11-K 1 form11-k12312022.htm 11-K Document



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11-K

☒ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________
Commission file number 000-11917

A.Full title of the plan and the address of the plan, if different from that of the issuer named below:
davlogoca05.jpg
The Davey 401KSOP and ESOP

B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

The Davey Tree Expert Company
1500 North Mantua Street
P.O. Box 5193
Kent, OH 44240






The Davey 401KSOP and ESOP
Form 11-K
December 31, 2022

TABLE OF CONTENTS



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The Davey 401KSOP and ESOP
December 31, 2022



SIGNATURES



The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


 THE DAVEY 401KSOP AND ESOP
  
By:The Davey Tree Expert Company
as Plan Administrator
By:/s/ Joseph R. Paul
 Joseph R. Paul
 Executive Vice President, Chief Financial Officer and Assistant Secretary
 
Date:June 29, 2023

-2-
The Davey 401KSOP and ESOP


Audited financial statements and supplemental schedules for the Plan prepared in accordance with the financial reporting requirements of the Employee Retirement Income Security Act of 1974, as amended, are filed herewith in lieu of an audited statement of financial condition and audited statement of income and changes in plan equity.
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
Page
F-1
F-2
Financial Statements
F-3
F-4
F-5
F-6
Supplemental Schedules
F-12
F-13
Note: All other schedules required by Section 2520:103-10 of the Department of Labor's Rules and regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 are omitted because they are not applicable.



-3-
Report of Independent Registered Public Accounting Firm
To the Plan Participants and the Plan Administrator of The Davey 401KSOP and ESOP Plan
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for plan benefits of The Davey 401KSOP and ESOP (the "Plan") as of December 31, 2022, the related statement of changes in net assets available for plan benefits for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 2022, and the changes in net assets available for plan benefits for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Report on Supplemental Schedules
The supplemental schedule of assets (held at end of year) as of December 31, 2022 and supplemental schedule of delinquent participant contributions for the year ended December 31, 2022, have been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental schedules are the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedules are fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Deloitte & Touche LLP 
Cleveland, Ohio
June 29, 2023
We have served as the auditor of the Plan since 2023.

F-1

Report of Independent Registered Public Accounting Firm
Plan Administrator
The Davey 401KSOP and ESOP
Kent, Ohio

Opinion on the Financial Statements

We have audited the accompanying statement of net assets available for benefits of The Davey 401KSOP and ESOP (the “Plan”) as of December 31, 2021, and the related notes (collectively, the “2021 financial statement”). In our opinion, the 2021 financial statement presents fairly, in all material respects, the net assets available for the benefits of the Plan as of December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

This 2021 financial statement is the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s 2021 financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the 2021 financial statements is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the 2021 financial statement. We believe that our audit provides a reasonable basis for our opinion.


/s/ Mayer Hoffman McCann P.C. 
Akron, Ohio
June 24, 2022
We have served as the Plan’s auditor from 2017 until 2023.
F-2

The Davey 401KSOP and ESOP
Statement of Net Assets Available for Benefits
December 31, 2022

Nonparticipant
Directed		Participant
Directed		Total
The Davey Tree Expert Company
Stock Fund		Investment
Funds		December 31, 2022
Assets
Investments, at fair value:
 Common shares, The Davey Tree Expert Company$146,808,489 $21,337,062 $168,145,551 
 Mutual funds— 139,827,511 139,827,511 
 Common collective trust funds— 32,456,070 32,456,070 
Total investments146,808,489 193,620,643 340,429,132 
Receivables:
 The Davey Tree Expert Company contributions2,236,858 — 2,236,858 
 Participants' contributions— 596,553 596,553 
Total receivables2,236,858 596,553 2,833,411 
Net assets available for benefits$149,045,347 $194,217,196 $343,262,543 
See notes to financial statements.

F-3
The Davey 401KSOP and ESOP
Statement of Net Assets Available for Benefits
December 31, 2021

Nonparticipant
Directed		Participant
Directed		Total
The Davey Tree Expert Company
Stock Fund		Investment
Funds		December 31, 2021
Assets
Investments, at fair value:
 Common shares, The Davey Tree Expert Company$146,664,379 $21,989,518 $168,653,897 
 Mutual funds— 171,163,786 171,163,786 
 Common collective trust funds— 33,296,840 33,296,840 
Total investments146,664,379 226,450,144 373,114,523 
Receivables:
 The Davey Tree Expert Company contributions4,224,567 — 4,224,567 
 Participants' contributions— 146,865 146,865 
Total receivables4,224,567 146,865 4,371,432 
Net assets available for benefits$150,888,946 $226,597,009 $377,485,955 
See notes to financial statements.

