Notes Payable and Long-Term Debt

6 Months Ended

Feb. 28, 2015

Our notes payable and long-term debt are subject to various restrictive requirements for maintenance of minimum consolidated net worth and other financial ratios. We were in compliance with our debt covenants as of February 28, 2015.



	February 28, 2015		August 31, 2014
	(Dollars in thousands)
Notes payable	$	1,015,783	$	840,699
CHS Capital notes payable	345,832		318,774
Total notes payable	$	1,361,615	$	1,159,473

On February 28, 2015, our primary line of credit was a five-year revolving facility with a committed amount of $2.5 billion. We had no amounts outstanding as of February 28, 2015 and August 31, 2014.

Interest, net for the three and six months ended February 28, 2015 and 2014 is as follows:



	For the Three Months Ended February 28,						For the Six Months Ended February 28,
	2015			2014			2015			2014
	(Dollars in thousands)
Interest expense	$	19,574		$	11,836		$	40,610		$	34,426
Interest-purchase of NCRA noncontrolling interests	4,860			21,273			18,928			32,397
Capitalized interest	(12,706		)	(2,526		)	(24,611		)	(3,862		)
Interest income	(2,238		)	(1,594		)	(4,836		)	(3,187		)
Interest, net	$	9,490		$	28,989		$	30,091		$	59,774

We terminated interest rate swaps and recorded a resulting $13.5 million gain as a reduction to interest expense in our Consolidated Statements of Operations for the three and six months ended February 28, 2014. See Note 11, Derivative Financial Instruments and Hedging Activities for additional information.