Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Changes in Benefit Obligations and Assets

The change in benefit obligations and assets of the UK Plan for the years ended December 31, 2017 and 2016 consisted of the following components (in thousands):



	2017			2016
Change in pension benefit obligation
Benefit obligation at beginning of year	$	306,731		$	295,825
Interest cost	8,622			10,320
Actuarial loss	2,058			67,329
Benefits paid	(13,709		)	(12,044		)
Foreign currency exchange rate changes	28,916			(54,699		)
Benefit obligation at end of year	332,618			306,731
Change in pension plan assets
Fair value of plan assets at beginning of year	257,236			263,555
Actual return on plan assets	22,899			47,728
Employer contributions	4,727			4,906
Benefits paid	(13,709		)	(12,044		)
Foreign currency exchange rate changes	24,815			(46,909		)
Fair value of plan assets at end of year	295,968			257,236
Funded status at end of year	$	(36,650	)	$	(49,495	)

Schedule of Net Periodic Benefit Cost Not yet Recognized

Amounts not yet reflected in net periodic pension cost and included in accumulated other comprehensive loss (in thousands):



	2017		2016
Unrecognized losses	$	102,054	$	102,943

Schedule of Weighted Average Assumptions Used Calculating Benefit Obligation

The weighted average assumptions used to determine benefit obligations as of December 31, 2017 and 2016 were as follows:



	2017		2016
Discount rate	2.5	%	2.7	%

Schedule of Weighted Average Assumptions Used Calculate Net Periodic Pension Cost

The weighted average assumptions used to determine net periodic pension cost for the years ended December 31, 2017, 2016 and 2015 were as follows:



	2017		2016		2015
Discount rate	2.7	%	3.8	%	3.6	%
Annual rate of return on plan assets	5.3	%	6.2	%	6.3	%

Components Of Net Periodic Pension Cost

The components of net periodic pension cost of the UK Plan for the years ended December 31, 2017, 2016 and 2015 were as follows (in thousands):



	2017			2016			2015
Interest cost	$	8,622		$	10,320		$	11,603
Expected return on plan assets	(13,508		)	(14,227		)	(16,181		)
Amortization of unrecognized loss	2,942			2,047			2,526
Net periodic pension cost (income)	$	(1,944	)	$	(1,860	)	$	(2,052	)

Schedule of Weighted Average Asset Allocations and Weighted Average Target Allocations

The weighted average asset allocations and weighted average target allocations at December 31, 2017 and 2016 were as follows:



Asset Category	Target Asset Allocation		December 31, 2017		December 31, 2016
Equity securities	15.0	%	14.1	%	44.9	%
Debt securities	65.0	%	77.3	%	55.0	%
Cash	10.0	%	8.6	%	0.1	%
Property	10.0	%	—	%	—	%
Total	100.0	%	100.0	%	100.0	%

Schedule of Plan Assets Fair Value Hierarchy

The following tables set forth by level, within the fair value hierarchy discussed in Note 10 - Fair Value Measurements, the fair value of assets of the UK Plan as of December 31, 2017 and 2016 (in thousands):



	Assets at Fair Value as of December 31, 2017
Asset Category	Level 1		Level 2		Level 3		Total
Equity and equity like investments	$	—	$	41,684	$	—	$	41,684
Corporate debt securities	—		69,630		103,945		173,575
Government bonds	—		55,207		—		55,207
Cash	25,502		—		—		25,502
Total	$	25,502	$	166,521	$	103,945	$	295,968



	Assets at Fair Value as of December 31, 2016
Asset Category	Level 1		Level 2		Level 3		Total
Equity and equity like investments	$	—	$	115,416	$	—	$	115,416
Corporate debt securities	—		103,912		—		103,912
Government bonds	—		37,473		—		37,473
Cash	435		—		—		435
Total	$	435	$	256,801	$	—	$	257,236

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The table below sets forth a summary of changes in the fair value of the UK Plan’s Level 3 assets for the year ended December 31, 2017 (in thousands):



Corporate Debt Securities	2017
Start of year balance	$	—
Actual return on plan assets, relating to assets still held at reporting date	1,858
Purchases, sales and settlements, net	98,633
Change due to exchange rate changes	3,454
End of year balance	$	103,945

Schedule of Expected Benefit Payments

The following estimated benefit payments are expected to be paid in the following years (in thousands):



	Pension Benefits
2018	$	14,599
2019	$	15,031
2020	$	15,474
2021	$	15,930
2022	$	16,401
Succeeding five years	$	89,566

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The following table shows certain information for the UK Plan where the accumulated benefit obligation is in excess of plan assets as of December 31, 2017 and 2016 (in thousands):



	2017		2016
Projected benefit obligation	$	332,618	$	306,731
Accumulated benefit obligation	$	332,618	$	306,731
Fair value of plan assets	$	295,968	$	257,236

Schedule of Multiemployer Plans

The following table lists all domestic MEPPs to which our contributions exceeded $2.0 million in 2017. Additionally, this table also lists all domestic MEPPs to which we contributed in 2017 in excess of $0.5 million for MEPPs in the critical status, “red zone”, and $1.0 million in the endangered status, “orange or yellow zones”, as defined by the PPA (in thousands):



