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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2013
Employee Benefit Plans |
Employee Benefit Plans | [8] Employee Benefit Plans Defined Benefit Pension Plan The Company has a defined benefit pension plan that covers certain of its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The plan is noncontributory and benefits are based on an employee’s years of service and “final average earnings”, as defined. The plan provides reduced benefits for early retirement and takes into account offsets for social security benefits. The Company also has an unfunded supplemental retirement plan (“Benefit Equalization Plan”) for certain employees whose benefits under the defined benefit pension plan were reduced because of compensation limitations under federal tax laws. Effective June 1, 2004, all benefits accruals under the Company’s pension plan and Benefit Equalization Plan were frozen; however, the current vested benefit was preserved. Pension disclosure as presented below includes aggregated amounts for both of the Company’s plans, except where otherwise indicated. The Company historically has used the date of its fiscal year-end as its measurement date to determine the funded status of the plan. A summary of net periodic benefit cost is as follows:
|  | Year ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
|  | (dollars in thousands) |
Interest cost on projected benefit obligation |  | $ | 3,710 |  | $ | 4,011 |  | $ | 4,526 |
Return on plan assets |  | (4,509 | ) | (4,783 | ) | (5,046 | )
Recognized net actuarial losses |  | 6,330 |  | 5,487 |  | 4,050 |
Net periodic benefit cost |  | $ | 5,531 |  | $ | 4,715 |  | $ | 3,530 |
Actuarial assumptions used to determine net cost: |  |  |  |  |  |  |
Discount rate |  | 3.58 | % | 4.10 | % | 5.18 | %
Expected return on assets |  | 6.75 | % | 7.00 | % | 7.50 | %
Rate of increase in compensation |  | n.a. |  | n.a. |  | n.a. |
The target asset allocation for the Company’s pension plan by asset category for 2014 and the actual asset allocation at December 31, 2013 and 2012 by asset category are as follows:
|  | Percentage of Plan Assets at December 31, |
|  | Target |  |  |  |  |
|  | Allocation |  |  |  |  |
Asset Category |  | 2014 |  | 2013 |  | 2012 |
Cash |  | 5.0 | % | 5.2 | % | 6.6 | %
Equity securities: |  |  |  |  |  |  |
Domestic |  | 65.0 | % | 63.4 | % | 67.5 | %
International |  | 25.0 | % | 25.9 | % | 20.8 | %
Fixed income securities |  | 5.0 | % | 5.5 | % | 5.1 | %
Total |  | 100.0 | % | 100.0 | % | 100.0 | %
The Company’s target allocation for 2014 will include 65.0% domestic equity securities, 25.0% international equity securities, and 5.0% fixed income securities. As of December 31, 2013 and 2012, plan assets included approximately $44.7 million and $44.3 million, respectively, of investments in hedge funds which do not have readily determinable fair values. The underlying holdings of the funds are comprised of a combination of assets for which the estimate of fair value is determined using information provided by fund managers. The Company expects to contribute approximately $2.8 million to its defined benefit pension plan in 2014. Future benefit payments under the plans are estimated as follows:
Year ended December 31, |  | (in thousands) |
2014 |  | $ | 6,046 |
2015 |  | 6,158 |
2016 |  | 6,174 |
2017 |  | 6,178 |
2018 |  | 6,293 |
Thereafter |  | 31,554 |
|  | $ | 62,403 |
The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2013 and 2012, and a summary of the funded status as of December 31, 2013 and 2012:
|  | Year ended December 31, |
|  | 2013 |  | 2012 |
|  | (in thousands) |
Change in Fair Value of Plan Assets |  |  |  |  |
Balance at beginning of year |  | $ | 66,137 |  | $ | 62,105 |
Actual return on plan assets |  | 8,545 |  | 3,621 |
Company contribution |  | 3,478 |  | 5,780 |
Benefit payments |  | (5,543 | ) | (5,369 | )
Balance at end of year |  | $ | 72,617 |  | $ | 66,137 |
|  | Year ended December 31, |
|  | 2013 |  | 2012 |
|  | (in thousands) |
Change in Benefit Obligations |  |  |  |  |
Balance at beginning of year |  | $ | 105,320 |  | $ | 100,656 |
