Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Feb. 28, 2023

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 February 28, 2023:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	30,670	Accounts payable	$	1,701
	Other assets		1,137	Other liabilities		8
			31,807			1,709
Foreign currency exchange contracts	Other assets		273	Accounts payable		-
Total		$	32,080		$	1,709
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	1,410	Accounts payable	$	19,185
	Other assets		-	Other liabilities		1,719
			1,410			20,904
Foreign currency exchange contracts	Receivables		-	Accounts payable		15
Total		$	1,410		$	20,919
Total derivative financial instruments		$	33,490		$	22,628

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 February 28, 2023:

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	2,439	February 2023 - December 2024
Foreign currency exchange contracts	$	2,138	March 2023 - July 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 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 February 28, 2023:
Commodity contracts	$	32,976		Cost of goods sold	$	(10,980	)
Interest rate contracts		-		Interest expense		(7	)
Foreign currency exchange contracts		67		Net sales/Cost of goods sold		67
Total	$	33,043			$	(10,920	)
For the three months ended February 28, 2022:
Commodity contracts	$	(2,460	)	Cost of goods sold	$	24,025
Interest rate contracts		-		Interest expense		(7	)
Foreign currency exchange contracts		(71	)	Miscellaneous income, net		(21	)
Total	$	(2,531	)		$	23,997
For the nine months ended February 28, 2023:
Commodity contracts	$	(3,123	)	Cost of goods sold	$	(24,173	)
Interest rate contracts		-		Interest expense		(20	)
Foreign currency exchange contracts		124		Net sales/Cost of goods sold		(7	)
Total	$	(2,999	)		$	(24,200	)
For the nine months ended February 28, 2022:
Commodity contracts	$	11,758		Cost of goods sold	$	107,190
Interest rate contracts		-		Interest expense		(20	)
Foreign currency exchange contracts		(11	)	Miscellaneous income, net		(18	)
Total	$	11,747			$	107,152

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 February 28,
(in thousands)	Recognized in Earnings	2023			2022
Commodity contracts	Cost of goods sold	$	(6,523	)	$	(4,694	)
Foreign currency exchange contracts	Miscellaneous income, net		79			(23	)
Total		$	(6,444	)	$	(4,717	)

		Gain (Loss) Recognized
		in Earnings for the
	Location of Gain (Loss)	Nine Months Ended February 28,
(in thousands)	Recognized in Earnings	2023			2022
Commodity contracts	Cost of goods sold	$	(6,428	)	$	14,698
Foreign currency exchange contracts	Miscellaneous income, net		32			226
Total		$	(6,396	)	$	14,924

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at February 28, 2023:

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	136,907	March 2023 - September 2024
Foreign currency exchange contracts	$	604	March 2023 - July 2023