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Hedging (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of foreign currency derivatives not designated as hedges
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" as follows:
  
Year ended December 31,
(In thousands)
2014
 
2013
 
2012
Gains (losses) on 30-day euro forward contracts
$
7,965

 
$
(4,367
)
 
$
(2,812
)
Gains (losses) from fluctuations in the value of the net monetary assets exposed to euro exchange rates
(16,517
)
 
2,783

 
(2,187
)
Outstanding positions in the company's hedge portfolio
At December 31, 2014, our hedge portfolio was comprised of the following outstanding positions, which were all designated as cash flow hedges:
    
 
Notional
Amount
 
Contract Average
Rate/Price
 
Settlement
Period
Currency derivatives:
 
 
 
 
 
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
59,800 mt
 
$556/mt
 
20151

1 
Settlement periods for bunker fuel forward contracts and currency derivatives are through September 2015.
Activity related to the company's derivative assets and liabilities designated as hedging instruments
Activity related to our derivative assets and liabilities designated as hedging instruments is as follows:
(In thousands)
Currency
Hedge
Portfolio
 
Bunker Fuel
Forward
Contracts
Balance at December 31, 2012
$
(23,215
)
 
$
8,572

Realized (gains) losses included in net income
22,476

 
(7,470
)
Transfers1
7,638

 
193

Purchases (sales), net2
1,167

 
—

Changes in fair value
(13,080
)
 
(307
)
Balance at December 31, 2013
$
(5,014
)
 
$
988

Realized (gains) losses included in net income
(6,321
)
 
4,473

Purchases (sales), net2
426

 
—

Changes in fair value
34,644

 
(21,451
)
Balance at December 31, 2014
$
23,735

 
$
(15,990
)
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 "AOCI" at December 31, 2014 are expected to be reclassified into income as follows in thousands:
Expected Period of Recognition
 
Currency
Hedge
Portfolio
 
Bunker
Fuel
Forward
Contracts
 
Total
2015
 
$
23,211

 
$
(15,912
)
 
$
7,299
Effect of the company's derivatives designated as cash flow hedging instruments on OCI and earnings
The following table summarizes the effect of our derivatives designated as cash flow hedging instruments on OCI and earnings:
 
Year Ended December 31, 2014
 
Year Ended December 31, 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)
$
36,783

 
$
(20,912
)
 
$
15,871

 
$
(12,559
)
 
$
1,448

 
$
(11,111
)
Gain (loss) reclassified from AOCI into income (effective portion)1
7,391

 
(4,473
)
 
2,918

 
(29,858
)
 
7,470

 
(22,388
)
Gain (loss) recognized in income on derivative (ineffective portion)1
—

 
(539
)
 
(539
)
 
—

 
(1,562
)
 
(1,562
)
1 
Both the gain (loss) reclassified from "AOCI" 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.