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Derivatives and Hedging (Tables) | 9 Months Ended
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Feb. 28, 2022
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 |
|  | Three Months Ended |  |  |  |  | Three Months Ended |
(In thousands) Derivatives in hedging relationships |  | February 28, 2022 |  | February 28, 2021 |  |  | Income statement location |  | February 28, 2022 |  | February 28, 2021 |
Interest rate swap (cash flow) |  | $ | 1,723 |  | $ | 27 |  |  | Interest (expense) income |  | $ | (884 | ) | $ | (862 | )
Cross currency swap (cash flow) |  |  | 1,263 |  |  | (907 | ) |  | Interest (expense) income |  |  | 149 |  |  | 147 |
Cross currency swap (cash flow) |  |  | - |  |  | - |  |  | Foreign exchange gain (loss) |  |  | 1,061 |  |  | (1,243 | )
Cross currency swap (net investment) |  |  | 820 |  |  | (4,036 | ) |  | Gain or (loss) on sale of subsidiary |  |  | - |  |  | - |
Total |  | $ | 3,806 |  | $ | (4,916 | ) |  |  |  | $ | 326 |  | $ | (1,958 | )
|  | Pretax gain/(loss) recognized in AOCI |  |  |  |  | Pretax gain/(loss) reclassified from AOCI into income |
(In thousands) |  | Nine Months Ended |  |  |  |  | Nine Months Ended |
Derivatives in hedging relationships |  | February 28, 2022 |  | February 28, 2021 |  |  | Income Statement Location |  | February 28, 2022 |  | February 28, 2021 |
Interest rate swap (cash flow) |  | $ | 2,554 |  | $ | (720 | ) |  | Interest (expense) income |  | $ | (2,744 | ) | $ | (2,475 | )
Cross currency swap (cash flow) |  |  | 8,867 |  |  | (8,211 | ) |  | Interest (expense) income |  |  | 425 |  |  | 498 |
Cross currency swap (cash flow) |  |  | - |  |  | - |  |  | Foreign exchange gain (loss) |  |  | 8,481 |  |  | (8,623 | )
Cross currency swap (net investment) |  |  | 22,563 |  |  | (28,126 | ) |  | Gain or (loss) on sale of subsidiary |  |  | - |  |  | - |
Total |  | $ | 33,984 |  | $ | (37,057 | ) |  |  |  | $ | 6,162 |  | $ | (10,600 | )
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 February 28, 2022 and May 31, 2021 are as follows:
(In thousands) |  |  |  | Fair Value |
Derivatives Designated as Hedging Instruments |  | Balance Sheet Location |  | February 28, 2022 |  |  | May 31, 2021 |
Assets: |  |  |  |  |  |  |  |
Cross Currency Swap (Net Investment) |  | Other Current Assets |  | $ | 2,139 |  |  | $ | 6,233 |
Cross Currency Swap (Cash Flow) |  | Other Current Assets |  |  | - |  |  |  | 516 |
Liabilities: |  |  |  |  |  |  |  |
Interest Rate Swap (Cash Flow) |  | Other Accrued Liabilities |  | $ | 716 |  |  | $ | 3,547 |
Cross Currency Swap (Cash Flow) |  | Other Accrued Liabilities |  |  | 3,966 |  |  |  | - |
Cross Currency Swap (Net Investment) |  | Other Accrued Liabilities |  |  | 13,603 |  |  |  | 1,321 |
Cross Currency Swap (Net Investment) |  | Other Long-Term Liabilities |  |  | - |  |  |  | 39,228 |
Cross Currency Swap (Cash Flow) |  | Other Long-Term Liabilities |  |  | - |  |  |  | 13,786 |
Interest Rate Swap (Cash Flow) |  | Other Long-Term Liabilities |  |  | - |  |  |  | 2,467 |
(In thousands) |  |  |  | Fair Value |
Derivatives Not Designated as Hedging Instruments |  | Balance Sheet Location |  | February 28, 2022 |  |  | May 31, 2021 |
Assets: |  |  |  |  |  |  |  |
Foreign Currency Exchange |  | Other Current Assets |  | $ | - |  |  | $ | 212 |
Liabilities: |  |  |  |  |  |  |  |
Foreign Currency Exchange |  | Other Accrued Liabilities |  | $ | 64 |  |  | $ | - |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 + Details
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