (LIBOR) at August 31, |
November 30, | February 28, | May 31, | August 31, | |||||||||||||
2010 | 2011 | 2011 | 2011 | |||||||||||||
(Unaudited) | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Revenues | $ | 8,135,104 | $ | 7,706,119 | $ | 10,471,672 | $ | 10,602,939 | ||||||||
Gross profit | 309,076 | 292,923 | 439,488 | 361,359 | ||||||||||||
Income before income taxes | 231,226 | 214,160 | 465,766 | 236,504 | ||||||||||||
Net income | 206,335 | 211,819 | 405,917 | 236,957 | ||||||||||||
Net income attributable to CHS Inc. | 201,725 | 194,598 | 358,484 | 206,548 |
November 30, 2011 | February 29, 2012 | May 31, 2012 | August 31, 2012 | ||||||||||||
(Unaudited) (Dollars in thousands) | |||||||||||||||
Revenues | $ | 9,734,159 | $ | 8,843,812 | $ | 11,022,955 | $ | 10,998,360 | |||||||
Gross profit | 640,007 | 231,577 | 616,256 | 523,303 | |||||||||||
Income before income taxes | 530,847 | 89,858 | 440,718 | 355,148 | |||||||||||
Net income | 488,882 | 79,235 | 406,718 | 360,884 | |||||||||||
Net income attributable to CHS Inc. | 416,208 | 78,470 | 405,062 | 360,888 |
November 30, 2010 | February 28, 2011 | May 31, 2011 | August 31, 2011 | ||||||||||||
Revenues | $ | 8,135,104 | $ | 7,706,119 | $ | 10,471,672 | $ | 10,602,939 | |||||||
Gross profit | 309,076 | 292,923 | 439,488 | 361,359 | |||||||||||
Income before income taxes | 231,226 | 214,160 | 465,766 | 236,504 | |||||||||||
Net income | 206,335 | 211,819 | 405,917 | 236,957 | |||||||||||
Net income attributable to CHS Inc. | 201,725 | 194,598 | 358,484 | 206,548 |
November 30, | February 28, | May 31, | August 31, | |||||||||||||
2009 | 2010 | 2010 | 2010 | |||||||||||||
Revenues | $ | 6,195,241 | $ | 5,878,493 | $ | 6,575,978 | $ | 6,618,219 | ||||||||
Gross profit | 202,661 | 166,725 | 251,978 | 249,157 | ||||||||||||
Income before income taxes | 138,109 | 93,120 | 181,478 | 171,128 | ||||||||||||
Net income | 122,535 | 86,159 | 159,495 | 167,208 | ||||||||||||
Net income attributable to CHS Inc. | 119,950 | 82,668 | 145,449 | 154,092 |
52
ITEM 9A. CONTROLS AND PROCEDURES |
53
Director | ||||||||||||
Name and Address | Age | Region | Since | |||||||||
Bruce Anderson | 59 | 3 | 1995 | |||||||||
13500 — 42nd St NE Glenburn, ND58740-9564 | ||||||||||||
Donald Anthony | 61 | 8 | 2006 | |||||||||
43970 Road 758 Lexington, NE 68850 | ||||||||||||
Robert Bass | 57 | 5 | 1994 | |||||||||
E 6391 Bass Road Reedsburg, WI 53959 | ||||||||||||
David Bielenberg | 62 | 6 | 2009 | |||||||||
16425 Herigstad Road NE Silverton, OR 97381 | ||||||||||||
Clinton J. Blew | 34 | 8 | 2011 | |||||||||
14304 S. Fall Street Hutchinson, KS 67501 | ||||||||||||
Dennis Carlson | 50 | 3 | 2001 | |||||||||
3255 — 50th Street Mandan, ND 58554 | ||||||||||||
Curt Eischens | 59 | 1 | 1990 | |||||||||
2153 — 330th Street North Minneota, MN56264-1880 | ||||||||||||
Steve Fritel | 56 | 3 | 2003 | |||||||||
2851 — 77th Street NE Barton, ND 58384 | ||||||||||||
Jerry Hasnedl | 65 | 1 | 1995 | |||||||||
12276 — 150th Avenue SE St. Hilaire, MN 56754 -9776 | ||||||||||||
David Kayser | 52 | 4 | 2006 | |||||||||
42046 — 257th Street Alexandria, SD 57311 | ||||||||||||
Randy Knecht | 61 | 4 | 2001 | |||||||||
40193 — 112th Street Houghton, SD 57449 | ||||||||||||
Greg Kruger | 52 | 5 | 2008 | |||||||||
N 49494 County Road Y Eleva, WI 54738 | ||||||||||||
Michael Mulcahey | 63 | 1 | 2003 | |||||||||
8109 — 360th Avenue Waseca, MN 56093 | ||||||||||||
Richard Owen | 57 | 2 | 1999 | |||||||||
1591 Hawarden Road Geraldine, MT 59446 | ||||||||||||
Steve Riegel | 59 | 8 | 2006 | |||||||||
12748 Ridge Road Ford, KS 67842 |
55
Director | ||||||||||||
Name and Address | Age | Region | Since | |||||||||
Daniel Schurr | 46 | 7 | 2006 | |||||||||
3009 Wisconsin Street LeClaire, IA 52753 | ||||||||||||
Michael Toelle | 49 | 1 | 1992 | |||||||||
5085 St. Anthony Drive Browns Valley, MN 56219 |
Name and Address | Age | Director Region | Since | ||||
Donald Anthony | 62 | 8 | 2006 | ||||
43970 Road 758 Lexington, NE 68850-3745 | |||||||
Robert Bass | 58 | 5 | 1994 | ||||
E 6391 Bass Road Reedsburg, WI 53959 | |||||||
David Bielenberg | 63 | 6 | 2009 | ||||
16425 Herigstad Road NE Silverton, OR 97381 | |||||||
Clinton J. Blew | 35 | 8 | 2010 | ||||
16304 S. Fall Street Hutchinson, KS 67501 | |||||||
Dennis Carlson | 51 | 3 | 2001 | ||||
3152 — 51st Street Mandan, ND 58554 | |||||||
Curt Eischens | 60 | 1 | 1990 | ||||
2153 — 330th Street North Minnesota, MN 56264-1880 | |||||||
Jon Erickson | 52 | 3 | 2011 | ||||
17503 — 46th Street SW Minot, ND 58701 | |||||||
Steve Fritel | 57 | 3 | 2003 | ||||
2851 — 77th Street NE Barton, ND 58384 | |||||||
Jerry Hasnedl | 66 | 1 | 1995 | ||||
12276 — 150th Avenue SE St. Hilaire, MN 56754 -9776 | |||||||
David Kayser | 53 | 4 | 2006 | ||||
42046 — 257th Street Alexandria, SD 57311 | |||||||
Randy Knecht | 62 | 4 | 2001 | ||||
40193 — 112th Street Houghton, SD 57449 | |||||||
Greg Kruger | 53 | 5 | 2008 | ||||
N 49494 County Road Y Eleva, WI 54738 | |||||||
Edward Malesich | 59 | 2 | 2011 | ||||
9575 MT Highway 41C Dillon, MT 59725 | |||||||
Michael Mulcahey | 64 | 1 | 2003 | ||||
8109 — 360th Avenue Waseca, MN 56093 | |||||||
Steve Riegel | 60 | 8 | 2006 |
Name and Address | Age | Director Region | Since | ||||
12748 Ridge Road Ford, KS 67842 | |||||||
Daniel Schurr | 47 | 7 | 2006 | ||||
3009 Wisconsin Street LeClaire, IA 52753 | |||||||
Michael Toelle | 50 | 1 | 1992 | ||||
5085 St. Anthony Drive Browns Valley, MN 56219 |
56
57
Region | Current Incumbent | ||
Region 1 (Minnesota) | |||
Region 3 (North Dakota) | |||
Region | |||
Region | |||
Region 8 (Colorado, Nebraska, Kansas, New Mexico, Oklahoma, Texas) |
Name | Age | Position | |||||||
Carl Casale | 51 | President and Chief Executive Officer | |||||||
Jay Debertin | 52 | Executive Vice President and Chief Operating Officer, Energy and Foods | |||||||
Lynden Johnson | 52 | Executive Vice President, Business Solutions | |||||||
David Kastelic | 57 | Executive Vice President and Chief Financial Officer | |||||||
Patrick Kluempke | 64 | Executive Vice President, | |||||||
John McEnroe | 57 | Executive Vice President, Country Operations | |||||||
Mark Palmquist | 55 | Executive Vice President and Chief Operating Officer, Ag Business | |||||||
Lisa Zell | 44 | Executive Vice President and General Counsel |
59
ITEM 11. | EXECUTIVE COMPENSATION |
62
Pay Element | ||||||
Base | Pay | Competitive base level of compensation provided relative to skills, experience, knowledge and contributions | • Provides the fundamental element of compensation based on competitive market practice and internal equity considerations | |||
Annual Variable Pay | Broad-based employee short-term performance based variable pay incentive for achieving predetermined annual financial and individual performance objectives | • • Pay for performance to motivate and encourage the achievement of critical business initiatives | ||||
Profit Sharing | Broad-based employee short-term performance based variable pay program for achieving predetermined return on equity performance levels | • • Encourage proper expense control and containment |
63
Long-Term Incentive Plans | Long-term performance based variable pay incentive for senior management to achieve predetermined triennial return on equity performance goals | • • • | ||
Retirement Benefits | Retirement benefits under the qualified retirement | • These benefits are a part of our broad-based employee total rewards program designed to attract and retain quality employees | ||
The supplemental plans include non-qualified retirement benefits that restore qualified benefits contained in our broad-based plans for employees whose retirement benefits are limited by salary caps under the Internal Revenue Code. In addition, the plans allow participants to voluntarily defer receipt of a portion of their income | • These benefits are provided to attract and retain senior managers with total rewards programs that are competitive with comparable companies | |||
Health & Welfare Benefits | Medical, dental, vision, life insurance and disability benefits generally available to all full-time employees with supplemental executive long-term disability | • These benefits are a part of our broad-based employee total rewards program designed to attract and retain quality employees | ||
Additional Benefits | Additional benefits | • These benefits are provided as part of an overall total rewards package that strives to |
64
Performance Level | ||||||||||||
CHS Company | ||||||||||||
Performance | Business Unit Performance Goal | Management Business Objectives | Percent of Target Award | |||||||||
Maximum Target Threshold Below Threshold | ||||||||||||
14% Return on Equity 10% Return on Equity 8% Return on Equity | Threshold, Target and Maximum Return on Equity goals vary by business unit but are consistent with and support company ROE goals | Individual performance goals | 200% 100% 20% 0% |
Carl Casale | $ | 2,125,000 | ||
David Kastelic | $ | 763,140 | ||
Mark Palmquist | $ | 837,620 | ||
Jay Debertin | $ | 837,620 | ||
Patrick Kluempke | $ | 655,200 | ||
John D. Johnson | $ | 600,000 | ||
John Schmitz | $ | 249,993 |
Carl Casale | $ | 2,188,750 | |
David Kastelic | $ | 840,000 | |
Mark Palmquist | $ | 910,000 | |
Jay Debertin | $ | 837,620 | |
Patrick Kluempke | $ | 700,980 |
Profit | ||||||
Equates to Net | Sharing | |||||
Return On Equity | Income for Fiscal 2011 | Award | ||||
14.0% | $467.0 Million | 5 | % | |||
12.0% | $400.3 Million | 4 | % | |||
10.0% | $333.6 Million | 3 | % | |||
9.0% | $300.2 Million | 2 | % | |||
8.0% | $266.9 Million | 1 | % |
Return On Equity | Equates to Net Income for Fiscal 2012 | Profit Sharing Award | |
14.0% | $548.2 Million | 5% | |
12.0% | $469.9 Million | 4% | |
10.0% | $391.6 Million | 3% | |
9.0% | $352.4 Million | 2% | |
8.0% | $313.2 Million | 1% |
Profit | ||||||
Equates to Net | Sharing | |||||
Return On Equity | Income for Fiscal 2012 | Award | ||||
14.0% | $548.2 Million | 5 | % | |||
12.0% | $469.9 Million | 4 | % | |||
10.0% | $391.6 Million | 3 | % | |||
9.0% | $352.4 Million | 2 | % | |||
8.0% | $313.2 Million | 1 | % |
Return On Equity | Equates to Net Income for Fiscal 2013 | Profit Sharing Award | |
14.0% | $623.7 Million | 5% | |
12.0% | $534.6 Million | 4% | |
10.0% | $445.5 Million | 3% | |
9.0% | $401.0 Million | 2% | |
8.0% | $356.4 Million | 1% |
Carl Casale | $ | 2,125,000 | ||
David Kastelic | $ | 422,033 | ||
Mark Palmquist | $ | 828,006 | ||
Jay Debertin | $ | 699,206 | ||
Patrick Kluempke | $ | 618,426 | ||
John D. Johnson | $ | 1,400,000 | ||
John Schmitz | $ | 583,318 |
Carl Casale | $ | 2,156,875 | |
David Kastelic | $ | 602,240 | |
Mark Palmquist | $ | 862,169 | |
Jay Debertin | $ | 768,413 | |
Patrick Kluempke | $ | 652,073 |
Pay Below Social Security | Pay Above Social Security | |||||||
Years of Benefit Service | Taxable Wage Base | Taxable Wage Base | ||||||
1 - 3 years | 3 | % | 6 | % | ||||
4 - 7 years | 4 | % | 8 | % | ||||
8 - 11 years | 5 | % | 10 | % | ||||
12 - 15 years | 6 | % | 12 | % | ||||
16 years or more | 7 | % | 14 | % |
Years of Benefit Service | Pay Below Social Security Taxable Wage Base | Pay Above Social Security Taxable Wage Base | |
1 - 3 years | 3% | 6% | |
4 - 7 years | 4% | 8% | |
8 - 11 years | 5% | 10% | |
12 - 15 years | 6% | 12% | |
16 years or more | 7% | 14% |
Minimum Pay Credit | ||||||||
Pay Below Social Security | Pay Above Social Security | |||||||
Age at Date of Hire | Taxable Wage Base | Taxable Wage Base | ||||||
Age 40 - 44 | 4 | % | 8 | % | ||||
Age 45 - 49 | 5 | % | 10 | % | ||||
Age 50 or more | 6 | % | 12 | % |
Minimum Pay Credit | |||
Age at Date of Hire | Pay Below Social Security Taxable Wage Base | Pay Above Social Security Taxable Wage Base | |
Age 40 - 44 | 4% | 8% | |
Age 45 - 49 | 5% | 10% | |
Age 50 or more | 6% | 12% |
68
69
Change in Pension | ||||||||||||||||||||||||
Value and | ||||||||||||||||||||||||
Non-Qualified | ||||||||||||||||||||||||
Non-Equity | Deferred | All Other | ||||||||||||||||||||||
Incentive Plan | Compensation | Compensation(5)(6) | ||||||||||||||||||||||
Name and Principal Position | Year | Salary(1) | Compensation(1)(2) | Earnings(3)(4) | (7)(8)(9) | Total | ||||||||||||||||||
Carl Casale | 2011 | $ | 566,667 | $ | 4,250,000 | $ | 0 | $ | 910,956 | $ | 5,727,623 | |||||||||||||
President & Chief Executive Officer | ||||||||||||||||||||||||
David Kastelic | 2011 | 424,334 | 1,185,173 | 122,522 | 74,560 | 1,806,589 | ||||||||||||||||||
Executive Vice President & | ||||||||||||||||||||||||
Chief Financial Officer | ||||||||||||||||||||||||
Mark Palmquist | 2011 | 602,337 | 1,665,626 | 252,606 | 153,740 | 2,674,309 | ||||||||||||||||||
Executive Vice President and Chief | 2010 | 588,000 | 1,637,060 | 568,334 | 129,081 | 2,922,475 | ||||||||||||||||||
Operating Officer Ag Business | 2009 | 588,000 | 1,433,448 | 393,335 | 145,841 | 2,560,624 | ||||||||||||||||||
Jay Debertin | 2011 | 516,667 | 1,536,826 | 208,868 | 131,724 | 2,394,085 | ||||||||||||||||||
Executive Vice President and Chief | 2010 | 450,000 | 1,247,074 | 458,099 | 112,656 | 2,267,829 | ||||||||||||||||||
Operating Officer Energy and Foods | 2009 | 450,000 | 1,202,513 | 309,297 | 166,720 | 2,128,530 | ||||||||||||||||||
Patrick Kluempke | 2011 | 448,942 | 1,273,626 | 223,530 | 115,915 | 2,062,013 | ||||||||||||||||||
Executive Vice President | ||||||||||||||||||||||||
John D. Johnson | 2011 | 300,000 | 2,000,000 | 1,128,430 | 378,201 | 3,806,631 | ||||||||||||||||||
Retired President & | 2010 | 900,000 | 3,600,000 | 2,001,285 | 251,423 | 6,752,708 | ||||||||||||||||||
Chief Executive Officer | 2009 | 900,000 | 3,415,680 | 1,666,170 | 262,086 | 6,243,936 | ||||||||||||||||||
John Schmitz | 2011 | 178,567 | 833,311 | 209,439 | 154,021 | 1,375,338 | ||||||||||||||||||
Retired Executive Vice President & | 2010 | 535,700 | 1,486,894 | 438,452 | 115,595 | 2,576,641 | ||||||||||||||||||
Chief Financial Officer | 2009 | 535,700 | 1,394,997 | 362,542 | 118,721 | 2,411,960 |
Name and Principal Position | Year | Salary(1) (10) | Non-Equity Incentive Plan Compensation (1)(2)(10) | Change in Pension Value and Non-Qualified Deferred Compensation Earnings(3) (10) | All Other Compensation (4)(5)(6)(7)(8)(9)(10) | Total | |||||||||||||||
Carl Casale | 2012 | $ | 867,000 | $ | 4,345,625 | $ | 416,179 | $ | 1,121,907 | $ | 6,750,711 | ||||||||||
President and Chief Executive Officer | 2011 | 566,667 | 4,250,000 | 910,956 | 5,727,623 | ||||||||||||||||
David Kastelic | 2012 | 531,707 | 1,442,240 | 318,149 | 105,054 | 2,397,150 | |||||||||||||||
Executive Vice President and | 2011 | 424,334 | 1,185,173 | 122,522 | 74,560 | 1,806,589 | |||||||||||||||
Chief Financial Officer | |||||||||||||||||||||
Mark Palmquist | 2012 | 643,708 | 1,772,169 | 589,377 | 136,099 | 3,141,353 | |||||||||||||||
Executive Vice President and Chief | 2011 | 602,337 | 1,665,626 | 252,606 | 153,740 | 2,674,309 | |||||||||||||||
Operating Officer, Ag Business | 2010 | 588,000 | 1,637,060 | 568,334 | 129,081 | 2,922,475 | |||||||||||||||
Jay Debertin | 2012 | 590,720 | 1,606,033 | 569,614 | 118,673 | 2,885,040 | |||||||||||||||
Executive Vice President and Chief | 2011 | 516,667 | 1,536,826 | 208,868 | 131,724 | 2,394,085 | |||||||||||||||
Operating Officer, Energy and Foods | 2010 | 450,000 | 1,247,074 | 458,099 | 112,656 | 2,267,829 | |||||||||||||||
Patrick Kluempke | 2012 | 495,465 | 1,353,053 | 298,592 | 108,895 | 2,256,005 | |||||||||||||||
Executive Vice President, | 2011 | 448,942 | 1,273,626 | 223,530 | 115,915 | 2,062,013 | |||||||||||||||
Corporate Services |
(1) | Amounts reflect the gross compensation and include any applicable deferrals. Mr. Debertin deferred $79,773 in 2012, $504,000 in 2011, $483,286 in |
(2) | Amounts include CHS fiscal 2010, fiscal 2011 and fiscal 2012 annual variable pay awards and fiscal 2008-2010, fiscal 2009-2011 and fiscal 2010-2012 long-term incentive awards. |
(3) | This column represents both changes in pension value and above-market earnings on deferred compensation. Change in pension value is the aggregate change in the actuarial present value of the Named Executive Officers’ benefit under their retirement program and nonqualified earnings, if applicable. | |
71
(4) | ||
Amounts may include CHS paid executive LTD, travel accident insurance, executive physical, CHS contributions during each fiscal |
(5) | This column includes fiscal 2011 car allowance amounts as follows: Mr. Palmquist- $15,120; Mr. Debertin- $15,120; Mr. Kastelic- $15,120; Mr. Kluempke- |
(6) | This column includes fiscal 2012 executive LTD of $3,731 for all Named Executive Officers. |
(7) | This column includes fiscal 2012 amounts as follows for Mr. Palmquist- executive physical $5,679; and sports tickets $2,642. |
(8) | This column includes fiscal 2012 amounts as follows for Mr. Kluempke- $5,412 executive physical; and $2,469 reimbursement for gasoline under Cenex Fleet Card. |
(9) | Includes the following payments |
72
Name | Grant Date | Threshold | Target | Maximum | ||||||||||||
Carl Casale | 9-1-10 | (1) | $ | 212,500 | $ | 1,062,500 | $ | 2,125,000 | ||||||||
9-1-10 | (2) | 212,500 | 1,062,500 | 2,125,000 | ||||||||||||
David Kastelic | 9-1-10 | (1) | 76,314 | 381,570 | 763,140 | |||||||||||
9-1-10 | (2) | 76,314 | 381,570 | 763,140 | ||||||||||||
Mark Palmquist | 9-1-10 | (1) | 83,762 | 418,810 | 837,620 | |||||||||||
9-1-10 | (2) | 87,367 | 436,836 | 873,672 | ||||||||||||
Jay Debertin | 9-1-10 | (1) | 83,762 | 418,810 | 837,620 | |||||||||||
9-1-10 | (2) | 83,762 | 418,810 | 837,620 | ||||||||||||
Patrick Kluempke | 9-1-10 | (1) | 65,520 | 327,600 | 655,200 | |||||||||||
9-1-10 | (2) | 67,200 | 336,000 | 672,000 | ||||||||||||
John D. Johnson | 9-1-10 | (1) | 60,000 | 300,000 | 600,000 | |||||||||||
John Schmitz | 9-1-10 | (1) | 24,999 | 124,997 | 249,993 |
Name | Grant Date | Threshold | Target | Maximum | ||||||||||
Carl Casale | 9-1-11(1) | $ | 218,875 | $ | 1,094,375 | $ | 2,188,750 | |||||||
9-1-11(2) | 218,875 | 1,094,375 | 2,188,750 | |||||||||||
David Kastelic | 9-1-11(1) | 84,000 | 420,000 | 840,000 | ||||||||||
9-1-11(2) | 84,000 | 420,000 | 840,000 | |||||||||||
Mark Palmquist | 9-1-11(1) | 91,000 | 455,000 | 910,000 | ||||||||||
9-1-11(2) | 91,000 | 455,000 | 910,000 | |||||||||||
Jay Debertin | 9-1-11(1) | 83,762 | 418,810 | 837,620 | ||||||||||
9-1-11(2) | 83,762 | 418,810 | 837,620 | |||||||||||
Patrick Kluempke | 9-1-11(1) | 70,098 | 350,490 | 700,980 | ||||||||||
9-1-11(2) | 70,098 | 350,490 | 700,980 |
(1) | Represents range of possible awards under our |
(2) | Represents range of possible awards under our Long-Term Incentive Plan for the fiscal |
(3) | Changes in award calculation methodology based on year end salary versus midpoint are explained in Components of Compensation under Annual Variable Pay |
Number of | Present | |||||||||||||
Years of | Value of | Payments | ||||||||||||
Credited | Accumulated | During Last | ||||||||||||
Name | Plan Name | Service | Benefits | Fiscal Year | ||||||||||
Carl Casale | CHS Inc. Pension Plan | 0 | $ | 0 | $ | 0 | ||||||||
SERP | 0 | 0 | 0 | |||||||||||
David Kastelic(1) | CHS Inc. Pension Plan | 18.1667 | 359,424 | 0 | ||||||||||
SERP | 18.1667 | 433,084 | 0 | |||||||||||
Mark Palmquist | CHS Inc. Pension Plan | 32.0000 | 663,580 | 0 | ||||||||||
SERP | 32.0000 | 1,788,087 | 0 | |||||||||||
Jay Debertin | CHS Inc. Pension Plan | 27.2500 | 509,067 | 0 | ||||||||||
SERP | 27.2500 | 967,477 | 0 | |||||||||||
Patrick Kluempke(1) | CHS Inc. Pension Plan | 29.0830 | 647,983 | 0 | ||||||||||
SERP | 29.0830 | 1,117,497 | 0 | |||||||||||
John D. Johnson(1) | CHS Inc. Pension Plan | 34.1667 | 1,566,103 | 1,566,103 | ||||||||||
SERP | 34.1667 | 5,245,352 | 5,245,352 | |||||||||||
Special SERP | 34.1667 | 4,098,075 | 4,098,075 | |||||||||||
John Schmitz(1) | CHS Inc. Pension Plan | 36.2500 | 715,058 | 715,058 | ||||||||||
SERP | 36.2500 | 1,578,328 | 1,578,328 |
Name | Plan Name | Number of Years of Credited Service | Present Value of Accumulated Benefits | Payments During Last Fiscal Year | |||||||
