Equities

3 Months Ended

Nov. 30, 2023

Equity [Abstract]

Equities

Changes in Equities

Changes in equities for the three months ended November 30, 2023 and 2022, 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)
Balances, August 31, 2023	$	3,951,385	$	27,558	$	1,932,706	$	2,264,038	$	(265,395)	$	2,537,486	$	4,611	$	10,452,389
Reversal of prior year redemption estimates	11,236		—		—		—		—				—		11,236
Redemptions of equities	(8,287)		(67)		(2,882)		—		—		—		—		(11,236)
Preferred stock dividends	—		—		—		—		—		(84,334)		—		(84,334)
Other, net	34		(3)		44		—		—		(1,281)		870		(336)
Net income	—		—				—		—		522,923		445		523,368
Other comprehensive loss, net of tax	—		—		—		—		(7,302)		—		—		(7,302)
Estimated 2024 cash patronage refunds	—		—		—		—		—		(93,198)		—		(93,198)
Estimated 2024 equity redemptions	(93,198)		—		—		—		—		—		—		(93,198)
Balances, November 30, 2023	$	3,861,170	$	27,488	$	1,929,868	$	2,264,038	$	(272,697)	$	2,881,596	$	5,926	$	10,697,389

	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)
Balances, August 31, 2022	$	3,587,131	$	27,933	$	1,776,172	$	2,264,038	$	(255,335)	$	2,055,682	$	5,645	$	9,461,266
Reversal of prior year redemption estimates	12,941		—		—		—		—		—		—		12,941
Redemptions of equities	(10,021)		(58)		(2,862)		—		—		—		—		(12,941)
Preferred stock dividends	—		—		—		—		—		(84,334)		—		(84,334)
Other, net	291		—		57		—		—		20		(25)		343
Net income	—		—		—		—		—		782,598		318		782,916
Other comprehensive loss, net of tax	—		—		—		—		(13,618)		—		—		(13,618)
Estimated 2023 cash patronage refunds	—		—		—		—		—		(208,864)		—		(208,864)
Estimated 2023 equity redemptions	(208,864)		—		—		—		—		—		—		(208,864)
Balances, November 30, 2022	$	3,381,478	$	27,875	$	1,773,367	$	2,264,038	$	(268,953)	$	2,545,102	$	5,938	$	9,728,845

Preferred Stock Dividends

    The following is a summary of dividends declared per share by series of preferred stock for the three months ended November 30, 2023 and 2022.

		Three Months Ended November 30,
	Nasdaq symbol	2023		2022
Series of preferred stock:		(Dollars per share)
8% Cumulative Redeemable	CHSCP	$	1.00	$	1.00
Class B Cumulative Redeemable, Series 1	CHSCO	$	0.98	$	0.98
Class B Reset Rate Cumulative Redeemable, Series 2	CHSCN	$	0.88	$	0.88
Class B Reset Rate Cumulative Redeemable, Series 3	CHSCM	$	0.84	$	0.84
Class B Cumulative Redeemable, Series 4	CHSCL	$	0.94	$	0.94

Accumulated Other Comprehensive Income (Loss)    

Changes in accumulated other comprehensive income (loss) by component for the three months ended November 30, 2023 and 2022, are as follows:

	Pension and Other Postretirement Benefits		Cash Flow Hedges		Foreign Currency Translation Adjustment		Total
	(Dollars in thousands)
Balance as of August 31, 2023, net of tax	$	(173,925)	$	2,032	$	(93,502)	$	(265,395)
Other comprehensive income (loss), before tax:
Amounts before reclassifications	—		2,280		(3,350)		(1,070)
Amounts reclassified	23		(7,790)		—		(7,767)
Total other comprehensive income (loss), before tax	23		(5,510)		(3,350)		(8,837)
Tax effect	(6)		1,349		192		1,535
Other comprehensive income (loss), net of tax	17		(4,161)		(3,158)		(7,302)
Balance as of November 30, 2023, net of tax	$	(173,908)	$	(2,129)	$	(96,660)	$	(272,697)

	Pension and Other Postretirement Benefits		Cash Flow Hedges		Foreign Currency Translation Adjustment		Total
	(Dollars in thousands)
Balance as of August 31, 2022, net of tax	$	(168,640)	$	8,843	$	(95,538)	$	(255,335)
Other comprehensive income (loss), before tax:
Amounts before reclassifications	(66)		(33,899)		(2,227)		(36,192)
Amounts reclassified	5,560		7,229		—		12,789
Total other comprehensive income (loss), before tax	5,494		(26,670)		(2,227)		(23,403)
Tax effect	3,030		6,463		292		9,785
Other comprehensive income (loss), net of tax	8,524		(20,207)		(1,935)		(13,618)
Balance as of November 30, 2022, net of tax	$	(160,116)	$	(11,364)	$	(97,473)	$	(268,953)

    Amounts reclassified from accumulated other comprehensive income (loss) were related to pension and other postretirement benefits, cash flow hedges 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 9, Benefit Plans, for further information). As described in Note 11, Derivative Financial Instruments and Hedging Activities, amounts reclassified from accumulated other comprehensive loss for cash flow hedges are recorded in cost of goods sold. Gains or losses on foreign currency translation reclassifications are recorded in other income.