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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Summary of Net Periodic Benefit Cost | The following table sets forth a summary of net periodic benefit cost for the years ended December 31, 2022, 2021 and 2020:
| Year Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Interest cost | $ | 2,594 |  |  | $ | 2,349 |  |  | $ | 3,032 |
Service cost | 945 |  |  | 935 |  |  | 925 |
Expected return on plan assets | (3,890) |  |  | (3,976) |  |  | (4,022) |
Recognized net actuarial losses | 2,571 |  |  | 2,860 |  |  | 2,407 |
Net periodic benefit cost | $ | 2,220 |  |  | $ | 2,168 |  |  | $ | 2,342 |
Actuarial assumptions used to determine net cost: |  |  |  |  |
Discount rate | 2.65 | % |  | 2.24 | % |  | 3.07 | %
Expected return on assets | 5.75 | % |  | 5.75 | % |  | 5.75 | %
Rate of increase in compensation | N/A |  | N/A |  | N/A
Target and Actual Asset Allocation for Pension Plan by Asset Category | The target asset allocation for the Company’s pension plan by asset category for 2023 and the actual asset allocation as of December 31, 2022 and 2021 by asset category are as follows:
| Percentage of Plan Assets as of December 31,
| Target Allocation 2023 |  |
|  | Actual Allocation
Asset Category |  | 2022 |  | 2021
Cash | 5 | % |  | 5 | % |  | 4 | %
Equity funds: |  |  |  |  |
Domestic | 45 |  |  | 46 |  |  | 47 |
International | 20 |  |  | 20 |  |  | 16 |
Fixed income funds | 30 |  |  | 29 |  |  | 33 |
Total | 100 | % |  | 100 | % |  | 100 | %
Future Benefit Payments Under the Plans | Future benefit payments under the plans are estimated as follows:
(in thousands) |
Year ended December 31, |
2023 | $ | 6,891 |
2024 | 6,837 |
2025 | 6,741 |
2026 | 6,660 |
2027 | 6,541 |
2028-2032 | 29,956 |
Total | $ | 63,626 |
Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status | The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2022 and 2021, and a summary of the funded status as of December 31, 2022 and 2021:
| Year Ended December 31,
(in thousands) | 2022 |  | 2021
Change in Fair Value of Plan Assets |  |  |
Balance at beginning of year | $ | 73,375 |  |  | $ | 71,940 |
Actual return on plan assets | (10,865) |  |  | 6,844 |
Company contribution | 242 |  |  | 1,235 |
Benefit payments | (6,595) |  |  | (6,644) |
Balance at end of year | $ | 56,157 |  |  | $ | 73,375 |
| Year Ended December 31,
(in thousands) | 2022 |  | 2021
Change in Benefit Obligations |  |  |
Balance at beginning of year | $ | 101,526 |  |  | $ | 107,824 |
Interest cost | 2,594 |  |  | 2,349 |
Service cost | 945 |  |  | 935 |
Assumption change gain | (19,712) |  |  | (3,921) |
Actuarial loss | 300 |  |  | 983 |
Benefit payments | (6,595) |  |  | (6,644) |
Balance at end of year | $ | 79,058 |  |  | $ | 101,526 |
Amount Recognized in Consolidated Balance Sheets |
| As of December 31,
(in thousands) | 2022 |  | 2021
Funded status | $ | (22,901) |  |  | $ | (28,151) |
Net unfunded amounts recognized in Consolidated Balance Sheets consist of: |  |  |
Current liabilities | $ | (275) |  |  | $ | (292) |
Long-term liabilities | (22,626) |  |  | (27,859) |
Total net unfunded amount recognized in Consolidated Balance Sheets | $ | (22,901) |  |  | $ | (28,151) |
Plan Assets at Fair Value | The following table sets forth the pension plan assets at fair value in accordance with the fair value hierarchy described in Note 12:
| As of December 31, 2022 |  | As of December 31, 2021
| Fair Value Hierarchy |  |  |  | Fair Value Hierarchy |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 2,757 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,757 |  |  | $ | 2,533 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,533 |
Fixed income funds | 1,564 |  |  | 2,872 |  |  | — |  |  | 4,436 |  |  | — |  |  | 3,057 |  |  | — |  |  | 3,057 |
Mutual funds | 37,364 |  |  | — |  |  | — |  |  | 37,364 |  |  | 54,966 |  |  | — |  |  | — |  |  | 54,966 |
| $ | 41,685 |  |  | $ | 2,872 |  |  | $ | — |  |  | $ | 44,557 |  |  | $ | 57,499 |  |  | $ | 3,057 |  |  | $ | — |  |  | $ | 60,556 |
Closely held funds(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity partnerships |  |  |  |  |  |  | 4,078 |  |  |  |  |  |  |  |  | 4,259 |
Hedge fund investments |  |  |  |  |  |  | 7,522 |  |  |  |  |  |  |  |  | 8,560 |
Total closely held funds(a) |  |  |  |  |  |  | 11,600 |  |  |  |  |  |  |  |  | 12,819 |
Total | $ | 41,685 |  |  | $ | 2,872 |  |  | $ | — |  |  | $ | 56,157 |  |  | $ | 57,499 |  |  | $ | 3,057 |  |  | $ | — |  |  | $ | 73,375 |
_____________________________________________________________________________________________________________ (a)The pension plan’s investments in closely held funds are not categorized in the fair value hierarchy because they are measured at NAV using the practical expedient under ASC 820, Fair Value Measurement (“ASC 820”). The underlying holdings of closely held funds were comprised of a combination of Level 1, 2 and 3 investments, and in some cases, may also include investments not categorized in the fair value hierarchy because they are measured at NAV using the practical expedient, as described above.
