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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2023
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 obligations (see Note 11), and multi-employer withdrawal liabilities (see Note 12), are as follows as of December 31, 2023: ​
​ | ​ | ​ | ​ | ​
Commitments and Contractual Obligations (in millions) |  | Total |
Standby letters of credit (1) | ​ | $ | 5.8 | ​
Bonds (2) | ​ | $ | 56.4 | ​
Vessel construction obligations (3) | ​ | $ | 899.1 | ​
Vendor and other obligations (4) | ​ | $ | 77.1 | ​
(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 three new Jones Act vessels.
(4) | Vendor and other obligations include: (i) non-cancellable contractual capital project obligations; (ii) dry-docking related obligations; and (iii) other contractual obligations. Amounts are considered obligations if a contract has been agreed to specifying significant terms of the contract, and the amounts are not reflected in the Consolidated Balance Sheets as of December 31, 2023.
​ These amounts are not recorded on the Company’s Consolidated Balance Sheets as of December 31, 2023 and it is not expected that the Company or its subsidiaries will be called upon to advance funds under these commitments and contractual obligations. ​ Contingencies: Contingencies and other litigation related matters are described as follows: ​ Environmental Matters: The Company faces certain risks that could result in material expenditures related to environmental remediation. The Company believes, that based on all information currently 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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