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Notes Payable and Long-Term Debt
 9 Months Ended
May 31, 2013
Debt Disclosure [Abstract]  
Notes Payable and Long-Term Debt
Notes Payable and Long-Term Debt

 
 
 
 
 
 
 
May 31,
2013
 
August 31,
2012
 
May 31,
2012
Notes payable
$
432,892

 
$
269,783

 
$
201,613

CHS Capital notes payable
439,246

 
533,839

 
420,308

 
$
872,138

 
$
803,622

 
$
621,921


On May 31, 2013, we had two primary committed lines of credit. We 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. We had no amounts outstanding as of May 31, 2013, August 31, 2012 and May 31, 2012. In June 2013, we terminated and replaced both of the existing revolving credit facilities with a new five-year revolving facility with a committed amount of $2.5 billion.

In March 2013, we issued $100 million of long-term notes with an interest rate of 4.71%, which mature in fiscal 2033. The carrying value of our long-term debt approximated its fair value, based on quoted market prices of similar debt (a Level 2 classification in the fair value hierarchy).

Interest, net for the three and nine months ended May 31, 2013 and May 31, 2012 is as follows:
 
For the Three Months Ended May 31,
 
For the Nine Months Ended May 31,
 
2013
 
2012
 
2013
 
2012
Interest expense
$
25,649

 
$
22,859

 
$
73,304

 
$
68,353

Interest-purchase of NCRA noncontrolling interests
45,574

 
51,601

 
126,261

 
67,457

Capitalized interest
(2,567
)
 
(2,402
)
 
(8,163
)
 
(6,111
)
Interest income
(2,262
)
 
(940
)
 
(4,413
)
 
(3,143
)
Interest, net
$
66,394

 
$
71,118

 
$
186,989

 
$
126,556