Juno 2014 Annual Report Download - page 68
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Table of Contents
Commitments under letters of credit at December 31, 2014 were scheduled to expire as follows (in thousands):
Letters of credit are maintained pursuant to certain of our lease arrangements and contractual obligations. The letters of credit remain in effect at varying
levels through the terms of the related agreements.
In the ordinary course of business, we may provide indemnifications of varying scope and terms to customers, vendors, lessors, sureties and insurance
companies, business partners, and other parties with respect to certain matters, including, but not limited to, losses arising out of our breach of such
agreements, services to be provided by us, or from intellectual property infringement claims made by third parties. In addition, we have entered into
indemnification agreements with our directors and certain of our officers and employees that will require us, among other things, to indemnify them against
certain liabilities that may arise by reason of their status or service as directors, officers or employees. We have also agreed to indemnify certain former
officers, directors and employees of acquired companies in connection with the acquisition of such companies. We maintain director and officer insurance,
which may cover certain liabilities, including those arising from our obligation to indemnify our directors and certain of our officers and employees, and
former officers, directors and employees of acquired companies, in certain circumstances.
It is not possible to determine the maximum potential amount of exposure under these indemnification agreements due to the limited history of prior
indemnification claims and the unique facts and circumstances involved in each particular agreement. Such indemnification agreements may not be subject
to maximum loss clauses.
At December 31, 2014, we did not have any off-balance sheet arrangements (as defined in Item 303(a)(4)(ii) of Regulation S-K) that have, or are
reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures, or
capital resources.
See Note 1, "Description of Business, Basis of Presentation, Accounting Policies, and Recent Accounting Pronouncements" of the Notes to Consolidated
Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for a description of recent accounting pronouncements, including the
expected dates of adoption and estimated effects on our financial condition, results of operations and cash flows.
Inflation did not have a material impact on our consolidated revenues and results of operations during the years ended December 31, 2014, 2013 and
2012.
67
Letters of credit $ 627 $ 162 $ — $ — $ 465