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 |
|