Derivative 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 our derivative financial instruments and the respective lines in which they were recorded in our consolidated balance sheet at May 31, 2026 and 2025:


	Fair Value of Assets					Fair Value of Liabilities
	Balance					Balance
	Sheet					Sheet
	Location	2026		2025		Location	2026		2025
Derivatives designated as hedging instruments:
Commodity contracts	Receivables	$	1,264	$	478	Accounts payable	$	1,044	$	51
Commodity contracts	Other assets		100		-	Other liabilities		-		35
Foreign currency exchange contracts	Receivables		-		483	Accounts payable		133		-
Subtotal			1,364		961			1,177		86

Derivatives not designated as hedging instruments:
Commodity contracts	Receivables	$	-	$	81	Accounts payable	$	64	$	15
Foreign currency exchange contracts	Receivables		-		-	Accounts payable		16		7,360
Subtotal			-		81			80		7,375

Total		$	1,364	$	1,042		$	1,257	$	7,461

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 $707 and $356 at May 31, 2026 and 2025, respectively.

Schedule of Summary of Derivative Hedges

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


	Notional
	Amount		Maturity Date
Commodity contracts	$	1,412	June 2026 - May 2027
Foreign currency exchange contracts		37,710	June 2026 - November 2026

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 2026 and fiscal 2025:


		Gain (Loss)
		Recognized in Earnings
		Fiscal Year Ended
	Location of Gain (Loss)	May 31,
	Recognized in Earnings	2026		2025
Commodity contracts	Cost of goods sold	$	415	$	600
Foreign currency exchange contracts	Miscellaneous expense, net		7,119		(6,111	)
Total		$	7,534	$	(5,511	)

Cash Flow Hedges

Schedule of Summary of Derivative Hedges

The following table summarizes our cash flow hedges outstanding at May 31, 2026:


	Notional
	Amount		Maturity Date
Commodity contracts	$	4,853	June 2026 - December 2027
Foreign currency exchange contracts		6,021	June 2026 - August 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 2026 and fiscal 2025:


				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, 2026:
Commodity contracts	$	1,276		Cost of goods sold	$	1,301
Foreign currency exchange contracts		293		Various (1)		651
Interest rate contracts		-		Interest expense		207
Totals	$	1,569			$	2,159

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		752		Various (2)		284
Totals	$	689			$	391

(1)

Location of gain (loss) reclassified from AOCI into net earnings for fiscal 2026 related to foreign currency exchange contracts included miscellaneous expense, net, interest expense, net, and cost of goods sold in our consolidated statement of earnings.

(2)

Location of gain (loss) reclassified from AOCI into net earnings for fiscal 2025 related to foreign currency exchange contracts included miscellaneous expense, net and net sales in our consolidated statement of earnings.