MULTI-EMPLOYER WITHDRAWAL LIABILITIES

12 Months Ended

Dec. 31, 2021

MULTI-EMPLOYER WITHDRAWAL LIABILITIES

MULTI-EMPLOYER WITHDRAWAL LIABILITIES

12. MULTI-EMPLOYER WITHDRAWAL LIABILITIES

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. The Company assumed this liability as part of the acquisition of Horizon on May 29, 2015. 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, 2021 were as follows:

Year (in millions)	Total
2022	$	4.1
2023		4.1
2024		4.1
2025		4.1
2026		4.1
Thereafter		55.5
Total remaining future undiscounted payments due to the ILA-PRSSA pension fund		76.0
Less: amount representing interest		(21.1)
Present value of multi-employer withdrawal liability		54.9
Current portion of multi-employer withdrawal liability (see Note 2)		(4.1)
Long-term portion of multi-employer withdrawal liability (see Note 2)	$	50.8

Furthermore, the Company assumed a partial withdrawal liability related to the Local 153 Fund of the OPEIU. The partial withdrawal liability resulted from a decline in the number of contribution base units related to the Local 153 Fund caused by Horizon terminating all of its operations in Puerto Rico during the first quarter of 2015. The Company included the partial withdrawal liability of $6.5 million within other current liabilities in the Consolidated Balance Sheets as of December 31, 2020. The Company paid off this liability during 2021.