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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2011
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

20. Commitments and Contingencies

Rent expense for 2011, 2010 and 2009 was approximately $24.7 million, $23.5 million and $21.4 million, respectively. Commitments for future minimum rental payments with terms in excess of one year at December 31, 2011 are as follows (in thousands):

 

 

         
    December 31,
2011		  

2012

   $ 14,188  

2013

     8,151  

2014

     6,678  

2015

     5,806  

2016

     4,825  

Thereafter

     15,927  
   

 

 

  

Total

   $ 55,575  
   

 

 

  

We have issued the following guarantees that are not recorded on our accompanying balance sheet (dollars in thousands):

 

 

                 
    Term     Maximum  Potential
Undiscounted
Payments as of
December 31, 2011		  

Performance guarantees through letters of credit(1)

     2012–2016     $ 246,197  

Standby letters of credit

     2012       15,921  

Bid bonds and performance bonds(1)

     2012–2018       127,488  
           

 

 

  

Maximum potential undiscounted payments

           $ 389,606  
           

 

 

  

 

(1) We have issued guarantees to third parties to ensure performance of our obligations, some of which may be fulfilled by third parties.

As part of an acquisition in 2001, we may be required to make contingent payments of up to $46 million to the seller, depending on our realization of certain U.S. federal tax benefits through the year 2015. To date, we have not realized any such benefits that would require a payment and we do not anticipate realizing any such benefits that would require a payment before the year 2013.

See Note 2 and Note 7 for a discussion of gain contingencies related to assets and investments that were expropriated in Venezuela.

Our business can be hazardous, involving unforeseen circumstances such as uncontrollable flows of natural gas or well fluids and fires or explosions. As is customary in our industry, we review our safety equipment and procedures and carry insurance against some, but not all, risks of our business. Our insurance coverage includes property damage, general liability and commercial automobile liability and other coverage we believe is appropriate. In addition, we have a minimal amount of insurance on our offshore assets. We believe that our insurance coverage is customary for the industry and adequate for our business; however, losses and liabilities not covered by insurance would increase our costs.

Additionally, we are substantially self-insured for worker’s compensation and employee group health claims in view of the relatively high per-incident deductibles we absorb under our insurance arrangements for these risks. Losses up to the deductible amounts are estimated and accrued based upon known facts, historical trends and industry averages.

In the ordinary course of business, we are involved in various pending or threatened legal actions. While management is unable to predict the ultimate outcome of these actions, we believe that any ultimate liability arising from these actions will not have a material effect on our consolidated financial position, results of operations or cash flows. Because of the inherent uncertainty of litigation, however, we cannot provide assurance that the resolution of any particular claim or proceeding to which we are a party will not have a material effect on our consolidated financial position, results of operations or cash flows for the period in which the resolution occurs.