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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 and 2021 consisted of the following components (in thousands):
| 2022 |  | 2021
Change in pension benefit obligation |  |  |
Benefit obligation at beginning of year | $ | 349,147 |  |  | $ | 383,142 |
Interest cost | 5,693 |  |  | 5,326 |
Actuarial gain | (116,372) |  |  | (22,071) |
Benefits paid | (11,095) |  |  | (13,939) |
Foreign currency exchange rate changes | (33,417) |  |  | (3,311) |
Benefit obligation at end of year | 193,956 |  |  | 349,147 |
Change in pension plan assets |  |  |
Fair value of plan assets at beginning of year | 356,532 |  |  | 347,411 |
Actual (loss) return on plan assets | (105,544) |  |  | 21,809 |
Employer contributions | 4,875 |  |  | 4,956 |
Benefits paid | (11,095) |  |  | (13,939) |
Foreign currency exchange rate changes | (34,484) |  |  | (3,705) |
Fair value of plan assets at end of year | 210,284 |  |  | 356,532 |
Funded status at end of year | $ | 16,328 |  |  | $ | 7,385 |
Schedule of Weighted Average Assumptions Used To Calculate Benefit Obligation | The weighted average assumptions used to determine benefit obligations of the UK Plan as of December 31, 2022 and 2021 were as follows:
| 2022 |  | 2021
Discount rate | 5.0 | % |  | 1.8 | %
Components Of Net Periodic Pension Cost (Income) | The components of net periodic pension cost (income) of the UK Plan for the years ended December 31, 2022, 2021, and 2020 were as follows (in thousands):
| 2022 |  | 2021 |  | 2020
Interest cost | $ | 5,693 |  |  | $ | 5,326 |  |  | $ | 6,401 |
Expected return on plan assets | (12,088) |  |  | (12,726) |  |  | (12,023) |
Amortization of unrecognized loss | 2,073 |  |  | 3,642 |  |  | 2,389 |
Net periodic pension cost (income) | $ | (4,322) |  |  | $ | (3,758) |  |  | $ | (3,233) |
Schedule of Weighted Average Assumptions Used To Calculate Net Periodic Pension Cost | The weighted average assumptions used to determine net periodic pension cost of the UK Plan for the years ended December 31, 2022, 2021, and 2020 were as follows:
| 2022 |  | 2021 |  | 2020
Discount rate | 1.8 | % |  | 1.4 | % |  | 2.1 | %
Annual rate of return on plan assets | 3.9 | % |  | 3.9 | % |  | 4.3 | %
Schedule of Net Periodic Benefit Cost Not yet Recognized | Amounts pertaining to the UK Plan not yet reflected in net periodic pension cost and included in accumulated other comprehensive loss were as follows (in thousands):
| December 31, 2022 |  | December 31, 2021
Unrecognized actuarial losses | $ | 79,313 |  |  | $ | 89,572 |
Schedule of Weighted Average Asset Allocations and Weighted Average Target Allocations | The weighted average asset allocations and weighted average target allocations at December 31, 2022 and 2021 were as follows:
Asset Category | Target Asset Allocation |  | Actual December 31, 2022 |  | Actual December 31, 2021
Debt | 75.0 | % |  | 80.7 | % |  | 76.0 | %
Cash and cash equivalents | 15.0 | % |  | 9.4 | % |  | 16.5 | %
Real estate | 10.0 | % |  | 9.9 | % |  | 7.5 | %
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, 2022 and 2021 (in thousands):
| Assets at Fair Value as of December 31, 2022
Asset Category | Level 1 |  | Level 2 |  | Level 3 |  | Total
Corporate debt funds | $ | — |  |  | $ | 23,998 |  |  | $ | — |  |  | $ | 23,998 |
Government bond funds | — |  |  | 45,619 |  |  | — |  |  | 45,619 |
Cash and cash equivalents | 19,829 |  |  | — |  |  | — |  |  | 19,829 |
Total plan assets in fair value hierarchy | $ | 19,829 |  |  | $ | 69,617 |  |  | $ | — |  |  | 89,446 |
Plan assets measured using NAV as a practical expedient: (1) |  |  |  |  |  |  |
Debt funds |  |  |  |  |  |  | 99,990 |
Real estate funds |  |  |  |  |  |  | 20,848 |
Total plan assets at fair value |  |  |  |  |  |  | $ | 210,284 |
| Assets at Fair Value as of December 31, 2021
Asset Category | Level 1 |  | Level 2 |  | Level 3 |  | Total
Corporate debt funds | $ | — |  |  | $ | 67,226 |  |  | $ | — |  |  | $ | 67,226 |
Government bond funds | — |  |  | 91,899 |  |  | — |  |  | 91,899 |
Cash and cash equivalents | 58,772 |  |  | — |  |  | — |  |  | 58,772 |
Total plan assets in fair value hierarchy | $ | 58,772 |  |  | $ | 159,125 |  |  | $ | — |  |  | 217,897 |
Plan assets measured using NAV as a practical expedient: (1) |  |  |  |  |  |  |
Debt funds |  |  |  |  |  |  | 111,971 |
Real estate funds |  |  |  |  |  |  | 26,664 |
Total plan assets at fair value |  |  |  |  |  |  | $ | 356,532 |
_________________ (1)Certain investments measured using net asset value (“NAV”) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets.
Schedule of Expected Benefit Payments | The following estimated benefit payments are expected to be made from the UK Plan in the following years (in thousands):
| Pension Benefit Payments
2023 | $ | 9,884 |
2024 | $ | 10,201 |
2025 | $ | 10,627 |
2026 | $ | 11,106 |
2027 | $ | 11,476 |
Succeeding five years | $ | 63,182 |
Schedule of Multiemployer Plans | The following table lists all MEPPs to which our contributions exceeded $2.0 million in 2022. This table also lists all MEPPs to which we contributed in 2022 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)
| 2022 |  | 2021 |  |  | 2022 |  | 2021 |  | 2020 |
National Automatic Sprinkler Industry Pension Fund |  | 52-6054620 | 001 |  | Green |  | Green |  | NA |  | $ | 21,583 |  |  | $ | 20,987 |  |  | $ | 17,504 |  |  | Yes |  | May 2023 to July 2027
United Association National Pension Fund (Formerly Plumbers & Pipefitters National Pension Fund) |  | 52-6152779 | 001 |  | Green |  | Green |  | NA |  | 15,288 |  |  | 14,723 |  |  | 14,095 |  |  | No |  | February 2023 to July 2027
National Electrical Benefit Fund |  | 53-0181657 | 001 |  | Green |  | Green |  | NA |  | 15,192 |  |  | 12,310 |  |  | 11,573 |  |  | No |  | May 2023 to May 2027
Sheet Metal Workers National Pension Fund |  | 52-6112463 | 001 |  | Green |  | Yellow |  | NA |  | 9,505 |  |  | 10,307 |  |  | 11,621 |  |  | No |  | May 2023 to June 2026
Pension, Hospitalization & Benefit Plan of the Electrical Industry-Pension Trust Account |  | 13-6123601 | 001 |  | Green |  | Green |  | NA |  | 8,122 |  |  | 7,355 |  |  | 6,750 |  |  | No |  | April 2023 to April 2025
Electrical Workers Local No. 26 Pension Trust Fund |  | 52-6117919 | 001 |  | Green |  | Green |  | NA |  | 7,844 |  |  | 9,346 |  |  | 7,086 |  |  | Yes |  | May 2023 to August 2024
Plumbers Pipefitters & Mechanical Equipment Service Local Union 392 Pension Plan |  | 31-0655223 | 001 |  | Red |  | Red |  | Implemented |  | 7,674 |  |  | 7,110 |  |  | 5,667 |  |  | Yes |  | May 2025
Central Pension Fund of the IUOE & Participating Employers |  | 36-6052390 | 001 |  | Green |  | Green |  | NA |  | 7,651 |  |  | 6,627 |  |  | 6,115 |  |  | No |  | March 2023 to December 2026
Boilermaker-Blacksmith National Pension Trust |  | 48-6168020 | 001 |  | Green |  | Yellow |  | NA |  | 6,434 |  |  | 3,479 |  |  | 1,574 |  |  | No |  | September 2023 to April 2025
Sheet Metal Workers Pension Plan of Northern California |  | 51-6115939 | 001 |  | Red |  | Red |  | Implemented |  | 6,074 |  |  | 7,850 |  |  | 6,605 |  |  | No |  | June 2023 to June 2026
Edison Pension Plan |  | 93-6061681 | 001 |  | Green |  | Green |  | NA |  | 5,325 |  |  | 4,229 |  |  | 3,864 |  |  | Yes |  | December 2023
Pipefitters Union Local 537 Pension Fund |  | 51-6030859 | 001 |  | Green |  | Green |  | NA |  | 5,039 |  |  | 5,922 |  |  | 4,275 |  |  | Yes |  | August 2025
Southern California Pipe Trades Retirement Fund |  | 51-6108443 | 001 |  | Green |  | Green |  | NA |  | 4,650 |  |  | 6,272 |  |  | 4,043 |  |  | No |  | August 2023 to August 2026
Heating, Piping & Refrigeration Pension Fund |  | 52-1058013 | 001 |  | Green |  | Green |  | NA |  | 4,625 |  |  | 5,591 |  |  | 3,349 |  |  | Yes |  | July 2023 to July 2025
Southern California IBEW-NECA Pension Trust Fund |  | 95-6392774 | 001 |  | Yellow |  | Yellow |  | Implemented |  | 4,287 |  |  | 4,876 |  |  | 5,719 |  |  | No |  | June 2023 to May 2026
San Diego Electrical Pension Plan |  | 95-6101801 | 001 |  | Green |  | Green |  | NA |  | 4,258 |  |  | 4,068 |  |  | 4,383 |  |  | Yes |  | May 2024
IBEW 332 Pension Fund - Part A |  | 94-2688032 | 004 |  | Green |  | Green |  | NA |  | 4,177 |  |  | 2,339 |  |  | 1,211 |  |  | No |  | May 2023 to May 2024
U.A. Local 393 Pension Trust Fund Defined Benefit |  | 94-6359772 | 002 |  | Green |  | Green |  | NA |  | 3,517 |  |  | 3,507 |  |  | 3,168 |  |  | Yes |  | June 2023 to July 2027
Electrical Contractors Association of the City of Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Pension Plan 2 |  | 51-6030753 | 002 |  | Green |  | Green |  | NA |  | 3,516 |  |  | 4,225 |  |  | 3,004 |  |  | No |  | June 2023
Eighth District Electrical Pension Fund |  | 84-6100393 | 001 |  | Green |  | Green |  | NA |  | 3,339 |  |  | 3,298 |  |  | 3,242 |  |  | Yes |  | May 2023 to August 2024
Northern California Pipe Trades Pension Plan |  | 94-3190386 | 001 |  | Green |  | Green |  | NA |  | 3,238 |  |  | 2,663 |  |  | 2,463 |  |  | No |  | June 2023 to June 2024
NOTE 14 - RETIREMENT PLANS (Continued)
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)
| 2022 |  | 2021 |  |  | 2022 |  | 2021 |  | 2020 |
NECA-IBEW Pension Trust Fund |  | 51-6029903 | 001 |  | Green |  | Green |  | NA |  | 3,034 |  |  | 2,491 |  |  | 2,369 |  |  | No |  | May 2023 to December 2023
Arizona Pipe Trades Pension Trust Fund |  | 86-6025734 | 001 |  | Green |  | Green |  | NA |  | 2,940 |  |  | 2,020 |  |  | 2,301 |  |  | Yes |  | June 2023 to June 2024
Sheet Metal Workers Pension Plan of Southern California, Arizona & Nevada |  | 95-6052257 | 001 |  | Green |  | Yellow |  | NA |  | 2,921 |  |  | 3,322 |  |  | 2,706 |  |  | No |  | June 2023 to June 2026
Electrical Workers Pension Plan Local 103 IBEW |  | 04-6063734 | 001 |  | Green |  | Green |  | NA |  | 2,900 |  |  | — |  |  | — |  |  | Yes |  | August 2023
IBEW Local 701 Pension Fund |  | 36-6455509 | 001 |  | Green |  | Green |  | NA |  | 2,625 |  |  | 1,276 |  |  | 1,197 |  |  | Yes |  | May 2023 to September 2023
IBEW Local No. 82 Pension Plan |  | 31-6127268 | 001 |  | Green |  | Green |  | NA |  | 2,549 |  |  | 956 |  |  | 18 |  |  | Yes |  | December 2023 to October 2025
Local No. 697 IBEW and Electrical Industry Pension Fund |  | 51-6133048 | 001 |  | Green |  | Green |  | NA |  | 2,287 |  |  | 1,753 |  |  | 1,583 |  |  | Yes |  | May 2023
U.A. Local 38 Defined Benefit Pension Fund |  | 94-1285319 | 001 |  | Green |  | Green |  | NA |  | 2,010 |  |  | 1,903 |  |  | 2,874 |  |  | No |  | June 2023
Plumbing & Pipe Fitting Local 219 Pension Fund |  | 34-6682376 | 001 |  | Red |  | Red |  | Implemented |  | 1,172 |  |  | 1,167 |  |  | 1,680 |  |  | Yes |  | May 2023
Plumbers & Pipefitters Local 162 Pension Fund |  | 31-6125999 | 001 |  | Yellow |  | Yellow |  | Implemented |  | 1,132 |  |  | 1,034 |  |  | 969 |  |  | Yes |  | May 2023
Steamfitters Local Union No. 420 Pension Plan |  | 23-2004424 | 001 |  | Red |  | Red |  | Implemented |  | 1,018 |  |  | 677 |  |  | 553 |  |  | No |  | May 2023 to April 2024
Carpenters Pension Trust Fund for Northern California |  | 94-6050970 | 001 |  | Red |  | Red |  | Implemented |  | 532 |  |  | 568 |  |  | 385 |  |  | No |  | June 2023
Other Multiemployer Pension Plans |  |  |  |  |  |  |  |  |  |  | 59,707 |  |  | 56,830 |  |  | 53,780 |  |  |  |  | Various
Total Contributions |  |  |  |  |  |  |  |  |  |  | $ | 236,165 |  |  | $ | 221,081 |  |  | $ | 197,726 |  |  |  |  |
_________________ (1) The zone status represents the most recent available information for the respective MEPP, which may be 2021 or earlier for the 2022 year and 2020 or earlier for the 2021 year. In general, plans with a “green” zone status have a funding ratio of at least 80%, plans with an “orange” or “yellow” zone status have a funding ratio of between 65% and less than 80%, and plans with a “red” zone status are less than 65% funded. (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 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 therefore is not disclosed.

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