Carl Casale | CHS Inc. Pension Plan | 1.6667 | $ | 21,547 | $ | 0 | |||||
SERP | 1.6667 | 369,732 | 0 | ||||||||
David Kastelic(1) | CHS Inc. Pension Plan | 19.1667 | 429,160 | 0 | |||||||
SERP | 19.1667 | 641,585 | 0 | ||||||||
Mark Palmquist(1) | CHS Inc. Pension Plan | 33.0000 | 781,394 | 0 | |||||||
SERP | 33.0000 | 2,217,253 | 0 | ||||||||
Jay Debertin | CHS Inc. Pension Plan | 28.2500 | 621,914 | 0 | |||||||
SERP | 28.2500 | 1,311,501 | 0 | ||||||||
Patrick Kluempke(1) | CHS Inc. Pension Plan | 30.0833 | 709,459 | 0 | |||||||
SERP | 30.0833 | 1,307,053 | 0 |
(1) |
Year | Amount | |||
2003-2007 | $ | 263,663 | ||
2008 | 306,163 | |||
2009 | 350,428 | |||
2010 | 395,481 |
Executive | Registrant | Aggregate | Aggregate Balance | |||||||||||||||||
Contributions in | Contributions in | Aggregate Earnings | Withdrawals/ | at Last Fiscal Year | ||||||||||||||||
Name | Last Fiscal Year (3) | Last Fiscal Year (1) | in Last Fiscal Year (4) | Distributions (5) | End (1),(2) | |||||||||||||||
Carl Casale | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
David Kastelic | 0 | 326,677 | 123,793 | 306,861 | 2,471,248 | |||||||||||||||
Mark Palmquist | 0 | 909,793 | 157,083 | 854,108 | 3,191,525 | |||||||||||||||
Jay Debertin | 504,000 | 692,720 | 403,434 | 0 | 8,215,930 | |||||||||||||||
Patrick Kluempke | 0 | 654,913 | 150,898 | 888,868 | 2,856,661 | |||||||||||||||
John D. Johnson | 0 | 2,735,269 | 736,564 | 20,518,025 | 2,564,946 | |||||||||||||||
John Schmitz | 0 | 830,779 | 215,578 | 5,569,981 | 0 |
Name | Executive Contributions in Last Fiscal Year (3) | Registrant Contributions in Last Fiscal Year (1) | Aggregate Earnings in Last Fiscal Year (4) | Aggregate Withdrawals/ Distributions | Aggregate Balance at Last Fiscal Year End (1),(2) | |||||||||||||||
Carl Casale | $ | 0 | $ | 2,369,300 | $ | 80,944 | $ | 0 | $ | 2,450,244 | ||||||||||
David Kastelic | 0 | 512,542 | 133,123 | 0 | 3,116,914 | |||||||||||||||
Mark Palmquist | 0 | 936,552 | 122,534 | 870,142 | 3,380,469 | |||||||||||||||
Jay Debertin | 79,773 | 802,878 | 373,833 | 1,648,826 | 7,823,588 | |||||||||||||||
Patrick Kluempke | 0 | 699,019 | 158,457 | 0 | 3,714,136 |
(1) |
(2) | Amounts vary in accordance with individual pension plan provisions and voluntary employee deferrals and withdrawals. These amounts include rollovers, voluntary salary and voluntary incentive plan contributions from predecessor plans with predecessor employers that have increased in value over the course of the |
76
based notional investments with a varying level of risk selected by CHS, and a fixed rate fund. |
(3) | Includes amounts deferred from salary and annual incentive pay reflected in the Summary Compensation Table. |
(4) | The amounts in this column include the change in value of the balance, not including contributions made by the Named Executive Officer. | |
Carl Casale(1) | $ | 3,862,776 | ||
David Kastelic | $ | 500,000 | ||
Mark Palmquist | $ | 609,505 | ||
Jay Debertin(1) | $ | 1,966,228 | ||
Patrick Kluempke | $ | 468,000 |
Carl Casale(1) | $ | 3,980,910 | |
David Kastelic | $ | 540,000 | |
Mark Palmquist | $ | 650,000 | |
Jay Debertin(1) | $ | 2,064,412 | |
Patrick Kluempke | $ | 500,700 |
(1) | These numbers include the value of health insurance based on current monthly |
77
Carl Casale(1) | $ | 4,858,470 |
Carl Casale(1) | $ | 5,006,138 |
(1) |
Years of Service | Director | CHS | ||||||
0 to 3 | 100 | % | 0 | % | ||||
3 to 6 | 50 | % | 50 | % | ||||
6+ | 0 | % | 100 | % |
Years of Service | Director | CHS | |||
Up to 3 | 100 | % | 0 | % | |
3 to 6 | 50 | % | 50 | % | |
6+ | 0 | % | 100 | % |
Amount Credited | ROE Performance | ||
$50,000 | (Maximum) | 14% Return on CHS Equity | |
$25,000 (Target) | 10% Return on CHS Equity | ||
$5,000 (Minimum) | 8% Return on CHS Equity | ||
$0 | Below 8% Return on CHS Equity |
79
Change in Pension Value | ||||||||||||||||
and Nonqualified | ||||||||||||||||
Fees Earned or | Deferred Compensation | All Other | ||||||||||||||
Name(1) | Paid in Cash (1)(2) | Earnings (3) | Compensation (4) | Total | ||||||||||||
Bruce Anderson | $ | 64,500 | $ | 146,929 | $ | 13,038 | $ | 224,467 | ||||||||
Donald Anthony | 69,300 | 66,652 | 13,055 | 149,007 | ||||||||||||
Robert Bass | 68,700 | 117,486 | 13,804 | 199,990 | ||||||||||||
David Bielenberg | 66,600 | 72,533 | 20,563 | 159,696 | ||||||||||||
Clinton Blew | 48,900 | 8,315 | 14,677 | 71,892 | ||||||||||||
Dennis Carlson (5) | 69,900 | 68,513 | 13,607 | 152,020 | ||||||||||||
Curt Eischens | 61,500 | 133,366 | 14,267 | 209,133 | ||||||||||||
Steven Fritel | 68,250 | 85,260 | 16,910 | 170,420 | ||||||||||||
Jerry Hasnedl (5) | 78,450 | 103,978 | 16,709 | 199,137 | ||||||||||||
David Kayser | 62,250 | 52,440 | 21,303 | 135,993 | ||||||||||||
Randy Knecht | 71,400 | 102,160 | 13,364 | 186,924 | ||||||||||||
Greg Kruger | 65,700 | 43,321 | 1,476 | 110,497 | ||||||||||||
Michael Mulcahey | 65,700 | 84,308 | 12,483 | 162,491 | ||||||||||||
Richard Owen | 72,900 | 118,483 | 13,274 | 204,657 | ||||||||||||
Steve Riegel | 65,100 | 73,604 | 12,119 | 150,823 | ||||||||||||
Daniel Schurr | 66,900 | 38,762 | 22,590 | 128,252 | ||||||||||||
Michael Toelle | 84,300 | 76,835 | 24,091 | 185,226 |
Name(1) | Fees Earned or Paid in Cash (1)(2) | Change in Pension Value and Nonqualified Deferred Compensation Earnings (3) | All Other Compensation (4)(5) | Total | |||||||||||
Bruce Anderson | $ | 26,500 | $ | 62,764 | $ | 50,184 | $ | 139,448 | |||||||
Donald Anthony | 84,150 | 15,552 | 63,990 | 163,692 | |||||||||||
Robert Bass | 78,700 | 87,647 | 64,529 | 230,876 | |||||||||||
David Bielenberg | 75,850 | 17,005 | 63,834 | 156,689 | |||||||||||
Clinton Blew | 86,500 | 4,764 | 73,405 | 164,669 | |||||||||||
Dennis Carlson (6) | 88,850 | 31,621 | 64,483 | 184,954 | |||||||||||
Curt Eischens | 78,600 | 80,440 | 64,309 | 223,349 | |||||||||||
Jon Erickson | 60,000 | 37 | 45,281 | 105,318 | |||||||||||
Steven Fritel | 86,200 | 48,221 | 68,266 | 202,687 | |||||||||||
Jerry Hasnedl (6) | 112,050 | 276 | 68,912 | 181,238 | |||||||||||
David Kayser | 83,500 | 30,769 | 73,020 | 187,289 | |||||||||||
Randy Knecht | 83,850 | 28,580 | 65,331 | 177,761 | |||||||||||
Greg Kruger | 92,000 | 18,825 | 65,511 | 176,336 | |||||||||||
Edward Malesich | 58,500 | 44,102 | 102,602 | ||||||||||||
Michael Mulcahey | 92,500 | 20,185 | 67,373 | 180,058 | |||||||||||
Richard Owen | 32,200 | 74,063 | 31,379 | 137,642 | |||||||||||
Steve Riegel | 85,000 | 24,372 | 66,666 | 176,038 | |||||||||||
Daniel Schurr | 91,850 | 29,676 | 74,466 | 195,992 | |||||||||||
Michael Toelle | 79,000 | 89,293 | 74,081 | 242,374 |
(1) | Mr. |
(2) | Of this amount, the following directors deferred the succeeding amounts to the Deferred Compensation Plan: Mr. Erickson, $8,000; Mr. Hasnedl, $6,000; Mr. Knecht, $8,000; Mr. Malesich, $26,833; Mr. Mulcahey, $6,000; and Mr. Toelle, $6,000. |
(3) | This column represents both changes in pension value and above-market earnings on deferred compensation. Change in pension value is the aggregate change in the actuarial present value of the director’s benefit under their retirement program, and nonqualified earnings, if applicable. The change in pension value will vary by director based on several factors including age, service, pension benefit elected (lump sum or annuity — see above), discount rate and mortality factor used to calculate the benefit due. Future accruals under the plan were frozen as of August 31, 2011 as stated above. | |
(4) | All other compensation includes health |
(5) |
(6) | Made a one-time irrevocable retirement election in 2005 to receive a lump sum benefit under the director retirement plan. All other directors will receive a monthly annuity upon retirement. The plan benefit was frozen as of August 31, |
Amount and | Nature of Beneficial | |||||||||
Title of Class | Name of Beneficial Owner | Ownership | % of Class(1) | |||||||
8% Cumulative Redeemable Preferred Stock | Directors: | |||||||||
975 shares | * | |||||||||
100 shares | * | |||||||||
Robert Bass | 120 shares | * | ||||||||
David Bielenberg | 9,130 shares | * | ||||||||
Clinton J. Blew | 0 shares | * | ||||||||
Dennis Carlson | 710 shares(2) | * | ||||||||
Curt Eischens | 120 shares | * | ||||||||
Jon Erickson | 300 shares | |||||||||
* | ||||||||||
0 shares | * | |||||||||
Randy Knecht | 863 shares(2) | * | ||||||||
Gregory Kruger | 0 shares | * | ||||||||
Edward Malesich | 0 shares | * | ||||||||
Michael Mulcahey | 100 shares | * | ||||||||
* | ||||||||||
Daniel Schurr | 0 shares | * | ||||||||
Michael | 520 shares(2) | * | ||||||||
Named Executive Officers: | ||||||||||
Carl M. Casale | 0 shares | * | ||||||||
Jay Debertin | 1,200 | shares(2) | * | |||||||
David A. Kastelic | 400 shares | * | ||||||||
Patrick Kluempke | * | |||||||||
Mark Palmquist | 400 shares | * | ||||||||
Directors and executive officers as a group | * |
(1) | As of August 31, |
(2) | Includes shares held by spouse, children and Individual Retirement Accounts (IRA). |
* | Less than 1% |
Product Sales | Patronage | |||||||
Name | and Purchases | Dividends | ||||||
Bruce Anderson | $ | 171,476 | $ | 6,796 | ||||
Donald Anthony | 179,361 | 5,834 | ||||||
Dennis Carlson | 153,523 | 16,131 | ||||||
Curt Eischens | 814,050 | 918 | ||||||
Steve Fritel | 290,785 | 34,925 | ||||||
Jerry Hasnedl | 1,483,378 | 45,989 | ||||||
David Kayser | 1,298,908 | 29,855 | ||||||
Michael Mulcahey | 282,627 | 3,108 | ||||||
Richard Owen | 131,534 | 1,594 | ||||||
Michael Toelle | 1,763,566 | 56,979 |
Name | Product Sales and Purchases | Patronage Dividends | |||||
Donald Anthony | $ | 122,304 | $ | 4,282 | |||
Dennis Carlson | 146,714 | 9,327 | |||||
Curt Eischens | 520,327 | 1,714 | |||||
Jon Erickson | 240,905 | 9,699 | |||||
Steve Fritel | 298,069 | 34,084 | |||||
Jerry Hasnedl | 1,439,869 | 76,666 | |||||
David Kayser | 1,562,879 | 38,586 | |||||
Michael Mulcahey | 273,155 | 3,052 | |||||
Michael Toelle | 1,780,024 | 102,411 |
83
Jon Erickson | Donald Anthony | ||
Robert Bass | David Bielenberg | ||
Clinton J. Blew | Dennis Carlson | ||
Steve Fritel | Jerry Hasnedl | ||
David Kayser | Greg Kruger | ||
Randy Knecht | |||
Michael Mulcahey | Steve Riegel | ||
Daniel Schurr | Michael Toelle |
(Dollars in | ||||||||
thousands) | ||||||||
Description of Fees | 2011 | 2010 | ||||||
Audit Fees(1) | $ | 1,954 | $ | 2,357 | ||||
Audit — Related Fees(2) | 208 | 102 | ||||||
Tax Fees(3) | 29 | 24 | ||||||
All Other Fees | — | — | ||||||
Total | $ | 2,191 | $ | 2,483 | ||||
84
(Dollars in thousands) | |||||||
Description of Fees | 2012 | 2011 | |||||
Audit Fees(1) | $ | 2,555 | $ | 1,954 | |||
Audit — Related Fees(2) | 871 | 208 | |||||
Tax Fees(3) | 27 | 29 | |||||
All Other Fees | — | — | |||||
Total | $ | 3,453 | $ | 2,191 |
(1) | Includes fees for audit of annual financial statements and reviews of the related quarterly financial statements, certain statutory audits and work related to filings of registration |
(2) | Includes fees for employee benefit plan |
(3) | Includes fees related to tax compliance, tax advice and tax planning. |
ITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
Page No. | ||||
Balance at | Additions: | Deductions: | Balance at | |||||||||||||
Beginning | Charged to Costs | Write-offs, net | End | |||||||||||||
of Year | and Expenses | of Recoveries | of Year | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Allowances for Doubtful Accounts | ||||||||||||||||
2011 | $ | 99,535 | $ | 31,792 | $ | (12,301 | ) | $ | 119,026 | |||||||
2010 | 99,025 | 6,688 | (6,178 | ) | 99,535 | |||||||||||
2009 | 73,651 | 32,019 | (6,645 | ) | 99,025 |
Balance at Beginning of Year | Additions: Charged to Costs and Expenses | Deductions: Write-offs, net of Recoveries | Balance at End of Year | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Allowances for Doubtful Accounts | |||||||||||||||
2012 | $ | 119,026 | $ | 7,380 | $ | (14,621 | ) | $ | 111,785 | ||||||
2011 | 99,535 | 31,792 | (12,301 | ) | 119,026 | ||||||||||
2010 | 99,025 | 6,688 | (6,178 | ) | 99,535 |
/s/ PricewaterhouseCoopers LLP | ||||
PricewaterhouseCoopers LLP | ||||
Minneapolis, Minnesota | ||||
November 7, 2012 |
2.1 | Agreement and Plan of Merger among CHS Inc., Science Merger Sub Ltd. and Solbar Industries Ltd. (Incorporated by reference to our Current Report on Form 8-K, filed November 23, 2011). |
3.1 | Articles of Incorporation of CHS Inc., as amended. (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2006, filed January 11, 2007). |
3.1A | Amended Article III, Section 3(b) of Bylaws of CHS Inc. (Incorporated by reference to our Current Report on Form 8-K, filed May 5, 2010). |
3.1B | Amendment to the Bylaws of CHS Inc. (Incorporated by reference to our Current Report on Form 8-K, filed December 7, 2010). |
3.2 | Bylaws of CHS Inc. (Incorporated by reference to our Registration Statement on Form S-1 (File No. 333-156255), filed December 17, 2008). |
4.1 | Resolution Creating a Series of Preferred Equity to be Designated 8% Cumulative Redeemable Preferred Stock. (Incorporated by reference to Amendment No. 1 to our Registration Statement on Form S-2 (File No. 333-101916), dated January 13, 2003). |
4.2 | Form of Certificate Representing 8% Cumulative Redeemable Preferred Stock. (Incorporated by reference to Amendment No. 2 to our Registration Statement on Form S-2 (File No. 333-101916), dated January 23, 2003). |
4.3 | Unanimous Written Consent Resolution of the Board of Directors Amending the Amended and Restated Resolution Creating a Series of Preferred Equity to be Designated 8% Cumulative Redeemable Preferred Stock. (Incorporated by reference to Amendment No. 2 to our Registration Statement on Form S-2 (File No. 333-101916), dated January 23, 2003). |
10.1 | Employment Agreement between CHS Inc. and Carl M. Casale, dated November 22, 2010 (Incorporated by reference to our Current Report on Form 8-K, filed November 22, 2010). (+) |
10.2 | Change of Control Agreement between CHS Inc. and Carl M. Casale, dated November 22, 2010 (Incorporated by reference to our Current Report on Form 8-K, filed November 22, 2010). (+) |
10.3 | Employment Security Agreement between CHS Inc. and Jay Debertin, dated December 23, 2010 (Incorporated by reference to our Current Report on Form 8-K, filed December 28, 2010). (+) |
10.4 | Cenex Harvest States Cooperatives Supplemental Savings Plan. (Incorporated by reference to our Form 10-K for the year ended August 31, 2000, filed November 22, 2000). (+) |
10.4A | Amendment No. 3 to the CHS Inc. Supplemental Savings Plan. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2006, filed July 12, 2006). (+) |
10.5 | CHS Inc. Supplemental Executive Retirement Plan (2010 Restatement). (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2010, filed July 8, 2010). (+) |
10.5A | Amendment No. 1 to the CHS Inc. Supplemental Executive Retirement Plan (2010 Restatement). (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2010, filed January 11, 2011). (+) |
10.5B | Amendment No. 2 to the CHS Inc. Supplemental Executive Retirement Plan (2010 Restatement). (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2010, filed January 11, 2011). (+) |
10.6 | Cenex Harvest States Cooperatives Senior Management Compensation Plan. (Incorporated by reference to our Form 10-K for the year ended August 31, 2000, filed November 22, 2000). (+) |
10.7 | Cenex Harvest States Cooperatives Executive Long-Term Variable Compensation Plan. (Incorporated by reference to our Form 10-K for the year ended August 31, 2000, filed November 22, 2000). (+) |
10.8 | Cenex Harvest States Cooperatives Share Option Plan. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) |
10.8A | Amendment to Cenex Harvest States Share Option Plan, dated June 28, 2001. (Incorporated by reference to our Registration Statement on Form S-2 (File No. 333-65364), filed July 18, 2001). (+) |
10.8B | Amendment No. 2 to Cenex Harvest States Share Option Plan, dated May 2, 2001. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) |
10.8C | Amendment No. 3 to Cenex Harvest States Share Option Plan, dated June 4, 2002. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) |
10.8D | Amendment No. 4 to Cenex Harvest States Share Option Plan, dated April 6, 2004. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) |
10.9 | CHS Inc. Share Option Plan Option Agreement. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) |
10.10 | CHS Inc. Share Option Plan Trust Agreement. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) |
10.10A | Amendment No. 1 to the Trust Agreement. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) |
10.11 | CHS Inc. Nonemployee Director Retirement Plan. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2010, filed July 8, 2010). (+) |
10.11A | Amendment No. 1 to the Nonemployee Director Retirement Plan (Incorporated by reference to our Form 10-K for the year ended August 31, 2011, filed November 14, 2011). (+) |
10.11B | Amendment No. 2 to the Nonemployee Director Retirement Plan. (*) (+) |
10.12 | Trust Under the CHS Inc. Nonemployee Director Retirement Plan. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2010, filed July 8, 2010). (+) |
10.13 | CHS Inc. Special Supplemental Executive Retirement Plan. (Incorporated by reference to our Form 10-K for the year ended August 31, 2003, filed November 21, 2003). (+) |
10.13A | Amendment No. 1 to the CHS Inc. Special Supplemental Executive Retirement Plan. (Incorporated by reference to our Form 10-Q for the quarterly period ended February 29, 2008, filed April 9, 2008). (+) |
10.16 | $225,000,000 Note Agreement (Private Placement Agreement) dated as of June 19, 1998 among Cenex Harvest States Cooperatives and each of the Purchasers of the Notes. (Incorporated by Reference to our Form 10-Q Transition Report for the period June 1, 1998 to August 31, 1998, filed October 14, 1998). |
10.16A | First Amendment to Note Agreement ($225,000,000 Private Placement), effective September 10, 2003, among CHS Inc. and each of the Purchasers of the notes. (Incorporated by reference to our Form 10-K for the year ended August 31, 2003, filed November 21, 2003). |
10.17 | Note Purchase Agreement and Series D & E Senior Notes dated October 18, 2002. (Incorporated by reference to our Form 10-K for the year ended August 31, 2002, filed November 25, 2002). |
10.18 | Amended and Restated Credit Agreement dated as of January 31, 2011, by and among National Cooperative Refinery Association, various lenders and CoBank, ACB. (Incorporated by reference to our Form 10-Q for the quarterly period ended February 28, 2011, filed April 8, 2011). |
10.18A | Amendment No. 1 Amended and Restated Credit Agreement dated as of December 16, 2011, by and among National Cooperative Refinery Association, various lenders and CoBank, ACB. (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2011, filed January 11, 2012) |
10.19 | Note Purchase and Private Shelf Agreement between CHS Inc. and Prudential Capital Group dated as of April 13, 2004. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2004, filed July 12, 2004). |
10.19A | Amendment No. 1 to Note Purchase and Private Shelf Agreement dated April 9, 2007, among CHS Inc., Prudential Investment Management, Inc. and the Prudential Affiliate parties (Incorporated by reference to our Form 10-Q for the quarterly period ended February 28, 2007 filed April 9, 2007). |
10.19B | Amendment No. 2 to Note Purchase and Private Shelf Agreement and Senior Series J Notes totaling $50 million issued February 8, 2008 (Incorporated by reference to our Current Report on Form 8-K filed February 11, 2008). |
10.19C | Amendment No. 3 to Note Purchase and Private Shelf Agreement, effective as of November 1, 2010 (Incorporated by reference to our Form 10-Q filed January 11, 2011). |
10.20 | Note Purchase Agreement for Series H Senior Notes ($125,000,000 Private Placement) dated September 21, 2004. (Incorporated by reference to our Current Report on Form 8-K filed September 22, 2004). |
