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Retirement Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans RETIREMENT PLANS
Defined Benefit Plans
The funded status of our defined benefit plans, which represents the difference between the fair value of plan assets and the projected benefit obligations, is recognized in the Consolidated Balance Sheets with a corresponding adjustment to accumulated other comprehensive income (loss). Gains and losses for the differences between actuarial assumptions and actual results are recognized through accumulated other comprehensive income (loss). These amounts will be subsequently recognized as net periodic pension (income) cost within the Consolidated Statement of Operations, as described further below.
United Kingdom Retirement Plan
Our United Kingdom subsidiary has a defined benefit pension plan covering all eligible employees (the “UK Plan”); however, no individual joining the company after October 31, 2001 may participate in the UK Plan. On May 31, 2010, we curtailed the future accrual of benefits for active employees under such plan.
The change in benefit obligations and assets of the UK Plan for the years ended December 31, 2024 and 2023 consisted of the following components (in thousands):
 20242023
Change in pension benefit obligation  
Benefit obligation at beginning of year$204,097 $193,956 
Interest cost9,569 9,722 
Actuarial (gain) loss
(19,602)651 
Benefits paid(11,522)(10,411)
Foreign currency exchange rate changes(3,075)10,179 
Benefit obligation at end of year179,467 204,097 
Change in pension plan assets  
Fair value of plan assets at beginning of year223,077 210,284 
Actual (loss) return on plan assets
(5,240)10,563 
Employer contributions816 1,564 
Benefits paid(11,522)(10,411)
Foreign currency exchange rate changes(3,514)11,077 
Fair value of plan assets at end of year203,617 223,077 
Funded status at end of year$24,150 $18,980 
The funded status of the UK Plan of $24.2 million and $19.0 million as of December 31, 2024 and 2023, respectively, is included in “Other assets” in the accompanying Consolidated Balance Sheets. No plan assets are expected to be returned to us during the year ending December 31, 2025.
NOTE 14 - RETIREMENT PLANS (Continued)
The assumptions used to determine benefit obligations of the UK Plan as of December 31, 2024 and 2023 were as follows:
 20242023
Discount rate5.5 %4.8 %
The components of net periodic pension (income) cost of the UK Plan for the years ended December 31, 2024, 2023, and 2022 were as follows (in thousands):
 202420232022
Interest cost$9,569 $9,722 $5,693 
Expected return on plan assets(13,010)(11,417)(12,088)
Amortization of unrecognized loss2,625 2,611 2,073 
Net periodic pension (income) cost
$(816)$916 $(4,322)
The assumptions used to determine net periodic pension (income) cost of the UK Plan for the years ended December 31, 2024, 2023, and 2022 were as follows:
 202420232022
Discount rate4.8 %5.0 %1.8 %
Annual rate of return on plan assets6.3 %5.7 %3.9 %
The annual rate of return on plan assets has been determined by modeling possible returns using the actuary’s portfolio return calculator and the fair value of plan assets. This approach models the long term expected returns of the various asset classes held in the portfolio and takes into account the additional benefits of holding a diversified portfolio. For measurement purposes of the liability, the annual rates of inflation of covered pension benefits assumed for 2024 and 2023 were 2.9% and 2.8%, respectively.
Amounts pertaining to the UK Plan not yet reflected in net periodic pension (income) cost and included in accumulated other comprehensive loss were as follows (in thousands):
 December 31, 2024December 31, 2023
Unrecognized actuarial losses$77,031 $82,344 
Actuarial gains and losses are amortized using a corridor approach whereby cumulative gains and losses in excess of the greater of 10% of the pension benefit obligation or the fair value of plan assets are amortized over the average life expectancy of plan participants. The amortization period for 2024 was 22 years.
The reclassification adjustment, net of income taxes, for the UK Plan from accumulated other comprehensive loss into net periodic pension (income) cost was approximately $2.0 million for each of the years ended December 31, 2024 and 2023, and approximately $1.6 million for the year ended December 31, 2022. The estimated unrecognized loss for the UK Plan that will be amortized from accumulated other comprehensive loss into net periodic pension (income) cost over the next year is approximately $1.9 million, net of income taxes.
