Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Nov. 30, 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 November 30, 2024 and May 31, 2024:

	Fair Value of Assets					Fair Value of Liabilities
	Balance					Balance
	Sheet	November 30,		May 31,		Sheet	November 30,		May 31,
	Location	2024		2024		Location	2024		2024
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	762	$	601	Accounts payable	$	44	$	83
Commodity contracts	Other assets		41		-	Other liabilities		-		21
Subtotal			803		601			44		104
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	74	$	319	Accounts payable	$	45	$	69
Foreign currency exchange contracts	Receivables		-		-	Accounts payable		689		1,248
Subtotal			74		319			734		1,317
Total derivative financial instruments		$	877	$	920		$	778	$	1,421

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative financial instruments outstanding at November 30, 2024:

	Notional
	Amount		Maturity Date(s)
Commodity contracts	$	982	December 2024 - October 2025
Foreign currency exchange contracts	$	64,712	December 2024 - January 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 for the periods presented:

		Gain (Loss)
		Recognized in Earnings
		Three Months Ended
	Location of Gain (Loss)	November 30,
	Recognized in Earnings	2024			2023
Commodity contracts	Cost of goods sold	$	398		$	571
Foreign currency exchange contracts	Miscellaneous income, net		(489	)		-
Total		$	(91	)	$	571

		Gain
		Recognized in Earnings
		Six Months Ended
	Location of Gain	November 30,
	Recognized in Earnings	2024		2023
Commodity contracts	Cost of goods sold	$	371	$	1,414
Foreign currency exchange contracts	Miscellaneous income, net		558		-
Total		$	929	$	1,414

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at November 30, 2024:

	Notional
	Amount		Maturity Date(s)
Commodity contracts	$	11,597	December 2024 - December 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:

				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 three months ended November 30, 2024:
Commodity contracts	$	(360	)	Cost of goods sold	$	(357	)
Interest rate contracts		-		Interest expense, net		51
Total	$	(360	)		$	(306	)
For the three months ended November 30, 2023:
Commodity contracts	$	2,019		Cost of goods sold	$	(1,583	)
Interest rate contracts		-		Interest expense		52
Foreign currency exchange contracts		(34	)	Miscellaneous income, net		(97	)
Total	$	1,985			$	(1,628	)
For the six months ended November 30, 2024:
Commodity contracts	$	(758	)	Cost of goods sold	$	(742	)
Interest rate contracts		-		Interest expense		103
Total	$	(758	)		$	(639	)
For the six months ended November 30, 2023:
Commodity contracts	$	1,608		Cost of goods sold	$	(2,252	)
Interest rate contracts		-		Loss on extinguishment of debt		(641	)
Interest rate contracts		-		Interest expense		83
Foreign currency exchange contracts		(11	)	Miscellaneous income, net		(44	)
Total	$	1,597			$	(2,854	)