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Hedging (Tables)
 9 Months Ended
Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Cash Flow Hedge Accounting Discontinued
M
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
  
Quarter ended September 30,
 
Nine months ended September 30,
(In thousands)
2014
 
2013
 
2014
 
2013
Gains (losses) on 30-day euro forward contracts
$
5,351

 
$
(3,288
)
 
$
5,610

 
$
(3,024
)
Gains (losses) from fluctuations in the value of the net monetary assets exposed to euro exchange rates
(8,095
)
 
5,384

 
(12,041
)
 
332
Schedule of Notional Amounts of Outstanding Derivative Positions
At September 30, 2014, our 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
€60 million
 
$1.34/€
 
2014
Sold euro call options
€60 million
 
$1.38/€
 
2014
Average rate forward contracts
€19 million
 
$1.36/€
 
2014
Purchased euro put options
€147 million
 
$1.35/€
 
20151
Sold euro call options
€147 million
 
$1.40/€
 
20151
Average rate forward contracts
€20 million
 
$1.38/€
 
20151
 
 
 
 
 
 
3.5% Rotterdam Barge fuel derivatives:
 
 
 
 
 
Bunker fuel forward contracts
20,640 mt
 
$588/mt
 
2014
Bunker fuel forward contracts
59,800 mt
 
$556/mt
 
20151
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
30-day euro forward contracts
€54 million
 
$1.27/€
 
October 2014
1 
Settlement periods for bunker fuel forward contracts and currency derivatives are through September 2015
Schedule of Change in Fair Value of Derivative Assets and Liabilities Designated as Hedging Instruments
Activity related to our derivative assets and liabilities designated as hedging instruments is as follows:
 
2014
 
2013
(In thousands)
Currency
Hedge
Portfolio
 
Bunker Fuel
Forward
Contracts
 
Currency
Hedge
Portfolio
 
Bunker Fuel
Forward
Contracts
Balance at beginning of year
$
(5,014
)
 
$
988

 
$
(23,215
)
 
$
8,572

Realized (gains) losses included in net income
1,229

 
(175
)
 
5,601

 
(2,839
)
Transfers1
—

 
—

 
7,638

 
—

Purchases (sales), net2
277

 
—

 
541

 
—

Changes in fair value
(323
)
 
(1,447
)
 
6,310

 
1,888

Balance at March 31
$
(3,831
)
 
$
(634
)

$
(3,125
)

$
7,621

Realized (gains) losses included in net income
1,414

 
(61
)
 
4,766

 
(2,151
)
Purchases (sales), net 2
—

 
—

 
62

 
—

Changes in fair value
1,906

 
1,641

 
(5,142
)
 
(7,673
)
Balance at June 30
$
(511
)
 
$
946

 
$
(3,439
)
 
$
(2,203
)
Realized (gains) losses included in net income
(1,308
)
 
822

 
3,568

 
(1,908
)
Transfers1
—

 
—

 
—

 
193

Purchases (sales), net 2
149

 
—

 
314

 
—

Changes in fair value
23,513

 
(5,141
)
 
(10,180
)
 
3,888

Balance at September 30
$
21,843

 
$
(3,373
)
 
$
(9,737
)
 
$
(30
)
1 
Represents the fair value at the transfer date of positions where hedge accounting was terminated. See discussion above.
2 
Purchases (sales) represent the cash premiums paid upon the purchase of euro put options or received upon the sale of euro call options. 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.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Deferred net gains (losses) in "Accumulated other comprehensive income (loss)" at September 30, 2014 are expected to be reclassified into income as follows (in thousands):
Expected Period of Recognition
 
Currency
Hedge
Portfolio
 
Bunker
Fuel
Forward
Contracts
 
Total
2014
 
$
6,609

 
$
(1,294
)
 
$
5,315

2015
 
14,470

 
(1,882
)
 
12,588

 
 
$
21,079

 
$
(3,176
)
 
$
17,903
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The following tables summarize the effect of our derivatives designated as cash flow hedging instruments on OCI and earnings:
 
Quarter ended September 30, 2014
 
Quarter ended September 30, 2013
(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)
$
23,983

 
$
(4,911
)
 
$
19,072

 
$
(10,201
)
 
$
4,018

 
$
(6,183
)
Gain (loss) reclassified from accumulated OCI into income (effective portion)1
1,543

 
(822
)
 
721

 
(6,114
)
 
1,908

 
(4,206
)
Loss recognized in income on derivative (ineffective portion)1
—

 
(230
)
 
(230
)
 
—

 
(130
)
 
(130
)
 
Nine months ended September 30, 2014
 
Nine months ended September 30, 2013
(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)
$
26,757

 
$
(4,290
)
 
$
22,467

 
$
(8,518
)
 
$
210

 
$
(8,308
)
Gain (loss) reclassified from accumulated OCI into income (effective portion)1
(504
)
 
(586
)
 
(1,090
)
 
(21,328
)
 
6,898

 
(14,430
)
Loss recognized in income on derivative (ineffective portion)1
—

 
(657
)
 
(657
)
 
—

 
(2,107
)
 
(2,107
)
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.