Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Aug. 31, 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 August 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	$	44,947	Accounts payable	$	-
	Other assets		73	Other liabilities		-
Total		$	45,020		$	-
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	35,379	Accounts payable	$	8,797
	Other assets		93	Other liabilities		473
			35,472			9,270
Foreign currency exchange contracts	Receivables		-	Accounts payable		225
Total			35,472			9,495
Total derivative instruments		$	80,492		$	9,495

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, 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
Total		$	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
Total		$	25,000		$	15,086
Total derivative instruments		$	78,148		$	15,197

Schedule of Summary of Derivative Hedges

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

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	182,877	September 2021 - March 2023
Foreign currency exchange contracts		3,955	September 2021 - March 2022

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:

(in thousands)	Gain (Loss) Recognized in OCI		Location of Gain (Loss) Reclassified from AOCI into Net Earnings	Gain (Loss) Reclassified from AOCI into Net Earnings
For the three months ended August 31, 2021:
Commodity contracts	$	35,220	Cost of goods sold	$	35,459
Interest rate contracts		-	Interest expense		(40	)
Total	$	35,220		$	35,419
For the three months ended August 31, 2020:
Commodity contracts	$	385	Cost of goods sold	$	(2,641	)
Interest rate contracts		-	Interest expense		(227	)
Total	$	385		$	(2,868	)

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 for the periods presented:

		Gain (Loss) Recognized
		In Earnings for the
	Location of Gain (Loss)	Three Months Ended August 31,
(in thousands)	Recognized in Earnings	2021		2020
Commodity contracts	Cost of goods sold	$	29,527	$	3,293
Foreign currency exchange contracts	Miscellaneous income, net		339		(74	)
Total		$	29,866	$	3,219

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

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

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	208,495	September 2021 - December 2022