Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021, 2020 and 2019:

	Year Ended December 31,
(in thousands)	2021			2020			2019
Interest cost	$	2,349		$	3,032		$	3,801
Service cost	935			925			900
Expected return on plan assets	(3,976)			(4,022)			(4,170)
Recognized net actuarial losses	2,860			2,407			1,933
Net periodic benefit cost	$	2,168		$	2,342		$	2,464
Actuarial assumptions used to determine net cost:
Discount rate	2.24		%	3.07		%	4.12		%
Expected return on assets	5.75		%	5.75		%	5.75		%
Rate of increase in compensation	N/A			N/A			N/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 2022 and the actual asset allocation as of December 31, 2021 and 2020 by asset category are as follows:

	Percentage of Plan Assets as of December 31,
	Target Allocation 2022
			Actual Allocation
Asset Category			2021		2020
Cash	5	%	4	%	5	%
Equity funds:
Domestic	47		47		34
International	15		16		17
Fixed income funds	33		33		44
Total	100	%	100	%	100	%

Future Benefit Payments Under the Plans

Future benefit payments under the plans are estimated as follows:

(in thousands)
Year ended December 31,
2022	$	6,881
2023	6,795
2024	6,747
2025	6,657
2026	6,580
2027-2031	30,545
Total	$	64,205

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 2021 and 2020, and a summary of the funded status as of December 31, 2021 and 2020:

	Year Ended December 31,
(in thousands)	2021		2020
Change in Fair Value of Plan Assets
Balance at beginning of year	$	71,940	$	73,357
Actual return on plan assets	6,844		899
Company contribution	1,235		4,408
Benefit payments	(6,644)		(6,724)
Balance at end of year	$	73,375	$	71,940

	Year Ended December 31,
(in thousands)	2021		2020
Change in Benefit Obligations
Balance at beginning of year	$	107,824	$	102,607
Interest cost	2,349		3,032
Service cost	935		925
Assumption change (gain) loss	(3,921)		7,902
Actuarial loss	983		81
Benefit payments	(6,644)		(6,723)
Balance at end of year	$	101,526	$	107,824

Amount Recognized in Consolidated Balance Sheets

	As of December 31,
(in thousands)	2021		2020
Funded status	$	(28,151)	$	(35,884)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities	$	(292)	$	(293)
Long-term liabilities	(27,859)		(35,591)
Total net unfunded amount recognized in Consolidated Balance Sheets	$	(28,151)	$	(35,884)

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, 2021								As of December 31, 2020
	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	$	2,533	$	—	$	—	$	2,533	$	1,582	$	—	$	—	$	1,582
Fixed income funds	—		3,057		—		3,057		2,000		3,086		—		5,086
Mutual funds	54,966		—		—		54,966		54,671		—		—		54,671
	$	57,499	$	3,057	$	—	$	60,556	$	58,253	$	3,086	$	—	$	61,339
Closely held funds(a)
Equity partnerships							4,259								3,700
Hedge fund investments							8,560								6,901
Total closely held funds(a)							12,819								10,601
Total	$	57,499	$	3,057	$	—	$	73,375	$	58,253	$	3,086	$	—	$	71,940

_____________________________________________________________________________________________________________

(a)The pension plan’s investments in closely held funds are not categorized in the fair value hierarchy because they are measured at NAV using the practical expedient under ASC 820, Fair Value Measurement (“ASC 820”). The underlying holdings of closely held funds were comprised of a combination of Level 1, 2 and 3 investments, and in some cases, may also include investments not categorized in the fair value hierarchy because they are measured at NAV using the practical expedient, as described above.

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, 2021						As of December 31, 2020
(in thousands)	Pension Plan		Benefit Equalization Plan		Total		Pension Plan		Benefit Equalization Plan		Total
Projected benefit obligation	$	98,570	$	2,956	$	101,526	$	104,657	$	3,167	$	107,824
Accumulated benefit obligation	$	98,570	$	2,956	$	101,526	$	104,657	$	3,167	$	107,824
Fair value of plans' assets	73,375		—		73,375		71,940		—		71,940
Projected benefit obligation greater than fair value of plans' assets	$	25,195	$	2,956	$	28,151	$	32,717	$	3,167	$	35,884
Accumulated benefit obligation greater than fair value of plans' assets	$	25,195	$	2,956	$	28,151	$	32,717	$	3,167	$	35,884

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, 2021:

Pension Protections Act Zone Status

FIP/RP Status Pending or Implemented(a)

Company Contributions (amounts in millions)

Expiration Date of Collective Bargaining Agreement

Pension Fund

EIN/Pension Plan Number

2021

2020

2021(b)

2020

2019

Surcharge Imposed

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

13-6123601/001

Green

Green

N/A

$

9.5

$

10.1

(c)

$

9.3

(c)

No

4/13/2022

Joint Pension Fund, Local Union 164 IBEW

22-6031199

Green

Yellow

Implemented

6.8

2.5

0.8

No

6/2/2025

Excavators Union Local 731 Pension Fund

13-1809825/002

Green

Green

N/A

4.0

4.8

5.1

No

4/30/2026

Carpenters Pension Trust Fund for Northern California

94-6050970

Red

Red

Implemented

2.9

4.6

(d)

4.0

No

6/30/2023

Northern California Electrical Workers Pension Plan

94-6062674

Green

Green

N/A

2.8

3.5

(c)

3.0

No

5/31/2022

_____________________________________________________________________________________________________________

(a)The “FIP/RP Status Pending or Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or implemented.

(b)The Company's contributions as a percentage of total plan contributions were not available for the 2021 plan year for any of the above pension funds.

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

(d)The Company’s contributions as a percentage of total plan contributions were not available for the 2020 plan year for the Carpenters Pension Trust Fund for Northern California.