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COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended
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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.

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