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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022 consisted of the following components (in thousands):

			2023						2022
Change in pension benefit obligation
Benefit obligation at beginning of year			$	193,956					$	349,147
Interest cost			9,722						5,693
Actuarial loss (gain)			651						(116,372)
Benefits paid			(10,411)						(11,095)
Foreign currency exchange rate changes			10,179						(33,417)
Benefit obligation at end of year			204,097						193,956
Change in pension plan assets
Fair value of plan assets at beginning of year			210,284						356,532
Actual return (loss) on plan assets			10,563						(105,544)
Employer contributions			1,564						4,875
Benefits paid			(10,411)						(11,095)
Foreign currency exchange rate changes			11,077						(34,484)
Fair value of plan assets at end of year			223,077						210,284
Funded status at end of year			$	18,980					$	16,328

Schedule of Weighted Average Assumptions Used To Calculate Benefit Obligation

The assumptions used to determine benefit obligations of the UK Plan as of December 31, 2023 and 2022 were as follows:

			2023						2022
Discount rate			4.8		%				5.0		%

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, 2023, 2022, and 2021 were as follows (in thousands):

			2023						2022						2021
Interest cost			$	9,722					$	5,693					$	5,326
Expected return on plan assets			(11,417)						(12,088)						(12,726)
Amortization of unrecognized loss			2,611						2,073						3,642
Net periodic pension cost (income)			$	916					$	(4,322)					$	(3,758)

Schedule of Weighted Average Assumptions Used To Calculate Net Periodic Pension Cost

The assumptions used to determine net periodic pension cost of the UK Plan for the years ended December 31, 2023, 2022, and 2021 were as follows:

			2023						2022						2021
Discount rate			5.0		%				1.8		%				1.4		%
Annual rate of return on plan assets			5.7		%				3.9		%				3.9		%

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, 2023						December 31, 2022
Unrecognized actuarial losses			$	82,344					$	79,313

Schedule of Weighted Average Asset Allocations and Weighted Average Target Allocations

The weighted average asset allocations and weighted average target allocations at December 31, 2023 and 2022 were as follows:

Asset Category			Target Asset Allocation  2023						Actual December 31, 2023						Target Asset Allocation 2022						Actual December 31, 2022
Debt			90.0		%				87.1		%				75.0		%				80.7		%
Cash and cash equivalents			—		%				3.9		%				15.0		%				9.4		%
Real estate			10.0		%				9.0		%				10.0		%				9.9		%
Total			100.0		%				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, 2023 and 2022 (in thousands):

			Assets at Fair Value as of December 31, 2023
Asset Category			Level 1						Level 2						Level 3						Total
Corporate debt funds			$	—					$	44,504					$	—					$	44,504
Government bond funds			—						63,934						—						63,934
Cash and cash equivalents			8,797						—						—						8,797
Total plan assets in fair value hierarchy			$	8,797					$	108,438					$	—					117,235
Plan assets measured using NAV as a practical expedient: (1)
Debt funds																					85,786
Real estate funds																					20,056
Total plan assets at fair value																					$	223,077

			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

_________________

(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. NAV is determined by the respective fund manager based on the fair value of the underlying assets held by the fund, less its liabilities, divided by the number of units outstanding.

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
2024			$	10,736
2025			$	11,185
2026			$	11,689
2027			$	12,079
2028			$	12,598
Succeeding five years			$	67,955

