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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
9 Months Ended
Sep. 30, 2012
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 September 30, 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
 
$

 
$
1,914

 
$
8,188

Other long-term assets
 
$

 
$
276

 
$

Accrued liabilities
 
$
13,113

 
$
2,260

 
$

Other long-term liabilities
 
$
2,365

 
$
196

 
$

The fair value of derivative instruments in the Consolidated Balance Sheet as of December 31, 2011 was as follows:
Balance Sheet Caption
 
Foreign Exchange Forward Contracts
and Options
 
Commodities Futures and Options Contracts
In thousands of dollars
 
 
 
 
Prepaid expense and other current assets
 
$
3,954

 
$
3,929

Accrued liabilities
 
$
5,297

 
$
2,103

Other long-term liabilities
 
$
12

 
$

Gain (Loss) in Statement of Financial Performance
The effect of derivative instruments on the Consolidated Statements of Income for the nine months ended September 30, 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)
 
$
(15,477
)
 
$
3,249

 
$
70,129

Gains (losses) reclassified from accumulated OCI into income (effective portion) (a)
 
$
(2,646
)
 
$
(2,563
)
 
$
(72,000
)
Gains (losses) recognized in income (ineffective portion) (b)
 
$

 
$

 
$
2,465

The effect of derivative instruments on the Consolidated Statements of Income for the nine months ended October 2, 2011 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)
 
$
7,856

 
$
(21,786
)
 
$
(69,750
)
Gains (losses) reclassified from accumulated OCI into income (effective portion) (a)
 
$
1,558

 
$
723

 
$
22,400

Gains (losses) recognized in income (ineffective portion) (b)
 
$

 
$

 
$
(691
)