Derivative Financial Instruments and Hedging Activities (Tables)

3 Months Ended

Aug. 31, 2022

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of our derivative instruments and the respective lines in which they were recorded in the consolidated balance sheet at August 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	$	20	Accounts payable	$	11,378
	Other assets		-	Other liabilities		96
			20			11,474
Foreign currency exchange contracts	Other assets		138	Accounts payable		-
Total		$	158		$	11,474
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	8,034	Accounts payable	$	5,893
	Other assets		153	Other liabilities		73
			8,187			5,966
Foreign currency exchange contracts	Other assets		-	Accounts payable		276
Total			8,187			6,242
Total derivative instruments		$	8,345		$	17,716

The following table summarizes the fair value of our derivative 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
Total		$	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
Total		$	11,603		$	4,421
Total derivative instruments		$	12,643		$	9,003

Schedule of Summary of Derivative Hedges

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

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	11,453	September 2022 - December 2023

Schedule of Derivative Financials Designated as Cash Flow Hedging Instruments

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

(in thousands)	Gain (Loss) Recognized in OCI			Location of Gain (Loss) Reclassified from AOCI into Net Earnings	Gain (Loss) Reclassified from AOCI into Net Earnings
For the three months ended August 31, 2022:
Commodity contracts	$	(14,045	)	Cost of goods sold	$	2,869
Interest rate contracts		-		Interest expense		(7	)
Foreign currency exchange contracts		(162	)	Net sales/Cost of goods sold		28
Total	$	(14,207	)		$	2,890
For the three months ended August 31, 2021:
Commodity contracts	$	35,220		Cost of goods sold	$	35,459
Interest rate contracts		-		Interest expense		(40	)
Total	$	35,220			$	35,419

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 for the periods presented:

		Gain (Loss) Recognized
		In Earnings for the
	Location of Gain (Loss)	Three Months Ended August 31,
(in thousands)	Recognized in Earnings	2022			2021
Commodity contracts	Cost of goods sold	$	(1,577	)	$	29,527
Foreign currency exchange contracts	Miscellaneous income, net		-			339
Total		$	(1,577	)	$	29,866

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

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

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts		133,715	September 2022 - December 2023
Foreign currency exchange contracts		14,705	October 2022 - March 2023