Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

NOTE 10 – COMMITMENTS AND CONTINGENT LIABILITIES:

Outstanding standby and commercial letters of credit as of December 31, 2016 approximated $22,305, of which approximately half serves as collateral for the IRB debt. In addition, in connection with the acquisition of Åkers, the Corporation issued two surety bonds to PRI Pensionsgaranti, guaranteeing certain obligations of Åkers Sweden AB and Åkers AB under a credit insurance policy relating to pension commitments. The total amount covered by the surety bonds is approximately $4,000 (SEK 33,900).

Approximately 38% of the Corporation’s employees are covered by collective bargaining agreements that have expiration dates ranging from September 2017 to February 2020. Collective bargaining agreements expiring in 2017 (representing approximately 28% of covered employees) will be negotiated with the intent to secure mutually beneficial, long-term arrangements.

See Note 13 regarding derivative instruments, Note 19 regarding litigation and Note 20 for environmental matters.