Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Feb. 29, 2016

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 29, 2016:

	Asset Derivatives			Liability Derivatives
(in thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	-	Accounts payable	$	12,334
	Other assets		-	Other liabilities		338
			-			12,672
Interest rate contracts	Receivables		-	Accounts payable		141
	Other assets		-	Other liabilities		327
			-			468
Totals		$	-		$	13,140
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	-	Accounts payable	$	2,247
	Other assets		-	Other liabilities		133
			-			2,380
Foreign exchange contracts	Receivables		-	Accounts payable		2
			-			2
Totals		$	-		$	2,382
Total Derivative Instruments		$	-		$	15,522

The following table summarizes the fair value of our derivative instruments and the financial statement caption in which they were recorded in the consolidated balance sheet at May 31, 2015:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	-	Accounts payable	$	17,241
	Other assets		-	Other liabilities		592
			-			17,833
Interest rate contracts	Receivables		-	Accounts payable		81
Other assets	Other assets		-	Other liabilities		113
			-			194
Foreign exchange contracts	Receivables		75	Accounts payable		-
Totals		$	75		$	18,027
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	96	Accounts payable	$	4,104
Totals		$	96		$	4,104
Total Derivative Instruments		$	171		$	22,131

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 29, 2016 and February 28, 2015:

				Location of				Location of
				Gain (Loss)	Gain (Loss)			Gain (Loss)	Gain (Loss)
				Reclassified	Reclassified			(Ineffective	(Ineffective
	Gain (Loss)			from	from			Portion)	Portion)
	Recognized			Accumulated	Accumulated			and Excluded	and Excluded
	in OCI			OCI	OCI			from	from
	(Effective			(Effective	(Effective			Effectiveness	Effectiveness
(in thousands)	Portion)			Portion)	Portion)			Testing	Testing
For the three months ended February 29, 2016:
Interest rate contracts	$	(107	)	Interest expense	$	(130	)	Interest expense	$	-
Commodity contracts		707		Cost of goods sold		(7,775	)	Cost of goods sold		-
Totals	$	600			$	(7,905	)		$	-
For the three months ended February 28, 2015:
Interest rate contracts	$	-		Interest expense	$	(160	)	Interest expense	$	-
Commodity contracts		(15,178	)	Cost of goods sold		539		Cost of goods sold		-
Foreign currency contracts		314		Miscellaneous income		-		Miscellaneous income		-
Totals	$	(14,864	)		$	379			$	-

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 29, 2016 and February 28, 2015:

				Location of				Location of
				Gain (Loss)	Gain (Loss)			Gain (Loss)	Gain (Loss)
				Reclassified	Reclassified			(Ineffective	(Ineffective
	Gain (Loss)			from	from			Portion)	Portion)
	Recognized			Accumulated	Accumulated			and Excluded	and Excluded
	in OCI			OCI	OCI			from	from
	(Effective			(Effective	(Effective			Effectiveness	Effectiveness
(in thousands)	Portion)			Portion)	Portion)			Testing	Testing
For the nine months ended February 29, 2016:
Interest rate contracts	$	(274	)	Interest expense	$	(415	)	Interest expense	$	-
Commodity contracts		(17,629	)	Cost of goods sold		(23,422	)	Cost of goods sold		-
Foreign currency contracts		-		Miscellaneous income		(4	)	Miscellaneous income		-
Totals	$	(17,903	)		$	(23,841	)		$	-
For the nine months ended February 28, 2015:
Interest rate contracts	$	-		Interest expense	$	(2,445	)	Interest expense	$	-
Commodity contracts		(19,953	)	Cost of goods sold		(613	)	Cost of goods sold		-
Foreign currency contracts		211		Miscellaneous income		-		Miscellaneous income		-
Totals	$	(19,742	)		$	(3,058	)		$	-

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 29, 2016 and February 28, 2015:

		Gain (Loss) Recognized in Earnings for the Three Months  Ended
(in thousands)	Location of Gain  (Loss) Recognized in Earnings	February 29, 2016		February 28, 2015
Commodity contracts	Cost of goods sold	$	173	$	(4,105	)
Foreign currency contracts	Miscellaneous income (expense)		47		—
Total		$	220	$	(4,105	)

The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments during the nine months ended February 29, 2016 and February 28, 2015:

		Gain (Loss) Recognized in Earnings for the Nine Months Ended
(in thousands)	Location of Gain (Loss) Recognized in Earnings	February 29, 2016			February 28, 2015
Commodity contracts	Cost of goods sold	$	(7,972	)	$	(6,522	)
Foreign currency contracts	Miscellaneous income (expense)		117			43
Total		$	(7,855	)	$	(6,479	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at February 29, 2016:

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	103,490	March 2016 - December 2017
Interest rate contracts		16,635	September 2019

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 29, 2016:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	36,996	March 2016 - October 2017
Foreign currency contracts		6,806	March 2016 - February 2017