10.21 | CHS Inc. Deferred Compensation Plan Master Plan Document (2011 Restatement). (Incorporated by reference to our Registration Statement on Form S-8 (File No. 333-177326), filed October 14, 2011). (+) |
10.21A | Amendment No. 1 to Deferred Compensation Plan (2011 Restatement). (*) (+) |
10.21B | Amendment No. 2 Deferred Compensation Plan (2011 Restatement). (*)(+) |
10.22 | New Plan Participants 2008 Plan Agreement and Election Form for the CHS Inc. Deferred Compensation Plan (Incorporated by reference to our Form 10-K for the year ended August 31, 2009, filed November 10, 2009). (+) |
10.23 | Beneficiary Designation Form for the CHS Inc. Deferred Compensation Plan (Incorporated by reference to our Form 10-K for the year ended August 31, 2009, filed November 10, 2009). (+) |
10.24 | Share Option Plan Participants 2005 Plan Agreement and Election Form. (Incorporated by reference to our Registration Statement on Form S-8 (File No. 333-129464), filed November 4, 2005). (+) |
10.25 | New Plan Participants 2011 Plan Agreement and Election Form for the CHS Inc. Deferred Compensation Plan (Incorporated by reference to our Registration Statement on Form S-8 (File No. 333-177326), filed October 14, 2011). (+) |
10.26 | New Plan Participants (Board of Directors) 2009 Plan Agreement and Election Form for the CHS Inc. Deferred Compensation Plan (Incorporated by reference to our Form 10-K for the year ended August 31, 2009, filed November 10, 2009). (+) |
10.27 | Note Purchase Agreement ($500,000,000 Private Placement) between CHS Inc. and certain accredited investors dated as of June 9, 2011(Incorporated by reference to our Current Report on Form 8-K, filed June 13, 2011). |
10.28 | Loan Agreement (Term Loan) between CHS Inc. and European Bank for Reconstruction and Development, dated January 5, 2011 (Incorporated by reference to our Current Report on Form 8-K, filed January 18, 2011). |
10.28 | Revolving Loan Agreement between CHS Inc. and European Bank for Reconstruction and Development, dated November 30, 2010 (Incorporated by reference to our Current Report on Form 8-K, filed January 18, 2011). |
10.29 | City of McPherson, Kansas Taxable Industrial Revenue Bond Series 2006 registered to National Cooperative Refinery Association in the amount of $325 million (Incorporated by reference to our Current Report on Form 8-K filed December 18, 2006). |
10.30 | Bond Purchase Agreement between National Cooperative Refinery Association, as purchaser, and City of McPherson, Kansas, as issuer, dated as of December 18, 2006 (Incorporated by reference to our Current Report on Form 8-K filed December 18, 2006). |
10.31 | Trust Indenture between City of McPherson, Kansas, as issuer, and Security Bank of Kansas City, Kansas City, Kansas, as trustee, dated as of December 18, 2006 (Incorporated by reference to our Current Report on Form 8-K filed December 18, 2006). |
10.32 | Lease agreement between City of McPherson, Kansas, as issuer, and National Cooperative Refinery Association, as tenant, dated as of December 18, 2006 (Incorporated by reference to our Current Report on Form 8-K filed December 18, 2006). |
10.33 | Commercial Paper Placement Agreement by and between CHS Inc. and M&I Marshall & Ilsley Bank dated October 30, 2006 (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2006, filed January 11, 2007). |
10.34 | Commercial Paper Dealer Agreement by and between CHS Inc. and SunTrust Capital Markets, Inc. dated October 6, 2006 (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2006, filed January 11, 2007). |
10.35 | Note Purchase Agreement ($400,000,000 Private Placement) and Series I Senior Notes dated as of October 4, 2007 (Incorporated by reference to our Current Report on Form 8-K filed October 4, 2007). |
10.36 | Agreement Regarding Distribution of Assets, by and among CHS Inc., United Country Brands, LLC, Land O’Lakes, Inc. and Winfield Solutions, LLC, made as of September 4, 2007. (Incorporated by reference to our Form 10-K for the year ended August 31, 2008, filed November 20, 2007). |
10.37 | $150 Million Term Loan Credit Agreement by and between CHS Inc., CoBank, ACB and the Syndication Parties dated as of December 12, 2007 (Incorporated by reference to our Registration Statement on Form S-1 (File No. 333-148091), filed December 14, 2007). |
10.37A | First Amendment to $150 Million Term Loan Credit Agreement by and between CHS Inc., CoBank, ACB and the Syndication Parties dated as of May 1, 2008 (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2008, filed July 10, 2008). |
10.37B | Second Amendment to $150 Million Term Loan Credit Agreement by and between CHS Inc., CoBank, ACB and the Syndication Parties dated as of June 2, 2010 (Incorporated by reference to our Current Report on Form 8-K, filed June 3, 2010). |
10.38 | Series 2008-A Supplement dated as of November 21, 2008 (to Base Indenture dated as of August 10, 2005) between Cofina Funding, LLC, as Issuer, and U.S. Bank National Association, as Trustee (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2008, filed January 13, 2009). |
10.39 | Amended and Restated Base Indenture, dated as of December 23, 2010, between Cofina Funding, LLC, as Issuer, and U.S. Bank National Association, as Trustee (Incorporated by reference to our Current Report on Form 8-K, filed December 28, 2010). |
10.39A | Amendment No. 1 to Amended and Restated Base Indenture, dated as of December 23, 2010, between Cofina Funding, LLC, as Issuer, and U.S. Bank National Association, as Trustee. (Incorporated by reference to our Form 10-Q for the quarterly period ended February 29, 2012, filed April 11, 2012). |
10.40 | Series 2010-A Supplement, dated as of December 23, 2010, by and among Cofina Funding, LLC, as Issuer, and U.S. National Bank Association, as Trustee, to the Base Indenture, dated as of December 23, 2010, between the Issuer and the Trustee (Incorporated by reference to our Current Report on Form 8-K, filed December 28, 2010). |
10.41 | Lockbox Agreement dated August 10, 2005 between Cofina Financial, LLC and M&I Marshall & Ilsley Bank (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2008, filed January 13, 2009). |
10.42 | Purchase and Sale Agreement dated as of August 10, 2005 between Cofina Funding, LLC, as Purchaser and Cofina Financial, LLC, as Seller (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2008, filed January 13, 2009). |
10.43 | Custodian Agreement dated August 10, 2005 between Cofina Funding, LLC, as Issuer; U.S. Bank National Association, as Trustee; and U.S. Bank National Association, as Custodian (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2008, filed January 13, 2009). |
10.44 | Servicing Agreement dated as of August 10, 2005 among Cofina Funding, LLC, as Issuer; Cofina Financial, LLC, as Servicer; and U.S. Bank National Association, as Trustee (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2008, filed January 13, 2009). |
10.45 | Series 2008-A Cofina Variable Funding Asset-Backed Note No. 4 (Incorporated by reference to our Current Report on Form 8-K, filed November 17, 2010). |
10.46 | Amended and Restated Loan Origination and Participation Agreement dated as of September 1, 2011, by and among AgStar Financial Services, PCA, d/b/a ProPartners Financial, CHS Capital, LLC. (Incorporated by reference to our Form 10-K for the year ended August 31, 2011, filed November 14, 2011). |
10.46A | Amendment No. 1 to Amended and Restated Loan Origination and Participation Agreement dated as of September 1, 2011, by and among AgStar Financial Services, PCA, d/b/a ProPartners Financial, CHS Capital, LLC. (*) |
10.47 | Note Purchase Agreement (Series 2010-A), dated as of December 23, 2010, among Cofina Funding, LLC, as Issuer, Nieuw Amsterdam Receivables Corporation, as the Conduit Purchaser, Cooperatieve Centrale Raiffeisen- Boerenleenbank, B.A. “Rabobank Nederland”, New York Branch, as Funding Agent, and the Financial Institutions from time to time parties hereto, as Committed Purchasers (Incorporated by reference to our Current Report on Form 8-K, filed December 28, 2010). |
10.47A | Amendment No. 1 to Note Purchase Agreement (Series 2010-A) dated as of April 13, 2011 by and among Cofina Funding, LLC and the Issuer, Nieuw Amsterdam Receivables Corporation, as the Conduit Purchaser, and Cooperatieve Centrale Raiffeisen-BoerenleenBank B.A., “Rabobank Nederland”, New York Branch, as the Funding Agent and as a Committed Purchaser (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2011, filed July 8, 2011). |
10.47B | Amendment No. 2 to Note Purchase Agreement (Series 2010-A) dated as of June 17, 2011 by and among Cofina Funding, LLC and the Issuer, Nieuw Amsterdam Receivables Corporation, as the Conduit Purchaser, and Cooperatieve Centrale Raiffeisen-BoerenleenBank B.A., “Rabobank Nederland”, New York Branch, as the Funding Agent and as a Committed Purchaser (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2011, filed July 8, 2011). |
10.47C | Amendment No. 3 to Note Purchase Agreement (Series 2010-A) dated as of April 11, 2012, by and among Cofina Funding, LLC and the Issuer, Nieuw Amsterdam Receivables Corporation, as the Conduit Purchaser, and Cooperatieve Centrale Raiffeisen-BoerenleenBank B.A., “Rabobank Nederland”, New York Branch, as the Funding Agent and as a Committed Purchaser. (*) |
10.48 | Note Purchase Agreement (Series 2008-A) dated as of November 21, 2008 among Cofina Funding, LLC, as Issuer; Victory Receivables Corporation, as the Conduit Purchaser; The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Funding Agent for the Purchasers; and the Financial Institutions from time to time parties thereto (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2008, filed January 13, 2009). |
10.48A | Amendment No. 1 to Note Purchase Agreement (Series 2008-A) dated February 25, 2009, by and among Cofina Funding, LLC as the Issuer; Victory Receivables Corporation, as the Conduit Purchaser; and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Funding Agent and as a Committed Purchaser (Incorporated by reference to our Current Report on Form 8-K, filed March 2, 2009). |
10.48B | Amendment No. 2 to Note Purchase Agreement (Series 2008-A) dated November 20, 2009, by and among Cofina Funding, LLC as the Issuer; Victory Receivables Corporation, as the Conduit Purchaser; and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Funding Agent and as a Committed Purchaser (Incorporated by reference to our Registration Statement on Form S-1 (File No. 333-163608), filed December 9, 2009). |
10.48C | Amendment No. 3 to Note Purchase Agreement (Series 2008-A) dated as of November 12, 2010, by and among Cofina Funding, LLC and the Issuer, Victory Receivables Corporation, as the Conduit Purchaser, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Funding Agent and as a Committed Purchaser (Incorporated by reference to our Current Report on Form 8-K, filed November 17, 2010). |
10.48D | Amendment No. 4 to Note Purchase Agreement (Series 2008-A) dated as of December 23, 2010, by and among Cofina Funding, LLC and the Issuer, Victory Receivables Corporation, as the Conduit Purchaser, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Funding Agent and as a Committed Purchaser. |
10.48E | Amendment No. 5 to Note Purchase Agreement (Series 2008-A) dated as of April 13, 2011, by and among Cofina Funding, LLC and the Issuer, Victory Receivables Corporation, as the Conduit Purchaser, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Funding Agent and as a Committed Purchaser (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2011, filed July 8, 2011). |
10.48F | Amendment No. 6 to Note Purchase Agreement (Series 2008-A) dated as of April 11, 2012, by and among Cofina Funding, LLC and the Issuer, Victory Receivables Corporation, as the Conduit Purchaser, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Funding Agent and as a Committed Purchaser. (*) |
10.49 | 2011 Credit Agreement (5-year Revolving Loan) dated as of September 27, 2011 between CHS Inc. and CoBank, ACB, as administrative agent for all syndication parties thereunder, as bid agent, as the letter of credit bank, and as a syndication party thereunder, and the other syndication parties party thereto. (Incorporated by reference to our Current Report on Form 8-K, filed September 30, 2011). |
10.50 | 2011 Credit Agreement (3-Year Revolving Loan) dated as of September 27, 2011 between CHS Inc. and CoBank, ACB, as administrative agent for all syndication parties thereunder, as bid agent, and as a syndication party thereunder, and the other syndication parties party thereto. (Incorporated by reference to our Form 8-K, filed September 30, 2011). |
10.51 | 2010 364-Day Credit Agreement (Revolving Loan) by and between CHS Inc. and the Syndication Parties dated as of November 24, 2010 (Incorporated by reference to our Current Report on Form 8-K, filed November 29, 2010). |
10.52 | 2006 Second Amended and Restated Credit Agreement (Revolving Loan) by and between CHS Inc. and the Syndication Parties dated as of June 2, 1010. (Incorporated by reference to our Current Report on Form 8-K, filed June 3, 2010). |
10.53 | Stock Transfer Agreement, dated as of November 17, 2011, between CHS Inc. and GROWMARK, Inc. (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2011, filed January 11, 2012). |
10.54 | Stock Transfer Agreement, dated as of November 17, 2011, between CHS Inc. and MFA Oil company. (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2011, filed January 11, 2012). |
10.55 | Amended and Restated Limited Liability Company Agreement, dated February 1, 2012, between CHS Inc. and Cargill, Incorporated. (Incorporated by reference to our Current Report on Form 8-K, filed February 1, 2012). |
21.1 | Subsidiaries of the Registrant.(*) |
23.1 | Consent of Independent Registered Public Accounting Firm.(*) |
24.1 | Power of Attorney.(*) |
31.1 | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(*) |
31.2 | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(*) |
32.1 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(*) |
32.2 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(*) |
By: | /s/ Carl M. Casale | |
Carl M. Casale | ||
President and Chief Executive Officer |
Signature | Title | |
/s/ Carl M. Casale | President and Chief Executive Officer (principal executive officer) | |
Carl M. Casale | ||
/s/ David A. Kastelic | Executive Vice President and Chief Financial Officer (principal financial officer) | |
David A. Kastelic | ||
/s/ Theresa Egan | Vice President, Accounting and Corporate Controller (principal accounting officer) | |
Theresa Egan | ||
Chairman of the Board of Directors | ||
Jerry Hasnedl* | ||
Director | ||
Don Anthony* | ||
Director | ||
Robert Bass* | ||
Director | ||
David Bielenberg* | ||
Director | ||
Clinton J. Blew* | ||
Director | ||
Dennis Carlson* | ||
Director | ||
Curt Eischens* | ||
Director | ||
Jon Erickson* | ||
Director | ||
Steve Fritel* | ||
Director | ||
David Kayser* | ||
Director | ||
Randy Knecht* | ||
Director | ||
Greg Kruger* | ||
Director | ||
Edward Malesich* | ||
Director | ||
Michael Mulcahey* | ||
Director | ||
Steve Riegel* | ||
Director | ||
Dan Schurr* | ||
Director | ||
Michael Toelle* |
*By | /s/ Carl M. Casale | |
Carl M. Casale Attorney-in-fact |
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3 | .1 | Articles of Incorporation of CHS Inc., as amended. (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2006, filed January 11, 2007). | ||
3 | .1A | Amended Article III, Section 3(b) of Bylaws of CHS Inc. (Incorporated by reference to our Current Report on Form 8-K, filed May 5, 2010). | ||
3 | .1B | Amendment to the Bylaws of CHS Inc. (Incorporated by reference to our Current Report on Form 8-K, filed December 7, 2010). | ||
3 | .2 | Bylaws of CHS Inc. (Incorporated by reference to our Registration Statement on Form S-1(File No. 333-156255), filed December 17, 2008). | ||
4 | .1 | Resolution Creating a Series of Preferred Equity to be Designated 8% Cumulative Redeemable Preferred Stock. (Incorporated by reference to Amendment No. 1 to our Registration Statement on Form S-2 (File No. 333-101916), dated January 13, 2003). | ||
4 | .2 | Form of Certificate Representing 8% Cumulative Redeemable Preferred Stock. (Incorporated by reference to Amendment No. 2 to our Registration Statement on Form S-2 (File No. 333-101916), dated January 23, 2003). | ||
4 | .3 | Unanimous Written Consent Resolution of the Board of Directors Amending the Amended and Restated Resolution Creating a Series of Preferred Equity to be Designated 8% Cumulative Redeemable Preferred Stock. (Incorporated by reference to Amendment No. 2 to our Registration Statement on Form S-2 (File No. 333-101916), dated January 23, 2003). | ||
10 | .1 | Employment Agreement between CHS Inc. and Carl M. Casale, dated November 22, 2010 (Incorporated by reference to our Current Report on Form 8-K, filed November 22, 2010). (+) | ||
10 | .2 | Change of Control Agreement between CHS Inc. and Carl M. Casale, dated November 22, 2010 (Incorporated by reference to our Current Report on Form 8-K, filed November 22, 2010). (+) | ||
10 | .3 | Employment Security Agreement between CHS Inc. and Jay Debertin, dated December 23, 2010 (Incorporated by reference to our Current Report on Form 8-K, filed December 28, 2010). (+) | ||
10 | .4 | Cenex Harvest States Cooperatives Supplemental Savings Plan. (Incorporated by reference to our Form 10-K for the year ended August 31, 2000, filed November 22, 2000). (+) | ||
10 | .4A | Amendment No. 3 to the CHS Inc. Supplemental Savings Plan. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2006, filed July 12, 2006). (+) | ||
10 | .5 | CHS Inc. Supplemental Executive Retirement Plan (2010 Restatement). (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2010, filed July 8, 2010). (+) | ||
10 | .5A | Amendment No. 1 to the CHS Inc. Supplemental Executive Retirement Plan (2010 Restatement). (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2010, filed January 11, 2011). (+) | ||
10 | .5B | Amendment No. 2 to the CHS Inc. Supplemental Executive Retirement Plan (2010 Restatement). (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2010, filed January 11, 2011). (+) | ||
10 | .6 | Cenex Harvest States Cooperatives Senior Management Compensation Plan. (Incorporated by reference to our Form 10-K for the year ended August 31, 2000, filed November 22, 2000). (+) | ||
10 | .7 | Cenex Harvest States Cooperatives Executive Long-Term Variable Compensation Plan. (Incorporated by reference to our Form 10-K for the year ended August 31, 2000, filed November 22, 2000). (+) | ||
10 | .8 | Cenex Harvest States Cooperatives Share Option Plan. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) | ||
10 | .8A | Amendment to Cenex Harvest States Share Option Plan, dated June 28, 2001. (Incorporated by reference to our Registration Statement on Form S-2 (File No. 333-65364), filed July 18, 2001). (+) | ||
10 | .8B | Amendment No. 2 to Cenex Harvest States Share Option Plan, dated May 2, 2001. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) |
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10 | .8C | Amendment No. 3 to Cenex Harvest States Share Option Plan, dated June 4, 2002. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) | ||
10 | .8D | Amendment No. 4 to Cenex Harvest States Share Option Plan, dated April 6, 2004. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) | ||
10 | .9 | CHS Inc. Share Option Plan Option Agreement. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) | ||
10 | .10 | CHS Inc. Share Option Plan Trust Agreement. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) | ||
10 | .10A | Amendment No. 1 to the Trust Agreement. (Incorporated by reference to our Form 10-K for the year ended August 31, 2004, filed November 18, 2004). (+) | ||
10 | .11 | CHS Inc. Nonemployee Director Retirement Plan. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2010, filed July 8, 2010). (+) | ||
10 | .11A | Amendment No. 1 to the Nonemployee Director Retirement Plan. (*) (+) | ||
