XML 73 R46.htm IDEA: XBRL DOCUMENT
v3.23.2

Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended
--- | ---
May 31, 2023
Schedule of Fair Value of Derivative Instruments | The following table summarizes the fair value of our derivative financial instruments and the respective lines in which they were recorded in our consolidated balance sheet at May 31, 2023:
|  | Asset Derivatives |  |  | Liability Derivatives |
|  | Balance |  |  |  |  | Balance |  |  |
|  | Sheet |  | Fair |  |  | Sheet |  | Fair |
(In thousands) |  | Location |  | Value |  |  | Location |  | Value |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity contracts |  | Receivables |  | $ | 20 |  |  | Accounts payable |  | $ | 6,749 |
|  | Other assets |  |  | 51 |  |  | Other liabilities |  |  | 379 |
|  |  |  |  | 71 |  |  |  |  |  | 7,128 |
Foreign currency exchange contracts |  | Receivables |  |  | - |  |  | Accounts payable |  |  | 33 |
|  |  |  |  | - |  |  |  |  |  | 33 |
Subtotals |  |  |  | $ | 71 |  |  |  |  | $ | 7,161 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity contracts |  | Receivables |  | $ | 2,539 |  |  | Accounts payable |  | $ | 8,604 |
|  | Other assets |  |  | - |  |  | Other liabilities |  |  | 35 |
Subtotals |  |  |  |  | 2,539 |  |  |  |  |  | 8,639 |
Total derivative financial instruments |  |  |  | $ | 2,610 |  |  |  |  | $ | 15,800 |
The amounts in the table above reflect the fair value of our derivative financial instruments on a net basis, where allowable under master netting arrangements. Had these amounts been recognized on a gross basis, the impact would have been a $7,576 increase in receivables with a corresponding increase in accounts payable. The following table summarizes the fair value of our derivative financial instruments and the respective lines in which they were recorded in our consolidated balance sheet at May 31, 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 |  | $ | 1,040 |  |  | Accounts payable |  | $ | 4,517 |
|  | Other assets |  |  | - |  |  | Other liabilities |  |  | 48 |
|  |  |  |  | 1,040 |  |  |  |  |  | 4,565 |
Foreign currency exchange contracts |  | Receivables |  |  | - |  |  | Accounts payable |  |  | - |
|  | Other assets |  |  | - |  |  | Other liabilities |  |  | 17 |
|  |  |  |  | - |  |  |  |  |  | 17 |
Subtotals |  |  |  | $ | 1,040 |  |  |  |  | $ | 4,582 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity contracts |  | Receivables |  | $ | 11,555 |  |  | Accounts payable |  | $ | 4,142 |
|  | Other assets |  |  | 48 |  |  | Other liabilities |  |  | 24 |
|  |  |  |  | 11,603 |  |  |  |  |  | 4,166 |
Foreign currency exchange contracts |  | Receivables |  |  | - |  |  | Accounts payable |  |  | 255 |
|  |  |  |  | - |  |  |  |  |  | 255 |
Subtotals |  |  |  | $ | 11,603 |  |  |  |  | $ | 4,421 |
Total derivative financial instruments |  |  |  | $ | 12,643 |  |  |  |  | $ | 9,003 |
Schedule of Summary of Derivative Hedges | The following table summarizes our economic (non-designated) derivative financial instruments outstanding at May 31, 2023:
| Notional |  |  |
(In thousands) | Amount |  |  | Maturity Date
Commodity contracts | $ | 172 |  |  | June 2023 - December 2024
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 earnings for derivative financial instruments designated as cash flow hedges during fiscal 2023 and fiscal 2022:
|  |  |  | Location of | Gain (Loss) |
| Gain (Loss) |  |  | Gain (Loss) | Reclassified |
| Recognized |  |  | Reclassified from AOCI | from AOCI |
(In thousands) | in OCI |  |  | into Net Earnings | into Net Earnings |
For the fiscal year ended May 31, 2023: |  |  |  |  |  |
Interest rate contracts | $ | - |  |  | Interest expense | $ | (27 | )
Commodity contracts |  | (23,068 | ) |  | Cost of goods sold |  | (25,573 | )
Foreign currency exchange contracts |  | 195 |  |  | Miscellaneous income, net |  | 142 |
Totals | $ | (22,873 | ) |  |  | $ | (25,458 | )
For the fiscal year ended May 31, 2022: |  |  |  |  |  |
Interest rate contracts | $ | - |  |  | Interest expense | $ | (26 | )
Commodity contracts |  | 19,148 |  |  | Cost of goods sold |  | 98,873 |
Foreign currency exchange contracts |  | 27 |  |  | Miscellaneous income, net |  | 5 |
Totals | $ | 19,175 |  |  |  | $ | 98,852 |
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 2023 and fiscal 2022:
|  |  |  |  | Gain (Loss) |
|  |  |  |  | Recognized in Earnings |
|  |  |  |  | Fiscal Year Ended |
|  |  | Location of Gain (Loss) |  | May 31, |
(In thousands) |  |  | Recognized in Earnings |  | 2023 |  |  | 2022 |
Commodity contracts |  |  | Cost of goods sold |  | $ | (13,125 | ) |  | $ | 13,935 |
Foreign currency exchange contracts |  |  | Miscellaneous income, net |  |  | - |  |  |  | (266 | )
Total |  |  |  |  | $ | (13,125 | ) |  | $ | 13,669 |
Cash Flow Hedges |
Schedule of Summary of Derivative Hedges | The following table summarizes our cash flow hedges outstanding at May 31, 2023:
| Notional |  |  |
(In thousands) | Amount |  |  | Maturity Date
Commodity contracts | $ | 78,149 |  |  | June 2023 - December 2024
Foreign currency exchange contracts |  | 3,984 |  |  | June 2023 - November 2023

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + 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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CC -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL109998890-113959 + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis=us-gaap_CashFlowHedgingMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |