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MULTI-EMPLOYER WITHDRAWAL LIABILITIES | 12 Months Ended
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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.

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- Definition The entire disclosure of an entity's employee compensation and benefit plans, excluding share-based compensation and including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 + Details
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