Employee Benefits

12 Months Ended

Dec. 28, 2025

Unions’ Multiemployer Pension Plans

The Company contributes to several multiemployer defined benefit pension plans under the terms of collective bargaining agreements with various unions that represent certain of the Company’s employees. The multiemployer pension plan contribution rates generally are specified in the collective bargaining agreements (usually on an annual basis), and the Company contributes to the plans on a “pay-as-you-go” basis based on its union employee payrolls. The Company may also have additional liabilities imposed by law as a result of its participation in multiemployer defined benefit pension plans. The Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980, imposes certain liabilities upon an employer who is a contributor to a multiemployer pension plan if the employer withdraws from the plan or the plan is terminated or experiences a mass withdrawal.

The Pension Protection Act of 2006 (“PPA”) also added special funding and operational rules generally applicable to plan years beginning after 2007 for multiemployer plans in the United States that are classified as “endangered,” “seriously endangered” or “critical” status based on multiple factors (including, for example, the plan’s funded percentage, cash flow position and whether it is projected to experience a minimum funding deficiency). Plans in these classifications must adopt measures to improve their funded status through a funding improvement or rehabilitation plan, as applicable, which may require additional contributions from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree benefits. Certain plans to which the Company contributes or may contribute in the future could be “endangered,” “seriously endangered” or “critical” status. The amount of additional funds, if any, that the Company may be obligated to contribute to these plans in the future cannot be estimated due to uncertainty of the future levels of work that require the specific use of union employees covered by these plans, as well as the future contribution levels and possible surcharges on contributions applicable to these plans.

The following table summarizes plan information related to the Company’s participation in multiemployer defined benefit pension plans, including Company contributions for the last three fiscal years, the status under the PPA of the plans and whether the plans are subject to a funding improvement or rehabilitation plan or contribution surcharges. The most recent PPA zone status available in fiscal 2025, 2024 and 2023 primarily relates to the plans’ fiscal year-end in 2024, 2023, and 2022. Forms 5500 were not yet available for the majority of plan years ending in fiscal 2025, though the Company acquired Forms 5500 ending in fiscal 2025 to the extent available. The PPA zone status is based on information the Company received from the respective plans, as well as publicly available information on the U.S. Department of Labor website. The zone status is certified by the applicable plan’s actuary. Although multiple factors or tests may result in red zone or yellow zone status, plans in the red zone generally are less than 65% funded, plans in the yellow zone generally are less than 80% funded, and plans in the green zone generally are at least 80% funded. Under the PPA, red zone plans are classified as “critical” status, yellow zone plans are classified as “endangered” status and green zone plans are classified as neither “endangered” nor “critical” status. The “Subject to Financial Improvement/ Rehabilitation Plan” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented. The last

column lists the expiration dates of the Company’s collective-bargaining agreements to which the plans are subject. Total contributions to these plans correspond to the number of union employees employed at any given time and the plans in which they participate and vary depending upon the location and number of ongoing projects at a given time and the need for union resources in connection with such projects. Information has been presented separately for individually significant plans, based on PPA funding status classification, and in the aggregate for all other plans.