NOTE 14 - RETIREMENT PLANS (Continued)
Plan Assets
The investment policies and strategies for the assets of the UK Plan are established by its trustees (who are independent of the Company) to achieve a reasonable balance between risk, likely return, and administration expense, as well as to maintain investment balances at a level to meet minimum funding requirements. In order to ensure that an appropriate investment strategy is in place, an analysis of the UK Plan’s assets and liabilities is completed periodically. Target allocation percentages may vary over time depending on the perceived risk and return potential of various asset classes and market conditions. The weighted average asset allocations and weighted average target allocations at December 31, 2024 and 2023 were as follows:
 
Asset Category
Target Asset
Allocation
 2024
Actual
December 31, 2024
Target Asset Allocation
2023
Actual
December 31, 2023
Debt91.0 %82.6 %90.0 %87.1 %
Cash and cash equivalents— %7.7 %— %3.9 %
Real estate9.0 %9.7 %10.0 %9.0 %
Total100.0 %100.0 %100.0 %100.0 %
Plan assets of our UK Plan are invested through third-party fund managers in various investments with underlying holdings which, as of December 31, 2024 and 2023, consisted of: (a) cash and cash equivalents, primarily held as collateral for other financial instruments, (b) debt securities, which include: (i) United Kingdom government debt, (ii) United States, United Kingdom, other European, and emerging market corporate debt, and (iii) real estate debt, and (c) real estate assets, which represent trusts which invest directly or indirectly in various properties throughout the United Kingdom.
The following tables set forth the fair value of assets of the UK Plan as of December 31, 2024 and 2023 (in thousands):
 
Assets at Fair Value as of December 31, 2024
Asset Category    Level 1Level 2Level 3Total
Corporate debt funds$— $39,972 $— $39,972 
Government bond funds— 48,959 — 48,959 
Cash and cash equivalents15,697 — — 15,697 
Total plan assets in fair value hierarchy$15,697 $88,931 $— 104,628 
Plan assets measured using NAV as a practical expedient: (1)
Debt funds79,152 
Real estate funds19,837 
Total plan assets at fair value$203,617 
 Assets at Fair Value as of December 31, 2023
Asset Category    Level 1Level 2Level 3Total
Corporate debt funds$— $44,504 $— $44,504 
Government bond funds— 63,934 — 63,934 
Cash and cash equivalents8,797 — — 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 funds85,786 
Real estate funds20,056 
Total plan assets at fair value$223,077 
_________________
(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.
NOTE 14 - RETIREMENT PLANS (Continued)
Assets of the UK Plan are allocated within the fair value hierarchy discussed in Note 10 - Fair Value Measurements, based on the nature of the investment. Level 1 assets represent cash and cash equivalents. Level 2 assets consist of corporate debt funds and government bond funds whose underlying investments are valued using observable marketplace inputs. The fair value of the Level 2 assets are generally determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields, and quoted prices.
Investments valued using NAV as a practical expedient are excluded from the fair value hierarchy. These investments include: (a) funds which invest predominantly in senior secured debt instruments, targeting diversity across regions and sectors, as well as funds which invest in diversified credit vehicles that seek higher returns than traditional fixed income investments, primarily through U.S. corporate debt, global credit, and other structured debt instruments, and (b) funds which aim to provide long-term income through investment in UK property assets. These investments are redeemable at NAV, which is generally determined on a quarterly basis, and have redemption notice periods of up to 180 days.
The methods described above may produce fair values that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes the valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
Contributions
Our United Kingdom subsidiary expects to contribute approximately $0.6 million to the UK Plan in 2025.
