Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

May 31, 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 our consolidated balance sheet at May 31, 2024 and 2023:

	Fair Value of Assets					Fair Value of Liabilities
	Balance					Balance
	Sheet					Sheet
	Location	2024		2023		Location	2024		2023
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	601	$	20	Accounts payable	$	83	$	4,069
Commodity contracts	Other assets		-		-	Other liabilities		21		237
Foreign currency exchange contracts	Receivables		-		-	Accounts payable		-		33
Subtotal			601		20			104		4,339
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	319	$	294	Accounts payable	$	69	$	1,609
Foreign currency exchange contracts	Receivables		-		-	Accounts payable		1,248		-
Subtotal			319		294			1,317		1,609
Total		$	920	$	314		$	1,421	$	5,948

The amounts in the table above reflect the fair value of our derivative financial instruments on a net basis where allowable under master netting arrangements. Had these amounts been recognized on a gross basis, the impact would have been an increase in receivables with a corresponding increase in accounts payable of $391 and $272 at May 31, 2024 and 2023, respectively.

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative financial instruments outstanding at May 31, 2024:

	Notional
	Amount		Maturity Date
Commodity contracts	$	1,063	June 2024 - April 2025

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 during fiscal 2024 and fiscal 2023:

		Loss
		Recognized in Earnings
		Fiscal Year Ended
	Location of Loss	May 31,
	Recognized in Earnings	2024			2023
Commodity contracts	Cost of goods sold	$	(349	)	$	(4,778	)
Foreign currency exchange contracts	Miscellaneous income, net		(1,247	)		-
Total		$	(1,596	)	$	(4,778	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at May 31, 2024:

	Notional
	Amount		Maturity Date
Commodity contracts	$	5,870	June 2024 - December 2025

The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from AOCI into earnings for derivative financial instruments designated as cash flow hedges during fiscal 2024 and fiscal 2023:

				Location of	Gain (Loss)
	Gain (Loss)			Gain (Loss)	Reclassified
	Recognized			Reclassified from AOCI	from AOCI
	in OCI			into Net Earnings	into Net Earnings
For the fiscal year ended May 31, 2024:
Commodity contracts	$	3,382		Cost of goods sold	$	(549	)
Interest rate contracts		-		Loss on extinguishment of debt		(642	)
Interest rate contracts		-		Interest expense		188
Foreign currency exchange contracts		(11	)	Miscellaneous income, net		(44	)
Totals	$	3,371			$	(1,047	)
For the fiscal year ended May 31, 2023:
Commodity contracts	$	(12,990	)	Cost of goods sold	$	(11,007	)
Interest rate contracts		-		Interest expense		(27	)
Foreign currency exchange contracts		195		Miscellaneous income, net		142
Totals	$	(12,795	)		$	(10,892	)