Schedule of Multiemployer Plans

The following table lists all MEPPs to which our contributions exceeded $2.0 million in 2023. This table also lists all MEPPs to which we contributed in 2023 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)
															2023						2022												2023						2022						2021
National Automatic Sprinkler Industry Pension Fund						52-6054620			001						Green						Green						NA						$	25,559					$	21,583					$	20,987					Yes						March 2024 to July 2027
National Electrical Benefit Fund						53-0181657			001						Green						Green						NA						18,128						15,192						12,310						Yes						February 2024 to November 2027
United Association National Pension Fund						52-6152779			001						Green						Green						NA						16,815						15,288						14,723						No						January 2024 to May 2029
Sheet Metal Workers National Pension Fund						52-6112463			001						Green						Green						NA						10,797						9,505						10,307						No						April 2024 to July 2028
Central Pension Fund of the IUOE & Participating Employers						36-6052390			001						Green						Green						NA						8,573						7,651						6,627						No						January 2024 to December 2026
Electrical Workers Local No. 26 Pension Trust Fund						52-6117919			001						Green						Green						NA						8,283						7,844						9,346						Yes						May 2024 to September 2027
Pension, Hospitalization & Benefit Plan of the Electrical Industry-Pension Trust Account						13-6123601			001						Green						Green						NA						7,198						8,122						7,355						No						January 2025 to April 2025
Plumbers Pipefitters & Mechanical Equipment Service Local Union 392 Pension Plan						31-0655223			001						Red						Red						Implemented						7,010						7,674						7,110						Yes						May 2024 to May 2025
Electrical Workers Pension Plan Local 103 IBEW						04-6063734			001						Green						Green						NA						6,537						2,900						—						Yes						August 2028
Northern California Pipe Trades Pension Plan						94-3190386			001						Green						Green						NA						6,317						3,238						2,663						No						June 2024 to July 2024
Edison Pension Plan						93-6061681			001						Green						Green						NA						5,840						5,325						4,229						Yes						December 2024
Sheet Metal Workers Pension Plan of Northern California						51-6115939			001						Red						Red						Implemented						5,738						6,074						7,850						Yes						June 2024 to June 2026
San Diego Electrical Pension Plan						95-6101801			001						Green						Green						NA						5,511						4,258						4,068						Yes						May 2024
Heating, Piping & Refrigeration Pension Fund						52-1058013			001						Green						Green						NA						5,315						4,625						5,591						Yes						July 2024 to July 2025
Pipefitters Union Local 537 Pension Fund						51-6030859			001						Green						Green						NA						5,179						5,039						5,922						Yes						August 2025
Southern California Pipe Trades Retirement Fund						51-6108443			001						Green						Green						NA						4,657						4,650						6,272						Yes						August 2024 to August 2026
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						4,432						3,516						4,225						No						June 2024 to December 2024
IBEW Local 701 Pension Fund						36-6455509			001						Green						Green						NA						3,989						2,625						1,276						No						May 2024 to September 2024
Eighth District Electrical Pension Fund						84-6100393			001						Green						Green						NA						3,844						3,339						3,298						Yes						February 2024 to February 2027
Southern California IBEW-NECA Pension Trust Fund						95-6392774			001						Yellow						Yellow						Implemented						3,801						4,287						4,876						No						May 2024 to November 2026
IBEW Local No. 82 Pension Plan						31-6127268			001						Green						Green						NA						3,701						2,549						956						Yes						December 2026
Sheet Metal Workers Pension Plan of Southern California, Arizona & Nevada						95-6052257			001						Green						Green						NA						3,399						2,921						3,322						No						June 2024 to July 2028
Kern County Electrical Workers Pension Fund						95-6123049			001						Green						Green						NA						3,299						1,542						1,167						Yes						November 2027

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)
															2023						2022												2023						2022						2021
U.A. Local 393 Pension Trust Fund Defined Benefit						94-6359772			002						Green						Green						NA						3,263						3,517						3,507						Yes						June 2024 to July 2024
Arizona Pipe Trades Pension Trust Fund						86-6025734			001						Green						Green						NA						3,048						2,940						2,020						Yes						June 2024
Joint Pension Fund of Local Union No. 102						22-1615726			001						Green						Green						NA						2,868						1,762						1,531						Yes						June 2024
Plumbers & Steamfitters Local 486 Pension Fund						52-6124449			001						Green						Green						NA						2,828						1,599						1,351						Yes						December 2025
Plumbers & Pipefitters Local No. 189 Pension Fund						31-0894807			001						Green						Green						NA						2,557						1,272						596						Yes						May 2024 to June 2025
Local No. 697 IBEW and Electrical Industry Pension Fund						51-6133048			001						Green						Green						NA						2,528						2,287						1,753						Yes						May 2024
U.A. Plumbers Local 24 Pension Fund						22-6042823			001						Green						Green						NA						2,295						1,819						2,270						Yes						April 2025
NECA-IBEW Pension Trust Fund						51-6029903			001						Green						Green						NA						2,228						3,034						2,491						No						May 2024 to December 2024
IBEW 332 Pension Fund - Part A						94-2688032			004						Green						Green						NA						2,062						4,177						2,339						Yes						May 2024 to June 2024
Plumbers & Pipefitters Local 162 Pension Fund						31-6125999			001						Yellow						Yellow						Implemented						1,243						1,132						1,034						Yes						May 2024 to May 2026
Steamfitters Local Union No. 420 Pension Plan						23-2004424			001						Red						Red						Implemented						1,227						1,018						677						No						April 2026 to May 2026
Boilermaker-Blacksmith National Pension Trust						48-6168020			001						Red						Green						Implemented						1,140						6,434						3,479						Yes						April 2025 to September 2026
Plumbing & Pipe Fitting Local 219 Pension Fund						34-6682376			001						Red						Red						Implemented						919						1,172						1,167						Yes						May 2026
Carpenters Pension Trust Fund for Northern California						94-6050970			001						Red						Red						Implemented						610						532						568						No						June 2027
Other Multiemployer Pension Plans																																	56,091						53,723						51,818												Various
Total Contributions																																	$	258,829					$	236,165					$	221,081

 _________________

(1)    The zone status represents the most recent available information for the respective MEPP, which may be from 2022 or earlier for the 2023 year and from 2021 or earlier for the 2022 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 or are projected to have a funding deficiency in any of the next ten years.

(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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