Derivatives and Hedging (Tables)

9 Months Ended

Feb. 28, 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
(In thousands)	Three Months Ended							Three Months Ended
Derivatives in hedging relationships	February 28, 2021			February 29, 2020			Income statement location	February 28, 2021			February 29, 2020
Interest rate swap (cash flow)	$	27		$	(3,077	)	Interest (expense) income	$	(862	)	$	22
Cross currency swap (cash flow)		(907	)		(2,355	)	Interest income		147			47
Cross currency swap (cash flow)		-			-		Foreign exchange (loss)		(1,243	)		(1,986	)
Cross currency swap (net investment)		(4,036	)		(3,314	)	Gain or (loss) on sale of subsidiary		-			-
Total	$	(4,916	)	$	(8,746	)		$	(1,958	)	$	(1,917	)
	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, 2021			February 29, 2020			Income Statement Location	February 28, 2021			February 29, 2020
Interest rate swap (cash flow)	$	(720	)	$	(3,077	)	Interest (expense) income	$	(2,475	)	$	22
Cross currency swap (cash flow)		(8,211	)		(2,355	)	Interest income		498			47
Cross currency swap (cash flow)		-			-		Foreign exchange (loss)		(8,623	)		(1,986	)
Cross currency swap (net investment)		(28,126	)		(1,845	)	Gain or (loss) on sale of subsidiary		-			-
Total	$	(37,057	)	$	(7,277	)		$	(10,600	)	$	(1,917	)

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, 2021 and May 31, 2020 are as follows:

(In thousands)		Fair Value
Derivatives Designated as Hedging Instruments	Balance Sheet Location	February 28, 2021		May 31, 2020
Assets:
Cross Currency Swap (Net Investment)	Other Current Assets	$	5,846	$	5,352
Cross Currency Swap (Cash Flow)	Other Current Assets		587		750
Cross Currency Swap (Net Investment)	Other Assets (Long-Term)		-		12,409
Liabilities:
Interest Rate Swap (Cash Flow)	Other Accrued Liabilities	$	3,383	$	2,981
Cross Currency Swap (Net Investment)	Other Accrued Liabilities		887		294
Cross Currency Swap (Net Investment)	Other Long-Term Liabilities		35,003		18,204
Cross Currency Swap (Cash Flow)	Other Long-Term Liabilities		12,563		3,608
Interest Rate Swap (Cash Flow)	Other Long-Term Liabilities		3,030		5,187

(In thousands)		Fair Value
Derivatives Not Designated as Hedging Instruments	Balance Sheet Location	February 28, 2021		May 31, 2020
Liabilities:
Foreign Currency Exchange	Other Accrued Liabilities	$	32	$	53