Estimated Future 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
2025$11,587 
2026$11,773 
2027$12,478 
2028$13,170 
2029$13,115 
Succeeding five years$69,771 
Other Retirement Plans
We also sponsor three domestic retirement plans in which participation by new individuals is frozen. The aggregate benefit obligation associated with these plans as of December 31, 2024 and 2023 was approximately $6.1 million and $6.3 million, respectively. The estimated fair value of the plan assets as of December 31, 2024 and 2023 was approximately $5.2 million and $5.1 million, respectively. The plan assets are predominantly invested in cash, equity securities, and equity and bond funds, which have quoted market prices in active markets, and as such are considered Level 1 assets within the fair value hierarchy. The net liability associated with these plans as of December 31, 2024 and 2023 is classified as “Other long-term obligations” in the accompanying Consolidated Balance Sheets. The measurement date for these plans is December 31 of each year. The major assumptions used in the actuarial valuations to determine benefit obligations included discount rates of 5.00% as of December 31, 2024, and 4.75% to 5.20% as of December 31, 2023. In addition, key assumptions included an expected rate of return of 7.00% in order to determine net periodic pension (income) cost for both 2024 and 2023. The net periodic pension (income) cost associated with the domestic plans, as well as the reclassification adjustment from accumulated other comprehensive loss to net periodic pension (income) cost, were insignificant for all periods presented.
NOTE 14 - RETIREMENT PLANS (Continued)
Defined Contribution Plans
We have defined contribution retirement and savings plans that cover eligible employees in the United States. Contributions to these plans are based on a percentage of the employee’s base compensation. The expenses recognized for employer contributions to these plans were approximately $44.0 million for the year ended December 31, 2024, $36.7 million for the year ended December 31, 2023, and $35.0 million for the year ended December 31, 2022. At our discretion and subject to applicable plan documents, we may make additional supplemental matching contributions to one of our defined contribution retirement and savings plans. The expenses recognized related to additional supplemental matching contributions for the years ended December 31, 2024, 2023, and 2022 were approximately $13.2 million, $10.2 million, and $9.2 million, respectively.
Our United Kingdom subsidiary also has defined contribution retirement plans. The expenses recognized related to employer matching contributions were approximately $7.4 million for each of the years ended December 31, 2024 and 2023, and $7.3 million for the year ended December 31, 2022.
Multiemployer Plans
We participate in approximately 200 multiemployer pension plans (“MEPPs”) that provide retirement benefits to certain union employees in accordance with various collective bargaining agreements (“CBAs”). As one of many participating employers in an MEPP, we are potentially liable with the other participating employers for any plan underfunding, either through an increase in our required contributions or, in the case of our withdrawal from the plan, a payment based upon our proportionate share of the plan's unfunded benefits, in each case, as described below. Our contributions to a particular MEPP are established by the applicable CBAs; however, our required contributions may increase based on the funded status of an MEPP and legal requirements of the Pension Protection Act of 2006 (the “PPA”), which requires substantially underfunded MEPPs to implement a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) to improve their funded status. Factors that could impact the funded status of an MEPP include, without limitation, investment performance, changes in the participant demographics, decline in the number of contributing employers, changes in actuarial assumptions, and the utilization of extended amortization provisions.
An FIP or RP requires a particular MEPP to adopt measures to correct its underfunding status. These measures may include, but are not limited to: (a) an increase in our contribution rate as a signatory to the applicable CBA, (b) a reallocation of the contributions already being made by participating employers for various benefits to individuals participating in the MEPP, and/or (c) a reduction in the benefits to be paid to future and/or current retirees. In addition, the PPA requires that a 5% surcharge be levied on employer contributions for the first year commencing after the date the employer receives notice that the MEPP is in critical status and a 10% surcharge on each succeeding year until a CBA is in place with terms and conditions consistent with the RP.
We could also be obligated to make payments to MEPPs if we either cease to have an obligation to contribute to the MEPP or significantly reduce our contributions to the MEPP because we reduce our number of employees who are covered by the relevant MEPP for various reasons, including, but not limited to, layoffs or closure of a subsidiary assuming the MEPP has unfunded vested benefits. The amount of such payments (known as a complete or partial withdrawal liability) would equal our proportionate share of the MEPPs’ unfunded vested benefits. We believe that certain of the MEPPs in which we participate may have unfunded vested benefits. Due to uncertainty regarding future factors that could trigger withdrawal liability, as well as the absence of specific information regarding the MEPP’s current financial situation, we are unable to determine: (a) the amount and timing of a future withdrawal liability, if any, and (b) whether our participation in these MEPPs could have a material adverse impact on our financial position, results of operations, or liquidity. We did not record any material withdrawal liabilities for the years ended December 31, 2024, 2023, and 2022.
