Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Aug. 31, 2018

Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of our derivative instruments and the respective lines in which they were recorded in the consolidated balance sheet at August 31, 2018:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	3,133	Accounts payable	$	179
	Other assets		-	Other liabilities		36
Totals		$	3,133		$	215
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	1,789	Accounts payable	$	916
	Other assets		217	Other liabilities		438
			2,006			1,354
Foreign exchange contracts	Receivables		5	Accounts payable		-
Totals		$	2,011		$	1,354
Total derivative instruments		$	5,144		$	1,569

The following table summarizes the fair value of our derivative instruments and the respective lines in which they were recorded in the consolidated balance sheet at May 31, 2018:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	6,385	Accounts payable	$	-
	Other assets		68	Other liabilities		-
Totals		$	6,453		$	-
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	4,749	Accounts payable	$	613
	Other assets		221	Other liabilities		158
			4,970			771
Foreign exchange contracts	Receivables		-	Accounts payable		75
Totals		$	4,970		$	846
Total derivative instruments		$	11,423		$	846

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 for the periods presented:

								Location of
				Location of				Gain	Gain
				Gain (Loss)	Gain (Loss)			(Ineffective	(Ineffective
	Gain (Loss)			Reclassified	Reclassified			Portion)	Portion)
	Recognized			from	from			and Excluded	and Excluded
	in OCI			AOCI	AOCI			from	from
	(Effective			(Effective	(Effective			Effectiveness	Effectiveness
(in thousands)	Portion)			Portion)	Portion)			Testing	Testing
For the three months
ended August 31, 2018:
Commodity contracts	$	(31	)	Cost of goods sold	$	2,543		Cost of goods sold	$	-
Interest rate contracts		-		Interest expense		(47	)	Interest expense		-
Totals	$	(31	)		$	2,496			$	-
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			$	-

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 for the periods presented:

		Gain (Loss) Recognized
		In Earnings for the
	Location of Gain (Loss)	Three Months Ended August 31,
(in thousands)	Recognized in Earnings	2018			2017
Commodity contracts	Cost of goods sold	$	(2,197	)	$	2,334
Foreign exchange contracts	Miscellaneous income, net		(1,506	)		(208	)
Total		$	(3,703	)	$	2,126

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, 2018:

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	27,961	September 2018 - February 2020
Foreign exchange contracts		6,647	September 2018 - May 2019

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at August 31, 2018:

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	12,181	September 2018 - September 2019