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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Schedule of Changes in Benefit Obligations and Assets | The change in benefit obligations and assets of the UK Plan for the years ended December 31, 2019 and 2018 consisted of the following components (in thousands):
| 2019 |  | 2018
Change in pension benefit obligation |  |  |
Benefit obligation at beginning of year | $ | 281,776 |  |  | $ | 332,618 |
Interest cost | 7,961 |  |  | 8,085 |
Actuarial loss (gain) | 32,866 |  |  | (27,755 | )
Benefits paid | (12,059 | ) |  | (14,318 | )
Foreign currency exchange rate changes | 12,222 |  |  | (16,854 | )
Benefit obligation at end of year | 322,766 |  |  | 281,776 |
Change in pension plan assets |  |  |  |  |
Fair value of plan assets at beginning of year | 264,194 |  |  | 295,968 |
Actual return on plan assets | 38,808 |  |  | (6,489 | )
Employer contributions | 4,428 |  |  | 4,742 |
Benefits paid | (12,059 | ) |  | (14,318 | )
Foreign currency exchange rate changes | 11,630 |  |  | (15,709 | )
Fair value of plan assets at end of year | 307,001 |  |  | 264,194 |
Funded status at end of year | $ | (15,765 | ) |  | $ | (17,582 | )
Schedule of Net Periodic Benefit Cost Not yet Recognized | Amounts not yet reflected in net periodic pension cost and included in accumulated other comprehensive loss were as follows (in thousands):
| 2019 |  | 2018
Unrecognized losses | $ | 94,211 |  |  | $ | 86,768 |
Schedule of Weighted Average Assumptions Used To Calculate Benefit Obligation | The weighted average assumptions used to determine benefit obligations as of December 31, 2019 and 2018 were as follows:
| 2019 |  | 2018
Discount rate | 2.1 | % |  | 2.9 | %
Schedule of Weighted Average Assumptions Used To Calculate Net Periodic Pension Cost | The weighted average assumptions used to determine net periodic pension cost for the years ended December 31, 2019, 2018, and 2017 were as follows:
| 2019 |  | 2018 |  | 2017
Discount rate | 2.9 | % |  | 2.5 | % |  | 2.7 | %
Annual rate of return on plan assets | 4.9 | % |  | 5.0 | % |  | 5.3 | %
Components Of Net Periodic Pension Cost | The components of net periodic pension cost (income) of the UK Plan for the years ended December 31, 2019, 2018, and 2017 were as follows (in thousands):
| 2019 |  | 2018 |  | 2017
Interest cost | $ | 7,961 |  |  | $ | 8,085 |  |  | $ | 8,622 |
Expected return on plan assets | (12,165 | ) |  | (13,797 | ) |  | (13,508 | )
Amortization of unrecognized loss | 2,342 |  |  | 2,630 |  |  | 2,942 |
Net periodic pension cost (income) | $ | (1,862 | ) |  | $ | (3,082 | ) |  | $ | (1,944 | )
Schedule of Weighted Average Asset Allocations and Weighted Average Target Allocations | The weighted average asset allocations and weighted average target allocations at December 31, 2019 and 2018 were as follows:
Asset Category | Target Asset Allocation |  | December 31, 2019 |  | December 31, 2018
Debt | 65.0 | % |  | 70.6 | % |  | 71.2 | %
Equity | 15.0 | % |  | 10.5 | % |  | 13.4 | %
Cash | 10.0 | % |  | 10.5 | % |  | 6.1 | %
Real estate | 10.0 | % |  | 8.4 | % |  | 9.3 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Schedule of Plan Assets Fair Value Hierarchy | The following tables set forth the fair value of assets of the UK Plan as of December 31, 2019 and 2018 (in thousands):