NOTE 14 - RETIREMENT PLANS (Continued)
The following table lists all MEPPs to which our contributions exceeded $2.0 million in 2024. This table also lists all MEPPs to which we contributed in 2024 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 FundEIN/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)
20242023202420232022
National Automatic Sprinkler Industry Pension Fund52-6054620001GreenGreenNA$30,719 $25,559 $21,583 Yes
March 2025 to
July 2027
National Electrical Benefit Fund53-0181657001GreenGreenNA23,255 18,128 15,192 Yes
April 2025 to August 2028
United Association National Pension Fund52-6152779001GreenGreenNA21,839 16,815 15,288 No
February 2025 to May 2029
Sheet Metal Workers National Pension Fund52-6112463001GreenGreenNA12,795 10,797 9,505 No
May 2025 to
June 2029
Electrical Workers Local No. 26 Pension Trust Fund52-6117919001GreenGreenNA12,472 8,283 7,844 Yes
May 2025 to August 2028
Central Pension Fund of the IUOE & Participating Employers36-6052390001GreenGreenNA9,433 8,573 7,651 No
March 2025 to December 2028
Edison Pension Plan93-6061681001GreenGreenNA7,982 5,840 5,325 Yes
December 2026
Plumbers Pipefitters & Mechanical Equipment Service Local Union 392 Pension Plan31-0655223001
Yellow
Red
Pending
7,728 7,010 7,674 Yes
May 2025
San Diego Electrical Pension Plan95-6101801001GreenGreenNA7,039 5,511 4,258 Yes
May 2028
Pension, Hospitalization & Benefit Plan of the Electrical Industry-Pension Trust Account13-6123601001GreenGreenNA6,982 7,198 8,122 
Yes
January 2025 to April 2025
Pipefitters Union Local 537 Pension Fund51-6030859001GreenGreenNA6,656 5,179 5,039 YesAugust 2025
Heating, Piping & Refrigeration Pension Fund52-1058013001GreenGreenNA5,710 5,315 4,625 Yes
July 2025
Southern California Pipe Trades Retirement Fund51-6108443001GreenGreenNA5,447 4,657 4,650 Yes
June 2026 to August 2026
Sheet Metal Workers Pension Plan of Northern California51-6115939001RedRedImplemented5,245 5,738 6,074 Yes
May 2025 to June 2026
Electrical Workers Pension Plan Local 103 IBEW04-6063734001GreenGreenNA5,133 6,537 2,900 YesAugust 2028
Eighth District Electrical Pension Fund84-6100393001GreenGreenNA4,476 3,844 3,339 Yes
May 2025 to August 2027
Electrical Contractors Association of the City of Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Pension Plan 251-6030753002GreenGreenNA4,341 4,432 3,516 
Yes
June 2025
Southern California IBEW-NECA Pension Trust Fund95-6392774001YellowYellowImplemented4,279 3,801 4,287 
Yes
November 2025 to
June 2026
Atlanta Plumbers and Steamfitters Pension Fund58-1233396
001
Green
Green
NA
4,133 1,691 1,434 
Yes
January 2025 to August 2028
Arizona Pipe Trades Pension Trust Fund86-6025734001GreenGreenNA4,038 3,048 2,940 Yes
June 2025 to June 2027
IBEW Local 701 Pension Fund36-6455509001GreenGreenNA3,849 3,989 2,625 
Yes
June 2025 to August 2026
Sheet Metal Workers Pension Plan of Southern California, Arizona & Nevada95-6052257001GreenGreenNA3,783 3,399 2,921 No
June 2026 to June 2029
U.A. Local 393 Pension Trust Fund Defined Benefit94-6359772002GreenGreenNA3,734 3,263 3,517 Yes
May 2025 to June 2027
IBEW Local No. 82 Pension Plan31-6127268001GreenGreenNA3,325 3,701 2,549 YesDecember 2026
Northern California Pipe Trades Pension Plan94-3190386001GreenGreenNA3,310 6,317 3,238 
Yes
May 2025 to June 2027
NOTE 14 - RETIREMENT PLANS (Continued)
Pension FundEIN/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)
20242023202420232022
