XML 37 R23.htm IDEA: XBRL DOCUMENT v3.22.0.1
Multiemployer Plans
12 Months Ended
Dec. 31, 2021
Multiemployer Plans  
Multiemployer Plans

Note 15 — Multiemployer Plans

Union PlansVarious subsidiaries are signatories to collective bargaining agreements. These agreements require that we participate in and contribute to a number of multiemployer benefit plans for our union employees at rates determined by the agreements. The trustees for each multiemployer plan determine the eligibility and allocations of contributions and benefit amounts, determine the types of benefits and administer the plan.

We contributed $39.7 million, $48.4 million, and $41.0 million, to multiemployer pension plans for the years ended December 31, 2021, 2020 and 2019, respectively. These costs were charged to the related construction contracts in process. Contributions during 2020 were higher than 2021 and 2019 as a result of a greater number of man-hours worked by our union labor.

The financial risks of participating in multiemployer plans are different from single-employer plans in the following respects:

Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.
If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.
If a participating employer chooses to stop participating in the plan, a withdrawal liability may be created based on the unfunded vested benefits for all employees in the plan.

Under U.S. legislation regarding multiemployer pension plans, an employer is required to pay an amount that represents its proportionate share of a plan’s unfunded vested benefits in the event of withdrawal from a plan or upon plan termination.

We participate in a number of multiemployer pension plans, and our potential withdrawal obligation may be significant. Any withdrawal liability would be recorded when it is probable that a liability exists and can be reasonably estimated, in accordance with GAAP. We have no plans to withdraw from any labor agreements.

During the last three years, we made annual contributions to 36 pension plans. None of the significant pension plans we contributed to below listed us in the plan’s Form 5500 as providing more than 5% of the plan’s total contributions during the years ended December 31, 2021, 2020 and 2019.

Our participation in significant plans for the years ended December 31, 2021, 2020 and 2019 is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three digit plan number. The “Zone Status” is based on the latest information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that require a payment of a surcharge in excess of regular contributions. The next column lists the expiration date of our collective bargaining agreement related to the plan.

Collective

 

FIP/RP

Bargaining

 

EIN /

Pension Protection Act

Status

Agreement

Contributions of the Company

 

Pension Plan

 Zone Status

Pending /

Surcharge

Expiration

(In Thousands)

 

Pension Fund Name

    

Number

    

2021

    

2020

    

Implemented

    

Imposed

    

Date

    

2021

    

2020

    

2019

 

Central Pension Fund of the International Union of Operating Engineers and Participating Employers

 

36-6052390/001

 

Green as of
January 31, 2021

 

Green as of
January 31, 2020

 

No

 

No

 

6/4/2023

$

4,985

$

7,734

$

6,572

Laborers Pension Trust Fund for Northern California

 

94-6277608/001

 

Green as of May 31, 2021

 

Green as of May 31, 2020

 

No

 

No

 

6/30/2023

 

3,943

 

2,581

 

2,823

Plumbers & Pipefitters National Pension Fund

52-6152779/002

Yellow as of
June 30 2021

Yellow as of
June 30 2020

No

 

No

9/30/2022

3,510

3,570

3,659

Southern California Pipe Trades Trust Funds

 

51-6108443/001

 

Green as of December 31, 2020

 

Green as of December 31, 2019

 

No

 

No

 

8/31/2026

 

3,456

 

3,312

 

3,078

Minnesota Laborers Pension Fund

 

41-6159599/001

 

Green as of December 31, 2020

 

Green as of December 31, 2019

 

No

 

No

 

6/1/2025

 

3,299

3,386

3,108

Construction Laborers Pension Trust for Southern California

 

43-6159056/001

 

Green as of December 31, 2020

 

Green as of December 31, 2019

 

No

 

No

 

6/30/2022

 

3,254

 

2,844

 

2,886

Laborers International Union of North America National Pension Fund

 

52-6074345/001

 

Green as of December 31, 2020

 

Yellow as of December 31, 2019

 

No

 

No

 

6/1/2025

 

2,832

 

5,206

 

3,969

 

Contributions to significant plans

25,279

28,633

26,095

 

Contributions to other multiemployer plans

 

14,391

 

19,764

 

14,905

 

Total contributions made

$

39,670

$

48,397

$

41,000