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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 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
 
$
—

 
$
2,672

 
$
4,306

Other assets
 
$
22,745

 
$
751

 
$
—

Accrued liabilities
 
$
—

 
$
—

 
$
129

Other long-term liabilities
 
$
—

 
$
198

 
$
—


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

 
$
—

 
$
—
Effect of derivatives instruments on the Consolidated Statements of Income
The effect of derivative instruments on the Consolidated Statements of Income for the year ended December 31, 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)
 
$
27,534

 
$
4,049

 
$
84,746

Gains (losses) reclassified from accumulated OCI into income (effective portion) (a)
 
$
(3,606
)
 
$
2,641

 
$
(8,400
)
Gains recognized in income (ineffective portion) (b)
 
$
—

 
$
—

 
$
3,241


The effect of derivative instruments on the Consolidated Statements of Income for the year ended December 31, 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)
 
$
(13,424
)
 
$
47

 
$
12,834

Gains (losses) reclassified from accumulated OCI into income (effective portion) (a)
 
$
(3,605
)
 
$
(2,488
)
 
$
(90,900
)
Gains recognized in income (ineffective portion) (b)
 
$
—

 
$
—

 
$
670