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8NOV201319004145
8NOV201319001024
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED AUGUST 31 (DOLLARS IN THOUSANDS) 2013 2012 2011
Revenues $ 44,479,857 $ 40,599,286 $ 36,915,834
Cost of goods sold 42,706,205 38,588,143 35,512,988
Gross profit 1,773,652 2,011,143 1,402,846
Marketing, general and administrative 553,623 498,233 438,498
Operating earnings 1,220,029 1,512,910 964,348
(Gain) loss on investments (182) 5,465 (126,729)
Interest, net 231,567 193,263 74,835
Equity income from investments (97,350) (102,389) (131,414)
Income before income taxes 1,085,994 1,416,571 1,147,656
Income taxes 89,666 80,852 86,628
Net income 996,328 1,335,719 1,061,028
Net income attributable to noncontrolling interests 3,942 75,091 99,673
Net income attributable to CHS Inc. $ 992,386 $ 1,260,628 $ 961,355
The accompanying notes are an integral part of the consolidated financial statements.
CHS Inc. and Subsidiaries
FOR THE YEARS ENDED AUGUST 31 (DOLLARS IN THOUSANDS) 2013 2012 2011
Net income $ 996,328 $ 1,335,719 $ 1,061,028
Other comprehensive income (loss), net of tax:
Postretirement benefit plan activity, net of tax expense (benefit) of $(21,710),
$17,776 and $(30,847) in 2013, 2012 and 2011, respectively 63,116 (38,216) 28,001
Unrealized net gain on available for sale investments, net of tax expense of
$603, $199 and $445 in 2013, 2012 and 2011, respectively 979 355 716
Cash flow hedges, net of tax expense (benefit) of $9,551, $449 and $(640)
in 2013, 2012 and 2011, respectively 15,491 586 (1,005)
Foreign currency translation adjustment, net of tax (benefit) expense of
$(2,383), $(3,699) and $2,842 in 2013, 2012 and 2011, respectively (3,866) (5,855) 4,464
Other comprehensive income (loss), net of tax 75,720 (43,130) 32,176
Comprehensive income 1,072,048 1,292,589 1,093,204
Less: comprehensive income attributable to noncontrolling interests 3,942 75,091 101,458
Comprehensive income attributable to CHS Inc. $ 1,068,106 $ 1,217,498 $ 991,746
The accompanying notes are an integral part of the consolidated financial statements.
CHS Inc. and Subsidiaries
CHS 2013 31