Page 80 - 2019 Annual Report

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
The Company’s contractual commitments as of December 31, 2019 are as follows:

(in millions) Total < 1 Year 1 to 3 Years 3 to 5 Years > 5 Years

ON BALANCE SHEET:

Long-term debt $ 2,773.6 $ 340.0 $ 0.2 $ 696.7 $ 1,736.7
Postretirement benefits 13.0 2.0 2.8 2.5 5.7

Qualified pension plan contributions — — — — —
1

Unfunded pension plan contributions 106.4 7.8 31.2 20.2 47.2

Uncertain tax positions 27.2 — 27.2 — —

Finance leases - principal portion 8.7 2.9 2.6 1.1 2.1

Operating leases 486.6 52.7 78.5 63.2 292.2

Other commitments 0.3 0.1 0.1 0.1 —

OFF BALANCE SHEET:

Interest on publicly-traded long-term debt and
lease obligations 1,511.8 116.9 220.9 215.3 958.7

Contracts of affreightment 133.9 15.8 32.4 33.5 52.2

Royalty agreements 114.9 15.7 21.4 18.1 59.7

2
Purchase commitments - capital 93.4 93.4 — — —

Other commitments - energy and services 82.9 47.2 18.0 1.8 15.9

Total $ 5,352.7 $ 694.5 $ 435.3 $ 1,052.5 $ 3,170.4
1 No contributions to the qualified pension plan are required in 2020 and contributions beyond 2020 are not determinable at this time.
2 Represents future minimum payments.
Notes A, H, J, K, M and O to the audited consolidated financial statements contain additional information regarding these
commitments and should be read in conjunction with the above table.
Contingent Liabilities and Commitments
The Company has entered into standby letter of credit agreements relating to certain insurance claims, contract performance
and permit requirements. At December 31, 2019, the Company had contingent liabilities guaranteeing its own performance
under these outstanding letters of credit of $32.9 million.
In the normal course of business, at December 31, 2019, the Company was contingently liable for $395.1 million in surety
bonds underwritten by Liberty Mutual, which guarantee its own performance and are required by certain states and
municipalities and their related agencies. The Company has indemnified the underwriting insurance companies against any
exposure under the surety bonds. In the Company’s past experience, no material claims have been made against these
financial instruments.
The Company is a co-borrower with an unconsolidated affiliate for a $15.5 million revolving line of credit agreement with
Truist Bank, as successor by merger to SunTrust Bank and formerly known as Branch Banking and Trust Company. The affiliate
has agreed to reimburse and indemnify the Company for any payments and expenses the Company may incur from this
agreement. The Company holds a lien on the affiliate’s membership interest in a joint venture as collateral for payment under
the revolving line of credit.

Annual Report ♦ Page 78 Celebrating 25 Years as a Public Company