Interest cost |  | 3,710 |  | 4,011 |
Assumption change loss |  | (9,627 | ) | 6,031 |
Actuarial (gain) loss |  | 1,318 |  | (9 | )
Benefit payments |  | (5,543 | ) | (5,369 | )
Balance at end of year |  | $ | 95,178 |  | $ | 105,320 |
|  | At December 31, |
|  | 2013 |  | 2012 |
|  | (in thousands) |
Funded Status |  |  |  |  |
Funded status at December 31, |  | $ | (22,561 | ) | $ | (39,183 | )
Amounts recognized in Consolidated Balance Sheets consist of: |  |  |  |  |
Current liabilities |  | $ | (194 | ) | $ | (187 | )
Long-term liabilities |  | (22,367 | ) | (38,996 | )
Net amount recognized in Consolidated Balance Sheets |  | $ | (22,561 | ) | $ | (39,183 | )
|  | Year ended December 31, |
|  | 2013 |  | 2012 |
|  | (in thousands) |
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: |  |  |  |  |
Net actuarial loss |  | $ | (42,261 | ) | $ | (60,935 | )
Accumulated other comprehensive loss |  | (42,261 | ) | (60,935 | )
Cumulative Company contributions in excess of net periodic benefit cost |  | 19,700 |  | 21,752 |
Net amount recognized in Consolidated Balance Sheets |  | $ | (22,561 | ) | $ | (39,183 | )
The net actuarial gain arising during the period, netted against the amortization of the previously existing actuarial loss resulted in a net other comprehensive gain of $18.7 million in 2013, and a net comprehensive loss of $1.7 million in 2012 and $14.8 million in 2011. Other comprehensive loss attributable to a change in the unfunded projected benefit obligation amounted to a net increase of $44.5 million recognized in prior years. The cumulative net amount of $42.3 million represents the excess of the projected benefit obligations of the Company’s pension plans over the fair value of the plans’ assets as of December 31, 2013, compared to $19.7 million of contributions in excess of the net periodic benefit cost previously recognized. The net amount of $22.6 million is reflected as a liability as of December 31, 2013 with the offset being a reduction in stockholders’ equity. Adjustments to the amount of this pension liability will be recorded in future years, as required, based upon periodic re-evaluation of the funded status of the Company’s pension plans. The estimated amount of the net accumulated loss that will be amortized from accumulated other comprehensive loss into net period benefit cost in 2014 is $4.3 million.
|  | Year ended December 31, |
|  | 2013 |  | 2012 |
Actuarial assumptions used to determine benefit obligation: |  |  |  |  |
Discount rate |  | 4.47% |  | 3.58% |
Rate of increase in compensation |  | n.a. |  | n.a. |
Measurement date |  | December 31 |  | December 31 |
The expected long-term rate of return on assets assumption remained at 6.75% for 2013 and 2014. The expected long-term rate of return on assets assumption was developed considering forward looking capital market assumptions and historical return expectations for each asset class assuming the Company’s target asset allocation and full availability of invested assets. The following table sets forth the plan assets at fair value in accordance with the fair value hierarchy described in Note 3 — Fair Value Measurements:
|  | Quoted Prices |  |  |  |  |  |  |
|  | in Active |  |  |  |  |  |  |
|  | Markets for |  | Significant |  | Significant |  |  |
|  | Identical |  | Observable |  | Unobservable |  |  |
|  | Assets |  | Inputs |  | Inputs |  |  |
At December 31, 2013 |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total Value |
|  | (in thousands) |
Cash and cash equivalents |  | $ | 3,762 |  | $ | — |  | $ | — |  | $ | 3,762 |
Fixed Income |  | 4,000 |  | — |  | — |  | 4,000 |
Mutual Funds |  | 13,234 |  | — |  | — |  | 13,234 |
Equity Partnerships |  | — |  | 6,876 |  | — |  | 6,876 |
Hedge Fund Investments: |  | — |  |  |  |  |  |  |
Cash |  | 527 |  | — |  | — |  | 527 |
Long-Short Equity Fund |  | — |  | 14,566 |  | 11,655 |  | 26,221 |
Event Driven Fund |  | — |  | 5,928 |  | 8,752 |  | 14,680 |
Distressed Credit |  | — |  | — |  | 1,429 |  | 1,429 |
Multi-Strategy Fund |  | — |  | — |  | 1,888 |  | 1,888 |
