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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Employee Benefit Plans [Abstract]  
Summary of Net Periodic Benefit Cost

Year Ended December 31,

(in thousands)

2019

2018

2017

Interest cost

$

3,801

$

3,496

$

3,919

Service cost

900

875

850

Expected return on plan assets

(4,170)

(4,302)

(4,358)

Recognized net actuarial losses

1,933

2,067

1,897

Net periodic benefit cost

$

2,464

$

2,136

$

2,308

Actuarial assumptions used to determine net cost:

Discount rate

4.12

%

3.45

%

3.90

%

Expected return on assets

5.75

%

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

2020

2019

2018

Cash

5

%

4

%

3

%

Equity funds:

Domestic

45

47

50

International

18

18

27

Fixed income funds

32

31

20

Total

100

%

100

%

100

%
Future Benefit Payments Under the Plans

(in thousands)

Year ended December 31,

2020

$

6,822

2021

6,789

2022

6,724

2023

6,637

2024

6,611

2025-2029

31,183

Total

$

64,766
Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status

Year Ended December 31,

(in thousands)

2019

2018

Change in Fair Value of Plan Assets

Balance at beginning of year

$

63,109

$

71,541

Actual return on plan assets

12,123

(4,758)

Company contribution

4,793

2,975

Benefit payments

(6,668)

(6,649)

Balance at end of year

$

73,357

$

63,109

Year Ended December 31,

(in thousands)

2019

2018

Change in Benefit Obligations

Balance at beginning of year

$

95,869

$

106,218

Interest cost

3,801

3,496

Service cost

900

875

Assumption change loss (gain)

8,373

(7,056)

Actuarial loss (gain)

332

(1,014)

Benefit payments

(6,668)

(6,650)

Balance at end of year

$

102,607

$

95,869
Amount Recognized in Consolidated Balance Sheets

As of December 31,

(in thousands)

2019

2018

Funded status

$

(29,250)

$

(32,760)

Net unfunded amounts recognized in Consolidated Balance Sheets consist of:

Current liabilities

$

(279)

$

(262)

Long-term liabilities

(28,971)

(32,498)

Total net unfunded amount recognized in Consolidated Balance Sheets

$

(29,250)

$

(32,760)
Plan Assets at Fair Value

As of December 31, 2019

As of December 31, 2018

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

$

2,867

$

—

$

—

$

2,867

$

7,587

$

—

$

—

$

7,587

Fixed income funds

—

2,861

—

2,861

—

2,585

—

2,585

Mutual funds

54,085

—

—

54,085

36,436

—

—

36,436

$

56,952

$

2,861

$

—

$

59,813

$

44,023

$

2,585

$

—

$

46,608

Closely held funds(a)

Equity partnerships

3,660

5,580

Hedge fund investments

9,884

10,921

Total closely held funds(a)

13,544

16,501

Total

$

56,952

$

2,861

$

—

$

73,357

$

44,023

$

2,585

$

—

$

63,109

_____________________________________________________________________________________________________________

(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 Plan's Assets

As of December 31, 2019

As of December 31, 2018

Benefit

Benefit

Pension

Equalization

Pension

Equalization

(in thousands)

Plan

Plan

Total

Plan

Plan

Total

Projected benefit obligation

$

99,515

$

3,092

$

102,607

$

92,816

$

3,053

$

95,869

Accumulated benefit obligation

$

99,515

$

3,092

$

102,607

$

92,816

$

3,053

$

95,869

Fair value of plans' assets

73,357

—

73,357

63,109

—

63,109

Projected benefit obligation greater than fair value of plans' assets

$

26,158

$

3,092

$

29,250

$

29,707

$

3,053

$

32,760

Accumulated benefit obligation greater than fair value of plans' assets

$

26,158

$

3,092

$

29,250

$

29,707

$

3,053

$

32,760
Summary of 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

2019

2018

Implemented

2019(b)

2018(b)

2017

Imposed

Agreement

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

13-6123601/001

Green

Green

N/A

$

9.3

$

12.2

$

16.0

(a)

No

4/13/2022

Carpenters Pension Trust Fund for Northern California

94-6050970

Red

Red

Implemented

4.0

4.9

8.2

No

6/30/2023

Excavators Union Local 731 Pension Fund

13-1809825/002

Green

Green

N/A

5.1

4.1

4.3

No

4/30/2022

Northern California Electrical Workers Pension Plan

94-6062674

Green

Green

N/A

3.0

4.1

5.2

No

5/31/2022

Laborers Pension Trust Fund for Northern California

94-6277608

Green

Green

N/A

3.4

3.8

6.6

No

6/30/2023

Steamfitters Industry Pension Fund

13-6149680/001

Green

Green

N/A

1.7

3.5

3.9

(a)

No

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 2019 and 2018 plan years for any of the above pension funds, excluding Excavators Union Local 731 Pension Fund, Northern California Electrical Workers Pension Plan and Steamfitters Industry Pension Fund for the 2018 plan year.