Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Aug. 31, 2013

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of our derivative instruments and the respective financial statement caption in which they were recorded in our consolidated balance sheet at August 31, 2013:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Interest rate contracts	Receivables	$	-	Accounts payable	$	4,113
	Other assets		-	Other liabilities		1,916
			-			6,029
Commodity contracts	Receivables		2,305	Accounts payable		-
			2,305			-
Totals		$	2,305		$	6,029
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	878	Accounts payable	$	284
Totals		$	878		$	284
Total Derivative Instruments		$	3,183		$	6,313

The amounts in the table above reflect the fair value of the Company’s derivative contracts on a net basis. Had these amounts been recognized on a gross basis, the impact would have been a $240,000 increase in receivables with a corresponding increase in accounts payable.

The following table summarizes the fair value of our derivative instruments and the respective line in which they were recorded in the consolidated balance sheet at May 31, 2013:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Interest rate contracts	Receivables	$	-	Accounts payable	$	4,032
	Other assets		-	Other liabilities		3,863
			-			7,895
Commodity contracts	Receivables		425	Accounts payable		1,352
			425			1,352
Totals		$	425		$	9,247
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	331	Accounts payable	$	527
			331			527
Foreign exchange contracts	Receivables		5	Accounts payable		-
			5			-
Totals		$	336		$	527
Total Derivative Instruments		$	761		$	9,774

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 accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the three months ended August 31, 2013 and 2012:

(in thousands)	Gain  (Loss) Recognized in OCI (Effective Portion)			Location of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)			Location of Gain (Loss) (Ineffective Portion) and Excluded from Effectiveness Testing	Gain (Loss) (Ineffective Portion) and Excluded from Effectiveness Testing
For the three months ended August 31, 2013:
Interest rate contracts	$	(203	)	Interest expense	$	(1,063	)	Interest expense	$	-
Commodity contracts		3,644		Cost of goods sold		(316	)	Cost of goods sold		-
Totals	$	3,441			$	(1,379	)		$	-
For the three months ended August 31, 2012:
Interest rate contracts	$	(606	)	Interest expense	$	(983	)	Interest expense	$	-
Commodity contracts		428		Cost of goods sold		(419	)	Cost of goods sold		-
Totals	$	(178	)		$	(1,402	)		$	-

Schedule of Gain (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 during the three months ended August 31, 2013 and 2012:

	Location of Gain  (Loss)         Recognized in Earnings	Gain (Loss) Recognized in Earnings for the Three Months Ended August 31,
(in thousands)		2013			2012
Commodity contracts	Cost of goods sold	$	676		$	1,813
Foreign exchange contracts	Miscellaneous income (expense)		(5	)		(863	)
Total		$	671		$	950

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at August 31, 2013:

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	37,040	September 2013 - December 2014
Interest rate contracts		100,000	December 2014

Derivatives Not Designated As Hedging Instruments

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative instruments outstanding at August 31, 2013:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	28,830	September 2013 - December 2014