Benefit Obligations in Excess of Fair Value of Plan's Assets | The plans have benefit obligations in excess of the fair value of each plan’s assets as follows:
| As of December 31, 2022 |  | As of December 31, 2021
(in thousands) | Pension Plan |  | Benefit Equalization Plan |  | Total |  | Pension Plan |  | Benefit Equalization Plan |  | Total
Projected benefit obligation | $ | 76,729 |  |  | $ | 2,329 |  |  | $ | 79,058 |  |  | $ | 98,570 |  |  | $ | 2,956 |  |  | $ | 101,526 |
Accumulated benefit obligation | $ | 76,729 |  |  | $ | 2,329 |  |  | $ | 79,058 |  |  | $ | 98,570 |  |  | $ | 2,956 |  |  | $ | 101,526 |
Fair value of plans' assets | 56,157 |  |  | — |  |  | 56,157 |  |  | 73,375 |  |  | — |  |  | 73,375 |
Projected benefit obligation greater than fair value of plans' assets | $ | 20,572 |  |  | $ | 2,329 |  |  | $ | 22,901 |  |  | $ | 25,195 |  |  | $ | 2,956 |  |  | $ | 28,151 |
Accumulated benefit obligation greater than fair value of plans' assets | $ | 20,572 |  |  | $ | 2,329 |  |  | $ | 22,901 |  |  | $ | 25,195 |  |  | $ | 2,956 |  |  | $ | 28,151 |
Summary of Key Information for the Plans | The following table summarizes key information for the plans that the Company made significant contributions to during the three years ended December 31, 2022:
|  |  | Pension Protections Act Zone Status |  | FIP/RP Status Pending or Implemented(a) |  | Company Contributions (amounts in millions) |  |  | Expiration Date of Collective Bargaining Agreement
Pension Fund | EIN/Pension Plan Number |  | 2022 |  | 2021 |  |  | 2022(b) |  | 2021 |  | 2020 | Surcharge Imposed |
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund | 13-6123601/001 |  | Green |  | Green |  | N/A |  | $ | 6.7 |  |  | $ | 9.5 |  | (c) | $ | 10.1 |  | (c) | No |  | 4/15/2025
Joint Pension Fund, Local Union 164 IBEW | 22-6031199 |  | Green |  | Green |  | N/A |  | 6.4 |  |  | 6.8 |  | (c) | 2.5 |  | (c) | No |  | 4/30/2026
Excavators Union Local 731 Pension Fund | 13-1809825/002 |  | Green |  | Green |  | N/A |  | 4.0 |  |  | 4.0 |  |  | 4.8 |  |  | No |  | 4/30/2026
Construction Laborers Pension Trust for Southern California | 95-6031812 |  | Green |  | Green |  | N/A |  | 3.4 |  |  | 2.8 |  |  | 1.5 |  |  | No |  | 6/30/2026
Operating Engineers Pension Trust | 95-6032478 |  | Yellow |  | Yellow |  | Implemented |  | 3.4 |  |  | 2.4 |  |  | 1.5 |  |  | No |  | 6/30/2025
Carpenters Pension Trust Fund for Northern California | 94-6050970 |  | Red |  | Red |  | Implemented |  | 2.4 |  |  | 2.9 |  |  | 4.6 |  |  | No |  | 6/30/2023
_____________________________________________________________________________________________________________ (a)The “FIP/RP Status Pending or Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or implemented. (b)The Company's contributions as a percentage of total plan contributions were not available for the 2022 plan year for any of the above pension funds. (c)These amounts exceeded 5% of the respective total plan contributions.

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