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v3.23.1

Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended
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Feb. 28, 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 the consolidated balance sheet at February 28, 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 |  | $ | 30,670 |  |  | Accounts payable |  | $ | 1,701 |
|  | Other assets |  |  | 1,137 |  |  | Other liabilities |  |  | 8 |
|  |  |  |  | 31,807 |  |  |  |  |  | 1,709 |
Foreign currency exchange contracts |  | Other assets |  |  | 273 |  |  | Accounts payable |  |  | - |
Total |  |  |  | $ | 32,080 |  |  |  |  | $ | 1,709 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity contracts |  | Receivables |  | $ | 1,410 |  |  | Accounts payable |  | $ | 19,185 |
|  | Other assets |  |  | - |  |  | Other liabilities |  |  | 1,719 |
|  |  |  |  | 1,410 |  |  |  |  |  | 20,904 |
Foreign currency exchange contracts |  | Receivables |  |  | - |  |  | Accounts payable |  |  | 15 |
Total |  |  |  | $ | 1,410 |  |  |  |  | $ | 20,919 |
Total derivative financial instruments |  |  |  | $ | 33,490 |  |  |  |  | $ | 22,628 |
The following table summarizes the fair value of our derivative financial instruments and the respective lines in which they were recorded in the 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 |
Total |  |  |  | $ | 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 |
Total |  |  |  | $ | 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 February 28, 2023:
|  | Notional |  |  |
(in thousands) |  | Amount |  |  | Maturity Date(s)
Commodity contracts |  | $ | 2,439 |  |  | February 2023 - December 2024
Foreign currency exchange contracts |  | $ | 2,138 |  |  | March 2023 - July 2023
Schedule of Derivative Financials Designated as Cash Flow Hedging Instruments | The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from Accumulated Other Comprehensive Income (Loss) (“AOCI”) into net earnings for derivative financial 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, 2023: |
Commodity contracts |  | $ | 32,976 |  |  | Cost of goods sold |  | $ | (10,980 | )
Interest rate contracts |  |  | - |  |  | Interest expense |  |  | (7 | )
Foreign currency exchange contracts |  |  | 67 |  |  | Net sales/Cost of goods sold |  |  | 67 |
Total |  | $ | 33,043 |  |  |  |  | $ | (10,920 | )
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 nine months ended February 28, 2023: |
Commodity contracts |  | $ | (3,123 | ) |  | Cost of goods sold |  | $ | (24,173 | )
Interest rate contracts |  |  | - |  |  | Interest expense |  |  | (20 | )
Foreign currency exchange contracts |  |  | 124 |  |  | Net sales/Cost of goods sold |  |  | (7 | )
Total |  | $ | (2,999 | ) |  |  |  | $ | (24,200 | )
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 |
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 |  | 2023 |  |  | 2022 |
Commodity contracts |  | Cost of goods sold |  | $ | (6,523 | ) |  | $ | (4,694 | )
Foreign currency exchange contracts |  | Miscellaneous income, net |  |  | 79 |  |  |  | (23 | )
Total |  |  |  | $ | (6,444 | ) |  | $ | (4,717 | )
|  |  |  | Gain (Loss) Recognized |
|  |  |  | in Earnings for the |
|  | Location of Gain (Loss) |  | Nine Months Ended February 28, |
(in thousands) |  | Recognized in Earnings |  | 2023 |  |  | 2022 |
Commodity contracts |  | Cost of goods sold |  | $ | (6,428 | ) |  | $ | 14,698 |
Foreign currency exchange contracts |  | Miscellaneous income, net |  |  | 32 |  |  |  | 226 |
Total |  |  |  | $ | (6,396 | ) |  | $ | 14,924 |
Cash Flow Hedges |
Schedule of Summary of Derivative Hedges | The following table summarizes our cash flow hedges outstanding at February 28, 2023:
|  | Notional |  |  |
(in thousands) |  | Amount |  |  | Maturity Date
Commodity contracts |  | $ | 136,907 |  |  | March 2023 - September 2024
Foreign currency exchange contracts |  | $ | 604 |  |  | March 2023 - July 2023

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