10 | .12 | Trust Under the CHS Inc. Nonemployee Director Retirement Plan. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2010, filed July 8, 2010). (+) | ||
10 | .13 | CHS Inc. Special Supplemental Executive Retirement Plan. (Incorporated by reference to our Form 10-K for the year ended August 31, 2003, filed November 21, 2003). (+) | ||
10 | .13A | Amendment No. 1 to the CHS Inc. Special Supplemental Executive Retirement Plan. (Incorporated by reference to our Form 10-Q for the quarterly period ended February 29, 2008, filed April 9, 2008). (+) | ||
10 | .14 | 2006 Second Amended and Restated Credit Agreement (Revolving Loan) by and between CHS Inc. and the Syndication Parties dated as of June 2, 1010. (Incorporated by reference to our Current Report on Form 8-K, filed June 3, 2010). | ||
10 | .15 | 2010 Credit Agreement (Revolving Loan) by and between CHS Inc. and the Syndication Parties dated as of June 2, 2010. (Incorporated by reference to our Current Report on Form 8-K, filed June 3, 2010). | ||
10 | .16 | $225,000,000 Note Agreement (Private Placement Agreement) dated as of June 19, 1998 among Cenex Harvest States Cooperatives and each of the Purchasers of the Notes. (Incorporated by Reference to our Form 10-Q Transition Report for the period June 1, 1998 to August 31, 1998, filed October 14, 1998). | ||
10 | .16A | First Amendment to Note Agreement ($225,000,000 Private Placement), effective September 10, 2003, among CHS Inc. and each of the Purchasers of the notes. (Incorporated by reference to our Form 10-K for the year ended August 31, 2003, filed November 21, 2003). | ||
10 | .17 | Note Purchase Agreement and Series D & E Senior Notes dated October 18, 2002. (Incorporated by reference to our Form 10-K for the year ended August 31, 2002, filed November 25, 2002). | ||
10 | .18 | Amended and Restated Credit Agreement dated as of January 31, 2011, by and among National Cooperative Refinery Association, various lenders and CoBank, ACB. (Incorporated by reference to our Form 10-Q for the quarterly period ended February 28, 2011, filed April 8, 2011). | ||
10 | .19 | Note Purchase and Private Shelf Agreement between CHS Inc. and Prudential Capital Group dated as of April 13, 2004. (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2004, filed July 12, 2004). | ||
10 | .19A | Amendment No. 1 to Note Purchase and Private Shelf Agreement dated April 9, 2007, among CHS Inc., Prudential Investment Management, Inc. and the Prudential Affiliate parties (Incorporated by reference to our Form 10-Q for the quarterly period ended February 28, 2007 filed April 9, 2007). | ||
10 | .19B | Amendment No. 2 to Note Purchase and Private Shelf Agreement and Senior Series J Notes totaling $50 million issued February 8, 2008 (Incorporated by reference to our Current Report on Form 8-K filed February 11, 2008). | ||
10 | .19C | Amendment No. 3 to Note Purchase and Private Shelf Agreement, effective as of November 1, 2010 (Incorporated by reference to our Form 10-Q filed January 11, 2011). |
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10 | .20 | Note Purchase Agreement for Series H Senior Notes ($125,000,000 Private Placement) dated September 21, 2004. (Incorporated by reference to our Current Report on Form 8-K filed September 22, 2004). | ||
10 | .21 | Deferred Compensation Plan (2011 Restatement). (Incorporated by reference to our Registration Statement on Form S-8 (File No. 333-177326), filed October 14, 2011). (+) | ||
10 | .22 | New Plan Participants 2008 Plan Agreement and Election Form for the CHS Inc. Deferred Compensation Plan (Incorporated by reference to our Form 10-K for the year ended August 31, 2009, filed November 10, 2009). (+) | ||
10 | .23 | Beneficiary Designation Form for the CHS Inc. Deferred Compensation Plan (Incorporated by reference to our Form 10-K for the year ended August 31, 2009, filed November 10, 2009). (+) | ||
10 | .24 | Share Option Plan Participants 2005 Plan Agreement and Election Form. (Incorporated by reference to our Registration Statement on Form S-8 (File No. 333-129464), filed November 4, 2005). (+) | ||
10 | .25 | New Plan Participants 2011 Plan Agreement and Election Form for the CHS Inc. Deferred Compensation Plan (Incorporated by reference to our Registration Statement on Form S-8 (File No. 333-177326), filed October 14, 2011). (+) | ||
10 | .26 | New Plan Participants (Board of Directors) 2009 Plan Agreement and Election Form for the CHS Inc. Deferred Compensation Plan (Incorporated by reference to our Form 10-K for the year ended August 31, 2009, filed November 10, 2009). (+) | ||
10 | .27 | Note Purchase Agreement ($500,000,000 Private Placement) between CHS Inc. and certain accredited investors dated as of June 9, 2011(Incorporated by reference to our Current Report on Form 8-K, filed June 13, 2011). | ||
10 | .28 | Loan Agreement (Term Loan) between CHS Inc. and European Bank for Reconstruction and Development, dated January 5, 2011 (Incorporated by reference to our Current Report on Form 8-K, filed January 18, 2011). | ||
10 | .28 | Revolving Loan Agreement between CHS Inc. and European Bank for Reconstruction and Development, dated November 30, 2010 (Incorporated by reference to our Current Report on Form 8-K, filed January 18, 2011). | ||
10 | .29 | City of McPherson, Kansas Taxable Industrial Revenue Bond Series 2006 registered to National Cooperative Refinery Association in the amount of $325 million (Incorporated by reference to our Current Report on Form 8-K filed December 18, 2006). | ||
10 | .30 | Bond Purchase Agreement between National Cooperative Refinery Association, as purchaser, and City of McPherson, Kansas, as issuer, dated as of December 18, 2006 (Incorporated by reference to our Current Report on Form 8-K filed December 18, 2006). | ||
10 | .31 | Trust Indenture between City of McPherson, Kansas, as issuer, and Security Bank of Kansas City, Kansas City, Kansas, as trustee, dated as of December 18, 2006 (Incorporated by reference to our Current Report on Form 8-K filed December 18, 2006). | ||
10 | .32 | Lease agreement between City of McPherson, Kansas, as issuer, and National Cooperative Refinery Association, as tenant, dated as of December 18, 2006 (Incorporated by reference to our Current Report on Form 8-K filed December 18, 2006). | ||
10 | .33 | Commercial Paper Placement Agreement by and between CHS Inc. and Marshall & Ilsley Bank dated October 30, 2006 (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2006, filed January 11, 2007). | ||
10 | .34 | Commercial Paper Dealer Agreement by and between CHS Inc. and SunTrust Capital Markets, Inc. dated October 6, 2006 (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2006, filed January 11, 2007). | ||
10 | .35 | Note Purchase Agreement ($400,000,000 Private Placement) and Series I Senior Notes dated as of October 4, 2007 (Incorporated by reference to our Current Report on Form 8-K filed October 4, 2007). | ||
10 | .36 | Agreement Regarding Distribution of Assets, by and among CHS Inc., United Country Brands, LLC, Land O’Lakes, Inc. and Winfield Solutions, LLC, made as of September 4, 2007. (Incorporated by reference to our Form 10-K for the year ended August 31, 2008, filed November 20, 2007). |
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10 | .37 | $150 Million Term Loan Credit Agreement by and between CHS Inc., CoBank, ACB and the Syndication Parties dated as of December 12, 2007 (Incorporated by reference to our Registration Statement on Form S-1 (File No. 333-148091), filed December 14, 2007). | ||
10 | .37A | First Amendment to $150 Million Term Loan Credit Agreement by and between CHS Inc., CoBank, ACB and the Syndication Parties dated as of May 1, 2008 (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2008, filed July 10, 2008). | ||
10 | .37B | Second Amendment to $150 Million Term Loan Credit Agreement by and between CHS Inc., CoBank, ACB and the Syndication Parties dated as of June 2, 2010 (Incorporated by reference to our Current Report on Form 8-K, filed June 3, 2010). | ||
10 | .38 | $50 Million Private Shelf Agreement by and between CHS Inc. and John Hancock Life Insurance Company dated as of August 11, 2008 (Incorporated by reference to our Form 10-K for the year ended August 31, 2008, filed November 21, 2008). | ||
10 | .39 | Amended and Restated Base Indenture, dated as of December 23, 2010, between Cofina Funding, LLC, as Issuer, and U.S. Bank National Association, as Trustee (Incorporated by reference to our Current Report on Form 8-K, filed December 28, 2010). | ||
10 | .40 | Series 2010-A Supplement, dated as of December 23, 2010, by and among Cofina Funding, LLC, as Issuer, and U.S. National Bank Association, as Trustee, to the Base Indenture, dated as of December 23, 2010, between the Issuer and the Trustee (Incorporated by reference to our Current Report on Form 8-K, filed December 28, 2010). | ||
10 | .41 | Lockbox Agreement dated August 10, 2005 between Cofina Financial, LLC and M&I Marshall & Isley Bank (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2008, filed January 13, 2009). | ||
10 | .42 | Purchase and Sale Agreement dated as of August 10, 2005 between Cofina Funding, LLC, as Purchaser and Cofina Financial, LLC, as Seller (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2008, filed January 13, 2009). | ||
10 | .43 | Custodian Agreement dated August 10, 2005 between Cofina Funding, LLC, as Issuer; U.S. Bank National Association, as Trustee; and U.S. Bank National Association, as Custodian (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2008, filed January 13, 2009). | ||
10 | .44 | Servicing Agreement dated as of August 10, 2005 among Cofina Funding, LLC, as Issuer; Cofina Financial, LLC, as Servicer; and U.S. Bank National Association, as Trustee (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2008, filed January 13, 2009). | ||
10 | .45 | Series 2008-A Cofina Variable Funding Asset-Backed Note No. 4 (Incorporated by reference to our Current Report on Form 8-K, filed November 17, 2010). | ||
10 | .46 | Amended and Restated Loan Origination and Participation Agreement dated as of September 1, 2011, by and among AgStar Financial Services, PCA, d/b/a ProPartners Financial, CHS Capital, LLC. (*) | ||
10 | .47 | Note Purchase Agreement (Series 2010-A), dated as of December 23, 2010, among Cofina Funding, LLC, as Issuer, Nieuw Amsterdam Receivables Corporation, as the Conduit Purchaser, Cooperatieve Centrale Raiffeisen- Boerenleenbank, B.A. “Rabobank Nederland”, New York Branch, as Funding Agent, and the Financial Institutions from time to time parties hereto, as Committed Purchasers (Incorporated by reference to our Current Report on Form 8-K, filed December 28, 2010). | ||
10 | .48 | Amendment No. 1 to Note Purchase Agreement (Series 2010-A) dated as of April 13, 2011 by and among Cofina Funding, LLC and the Issuer, Nieuw Amsterdam Receivables Corporation, as the Conduit Purchaser, and Cooperatieve Centrale Raiffeisen-BoerenleenBank B.A., “Rabobank Nederland”, New York Branch, as the Funding Agent and as a Committed Purchaser (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2011, filed July 8, 2011). | ||
10 | .49 | Amendment No. 2 to Note Purchase Agreement (Series 2010-A) dated as of June 17, 2011 by and among Cofina Funding, LLC and the Issuer, Nieuw Amsterdam Receivables Corporation, as the Conduit Purchaser, and Cooperatieve Centrale Raiffeisen-BoerenleenBank B.A., “Rabobank Nederland”, New York Branch, as the Funding Agent and as a Committed Purchaser (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2011, filed July 8, 2011). |
91
10 | .50 | Note Purchase Agreement (Series 2008-A) dated as of November 21, 2008 among Cofina Funding, LLC, as Issuer; Victory Receivables Corporation, as the Conduit Purchaser; The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Funding Agent for the Purchasers; and the Financial Institutions from time to time parties thereto (Incorporated by reference to our Form 10-Q for the quarterly period ended November 30, 2008, filed January 13, 2009). | ||
10 | .50A | Amendment No. 1 to Note Purchase Agreement (Series 2008-A) dated February 25, 2009, by and among Cofina Funding, LLC as the Issuer; Victory Receivables Corporation, as the Conduit Purchaser; and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Funding Agent and as a Committed Purchaser (Incorporated by reference to our Current Report on Form 8-K, filed March 2, 2009). | ||
10 | .50B | Amendment No. 2 to Note Purchase Agreement (Series 2008-A) dated November 20, 2009, by and among Cofina Funding, LLC as the Issuer; Victory Receivables Corporation, as the Conduit Purchaser; and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Funding Agent and as a Committed Purchaser (Incorporated by reference to our Registration Statement on Form S-1 (File No. 333-163608), filed December 9, 2009). | ||
10 | .50C | Amendment No. 3 to Note Purchase Agreement (Series 2008-A) dated as of November 12, 2010, by and among Cofina Funding, LLC and the Issuer, Victory Receivables Corporation, as the Conduit Purchaser, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., NewYork Branch, as the Funding Agent and as a Committed Purchaser (Incorporated by reference to our Current Report on Form 8-K, filed November 17, 2010). | ||
10 | .52D | Amendment No. 4 to Note Purchase Agreement (Series 2008-A) dated as of December 23, 2010, by and among Cofina Funding, LLC and the Issuer, Victory Receivables Corporation, as the Conduit Purchaser, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., NewYork Branch, as the Funding Agent and as a Committed Purchaser. | ||
10 | .50E | Amendment No. 5 to Note Purchase Agreement (Series 2008-A) dated as of April 13, 2011, by and among Cofina Funding, LLC and the Issuer, Victory Receivables Corporation, as the Conduit Purchaser, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Funding Agent and as a Committed Purchaser (Incorporated by reference to our Form 10-Q for the quarterly period ended May 31, 2011, filed July 8, 2011). | ||
10 | .51 | 2011 Credit Agreement (5-year Revolving Loan) dated as of September 27, 2011 between CHS Inc. and CoBank, ACB, as administrative agent for all syndication parties thereunder, as bid agent, as the letter of credit bank, and as a syndication party thereunder, and the other syndication parties party thereto. (Incorporated by reference to our Form 8-K, filed September 30, 2011). | ||
10 | .52 | 2011 Credit Agreement (3-Year Revolving Loan) dated as of September 27, 2011 between CHS Inc. and CoBank, ACB, as administrative agent for all syndication parties thereunder, as bid agent, and as a syndication party thereunder, and the other syndication parties party thereto. (Incorporated by reference to our Form 8-K, filed September 30, 2011). | ||
10 | .53 | 2010 364-Day Credit Agreement (Revolving Loan) by and between CHS Inc. and the Syndication Parties dated as of November 24, 2010 (Incorporated by reference to our Current Report on Form 8-K, filed November 29, 2010). | ||
10 | .54 | Revolving Credit Agreement ($40 million), dated as of December 22, 2010, between CHS Inc. and Sumitomo Mitsui Banking Corporation (Incorporated by reference to our Current Report on Form 8-K, filed December 28, 2010). | ||
10 | .55 | Amended and Restated Employment Agreement between John D. Johnson and CHS Inc., effective as of August 1, 2007 (Incorporated by reference to our Current Report on Form 8-K filed August 10, 2007). (+) | ||
10 | .56 | 2006 Second Amended and Restated Credit Agreement (Revolving Loan) by and between CHS Inc. and the Syndication Parties dated as of June 2, 1010. (Incorporated by reference to our Current Report on Form 8-K, filed June 3, 2010). | ||
21 | .1 | Subsidiaries of the Registrant.(*) | ||
23 | .1 | Consent of Independent Registered Public Accounting Firm.(*) | ||
24 | .1 | Power of Attorney.(*) |
92
31 | .1 | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(*) | ||
31 | .2 | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(*) | ||
32 | .1 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(*) | ||
32 | .2 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(*) |
94
95
F-1
August 31 | ||||||||
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 937,685 | $ | 394,663 | ||||
Receivables | 2,980,105 | 1,908,068 | ||||||
Inventories | 2,768,424 | 1,961,376 | ||||||
Derivative assets | 635,646 | 246,621 | ||||||
Margin deposits | 1,081,243 | 618,385 | ||||||
Other current assets | 334,232 | 187,356 | ||||||
Total current assets | 8,737,335 | 5,316,469 | ||||||
Investments | 595,979 | 719,392 | ||||||
Property, plant and equipment | 2,420,214 | 2,253,071 | ||||||
Other assets | 463,482 | 377,196 | ||||||
Total assets | $ | 12,217,010 | $ | 8,666,128 | ||||
LIABILITIES AND EQUITIES | ||||||||
Current liabilities: | ||||||||
Notes payable | $ | 716,268 | $ | 262,090 | ||||
Current portion of long-term debt | 90,804 | 112,503 | ||||||
Customer margin deposits and credit balances | 751,393 | 423,571 | ||||||
Customer advance payments | 601,685 | 435,224 | ||||||
Checks and drafts outstanding | 197,283 | 134,250 | ||||||
Accounts payable | 2,315,311 | 1,472,145 | ||||||
Derivative liabilities | 482,613 | 286,018 | ||||||
Accrued expenses | 405,270 | 376,239 | ||||||
Dividends and equities payable | 400,216 | 210,435 | ||||||
Total current liabilities | 5,960,843 | 3,712,475 | ||||||
Long-term debt | 1,411,193 | 873,738 | ||||||
Other liabilities | 579,654 | 475,464 | ||||||
Commitments and contingencies | ||||||||
Equities: | ||||||||
Equity certificates | 2,695,626 | 2,401,514 | ||||||
Preferred stock | 319,368 | 319,368 | ||||||
Accumulated other comprehensive loss | (174,876 | ) | (205,267 | ) | ||||
Capital reserves | 1,075,474 | 820,049 | ||||||
Total CHS Inc. equities | 3,915,592 | 3,335,664 | ||||||
Noncontrolling interests | 349,728 | 268,787 | ||||||
Total equities | 4,265,320 | 3,604,451 | ||||||
Total liabilities and equities | $ | 12,217,010 | $ | 8,666,128 | ||||
August 31 | |||||||
2012 | 2011 | ||||||
(Dollars in thousands) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 314,029 | $ | 937,685 | |||
Receivables | 3,590,742 | 2,980,105 | |||||
Inventories | 3,203,972 | 2,768,424 | |||||
Derivative assets | 849,905 | 635,646 | |||||
Margin deposits | 1,138,535 | 1,081,243 | |||||
Other current assets | 347,970 | 334,232 | |||||
Total current assets | 9,445,153 | 8,737,335 | |||||
Investments | 673,388 | 595,979 | |||||
Property, plant and equipment | 2,786,324 | 2,420,214 | |||||
Other assets | 518,286 | 463,482 | |||||
Total assets | $ | 13,423,151 | $ | 12,217,010 | |||
LIABILITIES AND EQUITIES | |||||||
Current liabilities: | |||||||
Notes payable | $ | 803,622 | $ | 716,268 | |||
Current portion of long-term debt | 108,211 | 90,804 | |||||
Current portion of mandatorily redeemable noncontrolling interest | 65,981 | ||||||
Customer margin deposits and credit balances | 808,047 | 751,393 | |||||
Customer advance payments | 685,520 | 601,685 | |||||
Checks and drafts outstanding | 205,060 | 197,283 | |||||
Accounts payable | 2,355,847 | 2,315,311 | |||||
Derivative liabilities | 509,005 | 482,613 | |||||
Accrued expenses | 476,589 | 405,270 | |||||
Dividends and equities payable | 578,809 | 400,216 | |||||
Total current liabilities | 6,596,691 | 5,960,843 | |||||
Long-term debt | 1,332,142 | 1,411,193 | |||||
Mandatorily redeemable noncontrolling interest | 268,726 | ||||||
Other liabilities | 752,269 | 579,654 | |||||
Commitments and contingencies | |||||||
Equities: | |||||||
Equity certificates | 3,109,616 | 2,695,626 | |||||
Preferred stock | 319,368 | 319,368 | |||||
Accumulated other comprehensive loss | (232,587 | ) | (174,876 | ) | |||
Capital reserves | 1,258,944 | 1,075,474 | |||||
Total CHS Inc. equities | 4,455,341 | 3,915,592 | |||||
Noncontrolling interests | 17,982 | 349,728 | |||||
Total equities | 4,473,323 | 4,265,320 | |||||
Total liabilities and equities | $ | 13,423,151 | $ | 12,217,010 |
