Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Nov. 30, 2023

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of our derivative financial instruments and the respective lines in which they were recorded in the combined balance sheet at November 30, 2023:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(In millions)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	11.4	Accounts payable	$	2.8
	Other assets		-	Other liabilities		-
Total		$	11.4		$	2.8
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	1.9	Accounts payable	$	1.7
	Other assets		-	Other liabilities		-
Total		$	1.9		$	1.7
Total derivative financial instruments		$	13.3		$	4.5

The following table summarizes the fair value of our derivative financial instruments and the respective lines in which they were recorded in the combined balance sheet at May 31, 2023:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(In millions)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	-	Accounts payable	$	2.7
	Other assets		0.1	Other liabilities		0.1
Total		$	0.1		$	2.8
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	2.2	Accounts payable	$	7.0
	Other assets		-	Other liabilities		-
Total		$	2.2		$	7.0
Total derivative financial instruments		$	2.3		$	9.8

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative financial instruments outstanding at November 30, 2023:

	Notional
(In millions)	Amount		Maturity Date(s)
Commodity contracts	$	13.2	December 2023 - December 2024

The following table summarizes our economic (non-designated) derivative financial instruments outstanding at May 31, 2023:

	Notional
(In millions)	Amount		Maturity Date(s)
Commodity contracts	$	2.4	June 2023 - December 2024

The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments for the periods presented:

		Gain Recognized
		In Earnings for the
	Location of Gain	Three Months Ended November 30,
(In millions)	Recognized in Earnings	2023		2022
Commodity contracts	Cost of goods sold	$	0.3	$	0.2
Total		$	0.3	$	0.2

		Gain (Loss) Recognized
		in Earnings for the
	Location of Gain (Loss)	Six Months Ended November 30,
(In millions)	Recognized in Earnings	2023		2022
Commodity contracts	Cost of goods sold	$	0.8	$	(3.8	)
Total		$	0.8	$	(3.8	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at November 30, 2023:

	Notional
(In millions)	Amount		Maturity Date
Commodity contracts	$	45.4	December 2023 - October 2024

The following table summarizes our cash flow hedges outstanding at May 31, 2023:

	Notional
(In millions)	Amount		Maturity Date
Commodity contracts	$	53.0	June 2023 - September 2024

The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from AOCI into net earnings for derivative financial instruments designated as cash flow hedges for the periods presented:

(In millions)	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, 2023:
Commodity contracts	$	13.0		Cost of goods sold	$	(0.8	)
Total	$	13.0			$	(0.8	)
For the three months ended November 30, 2022:
Commodity contracts	$	(9.9	)	Cost of goods sold	$	(8.7	)
Total	$	(9.9	)		$	(8.7	)
For the six months ended November 30, 2023:
Commodity contracts	$	11.4		Cost of goods sold	$	7.2
Total	$	11.4			$	7.2
For the six months ended November 30, 2022:
Commodity contracts	$	(21.2	)	Cost of goods sold	$	(7.1	)
Total	$	(21.2	)		$	(7.1	)