Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

May 31, 2021

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of our derivative financial instruments and the respective line in which they were recorded in the consolidated balance sheet at May 31, 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	$	53,125	Accounts payable	$	-
	Other assets		23	Other liabilities		111
Totals		$	53,148		$	111
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	24,621	Accounts payable	$	14,554
	Other assets		379	Other liabilities		-
			25,000			14,554
Foreign currency exchange contracts	Receivables		-	Accounts payable		532
Totals		$	25,000		$	15,086
Total derivative financial instruments		$	78,148		$	15,197

The following table summarizes the fair value of our derivative financial instruments and the respective line 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 financial instruments		$	181		$	8,777

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative financial instruments outstanding at May 31, 2021:

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	95,933	June 2021 - March 2022
Foreign currency exchange contracts		6,119	June 2021 - February 2023

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 financial instruments designated as cash flow hedges during fiscal 2021 and fiscal 2020:

				Location of	Gain (Loss)
	Gain (Loss)			Gain (Loss)	Reclassified
	Recognized			Reclassified from AOCI	from AOCI
(in thousands)	in OCI			into Net Earnings	into Net Earnings
For the fiscal year ended May 31, 2021:
Interest rate contracts	$	-		Interest expense	$	(1,711	)
Commodity contracts		93,417		Cost of goods sold		11,692
Totals	$	93,417			$	9,981
For the fiscal year ended May 31, 2020:
Interest rate contracts	$	(326	)	Interest expense	$	391
Commodity contracts		(9,171	)	Cost of goods sold		(12,208	)
Foreign currency exchange contracts		-		Miscellaneous income, net		(19	)
Totals	$	(9,497	)		$	(11,836	)

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 during fiscal 2021 and fiscal 2020:

		Gain (Loss)
		Recognized in Earnings
		Fiscal Year Ended
	Location of Gain (Loss)	May 31,
(in thousands)	Recognized in Earnings	2021			2020
Commodity contracts	Cost of goods sold	$	47,546		$	(8,555	)
Foreign currency exchange contracts	Miscellaneous income, net		(765	)		(9	)
Total		$	46,781		$	(8,564	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at May 31, 2021:

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	181,488	June 2021 - December 2022