| Assets at Fair Value as of December 31, 2019
Asset Category | Level 1 |  | Level 2 |  | Level 3 |  | Total
Corporate debt funds | $ | — |  |  | $ | 64,314 |  |  | $ | — |  |  | $ | 64,314 |
Government bond funds | — |  |  | 49,164 |  |  | — |  |  | 49,164 |
Equity funds | — |  |  | 32,356 |  |  | — |  |  | 32,356 |
Cash | 32,240 |  |  | — |  |  | — |  |  | 32,240 |
Total plan assets in fair value hierarchy | $ | 32,240 |  |  | $ | 145,834 |  |  | $ | — |  |  | 178,074 |
Plan assets measured using NAV as a practical expedient: (1) |  |  |  |  |  |  |
Debt funds |  |  |  |  |  |  | 103,188 |
Real estate funds |  |  |  |  |  |  | 25,739 |
Total plan assets at fair value |  |  |  |  |  |  | $ | 307,001 |
| Assets at Fair Value as of December 31, 2018
Asset Category | Level 1 |  | Level 2 |  | Level 3 |  | Total
Corporate debt funds | $ | — |  |  | $ | 37,703 |  |  | $ | — |  |  | $ | 37,703 |
Government bond funds | — |  |  | 52,445 |  |  | — |  |  | 52,445 |
Equity funds | — |  |  | 35,425 |  |  | — |  |  | 35,425 |
Cash | 16,097 |  |  | — |  |  | — |  |  | 16,097 |
Total plan assets in fair value hierarchy | $ | 16,097 |  |  | $ | 125,573 |  |  | $ | — |  |  | 141,670 |
Plan assets measured using NAV as a practical expedient: (1) |  |  |  |  |  |  |
Debt funds |  |  |  |  |  |  | 98,077 |
Real estate funds |  |  |  |  |  |  | 24,447 |
Total plan assets at fair value |  |  |  |  |  |  | $ | 264,194 |
Schedule of Expected Benefit Payments | The following estimated benefit payments are expected to be paid in the following years (in thousands):
| Pension Benefit Payments
2020 | $ | 12,887 |
2021 | $ | 13,240 |
2022 | $ | 13,603 |
2023 | $ | 13,976 |
2024 | $ | 14,358 |
Succeeding five years | $ | 77,912 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table shows certain information for the UK Plan where the accumulated benefit obligation is in excess of plan assets as of December 31, 2019 and 2018 (in thousands):
| 2019 |  | 2018
Projected benefit obligation | $ | 322,766 |  |  | $ | 281,776 |
Accumulated benefit obligation | $ | 322,766 |  |  | $ | 281,776 |
Fair value of plan assets | $ | 307,001 |  |  | $ | 264,194 |
Schedule of Multiemployer Plans | The following table lists all domestic MEPPs to which our contributions exceeded $2.0 million in 2019. Additionally, this table also lists all domestic MEPPs to which we contributed in 2019 in excess of $0.5 million for MEPPs in the critical status, “red zone,” and $1.0 million for MEPPs in the endangered status, “orange or yellow zones,” as defined by the PPA (in thousands):
Pension Fund |  | EIN/Pension Plan Number |  | PPA Zone Status (1) |  | FIP/RP Status |  | Contributions |  | Contributions greater than 5% of total plan contributions (2) |  | Expiration date or range of expiration dates of CBA(s)
| 2019 |  | 2018 |  |  | 2019 |  | 2018 |  | 2017 |
National Electrical Benefit Fund |  | 53-0181657 | 001 |  | Green |  | Green |  | NA |  | $ | 16,901 |  |  | $ | 10,700 |  |  | $ | 11,572 |  |  | No |  | January 2020 to November 2022
National Automatic Sprinkler Industry Pension Fund |  | 52-6054620 | 001 |  | Red |  | Red |  | Implemented |  | 15,924 |  |  | 14,888 |  |  | 14,228 |  |  | No |  | June 2020 to June 2022
