Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017



	Year Ended December 31,
(in thousands)	2017			2016			2015
Interest cost	$	3,919		$	4,153		$	4,055
Service cost		850			600			—
Expected return on plan assets		(4,358)			(4,803)			(5,021)
Recognized net actuarial losses		1,897			1,745			1,869
Net periodic benefit cost	$	2,308		$	1,695		$	903
Actuarial assumptions used to determine net cost:
Discount rate		3.90	%		4.10	%		3.75	%
Expected return on assets		6.00	%		6.00	%		6.50	%
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	2018		2017		2016
Cash	5	%	3	%	4	%
Equity funds:
Domestic	37		41		47
International	28		31		28
Fixed income funds	30		25		21
Total	100	%	100	%	100	%

Future Benefit Payments Under the Plans



(in thousands)
Year ended December 31,
2018	$	6,748
2019		6,798
2020		6,781
2021		6,785
2022		6,721
2023-2027		32,410
Total	$	66,243

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



	Year Ended December 31,
(in thousands)	2017		2016
Change in Fair Value of Plan Assets
Balance at beginning of year	$	66,057	$	72,296
Actual return on plan assets		9,224		(1,909)
Company contribution		2,838		2,025
Benefit payments		(6,578)		(6,355)
Balance at end of year	$	71,541	$	66,057



	Year Ended December 31,
(in thousands)	2017		2016
Change in Benefit Obligations
Balance at beginning of year	$	103,681	$	105,942
Interest cost		3,919		4,153
Service cost		850		600
Assumption change (gain) loss		3,854		308
Actuarial (gain) loss		492		(967)
Benefit payments		(6,578)		(6,355)
Balance at end of year	$	106,218	$	103,681

Net Amount Recognized in Consolidated Balance Sheets



	As of December 31,
(in thousands)	2017		2016
Funded status	$	(34,677)	$	(37,624)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities	$	(279)	$	(271)
Long-term liabilities		(34,398)		(37,353)
Total net unfunded amount recognized in Consolidated Balance Sheets	$	(34,677)	$	(37,624)

Plan Assets at Fair Value



	As of December 31, 2017								As of December 31, 2016
	Fair Value Hierarchy								Fair Value Hierarchy
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3			Total
Cash and cash equivalents	$	2,390	$	—	$	—	$	2,390	$	2,437	$	—	$	—	$	2,437
Fixed income funds		18,031		—		—		18,031		14,023		—		—		14,023
Equity funds		20,372		—		—		20,372		10,489		—		—		10,489
	$	40,793	$	—	$	—	$	40,793	$	26,949	$	—	$	—	$	26,949
Closely held funds(a)
Equity partnerships								8,711								6,931
Hedge fund investments								22,037								32,177
Total closely held funds(a)								30,748								39,108
Total	$	40,793	$	—	$	—	$	71,541	$	26,949	$	—	$	—	$	66,057

(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 under ASC 820, Fair Value Measurement (“ASC 820”).

Benefit Obligations in Excess of Fair Value of Plans' Assets



	As of December 31, 2017						As of December 31, 2016
			Benefit						Benefit
	Pension		Equalization				Pension		Equalization
(in thousands)	Plan		Plan		Total		Plan		Plan		Total
Projected benefit obligation	$	102,806	$	3,412	$	106,218	$	100,336	$	3,345	$	103,681
Accumulated benefit obligation	$	102,806	$	3,412	$	106,218	$	100,336	$	3,345	$	103,681
Fair value of plans' assets		71,541		—		71,541		66,057		—		66,057
Projected benefit obligation greater than fair value of plans' assets	$	31,265	$	3,412	$	34,677	$	34,279	$	3,345	$	37,624
Accumulated benefit obligation greater than fair value of plans' assets	$	31,265	$	3,412	$	34,677	$	34,279	$	3,345	$	37,624

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

2017

2016

Implemented

2017 (b)

2016

2015

Imposed

Agreement

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

13-6123601/001

Green

N/A

$ 16.0

$ 15.8

(a)

$ 13.6

(a)

4/30/2019

Carpenters Pension Trust Fund for Northern California

94-6050970

Red

Implemented

8.2

4.4

2.7

6/30/2019

Laborers Pension Trust Fund for Northern California

94-6277608

Yellow

Implemented

6.6

5.6

2.8

6/30/2019

Northern California Electrical Workers Pension Plan

94-6062674

Green

N/A

5.2

1.5

0.3

5/31/2018

Steamfitters Industry Pension Fund

13-6149680/001

Green

N/A

3.9

(a)

6.2

(a)

6/30/2020

(a)

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

(b)

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