Hedging (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2013

Dec. 31, 2013

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 March 31,
(In thousands)	2013			2012
Gains (losses) on 30-day euro forward contracts	$	1,942		$	(3,137	)
Gains (losses) from fluctuations in the value of the net monetary assets exposed to euro exchange rates	(4,222		)	4,166

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 March 31,
(In thousands)	2013			2012
Gains (losses) on 30-day euro forward contracts	$	1,942		$	(3,137	)
Gains (losses) from fluctuations in the value of the net monetary assets exposed to euro exchange rates	(4,222		)	4,166

Schedule of derivative instruments

At March 31, 2013, 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	€108 million	$1.20/€	2013
Sold euro call options	€108 million	$1.28/€	2013
Average rate forward contracts	€108 million	$1.23/€	2013
Purchased euro put options	€54 million	$1.30/€	20142
Sold euro call options	€54 million	$1.38/€	20142
Average rate forward contracts	€54 million	$1.33/€	20142
Fuel derivatives:
3.5% Rotterdam Barge/Singapore 180 fuel derivatives:
Bunker fuel forward contracts1	57,525 mt	$506/mt	2013
Bunker fuel forward contracts1	108,416 mt	$587/mt	2014
Bunker fuel forward contracts	74,640 mt	$564/mt	2015
Derivatives not designated as hedging instruments:
30-day euro forward contracts	€73 million	$1.28/€	April 2013
Purchased euro put options	€19 million	$1.20/€	Q2 2013
Sold euro call options	€19 million	$1.28/€	Q2 2013
Purchased euro put options	€27 million	$1.20/€	Q3 2013
Sold euro call options	€27 million	$1.28/€	Q3 2013

¹  As described in Note 11 of the 2012 Annual Report on Form 10-K, 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:

	March 31, 2013						March 31, 2012
(In thousands)	Currency Hedge Portfolio			Bunker Fuel Forward Contracts			Currency Hedge Portfolio			Bunker Fuel Forward Contracts
Balance at beginning of year	$	(23,215	)	$	8,572		$	5,232		$	14,754
Realized (gains) losses included in net income	8,722			(2,839		)	(4,381		)	(5,514		)
Transfers1	7,638			—			—			—
Purchases (sales), net2	541			—			—			—
Changes in fair value	3,189			1,888			(851		)	19,471
Balance at March 31	$	(3,125	)	$	7,621		$	—		$	28,711

¹  Represents the fair value at the transfer date of positions where hedge accounting was terminated. See discussion above.

²  Bunker fuel and currency forward contracts require no up-front cash payment and have an initial fair value of zero; settlements on the forward contracts (swaps) occur upon their maturity.

Tabular disclosure of the estimated amount of deferred net gains (losses)

Deferred net gains (losses) in "Accumulated other comprehensive income (loss)" at March 31, 2013 are expected to be reclassified into income as follows:

Expected Period of Recognition	Currency Hedge Portfolio			Bunker Fuel Forward Contracts		Total
2013	$	(12,390	)	$	4,807	$	(7,583	)
2014	4,111			718		4,829
2015	—			1,051		1,051
	$	(8,279	)	$	6,576	$	(1,703	)

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 March 31, 2013									Quarter ended March 31, 2012
(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)	$	6,564		$	2,498		$	9,062		$	(851	)	$	18,640	$	17,789
Gain (loss) reclassified from accumulated OCI into income (effective portion)1	(8,632		)	2,839			(5,793		)	4,381			5,514		9,895
Gain (loss) recognized in income on derivative (ineffective portion)1	$	—		$	(610	)	$	(610	)	$	—		$	830	$	830

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