F-4
The Davey 401KSOP and ESOP
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2022

Nonparticipant
Directed		Participant
Directed		Total
Year Ended
The Davey Tree Expert Company
Stock Fund		Investment
Funds		December 31, 2022
Investment income/(loss):
Net appreciation (depreciation) in fair value of investments$3,373,590 $(38,430,106)$(35,056,516)
Dividends755,574 2,446,551 3,202,125 
Net investment income/(loss)4,129,164 (35,983,555)(31,854,391)
Contributions:
Participants— 19,876,257 19,876,257 
The Davey Tree Expert Company, common shares9,417,823 — 9,417,823 
Total contributions9,417,823 19,876,257 29,294,080 
Deductions from net assets attributed to:
Distributions to participants:
Cash13,459,358 16,047,734 29,507,092 
Common shares1,725,744 — 1,725,744 
Administrative expenses205,484 224,781 430,265 
Total deductions15,390,586 16,272,515 31,663,101 
Net decrease(1,843,599)(32,379,813)(34,223,412)
Net assets available for benefits:
Beginning of year150,888,946 226,597,009 377,485,955 
End of year$149,045,347 $194,217,196 $343,262,543 
See notes to financial statements.

F-5

The Davey 401KSOP and ESOP
Notes to Financial Statements
December 31, 2022
A.    Description of the Plan
The following description of The Davey 401KSOP and ESOP (the “Plan”) provides general information about the Plan's provisions. The Davey Tree Expert Company is the Plan Sponsor (the "Company" and "Sponsor"). Participants should refer to the Plan document for a more complete description of the Plan's provisions, copies of which may be obtained from the Sponsor.
The Plan was established for the benefit of eligible employees as of January 1, 1979 and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (sometimes referred to as “ERISA”).
General--The Plan is a defined contribution plan covering substantially all eligible employees of the Company and each subsidiary of the Company that has adopted the Plan. The eligibility of employees to participate in the Plan is based, in general, on both attaining age 21 and completing one year of continuous service.
The Plan, known for periods prior to January 1, 1997 as The Davey Tree Expert Company Employee Stock Ownership Plan, was last amended and restated effective January 1, 2022. The portion of the Plan consisting of The Davey Tree Expert Company Stock Fund (the “ESOP feature”) is an employee stock ownership plan within the meaning of Section 4975(e)(7) of the Internal Revenue Code (the “Code”) as a stock bonus plan. The portion of the Plan that is not the ESOP feature is a profit-sharing plan that is intended to qualify under Section 401(a) of the Code and includes a cash or deferred arrangement intended to qualify under Section 401(k) of the Code.
Argent Trust Company ("Argent") serves as trustee for the assets of The Davey Tree Expert Company Stock Fund and Principal Trust Company ("Principal") serves as trustee for all other assets of the Plan. Principal provides custodial services, as well as other services, including executing all buy, sell and reinvestment transactions, and collecting and reporting all dividend and interest payments.
Contributions--Participating employees have the option to make elective contributions, subject to the limit allowed by the Code ($20,500 for 2022, excluding catch-up contributions), further limited by other maximum contribution limits established by federal law, and subject to a weekly minimum contribution of 1% of the participant's compensation. Participants may also contribute amounts representing rollover distributions from other qualified plans (403(b) plans, 457 plans, conduit IRAs and other 401K plans). Additionally, participants who are 50 or older by the end of the calendar year are also allowed to make additional “catch-up” contributions on either a pre-tax basis or after-tax basis, up to $6,500 per year.
The Plan is a safe harbor plan. Under the safe harbor plan, the Company made changes to the hardship provisions and is required to make quarterly matching contributions in Company stock equal to 100% of the first three percent and 50% of the next two percent of the participant's W-2 wages, subject to IRS limit of $305,000 in 2022 which will be 100% vested. This represents a potential maximum contribution of 4% of wages.
Participant Accounts--Each participant's account is (a) credited with the participant's contribution and allocations of (i) the Company's contribution and (ii) plan earnings, and (b) charged with an allocation of administrative expenses. Allocations are based on the participant's selected investment mix. A participant is entitled to the benefit that can be provided from the participant's vested account balance.
Vesting--Participants are immediately vested in their contributions and the Company's matching contribution plus actual earnings thereon.
F-6

