CHS 2014 Annual Report Download - page 31

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5NOV201416072906
5NOV201416065925
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED AUGUST 31 (DOLLARS IN THOUSANDS) 2014 2013 2012
Revenues $ 42,664,033 $ 44,479,857 $ 40,599,286
Cost of goods sold 41,016,798 42,706,205 38,588,143
Gross profit 1,647,235 1,773,652 2,011,143
Marketing, general and administrative 602,598 553,623 498,233
Operating earnings 1,044,637 1,220,029 1,512,910
(Gain) loss on investments (114,162) (182) 5,465
Interest, net 134,942 231,567 193,263
Equity (income) loss from investments (107,446) (97,350) (102,389)
Income before income taxes 1,131,303 1,085,994 1,416,571
Income taxes 48,296 89,666 80,852
Net income 1,083,007 996,328 1,335,719
Net income attributable to noncontrolling interests 1,572 3,942 75,091
Net income attributable to CHS Inc. $ 1,081,435 $ 992,386 $ 1,260,628
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) 2014 2013 2012
Net income $ 1,083,007 $ 996,328 $ 1,335,719
Other comprehensive income (loss), net of tax:
Postretirement benefit plan activity, net of tax expense (benefit) of $8,410,
$41,007 and $(21,710) in 2014, 2013 and 2012, respectively 13,759 63,116 (38,216)
Unrealized net gain (loss) on available for sale investments, net of tax
expense (benefit) of $1,251, $603 and $199 in 2014, 2013 and 2012,
respectively 2,028 979 355
Cash flow hedges, net of tax expense (benefit) of $(8,883), $9,551 and $449
in 2014, 2013 and 2012, respectively (14,407) 15,491 586
Foreign currency translation adjustment, net of tax expense (benefit) of
$(783), $(2,383) and $(3,699) in 2014, 2013 and 2012, respectively (1,270) (3,866) (5,855)
Other comprehensive income (loss), net of tax 110 75,720 (43,130)
Comprehensive income 1,083,117 1,072,048 1,292,589
Less: comprehensive income attributable to noncontrolling interests 1,572 3,942 75,091
Comprehensive income attributable to CHS Inc. $ 1,081,545 $ 1,068,106 $ 1,217,498
The accompanying notes are an integral part of the consolidated financial statements.
CHS Inc. and Subsidiaries
CHS 2014 29