Assets and Liabilities Measured at Fair Value (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Measurements of Assets and Liabilities

The fair value measurements for these assets and liabilities at December 31, 2012 and 2011 are presented in the following table.

				Fair Value Measurements at Reporting Date Using
(Thousands of dollars)	Fair Value at December 31, 2012			Quoted Prices in Active Markets for Identical Assets (Liabilities) (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Commodity derivative contracts	$	3,043			0			3,043			0
Liabilities
Nonqualified employee savings plan	$	(10,293	)		(10,293	)		0			0
Foreign currency exchange derivative contracts		(1,031	)		0			(1,031	)		0
Commodity derivative contracts		(102	)		0			(102	)		0
Total	$	(11,426	)		(10,293	)		(1,133	)		0

				Fair Value Measurements at Reporting Date Using
(Thousands of dollars)	Fair Value at December 31, 2011			Quoted Prices in Active Markets for Identical Assets (Liabilities) (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Commodity derivative contracts	$	197			0			197			0
Liabilities
Nonqualified employee savings plan	$	(8,030	)		(8,030	)		0			0
Foreign currency exchange derivative contracts		(8,459	)		0			(8,459	)		0
Commodity derivative contracts		(489	)		0			(489	)		0
Interest rate derivative contracts		(25,927	)		0			(25,927	)		0
Total	$	(42,905	)		(8,030	)		(34,875	)		0

Carrying Amounts and Estimated Fair Values of Financial Instruments

The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at December 31, 2012 and 2011. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes cash and cash equivalents, trade accounts receivable, short-term notes payable, trade accounts payable and accrued expenses, all of which had fair values approximating carrying amounts. The carrying value of Canadian government securities is determined based on cost plus earned interest. The fair value of current and long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. The Company has off-balance sheet exposures relating to certain financial guarantees and letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal.

	At December 31,
	2012						2011
(Thousands of dollars)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Financial assets (liabilities):
Canadian government securities with maturities greater than 90 days at the date of acquisition	$	115,603			115,802			532,093			532,899
Current and long-term debt		(2,245,247	)		(2,357,972	)		(599,558	)		(715,208	)