Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Nov. 30, 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 November 30, 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	$	15,807	Accounts payable	$	489
	Other assets		101	Other liabilities		-
			15,908			489
Interest rate contracts	Receivables		-	Accounts payable		141
	Other assets		-	Other liabilities		195
			-			336
Totals		$	15,908		$	825
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	4,149	Accounts payable	$	131
	Other assets		41	Other liabilities		-
			4,190			131
Foreign currency contracts	Receivables		514	Accounts payable		-
Totals		$	4,704		$	131
Total derivative instruments		$	20,612		$	956

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 gain (loss) reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the three months ended November 30, 2016 and 2015:

				Location of				Location of
				Gain (Loss)	Gain (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 November 30, 2016:
Commodity contracts	$	7,157		Cost of goods sold	$	5,737		Cost of goods sold	$	-
Interest rate contracts		160		Interest expense		(467	)	Interest expense		-
Totals	$	7,317			$	5,270			$	-
For the three months ended November 30, 2015:
Commodity contracts	$	(10,210	)	Cost of goods sold	$	(6,460	)	Cost of goods sold	$	-
Interest rate contracts		(201	)	Interest expense		(146	)	Interest expense		-
Totals		(10,411	)			(6,606	)			-

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 six months ended November 30, 2016 and 2015:

				Location of				Location of
				Gain (Loss)	Gain (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 six months ended November 30, 2016:
Interest rate contracts	$	7,926		Interest expense	$	5,485		Interest expense	$	-
Commodity contracts		124		Cost of goods sold		(570	)	Cost of goods sold		-
Totals	$	8,050			$	4,915			$	-
For the six months ended November 30, 2015:
Interest rate contracts	$	(167	)	Interest expense	$	(285	)	Interest expense	$	-
Commodity contracts		(18,336	)	Cost of goods sold		(15,647	)	Cost of goods sold		-
Foreign currency contracts		-		Miscellaneous income, net		(4	)	Miscellaneous income, net		-
Totals	$	(18,503	)		$	(15,936	)		$	-

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 November 30, 2016 and 2015:

			Gain (Loss) Recognized
			in Earnings for the
	Location of Gain (Loss)		Three Months Ended November 30,
(in thousands)	Recognized in Earnings		2016			2015
Commodity contracts		Cost of goods sold	$	2,003		$	(5,390	)
Foreign currency contracts		Miscellaneous income, net		(599	)		70
Total			$	1,404		$	(5,320	)

The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments during the six months ended November 30, 2016 and 2015:

			Gain (Loss) Recognized
			in Earnings for the
	Location of Gain (Loss)		Six Months Ended November 30,
(in thousands)	Recognized in Earnings		2016			2015
Commodity contracts		Cost of goods sold	$	4,911		$	(8,145	)
Foreign currency contracts		Miscellaneous income, net		(665	)		70
Total			$	4,246		$	(8,075	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at November 30, 2016:

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	49,224	December 2016 - December 2018
Interest rate contracts		16,201	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 November 30, 2016:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	22,389	December 2016 - August 2018
Foreign currency contracts		14,149	December 2016 - August 2017