Pension Fund	EIN/Pension Plan Number	PPA Zone Status ⁽¹⁾		FIP/RP Status	Contributions						Contributions greater than 5% of total plan contributions ⁽²⁾	Expiration date of CBA
Pension Fund	EIN/Pension Plan Number	2017	2016	FIP/RP Status	2017		2016		2015			Expiration date of CBA
National Automatic Sprinkler Industry Pension Fund	52-6054620 001	Red	Red	Implemented	$	14,228	$	11,075	$	6,697	No	May 2018 to March 2021
Sheet Metal Workers National Pension Fund	52-6112463 001	Yellow	Yellow	Implemented	12,895		11,280		10,891		No	May 2018 to July 2020
Plumbers & Pipefitters National Pension Fund	52-6152779 001	Yellow	Yellow	Implemented	12,550		12,034		12,021		No	April 2018 to May 2023
National Electrical Benefit Fund	53-0181657 001	Green	Green	N/A	11,572		10,328		8,513		No	February 2018 to May 2022
Pension, Hospitalization & Benefit Plan of the Electrical Industry- Pension Trust Account	13-6123601 001	Green	Green	N/A	9,489		9,687		7,543		No	April 2019 to June 2020
Plumbers Pipefitters & Mechanical Equipment Service Local Union 392 Pension Plan	31-0655223 001	Red	Red	Implemented	6,084		5,202		5,554		Yes	June 2019
Central Pension Fund of the IUOE & Participating Employers	36-6052390 001	Green	Green	N/A	6,070		6,211		6,465		No	February 2018 to June 2020
Sheet Metal Workers Pension Plan of Northern California	51-6115939 001	Red	Red	Implemented	6,023		5,164		4,851		No	June 2018 to June 2019
Electrical Contractors Association of the City of Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Pension Plan 2	51-6030753 002	Green	Green	N/A	5,537		5,518		5,759		No	June 2018



Pension Fund	EIN/Pension Plan Number	PPA Zone Status ⁽¹⁾		FIP/RP Status	Contributions						Contributions greater than 5% of total plan contributions ⁽²⁾	Expiration date of CBA
Pension Fund	EIN/Pension Plan Number	2017	2016	FIP/RP Status	2017		2016		2015			Expiration date of CBA
Electrical Workers Local No. 26 Pension Trust Fund	52-6117919 001	Green	Green	N/A	4,441		3,390		2,620		Yes	January 2018 to June 2019
Pipefitters Union Local 537 Pension Fund	51-6030859 001	Green	Green	N/A	4,057		3,970		3,939		Yes	Februray 2018 to August 2021
Southern California Pipe Trades Retirement Fund	51-6108443 001	Green	Green	N/A	3,907		4,371		2,743		No	June 2018 to August 2019
Eighth District Electrical Pension Fund	84-6100393 001	Green	Green	N/A	3,786		3,444		3,411		Yes	February 2018 to May 2022
Southern California IBEW-NECA Pension Trust Fund	95-6392774 001	Red	Red	Pending ⁽³⁾	3,669		3,289		2,894		No	June 2019 to May 2020
Sheet Metal Workers Pension Plan of Southern California, Arizona & Nevada	95-6052257 001	Yellow	Yellow	Implemented	3,268		2,946		2,310		No	June 2018 to June 2020
U.A. Plumbers Local 24 Pension Fund	22-6042823 001	Green	Green	N/A	3,092		3,147		2,431		Yes	April 2020
NECA-IBEW Pension Trust Fund	51-6029903 001	Green	Green	N/A	3,060		3,752		1,498		No	May 2018 to May 2020
Northern California Pipe Trades Pension Plan	94-3190386 001	Green	Green	N/A	2,963		6,495		3,544		Yes	June 2018
San Diego Electrical Pension Plan	95-6101801 001	Green	Green	N/A	2,862		2,216		2,109		Yes	May 2019 to May 2020
Heating, Piping & Refrigeration Pension Fund	52-1058013 001	Green	Green	N/A	2,437		2,402		1,948		No	July 2019
U.A. Local 38 Defined Benefit Pension Plan	94-1285319 001	Green	Yellow	N/A	2,097		1,521		1,526		No	June 2018 to June 2023
Plumbing & Pipe Fitting Local 219 Pension Fund	34-6682376 001	Red	Red	Implemented	1,335		838		1,262		Yes	May 2020
Boilermaker-Blacksmith National Pension Trust	48-6168020 001	Red	Yellow	Pending ⁽³⁾	1,083		1,710		1,367		No	May 2018 to September 2020
Steamfitters Local Union No. 420 Pension Plan	23-2004424 001	Red	Red	Implemented	687		709		845		No	May 2020
South Florida Electrical Workers Pension Plan and Trust	59-6230530 001	Red	Yellow	Implemented	503		263		116		No	August 2018
Other Multiemployer Pension Plans					50,720		45,622		43,834			Various
Total Contributions					$	179,216	$	167,297	$	147,056

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(1)	The zone status represents the most recent available information for the respective MEPP, which may be 2016 or earlier for the 2017 year and 2015 or earlier for the 2016 year.

(2)

This information was obtained from the respective plan’s Form 5500 (“Forms”) for the most current available filing. These dates may not correspond with our fiscal year contributions. The above noted percentages of contributions are based upon disclosures contained in the plans’ Forms. Those Forms, among other things, disclose the names of individual participating employers whose annual contributions account for more than 5% of the aggregate annual amount contributed by all participating employers for a plan year. Accordingly, if the annual contribution of two or more of our subsidiaries each accounted for less than 5% of such contributions, but in the aggregate accounted for in excess of 5% of such contributions, that greater percentage is not available and accordingly is not disclosed.


(3)	For these respective plans, a funding surcharge was in effect during 2017.