MULTI-EMPLOYER WITHDRAWAL LIABILITIES

12 Months Ended

Dec. 31, 2023

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, 2023 were as follows:

Year (in millions)	Total
2024	$	4.1
2025		4.1
2026		4.1
2027		4.1
2028		4.1
Thereafter		47.3
Total remaining future undiscounted payments due to the ILA-PRSSA pension fund		67.8
Less: amount representing interest		(17.2)
Present value of multi-employer withdrawal liability		50.6
Current portion of multi-employer withdrawal liability (see Note 2)		(4.1)
Long-term portion of multi-employer withdrawal liability (see Note 2)	$	46.5