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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021:
Year Ended December 31,
(in thousands)
202320222021
Interest cost$3,839 $2,594 $2,349 
Service cost1,000 945 935 
Expected return on plan assets(3,875)(3,890)(3,976)
Recognized net actuarial losses1,699 2,571 2,860 
Net periodic benefit cost$2,663 $2,220 $2,168 
Actuarial assumptions used to determine net cost:
Discount rate5.16 %2.65 %2.24 %
Expected return on assets6.25 %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 2024 and the actual asset allocation as of December 31, 2023 and 2022 by asset category are as follows:
Percentage of Plan Assets as of December 31,
Target
Allocation
2024
Actual Allocation
Asset Category20232022
Cash5 %6 %5 %
Equity funds:
Domestic42 43 46 
International18 18 20 
Fixed income funds35 33 29 
Total100 %100 %100 %
Future Benefit Payments Under the Plans
Future benefit payments under the plans for the next ten years are estimated as follows:
(in thousands)
Year ended December 31,
2024$6,806 
20256,726 
20266,652 
20276,531 
20286,382 
2029-203328,923 
Total$62,020 
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 2023 and 2022, and a summary of the funded status as of December 31, 2023 and 2022:
Year Ended December 31,
(in thousands)20232022
Change in Fair Value of Plan Assets
Balance at beginning of year$56,157 $73,375 
Actual return on plan assets7,917 (10,865)
Company contribution1,526 242 
Benefit payments(7,718)(6,595)
Balance at end of year$57,882 $56,157 
Year Ended December 31,
(in thousands)20232022
Change in Benefit Obligations
Balance at beginning of year$79,058 $101,526 
Interest cost3,839 2,594 
Service cost1,000 945 
Assumption change (gain) loss
1,281 (19,712)
Actuarial (gain) loss
(17)300 
Benefit payments(7,718)(6,595)
Balance at end of year$77,443 $79,058 
Amount Recognized in Consolidated Balance Sheets
As of December 31,
(in thousands)20232022
Funded status$(19,561)$(22,901)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities$(309)$(275)
Long-term liabilities(19,252)(22,626)
Total net unfunded amount recognized in Consolidated Balance Sheets$(19,561)$(22,901)
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, 2023As of December 31, 2022
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$3,464 $— $— $3,464 $2,757 $— $— $2,757 
Fixed income funds1,520 3,063 — 4,583 1,564 2,872 — 4,436 
Mutual funds41,687 — — 41,687 37,364 — — 37,364 
$46,671 $3,063 $— $49,734 $41,685 $2,872 $— $44,557 
Closely held funds(a)
Equity partnerships3,826 4,078 
Hedge fund investments4,322 7,522 
Total closely held funds(a)
8,148 11,600 
Total$46,671 $3,063 $— $57,882 $41,685 $2,872 $— $56,157 
_____________________________________________________________________________________________________________
(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 composed 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, 2023As of December 31, 2022
(in thousands)Pension
Plan		Benefit
Equalization
Plan		TotalPension
Plan		Benefit
Equalization
Plan		Total
Projected benefit obligation$74,831 $2,612 $77,443 $76,729 $2,329 $79,058 
Accumulated benefit obligation$74,831 $2,612 $77,443 $76,729 $2,329 $79,058 
Fair value of plans' assets57,882 — 57,882 56,157 — 56,157 
Projected benefit obligation greater than fair value of plans' assets$16,949 $2,612 $19,561 $20,572 $2,329 $22,901 
Accumulated benefit obligation greater than fair value of plans' assets$16,949 $2,612 $19,561 $20,572 $2,329 $22,901 
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, 2023:
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
2023
2022
2023(b)
2022
2021
Surcharge
Imposed
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund13-6123601/001GreenGreenN/A$4.2 $6.7 $9.5 
(c)
No4/15/2025
Carpenters Pension Trust Fund for Northern California94-6050970RedRedImplemented2.5 2.4 2.9 No6/30/2027
Excavators Union Local 731 Pension Fund13-1809825/002GreenGreenN/A2.4 4.0 4.0 No4/30/2026
Operating Engineers Pension Trust95-6032478GreenYellowN/A2.4 3.4 2.4 No6/30/2025
Construction Laborers Pension Trust for Southern California95-6031812GreenGreenN/A2.1 3.4 2.8 No6/30/2026
Joint Pension Fund, Local Union 164 IBEW22-6031199GreenGreenN/A1.4 6.4 
(c)
6.8 
(c)
No4/30/2026
_____________________________________________________________________________________________________________
(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 2023 plan year for any of the above pension funds.
(c)These amounts exceeded 5% of the respective total plan contributions.