F-2
For the Years Ended August 31 | ||||||||||||
2011 | 2010 | 2009 | ||||||||||
(Dollars in thousands) | ||||||||||||
Revenues | $ | 36,915,834 | $ | 25,267,931 | $ | 25,729,916 | ||||||
Cost of goods sold | 35,512,988 | 24,397,410 | 24,849,901 | |||||||||
Gross profit | 1,402,846 | 870,521 | 880,015 | |||||||||
Marketing, general and administrative | 438,498 | 366,582 | 355,299 | |||||||||
Operating earnings | 964,348 | 503,939 | 524,716 | |||||||||
(Gain) loss on investments | (126,729 | ) | (29,433 | ) | 56,305 | |||||||
Interest, net | 74,835 | 58,324 | 70,487 | |||||||||
Equity income from investments | (131,414 | ) | (108,787 | ) | (105,754 | ) | ||||||
Income before income taxes | 1,147,656 | 583,835 | 503,678 | |||||||||
Income taxes | 86,628 | 48,438 | 63,304 | |||||||||
Net income | 1,061,028 | 535,397 | 440,374 | |||||||||
Net income attributable to noncontrolling interests | 99,673 | 33,238 | 58,967 | |||||||||
Net income attributable to CHS Inc. | $ | 961,355 | $ | 502,159 | $ | 381,407 | ||||||
For the Years Ended August 31 | |||||||||||
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Revenues | $ | 40,599,286 | $ | 36,915,834 | $ | 25,267,931 | |||||
Cost of goods sold | 38,588,143 | 35,512,988 | 24,397,410 | ||||||||
Gross profit | 2,011,143 | 1,402,846 | 870,521 | ||||||||
Marketing, general and administrative | 498,233 | 438,498 | 366,582 | ||||||||
Operating earnings | 1,512,910 | 964,348 | 503,939 | ||||||||
Loss (gain) on investments | 5,465 | (126,729 | ) | (29,433 | ) | ||||||
Interest, net | 193,263 | 74,835 | 58,324 | ||||||||
Equity income from investments | (102,389 | ) | (131,414 | ) | (108,787 | ) | |||||
Income before income taxes | 1,416,571 | 1,147,656 | 583,835 | ||||||||
Income taxes | 80,852 | 86,628 | 48,438 | ||||||||
Net income | 1,335,719 | 1,061,028 | 535,397 | ||||||||
Net income attributable to noncontrolling interests | 75,091 | 99,673 | 33,238 | ||||||||
Net income attributable to CHS Inc. | $ | 1,260,628 | $ | 961,355 | $ | 502,159 |
F-3
For the Years Ended August 31, 2011, 2010 and 2009 | ||||||||||||||||||||||||||||||||
Equity Certificates | Accumulated | |||||||||||||||||||||||||||||||
Capital | Nonpatronage | Other | ||||||||||||||||||||||||||||||
Equity | Equity | Patronage | Preferred | Comprehensive | Capital | Noncontrolling | Total | |||||||||||||||||||||||||
Certificates | Certificates | Refunds | Stock | Loss | Reserves | Interests | Equities | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Balances, August 31, 2008 | $ | 1,587,779 | $ | 25,342 | $ | 423,800 | $ | 232,775 | $ | (68,042 | ) | $ | 754,032 | $ | 205,732 | $ | 3,161,418 | |||||||||||||||
Dividends and equity retirement determination | 93,823 | 228,200 | 3,016 | 325,039 | ||||||||||||||||||||||||||||
Patronage distribution | 421,289 | (652,000 | ) | 3,101 | (227,610 | ) | ||||||||||||||||||||||||||
Equities retired | (49,291 | ) | (361 | ) | (49,652 | ) | ||||||||||||||||||||||||||
Capital equity certificates exchanged for preferred stock | (49,944 | ) | 49,944 | (130 | ) | (130 | ) | |||||||||||||||||||||||||
Equities issued | 19,594 | 19,594 | ||||||||||||||||||||||||||||||
Preferred stock dividends | (20,024 | ) | (20,024 | ) | ||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (21,139 | ) | (21,139 | ) | ||||||||||||||||||||||||||||
Changes in dividends and equities payable | 2,747 | 2,747 | ||||||||||||||||||||||||||||||
Adoption of retirement plan measurement date change | (2,603 | ) | (2,603 | ) | ||||||||||||||||||||||||||||
Other, net | (324 | ) | (186 | ) | (25 | ) | 414 | 2,960 | 2,839 | |||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||
Net (loss) income | (60,000 | ) | 426,500 | 14,907 | 58,967 | 440,374 | ||||||||||||||||||||||||||
Other comprehensive loss | (88,228 | ) | (6,405 | ) | (94,633 | ) | ||||||||||||||||||||||||||
Total comprehensive income | 345,741 | |||||||||||||||||||||||||||||||
Dividends and equities payable | (50,122 | ) | (149,275 | ) | (3,659 | ) | (203,056 | ) | ||||||||||||||||||||||||
Balances, August 31, 2009 | 1,912,804 | 24,795 | 277,225 | 282,694 | (156,270 | ) | 749,054 | 242,862 | 3,333,164 | |||||||||||||||||||||||
Dividends and equity retirement determination | 50,122 | 149,275 | 3,659 | 203,056 | ||||||||||||||||||||||||||||
Patronage distribution | 284,128 | (426,500 | ) | (11,522 | ) | (153,894 | ) | |||||||||||||||||||||||||
Equities retired | (22,732 | ) | (403 | ) | (23,135 | ) | ||||||||||||||||||||||||||
Capital equity certificates exchanged for preferred stock | (36,674 | ) | 36,674 | (142 | ) | (142 | ) | |||||||||||||||||||||||||
Equities issued | 616 | 616 | ||||||||||||||||||||||||||||||
Preferred stock dividends | (23,248 | ) | (23,248 | ) | ||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (4,870 | ) | (4,870 | ) | ||||||||||||||||||||||||||||
Changes in dividends and equities payable | (1,743 | ) | (1,743 | ) | ||||||||||||||||||||||||||||
Other, net | (1,479 | ) | 181 | 680 | 2,025 | 1,407 | ||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||
Net income | 396,500 | 105,659 | 33,238 | 535,397 | ||||||||||||||||||||||||||||
Other comprehensive loss | (48,997 | ) | (2,725 | ) | (51,722 | ) | ||||||||||||||||||||||||||
Total comprehensive income | 483,675 | |||||||||||||||||||||||||||||||
Dividends and equities payable | (67,569 | ) | (138,775 | ) | (4,091 | ) | (210,435 | ) | ||||||||||||||||||||||||
Balances, August 31, 2010 | 2,119,216 | 24,573 | 257,725 | 319,368 | (205,267 | ) | 820,049 | 268,787 | 3,604,451 | |||||||||||||||||||||||
Dividends and equity retirement determination | 67,569 | 138,775 | 4,091 | 210,435 | ||||||||||||||||||||||||||||
Patronage distribution | 260,858 | (396,500 | ) | (5,871 | ) | (141,513 | ) | |||||||||||||||||||||||||
Equities retired | (60,956 | ) | (237 | ) | (61,193 | ) | ||||||||||||||||||||||||||
Equities issued | 6,453 | 6,453 | ||||||||||||||||||||||||||||||
Preferred stock dividends | (24,544 | ) | (24,544 | ) | ||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (18,184 | ) | (18,184 | ) | ||||||||||||||||||||||||||||
Changes in dividends and equities payable | (2,787 | ) | (2,787 | ) | ||||||||||||||||||||||||||||
Other, net | (391 | ) | (12 | ) | (837 | ) | 454 | (786 | ) | |||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||
Net income | 674,678 | 286,677 | 99,673 | 1,061,028 | ||||||||||||||||||||||||||||
Other comprehensive income | 30,391 | 1,785 | 32,176 | |||||||||||||||||||||||||||||
Total comprehensive income | 1,093,204 | |||||||||||||||||||||||||||||||
Dividends and equities payable | (136,000 | ) | (260,125 | ) | (4,091 | ) | (400,216 | ) | ||||||||||||||||||||||||
Balances, August 31, 2011 | $ | 2,256,749 | $ | 24,324 | $ | 414,553 | $ | 319,368 | $ | (174,876 | ) | $ | 1,075,474 | $ | 349,728 | $ | 4,265,320 | |||||||||||||||
For the Years Ended August 31, 2012, 2011 and 2010 | |||||||||||||||||||||||||||||||
Equity Certificates | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||
Capital Equity Certificates | Nonpatronage Equity Certificates | Patronage Refunds | Preferred Stock | Capital Reserves | Noncontrolling Interests | Total Equities | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||
Balances, August 31, 2009 | $ | 1,912,804 | $ | 24,795 | $ | 277,225 | $ | 282,694 | $ | (156,270 | ) | $ | 749,054 | $ | 242,862 | $ | 3,333,164 | ||||||||||||||
Dividends and equity retirement determination | 50,122 | 149,275 | 3,659 | 203,056 | |||||||||||||||||||||||||||
Patronage distribution | 284,128 | (426,500 | ) | (11,522 | ) | (153,894 | ) | ||||||||||||||||||||||||
Equities retired | (22,732 | ) | (403 | ) | (23,135 | ) | |||||||||||||||||||||||||
Capital equity certificates exchanged for preferred stock | (36,674 | ) | 36,674 | (142 | ) | (142 | ) | ||||||||||||||||||||||||
Equities issued | 616 | 616 | |||||||||||||||||||||||||||||
Preferred stock dividends | (23,248 | ) | (23,248 | ) | |||||||||||||||||||||||||||
Distributions to noncontrolling interests | (4,870 | ) | (4,870 | ) | |||||||||||||||||||||||||||
Changes in dividends and equities payable | (1,743 | ) | (1,743 | ) | |||||||||||||||||||||||||||
Other, net | (1,479 | ) | 181 | 680 | 2,025 | 1,407 | |||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||
Net income | 396,500 | 105,659 | 33,238 | 535,397 | |||||||||||||||||||||||||||
Other comprehensive loss | (48,997 | ) | (2,725 | ) | (51,722 | ) | |||||||||||||||||||||||||
Total comprehensive income | 483,675 | ||||||||||||||||||||||||||||||
Dividends and equities payable | (67,569 | ) | (138,775 | ) | (4,091 | ) | (210,435 | ) | |||||||||||||||||||||||
Balances, August 31, 2010 | 2,119,216 | 24,573 | 257,725 | 319,368 | (205,267 | ) | 820,049 | 268,787 | 3,604,451 | ||||||||||||||||||||||
Dividends and equity retirement determination | 67,569 | 138,775 | 4,091 | 210,435 | |||||||||||||||||||||||||||
Patronage distribution | 260,858 | (396,500 | ) | (5,871 | ) | (141,513 | ) | ||||||||||||||||||||||||
Equities retired | (60,956 | ) | (237 | ) | (61,193 | ) | |||||||||||||||||||||||||
Equities issued | 6,453 | 6,453 | |||||||||||||||||||||||||||||
Preferred stock dividends | (24,544 | ) | (24,544 | ) | |||||||||||||||||||||||||||
Distributions to noncontrolling interests | (18,184 | ) | (18,184 | ) | |||||||||||||||||||||||||||
Changes in dividends and equities payable | (2,787 | ) | (2,787 | ) | |||||||||||||||||||||||||||
Other, net | (391 | ) | (12 | ) | (837 | ) | 454 | (786 | ) | ||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||
Net income | 674,678 | 286,677 | 99,673 | 1,061,028 | |||||||||||||||||||||||||||
Other comprehensive income | 30,391 | 1,785 | 32,176 | ||||||||||||||||||||||||||||
Total comprehensive income | 1,093,204 | ||||||||||||||||||||||||||||||
Dividends and equities payable | (136,000 | ) | (260,125 | ) | (4,091 | ) | (400,216 | ) | |||||||||||||||||||||||
Balances, August 31, 2011 | 2,256,749 | 24,324 | 414,553 | 319,368 | (174,876 | ) | 1,075,474 | 349,728 | 4,265,320 | ||||||||||||||||||||||
Dividends and equity retirement determination | 136,000 | 260,125 | 4,091 | 400,216 | |||||||||||||||||||||||||||
Patronage distribution | 415,584 | (674,678 | ) | (1,572 | ) | (260,666 | ) | ||||||||||||||||||||||||
Equities retired | (145,500 | ) | (222 | ) | (145,722 | ) | |||||||||||||||||||||||||
Equities issued | 29,155 | 29,155 | |||||||||||||||||||||||||||||
Preferred stock dividends | (24,544 | ) | (24,544 | ) | |||||||||||||||||||||||||||
Distributions to noncontrolling interests | (78,602 | ) | (78,602 | ) | |||||||||||||||||||||||||||
Changes in dividends and equities payable | 5,544 | 5,544 | |||||||||||||||||||||||||||||
Purchase of noncontrolling interests | (14,581 | ) | (82,138 | ) | (337,145 | ) | (433,864 | ) | |||||||||||||||||||||||
Other, net | (1,262 | ) | (356 | ) | 958 | 3,366 | 2,706 | ||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||
Net income | 969,862 | 290,766 | 75,091 | 1,335,719 | |||||||||||||||||||||||||||
Other comprehensive loss | (43,130 | ) | (43,130 | ) | |||||||||||||||||||||||||||
Total comprehensive income | 1,292,589 | ||||||||||||||||||||||||||||||
Dividends and equities payable | (195,999 | ) | (378,719 | ) | (4,091 | ) | (578,809 | ) | |||||||||||||||||||||||
Balances, August 31, 2012 | $ | 2,494,727 | $ | 23,746 | $ | 591,143 | $ | 319,368 | $ | (232,587 | ) | $ | 1,258,944 | $ | 17,982 | $ | 4,473,323 |
F-4
For the Years Ended August 31 | ||||||||||||
2011 | 2010 | 2009 | ||||||||||
(Dollars in thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income including noncontrolling interests | $ | 1,061,028 | $ | 535,397 | $ | 440,374 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 220,694 | 202,922 | 196,350 | |||||||||
Amortization of deferred major repair costs | 30,474 | 18,532 | 24,999 | |||||||||
Income from equity investments | (131,414 | ) | (108,787 | ) | (105,754 | ) | ||||||
Distributions from equity investments | 137,766 | 89,689 | 80,403 | |||||||||
Noncash patronage dividends received | (9,697 | ) | (9,918 | ) | (9,717 | ) | ||||||
Gain on sale of property, plant and equipment | (5,200 | ) | (5,094 | ) | (3,176 | ) | ||||||
(Gain) loss on investments | (126,729 | ) | (29,433 | ) | 56,305 | |||||||
Deferred taxes | 67,089 | 39,507 | 43,976 | |||||||||
Other, net | 868 | 1,597 | 2,466 | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||
Receivables | (714,589 | ) | (123,630 | ) | 692,540 | |||||||
Inventories | (796,596 | ) | (426,328 | ) | 895,882 | |||||||
Derivative assets | (389,025 | ) | (73,597 | ) | 198,163 | |||||||
Margin deposits | (462,857 | ) | (397,993 | ) | 74,594 | |||||||
Other current assets and other assets | (137,749 | ) | 42,145 | 111,623 | ||||||||
Customer margin deposits and credit balances | 327,813 | 149,228 | 47,946 | |||||||||
Customer advance payments | 163,640 | 114,032 | (328,854 | ) | ||||||||
Accounts payable and accrued expenses | 870,314 | 221,776 | (664,160 | ) | ||||||||
Derivative liabilities | 179,876 | (25,740 | ) | 32,525 | ||||||||
Other liabilities | 15,617 | (64,344 | ) | (51,708 | ) | |||||||
Net cash provided by operating activities | 301,323 | 149,961 | 1,734,777 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisition of property, plant and equipment | (310,670 | ) | (324,262 | ) | (315,505 | ) | ||||||
Proceeds from disposition of property, plant and equipment | 9,496 | 10,139 | 10,769 | |||||||||
Expenditures for major repairs | (92,129 | ) | (7,554 | ) | (1,771 | ) | ||||||
Investments in joint ventures and other | (6,090 | ) | (38,062 | ) | (120,181 | ) | ||||||
Investments redeemed | 39,681 | 119,331 | 39,787 | |||||||||
Proceeds from sale of investments | 225,000 | 41,822 | ||||||||||
Changes in notes receivable | (347,509 | ) | (41,925 | ) | 123,307 | |||||||
Business acquisitions, net of cash acquired | (67,489 | ) | (6,307 | ) | (76,364 | ) | ||||||
Other investing activities, net | (1,259 | ) | (949 | ) | 7,692 | |||||||
Net cash used in investing activities | (550,969 | ) | (289,589 | ) | (290,444 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Changes in notes payable | 457,731 | 15,217 | (251,225 | ) | ||||||||
Long-term debt borrowings | 631,882 | |||||||||||
Principal payments | (114,929 | ) | (84,792 | ) | (118,864 | ) | ||||||
Payments for bank fees | (5,348 | ) | (10,296 | ) | (1,584 | ) | ||||||
Changes in checks and drafts outstanding | 63,033 | 47,280 | (119,301 | ) | ||||||||
Distributions to noncontrolling interests | (18,184 | ) | (4,870 | ) | (21,139 | ) | ||||||
Preferred stock dividends paid | (24,544 | ) | (23,248 | ) | (20,024 | ) | ||||||
Retirements of equities | (61,193 | ) | (23,135 | ) | (49,652 | ) | ||||||
Cash patronage dividends paid | (141,513 | ) | (153,894 | ) | (227,610 | ) | ||||||
Other financing activities, net | (20 | ) | 952 | 370 | ||||||||
Net cash provided by (used in) financing activities | 786,915 | (236,786 | ) | (809,029 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 5,753 | (1,522 | ) | 755 | ||||||||
Net increase (decrease) in cash and cash equivalents | 543,022 | (377,936 | ) | 636,059 | ||||||||
Cash and cash equivalents at beginning of period | 394,663 | 772,599 | 136,540 | |||||||||
Cash and cash equivalents at end of period | $ | 937,685 | $ | 394,663 | $ | 772,599 | ||||||
For the Years Ended August 31 | |||||||||||
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income including noncontrolling interests | $ | 1,335,719 | $ | 1,061,028 | $ | 535,397 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 219,632 | 220,694 | 202,922 | ||||||||
Amortization of deferred major repair costs | 33,641 | 30,474 | 18,532 | ||||||||
Income from equity investments | (102,389 | ) | (131,414 | ) | (108,787 | ) | |||||
Distributions from equity investments | 75,468 | 137,766 | 89,689 | ||||||||
Noncash patronage dividends received | (10,461 | ) | (9,697 | ) | (9,918 | ) | |||||
Gain on sale of property, plant and equipment | (5,564 | ) | (5,200 | ) | (5,094 | ) | |||||
Loss (gain) on investments | 5,465 | (126,729 | ) | (29,433 | ) | ||||||
Loss on crack spread contingent liability | 22,328 | ||||||||||
Deferred taxes | 58,624 | 67,089 | 39,507 | ||||||||
Other, net | 481 | 868 | 1,597 | ||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Receivables | (512,034 | ) | (714,589 | ) | (123,630 | ) | |||||
Inventories | (252,842 | ) | (796,596 | ) | (426,328 | ) | |||||
Derivative assets | (212,365 | ) | (389,025 | ) | (73,597 | ) | |||||
Margin deposits | (51,241 | ) | (462,857 | ) | (397,993 | ) | |||||
Other current assets and other assets | (35,375 | ) | (137,749 | ) | 42,145 | ||||||
Customer margin deposits and credit balances | 56,177 | 327,813 | 149,228 | ||||||||
Customer advance payments | 61,978 | 163,640 | 114,032 | ||||||||
Accounts payable and accrued expenses | (48,042 | ) | 870,314 | 221,776 | |||||||
Derivative liabilities | 18,933 | 179,876 | (25,740 | ) | |||||||
Other liabilities | 60,503 | 15,617 | (64,344 | ) | |||||||
Net cash provided by operating activities | 718,636 | 301,323 | 149,961 | ||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of property, plant and equipment | (468,611 | ) | (310,670 | ) | (324,262 | ) | |||||
Proceeds from disposition of property, plant and equipment | 27,839 | 9,496 | 10,139 | ||||||||
Expenditures for major repairs | (23,443 | ) | (92,129 | ) | (7,554 | ) | |||||
Investments in joint ventures and other | (94,757 | ) | (6,090 | ) | (38,062 | ) | |||||
Investments redeemed | 12,112 | 39,681 | 119,331 | ||||||||
Proceeds from sale of investments | 225,000 | ||||||||||
Changes in notes receivable | 19,040 | (347,509 | ) | (41,925 | ) | ||||||
Business acquisitions, net of cash acquired | (166,033 | ) | (67,489 | ) | (6,307 | ) | |||||
Other investing activities, net | (342 | ) | (1,259 | ) | (949 | ) | |||||
Net cash used in investing activities | (694,195 | ) | (550,969 | ) | (289,589 | ) | |||||
Cash flows from financing activities: | |||||||||||
Changes in notes payable | (27,561 | ) | 457,731 | 15,217 | |||||||
Long-term debt borrowings | 631,882 | ||||||||||
Principal payments | (96,619 | ) | (114,929 | ) | (84,792 | ) | |||||
Payments for bank fees | (12,390 | ) | (5,348 | ) | (10,296 | ) | |||||
Changes in checks and drafts outstanding | 6,353 | 63,033 | 47,280 | ||||||||
Distributions to noncontrolling interests | (78,602 | ) | (18,184 | ) | (4,870 | ) | |||||
Preferred stock dividends paid | (24,544 | ) | (24,544 | ) | (23,248 | ) | |||||
Retirements of equities | (145,722 | ) | (61,193 | ) | (23,135 | ) | |||||
Cash patronage dividends paid | (260,666 | ) | (141,513 | ) | (153,894 | ) | |||||
Other financing activities, net | 878 | (20 | ) | 952 | |||||||
Net cash (used in) provided by financing activities | (638,873 | ) | 786,915 | (236,786 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (9,224 | ) | 5,753 | (1,522 | ) | ||||||
Net (decrease) increase in cash and cash equivalents | (623,656 | ) | 543,022 | (377,936 | ) | ||||||
Cash and cash equivalents at beginning of period | 937,685 | 394,663 | 772,599 | ||||||||
Cash and cash equivalents at end of period | $ | 314,029 | $ | 937,685 | $ | 394,663 |
F-5
Note 1 | Summary of Significant Accounting Policies |
2011 | 2010 | |||||||||||||||
Purchase | Sales | Purchase | Sales | |||||||||||||
Contracts | Contracts | Contracts | Contracts | |||||||||||||
(Units in thousands) | ||||||||||||||||
Grain and oilseed — bushels | 667,409 | 796,332 | 747,334 | 1,039,363 | ||||||||||||
Energy products — barrels | 9,915 | 14,020 | 8,633 | 10,156 | ||||||||||||
Crop nutrients — tons | 1,177 | 1,420 | 1,257 | 1,215 | ||||||||||||
Ocean and barge freight — metric tons | 983 | 93 | 1,385 | 279 |
F-7
2012 | 2011 | ||||||
Purchase Contracts | Sales Contracts | Purchase Contracts | Sales Contracts | ||||
(Units in thousands) | |||||||
Grain and oilseed - bushels | 722,895 | 1,074,535 | 667,409 | 796,332 | |||
Energy products - barrels | 9,047 | 19,561 | 9,915 | 14,020 | |||
Soy products - tons | 15 | 215 | 18 | 269 | |||
Crop nutrients - tons | 600 | 725 | 1,177 | 1,420 | |||
