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MULTI-EMPLOYER WITHDRAWAL LIABILITIES | 12 Months Ended
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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
​

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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 -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent + Details
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