NECA-IBEW Pension Trust Fund51-6029903001GreenGreenNA3,242 2,228 3,034 No
May 2025 to December 2025
Plumbers & Steamfitters Local 486 Pension Fund52-6124449001GreenGreenNA2,796 2,828 1,599 YesDecember 2025
IBEW Local 456 Pension Plan
22-6238995
001
Green
Green
NA
2,792 1,390 417 
Yes
June 2025
Plumbers & Pipefitters Local No. 189 Pension Plan
31-0894807001GreenGreenNA2,744 2,557 1,272 Yes
May 2025 to June 2025
Kern County Electrical Workers Pension Fund95-6123049001GreenGreenNA2,499 3,299 1,542 YesNovember 2027
U.A. Plumbers Local 24 Pension Fund22-6042823001GreenGreenNA2,231 2,295 1,819 YesApril 2025
Building Trades United Pension Trust Fund Milwaukee and Vicinity51-6049409
001
Green
Green
NA
2,182 1,622 1,560 
No
May 2025 to May 2026
IBEW Local No. 683 Pension Fund Pension Plan
34-1442087
001
Green
Green
NA
2,146 905 893 
Yes
June 2025 to May 2027
Pension and Retirement Plan of Plumbers and Pipefitters Union, Local No. 52588-6003864
001
Green
Green
NA
2,099 1,970 1,858 
No
January 2025 to September 2028
Plumbers and Steamfitters Local No. 166 AFL - CIO Pension Plan51-6132690
001
Green
Green
NA
2,046 1,773 1,838 
Yes
May 2025
IBEW Local No. 640 & Arizona Chapter NECA Defined Benefit Pension Plan86-0323980
001
Green
Green
NA
2,044 390 52 
No
June 2025 to June 2027
Plumbers & Pipefitters Local 162 Pension Fund31-6125999001YellowYellowImplemented1,390 1,243 1,132 Yes
May 2025 to May 2026
Plumbing & Pipe Fitting Local 219 Pension Fund34-6682376001RedRedImplemented1,098 919 1,172 YesMay 2026
Boilermaker-Blacksmith National Pension Trust48-6168020001RedRedImplemented825 1,140 6,434 
No
April 2025 to
April 2027
Carpenters Pension Trust Fund for Northern California94-6050970001RedRedImplemented627 610 532 NoJune 2027
Other Multiemployer Pension Plans    58,586 55,035 54,915  Various
Total Contributions    $297,050 $258,829 $236,165   
 _________________
(1)    The zone status represents the most recent available information for the respective MEPP, which may be from 2023 or earlier for the 2024 year and from 2022 or earlier for the 2023 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.
The nature and diversity of our operations may result in volatility in the amount of our contributions to a particular MEPP for any given period. That is because, in any given market, a change in the mix, volume of, or size of our projects could result in a change in our direct labor force and a corresponding change in our contributions to the MEPP(s) dictated by the applicable CBA. Additionally, the amount of contributions to a particular MEPP could also be affected by the terms of the CBA, which could require at a particular time, an increase in the contribution rate and/or surcharges. Acquisitions made by us since 2022 have resulted in incremental contributions to various MEPPs of approximately $3.3 million.
Additionally, we contribute to certain multiemployer plans that provide post-retirement benefits such as health and welfare benefits and/or defined contribution/annuity plans, among others. Our contributions to these plans were approximately $279.9 million, $243.5 million, and $213.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. Acquisitions made by us since 2022 have resulted in incremental contributions to such other post-retirement benefit plans of approximately $6.4 million. The amount of contributions to these plans is also subject, for the most part, to the factors discussed above in conjunction with the MEPPs.