Commitments And Contingent Liabilities

3 Months Ended

Mar. 31, 2012

Commitments And Contingent Liabilities [Abstract]

Commitments And Contingent Liabilities

6. Commitments and Contingent Liabilities

Outstanding standby and commercial letters of credit as of March 31, 2012 approximated $21,204,000, the majority of which serve as collateral for the Industrial Revenue Bond debt.

In 2010, UES-UK was awarded a government grant of up to $1,325,000 (£850,000) toward the purchase and installation of certain machinery and equipment of which $710,000 (£445,000) has been received to date. Under the agreement, the grant is repayable if certain conditions are not met including achieving and maintaining a targeted level of employment through 2017. UES-UK's level of employment currently exceeds and is expected to continue to exceed the targeted level of employment; accordingly, no liability has been recorded.

See Note 11 regarding litigation and Note 12 for environmental matters.