Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

Employee Benefit Plans

Summary of Net Periodic Benefit Cost and Actuarial Assumptions Used to Determine Net Cost

	Year ended December 31,
	2013			2012			2011
	(dollars in thousands)
Interest cost on projected benefit obligation	$	3,710		$	4,011		$	4,526
Return on plan assets	(4,509		)	(4,783		)	(5,046		)
Recognized net actuarial losses	6,330			5,487			4,050
Net periodic benefit cost	$	5,531		$	4,715		$	3,530
Actuarial assumptions used to determine net cost:
Discount rate	3.58		%	4.10		%	5.18		%
Expected return on assets	6.75		%	7.00		%	7.50		%
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 at December 31,
	Target
	Allocation
Asset Category	2014		2013		2012
Cash	5.0	%	5.2	%	6.6	%
Equity securities:
Domestic	65.0	%	63.4	%	67.5	%
International	25.0	%	25.9	%	20.8	%
Fixed income securities	5.0	%	5.5	%	5.1	%
Total	100.0	%	100.0	%	100.0	%

Future Benefit Payments Under Defined Benefit Pension Plan

Year ended December 31,	(in thousands)
2014	$	6,046
2015	6,158
2016	6,174
2017	6,178
2018	6,293
Thereafter	31,554
	$	62,403

Changes in Fair Value of Plan Assets and Plan Benefit Obligations and Funded Status of Plan

	Year ended December 31,
	2013			2012
	(in thousands)
Change in Fair Value of Plan Assets
Balance at beginning of year	$	66,137		$	62,105
Actual return on plan assets	8,545			3,621
Company contribution	3,478			5,780
Benefit payments	(5,543		)	(5,369		)
Balance at end of year	$	72,617		$	66,137

	Year ended December 31,
	2013			2012
	(in thousands)
Change in Benefit Obligations
Balance at beginning of year	$	105,320		$	100,656
Interest cost	3,710			4,011
Assumption change loss	(9,627		)	6,031
Actuarial (gain) loss	1,318			(9		)
Benefit payments	(5,543		)	(5,369		)
Balance at end of year	$	95,178		$	105,320

Amounts Recognized in Consolidated Balance Sheets

	At December 31,
	2013			2012
	(in thousands)
Funded Status
Funded status at December 31,	$	(22,561	)	$	(39,183	)
Amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities	$	(194	)	$	(187	)
Long-term liabilities	(22,367		)	(38,996		)
Net amount recognized in Consolidated Balance Sheets	$	(22,561	)	$	(39,183	)

Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Loss

	Year ended December 31,
	2013			2012
	(in thousands)
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss:
Net actuarial loss	$	(42,261	)	$	(60,935	)
Accumulated other comprehensive loss	(42,261		)	(60,935		)
Cumulative Company contributions in excess of net periodic benefit cost	19,700			21,752
Net amount recognized in Consolidated Balance Sheets	$	(22,561	)	$	(39,183	)

Actuarial Assumptions Used to Determine Benefit Obligation

	Year ended December 31,
	2013	2012
Actuarial assumptions used to determine benefit obligation:
Discount rate	4.47%	3.58%
Rate of increase in compensation	n.a.	n.a.
Measurement date	December 31	December 31

Plan Assets at Fair Value

	Quoted Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
At December 31, 2013	(Level 1)		(Level 2)		(Level 3)		Total Value
	(in thousands)
Cash and cash equivalents	$	3,762	$	—	$	—	$	3,762
Fixed Income	4,000		—		—		4,000
Mutual Funds	13,234		—		—		13,234
Equity Partnerships	—		6,876		—		6,876
Hedge Fund Investments:	—
Cash	527		—		—		527
Long-Short Equity Fund	—		14,566		11,655		26,221
Event Driven Fund	—		5,928		8,752		14,680
Distressed Credit	—		—		1,429		1,429
Multi-Strategy Fund	—		—		1,888		1,888
Total	$	21,523	$	27,370	$	23,724	$	72,617

