Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Aug. 31, 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 August 31, 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	$	378	Accounts payable	$	1,873
	Other assets		343	Other liabilities		9
Totals		$	721		$	1,882
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	1,761	Accounts payable	$	1,031
	Other assets		47	Other liabilities		53
			1,808			1,084
Foreign currency exchange contracts	Receivables		2	Accounts payable		-
Totals		$	1,810		$	1,084
Total derivative instruments		$	2,531		$	2,966

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, 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	$	4,294
	Other assets		79	Other liabilities		479
Totals		$	79		$	4,773
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	-	Accounts payable	$	3,826
	Other assets		96	Other liabilities		178
			96			4,004
Foreign currency exchange contracts	Receivables		6	Accounts payable		-
Totals		$	102		$	4,004
Total derivative instruments		$	181		$	8,777

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative instruments outstanding at August 31, 2020:

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	21,371	September 2020 - December 2021
Foreign currency exchange contracts		4,282	September 2020 - July 2021

Schedule of Derivatives Designated as Cash Flow Hedging Instruments

The following table summarizes the loss recognized in OCI and the gain (loss) reclassified from AOCI into net earnings (loss) 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 August 31, 2020:
Commodity contracts	$	385		Cost of goods sold	$	(2,641	)
Interest rate contracts		-		Interest expense		(227	)
Totals	$	385			$	(2,868	)
For the three months ended August 31, 2019:
Commodity contracts	$	(5,659	)	Cost of goods sold	$	(2,292	)
Interest rate contracts		-		Interest expense		(120	)
Foreign currency contracts		-		Miscellaneous income, net		78
Totals	$	(5,659	)		$	(2,334	)

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

The following table summarizes the loss recognized in earnings (loss) for economic (non-designated) derivative financial instruments for the periods presented:

		Gain (Loss) Recognized
		In Earnings (Loss) for the
	Location of Gain (Loss)	Three Months Ended August 31,
(in thousands)	Recognized in Earnings (Loss)	2020			2019
Commodity contracts	Cost of goods sold	$	3,293		$	(2,243	)
Foreign currency exchange contracts	Miscellaneous income, net		(74	)		(104	)
Total		$	3,219		$	(2,347	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at August 31, 2020:

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	50,446	September 2020 - December 2021