Guarantees

The following table shows our outstanding guarantees:



	Total Amounts Committed		Expiration
(Millions)	at December 31, 2014		Less Than 1 Year		1 to 3 Years		Over 3 Years
Guarantees supporting commodity transactions of subsidiaries ⁽¹⁾	$	189.3	$	105.1	$	—	$	84.2
Standby letters of credit⁽²⁾	1.2		1.1		0.1		—
Surety bonds⁽³⁾	25.1		25.0		0.1		—
Other guarantees⁽⁴⁾	73.5		—		—		73.5
Guarantees temporarily retained related to the sale of IES's retail energy business ⁽⁵⁾	279.5		$	248.4	$	1.8	$	29.3
Total guarantees	$	568.6	$	379.6	$	2.0	$	187.0


⁽¹⁾	Consists of (a) $5.0 million to support the business operations of IBS, and (b) $0.4 million, $127.4 million, $44.7 million, and $11.8 million related to natural gas supply at ITF, MERC, MGU, and PDI, 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 $1.2 million issued to support ITF, MERC, MGU, NSG, PDI, PGL, 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) $46.1 million to support PDI's future payment obligations related to its distributed solar generation projects; (b) $10.0 million related to the sale agreement for IES’s Texas retail marketing business. 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) $11.2 million related to the performance of an operating and maintenance agreement by ITF; and (d) $6.2 million related to other indemnifications primarily for workers compensation coverage. The amounts discussed in items (a), (c), and (d) above are not reflected on our balance sheets.

⁽⁵⁾

These guarantees are retained temporarily due to the sale of IES's retail energy business to Exelon Generation Company, LLC (Exelon). For up to six months after the sale, we will continue to provide these guarantees until either Exelon can replace them or until they expire. Exelon is contractually bound to reimburse us for any payments we make under the outstanding guarantees. These guarantees consist of (a) $267.4 million of guarantees supporting commodity transactions; (b) $6.9 million of standby letters of credit; (c) $3.4 million of surety bonds; and (d) $1.8 million related to the sale of WPS Beaver Falls Generation, LLC and WPS Syracuse Generation, LLC. Following the guidance of the Guarantees Topic of the FASB ASC, an insignificant liability related to these guarantees was recorded at fair value on our balance sheet. Our exposure under these guarantees related to open transactions at December 31, 2014, was $168.9 million.