The Davey 401KSOP and ESOP
Notes to Financial Statements
December 31, 2022
Investment Options--Participants are provided with various fund options to choose, as of December 31, 2022, including directing up to 25% of their total contributions to The Davey Tree Expert Company Stock Fund, subject to diversification provisions. Participants may change their investment options daily.
Payments of Benefits--Participants who terminate may receive distributions of vested benefits either in cash or common shares of the Company based on the participant's specific investments in Plan options. Participants who terminate have one year after termination to receive distributions in cash or common shares but, if that one year lapses, then the participant's investment in the Company Stock Fund will be liquidated and reinvested in other funds. Former participants who receive a distribution of common shares of the Company have two 60-day put option periods in which they may require that the Company purchase those shares at a per share price equal to the value determined by an independent stock valuation firm as of the valuation date immediately preceding the exercise of the put option. Former participants wishing to sell their shares of the Company must offer such shares first to the Plan and then to the Company, although the Plan and the Company are under no obligation to repurchase the shares, other than pursuant to the put option. Should neither the Plan nor the Company desire to purchase the shares, former participants have the right to sell those shares to any other person.
Forfeited Accounts--Forfeited accounts arise from participants whose employment terminates before vesting occurs. However, if a former participant is rehired, in certain instances, forfeited accounts will be restored to the employee's Plan account. Amounts forfeited are used to restore previously forfeited accounts when necessary. Remaining amounts forfeited are used to offset future Company contributions. Forfeited amounts totaling $77,960 were used to reduce employer matching contributions in 2022. At December 31, 2022, forfeited accounts totaled $0.
Voting Rights--Each participant is entitled to exercise voting rights attributable to the common shares of the Company allocated to his or her account and is notified by the Trustee at least thirty days prior to the time such rights are to be exercised. Participants are requested to instruct the Trustee as to how shares should be voted. If a participant does not provide the Trustee with instructions as to how shares should be voted, then such shares are voted, as provided in the Plan, proportionately in accordance with instructions received from other participants in the Plan.
B.    Summary of Significant Accounting Policies
Basis of Financial Statement Presentation--These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Use of Estimates--The preparation of financial statements in conformity with U.S. GAAP requires Plan management to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates.
Evaluation of Subsequent Events Disclosure--The Plan has evaluated subsequent events through June 29, 2023, which is the date the financial statements were available to be issued. No significant matters were identified for recording or disclosure during the evaluation.
Investment Valuation and Income Recognition--The investments of the Plan are reported at fair value.
F-7

The Davey 401KSOP and ESOP
Notes to Financial Statements
December 31, 2022
The change in net unrealized appreciation or (depreciation) on investments is included in the statement of changes in net assets available for benefits. Net appreciation (depreciation) in the fair value of investments includes the realized gain or loss on investments sold and unrealized gains/losses on investments held during the year determined on a revalued cost basis.
Purchases and sales of securities are accounted for on the trade date. Dividend income is accounted for on the ex-dividend date.
Administrative Expenses--The costs of administering the Plan are paid by the Company, except for trustee and recordkeeping fees, Company stock valuation services and audit fees, which are paid by the Plan.
C.    Fair Value Measurements
Financial Accounting Standards Board ASC 820, “Fair Value Measurements and Disclosures" (“Topic 820”) defines fair value based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers or sellers in the principal or most advantageous market for the asset or liability that are independent of the reporting entity, knowledgeable and able and willing to transact for the asset or liability.
Valuation Hierarchy--Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The hierarchy prioritizes the inputs into three broad levels:
Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
Level 2 inputs are observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data.
Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
Valuation Methodology and Valuation Hierarchy Classification
The following is a description of the valuation methodology used for the investments measured at fair value, including the general classification of the investments within the valuation hierarchy.
The Davey Tree Expert Company Common Stock Fund--The Davey Tree Expert Company Common Stock Fund is comprised of the Company's common shares and a small portion of short-term investments. The Company's common shares are not listed or traded on an established public trading market and market prices are, therefore, not available. Semiannually, for purposes of the Davey 401KSOP and ESOP, the fair market value of the common shares is determined by an independent stock valuation firm. The semiannual valuations utilize two approaches in determining the fair value of the common shares, a market approach and an income approach. Each approach utilizes Company performance and financial condition, using a peer group of comparable companies selected by the firm as well as significant
F-8

