MULTI-EMPLOYER WITHDRAWAL LIABILITY

12 Months Ended

Dec. 31, 2015

MULTI-EMPLOYER WITHDRAWAL LIABILITY

MULTI-EMPLOYER WITHDRAWAL LIABILITY

12.MULTI-EMPLOYER WITHDRAWAL LIABILITY

Horizon ceased all of its operations in Puerto Rico during the first quarter of 2015, which resulted in a mass withdrawal from its multi-employer ILA-PRSSA pension fund (see Note 3).  The Company estimated the mass withdrawal liability based upon the expected future undiscounted payments to be paid by the Company, discounted using the risk-free U.S. Treasury rate.  Payments of approximately $1.0 million are made quarterly to the ILA-PRSSA over an estimated remaining period of approximately 18 years.  Future estimated annual cash payments to the multi-employer pension plan as of December 31, 2015 were as follows (in millions):

	As of December 31,
Year	(in millions)
2016	$	4.1
2017	4.1
2018	4.1
2019	4.1
2020	4.1
Thereafter	52.3
Total future payments	72.8
Less: amount representing interest	(12.5		)
Present value of remaining withdrawal liability	60.3
Current portion of withdrawal liability	(4.1		)
Long-term portion of withdrawal liability	$	56.2

The current portion of $4.1 million of the mass withdrawal liability is included in accrued and other liabilities in the consolidated balance sheet (see Note 2).  The Company’s estimate of the mass withdrawal liability is subject to revision pending the final calculation and assessment to be issued by the ILA-PRSSA, expected in 2016 (see Note 3).