Commercial Commitments

3 Months Ended

Mar. 31, 2020

Guarantees [Abstract]

Commercial Commitments

Commercial Commitments

We have entered into various commercial commitments, such as standby letters of credit, and performance bonds, related to certain transactions. These commercial commitments require us to fulfill specific obligations in the event of third-party demands. Similar to our balance sheet investments, these commitments expose us to credit, market, and equipment risk. Accordingly, we evaluate these commitments and other contingent obligations using techniques similar to those we use to evaluate funded transactions.

The following table shows our commercial commitments (in millions):

	March 31 2020		December 31 2019
Standby letters of credit and performance bonds	$	9.3	$	9.3

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(1) There were no liabilities recorded on the balance sheet for commercial commitments at March 31, 2020 and December 31, 2019. As of March 31, 2020, our outstanding commitments expire in 2020 through 2021. We are not aware of any event that would require us to satisfy any of our commitments.

We are parties to standby letters of credit and performance bonds, which primarily relate to contractual obligations and general liability insurance coverages. No material claims have been made against these obligations, and no material losses are anticipated.