Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Aug. 31, 2015

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, 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	$	16,557
	Other assets		-	Other liabilities		424
			-			16,981
Interest rate contracts	Receivables		-	Accounts payable		81
	Other assets		-	Other liabilities		79
			-			160
Totals		$	-		$	17,141
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	-	Accounts payable	$	4,852
	Other assets		-	Other liabilities		119
			-			4,971
Foreign exchange contracts	Receivables		11	Accounts payable		-
			11			-
Totals		$	11		$	4,971
Total Derivative Instruments		$	11		$	22,112

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

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, 2015 and 2014:

(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, 2015:
Commodity contracts	$	(8,126	)	Cost of goods sold	$	(9,187	)	Cost of goods sold	$	-
Interest rate contracts		34		Interest expense		(139	)	Interest expense		-
Foreign currency contracts		-		Miscellaneous income		(4	)	Miscellaneous income		-
Totals	$	(8,092	)		$	(9,330	)		$	-
For the three months ended August 31, 2014:
Commodity contracts	$	(413	)	Cost of goods sold	$	(796	)	Cost of goods sold	$	-
Interest rate contracts		-		Interest expense		(1,148	)	Interest expense		-
Totals	$	(413	)		$	(1,944	)		$	-

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, 2015 and 2014:

	Location of Gain (Loss)	Gain (Loss) Recognized in Earnings for the Three Months  Ended August 31,
(in thousands)	Recognized in Earnings	2015			2014
Commodity contracts	Cost of goods sold	$	(2,755	)	$	(57	)
Foreign exchange contracts	Miscellaneous income (expense)		-			261
Total		$	(2,755	)	$	204

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

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

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	78,081	September 2015 - December 2016
Interest rate contracts		17,153	September 2019

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, 2015:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	31,275	September 2015 - February 2017
Foreign currency contracts		774	November 2015