XML 20 R19.htm IDEA: XBRL DOCUMENT v2.3.0.15
Financial Guarantees
9 Months Ended
Sep. 30, 2011
Financial Guarantees [Abstract] 
Financial Guarantees

Note 12: Financial Guarantees

In the normal course of business, the Corporation is a party to financial instruments containing credit risk that are not required to be reflected in the consolidated statements of financial position. For the Corporation, these financial instruments are financial and performance standby letters of credit. The Corporation has risk management policies to identify, monitor and limit exposure to credit risk. To mitigate credit risk for these financial guarantees, the Corporation generally determines the need for specific covenant, guarantee and collateral requirements on a case-by- case basis, depending on the nature of the financial instrument and the customer’s creditworthiness. At September 30, 2011, December 31, 2010 and September 30, 2010, the Corporation had $48.0 million, $44.9 million and $43.5 million, respectively, of outstanding financial and performance standby letters of credit which expire in five years or less. The majority of these standby letters of credit are collateralized. At September 30, 2011, December 31, 2010 and September 30, 2010, the Corporation’s assessment determined there was $0.3 million of probable losses relating to standby letters of credit, which has been recorded as an other liability in the Corporation’s statement of financial position.