Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Feb. 29, 2024

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 29, 2024 and May 31, 2023:

	Fair Value of Assets					Fair Value of Liabilities
	Balance					Balance
	Sheet	February 29,		May 31,		Sheet	February 29,		May 31,
(In thousands)	Location	2024		2023		Location	2024		2023
Derivatives designated as hedging instruments
Commodity contracts	Receivables	$	1,064	$	20	Accounts payable	$	115	$	4,069
Commodity contracts	Other assets		26		-	Other liabilities		-		237
Foreign currency exchange contracts	Receivables		-		-	Accounts payable		-		33
Subtotal		$	1,090	$	20		$	115	$	4,339
Derivatives not designated as hedging instruments
Commodity contracts	Receivables	$	308	$	294	Accounts payable	$	445	$	1,609
Foreign currency exchange contracts	Receivables		-		-	Accounts payable		3		-
Subtotal		$	308	$	294		$	448	$	1,609
Total derivative financial instruments		$	1,398	$	314		$	563	$	5,948

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative financial instruments outstanding at February 29, 2024:

	Notional
(In thousands)	Amount		Maturity Date(s)
Commodity contracts	$	1,648	March 2024 - December 2024
Foreign currency exchange contracts	$	7,034	March 2024

The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments for the periods presented:

		Gain Recognized
		in Earnings for the
		Three Months Ended
	Location of Gain (Loss)	February 29,			February 28,
(In thousands)	Recognized in Earnings	2024			2023
Commodity contracts	Cost of goods sold	$	311		$	2,613
Foreign currency exchange contracts	Miscellaneous income, net		(82	)		79
Total		$	229		$	2,692

		Gain (Loss) Recognized
		in Earnings for the
		Nine Months Ended
	Location of Gain (Loss)	February 29,			February 28,
(In thousands)	Recognized in Earnings	2024			2023
Commodity contracts	Cost of goods sold	$	(832	)	$	4,841
Foreign currency exchange contracts	Miscellaneous income, net		(3	)		32
Total		$	(835	)	$	4,873

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at February 29, 2024:

	Notional
(In thousands)	Amount		Maturity Date(s)
Commodity contracts	$	9,113	March 2024 - 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 February 29, 2024:
Commodity contracts	$	1,944		Cost of goods sold	$	1,328
Interest rate contracts		-		Interest expense, net		52
Total	$	1,944			$	1,380
For the three months ended February 28, 2023:
Commodity contracts	$	7,093		Cost of goods sold	$	(4,858	)
Interest rate contracts		-		Interest expense		(7	)
Foreign currency exchange contracts		66		Miscellaneous income, net		67
Total	$	7,159			$	(4,798	)
For the nine months ended February 29, 2024:
Commodity contracts	$	3,553		Cost of goods sold	$	(921	)
Interest rate contracts		-		Loss on extinguishment of debt		(642	)
Interest rate contracts		-		Interest expense		136
Foreign currency exchange contracts		(11	)	Cost of goods sold		(44	)
Total	$	3,542			$	(1,471	)
For the nine months ended February 28, 2023:
Commodity contracts	$	(7,770	)	Cost of goods sold	$	(10,925	)
Interest rate contracts		-		Interest expense		(20	)
Foreign currency exchange contracts		124		Miscellaneous income, net		(7	)
Total	$	(7,646	)		$	(10,952	)