Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

May 31, 2018

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 May 31, 2018:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging
instruments:
Commodity contracts	Receivables	$	6,385	Accounts payable	$	-
	Other assets		68	Other liabilities		-
Totals		$	6,453		$	-
Derivatives not designated as hedging
instruments:
Commodity contracts	Receivables	$	4,749	Accounts payable	$	613
	Other assets		221	Other liabilities		158
			4,970			771
Foreign exchange contracts	Receivables		-	Accounts payable		75
Totals		$	4,970		$	846
Total derivative instruments		$	11,423		$	846

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
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	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 recognized in OCI and the gain (loss) reclassified from AOCI into earnings for derivative instruments designated as cash flow hedges during fiscal 2018 and fiscal 2017:

							Location of
			Location of				Gain	Gain
			Gain (Loss)	Gain (Loss)			(Ineffective	(Ineffective
	Gain		Reclassified	Reclassified			Portion)	Portion)
	Recognized		from	from			Excluded	Excluded
	in OCI		AOCI	AOCI			from	from
	(Effective		(Effective	(Effective			Effectiveness	Effectiveness
(in thousands)	Portion)		Portion)	Portion)			Testing	Testing
For the fiscal year ended
May 31, 2018:
Interest rate contracts	$	3,363	Interest expense	$	(407	)	Interest expense	$	-
Commodity contracts		11,620	Cost of goods sold		14,034		Cost of goods sold		-
Totals	$	14,983		$	13,627			$	-
For the fiscal year ended
May 31, 2017:
Interest rate contracts	$	26	Interest expense	$	(211	)	Interest expense	$	-
Commodity contracts		7,643	Cost of goods sold		12,402		Cost of goods sold		-
Totals	$	7,669		$	12,191			$	-

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 fiscal 2018 and fiscal 2017:

		Gain (Loss)
		Recognized in Earnings
		Fiscal Year Ended
	Location of Gain (Loss)	May 31,
(in thousands)	Recognized in Earnings	2018			2017
Commodity contracts	Cost of goods sold	$	6,284		$	3,749
Foreign exchange contracts	Miscellaneous income, net		(264	)		(553	)
Total		$	6,020		$	3,196

Derivatives Not Designated As Hedging Instruments

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative instruments outstanding at May 31, 2018:

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	31,814	June 2018 - December 2019
Foreign exchange contracts		10,448	June 2018 - August 2018

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at May 31, 2018:

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	15,276	June 2018 - June 2019