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Multiemployer Pension Plans | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Multiemployer Pension Plans | Multiemployer Pension Plans The Company participates in approximately 70 multiemployer pension plans (“MEPPs”) that provide pension benefits to certain union employees in accordance with various collective bargaining agreements (“CBAs”). As of December 31, 2025, approximately 46% 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 MEPPs 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 its 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 $40.8 million for the year ended December 31, 2025, as compared to $28.2 million and $31.8 million for the years ended December 31, 2024 and 2023, respectively. Of these amounts, total contributions to MEPPs accounted for $14.3 million, $10.3 million and $11.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. 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 in certain circumstances is 2024 for the 2025 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 (1) |  | Surcharge Imposed |  | Expiration date of CBA |  |  |  |  |  |  |  |
| 2025 |  | 2024 |  |  | 2025 |  | 2024 |  | 2023 |  |  |  |  |  |  |  |  |  |  |
Pipe Trades Services MN Pension Fund | 41-6131800 / 001 |  | Green |  | N/A |  | N/A |  | $ | 3,396 |  |  | $ | — |  |  | $ | — |  |  | No |  | No |  | Apr-26 |  |  |  |  |  |  |  |
Pipefitters Local 636 Defined Benefit Pension Fund | 38-3009873 / 001 |  | Green |  | Green |  | N/A |  | $ | 1,264 |  |  | $ | 1,308 |  |  | $ | 1,439 |  |  | No |  | No |  | May-26 |  |  |  |  |  |  |  |
Sheet Metal Workers Local Union No. 80 Pension Fund | 38-6105633 / 001 |  | Green |  | Green |  | N/A |  | 913 |  |  | 984 |  |  | 1,255 |  |  | Yes |  | No |  | May-26 |  |  |  |  |  |  |  |
Pipefitters Union Local No. 537 Pension Fund | 51-6030859 / 001 |  | Green |  | Green |  | N/A |  | 877 |  |  | 1,157 |  |  | 1,140 |  |  | No |  | No |  | Aug-25 |  |  |  |  |  |  |  |
United Association National Pension Fund | 52-6152779 / 001 |  | Green |  | Green |  | N/A |  | 846 |  |  | 715 |  |  | 579 |  |  | No |  | No |  | Ranging from May-25 - Jun-28 |  |  |  |  |  |  |  |
Plumbers Local No 98 Defined Benefit Pension Fund | 38-3031916 / 001 |  | Green |  | Green |  | N/A |  | 792 |  |  | 1,098 |  |  | 1,175 |  |  | No |  | No |  | May-29 |  |  |  |  |  |  |  |
Heating, Piping and Refrigeration Pension Fund | 52-1058013 / 001 |  | Green |  | Green |  | N/A |  | 767 |  |  | 388 |  |  | 295 |  |  | No |  | No |  | Jul-28 |  |  |  |  |  |  |  |
Plumbers and Pipefitters Local Union No. 43 Pension Fund | 62-6101288 / 001 |  | Green |  | Green |  | N/A |  | 663 |  |  | 875 |  |  | 1,500 |  |  | Yes |  | No |  | June-28 |  |  |  |  |  |  |  |
Steamfitters Local Union No. 420 Pension Fund | 23-2004424 / 001 |  | Yellow |  | Yellow |  | Implemented |  | 636 |  |  | 565 |  |  | 633 |  |  | No |  | No |  | Apr-26 |  |  |  |  |  |  |  |
Plumbers & Steamfitters Local 577 Pension Plan | 31-6134953 / 001 |  | Red |  | Red |  | Implemented |  | 406 |  |  | 423 |  |  | 330 |  |  | Yes |  | No |  | May-26 |  |  |  |  |  |  |  |
Sheet Metal Workers Local 98 Pension Fund | 31-6171213 / 001 |  | Green(2) |  | Green |  | N/A |  | 399 |  |  | 475 |  |  | 830 |  |  | No |  | No |  | May 26 |  |  |  |  |  |  |  |
Plumbers & Pipefitters of Local Union No. 333 Pension Fund | 38-3545518 / 005 |  | Green |  | Green |  | N/A |  | 393 |  |  | 537 |  |  | 345 |  |  | No |  | No |  | May-27 |  |  |  |  |  |  |  |
Plumbers & Pipefitters Local No 189 Pension Plan | 31-0894807 / 001 |  | Green |  | Green |  | N/A |  | 386 |  |  | 571 |  |  | 592 |  |  | No |  | No |  | May-25 |  |  |  |  |  |  |  |
Sheet Metal Workers' National Pension Fund | 52-6112463 / 001 |  | Green |  | Green |  | N/A |  | 326 |  |  | 297 |  |  | 540 |  |  | No |  | No |  | Ranging from Apr-26 - Jun-28 |  |  |  |  |  |  |  |
Indiana/Kentucky/Ohio Regional Council of Carpenters Pension Fund | 51-6123713 / 001 |  | Green(2) |  | Green |  | N/A |  | 242 |  |  | 7 |  |  | — |  |  | No |  | No |  | Mar-27 |  |  |  |  |  |  |  |
