v3.26.1
Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
May 31, 2026
Schedule of Fair Value of Derivative Instruments

The following table summarizes the fair value of the derivative financial instruments and the respective lines in which they were recorded in the consolidated balance sheet at May 31, 2026 and May 31, 2025:

 

 

 

Fair Value of Assets

 

 

Fair Value of Liabilities

 

 

 

Balance

 

 

 

 

 

 

 

Balance

 

 

 

 

 

 

 

 

Sheet

 

May 31,

 

 

Sheet

 

May 31,

 

(In millions)

 

Location

 

2026

 

 

2025

 

 

Location

 

2026

 

 

2025

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

Receivables

 

$

2.1

 

 

$

0.2

 

 

Accounts payable

 

$

-

 

 

$

1.2

 

Commodity contracts

 

Other assets

 

 

-

 

 

 

-

 

 

Other liabilities

 

 

-

 

 

 

-

 

Subtotal

 

 

 

 

2.1

 

 

 

0.2

 

 

 

 

 

-

 

 

 

1.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange contracts

 

Receivables

 

 

0.2

 

 

 

0.3

 

 

Accounts payable

 

 

-

 

 

 

-

 

Foreign currency exchange contracts

 

Other assets

 

 

-

 

 

 

-

 

 

Other liabilities

 

 

-

 

 

 

-

 

Subtotal

 

 

 

 

0.2

 

 

 

0.3

 

 

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cross-currency swap

 

Receivables

 

 

-

 

 

 

-

 

 

Accounts Payable

 

 

-

 

 

 

-

 

Cross-currency swap

 

Other assets

 

 

-

 

 

 

-

 

 

Other liabilities

 

 

1.8

 

 

 

-

 

Subtotal

 

 

 

 

-

 

 

 

-

 

 

 

 

 

1.8

 

 

 

-

 

Total

 

 

 

$

2.3

 

 

$

0.5

 

 

 

 

$

1.8

 

 

$

1.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

Receivables

 

$

5.8

 

 

$

1.5

 

 

Accounts payable

 

$

1.8

 

 

$

2.5

 

Commodity contracts

 

Other assets

 

 

0.5

 

 

 

-

 

 

Other liabilities

 

 

0.1

 

 

 

-

 

Subtotal

 

 

 

 

6.3

 

 

 

1.5

 

 

 

 

 

1.9

 

 

 

2.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange contracts

 

Receivables

 

 

-

 

 

 

3.6

 

 

Accounts payable

 

 

2.4

 

 

 

-

 

Foreign currency exchange contracts

 

Other assets

 

 

-

 

 

 

-

 

 

Other liabilities

 

 

-

 

 

 

-

 

Subtotal

 

 

 

 

-

 

 

 

3.6

 

 

 

 

 

2.4

 

 

 

-

 

Total

 

 

 

$

6.3

 

 

$

5.1

 

 

 

 

$

4.3

 

 

$

2.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total derivative financial instruments

 

 

 

$

8.6

 

 

$

5.6

 

 

 

 

$

6.1

 

 

$

3.7

 

 
Schedule of Summary of Derivative Hedges

The following table summarizes the Company’s economic (non-designated) derivative financial instruments outstanding at May 31, 2026:

 

 

 

Notional

 

 

 

(In millions)

 

Amount

 

 

Maturity Date

Commodity contracts

 

$

27.5

 

 

June 2026 – April 2028

Foreign currency exchange contracts

 

$

666.9

 

 

June 2026 - September 2026

 

The following table summarizes the Company’s economic (non-designated) derivative financial instruments outstanding at May 31, 2025:

 

 

 

Notional

 

 

 

(In millions)

 

Amount

 

 

Maturity Date

Commodity contracts

 

$

16.4

 

 

June 2025 – September 2026

Foreign currency exchange contracts

 

$

(3.6

)

 

June 2025
Schedule of Derivatives Designated as Cash Flow and Net Investment Hedges 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 and net investment hedges during fiscal 2026, 2025, and 2024:

 

 

 

 

 

 

Location of Gain (Loss)

 

Gain (Loss) Reclassified

 

 

 

Gain (Loss)

 

 

Reclassified from AOCI

 

from AOCI into

 

(In millions)

 

Recognized in OCI

 

 

into Net Earnings

 

Net Earnings

 

For the fiscal year ended May 31, 2026:

 

 

 

 

 

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

Commodity contracts

 

 

5.1

 

 

Cost of goods sold

 

 

1.0

 

Foreign currency exchange contracts

 

 

1.3

 

 

Cost of goods sold

 

 

1.2

 

Foreign currency exchange contracts

 

 

-

 

 

SG&A

 

 

0.2

 

Interest rate contracts

 

 

0.1

 

 