Ocean and barge freight - metric tons | 1,018 | 183 | 983 | 93 |
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Derivative Assets: | ||||||||
Commodity and freight derivatives | $ | 882,445 | $ | 461,580 | ||||
Foreign exchange derivatives | 1,508 | |||||||
$ | 883,953 | $ | 461,580 | |||||
Derivative Liabilities: | ||||||||
Commodity and freight derivatives | $ | 730,170 | $ | 495,569 | ||||
Foreign exchange derivatives | 222 | |||||||
Interest rate derivatives | 750 | 1,227 | ||||||
$ | 730,920 | $ | 497,018 | |||||
2012 | 2011 | ||||||
(Dollars in thousands) | |||||||
Derivative Assets: | |||||||
Commodity and freight derivatives | $ | 1,070,800 | $ | 882,445 | |||
Foreign exchange derivatives | 978 | 1,508 | |||||
$ | 1,071,778 | $ | 883,953 | ||||
Derivative Liabilities: | |||||||
Commodity and freight derivatives | $ | 727,946 | $ | 730,170 | |||
Foreign exchange derivatives | 2,388 | ||||||
Interest rate derivatives | 544 | 750 | |||||
$ | 730,878 | $ | 730,920 |
2010 | ||||
(Dollars in thousands) | ||||
Derivative Liabilities: | ||||
Commodity and freight derivatives | $ | 3,959 |
Location of | ||||||||||
Gain (Loss) | 2011 | 2010 | ||||||||
(Dollars in thousands) | ||||||||||
Commodity and freight derivatives | Cost of goods sold | $ | 186,265 | $ | 95,876 | |||||
Foreign exchange derivatives | Cost of goods sold | 3,363 | (675 | ) | ||||||
Interest rate derivatives | Interest, net | 522 | (430 | ) | ||||||
$ | 190,150 | $ | 94,771 | |||||||
Location of Gain (Loss) | 2012 | 2011 | |||||||
(Dollars in thousands) | |||||||||
Commodity and freight derivatives | Cost of goods sold | $ | 311,167 | $ | 186,265 | ||||
Foreign exchange derivatives | Cost of goods sold | (5,219 | ) | 3,363 | |||||
Interest rate derivatives | Interest, net | 206 | 522 | ||||||
$ | 306,154 | $ | 190,150 |
F-10
F-11
F-12
F-13
Note 2 | Receivables |
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Trade accounts receivable | $ | 2,248,665 | $ | 1,543,530 | ||||
CHS Capital notes receivable | 604,268 | 340,303 | ||||||
Other | 246,198 | 123,770 | ||||||
3,099,131 | 2,007,603 | |||||||
Less allowances and reserves | 119,026 | 99,535 | ||||||
$ | 2,980,105 | $ | 1,908,068 | |||||
2012 | 2011 | ||||||
(Dollars in thousands) | |||||||
Trade accounts receivable | $ | 2,817,817 | $ | 2,248,665 | |||
CHS Capital notes receivable | 606,514 | 604,268 | |||||
Other | 278,196 | 246,198 | |||||
3,702,527 | 3,099,131 | ||||||
Less allowances and reserves | 111,785 | 119,026 | |||||
$ | 3,590,742 | $ | 2,980,105 |
2012 | 2011 | ||||||
(Dollars in thousands) | |||||||
Grain and oilseed | $ | 1,625,865 | $ | 1,232,818 | |||
Energy | 701,348 | 732,609 | |||||
Crop nutrients | 401,655 | 389,741 | |||||
Feed and farm supplies | 384,178 | 346,572 | |||||
Processed grain and oilseed | 76,892 | 55,231 | |||||
Other | 14,034 | 11,453 | |||||
$ | 3,203,972 | $ | 2,768,424 |
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Grain and oilseed | $ | 1,232,818 | $ | 983,846 | ||||
Energy | 732,609 | 515,930 | ||||||
Crop nutrients | 389,741 | 135,526 | ||||||
Feed and farm supplies | 346,572 | 242,482 | ||||||
Processed grain and oilseed | 55,231 | 74,064 | ||||||
Other | 11,453 | 9,528 | ||||||
$ | 2,768,424 | $ | 1,961,376 | |||||
F-15
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Joint ventures: | ||||||||
Ventura Foods, LLC | $ | 278,865 | $ | 262,550 | ||||
Multigrain AG | 148,528 | |||||||
Horizon Milling, LLC | 79,770 | 69,873 | ||||||
TEMCO, LLC | 47,337 | 29,128 | ||||||
Horizon Milling G.P. | 20,445 | 20,166 | ||||||
Cooperatives: | ||||||||
Land O’Lakes, Inc. | 53,147 | 48,854 | ||||||
Ag Processing Inc. | 17,876 | 18,245 | ||||||
CoBank, ACB | 13,272 | 15,704 | ||||||
Other | 85,267 | 106,344 | ||||||
$ | 595,979 | $ | 719,392 | |||||
2012 | 2011 | ||||||
(Dollars in thousands) | |||||||
Joint ventures: | |||||||
Ventura Foods, LLC | $ | 292,393 | $ | 278,865 | |||
Horizon Milling, LLC | 78,372 | 79,770 | |||||
TEMCO, LLC | 60,734 | 47,337 | |||||
Horizon Milling G.P. | 16,727 | 20,445 | |||||
Cooperatives: | |||||||
Land O’Lakes, Inc. | 58,382 | 53,147 | |||||
Ag Processing Inc. | 19,577 | 17,876 | |||||
Other | 147,203 | 98,539 | |||||
$ | 673,388 | $ | 595,979 |
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Current assets | $ | 585,760 | $ | 512,554 | ||||
Non-current assets | 464,621 | 459,346 | ||||||
Current liabilities | 227,199 | 166,408 | ||||||
Non-current liabilities | 292,368 | 308,795 |
2012 | 2011 | ||||||
(Dollars in thousands) | |||||||
Current assets | $ | 574,925 | $ | 585,760 | |||
Non-current assets | 459,070 | 464,621 | |||||
Current liabilities | 197,251 | 227,199 | |||||
Non-current liabilities | 277,760 | 292,368 |
2011 | 2010 | 2009 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net sales | $ | 2,350,895 | $ | 1,954,289 | $ | 2,055,768 | ||||||
Gross profit | 255,748 | 259,388 | 269,269 | |||||||||
Net earnings | 105,754 | 95,480 | 125,174 | |||||||||
Earnings attributable to CHS Inc. | 52,877 | 47,740 | 62,587 |
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Net sales | $ | 2,550,018 | $ | 2,350,895 | $ | 1,954,289 | |||||
Gross profit | 244,969 | 255,748 | 259,388 | ||||||||
Net earnings | 94,586 | 105,754 | 95,480 | ||||||||
Earnings attributable to CHS Inc. | 47,293 | 52,877 | 47,740 |
F-16
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Current assets | $ | 595,862 | $ | 1,254,966 | ||||
Non-current assets | 130,464 | 881,998 | ||||||
Current liabilities | 316,066 | 765,393 | ||||||
Non-current liabilities | 4,922 | 491,643 |
2011 | 2010 | 2009 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net sales | $ | 8,399,779 | $ | 7,212,848 | $ | 6,748,412 | ||||||
Gross profit | 406,338 | 356,708 | 306,158 | |||||||||
Net earnings | 232,473 | 150,798 | 128,807 | |||||||||
Earnings attributable to CHS Inc. | 89,575 | 50,731 | 45,728 |
2012 | 2011 | ||||||
(Dollars in thousands) | |||||||
Current assets | $ | 631,335 | $ | 595,862 | |||
Non-current assets | 158,675 | 130,464 | |||||
Current liabilities | 352,016 | 316,066 | |||||
Non-current liabilities | 5,642 | 4,922 |
F-17
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Net sales | $ | 5,402,241 | $ | 8,399,779 | $ | 7,212,848 | |||||
Gross profit | 225,680 | 406,338 | 356,708 | ||||||||
Net earnings | 121,107 | 232,473 | 150,798 | ||||||||
Earnings attributable to CHS Inc. | 36,032 | 89,575 | 50,731 |
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Land and land improvements | $ | 125,170 | $ | 118,337 | ||||
Buildings | 533,231 | 499,346 | ||||||
Machinery and equipment | 3,481,046 | 3,072,866 | ||||||
Office and other | 96,841 | 93,099 | ||||||
Construction in progress | 257,940 | 359,933 | ||||||
4,494,228 | 4,143,581 | |||||||
Less accumulated depreciation and amortization | 2,074,014 | 1,890,510 | ||||||
$ | 2,420,214 | $ | 2,253,071 | |||||
2012 | 2011 | ||||||
(Dollars in thousands) | |||||||
Land and land improvements | $ | 145,831 | $ | 125,170 | |||
Buildings | 598,269 | 533,231 | |||||
Machinery and equipment | 3,786,488 | 3,481,046 | |||||
Office and other | 109,136 | 96,841 | |||||
Construction in progress | 405,755 | 257,940 | |||||
5,045,479 | 4,494,228 | ||||||
Less accumulated depreciation and amortization | 2,259,155 | 2,074,014 | |||||
$ | 2,786,324 | $ | 2,420,214 |
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Goodwill | $ | 26,409 | $ | 23,038 | ||||
Customer lists, less accumulated amortization of $25,724 and $18,666, respectively | 13,367 | 19,392 | ||||||
Non-compete covenants, less accumulated amortization of $6,306 and $4,701, respectively | 3,462 | 4,950 | ||||||
Trademarks and other intangible assets, less accumulated amortization of $14,731 and $16,489, respectively | 15,891 | 17,794 | ||||||
Notes receivable | 157,518 | 152,140 | ||||||
Long-term receivable | 44,597 | 63,072 | ||||||
Prepaid pension and other benefits | 103,008 | 57,729 | ||||||
Capitalized major maintenance | 80,752 | 19,097 | ||||||
Other | 18,478 | 19,984 | ||||||
$ | 463,482 | $ | 377,196 | |||||
2012 | 2011 | ||||||
(Dollars in thousands) | |||||||
Goodwill | $ | 81,693 | $ | 26,409 | |||
Customer lists, less accumulated amortization of $32,883 and $25,724, respectively | 20,694 | 13,367 | |||||
Non-compete covenants, less accumulated amortization of $6,896 and $6,306, respectively | 1,987 | 3,462 | |||||
Trademarks and other intangible assets, less accumulated amortization of $15,949 and $14,731, respectively | 22,185 | 15,891 | |||||
Notes receivable | 173,054 | 157,518 | |||||
Long-term receivable | 37,589 | 44,597 | |||||
Prepaid pension and other benefits | 86,477 | 103,008 | |||||
Capitalized major maintenance | 70,554 | 80,752 | |||||
Other | 24,053 | 18,478 | |||||
$ | 518,286 | $ | 463,482 |
F-18
Year 1 | $ | 9,888 | ||||||
Year 2 | 6,298 | |||||||
Year 3 | 3,847 | |||||||
Year 4 | 2,550 | |||||||
Year 5 | 2,130 | |||||||
Thereafter | 8,007 | |||||||
$ | 32,720 | |||||||
(Dollars in thousands) | |||
Year 1 | $ | 10,826 | |
Year 2 | 7,671 | ||
Year 3 | 6,167 | ||
Year 4 | 5,850 | ||
Year 5 | 4,445 | ||
Thereafter | 9,908 | ||
$ | 44,867 |
Balance at | ||||||||||||||||||||
Beginning | Cost | Balance at | ||||||||||||||||||
of Year | Deferred | Amortization | Write-Offs | End of Year | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
2011 | $ | 19,097 | $ | 92,129 | $ | (30,474 | ) | $ | 80,752 | |||||||||||
2010 | 30,075 | 7,554 | (18,532 | ) | 19,097 | |||||||||||||||
2009 | 53,303 | 1,771 | (24,999 | ) | 30,075 |
F-19
Balance at Beginning of Year | Cost Deferred | Amortization | Write-Offs | Balance at End of Year | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
2012 | $ | 80,752 | $ | 23,443 | $ | (33,641 | ) | $ | 70,554 | ||||||||
2011 | 19,097 | 92,129 | (30,474 | ) | 80,752 | ||||||||||||
2010 | 30,075 | 7,554 | (18,532 | ) | 19,097 |
Interest Rates at | ||||||||||
August 31, 2011 | 2011 | 2010 | ||||||||
(Dollars in thousands) | ||||||||||
Notes payable(a)(k) | 0.90% to 8.50% | $ | 130,719 | $ | 29,776 | |||||
CHS Capital notes payable(l) | 0.85% to 2.73% | 585,549 | 232,314 | |||||||
$ | 716,268 | $ | 262,090 | |||||||
Long-term debt: | ||||||||||
Revolving term loans from cooperative and other banks, payable in equal installments beginning in 2013 through 2018(b)(k) | 5.59% | $ | 150,000 | $ | 150,000 | |||||
Private placement, payable in equal installments beginning in 2014 through 2018(c)(k) | 6.18% | 400,000 | 400,000 | |||||||
Private placement, payable in equal installments through 2013(d)(k) | 6.81% | 75,000 | 112,500 | |||||||
Private placement, payable in installments through 2018(e)(k) | 4.96% to 5.60% | 86,539 | 104,231 | |||||||
Private placement, payable in equal installments beginning in 2011 through 2015(f)(k) | 5.25% | 100,000 | 125,000 | |||||||
Private placement, payable in equal installments through 2011(g)(k) | 11,428 | |||||||||
Private placement, payable in its entirety in 2011(h)(k) | 15,000 | |||||||||
Private placement, payable in equal installments beginning in 2014 through 2018(h)(k) | 5.78% | 50,000 | 50,000 | |||||||
Private placement, payable in equal installments beginning in 2017 through 2021(h)(k) | 4.00% | 100,000 | ||||||||
Private placement, payable in its entirety in 2019(i)(k) | 4.08% | 130,000 | ||||||||
Private placement, payable in its entirety in 2021(i)(k) | 4.52% | 160,000 | ||||||||
Private placement, payable in its entirety in 2023(i)(k) | 4.67% | 130,000 | ||||||||
Private placement, payable in its entirety in 2026(i)(k) | 4.82% | 80,000 | ||||||||
Industrial revenue bonds, payable in its entirety in 2011 | 3,925 | |||||||||
Other notes and contracts(j) | 2.42% to 12.17% | 40,458 | 14,157 | |||||||
Total long-term debt | 1,501,997 | 986,241 | ||||||||
Less current portion | 90,804 | 112,503 | ||||||||
Long-term portion | $ | 1,411,193 | $ | 873,738 | ||||||
Interest Rates at | |||||||||
August 31, 2012 | 2012 | 2011 | |||||||
(Dollars in thousands) | |||||||||
Notes payable(a)(j) | 0.67% to 10.75% | $ | 269,783 | $ | 130,719 | ||||
CHS Capital notes payable(k) | 0.80% to 2.64% | 533,839 | 585,549 | ||||||
$ | 803,622 | $ | 716,268 | ||||||
Long-term debt: | |||||||||
Revolving term loans from cooperative and other banks, payable in equal installments beginning in 2013 through 2018(b)(j) | 5.59% | $ | 150,000 | $ | 150,000 | ||||
Private placement, payable in equal installments beginning in 2014 through 2018(c)(j) | 6.18% | 400,000 | 400,000 | ||||||
Private placement, payable in equal installments through 2013(d)(j) | 6.81% | 37,500 | 75,000 | ||||||
Private placement, payable in installments through 2018(e)(j) | 4.96% to 5.60% | 59,615 | 86,539 | ||||||
Private placement, payable in equal installments beginning in 2011 through 2015(f)(j) | 5.25% | 75,000 | 100,000 | ||||||
Private placement, payable in equal installments beginning in 2014 through 2018(g)(j) | 5.78% | 50,000 | 50,000 | ||||||
Private placement, payable in equal installments beginning in 2017 through 2021(g)(j) | 4.00% | 100,000 | 100,000 | ||||||
Private placement, payable in its entirety in 2019(h)(j) | 4.08% | 130,000 | 130,000 | ||||||
Private placement, payable in its entirety in 2021(h)(j) | 4.52% | 160,000 | 160,000 | ||||||
Private placement, payable in its entirety in 2023(h)(j) | 4.67% | 130,000 | 130,000 | ||||||
Private placement, payable in its entirety in 2026(h)(j) | 4.82% | 80,000 | 80,000 | ||||||
Other notes and contracts(i) | 2.25% to 12.17% | 68,238 | 40,458 | ||||||
Total long-term debt | 1,440,353 | 1,501,997 | |||||||
Less current portion | 108,211 | 90,804 | |||||||
Long-term portion | $ | 1,332,142 | $ | 1,411,193 |
(a) | The Company finances its working capital needs through short-term lines of credit with a syndication of domestic and international banks. On August 31, 2012, the Company had two primary committed lines of credit. The Company had a three-year revolving facility and a five-year revolving facility, each with committed amounts of $1.25 billion, for a total of $2.5 billion, which had no amounts outstanding as of August 31, 2012. As of August 31, 2011 the Company had two |
F-20
(b) | In December 2007, the Company established aten-year long-term credit agreement through a syndication of cooperative banks in the amount of |
(c) | In October 2007, the Company entered into a private placement with several insurance companies for long-term debt in the amount of |
(d) | In June 1998, the Company entered into a private placement with several insurance companies for long-term debt in the amount of |
(e) | In October 2002, the Company entered into a private placement with several insurance companies for long-term debt in the amount of |
(f) | In September 2004, the Company entered into a private placement with several insurance companies for long-term debt in the amount of |
(g) | In |
In June 2011, the Company entered into a private placement with certain accredited investors for long-term debt in the amount of |
Other notes and contracts payable of |
The debt is unsecured; however, restrictive covenants under various agreements have requirements for maintenance of minimum working capital levels and other financial ratios. |
F-21
Cofina Funding, LLC (Cofina Funding), a wholly-owned subsidiary of CHS Capital, has available credit totaling |
2011 | 2010 | |||||||
Notes payable | 2.37 | % | 2.24 | % | ||||
CHS Capital notes payable | 1.86 | % | 1.75 | % | ||||
Long-term debt | 5.25 | % | 5.92 | % |
2012 | 2011 | ||||
Notes payable | 2.58 | % | 2.37 | % | |
CHS Capital notes payable | 1.68 | % | 1.86 | % | |
Long-term debt | 5.16 | % | 5.25 | % |
(Dollars in thousands) | ||||||||
2012 | $ | 90,804 | ||||||
2013 | 100,707 | |||||||
2014 | 154,549 | |||||||
2015 | 154,500 | |||||||
2016 | 129,517 | |||||||
Thereafter | 871,920 | |||||||
$ | 1,501,997 | |||||||
(Dollars in thousands) | |||
2013 | $ | 108,211 | |
2014 | 161,986 | ||
2015 | 163,647 | ||
2016 | 130,044 | ||
2017 | 150,213 | ||
Thereafter | 726,252 | ||
$ | 1,440,353 |
2011 | 2010 | 2009 | ||||||||||
(Dollars in thousands) | ||||||||||||
Interest expense | $ | 83,044 | $ | 69,901 | $ | 85,669 | ||||||
Capitalized interest | (5,487 | ) | (6,212 | ) | (5,201 | ) | ||||||
Interest income | (2,722 | ) | (5,365 | ) | (9,981 | ) | ||||||
Interest, net | $ | 74,835 | $ | 58,324 | $ | 70,487 | ||||||
F-22
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Interest expense | $ | 94,090 | $ | 83,044 | $ | 69,901 | |||||
Interest-purchase of NCRA noncontrolling interests | 113,184 | ||||||||||
Capitalized interest | (8,882 | ) | (5,487 | ) | (6,212 | ) | |||||
Interest income | (5,129 | ) | (2,722 | ) | (5,365 | ) | |||||
Interest, net | $ | 193,263 | $ | 74,835 | $ | 58,324 |
2011 | 2010 | 2009 | ||||||||||
(Dollars in thousands) | ||||||||||||
Current | $ | 19,539 | $ | 8,931 | $ | 19,328 | ||||||
Deferred | 56,426 | 34,691 | 31,665 | |||||||||
Valuation allowance | 10,663 | 4,816 | 12,311 | |||||||||
Income taxes | $ | 86,628 | $ | 48,438 | $ | 63,304 | ||||||
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Current | |||||||||||
Federal | $ | 9,565 | $ | 10,564 | $ | 3,409 | |||||
State | 7,851 | 8,922 | 4,081 | ||||||||
Foreign | 4,812 | 53 | 1,441 | ||||||||
22,228 | 19,539 | 8,931 | |||||||||
Deferred | |||||||||||
Federal | 66,707 | 54,435 | 43,361 | ||||||||
State | 1,617 | 9,454 | 1,823 | ||||||||
Foreign | (9,700 | ) | 3,200 | (5,677 | ) | ||||||
58,624 | 67,089 | 39,507 | |||||||||
Total | $ | 80,852 | $ | 86,628 | $ | 48,438 |
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Deferred tax assets: | ||||||||
Accrued expenses | $ | 88,028 | $ | 88,246 | ||||
Postretirement health care and deferred compensation | 100,256 | 111,437 | ||||||
Tax credit carryforwards | 93,609 | 57,449 | ||||||
Loss carryforwards | 71,471 | 50,171 | ||||||
Other | 43,653 | 35,060 | ||||||
Total deferred tax assets | 397,017 | 342,363 | ||||||
Deferred tax liabilities: | ||||||||
Pension | 56,702 | 36,341 | ||||||
Investments | 76,959 | 56,744 | ||||||
Major maintenance | 4,591 | 6,017 | ||||||
Property, plant and equipment | 439,639 | 337,654 | ||||||
Other | 4,796 | 6,647 | ||||||
Total deferred tax liabilities | 582,687 | 443,403 | ||||||
Deferred tax assets valuation reserve | (47,599 | ) | (36,935 | ) | ||||
Net deferred tax liabilities | $ | 233,269 | $ | 137,975 | ||||
2012 | 2011 | ||||||
(Dollars in thousands) | |||||||
Deferred tax assets: | |||||||
Accrued expenses | $ | 89,844 | $ | 91,458 | |||
Postretirement health care and deferred compensation | 107,817 | 100,256 | |||||
Tax credit carryforwards | 118,752 | 102,120 | |||||
Loss carryforwards | 30,272 | 71,470 | |||||
Other | 57,429 | 55,414 | |||||
Deferred tax assets valuation | (56,659 | ) | (47,599 | ) | |||
Total deferred tax assets | 347,455 | 373,119 | |||||
Deferred tax liabilities: | |||||||
Pension | 35,516 | 56,702 | |||||
Investments | 120,879 | 91,290 | |||||
Major maintenance | 9,141 | 4,591 | |||||
Property, plant and equipment | 453,863 | 453,805 | |||||
Other | 175 | — | |||||
Total deferred tax liabilities | 619,574 | 606,388 | |||||
Net deferred tax liabilities | $ | 272,119 | $ | 233,269 |
F-23
2011 | 2010 | 2009 | ||||||||||
Statutory federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||||||
State and local income taxes, net of federal income tax benefit | 1.3 | 0.8 | 0.0 | |||||||||
Patronage earnings | (20.5 | ) | (23.8 | ) | (25.5 | ) | ||||||
Domestic production activities deduction | (3.2 | ) | (1.5 | ) | 1.4 | |||||||
Export activities at rates other than the U.S. statutory rate | 0.0 | 1.0 | 0.3 | |||||||||
Valuation allowance | 0.9 | 0.8 | 2.4 | |||||||||
Tax credits | (3.1 | ) | (0.2 | ) | (0.7 | ) | ||||||
Other | (2.8 | ) | (3.8 | ) | (0.3 | ) | ||||||
Effective tax rate | 7.6 | % | 8.3 | % | 12.6 | % | ||||||
2012 | 2011 | 2010 | ||||||
Statutory federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State and local income taxes, net of federal income tax benefit | 0.5 | 1.3 | 0.8 | |||||
Patronage earnings | (24.2 | ) | (20.5 | ) | (23.8 | ) | ||
