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Multiemployer Plans | 12 Months Ended
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Dec. 31, 2012
Multiemployer Plans |
Multiemployer Plans | Note 17 — Multiemployer Plans Union Plans—The Company contributes to multiemployer benefit plans for its union employees at rates determined by the various collective bargaining agreements. Each plan’s trustees determine the eligibility and allocations of contributions and benefit amounts, determine the types of benefits, and administer the plan. The Company contributed $30,103, $24,182 and $12,590, to multiemployer pension plans for the years ended December 31, 2012, 2011 and 2010, respectively. These costs were charged to the related construction contracts in process. As a result of the November 2010 acquisition of Rockford, contributions during 2011 increased substantially, especially from the large workload associated with the Ruby contract. For the Company, the financial risks of participating in multiemployer plans are different from single-employer plans in the following respects: · Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. · If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. · If a participating employer chooses to stop participating in the plan, a withdrawal liability may be created based on the unfunded vested benefits for all employees in the plan. Under U.S. legislation regarding multiemployer pension plans, a company is required to pay an amount that represents its proportionate share of a plan’s unfunded vested benefits in the event of withdrawal from a plan or upon plan termination. The Company participates in a number of multiemployer pension plans, and its potential withdrawal obligation may be significant. Any withdrawal liability would be recorded when it is probable that a liability exists and can be reasonably estimated, in accordance with GAAP. Other than as discussed in the following paragraph, the Company has no plans to withdraw from any of these agreements. In November 2011, Rockford, ARB and Q3C, along with other members of the Pipe Line Contractors Association (“PLCA”), withdrew from the Central States Southeast and Southwest Areas Pension Fund multiemployer pension plan (the “Plan”). In connection with the withdrawal, the Company recorded an estimated net liability and SG&A expense of $5,000 in 2011 based on information provided by the Plan. In 2012, the Company increased the estimated withdrawal liability balance to $7,500, recording an SG&A expense of $2,500. The Company withdrew from the Plan in order to mitigate its liability in connection with the Plan, which is significantly underfunded. The Plan has asserted that the PLCA members did not affect a withdrawal in 2011, although the Company believes that a legally effective withdrawal occurred in November 2011 and has recorded the withdrawal liability on that basis. If the Plan were to prevail in its assertion and the withdrawal of the Company were deemed to occur after 2011, the amount of any withdrawal liability would be expected to increase. Employers are required to provide additional quantitative and qualitative disclosures for multiemployer plans under ASU 2011-09 issued by the FASB in September 2011. During the last three years, the Company made annual contributions to 66 pension plans. The Company was not listed in any of its plans’ Form 5500s as providing more than 5% of the plan’s total contributions. Our participation in significant plans for the year ended December 31, 2012 and 2011 is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that require a payment of a surcharge in excess or regular contributions. The last column lists the expiration date of the collective bargaining agreement to which the plan is subject. The table follows:
|  | EIN/Pension Plan |  | Pension Protection Act Zone Status |  | FIP/RP Status |  | Surcharge |  | Collective Bargaining Agreement |  | Contributions of the Company |
Pension Fund Name |  | Number |  | 2012 |  | 2011 |  | Pending/Implemented |  | Imposed |  | Expiration Date |  | 2012 |  | 2011 |  | 2010 |
So Cal Pipetrades Trust Funds |  | 51-6108443/001 |  | Green as of January 1, 2011 |  | Green as of January 1, 2010 |  | No |  | No |  | 6/30/2014 |  | 5,298 |  | 2,931 |  | 1,394 |
Laborers Pension Trust Fund for Northern California |  | 94-6277608/001 |  | Yellow as of June 1, 2012 |  | Yellow as of June 1, 2011 |  | Yes |  | No |  | 6/30/2015 |  | $ | 4,816 |  | $ | 3,501 |  | $ | 1,237 |
Construction Laborers Pension Trust for Southern California |  | 43-6159056/001 |  | Green as of January 1, 2011 |  | Green as of January 1, 2010 |  | No |  | No |  | 6/30/2015 |  | 2,952 |  | 2,373 |  | 1,694 |
Central Pension Fund of the International Union of Operating Engineers and Participating Employers |  | 36-6052390/001 |  | Green as of February 1, 2011 |  | Green as of February 1, 2010 |  | No |  | No |  | 5/31/2014 |  | 2,206 |  | 1,797 |  | 946 |
Laborers International Union of North America National (Industrial) Pension Fund |  | 52-6074345/001 |  | Red as of March 31, 2011 |  | Red as of March 31, 2011 |  | Yes |  | Yes (1) |  | 5/31/2014 |  | 1,995 |  | 1,740 |  | 826 |
Pipeline Industry Benefit Fund |  | 73-6146433/001 |  | Green as of January 1, 2011 |  | Green as of January 1, 2010 |  | No |  | No |  | 5/31/2014 |  | 1,747 |  | 1,793 |  | 1,110 |
Boilermaker-Blacksmith National Pension Trust |  | 48-6168020/001 |  | Yellow as of January 1, 2011 |  | Yellow as of January 1, 2010 |  | Yes |  | No |  | 9/30/2014 |  | 1,502 |  | 1,035 |  | 469 |
Northern California Pipe Trades Pension Plan |  | 94-3190386/002 |  | Green as of January 1, 2011 |  | Green as of January 1, 2010 |  | No |  | No |  | 4/30/2014 |  | 1,638 |  | 1,741 |  | 283 |
|  |  |  |  |  |  |  | Contributions for significant plans |  | $ | 22,154 |  | $ | 16,911 |  | $ | 7,959 |
|  |  |  |  |  |  |  | Contributions to other multiemployer plans |  | 7,949 |  | 7,271 |  | 4,631 |
|  |  |  |  |  |  |  | Total contributions made |  | $ | 30,103 |  | $ | 24,182 |  | $ | 12,590 |
(1) Temporary surcharge of 5% of total contributions imposed during the period June 1, 2010 through December 31, 2010. Effective January 1, 2011, the surcharge was increased to 10% of total contributions. Under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010, the plan adopted to amortize the fund’s 2008 investment losses over a 29 year period (rather than 15 years) and the 2008 investment losses will be recognized for funding purposes over a 10 year smoothing period (rather than 5 years). During this period, benefits cannot be increased.

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- Definition The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -SubTopic 10 -Section 25 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6410138&loc=d3e79691-111665 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6410195&loc=d3e80090-111668 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 112 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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