Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

May 31, 2012

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of our derivative instruments and the respective line in which they were recorded in the consolidated balance sheet at May 31, 2012:

	Asset Derivatives			Liability Derivatives
(in thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate contracts	Receivables	$	-	Accounts payable	$	1,859
	Other assets		-	Other liabilities		8,825
			-			10,684
Commodity contracts	Receivables		-	Accounts payable		249
	Other assets		-	Other liabilities		-
			-			249
Totals		$	-		$	10,933
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	245	Accounts payable	$	4,060
	Other assets		-	Other accrued items		-
			245			4,060
Foreign exchange contracts	Receivables		912	Accounts payable		-
	Other assets		-	Other accrued items		-
			912			-
Totals		$	1,157		$	4,060
Total Derivative Instruments		$	1,157		$	14,993

The following table summarizes the fair value of our derivative instruments and the respective line in which they were recorded in the consolidated balance sheet at May 31, 2011:

	Asset Derivatives			Liability Derivatives
(in thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate contracts	Receivables	$	-	Accounts payable	$	2,024
	Other assets		-	Other liabilities		10,375
			-			12,399
Commodity contracts	Receivables		194	Accounts payable		-
	Other assets		-	Other liabilities		-
			194			-
Totals		$	194		$	12,399
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	944	Accounts payable	$	-
	Other assets		-	Other accrued items		-
			944			-
Foreign exchange contracts	Receivables		-	Accounts payable		-
	Other assets		-	Other accrued items		573
			-			573
Totals		$	944		$	573
Total Derivative Instruments		$	1,138		$	12,972

Schedule of Derivatives Designated as Cash Flow Hedging Instruments

The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the fiscal years ended May 31, 2012 and 2011:

(in thousands)	Income (Loss) Recognized in OCI (Effective Portion)			Location of Income (Loss) Reclassified From Accumulated OCI (Effective Portion)	Income (Loss) Reclassified from Accumulated OCI (Effective Portion)			Location of Income (Loss) (Ineffective Portion) Excluded from Effectiveness Testing	Income (Loss) (Ineffective Portion) Excluded from Effectiveness Testing
For the fiscal year ended
May 31, 2012:
Interest rate contracts	$	(2,398	)	Interest expense	$	(4,032	)	Interest expense	$	-
Commodity contracts		(213	)	Cost of goods sold		1,993		Cost of goods sold		-
Totals	$	(2,611	)		$	(2,039	)		$	-
For the fiscal year ended
May 31, 2011:
Interest rate contracts	$	(5,724	)	Interest expense	$	(4,043	)	Interest expense	$	-
Commodity contracts		1,401		Cost of goods sold		125		Cost of goods sold		-
Totals	$	(4,323	)		$	(3,918	)		$	-

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 the fiscal years ended May 31, 2012 and 2011:

		Income (Loss)  Recognized in Earnings
(in thousands)	Location of Income (Loss) Recognized in Earnings	Fiscal Year Ended May 31,
		2012			2011
Commodity contracts	Cost of goods sold	$	(7,873	)	$	488
Foreign exchange contracts	Miscellaneous income (expense)		9,855			(7,497	)
Total		$	1,982		$	(7,009	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at May 31, 2012:

(Dollars in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	7,200		November 2012
Interest rate contracts		100,000		December 2014

Derivatives Not Designated As Hedging Instruments

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative instruments outstanding at May 31, 2012:

(Dollars in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	25,750		June 2012 -November 2013
Foreign currency contracts		71,750		June 2012 - August 2012