Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Nov. 30, 2017

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 November 30, 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	$	3,721		Accounts payable	$	-
		Other assets		649		Other liabilities		-
				4,370				-
Interest rate contracts		Receivables		-		Accounts payable		240
		Other assets		-		Other liabilities		25
				-				265
Totals			$	4,370			$	265
Derivatives not designated as hedging instruments:
Commodity contracts		Receivables	$	1,692		Accounts payable	$	320
		Other assets		18		Other liabilities		-
				1,710				320
Foreign exchange contracts		Receivables		-		Accounts payable		46
Totals			$	1,710			$	366
Total derivative instruments			$	6,080			$	631

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, 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	$	7,148		Accounts payable	$	111
		Other assets		6		Other liabilities		159
				7,154				270
Interest rate contracts		Receivables		-		Accounts payable		141
		Other assets		-		Other liabilities		160
				-				301
Totals			$	7,154			$	571
Derivatives not designated as hedging instruments:
Commodity contracts		Receivables	$	1,110		Accounts payable	$	570
		Other assets		-		Other liabilities		1
				1,110				571
Foreign exchange contracts		Receivables		62		Accounts payable		-
Totals			$	1,172			$	571
Total derivative instruments			$	8,326			$	1,142

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 AOCI into earnings for derivative instruments designated as cash flow hedges during the three months ended November 30, 2017 and 2016:

			Location of				Location of
			Gain (Loss)	Gain (Loss)			Gain	Gain
			Reclassified	Reclassified			(Ineffective	(Ineffective
	Gain		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, 2017:
Commodity contracts	$	2,080	Cost of goods sold	$	5,637		Cost of goods sold	$	-
Interest rate contracts		34	Interest expense		(28	)	Interest expense		-
Totals	$	2,114		$	5,609			$	-
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			$	-

The following table summarizes the gain recognized in OCI and the gain reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the six months ended November 30, 2017 and 2016:

			Location of				Location of
			Gain (Loss)	Gain (Loss)			Gain	Gain
			Reclassified	Reclassified			(Ineffective	(Ineffective
	Gain		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, 2017:
Commodity contracts	$	5,814	Cost of goods sold	$	9,805		Cost of goods sold	$	-
Interest rate contracts		3,098	Interest expense		(391	)	Interest expense		-
Totals	$	8,912		$	9,414			$	-
For the six months ended November 30, 2016:
Commodity contracts	$	7,926	Cost of goods sold	$	5,485		Cost of goods sold	$	-
Interest rate contracts		124	Interest expense		(570	)	Interest expense		-
Totals	$	8,050		$	4,915			$	-

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, 2017 and 2016:

			Gain (Loss) Recognized
			In Earnings for the
			Three Months Ended
	Location of Gain (Loss)		November 30,
(in thousands)	Recognized in Earnings		2017			2016
Commodity contracts		Cost of goods sold	$	(86	)	$	2,003
Foreign exchange contracts		Miscellaneous income, net		19			(599	)
Total			$	(67	)	$	1,404
The following table summarizes the gain recognized in earnings for economic (non-designated) derivative financial instruments during the six months ended November 30, 2017 and 2016:
			Gain (Loss) Recognized
			in Earnings for the
			Six Months Ended
	Location of Gain (Loss)		November 30,
(in thousands)	Recognized in Earnings		2017			2016
Commodity contracts		Cost of goods sold	$	2,248		$	4,911
Foreign exchange contracts		Miscellaneous income, net		(189	)		(665	)
Total			$	2,059		$	4,246

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at November 30, 2017:

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	22,011	December 2017 - June 2019
Interest rate contracts		18,212	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, 2017:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	25,427	December 2017 - May 2019
Foreign exchange contracts		5,469	December 2017 - June 2018