Domestic production activities deduction | (3.5 | ) | (3.2 | ) | (1.5 | ) | ||
Export activities at rates other than the U.S. statutory rate | 0.4 | 0.5 | 1.0 | |||||
Valuation allowance | 0.6 | 0.9 | 0.8 | |||||
Tax credits | (1.3 | ) | (3.1 | ) | (0.2 | ) | ||
Non-controlling interests | (1.9 | ) | (3.0 | ) | (2.0 | ) | ||
Other | 0.1 | (0.4 | ) | (1.8 | ) | |||
Effective tax rate | 5.7 | % | 7.5 | % | 8.3 | % |
2011 | 2010 | 2009 | ||||||||||
(Dollars in thousands) | ||||||||||||
Beginning balances | $ | 69,357 | $ | 72,519 | $ | 5,840 | ||||||
Increases for current year tax positions | 1,381 | |||||||||||
Increases for tax positions of prior years | 65,697 | |||||||||||
Reductions for tax positions of prior years | ||||||||||||
Reductions attributable to statute expiration | (2,086 | ) | (3,162 | ) | (399 | ) | ||||||
Balances at August 31 | $ | 67,271 | $ | 69,357 | $ | 72,519 | ||||||
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Beginning balances | $ | 67,271 | $ | 69,357 | $ | 72,519 | |||||
Reductions attributable to statute expiration | (2,086 | ) | (3,162 | ) | |||||||
Balances at August 31 | $ | 67,271 | $ | 67,271 | $ | 69,357 |
F-24
F-25
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Net income attributable to CHS Inc. | $ | 1,260,628 | $ | 961,355 | $ | 502,159 | |||||
Transfers to noncontrolling interests: | |||||||||||
Decrease in CHS Inc. capital reserves for purchase of noncontrolling interests | (82,138 | ) | |||||||||
Changes from net income attributable to CHS Inc. and transfers to noncontrolling interests | $ | 1,178,490 | $ | 961,355 | $ | 502,159 |
Qualified | Non-Qualified | |||||||||||||||||||||||
Pension Benefits | Pension Benefits | Other Benefits | ||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 493,601 | $ | 415,469 | $ | 47,233 | $ | 40,524 | $ | 46,262 | $ | 38,202 | ||||||||||||
Service cost | 25,232 | 20,774 | 1,246 | 1,220 | 1,771 | 1,386 | ||||||||||||||||||
Interest cost | 22,257 | 23,034 | 1,933 | 2,235 | 2,194 | 2,153 | ||||||||||||||||||
Actuarial loss (gain) | 759 | 5,634 | (1,233 | ) | 239 | 1,199 | 1,016 | |||||||||||||||||
Assumption change | (11,014 | ) | 53,587 | (514 | ) | 4,995 | 912 | 4,368 | ||||||||||||||||
Plan amendments | 365 | 392 | 1,047 | |||||||||||||||||||||
Special agreements | 1,722 | |||||||||||||||||||||||
Medicare D | 216 | 105 | ||||||||||||||||||||||
Excise tax on high cost healthcare plans | 6,279 | |||||||||||||||||||||||
Benefits paid | (30,147 | ) | (25,289 | ) | (19,984 | ) | (1,980 | ) | (1,969 | ) | (2,690 | ) | ||||||||||||
Benefit obligation at end of period | $ | 501,053 | $ | 493,601 | $ | 29,728 | $ | 47,233 | $ | 56,864 | $ | 46,262 | ||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 478,361 | $ | 410,181 | ||||||||||||||||||||
Actual gain on plan assets | 57,608 | 23,469 | ||||||||||||||||||||||
Company contributions | 35,000 | 70,000 | $ | 19,984 | $ | 1,980 | $ | 1,969 | $ | 2,690 | ||||||||||||||
Benefits paid | (30,147 | ) | (25,289 | ) | (19,984 | ) | (1,980 | ) | (1,969 | ) | (2,690 | ) | ||||||||||||
Fair value of plan assets at end of period | $ | 540,822 | $ | 478,361 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Funded status at end of period | $ | 39,769 | $ | (15,240 | ) | $ | (29,728 | ) | $ | (47,233 | ) | $ | (56,864 | ) | $ | (46,262 | ) | |||||||
Amounts recognized on balance sheet: | ||||||||||||||||||||||||
Non-current assets | $ | 40,047 | ||||||||||||||||||||||
Accrued benefit cost: | ||||||||||||||||||||||||
Current liabilities | $ | (3,205 | ) | $ | (8,231 | ) | $ | (3,111 | ) | $ | (2,834 | ) | ||||||||||||
Non-current liabilities | (278 | ) | $ | (15,240 | ) | (26,523 | ) | (39,002 | ) | (53,753 | ) | (43,428 | ) | |||||||||||
Ending balance | $ | 39,769 | $ | (15,240 | ) | $ | (29,728 | ) | $ | (47,233 | ) | $ | (56,864 | ) | $ | (46,262 | ) | |||||||
Amounts recognized in accumulated other comprehensive loss (pretax): | ||||||||||||||||||||||||
Net transition obligation | $ | 1,651 | $ | 2,586 | ||||||||||||||||||||
Prior service cost (credit) | $ | 11,223 | $ | 13,185 | $ | 497 | $ | 638 | (190 | ) | (312 | ) | ||||||||||||
Net loss | 247,669 | 289,853 | 7,124 | 13,527 | 14,076 | 6,199 | ||||||||||||||||||
Noncontrolling interests | (20,524 | ) | (25,112 | ) | (82 | ) | (184 | ) | (3,821 | ) | (1,997 | ) | ||||||||||||
Ending balance | $ | 238,368 | $ | 277,926 | $ | 7,539 | $ | 13,981 | $ | 11,716 | $ | 6,476 | ||||||||||||
F-26
Qualified Pension Benefits | Non-Qualified Pension Benefits | Other Benefits | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 501,053 | $ | 493,601 | $ | 29,728 | $ | 47,233 | $ | 56,864 | $ | 46,262 | |||||||||||
Service cost | 26,010 | 25,232 | 279 | 1,246 | 2,556 | 1,771 | |||||||||||||||||
Interest cost | 24,119 | 22,257 | 1,343 | 1,933 | 2,638 | 2,194 | |||||||||||||||||
Transfers in from Agriliance Employee Retirement Plan | 84,498 | ||||||||||||||||||||||
Actuarial loss (gain) | 982 | 759 | 2,498 | (1,233 | ) | (1,997 | ) | 1,199 | |||||||||||||||
Assumption change | 62,755 | (11,014 | ) | 1,956 | (514 | ) | 6,437 | 912 | |||||||||||||||
Plan amendments | 365 | 1,047 | (899 | ) | |||||||||||||||||||
Medicare D | 625 | 216 | |||||||||||||||||||||
Excise tax on high cost healthcare plans | 6,279 | ||||||||||||||||||||||
Benefits paid | (28,351 | ) | (30,147 | ) | (1,334 | ) | (19,984 | ) | (2,035 | ) | (1,969 | ) | |||||||||||
Benefit obligation at end of period | $ | 671,066 | $ | 501,053 | $ | 34,470 | $ | 29,728 | $ | 64,189 | $ | 56,864 | |||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 540,822 | $ | 478,361 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Actual gain on plan assets | 50,515 | 57,608 | |||||||||||||||||||||
Company contributions | 28,000 | 35,000 | 1,334 | 19,984 | 2,035 | 1,969 | |||||||||||||||||
Transfers in from Agriliance Employee Retirement Plan | 97,210 | ||||||||||||||||||||||
Benefits paid | (28,351 | ) | (30,147 | ) | (1,334 | ) | (19,984 | ) | (2,035 | ) | (1,969 | ) | |||||||||||
Fair value of plan assets at end of period | $ | 688,196 | $ | 540,822 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Funded status at end of period | $ | 17,130 | $ | 39,769 | $ | (34,470 | ) | $ | (29,728 | ) | $ | (64,189 | ) | $ | (56,864 | ) | |||||||
Amounts recognized on balance sheet: | |||||||||||||||||||||||
Non-current assets | $ | 17,695 | $ | 40,047 | |||||||||||||||||||
Accrued benefit cost: | |||||||||||||||||||||||
Current liabilities | $ | (3,325 | ) | $ | (3,205 | ) | $ | (3,297 | ) | $ | (3,111 | ) | |||||||||||
Non-current liabilities | (565 | ) | (278 | ) | (31,145 | ) | (26,523 | ) | (60,892 | ) | (53,753 | ) | |||||||||||
Ending balance | $ | 17,130 | $ | 39,769 | $ | (34,470 | ) | $ | (29,728 | ) | $ | (64,189 | ) | $ | (56,864 | ) | |||||||
Amounts recognized in accumulated other comprehensive loss (pretax): | |||||||||||||||||||||||
Net transition obligation | $ | 563 | $ | 1,651 | |||||||||||||||||||
Prior service cost (credit) | $ | 9,392 | $ | 11,223 | $ | 1,316 | $ | 497 | (17 | ) | (190 | ) | |||||||||||
Net loss | 331,420 | 247,669 | 10,104 | 7,124 | 683 | 14,076 | |||||||||||||||||
Noncontrolling interests | (20,524 | ) | (82 | ) | (3,821 | ) | |||||||||||||||||
Ending balance | $ | 340,812 | $ | 238,368 | $ | 11,420 | $ | 7,539 | $ | 1,229 | $ | 11,716 |
Qualified Pension Benefits | Non-Qualified Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Components of net periodic benefit costs: | |||||||||||||||||||||||||||||||||||
Service cost | $ | 26,010 | $ | 25,232 | $ | 20,774 | $ | 279 | $ | 1,246 | $ | 1,220 | $ | 2,556 | $ | 1,771 | $ | 1,385 | |||||||||||||||||
Interest cost | 24,119 | 22,257 | 23,034 | 1,343 | 1,933 | 2,235 | 2,638 | 2,194 | 2,153 | ||||||||||||||||||||||||||
Expected return on assets | (40,904 | ) | (41,770 | ) | (36,875 | ) | |||||||||||||||||||||||||||||
Settlement of retiree obligations | 4,735 | ||||||||||||||||||||||||||||||||||
Special agreements | 1,722 | ||||||||||||||||||||||||||||||||||
Prior service cost (credit) amortization | 1,831 | 2,327 | 2,193 | 228 | 141 | 419 | (104 | ) | (122 | ) | (186 | ) | |||||||||||||||||||||||
Actuarial loss amortization | 15,131 | 16,090 | 10,578 | 428 | 967 | 617 | 891 | 513 | 12 | ||||||||||||||||||||||||||
Transition amount amortization | 936 | 935 | 936 | ||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 26,187 | $ | 24,136 | $ | 19,704 | $ | 2,278 | $ | 9,022 | $ | 4,491 | $ | 6,917 | $ | 5,291 | $ | 6,022 | |||||||||||||||||
Weighted-average assumptions to determine the net periodic benefit cost: | |||||||||||||||||||||||||||||||||||
Discount rate | 5.00 | % | 4.75 | % | 5.75 | % | 5.00 | % | 4.75 | % | 5.75 | % | 4.75 | % | 4.75 | % | 5.75 | % | |||||||||||||||||
Expected return on plan assets | 7.25 | % | 7.75 | % | 8.25 | % | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
Rate of compensation increase | 4.50 | % | 4.50 | % | 4.50 | % | 4.75 | % | 4.75 | % | 4.50 | % | 4.50 | % | 4.50 | % | 4.50 | % | |||||||||||||||||
Weighted-average assumptions to determine the benefit obligations: | |||||||||||||||||||||||||||||||||||
Discount rate | 3.80 | % | 5.00 | % | 4.75 | % | 4.00 | % | 5.00 | % | 4.75 | % | 3.75 | % | 4.75 | % | 4.75 | % | |||||||||||||||||
Rate of compensation increase | 4.50 | % | 4.50 | % | 4.50 | % | 4.75 | % | 4.50 | % | 4.50 | % | 4.50 | % | 4.50 | % | 4.50 | % |
Qualified Pension Benefits | Non-Qualified Pension Benefits | Other Benefits | |||||||||
(Dollars in thousands) | |||||||||||
Amortization of transition obligation | $ | 563 | |||||||||
Amortization of prior service cost (benefit) | $ | 1,597 | $ | (33 | ) | $ | (17 | ) | |||
Amortization of net actuarial loss | $ | 22,516 | $ | 32 | $ | 1,152 |
Qualified | Non-Qualified | |||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2011 | 2010 | 2009 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Components of net periodic benefit costs: | ||||||||||||||||||||||||||||||||||||
Service cost | $ | 25,232 | $ | 20,774 | $ | 16,318 | $ | 1,246 | $ | 1,220 | $ | 1,200 | $ | 1,771 | $ | 1,385 | $ | 1,101 | ||||||||||||||||||
Interest cost | 22,257 | 23,034 | 22,837 | 1,933 | 2,235 | 2,399 | 2,194 | 2,153 | 2,771 | |||||||||||||||||||||||||||
Expected return on assets | (41,770 | ) | (36,875 | ) | (31,258 | ) | ||||||||||||||||||||||||||||||
Settlement of retiree obligations | 4,735 | |||||||||||||||||||||||||||||||||||
Special agreements | 1,722 | 283 | ||||||||||||||||||||||||||||||||||
Prior service cost (credit) amortization | 2,327 | 2,193 | 2,115 | 141 | 419 | 546 | (122 | ) | (186 | ) | 347 | |||||||||||||||||||||||||
Actuarial loss (gain) amortization | 16,090 | 10,578 | 5,046 | 967 | 617 | 667 | 513 | 12 | (215 | ) | ||||||||||||||||||||||||||
Transition amount amortization | 935 | 936 | 936 | |||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 24,136 | $ | 19,704 | $ | 15,058 | $ | 9,022 | $ | 4,491 | $ | 4,812 | $ | 5,291 | $ | 6,022 | $ | 5,223 | ||||||||||||||||||
Adjustment to retained earnings for measurement date change | $ | 1,593 | $ | 763 | $ | 294 | ||||||||||||||||||||||||||||||
Weighted-average assumptions to determine the net periodic benefit cost: | ||||||||||||||||||||||||||||||||||||
Discount rate | 4.75% | 5.75% | 6.05% | 4.75% | 5.75% | 6.05% | 4.75% | 5.75% | 6.05% | |||||||||||||||||||||||||||
Expected return on plan assets | 7.75% | 8.25% | 8.25% | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Rate of compensation increase | 4.50% | 4.50% | 4.50% | 4.75% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | |||||||||||||||||||||||||||
Weighted-average assumptions to determine the benefit obligations: | ||||||||||||||||||||||||||||||||||||
Discount rate | 5.00% | 4.75% | 5.75% | 5.00% | 4.75% | 5.75% | 4.75% | 4.75% | 5.75% | |||||||||||||||||||||||||||
Rate of compensation increase | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% |
Qualified | Non-Qualified | Other | ||||||||||
Pension Benefits | Pension Benefits | Benefits | ||||||||||
(Dollars in thousands) | ||||||||||||
Amortization of transition obligation | $ | 936 | ||||||||||
Amortization of prior service cost (benefit) | $ | 1,831 | $ | 85 | (105 | ) | ||||||
Amortization of net actuarial loss | 14,927 | 518 | 841 | |||||||||
Noncontrolling interests | (1,303 | ) | (1 | ) | (263 | ) |
F-27
1% Increase | 1% Decrease | |||||||
(Dollars in thousands) | ||||||||
Effect on total of service and interest cost components | $ | 479 | $ | (405 | ) | |||
Effect on postretirement benefit obligation | 5,554 | (4,842 | ) |
1% Increase | 1% Decrease | ||||||
(Dollars in thousands) | |||||||
Effect on total of service and interest cost components | $ | 630 | $ | (510 | ) | ||
Effect on postretirement benefit obligation | 6,200 | (5,400 | ) |
Qualified | Non-Qualified | Other Benefits | ||||||||||||||
Pension Benefits | Pension Benefits | Gross | Medicare D | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
2012 | $ | 30,489 | $ | 3,205 | $ | 3,111 | $ | 100 | ||||||||
2013 | 32,115 | 1,773 | 3,345 | 100 | ||||||||||||
2014 | 34,127 | 1,294 | 3,565 | 100 | ||||||||||||
2015 | 38,053 | 1,428 | 3,802 | 100 | ||||||||||||
2016 | 39,911 | 1,567 | 4,121 | 100 | ||||||||||||
2017-2021 | 238,203 | 15,157 | 26,030 | 500 |
Qualified Pension Benefits | Non-Qualified Pension Benefits | Other Benefits | |||||||||||||
Gross | Medicare D | ||||||||||||||
(Dollars in thousands) | |||||||||||||||
2013 | $ | 36,805 | $ | 3,325 | $ | 3,297 | $ | 100 | |||||||
2014 | 39,083 | 1,276 | 3,455 | 100 | |||||||||||
2015 | 42,954 | 1,002 | 3,671 | 100 | |||||||||||
2016 | 44,523 | 1,869 | 4,018 | 100 | |||||||||||
2017 | 47,263 | 4,293 | 4,249 | 100 | |||||||||||
2018-2022 | 278,194 | 13,187 | 23,644 | 500 |
optimization of the long-term returns on plan assets at an acceptable level of risk | ||
F-28
2011 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Cash and cash equivalents | $ | 3,073 | $ | 22,325 | $ | 25,398 | ||||||||||
Equities: | ||||||||||||||||
Mutual funds | 100,508 | 198,828 | 299,336 | |||||||||||||
Fixed income securities: | ||||||||||||||||
Mutual funds | 66,124 | 135,251 | 201,375 | |||||||||||||
Real estate funds | $ | 14,522 | 14,522 | |||||||||||||
Hedge funds | 191 | 191 | ||||||||||||||
Total | $ | 169,705 | $ | 356,404 | $ | 14,713 | $ | 540,822 | ||||||||
2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Cash and cash equivalents | $ | 2,588 | $ | 21,380 | $ | 23,968 | |||||||||
Equities: | |||||||||||||||
Mutual funds | 115,515 | 289,286 | 404,801 | ||||||||||||
Fixed income securities: | |||||||||||||||
Mutual funds | 76,795 | 164,380 | $ | 1,868 | 243,043 | ||||||||||
Real estate funds | 16,257 | 16,257 | |||||||||||||
Hedge funds | 127 | 127 | |||||||||||||
Total | $ | 194,898 | $ | 475,046 | $ | 18,252 | $ | 688,196 |
2010 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Cash and cash equivalents | $ | 73,704 | $ | 7,158 | $ | 80,862 | ||||||||||
Equities: | ||||||||||||||||
Mutual funds | 95,185 | 150,654 | 245,839 | |||||||||||||
Fixed income securities: | ||||||||||||||||
Mutual funds | 45,548 | 93,775 | 139,323 | |||||||||||||
Real estate funds | $ | 9,407 | 9,407 | |||||||||||||
Hedge funds | 2,705 | 2,705 | ||||||||||||||
Total | $ | 214,437 | $ | 251,587 | $ | 12,112 | $ | 478,136 | ||||||||
2011 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Cash and cash equivalents | $ | 3,073 | $ | 22,325 | $ | 25,398 | |||||||||
Equities: | |||||||||||||||
Mutual funds | 100,508 | 198,828 | 299,336 | ||||||||||||
Fixed income securities: | |||||||||||||||
Mutual funds | 66,124 | 135,251 | 201,375 | ||||||||||||
Real estate funds | $ | 14,522 | 14,522 | ||||||||||||
Hedge funds | 191 | 191 | |||||||||||||
Total | $ | 169,705 | $ | 356,404 | $ | 14,713 | $ | 540,822 |
F-29
2012 | |||||||||||||||
Mutual Funds | Real Estate Funds | Hedge Funds | Total | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Balances at beginning of period | $ | — | $ | 14,522 | $ | 191 | $ | 14,713 | |||||||
Unrealized gains (losses) | 48 | 1,763 | (68 | ) | 1,743 | ||||||||||
Realized losses (gains) | 90 | (48 | ) | 42 | |||||||||||
Sales | (8 | ) | (2 | ) | (10 | ) | |||||||||
Purchases | 22 | 4 | 26 | ||||||||||||
Transfers into level 3 | 1,738 | 1,738 | |||||||||||||
Total | $ | 1,868 | $ | 16,257 | $ | 127 | $ | 18,252 |
2011 | |||||||||||
Real Estate Funds | Hedge Funds | Total | |||||||||
(Dollars in thousands) | |||||||||||
Balances at beginning of period | $ | 9,407 | $ | 2,705 | $ | 12,112 | |||||
Unrealized gains | 2,104 | 132 | 2,236 | ||||||||
Purchases, sales, issuances and settlements, net | 3,011 | (2,646 | ) | 365 | |||||||
Total | $ | 14,522 | $ | 191 | $ | 14,713 |
Contributions of CHS | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Plan Name | EIN/Plan Number | 2012 | 2011 | 2010 | Surcharge Imposed | Expiration Date of Collective Bargaining Agreement | |||||||||||
Co-op Retirement Plan | 01-0689331 / 001 | $ | 1,885 | $ | 1,279 | $ | 1,325 | N/A | N/A |
2011 | ||||||||||||
Real | ||||||||||||
Estate | Hedge | |||||||||||
Funds | Funds | Total | ||||||||||
(Dollars in thousands) | ||||||||||||
Balances at beginning of period | $ | 9,407 | $ | 2,705 | $ | 12,112 | ||||||
Unrealized gains | 2,104 | 132 | 2,236 | |||||||||
Purchases, sales, issuances and settlements, net | 3,011 | (2,646 | ) | 365 | ||||||||
Total | $ | 14,522 | $ | 191 | $ | 14,713 | ||||||
2010 | ||||||||||||
Real | ||||||||||||
Estate | Hedge | |||||||||||
Funds | Funds | Total | ||||||||||
(Dollars in thousands) | ||||||||||||
Balances at beginning of period | $ | 10,335 | $ | 1,091 | $ | 11,426 | ||||||
Unrealized (losses) gains | (939 | ) | 126 | (813 | ) | |||||||
Purchases, sales, issuances and settlements, net | 11 | 1,488 | 1,499 | |||||||||
Total | $ | 9,407 | $ | 2,705 | $ | 12,112 | ||||||
F-30
F-31
Corporate | Reconciling | |||||||||||||||||||||
Energy | Ag Business | and Other | Amounts | Total | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
For the year ended August 31, 2011: | ||||||||||||||||||||||
Revenues | $ | 11,467,381 | $ | 25,767,033 | $ | 64,809 | $ | (383,389 | ) | $ | 36,915,834 | |||||||||||
Cost of goods sold | 10,694,687 | 25,204,301 | (2,611 | ) | (383,389 | ) | 35,512,988 | |||||||||||||||
Gross profit | 772,694 | 562,732 | 67,420 | — | 1,402,846 | |||||||||||||||||
Marketing, general and administrative | 142,708 | 229,369 | 66,421 | 438,498 | ||||||||||||||||||
Operating earnings | 629,986 | 333,363 | 999 | — | 964,348 | |||||||||||||||||
Loss (gain) on investments | 1,027 | (118,344 | ) | (9,412 | ) | (126,729 | ) | |||||||||||||||
Interest, net | 5,829 | 57,438 | 11,568 | 74,835 | ||||||||||||||||||
Equity income from investments | (6,802 | ) | (40,482 | ) | (84,130 | ) | (131,414 | ) | ||||||||||||||
Income before income taxes | $ | 629,932 | $ | 434,751 | $ | 82,973 | $ | — | $ | 1,147,656 | ||||||||||||
Intersegment revenues | $ | (383,389 | ) | $ | 383,389 | $ | — | |||||||||||||||
Goodwill | $ | 1,165 | $ | 18,346 | $ | 6,898 | $ | 26,409 | ||||||||||||||
Capital expenditures | $ | 198,692 | $ | 107,866 | $ | 4,112 | $ | 310,670 | ||||||||||||||
Depreciation and amortization | $ | 126,018 | $ | 79,231 | $ | 15,445 | $ | 220,694 | ||||||||||||||
Total identifiable assets at August 31, 2011 | $ | 3,883,205 | $ | 5,276,537 | $ | 3,057,268 | $ | 12,217,010 | ||||||||||||||
For the year ended August 31, 2010: | ||||||||||||||||||||||
Revenues | $ | 8,799,890 | $ | 16,715,055 | $ | 48,522 | $ | (295,536 | ) | $ | 25,267,931 | |||||||||||
Cost of goods sold | 8,437,504 | 16,258,679 | (3,237 | ) | (295,536 | ) | 24,397,410 | |||||||||||||||
Gross profit | 362,386 | 456,376 | 51,759 | — | 870,521 | |||||||||||||||||
Marketing, general and administrative | 123,834 | 187,640 | 55,108 | 366,582 | ||||||||||||||||||
Operating earnings (losses) | 238,552 | 268,736 | (3,349 | ) | — | 503,939 | ||||||||||||||||
(Gain) loss on investments | (269 | ) | (421 | ) | (28,743 | ) | (29,433 | ) | ||||||||||||||
Interest, net | 9,939 | 33,039 | 15,346 | 58,324 | ||||||||||||||||||
