Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

May 31, 2022

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of our derivative financial instruments and the respective lines in which they were recorded in the consolidated balance sheet at May 31, 2022:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	1,040	Accounts payable	$	4,517
	Other assets		-	Other liabilities		48
			1,040			4,565
Foreign currency exchange contracts	Receivables		-	Accounts payable		-
	Other assets		-	Other liabilities		17
			-			17
Totals		$	1,040		$	4,582
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	11,555	Accounts payable	$	4,142
	Other assets		48	Other liabilities		24
			11,603			4,166
Foreign currency exchange contracts	Receivables		-	Accounts payable		255
Totals		$	11,603		$	4,421
Total derivative financial instruments		$	12,643		$	9,003

The amounts in the table above reflect the fair value of our derivative financial instruments on a net basis, where allowable under master netting arrangements. Had these amounts been recognized on a gross basis, the impact would have been a $6,300,000 increase in receivables with a corresponding increase in accounts payable.

The following table summarizes the fair value of our derivative financial instruments and the respective lines in which they were recorded in the consolidated balance sheet at May 31, 2021:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	53,125	Accounts payable	$	-
	Other assets		23	Other liabilities		111
Totals		$	53,148		$	111
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	24,621	Accounts payable	$	14,554
	Other assets		379	Other liabilities		-
			25,000			14,554
Foreign currency exchange contracts	Receivables		-	Accounts payable		532
Totals		$	25,000		$	15,086
Total derivative financial instruments		$	78,148		$	15,197

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative financial instruments outstanding at May 31, 2022:

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	52,526	June 2022 - July 2023
Foreign currency exchange contracts		4,978	June 2022 - October 2022

Schedule of Derivatives Designated as Cash Flow Hedging Instruments

The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from AOCI into earnings for derivative financial instruments designated as cash flow hedges during fiscal 2022 and fiscal 2021:

			Location of	Gain (Loss)
	Gain		Gain (Loss)	Reclassified
	Recognized		Reclassified from AOCI	from AOCI
(in thousands)	in OCI		into Net Earnings	into Net Earnings
For the fiscal year ended May 31, 2022:
Interest rate contracts	$	-	Interest expense	$	(26	)
Commodity contracts		19,148	Cost of goods sold		98,873
Foreign currency exchange contracts		27	Miscellaneous income, net		5
Totals	$	19,175		$	98,852
For the fiscal year ended May 31, 2021:
Interest rate contracts	$	-	Interest expense	$	(1,711	)
Commodity contracts		93,417	Cost of goods sold		11,692
Totals	$	93,417		$	9,981

Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments

The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments during fiscal 2022 and fiscal 2021:

		Gain (Loss)
		Recognized in Earnings
		Fiscal Year Ended
	Location of Gain (Loss)	May 31,
(in thousands)	Recognized in Earnings	2022			2021
Commodity contracts	Cost of goods sold	$	13,935		$	47,546
Foreign currency exchange contracts	Miscellaneous income, net		(266	)		(765	)
Total		$	13,669		$	46,781

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at May 31, 2022:

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	117,421	June 2022 - July 2023
Foreign currency exchange contracts		4,938	June 2022 - March 2023