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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Summary of Net Periodic Benefit Cost
The following table sets forth a summary of net periodic benefit cost for the years ended December 31, 2020, 2019 and 2018:
Year Ended December 31,
(in thousands)202020192018
Interest cost$3,032 $3,801 $3,496 
Service cost925 900 875 
Expected return on plan assets(4,022)(4,170)(4,302)
Recognized net actuarial losses2,407 1,933 2,067 
Net periodic benefit cost$2,342 $2,464 $2,136 
Actuarial assumptions used to determine net cost:
Discount rate3.07 %4.12 %3.45 %
Expected return on assets5.75 %5.75 %6.00 %
Rate of increase in compensationN/AN/AN/A
Target and Actual Asset Allocation for Pension Plan by Asset Category
The target asset allocation for the Company’s pension plan by asset category for 2021 and the actual asset allocation as of December 31, 2020 and 2019 by asset category are as follows:
Percentage of Plan Assets as of December 31,
Target
Allocation
2021
Actual Allocation
Asset Category20202019
Cash5 %5 %4 %
Equity funds:
Domestic35 34 47 
International15 17 18 
Fixed income funds45 44 31 
Total100 %100 %100 %
Future Benefit Payments Under the Plans
Future benefit payments under the plans are estimated as follows:
(in thousands)
Year ended December 31,
2021$6,800 
20226,746 
20236,657 
20246,617 
20256,526 
2026-203030,704 
Total$64,050 
Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status
The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2020 and 2019, and a summary of the funded status as of December 31, 2020 and 2019:
Year Ended December 31,
(in thousands)20202019
Change in Fair Value of Plan Assets
Balance at beginning of year$73,357 $63,109 
Actual return on plan assets899 12,123 
Company contribution4,408 4,793 
Benefit payments(6,724)(6,668)
Balance at end of year$71,940 $73,357 
Year Ended December 31,
(in thousands)20202019
Change in Benefit Obligations
Balance at beginning of year$102,607 $95,869 
Interest cost3,032 3,801 
Service cost925 900 
Assumption change loss 7,902 8,373 
Actuarial loss81 332 
Benefit payments(6,723)(6,668)
Balance at end of year$107,824 $102,607 
Amount Recognized in Consolidated Balance Sheets
As of December 31,
(in thousands)20202019
Funded status$(35,884)$(29,250)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities$(293)$(279)
Long-term liabilities(35,591)(28,971)
Total net unfunded amount recognized in Consolidated Balance Sheets$(35,884)$(29,250)
Plan Assets at Fair Value
The following table sets forth the pension plan assets at fair value in accordance with the fair value hierarchy described in Note 12:
As of December 31, 2020As of December 31, 2019
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$1,582 $— $— $1,582 $2,867 $— $— $2,867 
Fixed income funds2,000 3,086 — 5,086 — 2,861 — 2,861 
Mutual funds54,671 — — 54,671 54,085 — — 54,085 
$58,253 $3,086 $— $61,339 $56,952 $2,861 $— $59,813 
Closely held funds(a)
Equity partnerships3,700 3,660 
Hedge fund investments6,901 9,884 
Total closely held funds(a)
10,601 13,544 
Total$58,253 $3,086 $— $71,940 $56,952 $2,861 $— $73,357 
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(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
The plans have benefit obligations in excess of the fair value of each plan’s assets as follows:
As of December 31, 2020As of December 31, 2019
(in thousands)Pension
Plan		Benefit
Equalization
Plan		TotalPension
Plan		Benefit
Equalization
Plan		Total
Projected benefit obligation$104,657 $3,167 $107,824 $99,515 $3,092 $102,607 
Accumulated benefit obligation$104,657 $3,167 $107,824 $99,515 $3,092 $102,607 
Fair value of plans' assets71,940 — 71,940 73,357 — 73,357 
Projected benefit obligation greater than fair value of plans' assets$32,717 $3,167 $35,884 $26,158 $3,092 $29,250 
Accumulated benefit obligation greater than fair value of plans' assets$32,717 $3,167 $35,884 $26,158 $3,092 $29,250 
Summary of Key Information for the Plans
The following table summarizes key information for the plans that the Company made significant contributions to during the three years ended December 31, 2020:
Pension Protections Act
Zone Status		FIP/RP
Status
Pending Or
Implemented		Company Contributions
(amounts in millions) 		Expiration
Date of
Collective
Bargaining
Agreement
Pension FundEIN/Pension
Plan Number
2020
2019
2020(b)
2019(b)
2018
Surcharge
Imposed
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund13-6123601/001GreenGreenN/A$10.1 $9.3 
(a)
$12.2 
(a)
No4/13/2022
Excavators Union Local 731 Pension Fund13-1809825/002GreenGreenN/A4.8 5.1 4.1 No4/30/2022
Carpenters Pension Trust Fund for Northern California94-6050970RedRedImplemented4.6 4.0 4.9 No6/30/2023
Northern California Electrical Workers Pension Plan94-6062674GreenGreenN/A3.5 3.0 4.1 No5/31/2022
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(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 2020 and 2019 plan years for any of the above pension funds, excluding The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund, Excavators Union Local 731 Pension Fund and Northern California Electrical Workers Pension Plan for the 2019 plan year.