DERIVATIVE INSTRUMENTS

6 Months Ended

Jun. 30, 2013

Notes to Financial Statements [Abstract]

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

The fair value of significant derivative instruments included in Employment-related and other non-current liabilities was as follows (in thousands of dollars):

Derivatives Designated as Hedges	June 30, 2013		Dec 31, 2012
Interest rate swap	$	2,885	$	4,120
Foreign currency forwards	$	122	$	7,916

The Company uses derivative instruments to manage a portion of exposures to fluctuations in interest rates and foreign currency exchange rates. The Company does not enter into derivative financial instruments for trading or speculative purposes.

The fair values of these instruments are determined by using quoted market forward rates (level 2 inputs) and reflect the present value of the amount that the Company would pay for contracts involving the same notional amounts and maturity dates. These instruments qualify for hedge accounting and the changes in fair value are reported as a component of other comprehensive earnings (losses) net of tax effects.