Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Nov. 30, 2024

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of the derivative financial instruments and the respective lines in which they were recorded in the consolidated balance sheet at November 30, 2024:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(In millions)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	0.1	Accounts payable	$	2.6
Commodity contracts	Other assets		-	Other liabilities		0.2
Subtotal			0.1			2.8
Foreign currency exchange contracts	Receivables		-	Accounts payable		0.1
Total		$	0.1		$	2.9
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	0.8	Accounts payable	$	1.1
Commodity contracts	Other assets		0.1	Other liabilities		-
Subtotal			0.9			1.1
Foreign currency exchange contracts	Receivables		-	Accounts payable		-
Total		$	0.9		$	1.1
Total derivative financial instruments		$	1.0		$	4.0

The following table summarizes the fair value of the derivative financial instruments and the respective lines in which they were recorded in the consolidated balance sheet at May 31, 2024:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(In millions)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	0.2	Accounts payable	$	1.9
Commodity contracts	Other assets		-	Other liabilities		-
Total		$	0.2		$	1.9
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	3.4	Accounts payable	$	2.5
Commodity contracts	Other assets		-	Other liabilities		-
Total		$	3.4		$	2.5
Total derivative financial instruments		$	3.6		$	4.4

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 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, 2024:
Commodity contracts	$	(2.7	)	Cost of goods sold	$	(2.6	)
Foreign currency exchange contracts		(0.1	)	Cost of goods sold		(0.1	)
Total	$	(2.8	)		$	(2.7	)
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 six months ended November 30, 2024:
Commodity contracts	$	(5.1	)	Cost of goods sold	$	(5.2	)
Foreign currency exchange contracts		(0.2	)	Cost of goods sold		(0.1	)
Total	$	(5.3	)		$	(5.3	)
For the six months ended November 30, 2023:
Commodity contracts	$	11.4		Cost of goods sold	$	7.2
Total	$	11.4			$	7.2

Schedule of 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
		Three Months Ended
	Location of Gain (Loss)	November 30,			November 30,
(In millions)	Recognized in Earnings	2024			2023
Commodity contracts	Cost of goods sold	$	(0.3	)	$	0.3
Total		$	(0.3	)	$	0.3

		Gain (Loss) Recognized
		in Earnings for the
		Six Months Ended
	Location of Gain (Loss)	November 30,			November 30,
(In millions)	Recognized in Earnings	2024			2023
Commodity contracts	Cost of goods sold	$	(3.1	)	$	0.8
Total		$	(3.1	)	$	0.8

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes the Company’s cash flow hedges outstanding at November 30, 2024:

	Notional
(In millions)	Amount			Maturity Date
Commodity contracts	$	(9.4	)	December 2024 – December 2025
Foreign currency exchange contracts	$	6.3		December 2024 – April 2025

The following table summarizes the Company’s cash flow hedges outstanding at May 31, 2024:

	Notional
(In millions)	Amount		Maturity Date
Commodity contracts	$	24.5	June 2024 – September 2025

The following table summarizes the Company’s economic (non-designated) derivative financial instruments outstanding at November 30, 2024:

	Notional
(In millions)	Amount		Maturity Date(s)
Commodity contracts	$	11.7	December 2024 – January 2026

The following table summarizes the Company’s economic (non-designated) derivative financial instruments outstanding at May 31, 2024:

	Notional
(In millions)	Amount		Maturity Date(s)
Commodity contracts	$	22.4	June 2024 – March 2025