CHS 2014 Annual Report Download - page 43

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Long-term debt as of August 31, 2014 and 2013 consisted of the following:
(DOLLARS IN THOUSANDS) 2014 2013
5.59% unsecured revolving term loans from cooperative and other banks, due in equal installments
beginning in 2013 through 2018 $ 105,000 $ 135,000
6.18% unsecured notes $400 million face amount, due in equal installments beginning in 2014 through 2018 320,000 400,000
5.60% unsecured notes $60 million face amount, due in equal installments beginning in 2012 through 2018 32,308 41,539
5.25% unsecured notes $125 million face amount, due in equal installments beginning in 2011 through 2015 25,000 50,000
5.78% unsecured notes $50 million face amount, due in equal installments beginning in 2014 through 2018 40,000 50,000
4.00% unsecured notes $100 million face amount, due in equal installments beginning in 2017 through 2021 100,000 100,000
4.08% unsecured notes $130 million face amount, due in 2019 (a) 130,840 130,000
4.52% unsecured notes $160 million face amount, due in 2021 160,000 160,000
4.67% unsecured notes $130 million face amount, due in 2023 (a) 133,360 130,000
3.85% unsecured notes $80 million face amount, due in 2025 80,000 80,000
3.80% unsecured notes $100 million face amount, due in 2025 100,000 100,000
4.82% unsecured notes $80 million face amount, due in 2026 80,000 80,000
4.71% unsecured notes $100 million face amount, due in 2033 100,000 100,000
Other notes and contracts with interest rates from 1.30% to 15.25% (b) 49,992 50,493
Total long-term debt 1,456,500 1,607,032
Less current portion 156,836 156,612
Long-term portion $1,299,664 $1,450,420
(a) We have entered into interest rate swaps designated as fair value hedging relationships with these notes. Changes in the fair value
of the swaps are recorded each period with a corresponding adjustment to the carrying value of the debt. See Note 12, Derivative
Financial Instruments and Hedging Activities for more information.
(b) Other notes and contracts payable of $14.3 million were collateralized on August 31, 2014.
As of August 31, 2014, the carrying value of our long- Interest, net for the years ended August 31, 2014, 2013
term debt approximated its fair value, based on quoted and 2012 was as follows:
market prices of similar debt (a Level 2 classification in
(DOLLARS IN THOUSANDS) 2014 2013 2012
the fair value hierarchy).
Interest expense $ 79,614 $ 99,271 $ 94,090
Interest—purchase of
Long-term debt outstanding as of August 31, 2014 has aggre-
NCRA noncontrolling
gate maturities, excluding fair value adjustments, as follows: interests 70,843 149,087 113,184
(DOLLARS IN THOUSANDS) Capitalized interest (8,528) (10,579) (8,882)
2015 $ 156,836 Interest income (6,987) (6,212) (5,129)
2016 139,326 Interest, net $ 134,942 $ 231,567 $ 193,263
2017 149,852
2018 162,119
2019 150,622
Thereafter 693,545
Total $ 1,452,300
CHS 2014 41
Long-Term Debt