	Quoted Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
At December 31, 2012	(Level 1)		(Level 2)		(Level 3)		Total Value
	(in thousands)
Cash and cash equivalents	$	4,386	$	—	$	—	$	4,386
Fixed Income	3,368		—		—		3,368
Mutual Funds	8,230		—		—		8,230
Equity Partnerships	—		5,823		—		5,823
Hedge Fund Investments:
Cash	2,591		—		—		2,591
Long-Short Equity Fund	—		9,826		9,992		19,818
Event Driven Fund	—		6,542		7,152		13,694
Distressed Credit	—		2,829		2,559		5,388
Multi-Strategy Fund	—		889		1,950		2,839
Total	$	18,575	$	25,909	$	21,653	$	66,137

Summary of Changes in the Fair Value of the Level 3 Plan Assets

	Changes in Fair Value of Level 3 Assets
	Long-
	Short			Event					Multi-
	Equity			Driven		Distressed			Strategy
	Fund			Fund		Credit			Fund			Total
	(in thousands)
Balance, December 31, 2012	$	9,992		$	7,152	$	2,559		$	1,950		$	21,653
Realized gains	—			—		(7		)	(5		)	(12		)
Unrealized gains	2,971			1,252		158			223			4,604
Purchases	1,343			459		6			9			1,817
Sales	—			—		(517		)	(378		)	(895		)
Transfer to Level 2 (1)	(3,443		)	—		—			—			(3,443		)
Balance, December 31, 2013	$	10,863		$	8,863	$	2,199		$	1,799		$	23,724

(1) The transfer of $3.4 million from Level 3 to Level 2 was comprised of certain hedge funds that became redeemable within 90 days from December 31, 2013.

	Changes in Fair Value of Level 3 Assets
	Long-
	Short			Event						Multi-
	Equity			Driven			Distressed			Strategy
	Fund			Fund			Credit			Fund			Total
	(in thousands)
Balance, December 31, 2011	$	12,821		$	7,126		$	6,252		$	3,530		$	29,729
Realized gains	—			—			5			2			7
Unrealized gains	1,624			522			365			173			2,684
Purchases	5,555			3,798			20			19			9,392
Sales	—			—			(894		)	(773		)	(1,667		)
Transfer to Level 2 (2)	(10,008		)	(4,294		)	(3,189		)	(1,001		)	(18,492		)
Balance, December 31, 2012	$	9,992		$	7,152		$	2,559		$	1,950		$	21,653

(2) The transfer of $18.5 million from Level 3 to Level 2 was comprised of certain hedge funds that became redeemable within 90 days from December 31, 2012.

Benefit Obligations in Excess of the Fair Value of Plan Assets

	At December 31, 2013						At December 31, 2012
			Benefit						Benefit
	Pension		Equalization				Pension		Equalization
	Plan		Plan		Total		Plan		Plan		Total
	(in thousands)
Projected benefit obligation	$	91,946	$	3,232	$	95,178	$	101,796	$	3,524	$	105,320
Accumulated benefit obligation	$	91,946	$	3,232	$	95,178	$	101,796	$	3,524	$	105,320
Fair value of plan assets	$	72,617	$	—	$	72,617	$	66,137	$	—	$	66,137
Projected benefit obligation greater than fair value of plan assets	$	19,329	$	3,232	$	22,561	$	35,659	$	3,524	$	39,183
Accumulated benefit obligation greater than fair value of plan assets	$	19,329	$	3,232	$	22,561	$	35,659	$	3,524	$	39,183

Multiemployer Plans

Pension Protections Act

FIP/RP Status

Company Contributions

Expiration Date of Collective

EIN/Pension

Zone Status

Pending Or

(amounts in millions)

Surcharge

Bargaining

Pension Fund

Plan Number

2013

2012

Implemented

2013

2012

2011

Imposed

Agreement

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

13-6123601/001

Green

Green

No

13.4

(b)

12.9

(b)

6.3

(a)

No

5/8/2016

Steamfitters Industry Pension Fund

13-6149680/001

Yellow

Yellow

Implemented

4.3

(b)

3.5

(b)

3.5

(a)

No

6/30/2014

Excavators Union Local 731 Pension Fund

13-1809825/002

Green

Green

No

3.2

3.3

2.9

No

6/30/2016

Carpenters Pension Trust Fund for Northern California

94-6050970/001

Red

Red

Implemented

2.1

2.3

1.4

No

6/30/2015

(a) Amounts pertaining to plans from one of the Company’s newly acquired entities during 2011.

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