Total |  | $ | 21,523 |  | $ | 27,370 |  | $ | 23,724 |  | $ | 72,617 |
|  | Quoted Prices |  |  |  |  |  |  |
|  | in Active |  |  |  |  |  |  |
|  | Markets for |  | Significant |  | Significant |  |  |
|  | Identical |  | Observable |  | Unobservable |  |  |
|  | Assets |  | Inputs |  | Inputs |  |  |
At December 31, 2012 |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total Value |
|  | (in thousands) |
Cash and cash equivalents |  | $ | 4,386 |  | $ | — |  | $ | — |  | $ | 4,386 |
Fixed Income |  | 3,368 |  | — |  | — |  | 3,368 |
Mutual Funds |  | 8,230 |  | — |  | — |  | 8,230 |
Equity Partnerships |  | — |  | 5,823 |  | — |  | 5,823 |
Hedge Fund Investments: |  |  |  |  |  |  |  |  |
Cash |  | 2,591 |  | — |  | — |  | 2,591 |
Long-Short Equity Fund |  | — |  | 9,826 |  | 9,992 |  | 19,818 |
Event Driven Fund |  | — |  | 6,542 |  | 7,152 |  | 13,694 |
Distressed Credit |  | — |  | 2,829 |  | 2,559 |  | 5,388 |
Multi-Strategy Fund |  | — |  | 889 |  | 1,950 |  | 2,839 |
Total |  | $ | 18,575 |  | $ | 25,909 |  | $ | 21,653 |  | $ | 66,137 |
Fund strategies seek to capitalize on inefficiencies identified across different asset classes or markets. Hedge fund strategy types include long-short, event driven, multi-strategy and distressed credit. Generally the redemption of the Company’s hedge fund investments is subject to certain notice-period requirements and as such the Company has classified these assets as Level 3 assets. The table below sets forth a summary of changes in the fair value of the Level 3 assets:
|  | Changes in Fair Value of Level 3 Assets |
|  | Long- |  |  |  |  |  |  |  |  |
|  | Short |  | Event |  |  |  | Multi- |  |  |
|  | Equity |  | Driven |  | Distressed |  | Strategy |  |  |
|  | Fund |  | Fund |  | Credit |  | Fund |  | Total |
|  | (in thousands) |
Balance, December 31, 2012 |  | $ | 9,992 |  | $ | 7,152 |  | $ | 2,559 |  | $ | 1,950 |  | $ | 21,653 |
Realized gains |  | — |  | — |  | (7 | ) | (5 | ) | (12 | )
Unrealized gains |  | 2,971 |  | 1,252 |  | 158 |  | 223 |  | 4,604 |
Purchases |  | 1,343 |  | 459 |  | 6 |  | 9 |  | 1,817 |
Sales |  | — |  | — |  | (517 | ) | (378 | ) | (895 | )
Transfer to Level 2 (1) |  | (3,443 | ) | — |  | — |  | — |  | (3,443 | )
Balance, December 31, 2013 |  | $ | 10,863 |  | $ | 8,863 |  | $ | 2,199 |  | $ | 1,799 |  | $ | 23,724 |
(1) The transfer of $3.4 million from Level 3 to Level 2 was comprised of certain hedge funds that became redeemable within 90 days from December 31, 2013.
|  | Changes in Fair Value of Level 3 Assets |
|  | Long- |  |  |  |  |  |  |  |  |
|  | Short |  | Event |  |  |  | Multi- |  |  |
|  | Equity |  | Driven |  | Distressed |  | Strategy |  |  |
|  | Fund |  | Fund |  | Credit |  | Fund |  | Total |
|  | (in thousands) |
Balance, December 31, 2011 |  | $ | 12,821 |  | $ | 7,126 |  | $ | 6,252 |  | $ | 3,530 |  | $ | 29,729 |
Realized gains |  | — |  | — |  | 5 |  | 2 |  | 7 |
Unrealized gains |  | 1,624 |  | 522 |  | 365 |  | 173 |  | 2,684 |
Purchases |  | 5,555 |  | 3,798 |  | 20 |  | 19 |  | 9,392 |
Sales |  | — |  | — |  | (894 | ) | (773 | ) | (1,667 | )
Transfer to Level 2 (2) |  | (10,008 | ) | (4,294 | ) | (3,189 | ) | (1,001 | ) | (18,492 | )
Balance, December 31, 2012 |  | $ | 9,992 |  | $ | 7,152 |  | $ | 2,559 |  | $ | 1,950 |  | $ | 21,653 |
(2) The transfer of $18.5 million from Level 3 to Level 2 was comprised of certain hedge funds that became redeemable within 90 days from December 31, 2012. The Company’s plans have benefit obligations in excess of the fair value of the plans’ assets. The following table provides information relating to each of the plans’ benefit obligations compared to the fair value of its assets:
|  | At December 31, 2013 |  | At December 31, 2012 |
|  |  |  | Benefit |  |  |  |  |  | Benefit |  |  |
|  | Pension |  | Equalization |  |  |  | Pension |  | Equalization |  |  |
|  | Plan |  | Plan |  | Total |  | Plan |  | Plan |  | Total |
|  | (in thousands) |
Projected benefit obligation |  | $ | 91,946 |  | $ | 3,232 |  | $ | 95,178 |  | $ | 101,796 |  | $ | 3,524 |  | $ | 105,320 |
Accumulated benefit obligation |  | $ | 91,946 |  | $ | 3,232 |  | $ | 95,178 |  | $ | 101,796 |  | $ | 3,524 |  | $ | 105,320 |
