Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Feb. 28, 2017

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, 2017:

	Asset Derivatives				Liability Derivatives
(in thousands)	Balance Sheet Location		Fair Value		Balance Sheet Location		Fair Value
Derivatives designated as hedging instruments:
Commodity contracts		Receivables	$	14,053		Accounts payable	$	-
		Other assets		176		Other liabilities		-
				14,229				-
Interest rate contracts		Receivables		-		Accounts payable		83
		Other assets		-		Other liabilities		228
				-				311
Totals			$	14,229			$	311
Derivatives not designated as hedging instruments:
Commodity contracts		Receivables	$	2,964		Accounts payable	$	233
		Other assets		-		Other liabilities		36
				2,964				269
Foreign currency contracts		Receivables		511		Accounts payable		-
Totals			$	3,475			$	269
Total derivative instruments			$	17,704			$	580

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 February 28, 2017 and February 29, 2016:

				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 February 28, 2017:
Commodity contracts	$	2,037		Cost of goods sold	$	3,397		Cost of goods sold	$	-
Interest rate contracts		25		Interest expense		(36	)	Interest expense		-
Totals	$	2,062			$	3,361			$	-
For the three months ended February 29, 2016:
Commodity contracts	$	707		Cost of goods sold	$	(7,775	)	Cost of goods sold	$	-
Interest rate contracts		(107	)	Interest expense		(130	)	Interest expense		-
Totals		600				(7,905	)			-

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, 2017 and February 29, 2016:

				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 nine months ended February 28, 2017:
Commodity contracts	$	9,963		Cost of goods sold	$	8,882		Interest expense	$	-
Interest rate contracts		149		Interest expense		(606	)	Cost of goods sold		-
Totals	$	10,112			$	8,276			$	-
For the nine months ended February 29, 2016:
Commodity contracts	$	(17,629	)	Cost of goods sold	$	(23,422	)	Interest expense	$	-
Interest rate contracts		(274	)	Interest expense		(415	)	Cost of goods sold		-
Foreign currency contracts		-		Miscellaneous income, net		(4	)	Miscellaneous income, net		-
Totals	$	(17,903	)		$	(23,841	)		$	-

Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments

The following table summarizes the gain recognized in earnings for economic (non-designated) derivative financial instruments during the three months ended February 28, 2017 and February 29, 2016:

			Gain (Loss) Recognized
			in Earnings for the
			Three Months Ended
(in thousands)	Location of Gain (Loss) Recognized in Earnings		February 28, 2017			February 29, 2016
Commodity contracts		Cost of goods sold	$	258		$	173
Foreign currency contracts		Miscellaneous income, net		(172	)		47
Total			$	86		$	220

The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments during the nine months ended February 28, 2017 and February 29, 2016:

			Gain (Loss) Recognized
			in Earnings for the
			Nine Months Ended
(in thousands)	Location of Gain (Loss) Recognized in Earnings		February 28, 2017			February 29, 2016
Commodity contracts		Cost of goods sold	$	5,169		$	(7,972	)
Foreign currency contracts		Miscellaneous income, net		(837	)		117
Total			$	4,332		$	(7,855	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at February 28, 2017:

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	40,570	March 2017 - December 2018
Interest rate contracts		16,183	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 28, 2017:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	22,971	March 2017 - December 2018
Foreign currency contracts		15,450	March 2017 - August 2017