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8NOV201319001338
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
As of August 31, 2013, the carrying value of our long- Interest, net for the years ended August 31, 2013, 2012
term debt approximated its fair value, based on quoted and 2011 was as follows:
market prices of similar debt (a Level 2 classification in
(DOLLARS IN THOUSANDS) 2013 2012 2011
the fair value hierarchy).
Interest expense $ 99,271 $ 94,090 $ 83,044
Interest—purchase of NCRA
Long-term debt outstanding as of August 31, 2013 has
noncontrolling interests 149,087 113,184
aggregate maturities as follows:
Capitalized interest (10,579) (8,882) (5,487)
(DOLLARS IN THOUSANDS) Interest income (6,212) (5,129) (2,722)
2014 $ 156,612 Interest, net $ 231,567 $ 193,263 $ 74,835
2015 164,022
2016 130,219
2017 149,832
2018 162,103
Thereafter 844,244
$ 1,607,032
Deferred tax assets and liabilities as of August 31, 2013
and 2012 were as follows:
(DOLLARS IN THOUSANDS) 2013 2012
Deferred tax assets:
Accrued expenses $ 66,973 $ 89,844
Postretirement health care and
deferred compensation 57,130 107,817
Tax credit carryforwards 97,242 118,752
Loss carryforwards 57,174 30,272
Other 40,868 57,429
Deferred tax assets valuation (79,623) (56,659)
Total deferred tax assets 239,764 347,455
Deferred tax liabilities:
Pension 6,752 35,516
Investments 91,453 120,879
Major maintenance 31,960 9,141
Deferred taxes are comprised of basis differences
Property, plant and equipment 529,101 453,863
related to investments, accrued liabilities and certain
Other — 175
federal and state tax credits. NCRA files separate tax
returns and, as such, these items must be assessed inde- Total deferred tax liabilities 659,266 619,574
pendent of our deferred tax assets when determining Net deferred tax liabilities $ 419,502 $ 272,119
recoverability.
CHS 2013 47
Income Taxes
The provision for income taxes for the years ended
August 31, 2013, 2012 and 2011 is as follows:
(DOLLARS IN THOUSANDS) 2013 2012 2011
Current
Federal $ (18,018) $ 9,565 $ 10,564
State 11,805 7,851 8,922
Foreign 3,162 4,812 53
(3,051) 22,228 19,539
Deferred
Federal 92,102 66,707 54,435
State 1,685 1,617 9,454
Foreign (1,070) (9,700) 3,200
92,717 58,624 67,089
Total $ 89,666 $ 80,852 $ 86,628