The Davey 401KSOP and ESOP
Notes to Financial Statements
December 31, 2022
unobservable inputs such as projected earnings and cash flow, EBITDA and cost of capital. The results of each valuation approach are averaged to arrive at the fair market value.
The peer group at December 31, 2022 consisted of: ABM Industries Incorporated; Comfort Systems USA, Inc.; Dycom Industries, Inc.; FirstService Corporation; MYR Group, Inc.; Quanta Services, Inc.; Rollins, Inc.; and Scotts Miracle-Gro Company. The semiannual valuations are effective for a period of six months and the per-share price established by those valuations is the price at which the Board of Directors of the Company has determined that the common shares will be bought and sold during that six-month period in transactions involving the Company or one of its employee benefit or stock purchase plans. The Company provides a ready market for all shareholders through its direct purchase of their common shares, although the Company is under no obligation to do so (other than for repurchases pursuant to the put option, as described in Note A).
Mutual Funds--Mutual funds are public investment vehicles valued using publicly-available net asset values (“NAV”). The NAV is a quoted price in an active market.
Common Collective Trust Funds--Common collective trust funds are stated at NAV as determined by the issuer of the common collective trust funds as a practical expedient, based on the fair value of the underlying investments. The Principal and Wells Fargo common collective trust funds have no redemption restrictions and no future commitments from the Plan.
The Plan's investments measured at fair value on a recurring basis at December 31, 2022 were as follows:
Fair Value Measurements at December 31, 2022:
Investments Recorded at Fair Value
     on a Recurring Basis		Total
Carrying Value at		Quoted prices
in active markets		Significant
other observable inputs		Significant
unobservable inputs
December 31, 2022(Level 1)(Level 2)(Level 3)
Common shares$168,145,551 $— $— $168,145,551 
Mutual funds139,827,511 139,827,511 — — 
Common collective trust funds measured at net asset value (a)32,456,070 — — — 
$340,429,132 $139,827,511 $— $168,145,551 

F-9

The Davey 401KSOP and ESOP
Notes to Financial Statements
December 31, 2022
The Plan's investments measured at fair value on a recurring basis at December 31, 2021 were as follows:
Fair Value Measurements at December 31, 2021:
Investments Recorded at Fair Value
     on a Recurring Basis		Total
Carrying Value at		Quoted prices
in active markets		Significant
other observable inputs		Significant
unobservable inputs
December 31, 2021(Level 1)(Level 2)(Level 3)
Common shares$168,653,897 $— $168,653,897 $— 
Mutual funds171,163,786 171,163,786 — — 
Common collective trust funds measured at net asset value (a)
33,296,840 — — — 
$373,114,523 $171,163,786 $168,653,897 $— 
(a)In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The carrying value amounts presented in these tables are intended to provide reconciliation of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits.
The changes in Level 3 investments measured on a recurring basis for the year ended December 31, 2022 follow:
Transfers
January 1,Netinto (out of)December 31,
2022gains/(losses)PurchasesSalesLevel 3 (a)2022
Common shares$168,653,897 3,644,916 16,377,222 (20,530,484)168,653,897 $168,145,551 
(a) Transfers in and out of Level 3 are considered to occur at the beginning of the period.

Management has evaluated the classification of the common shares and determined that due to significant unobservable inputs used in the independent stock valuation, the shares are more appropriately categorized as Level 3 investments.
D.    Concentration of Market Risks and Other Uncertainties
The Plan had investments in the common stock of The Davey Tree Expert Company at December 31, 2022 of $168,145,551, approximating 49.0% of net assets, and at December 31, 2021 of $168,653,897, approximating 44.7% of net assets.
The investments in the common stock of The Davey Tree Expert Company are exposed to market risk--the potential economic loss that may result from adverse changes in fair value. Other investments of the Plan are also exposed to various risks, such as market risk, interest risk and credit risk, including risks related to pandemics and international conflicts. See Note A.
Due to the level of risk associated with the common stock of The Davey Tree Expert Company and other investments of the Plan, it is at least reasonably possible that changes in the values of investments will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits.
From time to time the Plan may hold cash in excess of Federal Deposit Insurance Corporate limits. However, management believes they are transacting with entities with high credit scores which reduces this risk.
F-10

The Davey 401KSOP and ESOP
Notes to Financial Statements
December 31, 2022
E.    Transactions with Related Parties and Parties-in-Interest
Certain plan investment choices include funds managed by Principal, one of the trustees for the Plan, and, therefore, these transactions qualify as party-in-interest transactions, as defined by ERISA. Fees paid to trustees during 2022 totaled $378,576. In addition, the Plan holds The Davey Tree Expert Company common stock, see Note D.
F.    Prohibited transactions

