Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Nov. 30, 2025

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 the dates presented:

	Fair Value of Assets					Fair Value of Liabilities
	Balance					Balance
	Sheet	November 30,		May 31,		Sheet	November 30,		May 31,
(In millions)	Location	2025		2025		Location	2025		2025
Derivatives designated as hedging instruments:
Cash Flow Hedges
Commodity contracts	Receivables	$	0.5	$	0.2	Accounts payable	$	0.1	$	1.2
Commodity contracts	Other assets		-		-	Other liabilities		-		-
Subtotal			0.5		0.2			0.1		1.2
Foreign currency exchange contracts	Receivables		0.4		0.3	Accounts payable		-		-
Foreign currency exchange contracts	Other assets		-		-	Other liabilities		-		-
Subtotal			0.4		0.3			-		-
Interest rate contracts	Receivables		-		-	Accounts payable		-		-
Interest rate contracts	Other assets		0.2		-	Other liabilities		-		-
Subtotal			0.2		-			-		-
Net Investment Hedges
Cross-currency swap	Receivables		-		-	Accounts payable		-		-
Cross-currency swap	Other assets		-		-	Other liabilities		0.7		-
Subtotal			-		-			0.7		-
Total		$	1.1	$	0.5		$	0.8	$	1.2
Derivatives not designated as hedging instruments:
Cash Flow Hedges
Commodity contracts	Receivables	$	2.1	$	1.5	Accounts payable	$	0.5	$	2.5
Commodity contracts	Other assets		0.2		-	Other liabilities		-		-
Subtotal			2.3		1.5			0.5		2.5
Foreign currency exchange contracts	Receivables		-		3.6	Accounts payable		-		-
Foreign currency exchange contracts	Other assets		-		-	Other liabilities		-		-
Subtotal			-		3.6			-		-
Interest rate contracts	Receivables		-		-	Accounts payable		-		-
Interest rate contracts	Other assets		-		-	Other liabilities		-		-
Subtotal			-		-			-		-
Total		$	2.3	$	5.1		$	0.5	$	2.5
Total derivative financial instruments		$	3.4	$	5.6		$	1.3	$	3.7

Schedule of Summary of Derivative Hedges

The following table summarizes the Company’s economic (non-designated) derivative financial instruments outstanding at November 30, 2025:

	Notional
(In millions)	Amount		Maturity Date(s)
Commodity contracts	$	12.0	December 2025 – February 2027

The following table summarizes the Company’s economic (non-designated) derivative financial instruments outstanding at May 31, 2025:

	Notional
(In millions)	Amount			Maturity Date(s)
Commodity contracts	$	16.4		June 2025 – September 2026
Foreign currency exchange contracts	$	(3.6	)	June 2025

Schedule of Derivatives Designated as Cash Flow and Net Investment Hedges 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 and net investment 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, 2025:
Cash Flow Hedges
Commodity contracts	$	1.7		Cost of goods sold	$	-
Foreign currency exchange contracts		0.3		Cost of goods sold		0.2
Foreign currency exchange contracts		-		SG&A		-
Interest rate contracts		0.1		Interest expense, net		0.1
Total - Cash Flow Hedges		2.1				0.3
Net Investment Hedges
Cross-currency swap		(0.7	)	Miscellaneous income (expense), net		-
Total - Net Investment Hedges		(0.7	)			-
Total	$	1.4			$	0.3
For the three months ended November 30, 2024:
Cash Flow Hedges
Commodity contracts	$	(2.7	)	Cost of goods sold	$	(2.6	)
Foreign currency exchange contracts		(0.1	)	Cost of goods sold		(0.1	)
Total - Cash Flow Hedges		(2.8	)			(2.7	)
Total	$	(2.8	)		$	(2.7	)
For the six months ended November 30, 2025:
Cash Flow Hedges
Commodity contracts	$	1.6		Cost of goods sold	$	-
Foreign currency exchange contracts		0.8		Cost of goods sold		0.5
Foreign currency exchange contracts		-		SG&A		0.1
Interest rate contracts		0.1		Interest expense, net		0.1
Total - Cash Flow Hedges		2.5				0.7
Net Investment Hedges
Cross-currency swap		(0.7	)	Miscellaneous income (expense), net		-
Total - Net Investment Hedges		(0.7	)			-
Total	$	1.8			$	0.7
For the six months ended November 30, 2024:
Cash Flow Hedges
Commodity contracts	$	(5.1	)	Cost of goods sold	$	(5.2	)
Foreign currency exchange contracts		(0.2	)	Cost of goods sold		(0.1	)
Total - Cash Flow Hedges		(5.3	)			(5.3	)
Total	$	(5.3	)		$	(5.3	)

Schedule of Loss Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments

The following tables summarize 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	2025		2024
Commodity contracts	Cost of goods sold	$	2.9	$	(0.3	)
Total		$	2.9	$	(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	2025		2024
Commodity contracts	Cost of goods sold	$	5.5	$	(3.1	)
Total		$	5.5	$	(3.1	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes the Company’s cash flow hedges outstanding at November 30, 2025:

	Notional
(In millions)	Amount		Maturity Date
Commodity contracts	$	6.9	December 2025 – September 2026
Foreign currency exchange contracts	$	10.0	December 2025 – September 2026
Interest rate contracts	$	6.9	May 2026 – March 2030

The following table summarizes the Company’s cash flow hedges outstanding at May 31, 2025:

	Notional
(In millions)	Amount			Maturity Date
Commodity contracts	$	(5.6	)	June 2025 – September 2026
Foreign currency exchange contracts	$	10.3		June 2025 – March 2026

Net Investment Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes the Company’s net investment hedge outstanding at November 30, 2025. There were no net investment hedges outstanding at May 31, 2025.

	Pay			Receive
(Notional amount in millions)	Notional		Interest	Notional		Interest	Maturity
Nature of Swap	Amount		Rate	Amount		Rate	Date
Pay Fixed/Receive Fixed
November 2025	€	75.0	0.00%	$	86.4	1.06%	November 2030