Entity Registrant Name | CHS Inc. |
CIK | 0000823277 |
Accession number | 0000823277-13-000037 |
Link to XBRL instance | http://www.sec.gov/Archives/edgar/data/823277/000082327713000037/chscp-20130831.xml |
Fiscal year end | --08-31 |
Fiscal year focus | 2013 |
Fiscal period focus | Q4 |
Current balance sheet date | 2013-08-31 |
Current year-to-date income statement start date | 2012-09-01 |
Commentary | All disclosures are as expected. |
Level 1 (Note level) Text Block concept | us-gaap:LongTermDebtTextBlock |
Notes Payable and Long-Term Debt Our notes payable and long-term debt are subject to various restrictive requirements for maintenance of minimum consolidated net worth and other financial ratios. We were in compliance with our debt covenants as of August 31, 2013. Notes Payable Notes payable as of August 31, 2013 and 2012, consisted of the following:
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Our wholly-owned subsidiaries, CHS Europe S.A. and CHS Agronegocio Industria e Comercio Ltda (CHS Agronegocio), have uncommitted lines of credit to finance their normal trading activities with $420.1 million outstanding as of August 31, 2013. These lines are collateralized by certain inventories and receivables. In addition, other international subsidiaries had lines of credit totaling $99.3 million outstanding as of August 31, 2013, of which $60.8 million was collateralized. We have two commercial paper programs totaling up to $125.0 million with two banks participating in the revolving credit facilities. Terms of our credit facilities allow a maximum usage of $200.0 million to pay principal under any commercial paper facility. On August 31, 2013 we had no commercial paper outstanding. Miscellaneous short-term notes payable totaled $2.5 million as of August 31, 2013.
CHS Capital has available credit under master participation agreements with numerous counterparties. Borrowings under these agreements are accounted for as secured borrowings and bear interest at variable rates ranging from 1.96% to 2.69% as of August 31, 2013. As of August 31, 2013, the total funding commitment under these agreements was $223.8 million, of which $30.8 million was borrowed. CHS Capital sells loan commitments it has originated to ProPartners Financial (ProPartners) on a recourse basis. The total capacity for commitments under the ProPartners program is $300.0 million. The total outstanding commitments under the program totaled $68.1 million as of August 31, 2013, of which $45.7 million was borrowed under these commitments with an interest rate of 1.60%. CHS Capital borrows funds under short-term notes issued as part of a surplus funds program. Borrowings under this program are unsecured and bear interest at variable rates ranging from 0.80% to 1.10% as of August 31, 2013, and are due upon demand. Borrowings under these notes totaled $290.9 million as of August 31, 2013. In October 2013, we entered into a three-year $250.0 million committed revolving credit facility for CHS Agronegocio to provide financing for its working capital needs arising from its purchases and sales of grains, fertilizers and other agricultural products. Long-Term Debt Long-term debt as of August 31, 2013 and 2012 consisted of the following:
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As of August 31, 2013, the carrying value of our long-term debt approximated its fair value, based on quoted market prices of similar debt (a Level 2 classification in the fair value hierarchy). Long-term debt outstanding as of August 31, 2013 has aggregate maturities as follows:
Interest, net for the years ended August 31, 2013, 2012 and 2011 was as follows:
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Level 4 (Note level) Text Block concept - Maturities of Long Term Debt | us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock |
Long-term debt outstanding as of August 31, 2013 has aggregate maturities as follows:
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Level 4 (Note level) Text Block concept - Debt Instruments | us-gaap:ScheduleOfDebtInstrumentsTextBlock |
Long-term debt as of August 31, 2013 and 2012 consisted of the following:
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Level 4 Details Key Concepts: Long-term Debt Maturities
Description | Fact value | US GAAP XBRL Concept |
---|---|---|
Year 1 (Current portion) | 156,612,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths |
Year 2 | 164,022,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo |
Year 3 | 130,219,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree |
Year 4 | 149,832,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour |
Year 5 | 162,103,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive |
Thereafter | 844,244,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive |
Total Long-term Debt | 1,607,032,000 | us-gaap:LongTermDebt |
CHECK | 0 |
(Classified balance sheet) Deferred tax assets (liabilities), net components current/noncurrent asset/liability
Description | Fact value | US GAAP XBRL Concept |
---|---|---|
Current portion | 156,612,000 | us-gaap:LongTermDebtCurrent |
Noncurrent portion | 1,450,420,000 | us-gaap:LongTermDebtNoncurrent |
Total Long-Term Debt | 1,607,032,000 | us-gaap:LongTermDebt |
CHECK | 0 |
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