Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Note 8 – Commitments and Contingent Liabilities

Outstanding standby and commercial letters of credit as of March 31, 2022, equaled $13,846, the majority of which serves as collateral for the IRB debt. Outstanding surety bonds as of March 31, 2022, approximated $4,000 (SEK 33,900), which guarantee certain obligations under a credit insurance arrangement for certain of the Corporation’s foreign pension commitments.

The Corporation has undertaken a significant capital program to upgrade existing equipment at certain of its FCEP locations which is anticipated to occur over the next 18 months and cost approximately $27,000. At March 31, 2022, commitments for future capital expenditures, including those associated with the FCEP capital program, approximated $25,000.

See Note 11 for derivative instruments, Note 15 for litigation and Note 16 for environmental matters.