OI » Topics » The above futures contracts are accounted for as cash flow hedges at June 30, 2008.

This excerpt taken from the OI 10-Q filed Aug 8, 2008.

The above futures contracts are accounted for as cash flow hedges at June 30, 2008.


At June 30, 2008, an unrecognized gain of $36.4 million (pretax and after tax), related to the North American commodity futures contracts, was included in OCI, which will be reclassified into earnings over the next eighteen months.  The ineffectiveness related to these natural gas hedges for the three and six months ended June 30, 2008 was not material.


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