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Equities
 9 Months Ended
May 31, 2019
Equity [Abstract]  
Equities
Equities

Changes in Equities

Changes in equities for the nine months ended May 31, 2019, and 2018 are as follows:
 
Equity Certificates
 
 
 
Accumulated
Other
Comprehensive
Loss
 
 
 
 
 
 
 
Capital
Equity
Certificates
 
Nonpatronage
Equity
Certificates
 
Nonqualified Equity Certificates
 
Preferred
Stock
 
 
Capital
Reserves
 
Noncontrolling
Interests
 
Total
Equities
 
(Dollars in thousands)
Balance, August 31, 2018
$
3,837,580

 
$
29,498

 
$
742,378

 
$
2,264,038

 
$
(199,915
)
 
$
1,482,003

 
$
9,446

 
$
8,165,028

Reversal of prior year redemption estimates
24,072

 
—

 
—

 
—

 
—

 
—

 
—

 
24,072

Redemptions of equities
(22,004
)
 
(183
)
 
(1,885
)
 
—

 
—

 
—

 
—

 
(24,072
)
Preferred stock dividends
—

 
—

 
—

 
—

 
—

 
(84,334
)
 
—

 
(84,334
)
Reclassification of unrealized (gain) loss on investments
—

 
—

 
—

 
—

 
(4,706
)
 
4,706

 
—

 
—

Other, net
(409
)
 
—

 
(26
)
 
—

 
—

 
3,436

 
318

 
3,319

Net income (loss)
—

 
—

 
—

 
—

 
—

 
347,504

 
(389
)
 
347,115

Other comprehensive income (loss), net of tax
—

 
—

 
—

 
—

 
389

 
—

 
—

 
389

Estimated 2019 cash patronage refunds
—

 
—

 
—

 
—

 
—

 
(89,344
)
 
—

 
(89,344
)
Estimated 2019 equity redemptions
(50,081
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(50,081
)
Balance, November 30, 2018
$
3,789,158

 
$
29,315

 
$
740,467

 
$
2,264,038

 
$
(204,232
)
 
$
1,663,971

 
$
9,375

 
$
8,292,092

Reversal of prior year patronage and redemption estimates
6,681

 
—

 
(345,330
)
 
—

 
—

 
420,330

 
—

 
81,681

Distribution of 2018 patronage refunds
—

 
—

 
349,353

 
—

 
—

 
(424,333
)
 
—

 
(74,980
)
Redemptions of equities
(5,988
)
 
(74
)
 
(619
)
 
—

 
—

 
—

 
—

 
(6,681
)
Preferred stock dividends
—

 
—

 
—

 
—

 
—

 
(42,167
)
 
—

 
(42,167
)
Other, net
(774
)
 
—

 
2,589

 
—

 
—

 
(2,888
)
 
(581
)
 
(1,654
)
Net income (loss)
—

 
—

 
—

 
—

 
—

 
248,766

 
(462
)
 
248,304

Other comprehensive income (loss), net of tax
—

 
—

 
—

 
—

 
14,884

 
—

 
—

 
14,884

Estimated 2019 cash patronage refunds
—

 
—

 
—

 
—

 
—

 
(69,400
)
 
—

 
(69,400
)
Estimated 2019 equity redemptions
(39,850
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(39,850
)
Balance, February 28, 2019
$
3,749,227

 
$
29,241

 
$
746,460

 
$
2,264,038

 
$
(189,348
)
 
$
1,794,279

 
$
8,332

 
$
8,402,229

Reversal of prior year redemption estimates
45,815

 
—

 
—

 
—

 
—

 
—

 
—

 
45,815

Distribution of 2018 patronage refunds
—

 
—

 
3,212

 
—

 
—

 
(3,901
)
 
—

 
(689
)
Redemptions of equities
(34,798
)
 
(34
)
 
(10,812
)
 
—

 
—

 
—

 
—

 
(45,644
)
Other, net
(1,285
)
 
