XML 35 R25.htm IDEA: XBRL DOCUMENT v3.22.2.2
Derivatives and Hedging
6 Months Ended
Nov. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging DERIVATIVES AND HEDGING
 
The Company enters into foreign currency derivative contracts to economically hedge the exposure to foreign currency fluctuations associated with the forecasted purchase of inventory, the foreign exchange risk associated with certain receivables denominated in foreign currencies and certain future commitments for foreign expenditures. These derivative contracts are economic hedges and are not designated as cash flow hedges.

The Company marks-to-market these instruments and records the changes in the fair value of these items in Selling, general and administrative expenses and recognizes the unrealized gain or loss in Other current assets or Other current liabilities. The notional values of the contracts as of November 30, 2022 and November 30, 2021
were $22.8 and $27.3, respectively. A net unrealized gain of $0.8 and $0.6 were recognized for the six months ended November 30, 2022 and November 30, 2021, respectively.