Equity income from investments | (5,554 | ) | (31,248 | ) | (71,985 | ) | (108,787 | ) | ||||||||||||||
Income before income taxes | $ | 234,436 | $ | 267,366 | $ | 82,033 | $ | — | $ | 583,835 | ||||||||||||
Intersegment revenues | $ | (295,536 | ) | $ | 295,536 | $ | — | |||||||||||||||
Goodwill | $ | 1,165 | $ | 14,975 | $ | 6,898 | $ | 23,038 | ||||||||||||||
Capital expenditures | $ | 197,637 | $ | 122,468 | $ | 4,157 | $ | 324,262 | ||||||||||||||
Depreciation and amortization | $ | 118,071 | $ | 69,170 | $ | 15,681 | $ | 202,922 | ||||||||||||||
Total identifiable assets at August 31, 2010 | $ | 3,004,471 | $ | 3,847,518 | $ | 1,814,139 | $ | 8,666,128 | ||||||||||||||
For the year ended August 31, 2009: | ||||||||||||||||||||||
Revenues | $ | 7,639,838 | $ | 18,292,204 | $ | 49,500 | $ | (251,626 | ) | $ | 25,729,916 | |||||||||||
Cost of goods sold | 7,110,324 | 17,994,462 | (3,259 | ) | (251,626 | ) | 24,849,901 | |||||||||||||||
Gross profit | 529,514 | 297,742 | 52,759 | — | 880,015 | |||||||||||||||||
Marketing, general and administrative | 125,104 | 168,886 | 61,309 | 355,299 | ||||||||||||||||||
Operating earnings (losses) | 404,410 | 128,856 | (8,550 | ) | — | 524,716 | ||||||||||||||||
(Gain) loss on investments | (15,748 | ) | (66 | ) | 72,119 | 56,305 | ||||||||||||||||
Interest, net | 5,483 | 53,565 | 11,439 | 70,487 | ||||||||||||||||||
Equity income from investments | (4,044 | ) | (35,453 | ) | (66,257 | ) | (105,754 | ) | ||||||||||||||
Income (loss) before income taxes | $ | 418,719 | $ | 110,810 | $ | (25,851 | ) | $ | — | $ | 503,678 | |||||||||||
Intersegment revenues | $ | (251,626 | ) | $ | 251,626 | $ | — | |||||||||||||||
Capital expenditures | $ | 233,112 | $ | 79,599 | $ | 2,794 | $ | 315,505 | ||||||||||||||
Depreciation and amortization | $ | 118,260 | $ | 63,320 | $ | 14,770 | $ | 196,350 | ||||||||||||||
F-32
Energy | Ag | Corporate and Other | Reconciling Amounts | Total | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
For the year ended August 31, 2012: | |||||||||||||||||||
Revenues | $ | 12,816,542 | $ | 28,181,445 | $ | 68,882 | $ | (467,583 | ) | $ | 40,599,286 | ||||||||
Cost of goods sold | 11,514,463 | 27,544,040 | (2,777 | ) | (467,583 | ) | 38,588,143 | ||||||||||||
Gross profit | 1,302,079 | 637,405 | 71,659 | — | 2,011,143 | ||||||||||||||
Marketing, general and administrative | 155,786 | 273,757 | 68,690 | 498,233 | |||||||||||||||
Operating earnings | 1,146,293 | 363,648 | 2,969 | — | 1,512,910 | ||||||||||||||
Loss on investments | 4,008 | 1,049 | 408 | 5,465 | |||||||||||||||
Interest, net | 122,302 | 57,915 | 13,046 | 193,263 | |||||||||||||||
Equity income from investments | (7,537 | ) | (22,737 | ) | (72,115 | ) | (102,389 | ) | |||||||||||
Income before income taxes | $ | 1,027,520 | $ | 327,421 | $ | 61,630 | $ | — | $ | 1,416,571 | |||||||||
Intersegment revenues | $ | (467,583 | ) | $ | 467,583 | $ | — | ||||||||||||
Goodwill | $ | 1,165 | $ | 73,630 | $ | 6,898 | $ | 81,693 | |||||||||||
Capital expenditures | $ | 294,560 | $ | 168,825 | $ | 5,226 | $ | 468,611 | |||||||||||
Depreciation and amortization | $ | 109,496 | $ | 92,538 | $ | 17,598 | $ | 219,632 | |||||||||||
Total identifiable assets at August 31, 2012 | $ | 3,684,571 | $ | 6,816,809 | $ | 2,921,771 | $ | 13,423,151 | |||||||||||
For the year ended August 31, 2011: | |||||||||||||||||||
Revenues | $ | 11,467,381 | $ | 25,767,033 | $ | 64,809 | $ | (383,389 | ) | $ | 36,915,834 | ||||||||
Cost of goods sold | 10,694,687 | 25,204,301 | (2,611 | ) | (383,389 | ) | 35,512,988 | ||||||||||||
Gross profit | 772,694 | 562,732 | 67,420 | — | 1,402,846 | ||||||||||||||
Marketing, general and administrative | 142,708 | 229,369 | 66,421 | 438,498 | |||||||||||||||
Operating earnings (losses) | 629,986 | 333,363 | 999 | — | 964,348 | ||||||||||||||
Loss (gain) on investments | 1,027 | (118,344 | ) | (9,412 | ) | (126,729 | ) | ||||||||||||
Interest, net | 5,829 | 57,438 | 11,568 | 74,835 | |||||||||||||||
Equity income from investments | (6,802 | ) | (40,482 | ) | (84,130 | ) | (131,414 | ) | |||||||||||
Income before income taxes | $ | 629,932 | $ | 434,751 | $ | 82,973 | $ | — | $ | 1,147,656 | |||||||||
Intersegment revenues | $ | (383,389 | ) | $ | 383,389 | $ | — | ||||||||||||
Goodwill | $ | 1,165 | $ | 18,346 | $ | 6,898 | $ | 26,409 | |||||||||||
Capital expenditures | $ | 198,692 | $ | 107,866 | $ | 4,112 | $ | 310,670 | |||||||||||
Depreciation and amortization | $ | 126,018 | $ | 79,231 | $ | 15,445 | $ | 220,694 | |||||||||||
Total identifiable assets at August 31, 2011 | $ | 3,883,205 | $ | 5,276,537 | $ | 3,057,268 | $ | 12,217,010 | |||||||||||
For the year ended August 31, 2010: | |||||||||||||||||||
Revenues | $ | 8,799,890 | $ | 16,715,055 | $ | 48,522 | $ | (295,536 | ) | $ | 25,267,931 | ||||||||
Cost of goods sold | 8,437,504 | 16,258,679 | (3,237 | ) | (295,536 | ) | 24,397,410 | ||||||||||||
Gross profit | 362,386 | 456,376 | 51,759 | — | 870,521 | ||||||||||||||
Marketing, general and administrative | 123,834 | 187,640 | 55,108 | 366,582 | |||||||||||||||
Operating earnings (losses) | 238,552 | 268,736 | (3,349 | ) | — | 503,939 | |||||||||||||
Gain on investments | (269 | ) | (421 | ) | (28,743 | ) | (29,433 | ) | |||||||||||
Interest, net | 9,939 | 33,039 | 15,346 | 58,324 | |||||||||||||||
Equity income from investments | (5,554 | ) | (31,248 | ) | (71,985 | ) | (108,787 | ) | |||||||||||
Income before income taxes | $ | 234,436 | $ | 267,366 | $ | 82,033 | $ | — | $ | 583,835 | |||||||||
Intersegment revenues | $ | (295,536 | ) | $ | 295,536 | $ | — | ||||||||||||
Goodwill | $ | 1,165 | $ | 14,975 | $ | 6,898 | $ | 23,038 | |||||||||||
Capital expenditures | $ | 197,637 | $ | 122,468 | $ | 4,157 | $ | 324,262 | |||||||||||
Depreciation and amortization | $ | 118,071 | $ | 69,170 | $ | 15,681 | $ | 202,922 |
2011 | 2010 | 2009 | ||||||||||
(Dollars in millions) | ||||||||||||
Africa | $ | 420 | $ | 395 | $ | 305 | ||||||
Asia | 5,110 | 2,891 | 3,664 | |||||||||
Australia | 7 | |||||||||||
Europe | 489 | 209 | 371 | |||||||||
North America, excluding U.S. | 1,729 | 1,210 | 1,253 | |||||||||
South America | 1,130 | 736 | 491 | |||||||||
$ | 8,885 | $ | 5,441 | $ | 6,084 | |||||||
2012 | 2011 | 2010 | |||||||||
(Dollars in millions) | |||||||||||
Asia | $ | 290 | $ | 6 | $ | 31 | |||||
Europe | 1,064 | 277 | 119 | ||||||||
U.S. Only | 37,503 | 35,287 | 24,274 | ||||||||
South America | 1,444 | 1,066 | 593 | ||||||||
$ | 40,301 | $ | 36,636 | $ | 25,017 |
F-33
2011 | ||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||
Active Markets | Other | Significant | ||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Readily marketable inventories | $ | 1,288,049 | $ | 1,288,049 | ||||||||||||
Commodity and freight derivatives | $ | 85,082 | 549,056 | 634,138 | ||||||||||||
Foreign currency derivatives | 1,508 | 1,508 | ||||||||||||||
Other assets | 68,246 | 68,246 | ||||||||||||||
Total Assets | $ | 154,836 | $ | 1,837,105 | $ | 1,991,941 | ||||||||||
Liabilities: | ||||||||||||||||
Commodity and freight derivatives | $ | 191,607 | $ | 290,256 | $ | 481,863 | ||||||||||
Interest rate swap derivatives | 750 | 750 | ||||||||||||||
Total Liabilities | $ | 191,607 | $ | 291,006 | $ | 482,613 | ||||||||||
2012 | |||||||||||||||
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: | |||||||||||||||
Readily marketable inventories | $ | 1,702,757 | $ | 1,702,757 | |||||||||||
Commodity and freight derivatives | $ | 70,586 | 778,362 | 848,948 | |||||||||||
Foreign currency derivatives | 957 | 957 | |||||||||||||
Other assets | 75,000 | 75,000 | |||||||||||||
Total Assets | $ | 146,543 | $ | 2,481,119 | $ | 2,627,662 | |||||||||
Liabilities: | |||||||||||||||
Commodity and freight derivatives | $ | 150,049 | $ | 356,046 | $ | 506,095 | |||||||||
Interest rate swap derivatives | 544 | 544 | |||||||||||||
Foreign currency derivatives | 2,366 | 2,366 | |||||||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | $ | 127,516 | 127,516 | ||||||||||||
Total Liabilities | $ | 152,415 | $ | 356,590 | $ | 127,516 | $ | 636,521 |
2010 | ||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||
Active Markets | Other | Significant | ||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Readily marketable inventories | $ | 1,057,910 | $ | 1,057,910 | ||||||||||||
Commodity and freight derivatives | $ | 38,342 | 208,279 | 246,621 | ||||||||||||
Other assets | 62,612 | 62,612 | ||||||||||||||
Total Assets | $ | 100,954 | $ | 1,266,189 | $ | 1,367,143 | ||||||||||
Liabilities: | ||||||||||||||||
Commodity and freight derivatives | $ | 79,940 | $ | 204,629 | $ | 284,569 | ||||||||||
Foreign currency derivatives | 222 | 222 | ||||||||||||||
Interest rate swap derivatives | 1,227 | 1,227 | ||||||||||||||
Total Liabilities | $ | 80,162 | $ | 205,856 | $ | 286,018 | ||||||||||
2011 | |||||||||||||
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: | |||||||||||||
Readily marketable inventories | $ | 1,288,049 | $ | 1,288,049 | |||||||||
Commodity and freight derivatives | $ | 85,082 | 549,056 | 634,138 | |||||||||
Foreign currency derivatives | 1,508 | 1,508 | |||||||||||
Other assets | 68,246 | 68,246 | |||||||||||
Total Assets | $ | 154,836 | $ | 1,837,105 | $ | 1,991,941 | |||||||
Liabilities: | |||||||||||||
Commodity and freight derivatives | 191,607 | 290,256 | 481,863 | ||||||||||
Interest rate swap derivatives | 750 | 750 | |||||||||||
Total Liabilities | $ | 191,607 | $ | 291,006 | $ | 482,613 |
F-34
Quantitative Information about Level 3 Fair Value Measurements | ||||||
Fair Value | Valuation | Range | ||||
Item | August 31, 2012 | Technique | Unobservable Input | (Weighted Average) | ||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | $ | 127,516 | Adjusted Black Scholes option pricing model | Forward crack spread margin on August 31 (a) | $13.77-$21.62 (16.15) | |
Contractual target crack spread margin (b) | $17.50 | |||||
Expected volatility (c) | 86.11% | |||||
Risk-free interest rate (d) | 0.16-0.59% (0.38%) | |||||
Expected life (years) (e) | 1.00-5.00 (3.40) | |||||
Mandatorily redeemable noncontrolling interests | $ | 334,707 | Discounted cash flows | Own credit risk (f) | 2.16-2.56% (2.40%) |
2010 | ||||
(Dollars in thousands) | ||||
Balance, September 1 | $ | 1,932 | ||
Realized/unrealized losses included in marketing, general and administrative | 38 | |||
Settlements | (1,970 | ) | ||
Balance, August 31 | $ | — | ||
(Dollars in thousands) | ||||
Receivables | $ | 7,118 | ||
Other current assets | 142 | |||
Investments | 261 | |||
Property, plant and equipment | 62,509 | |||
Goodwill | 2,420 | |||
Accounts payable | (304 | ) | ||
Accrued expenses | (157 | ) | ||
Other liabilities | (7,113 | ) | ||
Noncontrolling interests | (2,448 | ) | ||
Total net assets acquired | $ | 62,428 | ||
F-35
Level 3 Liabilities | ||||||||
Accrued liability for contingent crack spread payments related to purchase of noncontrolling interests | Mandatorily redeemable noncontrolling interests | |||||||
Balances, September 1, 2011 | $ | — | $ | — | ||||
Purchases | 105,188 | 328,676 | ||||||
Total losses included in cost of goods sold | 22,328 | |||||||
Total losses included in interest, net | 6,031 | |||||||
Balances, August 31, 2012 | $ | 127,516 | $ | 334,707 |
F-36
Equipment | ||||||||||||||||
Rail Cars | Vehicles | and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
2012 | $ | 12,472 | $ | 25,937 | $ | 13,551 | $ | 51,960 | ||||||||
2013 | 10,858 | 19,861 | 10,667 | 41,386 | ||||||||||||
2014 | 8,309 | 14,844 | 7,880 | 31,033 | ||||||||||||
2015 | 7,400 | 11,005 | 6,753 | 25,158 | ||||||||||||
2016 | 6,373 | 5,591 | 5,791 | 17,755 | ||||||||||||
Thereafter | 11,625 | 1,099 | 10,229 | 22,953 | ||||||||||||
Total minimum future lease payments | $ | 57,037 | $ | 78,337 | $ | 54,871 | $ | 190,245 | ||||||||
Rail Cars | Vehicles | Equipment and Other | Total | ||||||||||||
(Dollars in thousands) | |||||||||||||||
2013 | $ | 13,307 | $ | 20,885 | $ | 14,767 | $ | 48,959 | |||||||
2014 | 10,452 | 16,425 | 12,368 | 39,245 | |||||||||||
2015 | 9,500 | 13,233 | 11,045 | 33,778 | |||||||||||
2016 | 8,401 | 12,894 | 9,783 | 31,078 | |||||||||||
2017 | 7,388 | 8,426 | 8,401 | 24,215 | |||||||||||
Thereafter | 8,050 | 2,415 | 15,269 | 25,734 | |||||||||||
Total minimum future lease payments | $ | 57,098 | $ | 74,278 | $ | 71,633 | $ | 203,009 |
Payments Due by Period | |||||||||||||||||||
Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Long-term unconditional purchase obligations | $ | 568,522 | $ | 63,778 | $ | 132,222 | $ | 117,311 | $ | 255,211 | |||||||||
Other contractual obligations | 5,701,737 | 5,657,100 | 31,837 | 9,777 | 3,023 | ||||||||||||||
Total purchase obligations | $ | 6,270,259 | $ | 5,720,878 | $ | 164,059 | $ | 127,088 | $ | 258,234 |
2011 | 2010 | 2009 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net cash paid during the period for: | ||||||||||||
Interest | $ | 73,557 | $ | 65,400 | $ | 81,146 | ||||||
Income taxes | 1,046 | 15,899 | 76,670 | |||||||||
Other significant noncash investing and financing transactions: | ||||||||||||
Capital equity certificates exchanged for Preferred Stock | 36,674 | 49,944 | ||||||||||
Capital equity certificates cancelled for fiscal 2009 patronage losses in wholesale crop nutrients | 60,154 | |||||||||||
Capital equity certificates issued in exchange for Ag Business acquisitions | 6,453 | 616 | 19,594 | |||||||||
Accrual of dividends and equities payable | (400,216 | ) | (210,435 | ) | (203,056 | ) |
F-37
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Net cash paid during the period for: | |||||||||||
Interest | $ | 155,888 | $ | 73,557 | $ | 65,400 | |||||
Income taxes | 27,671 | 1,046 | 15,899 | ||||||||
Other significant noncash investing and financing transactions: | |||||||||||
Capital equity certificates exchanged for Preferred Stock | 36,674 | ||||||||||
Capital equity certificates cancelled for fiscal 2009 patronage losses in wholesale crop nutrients | 60,154 | ||||||||||
Capital equity certificates issued in exchange for Ag acquisitions | 29,155 | 6,453 | 616 | ||||||||
Accrual of dividends and equities payable | (578,809 | ) | (400,216 | ) | (210,435 | ) |
2011 | 2010 | 2009 | ||||||||||
(Dollars in thousands) | ||||||||||||
Sales | $ | 3,004,303 | $ | 2,276,682 | $ | 2,528,330 | ||||||
Purchases | 1,461,391 | 961,062 | 1,215,786 |
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Sales | $ | 2,185,348 | $ | 3,004,303 | $ | 2,276,682 | |||||
Purchases | 1,143,285 | 1,461,391 | 961,062 |
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Receivables | $ | 51,831 | $ | 31,792 | ||||
Payables | 29,398 | 34,438 |
2012 | 2011 | ||||||
(Dollars in thousands) | |||||||
Receivables | $ | 51,716 | $ | 51,831 | |||
Payables | 60,659 | 29,398 |
Note 16 | Comprehensive Income |
2011 | 2010 | 2009 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net income including noncontrolling interests | $ | 1,061,028 | $ | 535,397 | $ | 440,374 | ||||||
Pension and other postretirement, net of tax expense (benefit) of $17,776, $(30,847) and $(53,408) in 2011, 2010 and 2009, respectively | 28,001 | (47,667 | ) | (82,069 | ) | |||||||
Unrealized net gain (loss) on available for sale investments, net of tax expense (benefit) of $455, $(477) and $(6,687) in 2011, 2010 and 2009, respectively | 716 | (750 | ) | (10,503 | ) | |||||||
Treasury locks and swaps, net of tax (benefit) expense of $(2,180), $227 and $258 in 2011, 2010 and 2009, respectively | (3,424 | ) | 356 | 405 | ||||||||
Energy derivative instruments qualified for hedge accounting, net of tax expense (benefit) of $1,540 and $(1,540) in 2011 and 2010, respectively | 2,419 | (2,419 | ) | |||||||||
Foreign currency translation adjustment, net of tax expense (benefit) of $2,842, $(791) and $(1,570) in 2011, 2010 and 2009, respectively | 4,464 | (1,242 | ) | (2,466 | ) | |||||||
Other comprehensive income (loss) | 32,176 | (51,722 | ) | (94,633 | ) | |||||||
Total comprehensive income, including noncontrolling interests | 1,093,204 | 483,675 | 345,741 | |||||||||
Comprehensive income attributable to noncontrolling interests | 101,458 | 30,513 | 52,562 | |||||||||
Comprehensive income attributable to CHS Inc. | $ | 991,746 | $ | 453,162 | $ | 293,179 | ||||||
F-38
2012 | 2011 | 2010 | |||||||||
(Dollars in thousands) | |||||||||||
Net income including noncontrolling interests | $ | 1,335,719 | $ | 1,061,028 | $ | 535,397 | |||||
Pension and other postretirement, net of tax (benefit) expense of $(21,710), $17,776 and $(30,847) in 2012, 2011 and 2010, respectively | (38,216 | ) | 28,001 | (47,667 | ) | ||||||
Unrealized net gain (loss) on available for sale investments, net of tax expense (benefit) of $199, $455 and $(477) in 2012, 2011 and 2010, respectively | 355 | 716 | (750 | ) | |||||||
Treasury locks and swaps, net of tax expense (benefit) of $449, $(2,180) and $227 in 2012, 2011 and 2010, respectively | 586 | (3,424 | ) | 356 | |||||||
Energy derivative instruments qualified for hedge accounting, net of tax expense (benefit) of $1,540 and $(1,540) in 2011 and 2010, respectively | 2,419 | (2,419 | ) | ||||||||
Foreign currency translation adjustment, net of tax (benefit) expense of $(3,699), $2,842 and $(791) in 2012, 2011 and 2010, respectively | (5,855 | ) | 4,464 | (1,242 | ) | ||||||
Other comprehensive (loss) income | (43,130 | ) | 32,176 | (51,722 | ) | ||||||
Total comprehensive income, including noncontrolling interests | 1,292,589 | 1,093,204 | 483,675 | ||||||||
Comprehensive income attributable to noncontrolling interests | 75,091 | 101,458 | 30,513 | ||||||||
Comprehensive income attributable to CHS Inc. | $ | 1,217,498 | $ | 991,746 | $ | 453,162 |
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Pension and other postretirement, net of tax benefit of $123,321 and $141,097 in 2011 and 2010, respectively | $ | (190,511 | ) | $ | (218,512 | ) | ||
Unrealized net gain on available for sale investments, net of tax expense of $659 and $204 in 2011 and 2010, respectively | 1,036 | 320 | ||||||
Treasury locks and swaps, net of tax benefit of $2,796 and $616 in 2011 and 2010, respectively | (4,392 | ) | (968 | ) | ||||
Energy derivative instruments qualified for hedge accounting, net of tax benefit of $1,540 in 2010 | (2,419 | ) | ||||||
Foreign currency translation adjustment, net of tax expense (benefit) of $2,808 and $(34) in 2011 and 2010, respectively | 4,410 | (54 | ) | |||||
Accumulated other comprehensive loss, including noncontrolling interests | (189,457 | ) | (221,633 | ) | ||||
Accumulated other comprehensive loss attributable to noncontrolling interests | (14,581 | ) | (16,366 | ) | ||||
Accumulated other comprehensive loss attributable to CHS Inc. | $ | (174,876 | ) | $ | (205,267 | ) | ||
2012 | 2011 | ||||||
(Dollars in thousands) | |||||||
Pension and other postretirement, net of tax benefit of $(145,031) and $(123,321) in 2012 and 2011, respectively | $ | (228,727 | ) | $ | (190,511 | ) | |
Unrealized net gain on available for sale investments, net of tax expense of $858 and $659 in 2012 and 2011, respectively | 1,391 | 1,036 | |||||
Treasury locks and swaps, net of tax benefit of $(2,347) and $(2,796) in 2012 and 2011, respectively | (3,806 | ) | (4,392 | ) | |||
Foreign currency translation adjustment, net of tax (benefit) expense of $(891) and $2,808 in 2012 and 2011, respectively | (1,445 | ) | 4,410 | ||||
Accumulated other comprehensive loss, including noncontrolling interests | (232,587 | ) | (189,457 | ) | |||
Accumulated other comprehensive loss attributable to noncontrolling interests | (14,581 | ) | |||||
Accumulated other comprehensive loss attributable to CHS Inc. | $ | (232,587 | ) | $ | (174,876 | ) |
(Dollars in thousands) | ||||
Current assets | $ | 74,240 | ||
Investments | 961 | |||
Property, plant and equipment | 71,324 | |||
Goodwill | 39,794 | |||
Definite-lived intangible assets | 23,306 | |||
Current liabilities | (63,417 | ) | ||
Long-term debt | (15,849 | ) | ||
Other liabilities | (1,694 | ) | ||
Total net assets acquired | $ | 128,665 |