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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022, 2021 and 2020:
Year Ended December 31,
(in thousands)202220212020
Interest cost$2,594 $2,349 $3,032 
Service cost945 935 925 
Expected return on plan assets(3,890)(3,976)(4,022)
Recognized net actuarial losses2,571 2,860 2,407 
Net periodic benefit cost$2,220 $2,168 $2,342 
Actuarial assumptions used to determine net cost:
Discount rate2.65 %2.24 %3.07 %
Expected return on assets5.75 %5.75 %5.75 %
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 2023 and the actual asset allocation as of December 31, 2022 and 2021 by asset category are as follows:
Percentage of Plan Assets as of December 31,
Target
Allocation
2023
Actual Allocation
Asset Category20222021
Cash5 %5 %4 %
Equity funds:
Domestic45 46 47 
International20 20 16 
Fixed income funds30 29 33 
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,
2023$6,891 
20246,837 
20256,741 
20266,660 
20276,541 
2028-203229,956 
Total$63,626 
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 2022 and 2021, and a summary of the funded status as of December 31, 2022 and 2021:
Year Ended December 31,
(in thousands)20222021
Change in Fair Value of Plan Assets
Balance at beginning of year$73,375 $71,940 
Actual return on plan assets(10,865)6,844 
Company contribution242 1,235 
Benefit payments(6,595)(6,644)
Balance at end of year$56,157 $73,375 
Year Ended December 31,
(in thousands)20222021
Change in Benefit Obligations
Balance at beginning of year$101,526 $107,824 
Interest cost2,594 2,349 
Service cost945 935 
Assumption change gain(19,712)(3,921)
Actuarial loss300 983 
Benefit payments(6,595)(6,644)
Balance at end of year$79,058 $101,526 
Amount Recognized in Consolidated Balance Sheets
As of December 31,
(in thousands)20222021
Funded status$(22,901)$(28,151)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities$(275)$(292)
Long-term liabilities(22,626)(27,859)
Total net unfunded amount recognized in Consolidated Balance Sheets$(22,901)$(28,151)
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, 2022As of December 31, 2021
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$2,757 $— $— $2,757 $2,533 $— $— $2,533 
Fixed income funds1,564 2,872 — 4,436 — 3,057 — 3,057 
Mutual funds37,364 — — 37,364 54,966 — — 54,966 
$41,685 $2,872 $— $44,557 $57,499 $3,057 $— $60,556 
Closely held funds(a)
Equity partnerships4,078 4,259 
Hedge fund investments7,522 8,560 
Total closely held funds(a)
11,600 12,819 
Total$41,685 $2,872 $— $56,157 $57,499 $3,057 $— $73,375 
_____________________________________________________________________________________________________________
(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, 2022As of December 31, 2021
(in thousands)Pension
Plan		Benefit
Equalization
Plan		TotalPension
Plan		Benefit
Equalization
Plan		Total
Projected benefit obligation$76,729 $2,329 $79,058 $98,570 $2,956 $101,526 
Accumulated benefit obligation$76,729 $2,329 $79,058 $98,570 $2,956 $101,526 
Fair value of plans' assets56,157 — 56,157 73,375 — 73,375 
Projected benefit obligation greater than fair value of plans' assets$20,572 $2,329 $22,901 $25,195 $2,956 $28,151 
Accumulated benefit obligation greater than fair value of plans' assets$20,572 $2,329 $22,901 $25,195 $2,956 $28,151 
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, 2022:
Pension Protections Act
Zone Status
FIP/RP
Status
Pending or
Implemented(a)
Company Contributions
(amounts in millions) 		Expiration
Date of
Collective
Bargaining
Agreement
Pension FundEIN/Pension
Plan Number
2022
2021
2022(b)
2021
2020
Surcharge
Imposed
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund13-6123601/001GreenGreenN/A$6.7 $9.5 
(c)
$10.1 
(c)
No4/15/2025
Joint Pension Fund, Local Union 164 IBEW22-6031199GreenGreenN/A6.4 6.8 
(c)
2.5 
(c)
No4/30/2026
Excavators Union Local 731 Pension Fund13-1809825/002GreenGreenN/A4.0 4.0 4.8 No4/30/2026
Construction Laborers Pension Trust for Southern California95-6031812GreenGreenN/A3.4 2.8 1.5 No6/30/2026
Operating Engineers Pension Trust95-6032478YellowYellowImplemented3.4 2.4 1.5 No6/30/2025
Carpenters Pension Trust Fund for Northern California94-6050970RedRedImplemented2.4 2.9 4.6 No6/30/2023
_____________________________________________________________________________________________________________
(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 2022 plan year for any of the above pension funds.
(c)These amounts exceeded 5% of the respective total plan contributions.