Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Aug. 31, 2012

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of our derivative instruments and the respective line item in which they were recorded in our consolidated balance sheet at August 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	$	1,882
	Other assets		-	Other liabilities		7,540
			-			9,422
Commodity contracts	Receivables		672	Accounts payable		233
	Other assets		-	Other liabilities		-
			672			233
Totals		$	672		$	9,655
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	67	Accounts payable	$	2,633
			67			2,663
Foreign exchange contracts	Receivables			Accounts payable		82
			-			82
Totals		$	67		$	2,715
Total Derivative Instruments		$	739		$	12,370

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
			-			249
Totals		$	-		$	10,933
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	245	Accounts payable	$	4,060
			245			4,060
Foreign exchange contracts	Receivables		912	Accounts payable		-
			912			-
Totals		$	1,157		$	4,060
Total Derivative Instruments		$	1,157		$	14,993

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 three months ended August 31, 2012 and 2011:

(in thousands)	Gain (Loss) Recognized in OCI (Effective Portion)			Location of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)			Location of Gain (Loss) (Ineffective Portion) and Excluded from Effectiveness Testing	Gain (Loss) (Ineffective Portion) and Excluded from Effectiveness Testing
For the three months ended August 31, 2012:
Interest rate contracts	$	(606	)	Interest expense	$	(983	)	Interest expense	$	-
Commodity contracts		428		Cost of goods sold		(419	)	Cost of goods sold		-
Totals	$	(178	)		$	(1,402	)		$	-
For the three months ended August 31, 2011:
Interest rate contracts	$	(2,130	)	Interest expense	$	(1,070	)	Interest expense	$	-
Commodity contracts		284		Cost of goods sold		2,021		Cost of goods sold		-
Totals	$	(1,846	)		$	951			$	-

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 three months ended August 31, 2012 and 2011:

	Location of Gain  (Loss) Recognized in Earnings	Gain (Loss) Recognized in  Earnings for the Three Months Ended August 31,
(in thousands)		2012			2011
Commodity contracts	Cost of goods sold	$	1,813		$	(877	)
Foreign exchange contracts	Miscellaneous income (expense)		(863	)		26
Total		$	950		$	(851	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

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

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	3,983	September 2012 -December 2013
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 August 31, 2012:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	49,888	September 2012 - December 2013
Foreign currency contracts		63,740	November 2012