—

 
(3,722
)
 
—

 
—

 
4,526

 
11

 
(470
)
Net income (loss)
—

 
—

 
—

 
—

 
—

 
54,620

 
93

 
54,713

Other comprehensive income (loss), net of tax
—

 
—

 
—

 
—

 
(22,313
)
 
—

 
—

 
(22,313
)
Estimated 2019 cash patronage refunds
—

 
—

 
—

 
—

 
—

 
(15,494
)
 
—

 
(15,494
)
Estimated 2019 equity redemptions
(6,438
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(6,438
)
Balance, May 31, 2019
$
3,752,521

 
$
29,207

 
$
735,138

 
$
2,264,038

 
$
(211,661
)
 
$
1,834,030

 
$
8,436

 
$
8,411,709





 
Equity Certificates
 
 
 
Accumulated
Other
Comprehensive
Loss*
 
 
 
 
 
 
 
Capital
Equity
Certificates
 
Nonpatronage
Equity
Certificates
 
Nonqualified Equity Certificates
 
Preferred
Stock
 
 
Capital
Reserves*
 
Noncontrolling
Interests*
 
Total
Equities*
 
(Dollars in thousands)
Balance, August 31, 2017
$
3,906,426

 
$
29,836

 
$
405,387

 
$
2,264,038

 
$
(180,360
)
 
$
1,267,808

 
$
12,505

 
$
7,705,640

Reversal of prior year redemption estimates
1,561

 
—

 
—

 
—

 
—

 
—

 
—

 
1,561

Redemptions of equities
(1,449
)
 
(53
)
 
(59
)
 
—

 
—

 
—

 
—

 
(1,561
)
Preferred stock dividends
—

 
—

 
—

 
—

 
—

 
(84,334
)
 
—

 
(84,334
)
Other, net
(1,498
)
 
(66
)
 
(344
)
 
—

 
—

 
3,954

 
(2
)
 
2,044

Net income (loss)
—

 
—

 
—

 
—

 
—

 
187,646

 
(464
)
 
187,182

Other comprehensive income (loss), net of tax
—

 
—

 
—

 
—

 
3,019

 
—

 
—

 
3,019

Estimated 2018 cash patronage refunds
—

 
—

 
—

 
—

 
—

 
(50,702
)
 
—

 
(50,702
)
Estimated 2018 equity redemptions
(19,901
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(19,901
)
Balance, November 30, 2017 (As Restated)
$
3,885,139

 
$
29,717

 
$
404,984

 
$
2,264,038

 
$
(177,341
)
 
$
1,324,372

 
$
12,039

 
$
7,742,948

Reversal of prior year patronage and redemption estimates
1,060

 
—

 
(126,333
)
 
—

 
—

 
126,333

 
—

 
1,060

Distribution of 2017 patronage refunds
—

 
—

 
128,858

 
—

 
—

 
(128,858
)
 
—

 
—

Redemptions of equities
(953
)
 
(16
)
 
(91
)
 
—

 
—

 
—

 
—

 
(1,060
)
Preferred stock dividends
—

 
—

 
—

 
—

 
—

 
(42,167
)
 
—

 
(42,167
)
Other, net
(2,652
)
 
(45
)
 
(1
)
 
—

 
—

 
816

 
(60
)
 
(1,942
)
Net income (loss)
—

 
—

 
—

 
—

 
—

 
166,007

 
(48
)
 
165,959

Other comprehensive income (loss), net of tax
—

 
—

 
—

 
—

 
10,111

 
—

 
—

 
10,111

Estimated 2018 cash patronage refunds
—

 
—

 
—

 
—

 
—

 
3,823

 
—

 
3,823

Estimated 2018 equity redemptions
(12,375
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(12,375
)
Balance, February 28, 2018 (As Restated)
$
3,870,219

 
$
29,656

 
$
407,417

 
$
2,264,038

 
$
(167,230
)
 
