Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Aug. 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 August 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	$	6,282		Accounts payable	$	-
		Other assets		257		Other liabilities		-
				6,539				-
Interest rate contracts		Receivables		-		Accounts payable		150
		Other assets		-		Other liabilities		150
				-				300
Totals			$	6,539			$	300
Derivatives not designated as hedging instruments:
Commodity contracts		Receivables	$	2,508		Accounts payable	$	37
		Other assets		32		Other liabilities		-
				2,540				37
Foreign exchange contracts		Receivables		-		Accounts payable		5
Totals			$	2,540			$	42
Total derivative instruments			$	9,079			$	342

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

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 the three months ended August 31, 2017 and 2016:

				Location of				Location of
				Gain (Loss)	Gain (Loss)			Gain	Gain
				Reclassified	Reclassified			(Ineffective	(Ineffective
	Gain (Loss)			from	from			Portion)	Portion)
	Recognized			Accumulated	Accumulated			and Excluded	and Excluded
	in OCI			OCI	OCI			from	from
	(Effective			(Effective	(Effective			Effectiveness	Effectiveness
(in thousands)	Portion)			Portion)	Portion)			Testing	Testing
For the three months ended August 31, 2017:
Commodity contracts	$	3,734		Cost of goods sold	$	4,168		Cost of goods sold	$	-
Interest rate contracts		3,064		Interest expense		(363	)	Interest expense		-
Totals	$	6,798			$	3,805			$	-
For the three months ended August 31, 2016:
Commodity contracts	$	769		Cost of goods sold	$	(252	)	Cost of goods sold	$	-
Interest rate contracts		(36	)	Interest expense		(103	)	Interest expense		-
Totals	$	733			$	(355	)		$	-

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, 2017 and 2016:

			Gain (Loss) Recognized
			In Earnings for the
			Three Months Ended
	Location of Gain (Loss)		August 31,
(in thousands)	Recognized in Earnings		2017			2016
Commodity contracts		Cost of goods sold	$	2,334		$	2,908
Foreign exchange contracts		Miscellaneous income, net		(208	)		(66	)
Total			$	2,126		$	2,842

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

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

(in thousands)	Notional Amount		Maturity Date
Commodity contracts	$	25,372	September 2017 - June 2019
Interest rate contracts		18,221	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, 2017:

(in thousands)	Notional Amount		Maturity Date(s)
Commodity contracts	$	20,346	September 2017 - February 2019
Foreign exchange contracts		4,921	September 2017