COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2016

COMMITMENTS AND CONTINGENCIES

Schedule of Commitments and Contractual Obligations

Commitments, including contractual obligations, excluding lease commitments (see Note 9), and pension and post-retirement plan commitments (see Note 11), include the following as of December 31, 2016 (in millions):

Commitments and Contractual Obligations	Total
Standby letters of credit (1)	$	11.2
Bonds (2)	$	32.7
Benefit plan withdrawal obligations (3)	$	220.8
Construction of vessels obligations (4)	$	803.9
Other capital obligations (5)	$	26.9

(1) Standby letters of credit are required for the Company’s uninsured workers’ compensation and other insurance programs, and other needs.

(2) Bonds are required for U.S. Customs and other related matters.

(3) Benefit plan withdrawal obligations represent the withdrawal liabilities as of the most recent valuation dates for multiemployer pension plans, in which the Company is a participant.  Management has no present intention of withdrawing from, and does not anticipate the termination of, any of the aforementioned plans.

(4) Construction of vessels obligations represents contractual obligations entered into for the construction of four new vessels.

(5) Other capital expenditure obligations include: (i) contractual capital project obligations (excluding construction of vessels obligations); and (ii) other dry-docking related obligations.