Notes Payable and Long-Term Debt (Tables)

12 Months Ended

Aug. 31, 2016

Debt Disclosure [Abstract]

Schedule of Short-term Debt [Table Text Block]

	Weighted-average Interest Rate
	2016	2015	2016		2015
			(Dollars in thousands)
Notes payable (a)	1.72%	2.33%	$	1,803,174	$	813,717
CHS Capital notes payable (b)	1.31%	1.05%	928,305		351,661
Total notes payable			$	2,731,479	$	1,165,378

Schedule of Long-term Debt Instruments

Amounts included in long-term debt on our Consolidated Balance Sheets as of August 31, 2016 and 2015 are presented in the table below.

	2016		2015
	(Dollars in thousands)
5.59% unsecured term loans from cooperative and other banks, due in equal installments beginning in 2013 through 2018	$	45,000	$	75,000
6.18% unsecured notes $400 million face amount, due in equal installments beginning in 2014 through 2018	160,000		240,000
5.60% unsecured notes $60 million face amount, due in equal installments beginning in 2012 through 2018	13,846		23,077
5.78% unsecured notes $50 million face amount, due in equal installments beginning in 2014 through 2018	20,000		30,000
4.00% unsecured notes $100 million face amount, due in equal installments beginning in 2017 through 2021	100,000		100,000
4.08% unsecured notes $130 million face amount, due in 2019 (a)	141,344		132,161
4.52% unsecured notes $160 million face amount, due in 2021 (a)	162,633		164,654
4.67% unsecured notes $130 million face amount, due in 2023 (a)	138,101		135,422
4.39% unsecured notes $152 million face amount, due in 2023	152,000		—
3.85% unsecured notes $80 million face amount, due in 2025	80,000		80,000
3.80% unsecured notes $100 million face amount, due in 2025	100,000		100,000
4.58% unsecured notes $150 million face amount, due in 2025	150,000		—
2.25% unsecured term loans from cooperative and other banks, due in 2025 (b)	300,000		—
4.82% unsecured notes $80 million face amount, due in 2026	80,000		80,000
4.69% unsecured notes $58 million face amount, due in 2027	58,000		—
4.74% unsecured notes $95 million face amount, due in 2028	95,000		—
4.89% unsecured notes $100 million face amount, due in 2031	100,000		—
4.71% unsecured notes $100 million face amount, due in 2033	100,000		100,000
5.40% unsecured notes $125 million face amount, due in 2036	125,000		—
Other notes and contracts with interest rates from 1.30% to 15.25%	76,147		44,909
Capital lease obligations	105,708		125,894
Total long-term debt	2,302,779		1,431,117
Less current portion	214,329		170,309
Long-term portion	$	2,088,450	$	1,260,808

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^(a)  We have entered into interest rate swaps designated as fair value hedging relationships with these notes. Changes in the fair value of the swaps are recorded each period with a corresponding adjustment to the carrying value of the debt. See Note 12, Derivative Financial Instruments and Hedging Activities for more information.

^(b)  Borrowings are variable under the agreement and bear interest at a base rate (or a LIBO rate) plus an applicable margin.

Schedule of Maturities of Long-Term Debt

Long-term debt outstanding as of August 31, 2016 has aggregate maturities, excluding fair value adjustments and capital leases (see Note 5, Property, Plant and Equipment for a schedule of minimum future lease payments under capital leases), as follows:

	(Dollars in thousands)
2017	$	176,403
2018	177,539
2019	150,142
2020	20,142
2021	180,142
Thereafter	1,470,384
Total	$	2,174,752

Schedule of Interest,Net

The following table presents the components of interest expense, net for the years ended August 31, 2016, 2015 and 2014. We have previously revised amounts for the year ended August 31, 2014 in this table to include interest expense related to capital lease obligations that were previously accounted for as operating leases. See Note 18, Correction of Immaterial Errors for more information on the nature and amounts of these revisions.

	2016			2015			2014
	(Dollars in thousands)
Interest expense	$	144,047		$	93,152		$	84,925
Interest - purchase of CHS McPherson noncontrolling interests	—			34,810			70,843
Capitalized interest	(30,343		)	(57,303		)	(8,528		)
Interest income	(38,357		)	(10,326		)	(6,987		)
Interest expense, net	$	75,347		$	60,333		$	140,253

In fiscal 2015, we entered into forward-starting interest rate swaps designated as cash flow hedging instruments that were terminated in fiscal 2016 as the issuance of the underlying debt was no longer probable. As a result, a $3.7 million loss was reclassified from accumulated other comprehensive loss into net income. This pre-tax loss is included as a component of interest expense in our Consolidated Statement of Operations for the year ended August 31, 2016.

In fiscal 2013, we entered into derivative contracts designated as cash flow hedging instruments that were terminated in fiscal 2014 as the issuance of the underlying debt was no longer probable. As a result, a $13.5 million gain was reclassified from accumulated other comprehensive loss into net income. This pre-tax gain is included as a component of interest expense in our Consolidated Statement of Operations for the year ended August 31, 2014.