Plumbers & Pipefitters National Pension Fund |  | 52-6152779 | 001 |  | Yellow |  | Yellow |  | Implemented |  | 13,821 |  |  | 11,868 |  |  | 12,550 |  |  | No |  | February 2020 to August 2026
Sheet Metal Workers National Pension Fund |  | 52-6112463 | 001 |  | Yellow |  | Yellow |  | Implemented |  | 11,713 |  |  | 10,895 |  |  | 12,895 |  |  | No |  | April 2020 to June 2024
Pension, Hospitalization & Benefit Plan of the Electrical Industry-Pension Trust Account |  | 13-6123601 | 001 |  | Green |  | Green |  | NA |  | 10,075 |  |  | 10,469 |  |  | 9,489 |  |  | No |  | April 2020 to April 2022
Electrical Workers Local No. 26 Pension Trust Fund |  | 52-6117919 | 001 |  | Green |  | Green |  | NA |  | 8,434 |  |  | 5,485 |  |  | 4,441 |  |  | Yes |  | January 2020 to July 2021
Plumbers Pipefitters & Mechanical Equipment Service Local Union 392 Pension Plan |  | 31-0655223 | 001 |  | Red |  | Red |  | Implemented |  | 6,412 |  |  | 6,047 |  |  | 6,084 |  |  | Yes |  | June 2022
Southern California IBEW-NECA Pension Trust Fund |  | 95-6392774 | 001 |  | Yellow |  | Yellow |  | Implemented |  | 6,277 |  |  | 5,754 |  |  | 3,669 |  |  | No |  | May 2020 to November 2022
Central Pension Fund of the IUOE & Participating Employers |  | 36-6052390 | 001 |  | Green |  | Green |  | NA |  | 6,253 |  |  | 6,384 |  |  | 6,070 |  |  | No |  | February 2020 to December 2023
Sheet Metal Workers Pension Plan of Northern California |  | 51-6115939 | 001 |  | Red |  | Red |  | Implemented |  | 6,233 |  |  | 5,488 |  |  | 6,023 |  |  | No |  | June 2020 to June 2026
Arizona Pipe Trades Pension Trust Fund |  | 86-6025734 | 001 |  | Green |  | Green |  | NA |  | 6,071 |  |  | 2,640 |  |  | 1,662 |  |  | Yes |  | June 2020
Edison Pension Plan |  | 93-6061681 | 001 |  | Green |  | Green |  | NA |  | 5,361 |  |  | 3,140 |  |  | 1,628 |  |  | Yes |  | December 2020
Pipefitters Union Local 537 Pension Fund |  | 51-6030859 | 001 |  | Green |  | Green |  | NA |  | 4,754 |  |  | 6,038 |  |  | 4,057 |  |  | Yes |  | September 2020 to August 2021
Pension Fund |  | EIN/Pension Plan Number |  | PPA Zone Status (1) |  | FIP/RP Status |  | Contributions |  | Contributions greater than 5% of total plan contributions (2) |  | Expiration date or range of expiration dates of CBA(s)
| 2019 |  | 2018 |  |  | 2019 |  | 2018 |  | 2017 |
Heating, Piping & Refrigeration Pension Fund |  | 52-1058013 | 001 |  | Green |  | Green |  | NA |  | 4,185 |  |  | 2,619 |  |  | 2,437 |  |  | No |  | June 2020 to July 2021
U.A. Local 393 Pension Trust Fund Defined Benefit |  | 94-6359772 | 002 |  | Green |  | Green |  | NA |  | 3,858 |  |  | 4,298 |  |  | 1,540 |  |  | Yes |  | June 2020 to June 2021
San Diego Electrical Pension Plan |  | 95-6101801 | 001 |  | Green |  | Green |  | NA |  | 3,843 |  |  | 3,008 |  |  | 2,862 |  |  | Yes |  | May 2020 to May 2022
Eighth District Electrical Pension Fund |  | 84-6100393 | 001 |  | Green |  | Green |  | NA |  | 3,590 |  |  | 3,486 |  |  | 3,786 |  |  | Yes |  | May 2020 to May 2022
Southern California Pipe Trades Retirement Fund |  | 51-6108443 | 001 |  | Green |  | Green |  | NA |  | 3,274 |  |  | 3,095 |  |  | 3,907 |  |  | No |  | June 2020 to August 2026
Electrical Contractors Association and Local Union 134, IBEW Joint Pension Trust of Chicago Pension Plan 2 |  | 51-6030753 | 002 |  | Green |  | Green |  | NA |  | 3,204 |  |  | 4,308 |  |  | 5,537 |  |  | No |  | May 2020
