Derivatives and Hedging (Tables)

6 Months Ended

Nov. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives Instruments for Gains or Losses Initially Recognized in AOCI in Consolidated Balance Sheet

The following table summarizes the location and effects of our derivatives instruments on the Consolidated Statements of Comprehensive Income and Consolidated Statements of Income for gains or losses initially recognized in AOCI in the Consolidated Balance Sheet:

	Pretax gain/(loss) recognized in AOCI						Pretax gain/(loss) reclassified from AOCI into income
	Three Months Ended						Three Months Ended
(In thousands) Derivatives in hedging relationships	November 30, 2021		November 30, 2020			Income statement location	November 30, 2021			November 30, 2020
Interest rate swap (cash flow)	$	868	$	(149	)	Interest (expense) income	$	(930	)	$	(846	)
Cross currency swap (cash flow)		4,157		51		Interest (expense) income		138			160
Cross currency swap (cash flow)		-		-		Foreign exchange gain (loss)		4,013			75
Cross currency swap (net investment)		11,440		(957	)	Gain or (loss) on sale of subsidiary		-			-
Total	$	16,465	$	(1,055	)		$	3,221		$	(611	)
	Pretax gain/(loss) recognized in AOCI						Pretax gain/(loss) reclassified from AOCI into income
(In thousands)	Six Months Ended						Six Months Ended
Derivatives in hedging relationships	November 30, 2021		November 30, 2020			Income Statement Location	November 30, 2021			November 30, 2020
Interest rate swap (cash flow)	$	832	$	(747	)	Interest (expense) income	$	(1,860	)	$	(1,613	)
Cross currency swap (cash flow)		7,604		(7,304	)	Interest (expense) income		276			351
Cross currency swap (cash flow)		-		-		Foreign exchange gain (loss)		7,420			(7,380	)
Cross currency swap (net investment)		21,743		(24,090	)	Gain or (loss) on sale of subsidiary		-			-
Total	$	30,179	$	(32,141	)		$	5,836		$	(8,642	)

Schedule of Fair Values of Qualifying and Non-Qualifying Instruments Used in Hedging Transactions

The fair values of qualifying and non-qualifying instruments used in hedging transactions as of November 30, 2021 and May 31, 2021 are as follows:

(In thousands)		Fair Value
Derivatives Designated as Hedging Instruments	Balance Sheet Location	November 30, 2021		May 31, 2021
Assets:
Cross Currency Swap (Net Investment)	Other Current Assets	$	5,916	$	6,233
Cross Currency Swap (Cash Flow)	Other Current Assets		767		516
Liabilities:
Interest Rate Swap (Cash Flow)	Other Accrued Liabilities	$	2,913	$	3,547
Cross Currency Swap (Net Investment)	Other Accrued Liabilities		839		1,321
Cross Currency Swap (Net Investment)	Other Long-Term Liabilities		17,343		39,228
Cross Currency Swap (Cash Flow)	Other Long-Term Liabilities		5,889		13,786
Interest Rate Swap (Cash Flow)	Other Long-Term Liabilities		410		2,467

(In thousands)		Fair Value
Derivatives Not Designated as Hedging Instruments	Balance Sheet Location	November 30, 2021		May 31, 2021
Assets:
Foreign Currency Exchange	Other Current Assets	$	94	$	212