Fund	Employee Identification Number/Pension Plan Number	PPA Zone Status		Subject to financial Improvement/ Rehabilitation Plan	Contributions (in thousands)						Surcharge Imposed	Expiration Date of Collective Bargaining Agreement
		Fiscal 2025	Fiscal 2024		Fiscal 2025		Fiscal 2024		Fiscal 2023
Chicago & Vicinity Laborers' District Council Pension Plan	36-2514514-002	Green	Green	No	$	5,225	$	4,548	$	6,155	No	05/31/26
Central Pension Fund of the IUOE & Participating Employers	36-6052390-001	Green	Green	No	5,019		4,977		4,418		No	03/31/29
Midwest Operating Engineers Pension Trust Fund	36-6140097-001	Green	Green	No	3,710		3,714		5,285		No	05/31/27
Boilermaker-Blacksmith National Pension Trust	48-6168020-001	Red	Red	Yes	3,203		2,433		3,994		No	Evergreen	(1)
National Electric Benefit Fund	53-0181657-001	Green	Green	No	3,014		2,935		2,935		No	05/31/27
Plumbers Local 9 Pension Plan	51-0219541-001	Green	Green	No	2,568		1,455		454		No	Evergreen	(1)
IBEW Local 769 Management Pension Plan	86-6049763-001	Green	Green	No	2,534		2,192		1,796		No	08/02/26
Eastern Atlantic States Carpenters Pension Fund	23-1613018-001	Green	Green	No	2,509		1,485		1,547		No	Evergreen	(1)
Operating Engineers Local 101 Pension Fund	43-6059213-001	Green	Green	No	2,374		1,961		1,867		No	12/31/28
Pipe Fitters Retirement Fund Local 597	62-6105084-001	Green	Green	No	2,236		2,045		2,440		No	05/31/26
Local 351 IBEW Pension Plan	22-3417366-001	Green	Green	No	2,155		2,230		2,184		No	Evergreen	(1)
Building Trades United Pension Trust Fund Milwaukee and Vicinity	51-6049409-001	Green	Green	No	1,910		1,452		835		No	05/31/27
U.A. Local Union No. 322 Pension Plan	21-6016638-001	Red	Red	Yes	1,860		1,302		1,240		No	Evergreen	(1)
Minnesota Laborers Pension Fund	41-6159599-001	Green	Green	No	1,803		1,653		1,374		No	05/31/30
IBEW Local 1249 Pension Plan	15-6035161-001	Green	Green	No	1,642		1,692		1,642		No	Evergreen	(1)
United Association National Pension Fund	52-6152779-001	Green	Green	No	1,506		1,741		2,184		No	12/15/26
Fox Valley and Vicinity Laborers Pension Fund	36-6147409-001	Green	Green	No	1,473		1,472		1,861		No	Evergreen	(1)
Laborers' District Council Construction Industry Pension Fund	23-6235338-001	Green	Green	No	1,444		920		-		No	12/31/29
West Chester Heavy Construction Laborers Local 60 Pension Fund	13-1962287-001	Green	Green	No	1,391		1,386		1,389		No	Evergreen	(1)
Steamfitters Local Union No. 420 Pension Plan	23-2004424-001	Yellow	Red	Yes	800		621		1,746		No	04/30/26
International Painters And Allied Trades Industry Pension Plan	52-6073909-001	Red	Red	Yes	339		132		121		No	Evergreen	(1)
Central States, Southeast and Southwest Areas Pension Plan	36-6044243-001	Red	Red	Yes	330		-		-		No	05/31/26
Kansas Construction Trades Open End Pension Trust Fund	48-6171387-001	Red	Red	Yes	285		345		361		No	12/31/29
Upstate New York Engineers Pension Fund	15-0614642-001	Red	Red	Yes	240		215		90		No	03/31/26
New Jersey Building Laborers Statewide Pension Fund	22-6077693-001	Red	Red	Yes	238		58		61		No	Evergreen	(1)
Laborers National Pension Fund	75-1280827-001	Red	Red	Yes	190		322		107		Yes	05/31/26
Asbestos Workers Philadelphia Pension Fund	23-6406511-001	Red	Red	Yes	178		14		-		No	Evergreen	(1)
Ironworkers Pension Plan	23-6529504-001	Red	Red	Yes	142		133		5		No	06/30/28
All other plans - U.S.					18,063		16,108		19,000
All other plans - Canada (2)					9,123		8,647		10,567
Total					$	77,504	$	68,188	$	75,658

(1)Certain collective bargaining agreement(s) participating in this fund is subject to automatic renewal absent cancellation by either party.

(2)Multiemployer defined benefit pension plans in Canada are not subject to the reporting requirements under the PPA. Accordingly, certain information is not publicly available.

The Company’s contributions to the following individually significant plans were 5% or more of the total contributions to these plans for the periods indicated based on the Forms 5500 for these plans for the plan years ended December 31, 2024 and 2023. Forms 5500 were not yet available for these plans for the plan years ending during 2025, unless specifically noted below.


Fund			Plan Years in which Centuri Contributions Were Five Percent or More of Total Plan Contributions
I.B.E.W. Local 769 Management Pension Plan			2024, 2023, 2022
Local 351 IBEW Pension Plan			2024, 2023, 2022
U.A. Local Union No. 322 Pension Plan			2024, 2023, 2022
Fox Valley and Vicinity Laborers Pension Fund			2023, 2022
West Chester Heavy Construction Laborers Local 60 Pension Fund			2024, 2023, 2022
Kansas Construction Trades Open End Pension Trust Fund			2023

Other Defined Contribution Plans

The Company offers defined contribution plans to its eligible employees, regardless of whether they are covered under collective bargaining agreements. Eligibility requirements vary, as does timing of participation, matching, vesting and profit-sharing features of the plans. Contributions by the Company to these plans for fiscal years 2025, 2024 and 2023 were $16.2 million, $15.6 million and $15.2 million, respectively.

Deferred Compensation Plan

The Company sponsors a nonqualified deferred compensation plan that is offered to a select group of management and highly compensated employees. The plan allows participants to defer up to 80% of base salary and provides a match of 100% of contributions up to 5% of a participant’s salary. The plan also allows the Company, at its election, to credit participant accounts with discretionary contributions. Participants are 100% vested in salary deferrals, contributions, and all earnings. Participant accounts include a return based on the performance of the underlying investment options selected. Payments from the plan are designated at each annual enrollment period based on specified triggering events and are payable by lump sum or on an annual installment basis. The total amount accrued for future benefits as of December 28, 2025 and December 29, 2024 was $33.1 million and $32.0 million, respectively, and was included in other long-term liabilities on the consolidated balance sheets.

To provide for future obligations related to these deferred compensation plans, the Company has invested in corporate-owned life insurance (“COLI”) policies covering certain participants in the deferred compensation plan, the underlying investments of which are intended to be aligned with the investment alternatives elected by plan participants. The COLI assets are recorded at their cash surrender value, which is considered their fair market value, and as of December 28, 2025 and December 29, 2024, the fair market values were $34.6 million and $35.6 million, respectively, and were included in other assets on the consolidated balance sheets. The level of inputs used for these fair value measurements is Level 2.