Notes Payable and Long-Term Debt

9 Months Ended

May. 31, 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 May 31, 2015.



	May 31, 2015		August 31, 2014
	(Dollars in thousands)
Notes payable	$	912,905	$	840,699
CHS Capital notes payable	359,143		318,774
Total notes payable	$	1,272,048	$	1,159,473

On May 31, 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 May 31, 2015 and August 31, 2014.

Interest, net for the three and nine months ended May 31, 2015 and 2014 is as follows:



	For the Three Months Ended May 31,						For the Nine Months Ended May 31,
	2015			2014			2015			2014
	(Dollars in thousands)
Interest expense	$	24,365		$	23,397		$	64,975		$	57,823
Interest-purchase of NCRA noncontrolling interests	4,844			23,862			23,772			56,258
Capitalized interest	(17,104		)	(2,641		)	(41,715		)	(6,503		)
Interest income	(2,548		)	(2,129		)	(7,384		)	(5,315		)
Interest, net	$	9,557		$	42,489		$	39,648		$	102,263

In February 2014, we terminated interest rate swaps and recorded a resulting $13.5 million gain as a reduction to interest expense in our Consolidated Statement of Operations for the nine months ended May 31, 2014. See Note 12, Derivative Financial Instruments and Hedging Activities for additional information.