Derivative Financial Instruments and Hedging Activities (Tables)
|
9 Months Ended |
Feb. 28, 2026 |
|---|
| 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, 2026 and May 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value of Assets |
|
|
Fair Value of Liabilities |
|
|
Balance |
|
|
|
|
|
|
|
Balance |
|
|
|
|
|
|
|
Sheet |
|
February 28, |
|
|
May 31, |
|
|
Sheet |
|
February 28, |
|
|
May 31, |
|
|
Location |
|
2026 |
|
|
2025 |
|
|
Location |
|
2026 |
|
|
2025 |
|
Derivatives designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
Commodity contracts |
Receivables |
|
$ |
757 |
|
|
$ |
478 |
|
|
Accounts payable |
|
$ |
285 |
|
|
$ |
51 |
|
Commodity contracts |
Other assets |
|
|
- |
|
|
|
- |
|
|
Other liabilities |
|
|
6 |
|
|
|
35 |
|
Foreign currency exchange contracts |
Receivables |
|
|
184 |
|
|
|
483 |
|
|
Accounts payable |
|
|
- |
|
|
|
- |
|
Subtotal |
|
|
$ |
941 |
|
|
$ |
961 |
|
|
|
|
$ |
291 |
|
|
$ |
86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives not designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
Commodity contracts |
Receivables |
|
$ |
62 |
|
|
$ |
81 |
|
|
Accounts payable |
|
$ |
153 |
|
|
$ |
15 |
|
Foreign currency exchange contracts |
Receivables |
|
|
- |
|
|
|
- |
|
|
Accounts payable |
|
|
339 |
|
|
|
7,360 |
|
Subtotal |
|
|
|
62 |
|
|
|
81 |
|
|
|
|
|
492 |
|
|
|
7,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total derivative financial instruments |
|
|
$ |
1,003 |
|
|
$ |
1,042 |
|
|
|
|
$ |
783 |
|
|
$ |
7,461 |
|
|
| Schedule of Summary of Derivative Hedges |
The following table summarizes the net notional positions of our economic (non-designated) derivative financial instruments outstanding at February 28, 2026:
|
|
|
|
|
|
|
|
|
Notional |
|
|
|
|
|
Amount |
|
|
Maturity Date(s) |
Commodity contracts |
|
$ |
3,323 |
|
|
March 2026 - November 2026 |
Foreign currency exchange contracts |
|
|
37,226 |
|
|
March 2026 - May 2026 |
|
| Schedule of Foreign Currency Gain (Loss) Recognized in OCI for Non-Derivative Instruments Designated as Net Investment Hedges |
The following table summarizes the foreign currency gain (loss) recognized in OCI for the non-derivative instruments designated as net investment hedges for the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
February 28, |
|
|
February 28, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Net gain (loss) recognized in OCI |
$ |
(1,960 |
) |
|
$ |
1,842 |
|
|
$ |
(4,265 |
) |
|
$ |
4,335 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Location of Gain (Loss) |
|
February 28, |
|
|
Recognized in Earnings |
|
2026 |
|
|
2025 |
|
Commodity contracts |
Cost of goods sold |
|
$ |
268 |
|
|
$ |
108 |
|
Foreign currency exchange contracts |
Miscellaneous income, net |
|
|
6,944 |
|
|
|
(531 |
) |
Total |
|
|
$ |
7,212 |
|
|
$ |
(423 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
Location of Gain (Loss) |
|
February 28, |
|
|
Recognized in Earnings |
|
2026 |
|
|
2025 |
|
Commodity contracts |
Cost of goods sold |
|
$ |
276 |
|
|
$ |
479 |
|
Foreign currency exchange contracts |
Miscellaneous income, net |
|
|
7,618 |
|
|
|
27 |
|
Total |
|
|
$ |
7,894 |
|
|
$ |
506 |
|
|
| Cash Flow Hedges |
|
| Schedule of Summary of Derivative Hedges |
The following table summarizes the net notional positions of our cash flow hedges at February 28, 2026:
|
|
|
|
|
|
|
|
|
Notional |
|
|
|
|
|
Amount |
|
|
Maturity Date(s) |
Commodity contracts |
|
$ |
15,277 |
|
|
March 2026 - December 2027 |
Foreign currency exchange contracts |
|
|
8,490 |
|
|
March 2026 - July 2026 |
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 three months ended February 28, 2026 |
|
|
|
|
|
|
|
Commodity contracts |
$ |
1,343 |
|
|
Cost of goods sold |
|
$ |
150 |
|
Foreign currency exchange contracts |
|
140 |
|
|
Interest expense, net / Miscellaneous income (expense), net |
|
|
111 |
|
Interest rate contracts |
|
- |
|
|
Miscellaneous income (expense), net |
|
|
65 |
|
Total |
$ |
1,483 |
|
|
|
|
$ |
326 |
|
|
|
|
|
|
|
|
|
For the three months ended February 28, 2025 |
|
|
|
|
|
|
|
Commodity contracts |
$ |
1,039 |
|
|
Cost of goods sold |
|
$ |
219 |
|
Interest rate contracts |
|
- |
|
|
Interest expense, net |
|
|
52 |
|
Foreign currency exchange contracts |
|
(74 |
) |
|
Miscellaneous income (expense), net |
|
|
- |
|
Total |
$ |
965 |
|
|
|
|
$ |
271 |
|
|
|
|
|
|
|
|
|
For the nine months ended February 28, 2026 |
|
|
|
|
|
|
|
Commodity contracts |
$ |
555 |
|
|
Cost of goods sold |
|
$ |
490 |
|
Foreign currency exchange contracts |
|
101 |
|
|
Cost of goods sold |
|
|
332 |
|
Foreign currency exchange contracts |
|
341 |
|
|
Interest expense |
|
|
150 |
|
Interest rate contracts |
|
- |
|
|
Interest expense |
|
|
169 |
|
Total |
$ |
997 |
|
|
|
|
$ |
1,141 |
|
|
|
|
|
|
|
|
|
For the nine months ended February 28, 2025 |
|
|
|
|
|
|
|
Commodity contracts |
$ |
281 |
|
|
Cost of goods sold |
|
$ |
(523 |
) |
Interest rate contracts |
|
- |
|
|
Interest expense |
|
|
155 |
|
Foreign currency exchange contracts |
|
(74 |
) |
|
Miscellaneous income (expense), net |
|
|
- |
|
Total |
$ |
207 |
|
|
|
|
$ |
(368 |
) |
|