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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
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, 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 
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, 2024 and 2023 were as follows:
 20242023
Discount rate5.5 %4.8 %
Components Of Net Periodic Pension Cost (Income)
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)
Schedule of Weighted Average Assumptions Used To Calculate Net Periodic Pension (Income) Cost
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 %
Schedule of Net Periodic Pension (Income) Cost Not Yet Recognized
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 
Schedule of Weighted Average Asset Allocations and Weighted Average Target Allocations 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 %
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, 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.
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
2025$11,587 
2026$11,773 
2027$12,478 
2028$13,170 
2029$13,115 
Succeeding five years$69,771 
Schedule of Multiemployer Plans
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.