Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Aug. 31, 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 August 31, 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	$	10,337	Accounts payable	$	31
	Other assets		850	Other liabilities		-
			11,187			31
Interest rate contracts	Receivables		-	Accounts payable		175
	Other assets		-	Other liabilities		320
			-			495
Totals		$	11,187		$	526
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	3,737	Accounts payable	$	151
	Other assets		75	Other liabilities		-
			3,812			151
Foreign currency contracts	Receivables		-	Accounts payable		31
Totals		$	3,812		$	182
Total Derivative Instruments		$	14,999		$	708

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, 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	$	13,224	Accounts payable	$	696
		Other assets		3,589	Other liabilities		80
				16,813			776
Interest rate contracts		Receivables		-	Accounts payable		155
		Other assets		-	Other liabilities		306
				-			461
Totals			$	16,813		$	1,237
Derivatives not designated as hedging instruments:
Commodity contracts		Receivables	$	4,660	Accounts payable	$	761
		Other assets		317	Other liabilities		-
				4,977			761
Foreign currency contracts		Receivables		-	Accounts payable		15
				-			15
Totals			$	4,977		$	776
Total Derivative Instruments			$	21,790		$	2,013

Schedule of Derivatives Designated as Cash Flow Hedging Instruments

The following table summarizes the gain (loss) recognized in OCI and the loss reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the three months ended August 31, 2016 and 2015:

				Location of				Location of
				Loss	Loss			Gain	Gain
				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 August 31, 2016:
Commodity contracts	$	769		Cost of goods sold	$	(252	)	Cost of goods sold	$	-
Interest rate contracts		(36	)	Interest expense		(103	)	Interest expense		-
Totals	$	733			$	(355	)		$	-
For the three months ended August 31, 2015:
Commodity contracts	$	(8,126	)	Cost of goods sold	$	(9,187	)	Cost of goods sold	$	-
Interest rate contracts		34		Interest expense		(139	)	Interest expense		-
Foreign currency contracts		-		Miscellaneous income, net		(4	)	Miscellaneous income, net		-
Totals	$	(8,092	)		$	(9,330	)		$	-

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, 2016 and 2015:

			Gain (Loss) Recognized
			in Earnings for the Three Months Ended
	Location of Gain (Loss)		August 31,
(in thousands)	Recognized in Earnings		2016			2015
Commodity contracts		Cost of goods sold	$	2,908		$	(2,755	)
Foreign currency contracts		Miscellaneous expense, net		(66	)		—
Total			$	2,842		$	(2,755	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at August 31, 2016:

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	60,267	September 2016 - December 2017
Interest rate contracts		17,072	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 August 31, 2016:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	24,809	September 2016 - August 2018
Foreign currency contracts		18,847	September 2016 - August 2017