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Multiemployer Pension Plans | 12 Months Ended
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Dec. 31, 2020
Multiemployer Plans [Abstract] |
Multiemployer Pension Plans | Multiemployer Pension Plans The Company participates in approximately 40 multiemployer pension plans (“MEPPs”) that provide pension benefits to certain union employees in accordance with various collective bargaining agreements (“CBAs”). As of December 31, 2020, approximately 53% of the Company’s employees are members of collective bargaining units. As one of many employers who are obligated to contribute to these MEPPs, the Company is responsible with the other participating employers for any unfunded pension liabilities. The Company’s contributions to a particular MEPP are established by the applicable CBAs; however, the Company’s required contributions to a MEPP may increase based on the funded status of the individual MEPP and the legal requirements of the Pension Protection Act of 2006 (the “PPA”), which requires substantially underfunded MEPPs to implement a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) to improve their funded status. Factors that could impact the funded status of a MEPP include, without limitation, investment performance, changes in participant demographics, a decline in the number of actively employed covered employees, a decline in the number of contributing employers, changes in actuarial assumptions and the utilization of extended amortization provisions. If a contributing employer stops contributing to a MEPP, the unfunded obligations of the MEPP may be borne by the remaining contributing employers. Assets contributed to an individual MEPP are pooled with contributions made by other contributing employers; the pooled assets will be used to provide benefits to the Company’s employees and the employees of the other contributing employers. A FIP or RP requires a particular MEPP to adopt measures to correct its underfunded status. These measures may include, but are not limited to an increase in a contributing employer’s contribution rate, or changes to the benefits paid to retirees. In addition, the PPA requires that a 5% surcharge be levied on employer contributions for the first year commencing shortly after the date the employer receives notice that the MEPP is in critical status and a 10% surcharge on each succeeding year until a CBA is in place with terms and conditions consistent with the RP. If a MEPP has unfunded pension liabilities, the Company could be obligated to make additional payments to a MEPP if the Company either ceases to have an obligation to contribute to the MEPP under a CBA or significantly reduces the Company’s contributions to the MEPP because they reduce the number of employees who are covered by the relevant MEPP for various reasons, including, but not limited to, layoffs or closure of a subsidiary. The amount of such payments (known as a complete or partial withdrawal liability) would equal the Company’s proportionate share of the MEPP’s unfunded vested benefits. Based on the information available to the Company from the MEPPs, the Company believes that some of the MEPPs to which they contribute are underfunded and are in “critical” or “endangered” status as those terms are defined by the PPA. Due to uncertainty regarding future factors that could trigger withdrawal liability, as well as the absence of specific information regarding the MEPPs’ current financial situation, the Company is unable to determine (a) the amount and timing of any future withdrawal liability, if any, and (b) whether the Company’s participation in these MEPPs could have a material adverse impact on our financial condition, results of operations or liquidity. The nature and diversity of the Company’s business may result in volatility of the amount of contributions to a particular MEPP for any given period. That is because, in any given market, the Company could be working on a significant project and/or projects, which could result in an increase in the direct labor force and a corresponding increase in contributions to the MEPP(s) dictated by the applicable CBA. When that particular project(s) finishes and is not replaced, the level of direct labor would also decrease, as would the level of contributions to the particular MEPP(s). Additionally, the level of contributions to a particular MEPP could also be affected by the terms of the CBA, which could require at a particular time, an increase in the contribution rate and/or surcharges. Total contributions to the various union construction industry MEPP, welfare, training and other benefits programs in accordance with the CBAs were $16.1 million for the year ended December 31, 2020, as compared to $17.1 million for the year ended December 31, 2019. The following table presents the MEPPs in which the Company participates. Additionally, this table also lists the PPA Zone Status for MEPPs as the critical status (red zone-less than 65% funded), the endangered status (yellow-less than 80% funded), the seriously endangered status (orange-less than 80% funded and projects a credit balance deficit within seven years) or neither critical or endangered status (green-greater than 80% funded). The zone status represents the most recent available information for the respective MEPP, which is 2019 for the 2020 year. These dates may not correspond with the Company’s calendar year contributions. The zone status is based on information received from the MEPPs and is certified by the MEPPs’ actuaries. The “FIP/RP Status” column indicates MEPPs for which a financial improvement plan (FIP) or rehabilitation plan (RP) has been adopted or implemented.
