CHS 2014 Annual Report Download - page 42

5NOV201416071529
The capitalized major maintenance activity is as follows:
BALANCE AT BALANCE AT
(DOLLARS IN THOUSANDS) BEGINNING OF YEAR COST DEFERRED AMORTIZATION WRITE-OFFS END OF YEAR
2014 $ 109,408 $ 3,305 $ (45,070) $ — $ 67,643
2013 70,554 73,701 (34,847) — 109,408
2012 80,752 23,443 (33,641) — 70,554
$200.0 million to pay principal under any commercial paper facility.
On August 31, 2014 we had no commercial paper outstanding.
Miscellaneous short-term notes payable totaled $0.3 mil-
lion as of August 31, 2014.
(b) Cofina Funding, LLC (Cofina Funding), a wholly-owned subsid-
iary of CHS Capital, has available credit totaling $350.0 million
Notes payable as of August 31, 2014 and 2013, consisted as of August 31, 2014, under note purchase agreements with
of the following: various purchasers, through the issuance of short-term notes
WEIGHTED- payable. CHS Capital sells eligible commercial loans receivable
AVERAGE it has originated to Cofina Funding, which are then pledged as
INTEREST RATE
collateral under the note purchase agreements. The notes pay-
(DOLLARS IN THOUSANDS) 2014 2013 2014 2013 able issued by Cofina Funding bear interest at variable rates
Notes payable (a) 1.69% 2.00% $ 840,699 $521,864 based on commercial paper with a weighted average rate of
1.05% as of August 31, 2014. There were no borrowings by
CHS Capital notes Cofina Funding utilizing the issuance of commercial paper
payable (b) 1.07% 1.23% 318,774 367,448 under the note purchase agreements as of August 31, 2014.
Total notes payable $ 1,159,473 $ 889,312
CHS Capital has available credit under master participation
(a) Our primary committed line of credit is a $2.5 billion five-year, agreements with numerous counterparties. Borrowings
unsecured revolving credit facility expiring in June 2018, with under these agreements are accounted for as secured bor-
a syndication of domestic and international banks, with no rowings and bear interest at variable rates ranging from
amounts outstanding as of August 31, 2014. In October 2013, 1.81% to 2.66% as of August 31, 2014. As of August 31, 2014,
we entered into a three-year $250.0 million committed the total funding commitment under these agreements
revolving credit facility for CHS Agroneg´ ocio Ind´ ustria e was $164.5 million, of which $17.6 million was borrowed.
Com´ ercio Ltda (CHS Agroneg´ ocio) to provide financing for
its working capital needs arising from its purchases and sales CHS Capital sells loan commitments it has originated to
of grains, fertilizers and other agricultural products. As of ProPartners Financial (ProPartners) on a recourse basis.
August 31, 2014 the full $250.0 million is outstanding. The total capacity for commitments under the ProPartners
program is $300.0 million. The total outstanding commit-
Our wholly-owned subsidiaries, CHS Europe S.a.r.l and CHS ments under the program totaled $102.8 million as of
Agroneg´ ocio, have uncommitted lines of credit to finance August 31, 2014, of which $64.6 million was borrowed under
their normal trading activities with $327.3 million outstanding these commitments with an interest rate of 1.58%.
as of August 31, 2014. In addition, other international subsidi-
aries had lines of credit totaling $263.1 million outstanding as CHS Capital borrows funds under short-term notes issued
of August 31, 2014, of which $39.0 million was collateralized. as part of a surplus funds program. Borrowings under this
program are unsecured and bear interest at variable rates
We have two commercial paper programs totaling up to ranging from 0.10% to 0.90% as of August 31, 2014, and are
$125.0 million with two banks participating in the revolving credit due upon demand. Borrowings under these notes totaled
facilities. Terms of our credit facilities allow a maximum usage of $236.6 million as of August 31, 2014.
40 CHS 2014
SIX: Other Assets, continued
Notes Payable and Long-Term Debt
Our notes payable and long-term debt are subject to various
restrictive requirements for maintenance of minimum con-
solidated net worth and other financial ratios. We were in
compliance with our debt covenants as of August 31, 2014.
Notes Payable