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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES |
17. | COMMITMENTS AND CONTINGENCIES
​ Commitments and contractual obligations, excluding debt obligations (see Note 8), lease commitments (see Note 9), pension and post-retirement plan commitments, and multi-employer bargaining plan withdrawal obligations (see Note 11 and 12), are as follows as of December 31, 2019: ​
​ | ​ | ​ | ​ | ​
Commitments and Contractual Obligations (in millions) |  | Total |
Standby letters of credit (1) | ​ | $ | 7.7 | ​
Bonds (2) | ​ | $ | 33.1 | ​
Vessel construction obligations (3) | ​ | $ | 64.8 | ​
Vendor and other obligations (4) | ​ | $ | 29.6 | ​
(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) | Vessel construction obligations represent remaining contractual obligations entered into for the construction of new vessels.
(4) | Vendor and other obligations include: (i) non-cancellable contractual capital project obligations (excluding vessel construction obligations); (ii) dry-docking related obligations; and (iii) other contractual obligations.
​ These amounts are not recorded on the Company’s Consolidated Balance Sheets and it is not expected that the Company or its subsidiaries will be called upon to advance funds under these commitments. ​ Contingencies: Contingencies and other litigation related matters are described as follows: ​ Environmental Matters: The Company’s Ocean Transportation segment has certain risks that could result in expenditures for environmental remediation. The Company believes that based on all information available to it, the Company is currently in compliance, in all material respects, with applicable environmental laws and regulations. ​ Other Matters: The Company and its subsidiaries are parties to, or may be contingently liable in connection with other legal actions arising in the normal course of their businesses, the outcomes of which, in the opinion of management after consultation with counsel, would not have a material effect on the Company’s financial condition, results of operations, or cash flows.

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