Pension Fund | EIN/Pension Plan Number |  | PPA Zone Status |  | FIP/RP Status |  | Contributions (in thousands) |  | Contributions greater than 5% of total contributions |  | Surcharge Imposed |  | Expiration date of CBA
| 2020 |  | 2019 |  |  | 2020 |  | 2019 |  |  |
Heating, Piping and Refrigeration Pension Fund | 52-1058013 / 001 |  | Green |  | Green |  | N/A |  | $ | 1,045 |  |  | $ | 1,101 |  |  | No |  | No |  | Jul-22
Plumbers Local No 98 Defined Benefit Pension Fund | 38-3031916 / 001 |  | Yellow |  | Yellow |  | Implemented |  | 1,658 |  |  | 1,140 |  |  | Yes |  | No |  | May-25
Plumbers and Pipefitters National Pension Fund | 52-6152779 / 001 |  | Yellow |  | Yellow |  | Implemented |  | 947 |  |  | 1,040 |  |  | No |  | No |  | Ranging from Aug-21 - Aug-26
Pipefitters Local 636 Defined Benefit Pension Fund | 38-3009873 / 001 |  | Yellow |  | Yellow |  | Implemented |  | 1,206 |  |  | 1,369 |  |  | No |  | No |  | May-22
Sheet Metal Workers' Pension Plan of Southern California, Arizona and Nevada | 95-6052257 / 001 |  | Yellow |  | Yellow |  | Implemented |  | 1,322 |  |  | 1,908 |  |  | No |  | No |  | Jun-21
Sheet Metal Workers’ National Pension Fund | 52-6112463 / 001 |  | Yellow |  | Yellow |  | Implemented |  | 1,144 |  |  | 1,509 |  |  | No |  | No |  | Ranging from Apr-21 – June-23
Sheet Metal Workers Local Union No. 80 Pension Fund | 38-6105633 / 001 |  | Yellow |  | Yellow |  | Implemented |  | 1,383 |  |  | 1,033 |  |  | Yes |  | No |  | May-21
Sheet Metal Workers Local 98 Pension Fund | 31-6171213 / 001 |  | Green |  | Yellow |  | Implemented |  | 945 |  |  | 927 |  |  | Yes |  | No |  | Ranging from May 21 - May 23
Steamfitters Local Union No. 420 Pension Fund | 23-2004424 / 001 |  | Red |  | Red |  | Implemented |  | 591 |  |  | 825 |  |  | No |  | Yes |  | Apr-23
Pipefitters Union Local No. 537 Pension Fund | 51-6030859 / 001 |  | Green |  | Green |  | N/A |  | 1,337 |  |  | 1,579 |  |  | No |  | No |  | Aug-21
Plumbers & Pipefitters Local No 189 Pension Plan | 31-0894807 / 001 |  | Green |  | Green |  | N/A |  | 598 |  |  | 544 |  |  | Yes |  | No |  | May-22
Plumbers & Pipefitters of Local Union No. 333 Pension Fund | 38-3545518 / 005 |  | Green |  | Yellow |  | Implemented |  | 1,329 |  |  | 645 |  |  | Yes |  | No |  | May-21
Southern California Pipe Trades Retirement Fund | 51-6108443 / 001 |  | Green |  | Green |  | N/A |  | 662 |  |  | 1,015 |  |  | No |  | No |  | Aug-26
Electrical Workers Local No. 26 Pension Trust Fund | 52-6117919 / 001 |  | Green |  | Green |  | N/A |  | 348 |  |  | 341 |  |  | No |  | No |  | May-21
Plumbers Union Local No. 12 Pension | 04-6023174 / 001 |  | Green |  | Green |  | N/A |  | 261 |  |  | 322 |  |  | No |  | No |  | Aug-21
Sheet Metal Workers Local 7, Zone 1 Pension Plan | 38-6234066 / 001 |  | Yellow |  | Yellow |  | Implemented |  | 383 |  |  | 350 |  |  | No |  | No |  | Apr-21
Plumbers & Steamfitters Local 577 Pension Plan | 31-6134953 /001 |  | Yellow |  | Yellow |  | Implemented |  | 208 |  |  | 217 |  |  | No |  | No |  | May-23
Plumbers Local Union No. 690 Pension Fund | 23-6405018 / 001 |  | Green |  | Green |  | N/A |  | 147 |  |  | 399 |  |  | No |  | No |  | Apr-24
Laborers District Council Pension and Disability Trust Fund No. 2 | 52-0749130 / 001 |  | Yellow |  | Yellow |  | Implemented |  | 37 |  |  | 49 |  |  | No |  | No |  | Oct-21
National Electrical Benefit Fund | 53-0181657 / 001 |  | Green |  | Green |  | N/A |  | 111 |  |  | 105 |  |  | No |  | No |  | May-21
Airconditioning and Refrigeration Industry Retirement Trust Fund | 95-6035386 / 001 |  | Green |  | Green |  | N/A |  | 144 |  |  | 144 |  |  | No |  | No |  | Aug-24
Plumbers and Steamfitters Local 486 Pension Fund | 52-6124449 / 001 |  | Green |  | Green |  | N/A |  | 40 |  |  | 44 |  |  | No |  | No |  | Dec-22
Steamfitters Local #449 Pension Plan | 25-6032401 / 001 |  | Green |  | Green |  | N/A |  | 109 |  |  | 185 |  |  | No |  | No |  | May-23
United Association Local Union No. 322 Pension Plan | 21-6016638 / 001 |  | Red |  | Red |  | Implemented |  | 18 |  |  | 38 |  |  | No |  | Yes |  | Apr-21
Sheet Metal Workers Local 224 Pension Fund | 31-6171353 / 001 |  | Yellow (1) |  | Yellow |  | Implemented |  | 20 |  |  | 17 |  |  | No |  | No |  | May-21
Plumbers Local 27 Pension Fund | 25-6034928 / 001 |  | Green (1) |  | Green |  | N/A |  | 18 |  |  | 56 |  |  | No |  | No |  | May-23
All other plans (11 as of December 31, 2020) |  |  |  |  |  |  |  |  | 98 |  |  | 150 |  |  |  |  |  |  |
|  |  |  |  |  |  | Total Contributions |  | $ | 16,109 |  |  | $ | 17,052 |  |  |  |  |  |  |
(1) Funding status based off of the prior year funding notice as the current year’s funding notice was not available prior to the filing of this Annual Report on Form 10-K.

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