v3.26.3
Notes Payable and Long-Term Debt
 12 Months Ended
Aug. 31, 2026
Debt Disclosure [Abstract]  
Notes Payable and Long-Term Debt Notes Payable and Long-Term Debt
Our notes payable and long-term debt are subject to various restrictive requirements for maintenance of minimum consolidated net worth and other financial ratios. We were in compliance with our debt covenants as of August 31, 2026.

Notes Payable

Notes payable as of August 31, 2026 and 2025, consisted of the following:
Weighted-Average Interest Rate
2026202520262025
(Dollars in thousands)
Notes payable3.70%4.97%$193,649 $584,226 
CHS Capital notes payable4.02%4.79%255,353 568,231 
Total notes payable$449,002 $1,152,457 

Our primary line of credit is a five-year unsecured revolving credit facility with a syndicate of domestic and international banks. The credit facility provides a committed amount of $2.8 billion that expires on April 21, 2028. There were no borrowings outstanding on this facility as of August 31, 2026, and $180.0 million borrowings outstanding as of August 31, 2025. We also maintain certain uncommitted bilateral facilities to support our working capital needs.

In addition to our facilities referenced above, our international subsidiaries have lines of credit with $182.5 million and $329.5 million outstanding as of August 31, 2026 and 2025, respectively.

CHS Capital Notes Payable

We have a receivables and loans securitization facility ("Securitization Facility") with certain unaffiliated financial institutions ("Purchasers"). Under the Securitization Facility, we and certain of our subsidiaries ("Originators") sell trade accounts and notes receivable ("Receivables") to Cofina Funding, LLC ("Cofina"), a wholly-owned, bankruptcy-remote, indirect subsidiary of CHS. Cofina in turn transfers the Receivables to the Purchasers, and this arrangement is accounted for as secured financing. We use the proceeds from the sale of Receivables under the Securitization Facility for general corporate purposes, and settlements are made on a monthly basis. The amount available under the Securitization Facility fluctuates over time based on the total amount of eligible Receivables generated during the normal course of business. The Securitization Facility consists of a committed portion with a maximum availability of $850.0 million and an uncommitted portion with a maximum availability of $250.0 million. As of August 31, 2026, total availability under the Securitization Facility was $963.9 million, of which $175.0 million was utilized. As of August 31, 2025, $296.0 million was utilized.

We also have a repurchase facility ("Repurchase Facility"). Under the Repurchase Facility, we can obtain repurchase agreement financing for certain eligible receivables and notes receivables of the Originators. As of August 31, 2026, maximum availability under the Repurchase Facility was $250.0 million of which no amount was utilized. As of August 31, 2025, $159.7 million was utilized.

On August 26, 2026, we amended both the Securitization and Repurchase Facilities to extend the terms of the facilities to August 25, 2027.

CHS Capital borrows funds under short-term notes issued as part of a surplus funds program. Borrowings under this program are unsecured and are due upon demand. Borrowings under these notes totaled $80.4 million and $112.5 million as of August 31, 2026 and 2025, respectively.
Long-Term Debt

We repaid approximately $80.6 million and $331.6 million, respectively, of long-term debt consisting of scheduled debt maturities during the years ended August 31, 2026 and 2025. Amounts included in long-term debt on our Consolidated Balance Sheets as of August 31, 2026 and 2025, are presented in the table below:
20262025
(Dollars in thousands)
4.82% unsecured notes $80 million face amount, due in fiscal 2026
— 80,000 
4.69% unsecured notes $58 million face amount, due in fiscal 2027
58,000 58,000 
3.24% unsecured notes $95 million face amount, due in fiscal 2028
95,000 95,000 
4.74% unsecured notes $95 million face amount, due in fiscal 2028
95,000 95,000 
5.68% unsecured notes $150 million face amount, due in fiscal 2030
150,000 150,000 
3.48% unsecured notes $100 million face amount, due in fiscal 2031
100,000 100,000 
4.89% unsecured notes $100 million face amount, due in fiscal 2031
100,000 100,000 
5.84% unsecured notes $150 million face amount, due in fiscal 2032
150,000 150,000 
3.58% unsecured notes $65 million face amount, due in fiscal 2033
65,000 65,000 
4.71% unsecured notes $100 million face amount, due in fiscal 2033
100,000 100,000 
5.93% unsecured notes $150 million face amount, due in fiscal 2034
150,000 150,000 
3.73% unsecured notes $115 million face amount, due in fiscal 2036
115,000 115,000 
5.40% unsecured notes $125 million face amount, due in fiscal 2036
125,000 125,000 
6.05% unsecured notes $150 million face amount, due in fiscal 2037
150,000 150,000 
6.13% unsecured notes $250 million face amount, due in fiscal 2039
250,000 250,000 
Private placement debt1,703,000 1,783,000 
5.29% unsecured term loan from cooperative and other banks, due in fiscal 2030 (a)
300,000 — 
Term loan300,000 — 
Finance lease liabilities (Note 19)51,845 55,198 
Deferred financing costs(3,434)(3,894)
Other, including notes and contracts with interest rates from 3.9% to 4.0%
1,312 1,529 
Total long-term debt2,052,723 1,835,833 
Less current portion70,072 90,447 
Long-term portion$1,982,651 $1,745,386 
(a) Borrowings are variable under the agreement and bear interest at a base rate plus an applicable margin.

As of August 31, 2026 and 2025, the fair values of our long-term debt were estimated to be $2.0 billion and $1.8 billion, respectively, based on quoted market prices of similar debt (a Level 2 fair value measurement based on the classification hierarchy of ASC Topic 820, Fair Value Measurement).

We have a $300.0 million revolving term loan facility (the “Facility”), which can be paid down and readvanced in an amount up to the referenced $300.0 million until October 29, 2026. On October 29, 2026, the total funded loan balance outstanding reverts to a nonrevolving term loan that is payable on October 29, 2029. There was $300.0 million outstanding under this Facility as of August 31, 2026, and no balance outstanding as of August 31, 2025.
Long-term debt outstanding as of August 31, 2026, has aggregate maturities, excluding finance leases (see Note 19, Leases, for a schedule of minimum future lease payments under finance leases), as follows:
(Dollars in thousands)
2027$58,562 
2028190,600 
2029150 
2030450,000 
2031200,000 
Thereafter1,105,000 
Total $2,004,312 
    
Interest expense for the years ended August 31, 2026, 2025 and 2024, was $163.6 million, $146.1 million and $104.1 million, respectively, net of capitalized interest of $25.6 million, $32.2 million and $25.7 million, respectively.