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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2011
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table shows the company’s financial assets and liabilities accounted for at fair value on a recurring basis at June 30, 2011:

 

(In Millions of Dollars)

    June 30,
2011		      Level 1      Level 2      Level 3  

Assets:

            

Money market mutual funds (1)

      $  589.5           $ 589.5         $ -               $ -         

Interest rate swaps (2)

      11.1           -               11.1           -         
  

 

 

     

 

 

     

 

 

     

 

 

  
     $ 600.6           $ 589.5         $ 11.1           $ -         
  

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities:

            

Commodity purchase contracts (3)

      $ 1.3           $ -               $ 1.3           $ -         
  

 

 

     

 

 

     

 

 

     

 

 

  

 

The following table shows the company’s financial assets and liabilities accounted for at fair value on a recurring basis at December 31, 2010:

 

(In Millions of Dollars)

    December 31,
2010		      Level 1      Level 2      Level 3  

Assets:

            

Money market mutual funds (1)

      $ 681.2           $ 681.2           $  -               $  -         

Interest rate swaps (2)

      9.6           -               9.6            -         
  

 

 

     

 

 

     

 

 

     

 

 

  
     $ 690.8           $ 681.2           $ 9.6           $  -         
  

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities:

            

Interest rate swaps (2)

      $ 0.3           $ -               $ 0.3           $  -         

Commodity purchase contracts (3)

      2.2           -               2.2            -         
  

 

 

     

 

 

     

 

 

     

 

 

  
     $ 2.5           $ -               $ 2.5           $  -         
  

 

 

     

 

 

     

 

 

     

 

 

  

 

  (1) The fair value of money market mutual funds is based on quoted prices reported on various U.S. and international stock exchanges.

 

  (2) The fair value of interest rate swaps is calculated using models that discount the cash flows at each coupon adjustment date using the then-applicable forward interest rates.

 

  (3) The fair value of commodity purchase contracts is based on market forward rates and reflects the present value of the amount that the company would pay or receive for contracts involving the same notional amounts and maturity dates.