Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Nov. 30, 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 November 30, 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	$	13,991	Accounts payable	$	-
	Other assets		156	Other liabilities		-
Totals		$	14,147		$	-
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	9,708	Accounts payable	$	1,803
	Other assets		201	Other liabilities		86
			9,909			1,889
Foreign currency exchange contracts	Receivables		-	Accounts payable		13
Long term foreign currency exchange contracts	Other assets		-	Other liabilities		49
Totals			-			62
Total derivative instruments		$	24,056		$	1,951

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 November 30, 2020:

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	51,909	December 2020 - April 2022
Foreign currency exchange contracts		9,068	December 2020 - July 2021

Schedule of Derivatives Designated as Cash Flow Hedging Instruments

The following table summarizes the gain (loss) recognized in OCI and the loss reclassified from AOCI into net earnings (loss) for derivative instruments designated as cash flow hedges for the periods presented:

	Gain (Loss)			Location of Loss	Loss Reclassified
(in thousands)	Recognized in OCI			Reclassified from AOCI into net Earnings	from AOCI into net Earnings
For the three months ended November 30, 2020:
Commodity contracts	$	16,381		Cost of goods sold	$	(2,690	)
Interest rate contracts		-		Interest expense		(470	)
Totals	$	16,381			$	(3,160	)
For the three months ended November 30, 2019:
Commodity contracts	$	10		Cost of goods sold	$	(4,228	)
Interest rate contracts		(326	)	Interest expense		(7	)
Foreign currency contracts		-		Miscellaneous income, net		(97	)
Totals	$	(316	)		$	(4,332	)
For the six months
ended November 30, 2020:
Commodity contracts	$	16,765		Cost of goods sold	$	(5,331	)
Interest rate contracts		-		Interest expense		(697	)
Totals	$	16,765			$	(6,028	)
For the six months
ended November 30, 2019:
Commodity contracts	$	(5,649	)	Cost of goods sold	$	(6,520	)
Interest rate contracts		(326	)	Interest expense		(127	)
Foreign currency contracts		-		Miscellaneous income, net		(19	)
Totals	$	(5,975	)		$	(6,666	)

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 November 30,
(in thousands)	Recognized in Earnings (Loss)	2020		2019
Commodity contracts	Cost of goods sold	$	8,905	$	(1,673	)
Foreign currency exchange contracts	Miscellaneous income, net		1		15
Total		$	8,906	$	(1,658	)

		Gain (Loss) Recognized
		in Earnings for the
	Location of Gain (Loss)	Six Months Ended November 30,
(in thousands)	Recognized in Earnings	2020			2019
Commodity contracts	Cost of goods sold	$	12,198		$	(3,916	)
Foreign currency exchange contracts	Miscellaneous income, net		(73	)		(89	)
Total		$	12,125		$	(4,005	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at November 30, 2020:

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	73,689	December 2020 - March 2022