Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Feb. 28, 2014

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of our derivative instruments and the respective financial statement caption in which they were recorded in our consolidated balance sheet at February 28, 2014:

	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	$	4,166
	Other assets		-	Other liabilities		-
			-			4,166
Commodity contracts	Receivables		968	Accounts payable		-
			968			-
Totals		$	968		$	4,166
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	871	Accounts payable	$	283
			871			283
Foreign exchange contracts	Receivables		-	Accounts payable		205
Totals		$	871		$	488
Total Derivative Instruments		$	1,839		$	4,654

The following table summarizes the fair value of our derivative instruments and the respective financial statement caption in which they were recorded in the consolidated balance sheet at May 31, 2013:

	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	$	4,032
	Other assets		-	Other liabilities		3,863
			-			7,895
Commodity contracts	Receivables		425	Accounts payable		1,352
			425			1,352
Totals		$	425		$	9,247
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	331	Accounts payable	$	527
			331			527
Foreign exchange contracts	Receivables		5	Accounts payable		-
			5			-
Totals		$	336		$	527
Total Derivative Instruments		$	761		$	9,774

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, 2014 and 2013:

(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, 2014:
Interest rate contracts	$	4		Interest expense	$	(1,059	)	Interest expense	$	-
Commodity contracts		(3,644	)	Cost of goods sold		(2,519	)	Cost of goods sold		-
Totals	$	(3,640	)		$	(3,578	)		$	-
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	)		$	-

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, 2014 and 2013:

(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, 2014:
Interest rate contracts	$	(380	)	Interest expense	$	(3,179	)	Interest expense	$	-
Commodity contracts		(1,027	)	Cost of goods sold		(3,647	)	Cost of goods sold		-
Totals	$	(1,407	)		$	(6,826	)		$	-
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	)		$	-

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, 2014 and 2013:

	Location of Income  (Loss)         Recognized in Earnings	Income (Loss) Recognized in Earnings for the Three Months Ended February 28,
(in thousands)		2014			2013
Commodity contracts	Cost of goods sold	$	(1,241	)	$	3,611
Foreign exchange contracts	Miscellaneous expense		(205	)		1,142
Total		$	(1,446	)	$	4,753

The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments during the nine months ended February 28, 2014 and 2013:

	Location of Income  (Loss)         Recognized in Earnings	Income (Loss) Recognized in Earnings for the Nine Months Ended February 28,
(in thousands)		2014			2013
Commodity contracts	Cost of goods sold	$	(959	)	$	7,844
Foreign exchange contracts	Miscellaneous expense		(210	)		1,363
Total		$	(1,169	)	$	9,207

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at February 28, 2014:

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	28,265	March 2014 - December 2014
Interest rate contracts	$	100,000	June 2014 - 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, 2014:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	24,330	March 2014 - December 2015
Foreign currency contracts	$	10,000	May 2014