Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Nov. 30, 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 November 30, 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	$	12,498	Accounts payable	$	3,743
	Other assets		47	Other liabilities		-
			12,545			3,743
Subtotals		$	12,545		$	3,743
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	2,476	Accounts payable	$	2,609
	Other assets		-	Other liabilities		39
Subtotals			2,476			2,648
Total derivative financial instruments		$	15,021		$	6,391

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, 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	$	20	Accounts payable	$	6,749
	Other assets		51	Other liabilities		379
			71			7,128
Foreign currency exchange contracts	Receivables		-	Accounts payable		33
			-			33
Subtotals		$	71		$	7,161
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	2,539	Accounts payable	$	8,604
	Other assets		-	Other liabilities		35
Subtotals			2,539			8,639
Total derivative financial instruments		$	2,610		$	15,800

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative financial instruments outstanding at November 30, 2023:

	Notional
(In thousands)	Amount		Maturity Date(s)
Commodity contracts	$	15,509	September 2023 - December 2024

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	2023		2022
Commodity contracts	Cost of goods sold	$	1,459	$	3,861
Foreign currency exchange contracts	Miscellaneous income, net		-		(47	)
Total		$	1,459	$	3,814

		Gain (Loss) Recognized
		in Earnings for the
	Location of Gain (Loss)	Six Months Ended November 30,
(In thousands)	Recognized in Earnings	2023		2022
Commodity contracts	Cost of goods sold	$	395	$	2,284
Foreign currency exchange contracts	Miscellaneous income, net		-		(141	)
Total		$	395	$	2,143

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at November 30, 2023:

	Notional
(In thousands)	Amount		Maturity Date
Commodity contracts	$	62,825	December 2023 - June 2025

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 November 30, 2023:
Commodity contracts	$	15,019		Cost of goods sold	$	(2,360	)
Interest rate contracts		-		Interest expense, net		52
Foreign currency exchange contracts		(34	)	Net sales/Cost of goods sold		(97	)
Total	$	14,985			$	(2,405	)
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 six months ended November 30, 2023:
Commodity contracts	$	12,958		Cost of goods sold	$	4,970
Interest rate contracts		-		Loss on extinguishment of debt		(641	)
Interest rate contracts		-		Interest expense, net		84
Foreign currency exchange contracts		(11	)	Net sales/Cost of goods sold		(44	)
Total	$	12,947			$	4,369
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	)