CAPITAL CONSTRUCTION FUND

9 Months Ended

Sep. 30, 2017

CAPITAL CONSTRUCTION FUND.

CAPITAL CONSTRUCTION FUND

6.          CAPITAL CONSTRUCTION FUND

The Company’s Capital Construction Fund (“CCF”) is described in Note 7 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.  As of September 30, 2017 and December 31, 2016, the following amounts related to the Company’s CCF:

	September 30,		December 31,
(In millions)	2017		2016
Capital Construction Fund:
Cash on deposit	$	—	$	31.2
Assigned accounts receivables	$	175.9	$	174.7

Cash on deposit in the CCF are held in a money market account and classified as long-term assets in the Company’s Condensed Consolidated Balance Sheets, as the Company intends to use qualified cash withdrawals to fund long-term investment in the construction of new vessels.  During the three and nine months ended September 30, 2017, the Company deposited $52.4 million and $64.6 million into the CCF, and made qualifying cash withdrawals of $52.4 million and $95.8 million from the CCF, respectively.  Eligible accounts receivable that are assigned into the CCF are classified as part of accounts receivable in the Condensed Consolidated Financial Statements due to the nature of the assignment.