Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Feb. 28, 2019

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of our derivative instruments and the respective lines in which they were recorded in the consolidated balance sheet at February 28, 2019:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	57	Accounts payable	$	1,679
	Other assets		6	Other liabilities		-
Totals		$	63		$	1,679
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	789	Accounts payable	$	933
	Other assets		74	Other liabilities		-
			863			933
Foreign currency exchange contracts	Receivables		-	Accounts payable		15
Totals		$	863		$	948
Total derivative instruments		$	926		$	2,627

The following table summarizes the fair value of our derivative instruments and the respective lines 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 currency exchange contracts	Receivables		-	Accounts payable		75
Totals		$	4,970		$	846
Total derivative instruments		$	11,423		$	846

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 for the periods presented:

								Location of
				Location of				Gain	Gain
				Gain (Loss)	Gain (Loss)			(Ineffective	(Ineffective
	Gain (Loss)			Reclassified	Reclassified			Portion)	Portion)
	Recognized			from	from			and Excluded	and Excluded
	in OCI			AOCI	AOCI			from	from
	(Effective			(Effective	(Effective			Effectiveness	Effectiveness
(in thousands)	Portion)			Portion)	Portion)			Testing	Testing
For the three months
ended February 28, 2019:
Commodity contracts	$	35		Cost of goods sold	$	931		Cost of goods sold	$	-
Interest rate contracts		-		Interest expense		(41	)	Interest expense		-
Foreign currency exchange contracts		-		Miscellaneous income, net		(11	)	Miscellaneous income, net		-
Totals	$	35			$	879			$	-
For the three months
ended February 28, 2018:
Commodity contracts	$	2,429		Cost of goods sold	$	3,195		Cost of goods sold	$	-
Interest rate contracts		21		Interest expense		(34	)	Interest expense		-
Totals	$	2,450			$	3,161			$	-
For the nine months
ended February 28, 2019:
Commodity contracts	$	(4,495	)	Cost of goods sold	$	5,039		Cost of goods sold	$	-
Interest rate contracts		-		Interest expense		(122	)	Interest expense		-
Foreign currency exchange contracts		-		Miscellaneous income, net		25		Miscellaneous income, net		-
Totals	$	(4,495	)		$	4,942			$	-
For the nine months
ended February 28, 2018:
Commodity contracts	$	8,243		Cost of goods sold	$	13,000		Cost of goods sold	$	-
Interest rate contracts		3,119		Interest expense		(425	)	Interest expense		-
Totals	$	11,362			$	12,575			$	-

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 for the periods presented:

		Gain (Loss) Recognized
		In Earnings for the
	Location of Gain (Loss)	Three Months Ended February 28,
(in thousands)	Recognized in Earnings	2019			2018
Commodity contracts	Cost of goods sold	$	73		$	1,787
Foreign currency exchange contracts	Miscellaneous income, net		(455	)		32
Total		$	(382	)	$	1,819

		Gain (Loss) Recognized
		in Earnings for the
	Location of Gain (Loss)	Nine Months Ended February 28,
(in thousands)	Recognized in Earnings	2019			2018
Commodity contracts	Cost of goods sold	$	(2,861	)	$	4,035
Foreign currency exchange contracts	Miscellaneous income, net		(3,144	)		(157	)
Total		$	(6,005	)	$	3,878

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, 2019:

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	14,567	March 2019 - June 2020
Foreign currency exchange contracts		6,255	March 2019 - May 2019

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at February 28, 2019:

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	22,760	March 2019 - June 2020