Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

May 31, 2016

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, 2016:

	Asset Derivatives				Liability Derivatives
(in thousands)	Balance Sheet Location		Fair Value		Balance Sheet Location		Fair Value
Derivatives designated as hedging instruments:
Commodity contracts		Receivables	$	13,224		Accounts payable	$	696
		Other assets		3,589		Other liabilities		80
				16,813				776
Interest rate contracts		Receivables		-		Accounts payable		155
		Other assets		-		Other liabilities		306
				-				461
Totals			$	16,813			$	1,237
Derivatives not designated as hedging instruments:
Commodity contracts		Receivables	$	4,660		Accounts payable	$	761
		Other assets		317		Other liabilities		-
				4,977				761
Foreign exchange contracts		Receivables		-		Accounts payable		15
				-				15
Totals			$	4,977			$	776
Total Derivative Instruments			$	21,790			$	2,013

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 AOCI into earnings for derivative instruments designated as cash flow hedges during fiscal 2016 and fiscal 2015:

(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, 2016:
Interest rate contracts	$	(266	)		Interest expense	$	(510	)		Interest expense	$	-
Commodity contracts		7,549			Cost of goods sold		(27,727	)		Cost of goods sold		-
Foreign currency contracts		-			Miscellaneous income, net		(4	)		Miscellaneous income, net		-
Totals	$	7,283				$	(28,241	)			$	-
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			Miscellaneous income, net		855			Miscellaneous income, net		-
Totals	$	(28,652	)			$	(10,047	)			$	-

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 2016 and fiscal 2015:

		Income (Loss) Recognized in Earnings
	Location of Income (Loss) Recognized in Earnings	Fiscal Year Ended May 31,
(in thousands)		2016			2015
Commodity contracts	Cost of goods sold	$	(1,351	)	$	(15,432	)
Foreign exchange contracts	Miscellaneous income, net		148			-
Total		$	(1,203	)	$	(15,432	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at May 31, 2016:

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	87,639		June 2016 – December 2017
Interest rate contracts	$	17,032		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 May 31, 2016:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	33,371		June 2016 – December 2017
Foreign currency contracts	$	10,767		May 2017