MULTI-EMPLOYER WITHDRAWAL LIABILITIES

12 Months Ended

Dec. 31, 2025

MULTI-EMPLOYER WITHDRAWAL LIABILITIES

MULTI-EMPLOYER WITHDRAWAL LIABILITIES

12. MULTI-EMPLOYER WITHDRAWAL LIABILITIES

The Company acquired Horizon on May 29, 2015. Prior to this acquisition, Horizon had 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. The Company assumed this liability as part of the acquisition. The Company estimated the mass withdrawal liability based upon the required undiscounted quarterly payment of approximately $1.0 million to be paid to the ILA-PRSSA pension fund over a period which ends in March 2040, discounted to present value using the Company’s incremental borrowing rate. Future estimated annual payments to be paid to the ILA-PRSSA pension fund as of December 31, 2025 were as follows:

Year (in millions)	Total
2026	$	4.1
2027		4.1
2028		4.1
2029		4.1
2030		4.1
Thereafter		39.0
Total remaining future undiscounted payments due to the ILA-PRSSA pension fund		59.5
Less: amount representing interest		(13.5)
Present value of multi-employer withdrawal liability		46.0
Current portion of multi-employer withdrawal liability		(4.1)
Long-term portion of multi-employer withdrawal liability	$	41.9