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v3.25.2

Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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May 31, 2025
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, 2025 and 2024:
|  | Fair Value of Assets |  |  | Fair Value of Liabilities |
|  | Balance |  |  |  |  |  |  |  | Balance |  |  |  |  |  |
|  | Sheet |  |  |  |  |  |  |  | Sheet |  |  |  |  |  |
|  | Location |  | 2025 |  |  | 2024 |  |  | Location |  | 2025 |  |  | 2024 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Receivables |  | $ | 478 |  |  | $ | 601 |  |  | Accounts payable |  | $ | 51 |  |  | $ | 83 |
Commodity contracts |  | Other assets |  |  | - |  |  |  | - |  |  | Other liabilities |  |  | 35 |  |  |  | 21 |
Foreign currency exchange contracts |  | Receivables |  |  | 483 |  |  |  | - |  |  | Accounts payable |  |  | - |  |  |  | - |
Subtotal |  |  |  |  | 961 |  |  |  | 601 |  |  |  |  |  | 86 |  |  |  | 104 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Receivables |  | $ | 81 |  |  | $ | 319 |  |  | Accounts payable |  | $ | 15 |  |  | $ | 69 |
Foreign currency exchange contracts |  | Receivables |  |  | - |  |  |  | - |  |  | Accounts payable |  |  | 7,360 |  |  |  | 1,248 |
Subtotal |  |  |  |  | 81 |  |  |  | 319 |  |  |  |  |  | 7,375 |  |  |  | 1,317 |
Total |  |  |  | $ | 1,042 |  |  | $ | 920 |  |  |  |  | $ | 7,461 |  |  | $ | 1,421 |
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 an increase in receivables with a corresponding increase in accounts payable of $356 and $391 at May 31, 2025 and 2024, respectively.
Schedule of Summary of Derivative Hedges | The following table summarizes our economic (non-designated) derivative financial instruments outstanding at May 31, 2025:
| Notional |  |  |
| Amount |  |  | Maturity Date
Commodity contracts | $ | 619 |  |  | June 2025 - March 2026
Foreign currency exchange contracts |  | 65,772 |  |  | August 2025 - December 2025
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 2025 and fiscal 2024:
|  |  |  |  | Gain (Loss) |
|  |  |  |  | Recognized in Earnings |
|  |  |  |  | Fiscal Year Ended |
|  |  | Location of Gain (Loss) |  | May 31, |
|  |  | Recognized in Earnings |  | 2025 |  |  | 2024 |
Commodity contracts |  |  | Cost of goods sold |  | $ | 600 |  |  | $ | (349 | )
Foreign currency exchange contracts |  |  | Miscellaneous expense, net |  |  | (6,111 | ) |  |  | (1,247 | )
Total |  |  |  |  | $ | (5,511 | ) |  | $ | (1,596 | )
Cash Flow Hedges |
Schedule of Summary of Derivative Hedges | The following table summarizes our cash flow hedges outstanding at May 31, 2025:
| Notional |  |  |
| Amount |  |  | Maturity Date
Commodity contracts | $ | 10,054 |  |  | June 2025 - December 2026
Foreign currency exchange contracts |  | 7,072 |  |  | June 2025 - April 2026
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 2025 and fiscal 2024:
|  |  |  | Location of | Gain (Loss) |
| Gain (Loss) |  |  | Gain (Loss) | Reclassified |
| Recognized |  |  | Reclassified from AOCI | from AOCI |
| in OCI |  |  | into Net Earnings | into Net Earnings |
For the fiscal year ended May 31, 2025: |  |  |  |  |  |
Commodity contracts | $ | (63 | ) |  | Cost of goods sold | $ | (100 | )
Interest rate contracts |  | - |  |  | Interest expense, net |  | 207 |
Foreign currency exchange contracts |  | 521 |  |  | Net Sales |  | 270 |
Foreign currency exchange contracts |  | 231 |  |  | Miscellaneous expense, net |  | 14 |
Totals | $ | 689 |  |  |  | $ | 391 |
For the fiscal year ended May 31, 2024: |  |  |  |  |  |
Commodity contracts | $ | 3,382 |  |  | Cost of goods sold | $ | (549 | )
Interest rate contracts |  | - |  |  | Loss on extinguishment of debt |  | (642 | )
Interest rate contracts |  | - |  |  | Interest expense, net |  | 188 |
Foreign currency exchange contracts |  | (11 | ) |  | Miscellaneous expense, net |  | (44 | )
Totals | $ | 3,382 |  |  |  | $ | (1,047 | )

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