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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Cost

The following table sets forth a summary of net periodic benefit cost for the years ended December 31, 2024, 2023 and 2022:

			Year Ended December 31,
(in thousands)			2024						2023						2022
Interest cost			$	3,651					$	3,839					$	2,594
Service cost			988						1,000						945
Expected return on plan assets			(3,763)						(3,875)						(3,890)
Recognized net actuarial losses			1,803						1,699						2,571
Net periodic benefit cost			$	2,679					$	2,663					$	2,220
Actuarial assumptions used to determine net cost:
Discount rate			4.95		%				5.16		%				2.65		%
Expected return on assets			6.25		%				6.25		%				5.75		%
Rate of increase in compensation			N/A						N/A						N/A

Schedule of 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 2025 and the actual asset allocation as of December 31, 2024 and 2023 by asset category are as follows:

			Percentage of Plan Assets as of December 31,
			Target Allocation 2025
									Actual Allocation
Asset Category									2024						2023
Cash			5		%				5		%				6		%
Equity funds:
Domestic			42						44						43
International			18						16						18
Fixed income funds			35						35						33
Total			100		%				100		%				100		%

Schedule of Future Benefit Payments Under the Plans

Future benefit payments under the plans for the next ten years are estimated as follows:

(in thousands)
Year ended December 31,
2025			$	6,767
2026			6,707
2027			6,603
2028			6,465
2029			6,301
2030-2034			28,380
Total			$	61,223

Schedule of 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 2024 and 2023, and a summary of the funded status as of December 31, 2024 and 2023:

			Year Ended December 31,
(in thousands)			2024						2023
Change in Fair Value of Plan Assets
Balance at beginning of year			$	57,882					$	56,157
Actual return on plan assets			7,227						7,917
Company contribution			2,861						1,526
Benefit payments			(7,723)						(7,718)
Balance at end of year			$	60,247					$	57,882

			Year Ended December 31,
(in thousands)			2024						2023
Change in Benefit Obligations
Balance at beginning of year			$	77,443					$	79,058
Interest cost			3,651						3,839
Service cost			988						1,000
Assumption change (gain) loss			(3,161)						1,281
Actuarial (gain) loss			383						(17)
Benefit payments			(7,723)						(7,718)
Balance at end of year			$	71,581					$	77,443

Schedule of Amount Recognized in Consolidated Balance Sheets

			As of December 31,
(in thousands)			2024						2023
Funded status			$	(11,334)					$	(19,561)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities			$	(295)					$	(309)
Long-term liabilities			(11,039)						(19,252)
Total net unfunded amount recognized in Consolidated Balance Sheets			$	(11,334)					$	(19,561)

Schedule of 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, 2024																								As of December 31, 2023
			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			$	3,177					$	—					$	—					$	3,177					$	3,464					$	—					$	—					$	3,464
Fixed income funds			—						3,133						—						3,133						1,520						3,063						—						4,583
Mutual funds			46,467						—						—						46,467						41,687						—						—						41,687
			$	49,644					$	3,133					$	—					$	52,777					$	46,671					$	3,063					$	—					$	49,734
Closely held funds(a)
Equity partnerships																					2,139																								3,826
Hedge fund investments																					5,331																								4,322
Total closely held funds(a)																					7,470																								8,148
Total			$	49,644					$	3,133					$	—					$	60,247					$	46,671					$	3,063					$	—					$	57,882

_____________________________________________________________________________________________________________

(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 composed 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. The pension plan assets included investments in hedge funds and equity partnerships which do not have readily determinable fair values. The underlying holdings of the funds were composed of a combination of assets for which the estimate of fair value is determined using information provided by fund managers.

Schedule of 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, 2024																		As of December 31, 2023
(in thousands)			Pension Plan						Benefit Equalization Plan						Total						Pension Plan						Benefit Equalization Plan						Total
Projected benefit obligation			$	69,248					$	2,333					$	71,581					$	74,831					$	2,612					$	77,443
Accumulated benefit obligation			$	69,248					$	2,333					$	71,581					$	74,831					$	2,612					$	77,443
Fair value of plans' assets			$	60,247					$	—					$	60,247					$	57,882					$	—					$	57,882
Projected benefit obligation greater than fair value of plans' assets			$	9,001					$	2,333					$	11,334					$	16,949					$	2,612					$	19,561
Accumulated benefit obligation greater than fair value of plans' assets			$	9,001					$	2,333					$	11,334					$	16,949					$	2,612					$	19,561

Schedule 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:

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

2024

2023

2024(b)

2023

2022

Surcharge Imposed

Construction Laborers Pension Trust for Southern California

43-6159056

Green

Green

N/A

$

5.2

$

2.1

$

3.4

No

6/30/2026

The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund

13-6123601/001

Green

Green

N/A

3.4

4.2

(c)

6.7

No

4/15/2025

Southwest Carpenters Pension Trust

95-6042875

Green

Green

N/A

2.7

1.3

1.0

No

6/30/2026

Operating Engineers Pension Trust

95-6032478

Green

Green

N/A

2.6

2.4

3.4

No

6/30/2025

Carpenters Pension Trust Fund for Northern California

94-6050970

Red

Red

Implemented

2.5

2.5

2.4

No

6/30/2027

_____________________________________________________________________________________________________________

(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 2024 plan year for any of the above pension funds.

(c)These amounts exceeded 5% of the respective total plan contributions.

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