Plumbers & Pipefitters Local Unions 502 & 633 Pension Fund | 61-6078145 / 001 |  | Green(2) |  | Green |  | N/A |  | 230 |  |  | 19 |  |  | — |  |  | No |  | No |  | Jul-26 & Dec-27 |  |  |  |  |  |  |  |
Refrigeration, Air Conditioning & Service Division (UA-NJ) Pension Plan | 22-6109064 / 001 |  | Green |  | Green |  | N/A |  | 128 |  |  | 100 |  |  | 83 |  |  | No |  | No |  | Jul-27 |  |  |  |  |  |  |  |
West Michigan Plumbers, Fitters, and Service Trades Local Union No. 174 Pension Plan | 38-1796240 / 001 |  | Green |  | Green |  | N/A |  | 126 |  |  | 6 |  |  | — |  |  | No |  | No |  | June-28 |  |  |  |  |  |  |  |
Steamfitters Local #449 Pension Plan | 25-6032401 / 001 |  | Green |  | Green |  | N/A |  | 111 |  |  | 77 |  |  | 87 |  |  | No |  | No |  | May-26 |  |  |  |  |  |  |  |
United Assn Of Journeymen Plumbers & Pipefitters Local 357 Pension Plan | 38-6152409 / 001 |  | Green |  | Green |  | N/A |  | 109 |  |  | — |  |  | — |  |  | No |  | No |  | June-27 |  |  |  |  |  |  |  |
Michigan Laborer's Pension Fund | 38-6233976 / 001 |  | Green |  | Green |  | N/A |  | 79 |  |  | 3 |  |  | — |  |  | No |  | No |  | May-26 |  |  |  |  |  |  |  |
Electrical Workers Local No. 26 Pension Trust Fund | 52-6117919 / 001 |  | Green |  | Green |  | N/A |  | 75 |  |  | 138 |  |  | 178 |  |  | No |  | No |  | May-27 |  |  |  |  |  |  |  |
Ironworkers Local 704 Pension Fund | 62-6098036 / 001 |  | Green(2) |  | Green |  | N/A |  | 59 |  |  | 138 |  |  | 236 |  |  | No |  | No |  | Apr-26 |  |  |  |  |  |  |  |
Plumbers and Steamfitters Local 166 AFL-CIO Pension Fund | 51-6132690 / 001 |  | Green |  | Green |  | N/A |  | 54 |  |  | — |  |  | — |  |  | No |  | No |  | May-27 |  |  |  |  |  |  |  |
Plumbers Local Union No. 690 Pension Fund | 23-6405018 / 001 |  | Green |  | Green |  | N/A |  | 50 |  |  | 33 |  |  | 25 |  |  | No |  | No |  | Apr-27 |  |  |  |  |  |  |  |
Rockford Pipe Trades Industry Pension Fund | 37-6123990 / 001 |  | Green |  | Green |  | N/A |  | 47 |  |  | 2 |  |  | — |  |  | No |  | No |  | May-26 |  |  |  |  |  |  |  |
Sheet Metal Workers Local 7, Zone 1 Pension Plan | 38-6234066 / 001 |  | Green |  | Green |  | N/A |  | 30 |  |  | 200 |  |  | 113 |  |  | No |  | No |  | Apr-26 |  |  |  |  |  |  |  |
National Electrical Benefit Fund | 53-0181657 / 001 |  | Green |  | Green |  | N/A |  | 28 |  |  | 9 |  |  | 65 |  |  | No |  | No |  | May-27 |  |  |  |  |  |  |  |
United Association Local Union No. 322 Pension Plan | 21-6016638 / 001 |  | Red |  | Red |  | Implemented |  | 27 |  |  | 33 |  |  | 27 |  |  | No |  | Yes |  | Apr-28 |  |  |  |  |  |  |  |
Indiana Laborers Pension Fund | 35-6027150 / 001 |  | Green |  | Green |  | N/A |  | 26 |  |  | — |  |  | — |  |  | No |  | No |  | May-30 |  |  |  |  |  |  |  |
Plumbers Union Local No. 12 Pension | 04-6023174 / 001 |  | Green |  | Green |  | N/A |  | — |  |  | 2 |  |  | 5 |  |  | No |  | No |  | Aug-25 |  |  |  |  |  |  |  |
All other plans (36, 20 and 13 as of December 31, 2025, 2024 and 2023, respectively) |  |  |  |  |  |  |  |  | 845 |  |  | 94 |  |  | 165 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Total Contributions |  | $ | 14,330 |  |  | $ | 10,254 |  |  | $ | 11,637 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) This information was obtained from the respective plan’s Form 5500 (“Forms”) for the most current available filing. These dates may not correspond with the Company’s fiscal year contributions. The above-noted percentages of contributions are based upon disclosures contained in the plans’ Forms. Those Forms, among other things, disclose the names of individual participating employers whose annual contributions account for more than 5% of the aggregate annual amount contributed by all participating employers for a plan year. Accordingly, if the annual contribution of two or more of the Company’s subsidiaries each accounted for less than 5% of such contributions, but in the aggregate accounted for in excess of 5% of such contributions, that greater percentage is not available and accordingly is not disclosed. (2) 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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