Derivatives and Hedging (Tables)

9 Months Ended

Feb. 28, 2022

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	February 28, 2022		February 28, 2021			Income statement location	February 28, 2022			February 28, 2021
Interest rate swap (cash flow)	$	1,723	$	27		Interest (expense) income	$	(884	)	$	(862	)
Cross currency swap (cash flow)		1,263		(907	)	Interest (expense) income		149			147
Cross currency swap (cash flow)		-		-		Foreign exchange gain (loss)		1,061			(1,243	)
Cross currency swap (net investment)		820		(4,036	)	Gain or (loss) on sale of subsidiary		-			-
Total	$	3,806	$	(4,916	)		$	326		$	(1,958	)
	Pretax gain/(loss) recognized in AOCI						Pretax gain/(loss) reclassified from AOCI into income
(In thousands)	Nine Months Ended						Nine Months Ended
Derivatives in hedging relationships	February 28, 2022		February 28, 2021			Income Statement Location	February 28, 2022			February 28, 2021
Interest rate swap (cash flow)	$	2,554	$	(720	)	Interest (expense) income	$	(2,744	)	$	(2,475	)
Cross currency swap (cash flow)		8,867		(8,211	)	Interest (expense) income		425			498
Cross currency swap (cash flow)		-		-		Foreign exchange gain (loss)		8,481			(8,623	)
Cross currency swap (net investment)		22,563		(28,126	)	Gain or (loss) on sale of subsidiary		-			-
Total	$	33,984	$	(37,057	)		$	6,162		$	(10,600	)

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 February 28, 2022 and May 31, 2021 are as follows:

(In thousands)		Fair Value
Derivatives Designated as Hedging Instruments	Balance Sheet Location	February 28, 2022		May 31, 2021
Assets:
Cross Currency Swap (Net Investment)	Other Current Assets	$	2,139	$	6,233
Cross Currency Swap (Cash Flow)	Other Current Assets		-		516
Liabilities:
Interest Rate Swap (Cash Flow)	Other Accrued Liabilities	$	716	$	3,547
Cross Currency Swap (Cash Flow)	Other Accrued Liabilities		3,966		-
Cross Currency Swap (Net Investment)	Other Accrued Liabilities		13,603		1,321
Cross Currency Swap (Net Investment)	Other Long-Term Liabilities		-		39,228
Cross Currency Swap (Cash Flow)	Other Long-Term Liabilities		-		13,786
Interest Rate Swap (Cash Flow)	Other Long-Term Liabilities		-		2,467

(In thousands)		Fair Value
Derivatives Not Designated as Hedging Instruments	Balance Sheet Location	February 28, 2022		May 31, 2021
Assets:
Foreign Currency Exchange	Other Current Assets	$	-	$	212
Liabilities:
Foreign Currency Exchange	Other Accrued Liabilities	$	64	$	-