Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

May. 31, 2015

Schedule of Fair Value of Derivative Instruments

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, 2015:

	Asset Derivatives				Liability Derivatives
(in thousands)	Balance Sheet Location		Fair Value		Balance  Sheet Location		Fair Value
Derivatives designated as hedging instruments:
Commodity contracts		Receivables	$	-		Accounts payable	$	17,241
		Other assets		-		Other liabilities		592
				-				17,833
Interest rate contracts		Receivables		-		Accounts payable		81
		Other assets		-		Other liabilities		113
				-				194
Foreign exchange contracts		Receivables		75		Accounts payable
Totals			$	75			$	18,027
Derivatives not designated as hedging instruments:
Commodity contracts		Receivables	$	96		Accounts payable	$	4,104
		Other assets		-		Other liabilities		-
Totals			$	96			$	4,104
Total Derivative Instruments			$	171			$	22,131

                            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, 2014:

	Asset Derivatives				Liability Derivatives
(in thousands)	Balance Sheet Location		Fair Value		Balance Sheet Location		Fair Value
Derivatives designated as hedging instruments:
Interest rate contracts		Receivables	$	-		Accounts payable	$	4,180
		Other assets		-		Other liabilities		-
				-				4,180
Commodity contracts		Receivables		456		Accounts payable		-
				456				-
Totals			$	456			$	4,180
Derivatives not designated as hedging instruments:
Commodity contracts		Receivables	$	796		Accounts payable	$	295
				796				295
Foreign exchange contracts		Receivables		32		Accounts payable		-
				32				-
Totals			$	828			$	295
Total Derivative Instruments			$	1,284			$	4,475

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 fiscal 2015 and fiscal 2014:

(in thousands)	Income (Loss) Recognized in OCI (Effective Portion)			Location of Income (Loss) Reclassified from Accumulated OCI (Effective Portion)	Income (Loss) Reclassified from Accumulated OCI (Effective Portion)			Location of Income (Loss) (Ineffective Portion) Excluded from Effectiveness Testing	Income (Loss) (Ineffective Portion) Excluded from Effectiveness Testing
For the fiscal year ended
May 31, 2015:
Interest rate contracts	$	(167	)	Interest expense	$	(2,538	)	Interest expense	$	-
Commodity contracts		(29,336	)	Cost of goods sold		(8,364	)	Cost of goods sold		-
Foreign currency contracts		851				855
Totals	$	(28,652	)		$	(10,047	)		$	-
For the fiscal year ended
May 31, 2014:
Interest rate contracts	$	(3,351	)	Interest expense	$	(4,586	)	Interest expense	$	-
Commodity contracts		(2,602	)	Cost of goods sold		(4,915	)	Cost of goods sold		-
Totals	$	(5,953	)		$	(9,501	)		$	-

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 fiscal 2015 and fiscal 2014:

		Income (Loss) Recognized in Earnings
	Location of Income (Loss) Recognized in Earnings	Fiscal Year Ended May 31,
(in thousands)		2015			2014
Commodity contracts	Cost of goods sold	$	(15,432	)	$	(1,304	)
Foreign exchange contracts	Miscellaneous income (expense)		-			27
Total		$	(15,432	)	$	(1,277	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at May 31, 2015:

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	102,129		June 2015 – December 2016
Interest rate contracts		16,809		September 2019
Foreign currency contracts		570		June 2015

Derivatives Not Designated As Hedging Instruments

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative instruments outstanding at May 31, 2015:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	33,564		June 2015 - November 2016