The Company remitted participant contributions of $154,152 for certain participants to the Trustee, which was later than required by Department of Labor ("DOL") Regulation 2510.3-102. The Company will file Form 5330 with the IRS and pay the required excise tax on the transaction. In addition, the participants' accounts were credited with the amount of investment income that would have been earned had the employee deferrals been remitted on a timely basis.
G.    Termination of the Plan
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants become 100% vested in their accounts, to the extent not already vested.
H.    Tax Status of the Plan
The Internal Revenue Service (the "IRS") has determined and informed the Company, in a letter dated September 12, 2016, that the Plan is qualified and the trust established under the Plan is tax-exempt under the appropriate sections of the Code. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. Although the Plan has been amended since receiving the determination letter the Plan Sponsor believes that the Plan is currently designed and operated in compliance with the applicable requirements of the Code and therefore, believes the Plan and related trust continue to be tax-exempt.
U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize tax liabilities in the financial statements if the Plan has taken uncertain tax positions that more-likely-than-not, based solely on technical merits, would not be sustained upon examination by the IRS. Plan management has evaluated the tax positions taken by the Plan, and has concluded that as of December 31, 2022, there are no uncertain tax positions taken or expected to be taken that would require recognition.
The Plan is subject to routine audits by tax jurisdictions for tax years for which the applicable statutes of limitations have not expired. Plan management believes it is no longer subject to income tax examinations for years prior to 2019. Currently, no audits relative to the Plan are in progress.
F-11
The Davey 401KSOP and ESOP
EIN: 34-0176110              Plan Number: 004
Schedule H, Line 4i--Schedule of Assets
(Held at End of Year)
December 31, 2022
(a)(b)(c)(d)(e)
Identity of Issue, Borrower,
Lessor or Similar Party		Description of InvestmentCostCurrent
Value
*
The Davey Tree Expert Company (A)
Common Stock; 9,088,949 shares$41,918,146 $168,145,551 
Mutual Funds:
VanguardVanguard Target Retirement Income
Fund--144,371 shares		 **1,767,104 
VanguardVanguard Target Retirement 2020
Fund--195,023 shares		 **4,945,790 
VanguardVanguard Target Retirement 2025
Fund--586,522 shares		 **9,783,185 
VanguardVanguard Target Retirement 2030
Fund--300,617 shares		 **9,430,363 
VanguardVanguard Target Retirement 2035
Fund--556,357 shares		 **10,765,511 
VanguardVanguard Target Retirement 2040
Fund--425,330 shares		 **14,461,205 
VanguardVanguard Target Retirement 2045
Fund--598,877 shares		 **13,666,372 
VanguardVanguard Target Retirement 2050
Fund--255,015 shares		 **9,639,560 
VanguardVanguard Target Retirement 2055
Fund--155,274 shares		 **6,547,914 
VanguardVanguard Target Retirement 2060
Fund--80,587 shares		 **3,129,184 
VanguardVanguard Target Retirement 2065
Fund--12,009 shares		 **305,504 
VanguardVanguard Target Retirement 2070
Fund--96 shares		 **1,912 
JPMorganJPMorgan Large Cap Growth
Fund--277,923 shares		 **13,040,165 
AmericanAmerican EuroPacific Growth
Fund--45,165 shares		 **2,214,416 
AmericanAmerican New Perspective
Fund--277,741 shares		 **13,142,712 
VanguardVanguard Total Stock Market Index Adm
Fund--90,765 shares		 **8,450,185 
Metropolitan WestMetropolitan West Total Return Bond
Fund--453,890 shares		 **3,848,985 
T. Rowe PriceT. Rowe Price Small Cap Stock
Fund--285,970 shares		 **14,687,444 
Common Collective Trust Funds:
*Principal Global InvestorsMorley Financial Services, Inc - Principal Stable Value Z
Fund--481,757 units		**11,620,503 
SEI Trust CompanyPrincipal Blackrock S&P Midcap Index CIT N
Fund--83,367 units		**5,366,372 
SEI Trust CompanyPrincipal Blackrock S&P 500 Index CIT N
Fund--69,459 units		**11,952,532 
SEI Trust CompanyPrincipal MFS Value CIT N
Fund--134,782 units		**3,516,663 
Investments at Fair Value$340,429,132 
*A party-in-interest as defined by ERISA
**Cost information is not required for participant-directed investments
(A)
Nonparticipant and participant directed
F-12

The Davey 401KSOP and ESOP
EIN: 34-0176110              Plan Number: 004
Schedule H, Question 4a
Schedule of Delinquent Participant Contributions
December 31, 2022

Total That Constitute Nonexempt Prohibited Transactions
Contributions Not CorrectedContributions Corrected Outside VFCPContributions Pending Correction in VFCPTotal Fully Corrected under VFCP and PTE 2002-51
Participant Contributions Transferred Late to the Plan
Check here if late participant loan contributions are included
2022 participant contributions transferred late to the Plan$— $154,152 $— $— 
F-13



F-14