Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018



	Year Ended December 31,
(in thousands)	2018			2017			2016
Interest cost	$	3,496		$	3,919		$	4,153
Service cost		875			850			600
Expected return on plan assets		(4,302)			(4,358)			(4,803)
Recognized net actuarial losses		2,067			1,897			1,745
Net periodic benefit cost	$	2,136		$	2,308		$	1,695
Actuarial assumptions used to determine net cost:
Discount rate		3.45	%		3.90	%		4.10	%
Expected return on assets		6.00	%		6.00	%		6.00	%
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	2019		2018		2017
Cash	5	%	3	%	3	%
Equity funds:
Domestic	45		50		41
International	20		27		31
Fixed income funds	30		20		25
Total	100	%	100	%	100	%

Future Benefit Payments Under the Plans



(in thousands)
Year ended December 31,
2019	$	6,810
2020		6,779
2021		6,729
2022		6,669
2023		6,590
2024-2028		31,752
Total	$	65,329

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



	Year Ended December 31,
(in thousands)	2018		2017
Change in Fair Value of Plan Assets
Balance at beginning of year	$	71,541	$	66,057
Actual return on plan assets		(4,758)		9,224
Company contribution		2,975		2,838
Benefit payments		(6,649)		(6,578)
Balance at end of year	$	63,109	$	71,541



	Year Ended December 31,
(in thousands)	2018		2017
Change in Benefit Obligations
Balance at beginning of year	$	106,218	$	103,681
Interest cost		3,496		3,919
Service cost		875		850
Assumption change (gain) loss		(7,056)		3,854
Actuarial (gain) loss		(1,014)		492
Benefit payments		(6,650)		(6,578)
Balance at end of year	$	95,869	$	106,218

Net Amount Recognized in Consolidated Balance Sheets



	As of December 31,
(in thousands)	2018		2017
Funded status	$	(32,760)	$	(34,677)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities	$	(262)	$	(279)
Long-term liabilities		(32,498)		(34,398)
Total net unfunded amount recognized in Consolidated Balance Sheets	$	(32,760)	$	(34,677)

Plan Assets at Fair Value



	As of December 31, 2018								As of December 31, 2017
	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	$	7,587	$	—	$	—	$	7,587	$	2,390	$	—	$	—	$	2,390
Fixed income funds		—		2,585		—		2,585		18,031		—		—		18,031
Equity funds		36,436		—		—		36,436		20,372		—		—		20,372
	$	44,023	$	2,585	$	—	$	46,608	$	40,793	$	—	$	—	$	40,793
Closely held funds(a)
Equity partnerships								5,580								8,711
Hedge fund investments								10,921								22,037
Total closely held funds(a)								16,501								30,748
Total	$	44,023	$	2,585	$	—	$	63,109	$	40,793	$	—	$	—	$	71,541

(a)

Closely held funds in private investment 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, 2018						As of December 31, 2017
			Benefit						Benefit
	Pension		Equalization				Pension		Equalization
(in thousands)	Plan		Plan		Total		Plan		Plan		Total
Projected benefit obligation	$	92,816	$	3,053	$	95,869	$	102,806	$	3,412	$	106,218
Accumulated benefit obligation	$	92,816	$	3,053	$	95,869	$	102,806	$	3,412	$	106,218
Fair value of plans' assets		63,109		—		63,109		71,541		—		71,541
Projected benefit obligation greater than fair value of plans' assets	$	29,707	$	3,053	$	32,760	$	31,265	$	3,412	$	34,677
Accumulated benefit obligation greater than fair value of plans' assets	$	29,707	$	3,053	$	32,760	$	31,265	$	3,412	$	34,677

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)(b)

Surcharge

Bargaining

Pension Fund

Plan Number

2018

2017

Implemented

2018

2017

2016

Imposed

Agreement

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

13-6123601/001

Green

N/A

12.2

16.0

15.8

(a)

4/30/2019

Carpenters Pension Trust Fund for Northern California

94-6050970

Red

Implemented

4.9

8.2

4.4

6/30/2019

Excavators Union Local 731 Pension Fund

13-1809825/002

Green

N/A

4.1

4.3

4.2

4/30/2022

Northern California Electrical Workers Pension Plan

94-6062674

Green

N/A

4.1

5.2

1.5

5/31/2022

Laborers Pension Trust Fund for Northern California

94-6277608

Green

Yellow

N/A

3.8

6.6

5.6

6/30/2019

Steamfitters Industry Pension Fund

13-6149680/001

Green

N/A

3.5

3.9

(a)

3.9

(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 the 2018 plan year for any of the above pension funds nor the 2017 plan year for The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund.