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Retirement Plans (Tables)

12 Months Ended

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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