Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016



	Year Ended December 31,
(in thousands)	2016			2015			2014
Interest cost	$	4,153		$	4,055		$	4,144
Service cost		600			—			—
Expected return on plan assets		(4,803)			(5,021)			(4,797)
Recognized net actuarial losses		1,745			1,869			4,385
Net periodic benefit cost	$	1,695		$	903		$	3,732
Actuarial assumptions used to determine net cost:
Discount rate		4.10	%		3.75	%		4.47	%
Expected return on assets		6.00	%		6.50	%		6.75	%
Rate of increase in compensation		N/A			N/A			N/A

Target and Actual Asset Allocation for Pension Plan by Asset Category



	Percentage of Plan Assets as of December 31,
	Target
	Allocation		Actual Allocation
Asset Category	2017		2016		2015
Cash	5	%	4	%	4	%
Equity securities:
Domestic	50		47		61
International	25		28		30
Fixed income securities	20		21		5
Total	100	%	100	%	100	%

Future Benefit Payments Under the Plans



Year ended December 31,
(in thousands)
2017	$	6,488
2018		6,632
2019		6,691
2020		6,717
2021		6,732
Thereafter		32,722
Total	$	65,982

Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status



	Year Ended December 31,
(in thousands)	2016		2015
Change in Fair Value of Plan Assets
Balance at beginning of year	$	72,296	$	75,956
Actual return on plan assets		(1,909)		(984)
Company contribution		2,025		2,900
Benefit payments		(6,355)		(5,576)
Balance at end of year	$	66,057	$	72,296



	Year Ended December 31,
(in thousands)	2016		2015
Change in Benefit Obligations
Balance at beginning of year	$	105,942	$	110,923
Interest cost		4,153		4,055
Service cost		600		—
Assumption change (gain) loss		308		(3,838)
Actuarial (gain) loss		(967)		378
Benefit payments		(6,355)		(5,576)
Balance at end of year	$	103,681	$	105,942

Net Amount Recognized in Consolidated Balance Sheets



	As of December 31,
(in thousands)	2016		2015
Funded status	$	(37,624)	$	(33,646)
Amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities	$	(271)	$	(218)
Long-term liabilities		(37,353)		(33,428)
Net amount recognized in Consolidated Balance Sheets	$	(37,624)	$	(33,646)

Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Loss



	Year Ended December 31,
(in thousands)	2016		2015
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss
Net actuarial loss	$	(61,132)	$	(56,824)
Cumulative Company contributions in excess of net periodic benefit cost		23,508		23,178
Net amount recognized in Consolidated Balance Sheets	$	(37,624)	$	(33,646)

Plan Assets at Fair Value



	As of December 31, 2016								As of December 31, 2015
	Fair Value Hierarchy								Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	2,437	$	2,437	$	—	$	—	$	2,654	$	2,654	$	—	$	—
Fixed Income		14,023		14,023		—		—		4,029		4,029		—		—
Equities		—		—		—		—		6,566		6,566		—		—
Mutual Funds		10,489		10,489		—		—		6,994		6,994		—		—
	$	26,949	$	26,949	$	—	$	—	$	20,243	$	20,243	$	—	$	—
Closely held funds(a)
Equity Partnerships		6,931								7,920
Hedge Fund Investments		32,177								44,133
Total closely held funds(a)		39,108								52,053
Total	$	66,057	$	26,949	$	—	$	—	$	72,296	$	20,243	$	—	$	—

(a)

Closely held funds in private investment were measured at fair value using NAV and were not categorized in the fair value hierarchy. Although the investments were not categorized within the fair value hierarchy, the holdings of these private investment funds were comprised of a combination of Level 1, 2 and 3 investments, but were not categorized in the fair value hierarchy because they were measured at NAV using the practical expedient. This is a change from prior years’ presentation as there is no longer a requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient.

Benefit Obligations in Excess of Fair Value of Plans' Assets



	As of December 31, 2016						As of December 31, 2015
			Benefit						Benefit
	Pension		Equalization				Pension		Equalization
(in thousands)	Plan		Plan		Total		Plan		Plan		Total
Projected benefit obligation	$	100,336	$	3,345	$	103,681	$	102,495	$	3,447	$	105,942
Accumulated benefit obligation		100,336		3,345		103,681		102,495		3,447		105,942
Fair value of plans' assets		66,057		—		66,057		72,296		—		72,296
Projected benefit obligation greater than fair value of plans' assets	$	34,279	$	3,345	$	37,624	$	30,199	$	3,447	$	33,646
Accumulated benefit obligation greater than fair value of plans' assets	$	34,279	$	3,345	$	37,624	$	30,199	$	3,447	$	33,646

Key Information for the Plans

Expiration

FIP/RP

Date of

Pension Protections Act

Status

Company Contributions

Collective

EIN/Pension

Zone Status

Pending Or

(amounts in millions)

Surcharge

Bargaining

Pension Fund

Plan Number

2016

2015

Implemented

2016 (b)

2015

2014

Imposed

Agreement

The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund

13-6123601/001

Green

N/A

$ 15.8

$ 13.6

(a)

$ 11.8

(a)

5/31/2019

Laborers Pension Trust Fund for Northern California

94-6277608

Yellow

Implemented

5.6

2.8

1.9

6/30/2019

Carpenters Pension Trust Fund for Northern California

94-6050970

Red

Implemented

4.4

2.7

1.9

6/30/2019

Excavators Union Local 731 Pension Fund

13-1809825/002

Green

N/A

4.2

7.1

5.3

4/30/2022

Steamfitters Industry Pension Fund

13-6149680/001

Green

N/A

3.9

6.2

(a)

5.1

(a)

6/30/2017

Iron Workers Locals 40,361 & 417 Pension Fund

51-6102576/001

Green

Yellow

Implemented

3.8

5.2

(a)

0.7

6/30/2020

Local 147 Construction Workers Retirement Fund

13-6528181

Green

N/A

3.7

5.6

(a)

1.3

6/30/2018

Southern California Gunite Workers Pension Fund

95-4354179

Green

N/A

3.5

0.7

6/30/2019

(a)

These amounts exceeded 5% of the respective total plan contributions.

The Company's contributions as a percentage of total plan contributions were not available for any of our plans.