| Equities |
Changes in Equities
Changes in equities for the three months ended November 30, 2021 and 2020, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity Certificates | | | | Accumulated
Other
Comprehensive
Loss | | | | | | | | Capital
Equity
Certificates | | Nonpatronage
Equity
Certificates | | Nonqualified Equity Certificates | | Preferred
Stock | | | Capital
Reserves | | Noncontrolling
Interests | | Total
Equities | | | (Dollars in thousands) | | Balances, August 31, 2021 | $ | 3,583,911 | | | $ | 28,431 | | | $ | 1,634,896 | | | $ | 2,264,038 | | | $ | (216,391) | | | $ | 1,713,976 | | | $ | 8,465 | | | $ | 9,017,326 | | Reversal of prior year redemption estimates | 12,221 | | | — | | | — | | | — | | | — | | | — | | | — | | | 12,221 | | |
Redemptions of equities | (9,824) | | | (318) | | | (2,079) | | | — | | | — | | | — | | | — | | | (12,221) | | Preferred stock dividends | — | | | — | | | — | | | — | | | — | | | (84,334) | | | — | | | (84,334) | | Other, net | (1,023) | | | 17 | | | (64) | | | — | | | — | | | 1,393 | | | (841) | | | (518) | | | Net income (loss) | — | | | — | | | — | | | — | | | — | | | 451,961 | | | (18) | | | 451,943 | | | Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | (15,418) | | | — | | | — | | | (15,418) | | | Estimated 2022 cash patronage refunds | — | | | — | | | — | | | — | | | — | | | (39,691) | | | — | | | (39,691) | | | Estimated 2022 equity redemptions | (79,382) | | | — | | | — | | | — | | | — | | | — | | | — | | | (79,382) | | | Balances, November 30, 2021 | $ | 3,505,903 | | | $ | 28,130 | | | $ | 1,632,753 | | | $ | 2,264,038 | | | $ | (231,809) | | | $ | 2,043,305 | | | $ | 7,606 | | | $ | 9,249,926 | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity Certificates | | | | Accumulated
Other
Comprehensive
Loss | | | | | | | | Capital
Equity
Certificates | | Nonpatronage
Equity
Certificates | | Nonqualified Equity Certificates | | Preferred
Stock | | | Capital
Reserves | | Noncontrolling
Interests | | Total
Equities | | | (Dollars in thousands) | | Balances, August 31, 2020 | $ | 3,724,187 | | | $ | 28,727 | | | $ | 1,408,696 | | | $ | 2,264,038 | | | $ | (233,924) | | | $ | 1,618,147 | | | $ | 9,302 | | | $ | 8,819,173 | | Reversal of prior year redemption estimates | 7,726 | | | — | | | — | | | — | | | — | | | — | | | — | | | 7,726 | | |
Redemptions of equities | (6,539) | | | (31) | | | (1,156) | | | — | | | — | | | — | | | — | | | (7,726) | | Preferred stock dividends | — | | | — | | | — | | | — | | | — | | | (84,334) | | | — | | | (84,334) | | Other, net | (654) | | | (47) | | | (197) | | | — | | | — | | | (7,798) | | | 35 | | | (8,661) | | | Net income (loss) | — | | | — | | | — | | | — | | | — | | | 69,671 | | | (302) | | | 69,369 | | | Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | 8,917 | | | — | | | — | | | 8,917 | | | Estimated 2021 cash patronage refunds | — | | | — | | | — | | | — | | | — | | | (9,304) | | | — | | | (9,304) | | | Estimated 2021 equity redemptions | (9,304) | | | — | | | — | | | — | | | — | | | — | | | — | | | (9,304) | | | Balances, November 30, 2020 | $ | 3,715,416 | | | $ | 28,649 | | | $ | 1,407,343 | | | $ | 2,264,038 | | | $ | (225,007) | | | $ | 1,586,382 | | | $ | 9,035 | | | $ | 8,785,856 | | |
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Preferred Stock Dividends
The following is a summary of dividends per share by series of preferred stock for the three months ended November 30, 2021 and 2020: | | | | | | | | | | | | | | | | | | | | | Three Months Ended November 30, | | Nasdaq symbol | | 2021 | | 2020 | | Series of preferred stock: | | | (Dollars per share) | 8% Cumulative Redeemable | CHSCP | | $ | 1.00 | | | $ | 1.00 | | Class B Cumulative Redeemable, Series 1 | CHSCO | | $ | 0.98 | | | $ | 0.98 | | Class B Reset Rate Cumulative Redeemable, Series 2 | CHSCN | | $ | 0.88 | | | $ | 0.88 | | Class B Reset Rate Cumulative Redeemable, Series 3 | CHSCM | | $ | 0.84 | | | $ | 0.84 | | Class B Cumulative Redeemable, Series 4 | CHSCL | | $ | 0.94 | | | $ | 0.94 | |
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended November 30, 2021 and 2020, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Pension and Other Postretirement Benefits | | Cash Flow Hedges | | Foreign Currency Translation Adjustment | | Total | | (Dollars in thousands) | | Balance as of August 31, 2021, net of tax | $ | (141,385) | | | $ | 4,824 | | | $ | (79,830) | | | $ | (216,391) | | Other comprehensive income (loss), before tax: | | | | | | | | Amounts before reclassifications | (83) | | | 870 | | | (9,983) | | | (9,196) | | Amounts reclassified | 5,064 | | | (12,954) | | | — | | | (7,890) | | | Total other comprehensive income (loss), before tax | 4,981 | | | (12,084) | | | (9,983) | | | (17,086) | | Tax effect | (1,213) | | | 2,943 | | | (62) | | | 1,668 | | | Other comprehensive income (loss), net of tax | 3,768 | | | (9,141) | | | (10,045) | | | (15,418) | | |
| Balance as of November 30, 2021, net of tax | $ | (137,617) | | | $ | (4,317) | | | $ | (89,875) | | | $ | (231,809) | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | Pension and Other Postretirement Benefits | | Cash Flow Hedges | | Foreign Currency Translation Adjustment | | Total | | (Dollars in thousands) | | Balance as of August 31, 2020, net of tax | $ | (159,680) | | | $ | 10,886 | | | $ | (85,130) | | | $ | (233,924) | | Other comprehensive income (loss), before tax: | | | | | | | | Amounts before reclassifications | (125) | | | 14,506 | | | 3,629 | | | 18,010 | | Amounts reclassified | 4,977 | | | (12,284) | | | — | | | (7,307) | | | Total other comprehensive income, before tax | 4,852 | | | 2,222 | | | 3,629 | | | 10,703 | | Tax effect | (1,207) | | | (553) | | | (26) | | | (1,786) | | | Other comprehensive income, net of tax | 3,645 | | | 1,669 | | | 3,603 | | | 8,917 | | | Balance as of November 30, 2020, net of tax | $ | (156,035) | | | $ | 12,555 | | | $ | (81,527) | | | $ | (225,007) | | |
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Amounts reclassified from accumulated other comprehensive income (loss) were related to pension and other postretirement benefits, cash flow hedges and foreign currency translation adjustments. Pension and other postretirement reclassifications include amortization of net actuarial loss, prior service credit and transition amounts and are recorded as cost of goods sold and marketing, general and administrative expenses (see Note 9, Benefit Plans, for further information). Gains or losses associated with cash flow hedges are recorded as cost of goods sold (see Note 11, Derivative Financial Instruments and Hedging Activities, for further information). Gains or losses on foreign currency translation reclassifications related to sales of businesses are recorded as other income.
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