CHS 2013 Annual Report Download - page 29

Download and view the complete annual report

Please find page 29 of the 2013 CHS annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 69

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69

8NOV201319003993
FOR THE YEARS ENDED AUGUST 31 (DOLLARS IN THOUSANDS) 2013 2012 2011
Cash flows from operating activities:
Net income including noncontrolling interests $ 996,328 $ 1,335,719 $ 1,061,028
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 241,791 219,632 220,694
Amortization of deferred major repair costs 34,847 33,641 30,474
Income from equity investments (97,350) (102,389) (131,414)
Distributions from equity investments 62,761 75,468 137,766
Noncash patronage dividends received (16,644) (10,461) (9,697)
Gain on sale of property, plant and equipment (6,234) (5,564) (5,200)
(Gain) loss on investments (182) 5,465 (126,729)
Loss on crack spread contingent liability 23,109 22,328
Deferred taxes 92,717 58,624 67,089
Other, net 5,714 481 868
Changes in operating assets and liabilities, net of acquisitions:
Receivables 123,951 (512,034) (714,589)
Inventories 557,331 (252,842) (796,596)
Derivative assets 610,023 (185,930) (422,374)
Margin deposits 812,616 (51,241) (462,857)
Other current assets and other assets 19,780 (35,375) (137,749)
Customer margin deposits and credit balances (509,548) 56,177 327,813
Customer advance payments (260,449) 61,978 163,640
Accounts payable and accrued expenses 171,878 (167,025) 870,314
Derivative liabilities (395,454) 111,481 213,225
Other liabilities 10,815 60,503 15,617
Net cash provided by operating activities 2,477,800 718,636 301,323
Cash flows from investing activities:
Acquisition of property, plant and equipment (659,373) (468,611) (310,670)
Proceeds from disposition of property, plant and equipment 7,727 27,839 9,496
Expenditures for major repairs (73,701) (23,443) (92,129)
Investments in joint ventures and other (21,364) (94,757) (6,090)
Investments redeemed 13,021 12,112 39,681
Proceeds from sale of investments 1,250 225,000
Changes in notes receivable 211,935 19,040 (347,509)
Business acquisitions, net of cash acquired (12,711) (166,033) (67,489)
Other investing activities, net (1,742) (342) (1,259)
Net cash used in investing activities (534,958) (694,195) (550,969)
Cash flows from financing activities:
Changes in notes payable 85,910 (27,561) 457,731
Long-term debt borrowings 280,000 631,882
Principal payments (113,583) (96,619) (114,929)
Mandatorily redeemable noncontrolling interest payments (65,981)
Payments for bank fees (9,593) (12,390) (5,348)
Changes in checks and drafts outstanding (20,392) 6,353 63,033
Distributions to noncontrolling interests (1,442) (78,602) (18,184)
Preferred stock dividends paid (24,544) (24,544) (24,544)
Retirements of equities (193,413) (145,722) (61,193)
Cash patronage dividends paid (380,947) (260,666) (141,513)
Other financing activities, net 811 878 (20)
Net cash (used in) provided by financing activities (443,174) (638,873) 786,915
Effect of exchange rate changes on cash and cash equivalents (5,165) (9,224) 5,753
Net increase (decrease) in cash and cash equivalents 1,494,503 (623,656) 543,022
Cash and cash equivalents at beginning of period 314,029 937,685 394,663
Cash and cash equivalents at end of period $ 1,808,532 $ 314,029 $ 937,685
The accompanying notes are an integral part of the consolidated financial statements.
CHS Inc. and Subsidiaries
34 CHS 2013