Derivative Financial Instruments and Hedging Activities (Tables)

3 Months Ended

Aug. 31, 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 consolidated balance sheet at August 31, 2023:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(In thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	80	Accounts payable	$	9,490
	Other assets		176	Other liabilities		-
			256			9,490
Foreign currency exchange contracts	Receivables		-	Accounts payable		63
			-			63
Subtotals		$	256		$	9,553
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	976	Accounts payable	$	3,320
	Other assets		-	Other liabilities		20
Subtotals			976			3,340
Total derivative financial instruments		$	1,232		$	12,893

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

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(In thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	20	Accounts payable	$	6,749
	Other assets		51	Other liabilities		379
			71			7,128
Foreign currency exchange contracts	Receivables		-	Accounts payable		33
			-			33
Subtotals		$	71		$	7,161
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	2,539	Accounts payable	$	8,604
	Other assets		-	Other liabilities		35
Subtotals			2,539			8,639
Total derivative financial instruments		$	2,610		$	15,800

Schedule of Summary of Derivative Hedges

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

	Notional
(In thousands)	Amount		Maturity Date(s)
Commodity contracts	$	13,619	September 2023 - December 2024

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

		Loss Recognized
		In Earnings for the
	Location of Loss	Three Months Ended August 31,
(In thousands)	Recognized in Earnings	2023			2022
Commodity contracts	Cost of goods sold	$	(1,019	)	$	(1,577	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

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

	Notional
(In thousands)	Amount		Maturity Date
Commodity contracts	$	63,431	September 2023 - December 2024
Foreign currency exchange contracts	$	2,494	September 2023 - November 2023

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 thousands)	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 August 31, 2023:
Commodity contracts	$	(2,061	)	Cost of goods sold	$	7,330
Interest rate contracts		-		Loss on extinguishment of debt		(641	)
Interest rate contracts		-		Interest expense, net		31
Foreign currency exchange contracts		23		Net sales/Cost of goods sold		53
Total	$	(2,038	)		$	6,773
For the three months ended August 31, 2022:
Commodity contracts	$	(14,045	)	Cost of goods sold	$	2,869
Interest rate contracts		-		Interest expense		(7	)
Foreign currency exchange contracts		(162	)	Miscellaneous income, net		28
Total	$	(14,207	)		$	2,890