Equities

Preferred Stock

In June 2014, we filed a shelf registration statement on Form S-3 with the SEC. Under the shelf registration, which has been declared effective by the SEC, we may offer and sell, from time to time, up to $2.0 billion of our Class B Cumulative Redeemable Preferred Stock over a three-year period from the time of effectiveness. As of February 28, 2017, $990.0 million of our Class B Cumulative Redeemable Preferred Stock remained available for issuance under the shelf registration statement. We are currently assessing the potential to extend the shelf registration, and will take appropriate action to do so as warranted.

Changes in Equities

Changes in equities for the six months ended February 28, 2017, are as follows:



	Equity Certificates												Accumulated Other Comprehensive Loss
	Capital Equity Certificates			Nonpatronage Equity Certificates			Nonqualified Equity Certificates			Preferred Stock			Accumulated Other Comprehensive Loss			Capital Reserves			Noncontrolling Interests			Total Equities
	(Dollars in thousands)
Balance, August 31, 2016	$	3,932,513		$	22,894		$	281,767		$	2,244,132		$	(211,726	)	$	1,582,380		$	14,290		$	7,866,250
Reversal of prior year redemption estimate	(153,711		)	—			—			—			—			278,968			—			125,257
Distribution of 2016 patronage refunds	153,589			—			—			—			—			(257,468		)	—			(103,879		)
Redemptions of equities	(12,792		)	(82		)	(796		)	—			—			—			—			(13,670		)
Equities issued, net	3,123			—			—			—			—			—			—			3,123
Preferred stock dividends	—			—			—			—			—			(55,767		)	—			(55,767		)
Other, net	(105		)	(64		)	(26		)	(18		)	—			3,936			(1,153		)	2,570
Net income	—			—			—			—			—			223,717			198			223,915
Other comprehensive income (loss), net of tax	—			—			—			—			284			—			—			284
Estimated 2017 cash patronage refunds	—			—			—			—			—			(61,982		)	—			(61,982		)
Estimated 2017 equity redemptions	(24,507		)	—			—			—			—			—			—			(24,507		)
Balance, February 28, 2017	$	3,898,110		$	22,748		$	280,945		$	2,244,114		$	(211,442	)	$	1,713,784		$	13,335		$	7,961,594

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows for the six months ended February 28, 2017, and February 29, 2016:



	Pension and Other Postretirement Benefits			Unrealized Net Gain on Available for Sale Investments		Cash Flow Hedges			Foreign Currency Translation Adjustment			Total
	(Dollars in thousands)
Balance as of August 31, 2016	$	(165,146	)	$	5,656	$	(9,196	)	$	(43,040	)	$	(211,726	)
Current period other comprehensive income (loss), net of tax	(309		)	1,744		1,077			(10,056		)	(7,544		)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	7,272			—		541			15			7,828
Net other comprehensive income (loss), net of tax	6,963			1,744		1,618			(10,041		)	284
Balance as of February 28, 2017	$	(158,183	)	$	7,400	$	(7,578	)	$	(53,081	)	$	(211,442	)



	Pension and Other Postretirement Benefits			Unrealized Net Gain on Available for Sale Investments			Cash Flow Hedges			Foreign Currency Translation Adjustment			Total
	(Dollars in thousands)
Balance as of August 31, 2015	$	(171,729	)	$	4,156		$	(5,324	)	$	(41,310	)	$	(214,207	)
Current period other comprehensive income (loss), net of tax	12,877			(739		)	(6,233		)	(13,670		)	(7,765		)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	(6,448		)	—			(287		)	—			(6,735		)
Net other comprehensive income (loss), net of tax	6,429			(739		)	(6,520		)	(13,670		)	(14,500		)
Balance as of February 29, 2016	$	(165,300	)	$	3,417		$	(11,844	)	$	(54,980	)	$	(228,707	)

Amounts reclassified from accumulated other comprehensive income (loss) were primarily related to pension and other postretirement benefits. Pension and other postretirement reclassifications include amortization of net actuarial loss, prior service credit and transition amounts and are recorded as marketing, general and administrative expenses (see Note 8, Benefit Plans for further information).