Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

8. Commitments and Contingent Liabilities

Outstanding standby and commercial letters of credit as of September 30, 2021, equaled $14,126, the majority of which serves as collateral for the IRB debt. Outstanding surety bonds as of September 30, 2021, 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 two to three years and cost approximately $25,000 to $30,000. At September 30, 2021, commitments for future capital expenditures, including those associated with the FCEP capital program, approximated $20,000.

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