$
1,450,326

 
$
11,931

 
$
7,866,357

Reversal of prior year redemption estimates
1,649

 
—

 
—

 
—

 
—

 
—

 
—

 
1,649

Distribution of 2017 patronage refunds
—

 
—

 
(27
)
 
—

 
—

 
27

 
—

 
—

Redemptions of equities
(1,412
)
 
(18
)
 
(219
)
 
—

 
—

 
—

 
—

 
(1,649
)
Other, net
(1,849
)
 
(1
)
 
(36
)
 
—

 
—

 
(252
)
 
(98
)
 
(2,236
)
Net income (loss)
—

 
—

 
—

 
—

 
—

 
181,807

 
(187
)
 
181,620

Other comprehensive income (loss), net of tax
—

 
—

 
—

 
—

 
(72
)
 
—

 
—

 
(72
)
Estimated 2018 cash patronage refunds
—

 
—

 
—

 
—

 
—

 
(72,868
)
 
—

 
(72,868
)
Estimated 2018 equity redemptions
(51,965
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(51,965
)
Balance, May 31, 2018 (As Restated)
$
3,816,642

 
$
29,637

 
407,135

 
$
2,264,038

 
$
(167,302
)
 
$
1,559,040

 
$
11,646

 
$
7,920,836

* Certain amounts associated with Accumulated Other Comprehensive Loss, Capital Reserves and Noncontrolling Interests in the changes in equities table above were restated to reflect the impact of the misstatements associated with the restatement of previously issued financial statements. Note that the majority of the restatement adjustments within the changes in equities table above relate to the opening restatement adjustments to the August 31, 2017, balances. Additionally, the misstatements for activity in the changes in equities table above relates primarily to net income (loss) during fiscal 2018. Refer to further details included within Note 2, Restatement of Previously Issued Financial Information.

Preferred Stock Dividends

The following is a summary of dividends per share by class of preferred stock for the nine months ended May 31, 2019, and 2018. Note that due to the timing of dividend declarations during the fiscal year, no declarations were made during the third quarter of fiscal 2019 or fiscal 2018.

 
 
 
For the Nine Months Ended May 31,
 
Nasdaq symbol
 
2019
 
2018
 
 
 
(Dollars per share)
8% Cumulative Redeemable
CHSCP
 
1.50

 
1.50

Class B Cumulative Redeemable, Series 1
CHSCO
 
1.48

 
1.48

Class B Reset Rate Cumulative Redeemable, Series 2
CHSCN
 
1.33

 
1.33

Class B Reset Rate Cumulative Redeemable, Series 3
CHSCM
 
1.27

 
1.27

Class B Cumulative Redeemable, Series 4
CHSCL
 
1.41

 
1.41





Accumulated Other Comprehensive Income (Loss)        

Changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows for the nine months ended May 31, 2019, and 2018:
 
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, 2018, net of tax
$
(140,335
)
 
$
8,861

 
$
(5,882
)
 
$
(62,559
)
 
$
(199,915
)
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Amounts before reclassifications
175

 
—

 
(317
)
 
(25
)
 
(167
)
Amounts reclassified out
2,565

 
—

 
(1,475
)
 
—

 
1,090

Total other comprehensive income (loss), before tax
2,740

 
—

 
(1,792
)
 
(25
)
 
923

Tax effect
(639
)
 
—

 
485

 
(380
)
 
(534
)
Other comprehensive income (loss), net of tax
2,101

 
—

 
(1,307
)
 
(405
)
 
389

Reclassifications
416

 
(8,861
)
 
983

 
2,756

 
(4,706
)
Balance as of November 30, 2018, net of tax
$
(137,818
)
 
$
—

 
$
(6,206
)
 
$
(60,208
)
 
$
(204,232
)
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Amounts before reclassifications
102

 
—

 
18,954

 
3,176

 
22,232

Amounts reclassified out
2,564

 
—

 
(5,677
)
 
—

 
(3,113
)
Total other comprehensive income (loss), before tax
2,666

 
—

 
13,277

 
3,176

 
19,119

Tax effect
(664
)
 
