Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

May 31, 2014

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, 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	$	4,180
Commodity contracts		Receivables		456		Accounts payable		-
Totals			$	456			$	4,180
Derivatives not designated as hedging instruments:
Commodity contracts		Receivables	$	796		Accounts payable	$	295
Foreign exchange contracts		Receivables		32		Accounts payable		-
Totals			$	828			$	295
Total Derivative Instruments			$	1,284			$	4,475

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, 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 fiscal years ended May 31, 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) Excluded from Effectiveness Testing	Income (Loss) (Ineffective Portion) Excluded from Effectiveness Testing
For the fiscal year ended
May 31, 2014:
Interest rate contracts	$	(3,351	)	Interest expense	$	(4,586	)	Interest expense	$	-
Commodity contracts		(2,602	)	Cost of goods sold		(4,915	)	Cost of goods sold		-
Totals	$	(5,953	)		$	(9,501	)		$	-
For the fiscal year ended
May 31, 2013:
Interest rate contracts	$	(951	)	Interest expense	$	(4,011	)	Interest expense	$	-
Commodity contracts		(19	)	Cost of goods sold		1,580		Cost of goods sold		-
Totals	$	(970	)		$	(2,431	)		$	-

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, 2014 and 2013:

		Income (Loss) Recognized in Earnings
	Location of Income (Loss) Recognized in Earnings	Fiscal Year Ended May 31,
(in thousands)		2014			2013
Commodity contracts	Cost of goods sold	$	(1,304	)	$	8,039
Foreign exchange contracts	Miscellaneous income (expense)		27			536
Total		$	(1,277	)	$	8,575

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at May 31, 2014:

(Dollars in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	26,700		June 2014 – December 2015
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, 2014:

(Dollars in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	24,660		June 2014 – December 2015
Foreign currency contracts	$	6,830		June 2014