Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Feb. 29, 2020

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 29, 2020:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	-	Accounts payable	$	3,230
	Other assets		-	Other liabilities		597
Totals		$	-		$	3,827
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	881	Accounts payable	$	3,596
	Other assets		-	Other liabilities		243
			881			3,839
Foreign currency exchange contracts	Receivables		-	Accounts payable		7
Totals		$	881		$	3,846
Total derivative instruments		$	881		$	7,673

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, 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	$	5	Accounts payable	$	8,383
	Other assets		-	Other liabilities		201
Totals		$	5		$	8,584
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	2,347	Accounts payable	$	3,568
	Other assets		62	Other liabilities		66
			2,409			3,634
Foreign currency exchange contracts	Receivables		-	Accounts payable		20
Totals		$	2,409		$	3,654
Total derivative instruments		$	2,414		$	12,238

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 net earnings for derivative instruments designated as cash flow hedges for the periods presented:

	Gain (Loss)			Location of Gain (Loss)	Gain (Loss) Reclassified
(in thousands)	Recognized in OCI			Reclassified from AOCI into Net Earnings	from AOCI into Net Earnings
For the three months ended February 29, 2020:
Commodity contracts	$	(394	)	Cost of goods sold	$	(3,464	)
Interest rate contracts		-		Interest expense		271
Foreign currency exchange contracts		-		Miscellaneous income, net		-
Totals	$	(394	)		$	(3,193	)
For the three months ended February 28, 2019:
Commodity contracts	$	35		Cost of goods sold	$	931
Interest rate contracts		-		Interest expense		(41	)
Foreign currency exchange contracts		-		Miscellaneous income, net		(11	)
Totals	$	35			$	879
For the nine months ended February 29, 2020:
Commodity contracts	$	(6,043	)	Cost of goods sold	$	(9,984	)
Interest rate contracts		(326	)	Interest expense		144
Foreign currency exchange contracts		-		Miscellaneous income, net		(19	)
Totals	$	(6,369	)		$	(9,859	)
For the nine months ended February 28, 2019:
Commodity contracts	$	(4,495	)	Cost of goods sold	$	5,039
Interest rate contracts		-		Interest expense		(122	)
Foreign currency exchange contracts		-		Miscellaneous income, net		25
Totals	$	(4,495	)		$	4,942

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

The following tables summarize the gain (loss) recognized in net earnings for economic (non-designated) derivative financial instruments for the periods presented:

		Gain (Loss) Recognized
		In Net Earnings for the
	Location of Gain (Loss)	Three Months Ended
(in thousands)	Recognized in Net Earnings	February 29, 2020			February 28, 2019
Commodity contracts	Cost of goods sold	$	(2,223	)	$	73
Foreign currency exchange contracts	Miscellaneous income, net		66			(455	)
Total		$	(2,157	)	$	(382	)

		Loss Recognized
		in Net Earnings for the
	Location of Loss	Nine Months Ended
(in thousands)	Recognized in Net Earnings	February 29, 2020			February 28, 2019
Commodity contracts	Cost of goods sold	$	(6,139	)	$	(2,861	)
Foreign currency exchange contracts	Miscellaneous income, net		(23	)		(3,144	)
Total		$	(6,162	)	$	(6,005	)

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 29, 2020:

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	35,581	March 2020 - September 2021
Foreign currency exchange contracts		5,642	March 2020

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at February 29, 2020:

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	44,506	March 2020 - December 2021