Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Nov. 30, 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 November 30, 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	$	660	Accounts payable	$	6,207
	Other assets		-	Other liabilities		1,068
Total		$	660		$	7,275
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	8,555	Accounts payable	$	6,916
	Other assets		313	Other liabilities		545
			8,868			7,461
Foreign currency exchange contracts	Other assets		60	Accounts payable		390
Total			8,928			7,851
Total derivative instruments		$	9,588		$	15,126

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 November 30, 2021:

	Notional
(in thousands)	Amount			Maturity Date(s)
Commodity contracts	$	119,233		December 2021 - August 2023
Foreign currency exchange contracts		(7,189	)	December 2021 - July 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 (loss) 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 November 30, 2021:
Commodity contracts	$	(21,002	)	Cost of goods sold	$	47,706
Interest rate contracts		-		Interest expense		27
Foreign currency exchange contracts		60		Miscellaneous income, net		3
Total	$	(20,942	)		$	47,736
For the three months ended November 30, 2020:
Commodity contracts	$	16,381		Cost of goods sold	$	(2,690	)
Interest rate contracts		-		Interest expense		(470	)
Total	$	16,381			$	(3,160	)
For the six months ended November 30, 2021:
Commodity contracts	$	14,218		Cost of goods sold	$	83,165
Interest rate contracts		-		Interest expense		(13	)
Foreign currency exchange contracts		61		Miscellaneous income, net		3
Total	$	14,279			$	83,155
For the six months ended November 30, 2020:
Commodity contracts	$	16,765		Cost of goods sold	$	(5,331	)
Interest rate contracts	-			Interest expense		(697	)
Total	$	16,765			$	(6,028	)

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 November 30,
(in thousands)	Recognized in Earnings	2021			2020
Commodity contracts	Cost of goods sold	$	(10,135	)	$	8,905
Foreign currency exchange contracts	Miscellaneous income, net		(588	)		1
Total		$	(10,723	)	$	8,906

		Gain (Loss) Recognized
		in Earnings for the
	Location of Gain (Loss)	Six Months Ended November 30,
(in thousands)	Recognized in Earnings	2021			2020
Commodity contracts	Cost of goods sold	$	(19,392	)	$	12,198
Foreign currency exchange contracts	Miscellaneous income, net		(249	)		(73	)
Total		$	(19,641	)	$	12,125

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at November 30, 2021:

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	221,292	December 2021 - December 2022
Foreign currency exchange contracts		6,082	December 2021 - March 2023