XML 48 R37.htm IDEA: XBRL DOCUMENT v3.22.1
Derivative Instruments and Hedging Activities (Tables)
9 Months Ended
Feb. 28, 2022
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 February 28, 2022:

 

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

 

Balance

 

 

 

 

 

Balance

 

 

 

 

 

 

Sheet

 

Fair

 

 

Sheet

 

Fair

 

(in thousands)

 

Location

 

Value

 

 

Location

 

Value

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

Receivables

 

$

2,231

 

 

Accounts payable

 

$

19,403

 

 

 

Other assets

 

 

-

 

 

Other liabilities

 

 

-

 

 

 

 

 

 

2,231

 

 

 

 

 

19,403

 

Foreign currency exchange contracts

 

Other assets

 

 

11

 

 

Accounts payable

 

 

-

 

Total

 

 

 

$

2,242

 

 

 

 

$

19,403

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

Receivables

 

$

4,845

 

 

Accounts payable

 

$

4,160

 

 

 

Other assets

 

 

267

 

 

Other liabilities

 

 

20

 

 

 

 

 

 

5,112

 

 

 

 

 

4,180

 

Foreign currency exchange contracts

 

Other assets

 

 

-

 

 

Accounts payable

 

 

371

 

Total

 

 

 

 

5,112

 

 

 

 

 

4,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total derivative instruments

 

 

 

$

7,354

 

 

 

 

$

23,954

 

 

 

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, 2021:

 

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

 

Balance

 

 

 

 

 

Balance

 

 

 

 

 

 

Sheet

 

Fair

 

 

Sheet

 

Fair

 

(in thousands)

 

Location

 

Value

 

 

Location

 

Value

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

Receivables

 

$

53,125

 

 

Accounts payable

 

$

-

 

 

 

Other assets

 

 

23

 

 

Other liabilities

 

 

111

 

Total

 

 

 

$

53,148

 

 

 

 

$

111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

Receivables

 

$

24,621

 

 

Accounts payable

 

$

14,554

 

 

 

Other assets

 

 

379

 

 

Other liabilities

 

 

-

 

 

 

 

 

 

25,000

 

 

 

 

 

14,554

 

Foreign currency exchange contracts

 

Receivables

 

 

-

 

 

Accounts payable

 

 

532

 

Total

 

 

 

$

25,000

 

 

 

 

$

15,086

 

Total derivative instruments

 

 

 

$

78,148

 

 

 

 

$

15,197

 

 

Schedule of Summary of Derivative Hedges

The following table summarizes our economic (non-designated) derivative instruments outstanding at February 28, 2022:

 

 

 

Notional

 

 

 

(in thousands)

 

Amount

 

 

Maturity Date(s)

Commodity contracts

 

$

49,699

 

 

March 2022 - August 2023

Foreign currency exchange contracts

 

 

5,608

 

 

March 2022 - March 2023

 

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 net earnings for derivative instruments designated as cash flow hedges for the periods presented:

 

(in thousands)

 

Gain (Loss)

Recognized in OCI

 

 

Location of Gain (Loss)

Reclassified from AOCI

into Net Earnings

 

Gain (Loss) Reclassified

from AOCI into

Net Earnings

 

For the three months ended February 28, 2022:

 

Commodity contracts

 

$

(2,460

)

 

Cost of goods sold

 

$

24,025

 

Interest rate contracts

 

 

-

 

 

Interest expense

 

 

(7

)

Foreign currency exchange contracts

 

 

(71

)

 

Miscellaneous income, net

 

 

(21

)

Total

 

$

(2,531

)

 

 

 

$

23,997

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended February 28, 2021:

 

Commodity contracts

 

$

37,380

 

 

Cost of goods sold

 

$

2,217

 

Interest rate contracts

 

 

-

 

 

Interest expense

 

 

(635

)

Total

 

$

37,380

 

 

 

 

$

1,582

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended February 28, 2022:

 

Commodity contracts

 

$

11,758

 

 

Cost of goods sold

 

$

107,190

 

Interest rate contracts

 

 

-

 

 

Interest expense

 

 

(20

)

Foreign currency exchange contracts

 

 

(11

)

 

Miscellaneous income, net

 

 

(18

)

Total

 

$

11,747

 

 

 

 

$

107,152

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended February 28, 2021:

 

Commodity contracts

 

$

54,143

 

 

Cost of goods sold

 

$

(3,113

)

Interest rate contracts

 

 

-

 

 

Interest expense

 

 

(1,332

)

Total

 

$

54,143

 

 

 

 

$

(4,445

)

 

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 February 28,

 

(in thousands)

 

Recognized in Earnings

 

2022

 

 

2021

 

Commodity contracts

 

Cost of goods sold

 

$

(4,694

)

 

$

16,285

 

Foreign currency exchange contracts

 

Miscellaneous income, net

 

 

(23

)

 

 

(306

)

Total

 

 

 

$

(4,717

)

 

$

15,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) Recognized

 

 

 

 

 

in Earnings for the

 

 

 

Location of Gain (Loss)

 

Nine Months Ended February 28,

 

(in thousands)

 

Recognized in Earnings

 

2022

 

 

2021

 

Commodity contracts

 

Cost of goods sold

 

$

14,698

 

 

$

28,483

 

Foreign currency exchange contracts

 

Miscellaneous income, net

 

 

226

 

 

 

(379

)

Total

 

 

 

$

14,924

 

 

$

28,104

 

Cash Flow Hedges  
Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at February 28, 2022:

 

 

 

Notional

 

 

 

(in thousands)

 

Amount

 

 

Maturity Date

Commodity contracts

 

 

167,670

 

 

March 2022 - July 2023

Foreign currency exchange contracts

 

 

5,841

 

 

March 2022 - March 2023