MULTI-EMPLOYER WITHDRAWAL LIABILITY

12 Months Ended

Dec. 31, 2016

12.MULTI-EMPLOYER WITHDRAWAL LIABILITY

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 (see Note 3). The Company estimated the mass withdrawal liability based upon the expected future undiscounted payments to be paid by the Company, discounted using the Company’s incremental borrowing rate. Payments of approximately $1.0 million are made quarterly to the ILA-PRSSA over a remaining period ending in March 2040. Future estimated annual payments to the multi-employer pension plan as of December 31, 2016 were as follows (in millions):


Year	Total
2017	$	4.1
2018		4.1
2019		4.1
2020		4.1
2021		4.1
Thereafter		76.3
Total future payments		96.8
Less: amount representing interest		(32.6)
Present value of remaining withdrawal liability		64.2
Current portion of withdrawal liability		(4.1)
Long-term portion of withdrawal liability	$	60.1

The current portion of $4.1 million of the mass withdrawal liability is included in accruals and other liabilities in the Consolidated Balance Sheet (see Note 2).