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Hedging (Tables)
 9 Months Ended
Sep. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Foreign Currency Derivatives not designated as hedges [Table Text Block]
These 30-day euro forward contracts are not designated as hedging instruments, and gains and losses on these forward contracts are recognized currently in "Cost of sales."
  
Quarter ended September 30,
 
Nine months ended September 30,
(In thousands)
2012
 
2011
 
2012
 
2011
Gains (losses) on 30-day euro forward contracts
$
(1,781
)
 
$
8,826

 
$
(1,021
)
 
$
(908
)
Gains (losses) from fluctuations in the value of the net monetary assets exposed to euro exchange rates
4,129

 
(13,036
)
 
(3,281
)
 
(1,246
)
Schedule of derivative instruments
At September 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
€51 million
$1.23/€
2012
              Sold euro call options
€51 million
$1.31/€
2012
              Average rate forward contracts
€35 million
$1.23/€
2012
              Purchased euro put options
€212 million
$1.20/€
2013
              Sold euro call options
€212 million
$1.28/€
2013
              Average rate forward contracts
€148 million
$1.23/€
2013
 
 
 
 
       Fuel derivatives:
 
 
 
  3.5% Rotterdam Barge/Singapore 180 fuel derivatives:
 
 
 
Bunker fuel forward contracts1
19,176 mt
$463/mt
2012
Bunker fuel forward contracts1
76,701 mt
$497/mt
2013
Bunker fuel forward contracts1
108,416 mt
$587/mt
2014
Bunker fuel forward contracts1
74,640 mt
$564/mt
2015
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
30-day euro forward contracts
€65 million
$1.29/€
October 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
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

Realized (gains) losses included in net income
1,018

 
(3,822
)
 
445

 
(10,475
)
Purchases (sales), net 1
—

 
—

 
—

 
(3,288
)
Changes in fair value
(14,109
)
 
12,551

 
6,000

 
(18,933
)
Balance at September 30
$
(15,618
)
 
$
13,051

 
$
6,832

 
$
21,294

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; settlements on the forward contracts (swaps) occur upon the maturity of the forward contracts.
Tabular disclosure of the estimated amount of deferred net gains (losses)
Deferred net gains (losses) in "Accumulated other comprehensive income (loss)" at September 30, 2012 are expected to be reclassified into income as follows:
    
Expected Period of Recognition
 
Currency
Hedge
Portfolio
 
Bunker
Fuel
Forward
Contracts
 
Total
2012
 
$
(2,479
)
 
$
3,113

 
$
634

2013
 
(13,672
)
 
7,300

 
(6,372
)
2014
 
—

 
4

 
4

2015
 
—

 
523

 
523

 
 
$
(16,151
)
 
$
10,940

 
$
(5,211
)
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)
The following table summarizes the effect of the company's derivatives designated as cash flow hedging instruments on OCI and earnings:
 
Quarter ended September 30, 2012
 
Quarter ended September 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)
$
(13,580
)
 
$
12,209

 
$
(1,371
)
 
$
9,075

 
$
(32,022
)
 
$
(22,947
)
Gain (loss) reclassified from accumulated OCI into income (effective portion)1
(753
)
 
3,822

 
3,069

 
1,093

 
10,475

 
11,568

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

 
$
342

 
$
342

 
$
—

 
$
13,089

 
$
13,089


 
Nine months ended September 30, 2012
 
Nine months ended September 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)
$
(17,755
)
 
$
11,983

 
$
(5,772
)
 
$
7,921

 
$
12,572

 
$
20,493

Gain (loss) reclassified from accumulated OCI into income (effective portion)1
3,628

 
13,475

 
17,103

 
1,886


28,143

 
30,029

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

 
$
(211
)
 
$
(211
)
 
$
—

 
$
12,839

 
$
12,839

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.