v3.26.3
Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Aug. 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 the dates presented:

 

Fair Value of Assets

 

 

Fair Value of Liabilities

 

 

Balance

 

 

 

 

 

 

 

Balance

 

 

 

 

 

 

 

Sheet

 

August 31,

 

 

May 31,

 

 

Sheet

 

August 31,

 

 

May 31,

 

(In millions)

Location

 

2026

 

 

2026

 

 

Location

 

2026

 

 

2026

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

Receivables

 

$

2.3

 

 

$

2.1

 

 

Accounts payable

 

$

-

 

 

$

-

 

Commodity contracts

Other assets

 

 

0.1

 

 

 

-

 

 

Other liabilities

 

 

-

 

 

 

-

 

Subtotal

 

 

 

2.4

 

 

 

2.1

 

 

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange contracts

Receivables

 

 

-

 

 

 

0.2

 

 

Accounts payable

 

 

-

 

 

 

-

 

Foreign currency exchange contracts

Other assets

 

 

-

 

 

 

-

 

 

Other liabilities

 

 

-

 

 

 

-

 

Subtotal

 

 

 

-

 

 

 

0.2

 

 

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cross-currency swap

Receivables

 

 

-

 

 

 

-

 

 

Accounts payable

 

 

-

 

 

 

-

 

Cross-currency swap

Other assets

 

 

-

 

 

 

-

 

 

Other liabilities

 

 

7.4

 

 

 

1.8

 

Subtotal

 

 

 

-

 

 

 

-

 

 

 

 

 

7.4

 

 

 

1.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cross-currency swap

Receivables

 

 

-

 

 

 

-

 

 

Accounts payable

 

 

-

 

 

 

-

 

Cross-currency swap

Other assets

 

 

-

 

 

 

-

 

 

Other liabilities

 

 

1.5

 

 

 

-

 

Subtotal

 

 

 

-

 

 

 

-

 

 

 

 

 

1.5

 

 

 

-

 

Total - Qualified

 

 

$

2.4

 

 

$

2.3

 

 

 

 

$

8.9

 

 

$

1.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

Receivables

 

$

5.2

 

 

$

5.8

 

 

Accounts payable

 

$

1.3

 

 

$

1.8

 

Commodity contracts

Other assets

 

 

1.4

 

 

 

0.5

 

 

Other liabilities

 

 

0.1

 

 

 

0.1

 

Subtotal

 

 

 

6.6

 

 

 

6.3

 

 

 

 

 

1.4

 

 

 

1.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency exchange contracts

Receivables

 

 

0.1

 

 

 

-

 

 

Accounts payable

 

 

-

 

 

 

2.4

 

Foreign currency exchange contracts

Other assets

 

 

-

 

 

 

-

 

 

Other liabilities

 

 

-

 

 

 

-

 

Subtotal

 

 

 

0.1

 

 

 

-

 

 

 

 

 

-

 

 

 

2.4

 

Total - Unqualified

 

 

$

6.7

 

 

$

6.3

 

 

 

 

$

1.4

 

 

$

4.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total derivative financial instruments

 

$

9.1

 

 

$

8.6

 

 

 

 

$

10.3

 

 

$

6.1

 

 
Schedule of Loss on Fair Value Hedges Recognized in Earnings

 

 

 

 

Loss Recognized

 

 

 

 

 

in Earnings for the

 

 

 

 

 

Three Months Ended

 

 

 

Location of Loss

 

August 31,

 

 

August 31,

 

(In millions)

 

Recognized in Earnings

 

2026

 

 

2025

 

Fair value cross-currency swap

 

Miscellaneous income (expense), net

 

$

(1.5

)

 

$

-

 

Hedged portion of Euro-denominated loan

 

Miscellaneous income (expense), net

 

$

(1.3

)

 

 

-

 

Total

 

 

 

$

(2.8

)

 

$

-

 
Schedule of Summary of Derivative Hedges

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

 

 

 

Notional

 

 

 

(In millions)

 

Amount

 

 

Maturity Date(s)

Commodity contracts

 

$

39.4

 

 

September 2026 – July 2028

Foreign currency exchange contracts

 

$

33.1

 

 

September 2026 – January 2028

 

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

 

 

 

Notional

 

 

 

(In millions)

 

Amount

 

 

Maturity Date(s)

Commodity contracts

 

$

27.5

 

 

June 2026 – April 2028

Foreign currency exchange contracts

 

$

666.9

 

 

June 2026 - September 2026
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 net earnings for derivative financial instruments designated as cash flow and net investment hedges for the periods presented:

(In millions)

 

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 August 31, 2026:

 

 

 

 

 

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

Commodity contracts

 

$

1.4

 

 

Cost of goods sold

 

$

0.9

 

Foreign currency exchange contracts

 

 

-

 

 

Cost of goods sold

 

 

0.2

 

Interest rate contracts

 

 

(0.1

)

 

Interest expense, net

 

 

-

 

Total - Cash Flow Hedges

 

 

1.3

 

 

 

 

 

1.1

 

 

 

 

 

 

 

 

 

Net Investment Hedges

 

 

 

 

 

 

 

 

Cross-currency swap

 

 

(5.7

)

 

Miscellaneous income (expense), net

 

 

-

 

Total - Net Investment Hedges

 

 

(5.7

)

 

 

 

 

-

 

Total

 

$

(4.4

)

 

 

 

$

1.1

 

 

 

 

 

 

 

 

 

For the three months ended August 31, 2025:

 

 

 

 

 

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

Commodity contracts

 

$

(0.1

)

 

Cost of goods sold

 

$

-

 

Foreign currency exchange contracts

 

 

0.5

 

 

Cost of goods sold

 

 

0.3

 

Foreign currency exchange contracts

 

 

-

 

 

SG&A

 

 

0.1

 

Interest rate contracts

 

 

-

 

 

Interest expense, net

 

 

-

 

Total - Cash Flow Hedges

 

 

0.4

 

 

 

 

 

0.4

 

Total

 

$

0.4

 

 

 

 

$

0.4

 
Schedule of Loss Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments

The following tables summarize the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments for the periods presented:

 

 

 

 

 

Gain (Loss) Recognized

 

 

 

 

 

in Earnings for the

 

 

 

 

 

Three Months Ended

 

 

 

Location of Gain (Loss)

 

August 31,

 

 

August 31,

 

(In millions)

 

Recognized in Earnings

 

2026

 

 

2025

 

Commodity contracts

 

Cost of goods sold

 

$

1.7

 

 

$

2.6

 

Foreign currency exchange contracts

 

Miscellaneous income (expense), net

 

 

(1.0

)

 

 

-

 

Total

 

 

 

$

0.7

 

 

$

2.6

 

 
Cash Flow Hedges  
Schedule of Summary of Derivative Hedges

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

 

 

 

Notional

 

 

 

(In millions)

 

Amount

 

 

Maturity Date

Commodity contracts

 

$

57.7

 

 

September 2026 – September 2027

Foreign currency exchange contracts

 

$

0.2

 

 

September 2026

Interest rate contracts

 

$

0.1

 

 

September 2026

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
Net Investment Hedges  
Schedule of Summary of Derivative Hedges

The following table summarizes the Company’s net investment hedges outstanding at August 31, 2026.

 

 

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

 

€

60.0

 

 

0.00%

 

$

69.1

 

 

1.06%

 

November 2030

June 2026

 

€

700.0

 

 

0.00%

 

$

809.8

 

 

1.09%

 

May 2031

The following table summarizes the Company’s net investment hedge outstanding at May 31, 2026.

 

 

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