COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2015

COMMITMENTS AND CONTINGENCIES

Schedule of Commitments and Contingencies

Commitments and financial arrangements	Total
Standby letters of credit (1)	$	11.0
Bonds (2)	$	32.8
Benefit plan withdrawal obligations (3)	$	216.8
Capital expenditure obligations (4)	$	408.9

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

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

(3) Represents 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) Capital expenditure obligations includes contractual progress payments related to the construction of two new vessels based upon the shipbuilding agreements with Philly Shipyard, and other capital expenditure obligations.