Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Feb. 28, 2021

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, 2021:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	42,578	Accounts payable	$	-
	Other assets		24	Other liabilities		1
Total		$	42,602		$	1
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	17,426	Accounts payable	$	9,567
	Other assets		8	Other liabilities		11
			17,434			9,578
Foreign currency exchange contracts	Receivables		-	Accounts payable		100
Long-term foreign currency exchange contracts	Other assets		-	Other liabilities		126
Total			-			226
Total derivative instruments		$	60,036		$	9,805

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
Total		$	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		-
Total		$	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 February 28, 2021:

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	75,211	March 2021 - September 2022
Foreign currency exchange contracts		5,121	March 2021 - March 2022

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 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 28, 2021:
Commodity contracts	$	37,380		Cost of goods sold	$	2,217
Interest rate contracts		-		Interest expense		(635	)
Total	$	37,380			$	1,582
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 contracts		-		Miscellaneous income, net		-
Total	$	(394	)		$	(3,193	)
For the nine months ended February 28, 2021:
Commodity contracts	$	54,143		Cost of goods sold	$	(3,113	)
Interest rate contracts		-		Interest expense		(1,332	)
Total	$	54,143			$	(4,445	)
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 contracts		-		Miscellaneous income, net		(19	)
Total	$	(6,369	)		$	(9,859	)

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

The following table summarizes the 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	2021			2020
Commodity contracts	Cost of goods sold	$	16,285		$	(2,223	)
Foreign currency exchange contracts	Miscellaneous income, net		(306	)		66
Total		$	15,979		$	(2,157	)

		Gain (Loss) Recognized
		in Earnings for the
	Location of Gain (Loss)	Nine Months Ended February 28,
(in thousands)	Recognized in Earnings	2021			2020
Commodity contracts	Cost of goods sold	$	28,483		$	(6,139	)
Foreign currency exchange contracts	Miscellaneous income, net		(379	)		(23	)
Total		$	28,104		$	(6,162	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at February 28, 2021:

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	141,891	March 2021 - April 2022