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Hedging (Tables)
 6 Months Ended
Jun. 30, 2015
Derivative [Line Items]  
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 June 30,
 
Six months ended June 30,
(In thousands)
2015
 
2014
 
2015
 
2014
Gains (losses) on 30-day euro forward contracts
N/A

 
$
471

 
N/A

 
$
259

Gains (losses) from fluctuations in the value of the net monetary assets exposed to euro exchange rates
$
3,602

 
(1,595
)
 
$
(7,342
)
 
(3,946
)
Schedule of Notional Amounts of Outstanding Derivative Positions
At June 30, 2015, 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
Period1
Currency derivatives:
 
 
 
 
 
Purchased euro put options
€34 million
 
$1.34/€
 
2015
Sold euro call options
€34 million
 
$1.39/€
 
2015
 
 
 
 
 
 
3.5% Rotterdam Barge fuel derivatives:
 
 
 
 
 
Bunker fuel forward contracts
12,700 mt
 
$549/mt
 
2015
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:
 
2015
 
2014
(In thousands)
Currency
Hedge
Portfolio
 
Bunker Fuel
Forward
Contracts
 
Currency
Hedge
Portfolio
 
Bunker Fuel
Forward
Contracts
Balance at beginning of year
$
23,735

 
$
(15,990
)
 
$
(5,014
)
 
$
988

Realized (gains) losses included in net income1
(16,773
)
 
8,775

 
1,229

 
(175
)
Purchases (sales), net2
—

 
—

 
277

 
—

Changes in fair value
18,017

 
(104
)
 
(323
)
 
(1,447
)
Balance at March 31
$
24,979

 
$
(7,319
)

$
(3,831
)

$
(634
)
Realized (gains) losses included in net income
(13,659
)
 
3,465

 
1,414

 
(61
)
Purchases (sales), net 2
—

 
—

 
—

 
—

Changes in fair value
(3,636
)
 
1,044

 
1,906

 
1,641

Balance at June 30
$
7,684

 
$
(2,810
)
 
$
(511
)
 
$
946

1 
(Gains) losses realized from the settled currency and bunker fuel forward hedge contracts prior to maturity are included in the first quarter of 2015. 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 June 30, 2015 are expected to be reclassified into income as follows (in thousands):
Expected Period of Recognition
 
Currency
Hedge
Portfolio
 
Bunker
Fuel
Forward
Contracts
 
Total
2015
 
$
7,535

 
$
(2,799
)
 
$
4,736
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 June 30, 2015
 
Quarter ended June 30, 2014
(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)
$
(3,296
)
 
$
1,026

 
$
(2,270
)
 
$
2,694

 
$
1,747

 
$
4,441

Gain (loss) reclassified from accumulated OCI into income (effective portion)1
13,829

 
(3,465
)
 
10,364

 
(1,020
)
 
61

 
(959
)
Loss recognized in income on derivative (ineffective portion)1
—

 
18

 
18

 
—

 
(107
)
 
(107
)
 
Six months ended June 30, 2015
 
Six months ended June 30, 2014
(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)
$
15,131

 
$
873

 
$
16,004

 
$
2,774

 
$
621

 
$
3,395

Gain (loss) reclassified from accumulated OCI into income (effective portion)1
30,807

 
(12,240
)
 
18,567

 
(2,047
)
 
236

 
(1,811
)
Loss recognized in income on derivative (ineffective portion)1
—

 
67

 
67

 
—

 
(428
)
 
(428
)
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.