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Derivative Financial Instruments and Hedging Activities (Tables) | 6 Months Ended
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Nov. 30, 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 November 30, 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 |  | $ | 12,498 |  |  | Accounts payable |  | $ | 3,743 |
|  | Other assets |  |  | 47 |  |  | Other liabilities |  |  | - |
|  |  |  |  | 12,545 |  |  |  |  |  | 3,743 |
Subtotals |  |  |  | $ | 12,545 |  |  |  |  | $ | 3,743 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity contracts |  | Receivables |  | $ | 2,476 |  |  | Accounts payable |  | $ | 2,609 |
|  | Other assets |  |  | - |  |  | Other liabilities |  |  | 39 |
Subtotals |  |  |  |  | 2,476 |  |  |  |  |  | 2,648 |
Total derivative financial instruments |  |  |  | $ | 15,021 |  |  |  |  | $ | 6,391 |
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, 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 |
Schedule of Summary of Derivative Hedges | The following table summarizes our economic (non-designated) derivative financial instruments outstanding at November 30, 2023:
|  | Notional |  |  |
(In thousands) |  | Amount |  |  | Maturity Date(s)
Commodity contracts |  | $ | 15,509 |  |  | September 2023 - December 2024
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 November 30, |
(In thousands) |  | Recognized in Earnings |  | 2023 |  |  | 2022 |
Commodity contracts |  | Cost of goods sold |  | $ | 1,459 |  |  | $ | 3,861 |
Foreign currency exchange contracts |  | Miscellaneous income, net |  |  | - |  |  |  | (47 | )
Total |  |  |  | $ | 1,459 |  |  | $ | 3,814 |
|  |  |  | Gain (Loss) Recognized |
|  |  |  | in Earnings for the |
|  | Location of Gain (Loss) |  | Six Months Ended November 30, |
(In thousands) |  | Recognized in Earnings |  | 2023 |  |  | 2022 |
Commodity contracts |  | Cost of goods sold |  | $ | 395 |  |  | $ | 2,284 |
Foreign currency exchange contracts |  | Miscellaneous income, net |  |  | - |  |  |  | (141 | )
Total |  |  |  | $ | 395 |  |  | $ | 2,143 |
Cash Flow Hedges |
Schedule of Summary of Derivative Hedges | The following table summarizes our cash flow hedges outstanding at November 30, 2023:
|  | Notional |  |  |
(In thousands) |  | Amount |  |  | Maturity Date
Commodity contracts |  | $ | 62,825 |  |  | December 2023 - June 2025
The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from 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 November 30, 2023: |
Commodity contracts |  | $ | 15,019 |  |  | Cost of goods sold |  | $ | (2,360 | )
Interest rate contracts |  |  | - |  |  | Interest expense, net |  |  | 52 |
Foreign currency exchange contracts |  |  | (34 | ) |  | Net sales/Cost of goods sold |  |  | (97 | )
Total |  | $ | 14,985 |  |  |  |  | $ | (2,405 | )
For the three months ended November 30, 2022: |
Commodity contracts |  | $ | (19,641 | ) |  | Cost of goods sold |  | $ | (13,648 | )
Interest rate contracts |  |  | - |  |  | Interest expense |  |  | (7 | )
Foreign currency exchange contracts |  |  | 376 |  |  | Net sales/Cost of goods sold |  |  | 53 |
Total |  | $ | (19,265 | ) |  |  |  | $ | (13,602 | )
For the six months ended November 30, 2023: |
Commodity contracts |  | $ | 12,958 |  |  | Cost of goods sold |  | $ | 4,970 |
Interest rate contracts |  |  | - |  |  | Loss on extinguishment of debt |  |  | (641 | )
Interest rate contracts |  |  | - |  |  | Interest expense, net |  |  | 84 |
Foreign currency exchange contracts |  |  | (11 | ) |  | Net sales/Cost of goods sold |  |  | (44 | )
Total |  | $ | 12,947 |  |  |  |  | $ | 4,369 |
For the six months ended November 30, 2022: |
Commodity contracts |  | $ | (36,099 | ) |  | Cost of goods sold |  | $ | (13,192 | )
Interest rate contracts |  |  | - |  |  | Interest expense |  |  | (13 | )
Foreign currency exchange contracts |  |  | 58 |  |  | Net sales/Cost of goods sold |  |  | (74 | )
Total |  | $ | (36,041 | ) |  |  |  | $ | (13,279 | )

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- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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