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Correction of immaterial errors (Notes)
 3 Months Ended
Nov. 30, 2015
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes and Error Corrections [Text Block]
Correction of Immaterial Errors

Lease Accounting

We lease rail cars, equipment, vehicles and other assets under noncancelable lease agreements for use in our agricultural and transportation operations in both our Energy and Ag segments. During the fourth quarter of fiscal 2015, we determined that we had historically applied the accounting principles of ASC Topic 840, Leases, incorrectly by accounting for all of our lease arrangements as operating leases. We subsequently determined that certain of our leases met, at lease inception, one or more of the ASC 840-10-25-1 criteria that require a lease to be classified and accounted for as a capital lease. Consequently, prior period amounts in the financial statements, notes thereto and related disclosures have been revised to adjust for these errors.

Statement of Cash Flows Presentation

During the fourth quarter of fiscal 2015, we determined that our historical presentation of cash flows related to the acquisition of property, plant and equipment and expenditures for major repairs was incorrect. Amounts presented as cash outflows in prior periods included acquisitions of assets for which cash had not yet been paid, resulting in misstatements of both investing and operating cash flows. We have revised prior period amounts in the financial statements, notes thereto and related disclosures to correct these errors.

Materiality Assessment

We assessed the materiality of the misstatements described above on prior period financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99, Materiality, codified in ASC 250-10, Accounting Changes and Error Corrections ("ASC 250"), and concluded these misstatements were not material to any prior annual or interim periods. Accordingly, in accordance with ASC 250 (SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), our consolidated financial statements as of and for the three months ended November 30, 2014, which are presented herein, have been revised. The following are selected line items from our consolidated financial statements illustrating the effects of these revisions:


 
CONSOLIDATED STATEMENTS OF OPERATIONS
 
For the Three Months Ended November 30, 2014
 
As Previously Reported
 
Revision
 
As Revised
 
(Dollars in thousands)
Cost of goods sold
$
8,908,745

 
$
(1,304
)
 
$
8,907,441

Gross profit
590,723

 
1,304

 
592,027

Operating earnings
428,755

 
1,304

 
430,059

Interest expense, net
20,601

 
1,304

 
21,905

Income before income taxes
435,658

 
—

 
435,658


 
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
For the Three Months Ended November 30, 2014
 
As Previously Reported
 
Revision
 
As Revised
 
(Dollars in thousands)
Cash flows from operating activities:
 
 
 
 
 
Depreciation and amortization
$
73,322

 
$
9,858

 
$
83,180

Changes in operating assets and liabilities, excluding the effects of acquisitions:
 
 
 
 
 
Accounts payable and accrued expenses
510,966

 
35,671

 
546,637

Net cash provided by (used in) operating activities
(18,992
)
 
45,529

 
26,537

Cash flows from investing activities:
 
 
 
 
 
Acquisition of property, plant and equipment
(267,279
)
 
(35,422
)
 
(302,701
)
Expenditures for major repairs
(1,088
)
 
(249
)
 
(1,337
)
Net cash provided by (used in) investing activities
(795,084
)
 
(35,671
)
 
(830,755
)
Cash flows from financing activities:
 
 
 
 
 
Principal payments on capital lease obligations (1)
—

 
(10,129
)
 
(10,129
)
Other financing activities, net
(118
)
 
266

 
148

Net cash provided by (used in) financing activities
357,808

 
(9,858
)
 
347,950


(1) Principal payments on capital lease obligations are now included as part of the "Payments on lines of credit, long-term debt and capital lease obligations" line item on our Consolidated Statements of Cash Flows.