Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Nov. 30, 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 November 30, 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	$	140	Accounts payable	$	16,830
	Other assets		-	Other liabilities		941
			140			17,771
Foreign currency exchange contracts	Other assets		258	Accounts payable		-
Total		$	398		$	17,771
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	4,622	Accounts payable	$	2,155
	Other assets		18	Other liabilities		275
			4,640			2,430
Foreign currency exchange contracts	Receivables		-	Accounts payable		94
Total		$	4,640		$	2,524
Total derivative financial instruments		$	5,038		$	20,295

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
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 financial instruments		$	12,643		$	9,003

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative financial instruments outstanding at November 30, 2022:

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	5,100	December 2022 - December 2023
Foreign currency exchange contracts	$	15,096	December 2022

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 Accumulated Other Comprehensive Income (Loss) (“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 November 30, 2022:
Commodity contracts	$	(19,641	)	Cost of goods sold	$	(13,648	)
Interest rate contracts		-		Interest expense		(7	)
Foreign currency exchange contracts		376		Net sales/Cost of goods sold		53
Total	$	(19,265	)		$	(13,602	)
For the three months ended November 30, 2021:
Commodity contracts	$	(21,002	)	Cost of goods sold	$	47,706
Interest rate contracts		-		Interest expense		27
Foreign currency exchange contracts		60		Miscellaneous income, net		3
Total	$	(20,942	)		$	47,736
For the six months ended November 30, 2022:
Commodity contracts	$	(36,099	)	Cost of goods sold	$	(13,192	)
Interest rate contracts		-		Interest expense		(13	)
Foreign currency exchange contracts		58		Net sales/Cost of goods sold		(74	)
Total	$	(36,041	)		$	(13,279	)
For the six months ended November 30, 2021:
Commodity contracts	$	14,218		Cost of goods sold	$	83,165
Interest rate contracts		-		Interest expense		(13	)
Foreign currency exchange contracts		61		Miscellaneous income, net		3
Total	$	14,279			$	83,155

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 November 30,
(in thousands)	Recognized in Earnings	2022			2021
Commodity contracts	Cost of goods sold	$	3,861		$	(10,135	)
Foreign currency exchange contracts	Miscellaneous income, net		(47	)		(588	)
Total		$	3,814		$	(10,723	)

		Gain (Loss) Recognized
		in Earnings for the
	Location of Gain (Loss)	Six Months Ended November 30,
(in thousands)	Recognized in Earnings	2022			2021
Commodity contracts	Cost of goods sold	$	2,284		$	(19,392	)
Foreign currency exchange contracts	Miscellaneous income, net		(141	)		(249	)
Total		$	2,143		$	(19,641	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at November 30, 2022:

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	114,516	December 2022 - December 2023
Foreign currency exchange contracts	$	1,751	January 2023 - July 2023