Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Feb. 28, 2025

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, 2025 and May 31, 2024:

	Fair Value of Assets					Fair Value of Liabilities
	Balance					Balance
	Sheet	February 28,		May 31,		Sheet	February 28,		May 31,
	Location	2025		2024		Location	2025		2024
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	1,030	$	601	Accounts payable	$	-	$	83
Commodity contracts	Other assets		-		-	Other liabilities		-		21
Foreign currency exchange contracts	Receivables		-		-	Accounts payable		74		-
Subtotal			1,030		601			74		104
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	304	$	319	Accounts payable	$	54	$	69
Foreign currency exchange contracts	Receivables		-		-	Accounts payable		1,220		1,248
Subtotal			304		319			1,274		1,317
Total derivative financial instruments		$	1,334	$	920		$	1,348	$	1,421

Schedule of Summary of Derivative Hedges

The following table summarizes the net notional positions of our economic (non-designated) derivative financial instruments outstanding at February 28, 2025:

	Notional
	Amount		Maturity Date(s)
Commodity contracts	$	715	March 2025 - November 2025
Foreign currency exchange contracts	$	53,598	March 2025 - December 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 for the
		Three Months Ended
	Location of Gain (Loss)	February 28,			February 29,
	Recognized in Earnings	2025			2024
Commodity contracts	Cost of goods sold	$	108		$	311
Foreign currency exchange contracts	Miscellaneous income (expense), net		(531	)		(82	)
Total		$	(423	)	$	229

		Gain (Loss)
		Recognized in Earnings
		Nine Months Ended
	Location of Gain (Loss)	February 28,		February 29,
	Recognized in Earnings	2025		2024
Commodity contracts	Cost of goods sold	$	479	$	(832	)
Foreign currency exchange contracts	Miscellaneous income (expense), net		27		(3	)
Total		$	506	$	(835	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes the net notional positions of our cash flow hedges at February 28, 2025:

	Notional
	Amount		Maturity Date(s)
Commodity contracts	$	8,163	March 2025 - December 2025
Foreign currency exchange contracts	$	2,485	March 2025 - 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 February 28, 2025:
Commodity contracts	$	1,039		Cost of goods sold	$	219
Interest rate contracts		-		Interest expense, net		52
Foreign currency exchange contracts		(74	)	Miscellaneous income (expense), net		-
Total	$	965			$	271
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 nine months ended February 28, 2025:
Commodity contracts	$	281		Cost of goods sold	$	(523	)
Interest rate contracts		-		Interest expense, net		155
Foreign currency exchange contracts		(74	)	Miscellaneous income (expense), net		-
Total	$	207			$	(368	)
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, net		136
Foreign currency exchange contracts		(11	)	Miscellaneous income (expense), net		(44	)
Total	$	3,542			$	(1,471	)