Interest expense, net

 

 

0.1

 

Total - Cash Flow Hedges

 

 

6.5

 

 

 

 

 

2.5

 

 

 

 

 

 

 

 

 

 

Net Investment Hedges

 

 

 

 

 

 

 

 

Cross-currency swap

 

 

(1.8

)

 

Miscellaneous income, net

 

 

-

 

Total - Net Investment Hedges

 

 

(1.8

)

 

 

 

 

-

 

Total

 

$

4.7

 

 

 

 

$

2.5

 

 

 

 

 

 

 

 

 

 

For the fiscal year ended May 31, 2025:

 

 

 

 

 

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

Commodity contracts

 

 

(5.0

)

 

Cost of goods sold

 

 

(7.3

)

Foreign currency exchange contracts

 

 

0.2

 

 

Cost of goods sold

 

 

(0.1

)

Foreign currency exchange contracts

 

 

-

 

 

SG&A

 

 

-

 

Interest rate contracts

 

 

-

 

 

Interest expense, net

 

 

-

 

Total - Cash Flow Hedges

 

 

(4.8

)

 

 

 

 

(7.4

)

 

 

 

 

 

 

 

 

 

Net Investment Hedge

 

 

 

 

 

 

 

 

Cross-currency swap

 

 

-

 

 

Miscellaneous income, net

 

 

-

 

Total - Net Investment Hedges

 

 

-

 

 

 

 

 

-

 

Total

 

$

(4.8

)

 

 

 

$

(7.4

)

 

 

 

 

 

 

 

 

 

For the fiscal year ended May 31, 2024:

 

 

 

 

 

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

Commodity contracts

 

 

1.6

 

 

Cost of goods sold

 

 

8.3

 

Foreign currency exchange contracts

 

 

-

 

 

Cost of goods sold

 

 

-

 

Foreign currency exchange contracts

 

 

-

 

 

SG&A

 

 

-

 

Interest rate contracts

 

 

-

 

 

Interest expense, net

 

 

-

 

Total - Cash Flow Hedges

 

 

1.6

 

 

 

 

 

8.3

 

 

 

 

 

 

 

 

 

 

Net Investment Hedge

 

 

 

 

 

 

 

 

Cross-currency swap

 

 

-

 

 

Miscellaneous income, net

 

 

-

 

Total - Net Investment Hedges

 

 

-

 

 

 

 

 

-

 

Total

 

$

1.6

 

 

 

 

$

8.3

 

 
Schedule of 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 2026, 2025, and 2024:

 

 

 

 

 

Gain (Loss)

 

 

 

 

 

Recognized in Earnings

 

 

 

 

 

Fiscal Year Ended

 

 

 

Location of Gain (Loss)

 

May 31,

 

(In millions)

 

Recognized in Earnings

 

2026

 

 

2025

 

 

2024

 

Commodity contracts

 

Cost of goods sold

 

$

11.4

 

 

$

(3.3

)

 

$

(0.4

)

Foreign currency exchange contracts

 

Miscellaneous income, net

 

 

(2.3

)

 

 

4.0

 

 

 

-

 

Total

 

 

 

$

9.1

 

 

$

0.7

 

 

$

(0.4

)
Cash Flow Hedges  
Schedule of Summary of Derivative Hedges

The following table summarizes the Company’s cash flow hedges outstanding at May 31, 2026:

 

 

 

Notional

 

 

 

(In millions)

 

Amount

 

 

Maturity Date

Commodity contracts

 

$

33.2

 

 

June 2026 – September 2027

Foreign currency exchange contracts

 

$

2.1

 

 

June 2026 – September 2026

Interest rate contracts

 

$

0.4

 

 

May 2026 – September 2026

The following table summarizes the Company’s cash flow hedges outstanding at May 31, 2025:

 

 

Notional

 

 

 

(In millions)

 

Amount

 

 

Maturity Date

Commodity contracts

 

$

(5.6

)

 

June 2025 – September 2026

Foreign currency exchange contracts

 

$

10.3

 

 

June 2025 – March 2026
Net Investment Hedges  
Schedule of Summary of Derivative Hedges

The following table summarizes the Company’s net investment hedge outstanding at May 31, 2026. There were no net investment hedges outstanding at May 31, 2025.

 

 

 

Pay

 

Receive

 

 

(Notional amount in millions)

 

Notional

 

 

Interest

 

Notional

 

 

Interest

 

Maturity

Nature of Swap

 

Amount

 

 

Rate

 

Amount

 

 

Rate

 

Date

Pay Fixed/Receive Fixed

 

 

 

 

 

 

 

 

 

 

 

 

November 2025

 

€

75.0

 

 

0.00%

 

$

86.4

 

 

1.06%

 

November 2030