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Derivatives and Hedging (Tables)
12 Months Ended
May 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments for Gains or Losses Initially Recognized in AOCI in Consolidated Balance Sheet

The following table summarizes the location and effects of our derivatives instruments on the Consolidated Statements of Comprehensive Income and Consolidated Statements of Income for gains or losses initially recognized in AOCI in the Consolidated Balance Sheet:

 

 

 

Pretax gain/(loss) recognized

in AOCI

 

 

 

 

Pretax gain/(loss) reclassified from

AOCI into income

 

(In thousands)

 

Year Ended May 31,

 

 

 

 

Year Ended May 31,

 

Derivatives in hedging

relationships

 

2021

 

2020

 

2019

 

 

Income Statement Location

 

2021

 

2020

 

2019

 

Interest Rate Swap

   (Cash Flow)

 

$

(1,226

)

$

(7,998

)

$

-

 

 

Interest (Expense) Income

 

$

(3,380

)

$

170

 

$

-

 

Cross Currency Swap

   (Cash Flow)

 

 

(9,207

)

 

(2,254

)

 

-

 

 

Interest Income

 

 

638

 

 

554

 

 

-

 

Cross Currency Swap

   (Cash Flow)

 

 

-

 

 

-

 

 

-

 

 

Foreign Exchange (Loss)

 

 

(9,874

)

 

(2,654

)

 

-

 

Cross Currency Swap

   (Net Investment)

 

 

(31,380

)

 

1,866

 

 

4,998

 

 

Gain or (loss) on sale of subsidiary

 

 

-

 

 

-

 

 

-

 

Total

 

$

(41,813

)

$

(8,386

)

$

4,998

 

 

 

 

$

(12,616

)

$

(1,930

)

$

-

 

Schedule of Fair Values of Qualifying and Non-Qualifying Instruments Used in Hedging Transactions

The fair values of qualifying and non-qualifying instruments used in hedging transactions as of May 31, 2021 and May 31, 2020 are as follows:  

(In thousands)

 

 

 

Fair Value

 

Derivatives Designated as Hedging Instruments

 

Balance Sheet Location

 

May 31, 2021

 

 

May 31, 2020

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cross Currency Swap (Net Investment)

 

Other Current Assets

 

$

6,233

 

 

$

5,352

 

 

Cross Currency Swap (Cash Flow)

 

Other Current Assets

 

 

516

 

 

 

750

 

 

Cross Currency Swap (Net Investment)

 

Other Assets (Long-Term)

 

 

-

 

 

 

12,409

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Swap (Cash Flow)

 

Other Accrued Liabilities

 

 

3,547

 

 

 

2,981

 

 

Cross Currency Swap (Net Investment)

 

Other Accrued Liabilities

 

 

1,321

 

 

 

294

 

 

Cross Currency Swap (Net Investment)

 

Other Long-Term Liabilities

 

 

39,228

 

 

 

18,204

 

 

Cross Currency Swap (Cash Flow)

 

Other Long-Term Liabilities

 

 

13,786

 

 

 

3,608

 

 

Interest Rate Swap (Cash Flow)

 

Other Long-Term Liabilities

 

 

2,467

 

 

 

5,187

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

Fair Value

 

Derivatives Not Designated as Hedging Instruments

 

Balance Sheet Location

 

May 31, 2021

 

 

May 31, 2020

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency Exchange

 

Other Current Assets

 

$

212

 

 

$

-

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency Exchange

 

Other Accrued Liabilities

 

 

-

 

 

 

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