Fair value of plan assets |  | $ | 72,617 |  | $ | — |  | $ | 72,617 |  | $ | 66,137 |  | $ | — |  | $ | 66,137 |
Projected benefit obligation greater than fair value of plan assets |  | $ | 19,329 |  | $ | 3,232 |  | $ | 22,561 |  | $ | 35,659 |  | $ | 3,524 |  | $ | 39,183 |
Accumulated benefit obligation greater than fair value of plan assets |  | $ | 19,329 |  | $ | 3,232 |  | $ | 22,561 |  | $ | 35,659 |  | $ | 3,524 |  | $ | 39,183 |
Section 401(k) Plans The Company has several contributory Section 401(k) plans which cover its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The 401(k) expense provision approximated $3.8 million in 2013, $3.8 million in 2012 and $4.2 million in 2011. The Company’s contribution is based on a non-discretionary match of employees’ contributions, as defined. Cash-Based Compensation Plans The Company has multiple cash-based compensation plans and a stock-based incentive compensation plan for key employees which are generally based on the Company’s achievement of a certain level of profit. For information on the Company’s stock-based incentive compensation plan, see Note 11 — Stock-Based Compensation. Multiemployer Plans The Company also contributes to various multi-employer union retirement plans under collective bargaining agreements which provide retirement benefits for substantially all of its union employees. The Company’s participation in the plans that it considers to be significant for the years ended December 31, 2013 and 2012, is outlined in the tables below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (EIN) and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2013 and 2012 is for the plan’s year-end at December 31, 2012, and December 31, 2011, respectively. The zone status is based on information that the Company 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 last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. Finally, the acquisitions of Fisk, Anderson, Frontier-Kemper, WDF, FSE, Nagelbush, Lunda, and Becho during 2011 have increased the number of employees covered by the Company’s multiemployer plans and contributions made. Aside from these acquisitions, there were no other significant changes that affect the comparability of 2011 through 2013 contributions. Under the Employee Retirement Income Security Act, a contributor to a multi-employer plan is liable, only upon termination or withdrawal from a plan, for its proportionate share of a plan’s unfunded vested liability. The Company currently has no intention of withdrawing from any of the multiemployer pension plans in which it participates.
|  |  |  | Pension Protections Act |  | FIP/RP Status |  | Company Contributions |  |  |  | Expiration Date of Collective |
|  | EIN/Pension |  | Zone Status |  | Pending Or |  | (amounts in millions) |  | Surcharge |  | Bargaining |
Pension Fund |  | Plan Number |  | 2013 |  | 2012 |  | Implemented |  | 2013 |  | 2012 |  | 2011 |  | Imposed |  | Agreement |
Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account |  | 13-6123601/001 |  | Green |  | Green |  | No |  | 13.4 | (b) | 12.9 | (b) | 6.3 | (a) | No |  | 5/8/2016 |
Steamfitters Industry Pension Fund |  | 13-6149680/001 |  | Yellow |  | Yellow |  | Implemented |  | 4.3 | (b) | 3.5 | (b) | 3.5 | (a) | No |  | 6/30/2014 |
Excavators Union Local 731 Pension Fund |  | 13-1809825/002 |  | Green |  | Green |  | No |  | 3.2 |  | 3.3 |  | 2.9 |  | No |  | 6/30/2016 |
Carpenters Pension Trust Fund for Northern California |  | 94-6050970/001 |  | Red |  | Red |  | Implemented |  | 2.1 |  | 2.3 |  | 1.4 |  | No |  | 6/30/2015 |
(a) Amounts pertaining to plans from one of the Company’s newly acquired entities during 2011. (b) These amounts exceeded 5% of the respective total plan contributions. In addition to the individually significant plans described above, the Company also contributed approximately $31.6 million in 2013, $29.9 million in 2012 and $29.8 million in 2011 to other multiemployer pension plans.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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