COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2017

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, and multi-employer bargaining plan withdrawal obligations (see Note 11), include the following as of December 31, 2017:

Commitments and Contractual Obligations (in millions)	Total
Standby letters of credit (1)	$	10.4
Bonds (2)	$	33.0
Construction of vessels obligations (3)	$	559.5
Purchase obligations and other capital expenditure obligations (4)	$	15.9

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

(4) Purchase obligations and other capital expenditure obligations include: (i) non-cancellable contractual capital project obligations (excluding construction of vessels obligations); and (ii) other dry-docking related obligations.