Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

May 31, 2019

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, 2019:

	Asset Derivatives			Liability Derivatives
	Balance			Balance
	Sheet	Fair		Sheet	Fair
(in thousands)	Location	Value		Location	Value
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	5	Accounts payable	$	8,383
	Other assets		-	Other liabilities		201
Totals		$	5		$	8,584
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	2,347	Accounts payable	$	3,568
	Other assets		62	Other liabilities		66
			2,409			3,634
Foreign exchange contracts	Receivables		-	Accounts payable		20
Totals		$	2,409		$	3,654
Total derivative instruments		$	2,414		$	12,238

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, 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 recognized in OCI and the gain (loss) reclassified from AOCI into earnings for derivative instruments designated as cash flow hedges during fiscal 2019 and fiscal 2018:

								Location of
				Location of				Gain	Gain
				Gain (Loss)	Gain (Loss)			(Ineffective	(Ineffective
	Gain (Loss)			Reclassified	Reclassified			Portion)	Portion)
	Recognized			from	from			Excluded	Excluded
	in OCI			AOCI	AOCI			from	from
	(Effective			(Effective	(Effective			Effectiveness	Effectiveness
(in thousands)	Portion)			Portion)	Portion)			Testing	Testing
For the fiscal year ended May 31, 2019:
Interest rate contracts	$	-		Interest expense	$	(162	)	Interest expense	$	-
Commodity contracts		(12,637	)	Cost of goods sold		3,752		Cost of goods sold		-
Totals	$	(12,637	)		$	3,590			$	-
For the fiscal year ended May 31, 2018:
Interest rate contracts	$	3,363		Interest expense	$	(407	)	Interest expense	$	-
Commodity contracts		11,620		Cost of goods sold		14,034		Cost of goods sold		-
Totals	$	14,983			$	13,627			$	-

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 2019 and fiscal 2018:

		Gain (Loss)
		Recognized in Earnings
		Fiscal Year Ended
	Location of Gain (Loss)	May 31,
(in thousands)	Recognized in Earnings	2019			2018
Commodity contracts	Cost of goods sold	$	(5,114	)	$	6,284
Foreign exchange contracts	Miscellaneous income, net		(3,604	)		(264	)
Total		$	(8,718	)	$	6,020

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, 2019:

	Notional
(in thousands)	Amount		Maturity Date(s)
Commodity contracts	$	53,310	June 2019 - August 2020
Foreign exchange contracts		8,590	June 2019 - March 2020

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at May 31, 2019:

	Notional
(in thousands)	Amount		Maturity Date
Commodity contracts	$	61,454	June 2019 - December 2020