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DERIVATIVES AND FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2011
DERIVATIVES AND FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract]  
Fair Value of Hedged Items
The following table presents the fair value of the Company's hedged items as of December 31, 2011, and December 31, 2010 (in millions):
 
 
Asset Derivatives
 
Liability Derivatives
 
Derivatives designated as hedging instruments(a):
Balance Sheet Location
 
December 31, 2011
 
Balance Sheet Location
 
December 31, 2011
 
            
Commodity contracts(b)
Other current assets
 $0.3 
Accrued expenses
 $5.0 
Commodity contracts
Other assets
  - 
Other noncurrent liabilities
  0.9 
Total derivatives designated as hedging instruments
   $0.3    $5.9 
 
(a)
The Company has commodity hedge agreements with three counterparties.  All of the amounts recorded as liabilities for the Company's commodity contracts are payable almost entirely to one counterparty.  The amount recorded as an asset is due from two counterparties.
(b)
The Company has master netting agreements with its counterparties and accordingly has netted in its consolidated balance sheets approximately $0.3 million of its commodity contracts that are in a receivable position against its contracts in payable positions.
 
 
Asset Derivatives
 
Liability Derivatives
 
            
Derivatives designated as hedging instruments(a):
Balance Sheet Location
 
December 31, 2010
 
Balance Sheet Location
 
December 31, 2010
 
            
Interest rate contracts
Other current assets
 $- 
Accrued expenses
 $0.6 
Commodity contracts(b)
Other current assets
  1.2 
Accrued expenses
  6.2 
Commodity contracts
Other assets
  - 
Other noncurrent liabilities
  2.2 
Total derivatives designated as hedging instruments
   $1.2    $9.0 
 
(a)
The Company had interest rate swap agreements with three counterparties, one of which holds approximately 70% of the interest rate swaps outstanding.  In addition, the Company had commodity hedge agreements with three counterparties.  All of the amounts recorded as liabilities for the Company's commodity contracts were payable to one counterparty.  The amount recorded as an asset was due from two counterparties.
(b)
The Company has master netting agreements with its counterparties and accordingly has netted in its consolidated balance sheets approximately $0.9 million of its commodity contracts that are in a receivable position against its contracts in payable positions.
Other Comprehensive Income Attributable to Derivatives
The following table presents activity related to the Company's other comprehensive income (“OCI”) for the twelve months ended December 31, 2011 and December 31, 2010 (in millions):
 
     
Twelve Months Ended December 31, 2011
 
Derivatives in Cash Flow
Hedging Relationships
Location of Gain
(Loss) Reclassified
 from Accumulated
 OCI Into Income
(Effective Portion)
 
Amount of (Gain)
Loss Recognized in
OCI on Derivative
 (Effective Portion)
  
Amount of Gain
 (Loss) Reclassified
from Accumulated
 OCI Into Income
 (Effective Portion)
 
          
Interest rate contracts
Interest expense
 $-  $(0.6)
Commodity contracts
Product cost
  4.3   (5.8)
Total
   $4.3  $(6.4)
 
 
     
Twelve Months Ended December 31, 2010
 
Derivatives in Cash Flow
Hedging Relationships
Location of Gain
(Loss) Reclassified
from Accumulated
OCI Into Income
 (Effective Portion)
 
Amount of (Gain)
Loss Recognized in
CI on Derivative
 (Effective Portion)
  
Amount of Gain
 (Loss) Reclassified
from Accumulated
OCI Into Income
(Effective Portion)
 
          
Interest rate contracts
Interest expense
 $0.6  $(5.0)
Commodity contracts
Product cost
  9.3   (4.8)
Total
   $9.9  $(9.8)