Guarantees

The following table shows our outstanding guarantees:



	Total Amounts Committed at		Expiration
(Millions)	March 31, 2015		Less Than 1 Year		1 to 3 Years		Over 3 Years
Guarantees supporting commodity transactions of subsidiaries ⁽¹⁾	$	162.5	$	91.2	$	—	$	71.3
Standby letters of credit⁽²⁾	1.2		1.1		0.1		—
Surety bonds⁽³⁾	25.1		25.1		—		—
Guarantees temporarily retained related to the sale of IES's retail energy business ⁽⁴⁾	55.7		38.6		0.8		16.3
Other guarantees⁽⁵⁾	62.4		—		—		62.4
Total guarantees	$	306.9	$	156.0	$	0.9	$	150.0


⁽¹⁾	Consists of (a) $5.0 million to support each of the business operations of IBS and PDI and (b) $0.4 million, $108.9 million, and $43.2 million related to natural gas supply at ITF, 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 standby letters of credit issued to support ITF, MERC, MGU, NSG, PDI, PGL, and WPS. This amount is 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⁾

These guarantees were retained temporarily due to the sale of IES's retail energy business to Exelon Generation Company, LLC (Exelon). During the second quarter of 2015, these guarantees will expire. Exelon was contractually bound to reimburse us for any payments made under the outstanding guarantees. At March 31, 2015, these guarantees consisted of (a) $52.1 million of guarantees supporting commodity transactions; (b) $1.2 million of standby letters of credit; (c) $2.1 million of surety bonds; and (d) $0.3 million related to the sale of WPS Beaver Falls Generation, LLC. The liability related to these guarantees was insignificant. Our exposure under these guarantees related to open transactions at March 31, 2015, was $31.5 million.

⁽⁵⁾

Consists of (a) $34.2 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 law; (c) $11.2 million related to the performance of an operating and maintenance agreement by ITF; and (d) $7.0 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.