Total Amounts Committed | Expiration | |||||||||||||||
(Millions) | at December 31, 2013 | Less Than 1 Year | 1 to 3 Years | Over 3 Years | ||||||||||||
Guarantees supporting commodity transactions of subsidiaries (1) | $ | 597.4 | $ | 375.1 | $ | 2.2 | $ | 220.1 | ||||||||
Standby letters of credit (2) | 55.8 | 45.1 | 10.6 | 0.1 | ||||||||||||
Surety bonds (3) | 21.9 | 21.9 | — | — | ||||||||||||
Other guarantees (4) | 56.3 | 1.2 | 1.5 | 53.6 | ||||||||||||
Total guarantees | $ | 731.4 | $ | 443.3 | $ | 14.3 | $ | 273.8 | ||||||||
(1) | Consists of (a) $430.3 million, $5.0 million, and $2.0 million to support the business operations of Integrys Energy Services, IBS, and UPPCO, respectively, and (b) $111.5 million and $48.6 million related to natural gas supply at MERC and MGU, respectively. These guarantees are not reflected on our balance sheets. |
(2) | At our request or the request of our subsidiaries, financial institutions have issued standby letters of credit for the benefit of third parties that have extended credit to our subsidiaries. This amount consists of $53.8 million issued to support Integrys Energy Services’ operations and $2.0 million issued to support ITF, MERC, MGU, NSG, PGL, UPPCO, and WPS. These amounts are not reflected on our balance sheets. |
(3) | Primarily for the construction and operation of compressed natural gas fueling stations, workers compensation self-insurance programs, and obtaining various licenses, permits, and rights-of-way. These guarantees are not reflected on our balance sheets. |
(4) | Consists of (a) $35.0 million to support Integrys Energy Services' future payment obligations related to its distributed solar generation projects. This guarantee is not reflected on our balance sheets; (b) $10.0 million related to the sale agreement for Integrys Energy Services’ Texas retail marketing business, which included a number of customary representations, warranties, and indemnification provisions. An insignificant liability was recorded related to the possible imposition of additional miscellaneous gross receipts tax in the event of a change in law or interpretation of the tax law; (c) $3.0 million related to the sale of WPS Beaver Falls Generation, LLC and WPS Syracuse Generation, LLC. Integrys Energy Services' guaranteed the buyer's performance under certain derivative contracts that the buyer assumed from WPS Empire State, Inc. in conjunction with the sale. See Note 4, Discontinued Operations, for more information; (d) $2.4 million related to the performance of an operating and maintenance agreement by ITF; and (e) $5.9 million related to other indemnifications primarily for workers compensation coverage. The amounts discussed in items (c) through (e) above are not reflected on our balance sheets. |