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Hedging (Tables)
 6 Months Ended
Jun. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments [Table Text Block]
At June 30, 2012, the company's hedge portfolio was comprised of the following outstanding positions:
 
Notional
Amount
Contract Average
Rate/Price
Settlement
Period
Derivatives designated as hedging instruments:
 
 
 
      Currency derivatives:
 
 
 
              Purchased euro put options

€95
 million
$1.23/€
2012
              Sold euro call options

€95
 million
$1.31/€
2012
              Purchased euro put options

€212
 million
$1.20/€
2013
              Sold euro call options

€212
 million
$1.28/€
2013
 
 
 
 
       Fuel derivatives:
 
 
 
  3.5% Rotterdam Barge/Singapore 180 fuel derivatives:
 
 
 
Bunker fuel forward contracts1
42,612 mt

$465/mt
2012
Bunker fuel forward contracts1
76,701 mt

$497/mt
2013
Bunker fuel forward contracts1
103,136 mt

$588/mt
2014
Bunker fuel forward contracts1
50,210 mt

$564/mt
2015
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
30-day euro forward contracts
€70 million
$1.24/€
July 2012
1 
As described in the paragraph above, new cash flow hedge relationships were established for certain bunker fuel forward contracts in 2011. These changes resulted in hedge rates for accounting purposes that are different from those in the hedge contract terms.
Tabular disclosure of fair value of derivative assets and liabilities [Table Text Block]
Activity related to the company's derivative assets and liabilities designated as hedging instruments is as follows:
 
2012
 
2011
(In thousands)
Currency
Hedge
Portfolio
 
Bunker Fuel
Forward
Contracts
 
Currency
Hedge
Portfolio
 
Bunker Fuel
Forward
Contracts
Balance at beginning of year
$
5,232

 
$
14,754

 
$
293

 
$
27,314

Realized (gains) losses included in net income
(4,381
)
 
(5,514
)
 
1,586

 
(5,428
)
Purchases (sales), net 1
—

 
—

 
5,013

 
—

Changes in fair value
(851
)
 
19,471

 
(2,688
)
 
37,938

Balance at March 31
$
—

 
$
28,711


$
4,204


$
59,824

Realized (gains) losses included in net income
(53
)
 
(4,139
)
 
1,386

 
(12,240
)
Purchases (sales), net 1
850

 
—

 
—

 
—

Changes in fair value
(3,324
)
 
(20,250
)
 
(5,203
)
 
6,406

Balance at June 30
$
(2,527
)
 
$
4,322

 
$
387

 
$
53,990

1 
Purchases (sales) represent the cash premiums paid upon the purchase of euro put options or received upon the sale of euro call options and sales of bunker fuel forward contracts prior to their expiration. Bunker fuel forward contracts require no up-front cash payment and have an initial fair value of zero; instead any gain or loss on the forward contracts (swaps) is settled in cash upon the maturity of the forward contracts.
Tabular disclosure of the estimated amount of deferred net gains (losses) [Table Text Block]
Deferred net gains (losses) in "Accumulated other comprehensive income (loss)" at June 30, 2012 are expected to be reclassified into income as follows:
    
Expected Period of Recognition
 
Currency
Hedge
Portfolio
 
Bunker
Fuel
Forward
Contracts
 
Total
2012
 
$
(412
)
 
$
4,017

 
$
3,605

2013
 
(2,912
)
 
3,072

 
160

2014
 
—

 
(3,736
)
 
(3,736
)
2015
 
—

 
(800
)
 
(800
)
 
 
$
(3,324
)
 
$
2,553

 
$
(771
)
Schedule of cash flow hedges included in accumulated other comprehensive income (loss) [Table Text Block]
The following table summarizes the effect of the company's derivatives designated as cash flow hedging instruments on OCI and earnings:
 
Quarter ended June 30, 2012
 
Quarter ended June 30, 2011
(In thousands)
Currency
Hedge
Portfolio
 
Bunker Fuel
Forward
Contracts
 
Total
 
Currency
Hedge
Portfolio
 
Bunker Fuel
Forward
Contracts
 
Total
Gain (loss) recognized in OCI on derivative (effective portion)
$
(3,324
)
 
$
(18,866
)
 
$
(22,190
)
 
$
(1,620
)
 
$
7,015

 
$
5,395

Gain (loss) reclassified from accumulated OCI into income (effective portion)1
—

 
4,139

 
4,139

 
811

 
12,240

 
13,051

Gain (loss) recognized in income on derivative (ineffective portion)1
—

 
(1,384
)
 
(1,384
)
 
—

 
(609
)
 
(609
)

 
Six months ended June 30, 2012
 
Six months ended June 30, 2011
(In thousands)
Currency
Hedge
Portfolio
 
Bunker Fuel
Forward
Contracts
 
Total
 
Currency
Hedge
Portfolio
 
Bunker Fuel
Forward
Contracts
 
Total
Gain (loss) recognized in OCI on derivative (effective portion)
$
(4,175
)
 
(226
)
 
(4,401
)
 
(1,154
)
 
44,594

 
43,440

Gain (loss) reclassified from accumulated OCI into income (effective portion)1
4,381

 
9,653

 
14,034

 
793

—

17,668

 
18,461

Gain (loss) recognized in income on derivative (ineffective portion)1
—

 
(554
)
 
(554
)
 
—

 
(250
)
 
(250
)
1 
Both the gain (loss) reclassified from accumulated OCI into income (effective portion) and the gain (loss) recognized in income on derivative (ineffective portion), if any, are included in "Net sales" for the currency hedge portfolio and "Cost of sales" for bunker fuel forward contracts.