Northern California Pipe Trades Pension Plan |  | 94-3190386 | 001 |  | Green |  | Green |  | NA |  | 3,077 |  |  | 3,104 |  |  | 2,963 |  |  | No |  | June 2020 to June 2021
NECA-IBEW Pension Trust Fund |  | 51-6029903 | 001 |  | Green |  | Green |  | NA |  | 2,528 |  |  | 2,650 |  |  | 3,060 |  |  | No |  | May 2020 to December 2020
U.A. Plumbers Local 24 Pension Fund |  | 22-6042823 | 001 |  | Green |  | Green |  | NA |  | 2,460 |  |  | 3,461 |  |  | 3,092 |  |  | Yes |  | April 2020
Sheet Metal Workers Pension Plan of Southern California, Arizona & Nevada |  | 95-6052257 | 001 |  | Yellow |  | Yellow |  | Implemented |  | 2,423 |  |  | 1,934 |  |  | 3,268 |  |  | No |  | June 2020 to June 2024
Connecticut Plumbers & Pipefitters Pension Fund |  | 06-6050353 | 001 |  | Green |  | Green |  | NA |  | 2,231 |  |  | 2,104 |  |  | 1,988 |  |  | Yes |  | June 2021
U.A. Local 38 Defined Benefit Pension Plan |  | 94-1285319 | 001 |  | Green |  | Green |  | NA |  | 2,030 |  |  | 1,551 |  |  | 2,097 |  |  | No |  | June 2020 to June 2023
Plumbing & Pipe Fitting Local 219 Pension Fund |  | 34-6682376 | 001 |  | Red |  | Red |  | Implemented |  | 1,937 |  |  | 2,197 |  |  | 1,335 |  |  | Yes |  | May 2020
Boilermaker-Blacksmith National Pension Trust |  | 48-6168020 | 001 |  | Red |  | Red |  | Implemented |  | 1,681 |  |  | 1,446 |  |  | 1,083 |  |  | No |  | September 2020 to April 2022
Plumbers & Pipefitters Local Union No. 502 & 633 Pension Fund |  | 61-6078145 | 001 |  | Yellow |  | Yellow |  | Implemented |  | 1,596 |  |  | 1,167 |  |  | 801 |  |  | No |  | May 2020 to July 2022
Plumbers & Pipefitters Local 162 Pension Fund |  | 31-6125999 | 001 |  | Yellow |  | Yellow |  | Implemented |  | 1,124 |  |  | 1,273 |  |  | 801 |  |  | Yes |  | May 2020 to May 2022
Steamfitters Local Union No. 420 Pension Plan |  | 23-2004424 | 001 |  | Red |  | Red |  | Implemented |  | 641 |  |  | 706 |  |  | 687 |  |  | No |  | May 2020
Other Multiemployer Pension Plans |  |  |  |  |  |  |  |  |  |  | 53,567 |  |  | 48,026 |  |  | 43,604 |  |  |  |  | Various
Total Contributions |  |  |  |  |  |  |  |  |  |  | $ | 215,478 |  |  | $ | 190,229 |  |  | $ | 179,216 |  |  |  |  |
_________________
(1) | The zone status represents the most recent available information for the respective MEPP, which may be 2018 or earlier for the 2019 year and 2017 or earlier for the 2018 year.
(2) | This information was obtained from the respective plan’s Form 5500 (“Forms”) for the most current available filing. These dates may not correspond with our fiscal year contributions. The above noted percentages of contributions are based upon disclosures contained in the plans’ Forms. Those Forms, among other things, disclose the names of individual participating employers whose annual contributions account for more than 5% of the aggregate annual amount contributed by all participating employers for a plan year. Accordingly, if the annual contribution of two or more of our subsidiaries each accounted for less than 5% of such contributions, but in the aggregate accounted for in excess of 5% of such contributions, that greater percentage is not available and accordingly is not disclosed.

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