Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Feb. 28, 2013

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of our derivative instruments and the respective financial statement captions in which they were recorded in our consolidated balance sheet at February 28, 2013:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Interest rate contracts	Receivables	$	-	Accounts payable	$	1,995
	Other assets		-	Other liabilities		5,840
			-			7,835
Commodity contracts	Receivables		571	Accounts payable		479
			571			479
Totals		$	571		$	8,314
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	316	Accounts payable	$	202
			316			202
Foreign exchange contracts	Receivables		179	Accounts payable		-
			179			-
Totals		$	495		$	202
Total Derivative Instruments		$	1,066		$	8,516

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

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	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 February 28, 2013 and February 29, 2012:

(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) and Excluded from Effectiveness Testing	Income (Loss) (Ineffective Portion) and  Excluded from Effectiveness Testing
For the three months ended February 28, 2013:
Interest rate contracts	$	(389	)	Interest expense	$	(1,320	)	Interest expense	$	-
Commodity contracts		313		Cost of goods sold		520		Cost of goods sold		-
Totals	$	(76	)		$	(800	)		$	-
For the three months ended February 29, 2012:
Interest rate contracts	$	(571	)	Interest expense	$	(1,042	)	Interest expense	$	-
Commodity contracts		459		Cost of goods sold		258		Cost of goods sold		-
Totals	$	(112	)		$	(784	)		$	-

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 nine months ended February 28, 2013 and February 29, 2012:

(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) and Excluded from Effectiveness Testing	Income (Loss) (Ineffective Portion) and  Excluded from Effectiveness Testing
For the nine months ended February 28, 2013:
Interest rate contracts	$	(878	)	Interest expense	$	(2,968	)	Interest expense	$	-
Commodity contracts		771		Cost of goods sold		360		Cost of goods sold		-
Totals	$	(107	)		$	(2,608	)		$	-
For the nine months ended February 29, 2012:
Interest rate contracts	$	(2,444	)	Interest expense	$	(3,040	)	Interest expense	$	-
Commodity contracts		36		Cost of goods sold		1,993		Cost of goods sold		-
Totals	$	(2,408	)		$	(1,047	)		$	-

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 February 28, 2013 and February 29, 2012:

	Location of Income (Loss)         Recognized  in Earnings	Income (Loss) Recognized in Earnings for the Three Months Ended
(in thousands)		February 28, 2013		February 29, 2012
Commodity contracts	Cost of goods sold	$	3,611	$	(2,552	)
Foreign exchange contracts	Miscellaneous expense		1,142		653
Total		$	4,753	$	(1,899	)

The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments during the nine months ended February 28, 2013 and February 29, 2012:

		Income (Loss) Recognized in Earnings for the Nine Months Ended
(in thousands)	Location of Income (Loss)         Recognized in  Earnings	February 28, 2013		February 29, 2012
Commodity contracts	Cost of goods sold	$	7,844	$	(3,655	)
Foreign exchange contracts	Miscellaneous expense		1,363		4,421
Total		$	9,207	$	766

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at February 28, 2013:

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	35,700	March 2013 - 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 February 28, 2013:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	13,490	March 2013 - November 2014
Foreign currency contracts	$	50,810	May 2013