DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The fair value of derivative instruments

The fair value of derivative instruments in the Consolidated Balance Sheet as of June 30, 2013 was as follows:

Balance Sheet Caption	Interest Rate Swap Agreements		Foreign Exchange Forward Contracts and Options		Commodities Futures and Options Contracts
In thousands of dollars
Prepaid expense and other current assets	$	—	$	1,779	$	2,162
Other long-term assets	$	15,923	$	—	$	—
Accrued liabilities	$	—	$	321	$	—

The fair value of derivative instruments in the Consolidated Balance Sheet as of December 31, 2012 was as follows:

Balance Sheet Caption	Interest Rate Swap Agreements		Foreign Exchange Forward Contracts and Options		Commodities Futures and Options Contracts
In thousands of dollars
Prepaid expense and other current assets	$	—	$	2,119	$	—
Accrued liabilities	$	12,502	$	917	$	2,010
Other long-term liabilities	$	922	$	—	$	—

Gain (Loss) in Statement of Financial Performance

The effect of derivative instruments on the Consolidated Statements of Income for the six months ended June 30, 2013 was as follows:

Cash Flow Hedging Derivatives	Interest Rate Swap Agreements			Foreign Exchange Forward Contracts and Options		Commodities Futures and Options Contracts
In thousands of dollars
Gains (losses) recognized in other comprehensive income (“OCI”) (effective portion)	$	20,315		$	215	$	(14,500	)
Gains (losses) reclassified from accumulated OCI into income (effective portion) (a)	$	(1,744	)	$	1,926	$	(9,500	)
Gains (losses) recognized in income (ineffective portion) (b)	$	(428	)	$	—	$	543

The effect of derivative instruments on the Consolidated Statements of Income for the six months ended July 1, 2012 was as follows:

Cash Flow Hedging Derivatives	Interest Rate Swap Agreements			Foreign Exchange Forward Contracts and Options			Commodities Futures and Options Contracts
In thousands of dollars
Gains (losses) recognized in other comprehensive income (“OCI”) (effective portion)	$	(11,638	)	$	736		$	10,007
Gains (losses) reclassified from accumulated OCI into income (effective portion) (a)	$	(1,835	)	$	(1,741	)	$	(50,400	)
Gains (losses) recognized in income (ineffective portion) (b)	$	—		$	—		$	1,030