Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

May 31, 2017

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, 2017:

	Asset Derivatives				Liability Derivatives
(in thousands)	Balance Sheet Location		Fair Value		Balance Sheet Location		Fair Value
Derivatives designated as hedging instruments:
Commodity contracts		Receivables	$	7,148		Accounts payable	$	111
		Other assets		6		Other liabilities		159
				7,154				270
Interest rate contracts		Receivables		-		Accounts payable		141
		Other assets		-		Other liabilities		160
				-				301
Totals			$	7,154			$	571
Derivatives not designated as hedging instruments:
Commodity contracts		Receivables	$	1,110		Accounts payable	$	570
		Other assets		-		Other liabilities		1
				1,110				571
Foreign exchange contracts		Receivables		62		Accounts payable
Totals			$	1,172			$	571
Total Derivative Instruments			$	8,326			$	1,142

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
Totals			$	4,977			$	776
Total Derivative Instruments			$	21,790			$	2,013

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 2017 and fiscal 2016:

(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 (Ineffective Portion) Excluded from Effectiveness Testing		Gain (Ineffective Portion) Excluded from Effectiveness Testing
For the fiscal year ended
May 31, 2017:
Interest rate contracts	$	26		Interest expense	$	(211	)		Interest expense	$	-
Commodity contracts		7,643		Cost of goods sold		12,402			Cost of goods sold		-
Totals	$	7,669			$	12,191				$	-
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	)			$	-

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 2017 and fiscal 2016:

			Gain (Loss)  Recognized in Earnings
			Fiscal Year Ended
	Location of Gain (Loss) Recognized in Earnings		May 31,
(in thousands)			2017			2016
Commodity contracts		Cost of goods sold	$	3,749		$	(1,351	)
Foreign exchange contracts		Miscellaneous income, net		(553	)		148
Total			$	3,196		$	(1,203	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at May 31, 2017:

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	35,529		June 2017 – June 2019
Interest rate contracts		17,203		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, 2017:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	25,331		June 2017 – December 2018
Foreign currency contracts		4,676		June 2017