—

 
(3,308
)
 
(263
)
 
(4,235
)
Other comprehensive income (loss), net of tax
2,002

 
—

 
9,969

 
2,913

 
14,884

Balance as of February 28, 2019, net of tax
$
(135,816
)
 
$
—

 
$
3,763

 
$
(57,295
)
 
$
(189,348
)
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Amounts before reclassifications
(164
)
 
—

 
(19,680
)
 
(7,725
)
 
(27,569
)
Amounts reclassified out
2,564

 
—

 
(1,385
)
 
—

 
1,179

Total other comprehensive income (loss), before tax
2,400

 
—

 
(21,065
)
 
(7,725
)
 
(26,390
)
Tax effect
(904
)
 
—

 
5,248

 
(267
)
 
4,077

Other comprehensive income (loss), net of tax
1,496

 
—

 
(15,817
)
 
(7,992
)
 
(22,313
)
Balance as of May 31, 2019, net of tax
$
(134,320
)
 
$
—

 
$
(12,054
)
 
$
(65,287
)
 
$
(211,661
)


 
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, 2017, net of tax
$
(132,444
)
 
$
10,041

 
$
(6,954
)
 
$
(51,003
)
 
$
(180,360
)
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Amounts before reclassifications
—

 
4,044

 
(435
)
 
(612
)
 
2,997

Amounts reclassified out
4,214

 
—

 
429

 
(2,042
)
 
2,601

Total other comprehensive income (loss), before tax
4,214

 
4,044

 
(6
)
 
(2,654
)
 
5,598

Tax effect
(2,620
)
 
(404
)
 
2

 
443

 
(2,579
)
Other comprehensive income (loss), net of tax
1,594

 
3,640

 
(4
)
 
(2,211
)
 
3,019

Balance as of November 30, 2017, net of tax (As Restated)
$
(130,850
)
 
$
13,681

 
$
(6,958
)
 
$
(53,214
)
 
$
(177,341
)
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Amounts before reclassifications
—

 
6,562

 
1,081

 
2,774

 
10,417

Amounts reclassified out
4,451

 
(1,527
)
 
425

 
—

 
3,349

Total other comprehensive income (loss), before tax
4,451

 
5,035

 
1,506

 
2,774

 
13,766

Tax effect
(1,309
)
 
(1,481
)
 
(443
)
 
(422
)
 
(3,655
)
Other comprehensive income (loss), net of tax
3,142

 
3,554

 
1,063

 
2,352

 
10,111

Balance as of February 28, 2018, net of tax (As Restated)
$
(127,708
)
 
$
17,235

 
$
(5,895
)
 
$
(50,862
)
 
$
(167,230
)
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Amounts before reclassifications
—

 
8,906

 
160

 
(10,442
)
 
(1,376
)
Amounts reclassified out
4,841

 
—

 
425

 
—

 
5,266

Total other comprehensive income (loss), before tax
4,841

 
8,906

 
585

 
(10,442
)
 
3,890

Tax effect
(1,424
)
 
(2,620
)
 
(172
)
 
254

 
(3,962
)
Other comprehensive income (loss), net of tax
3,417

 
6,286

 
413

 
(10,188
)
 
(72
)
Balance as of May 31, 2018, net of tax (As Restated)
$
(124,291
)
 
$
23,521

 
$
(5,482
)
 
$
(61,050
)
 
$
(167,302
)

    
Amounts reclassified from accumulated other comprehensive income (loss) were related to pension and other postretirement benefits, cash flow hedges, available for sale investments and foreign currency translation adjustments. Pension and other postretirement reclassifications include amortization of net actuarial loss, prior service credit and transition amounts and are recorded as cost of goods sold and marketing, general and administrative expenses (see Note 11, Benefit Plans, for further information). Gains or losses on the sale of available for sale investments are recorded to other income. Foreign currency translation reclassifications related to sales of businesses are recorded to other income.