Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Changes in Benefit Obligations and Assets

The change in benefit obligations and assets of the UK Plan for the years ended December 31, 2018 and 2017 consisted of the following components (in thousands):



	2018			2017
Change in pension benefit obligation
Benefit obligation at beginning of year	$	332,618		$	306,731
Interest cost	8,085			8,622
Actuarial (gain) loss	(27,755		)	2,058
Benefits paid	(14,318		)	(13,709		)
Foreign currency exchange rate changes	(16,854		)	28,916
Benefit obligation at end of year	281,776			332,618
Change in pension plan assets
Fair value of plan assets at beginning of year	295,968			257,236
Actual return on plan assets	(6,489		)	22,899
Employer contributions	4,742			4,727
Benefits paid	(14,318		)	(13,709		)
Foreign currency exchange rate changes	(15,709		)	24,815
Fair value of plan assets at end of year	264,194			295,968
Funded status at end of year	$	(17,582	)	$	(36,650	)

Schedule of Net Periodic Benefit Cost Not yet Recognized

Amounts not yet reflected in net periodic pension cost and included in accumulated other comprehensive loss were as follows (in thousands):



	2018		2017
Unrecognized losses	$	86,768	$	102,054

Schedule of Weighted Average Assumptions Used Calculating Benefit Obligation

The weighted average assumptions used to determine benefit obligations as of December 31, 2018 and 2017 were as follows:



	2018		2017
Discount rate	2.9	%	2.5	%

Schedule of Weighted Average Assumptions Used Calculate Net Periodic Pension Cost

The weighted average assumptions used to determine net periodic pension cost for the years ended December 31, 2018, 2017 and 2016 were as follows:



	2018		2017		2016
Discount rate	2.5	%	2.7	%	3.8	%
Annual rate of return on plan assets	5.0	%	5.3	%	6.2	%

Components Of Net Periodic Pension Cost

The components of net periodic pension cost of the UK Plan for the years ended December 31, 2018, 2017 and 2016 were as follows (in thousands):



	2018			2017			2016
Interest cost	$	8,085		$	8,622		$	10,320
Expected return on plan assets	(13,797		)	(13,508		)	(14,227		)
Amortization of unrecognized loss	2,630			2,942			2,047
Net periodic pension cost (income)	$	(3,082	)	$	(1,944	)	$	(1,860	)

Schedule of Weighted Average Asset Allocations and Weighted Average Target Allocations

The weighted average asset allocations and weighted average target allocations at December 31, 2018 and 2017 were as follows:



Asset Category	Target Asset Allocation		December 31, 2018		December 31, 2017
Equity securities	15.0	%	13.4	%	14.1	%
Debt securities	65.0	%	71.2	%	77.3	%
Cash	10.0	%	6.1	%	8.6	%
Real estate	10.0	%	9.3	%	—	%
Total	100.0	%	100.0	%	100.0	%

Schedule of Plan Assets Fair Value Hierarchy

The following tables set forth by level, within the fair value hierarchy discussed in Note 11 - Fair Value Measurements, the fair value of assets of the UK Plan as of December 31, 2018 and 2017 (in thousands):



	Assets at Fair Value as of December 31, 2018
Asset Category	Level 1		Level 2		Level 3		Total
Equity and equity like investments	$	—	$	35,425	$	—	$	35,425
Corporate debt securities	—		37,703		98,077		135,780
Government bonds	—		52,445		—		52,445
Cash	16,097		—		—		16,097
Real estate	—		—		24,447		24,447
Total	$	16,097	$	125,573	$	122,524	$	264,194



	Assets at Fair Value as of December 31, 2017
Asset Category	Level 1		Level 2		Level 3		Total
Equity and equity like investments	$	—	$	41,684	$	—	$	41,684
Corporate debt securities	—		69,630		103,945		173,575
Government bonds	—		55,207		—		55,207
Cash	25,502		—		—		25,502
Total	$	25,502	$	166,521	$	103,945	$	295,968

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The table below sets forth a summary of changes in the fair value of the UK Plan’s Level 3 assets for the year ended December 31, 2018 (in thousands):



Level 3 Assets	2018			2017
Start of year balance	$	103,945		$	—
Actual return on plan assets, relating to assets still held at reporting date	(71		)	1,858
Actual return on plan assets, relating to assets sold during the period	216			—
Purchases, sales and settlements, net	25,523			98,633
Change due to exchange rate changes	(7,089		)	3,454
End of year balance	$	122,524		$	103,945

Schedule of Expected Benefit Payments

The following estimated benefit payments are expected to be paid in the following years (in thousands):



	Pension Benefits
2019	$	14,007
2020	$	14,425
2021	$	14,857
2022	$	15,301
2023	$	15,757
Succeeding five years	$	86,141

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The following table shows certain information for the UK Plan where the accumulated benefit obligation is in excess of plan assets as of December 31, 2018 and 2017 (in thousands):



	2018		2017
Projected benefit obligation	$	281,776	$	332,618
Accumulated benefit obligation	$	281,776	$	332,618
Fair value of plan assets	$	264,194	$	295,968

Schedule of Multiemployer Plans

The following table lists all domestic MEPPs to which our contributions exceeded $2.0 million in 2018. Additionally, this table also lists all domestic MEPPs to which we contributed in 2018 in excess of $0.5 million for MEPPs in the critical status, “red zone”, and $1.0 million for MEPPs in the endangered status, “orange or yellow zones”, as defined by the PPA (in thousands):



Pension Fund	EIN/Pension Plan Number		PPA Zone Status ⁽¹⁾		FIP/RP Status	Contributions						Contributions greater than 5% of total plan contributions ⁽²⁾	Expiration date of CBA
Pension Fund	EIN/Pension Plan Number		2018	2017	FIP/RP Status	2018		2017		2016			Expiration date of CBA
National Automatic Sprinkler Industry Pension Fund	52-6054620	001	Red	Red	Implemented	$	14,888	$	14,228	$	11,075	No	March 2019 to June 2022
Plumbers & Pipefitters National Pension Fund	52-6152779	001	Yellow	Yellow	Implemented	11,868		12,550		12,034		No	January 2019 to August 2026
Sheet Metal Workers National Pension Fund	52-6112463	001	Yellow	Yellow	Implemented	10,895		12,895		11,280		No	April 2019 to May 2023
National Electrical Benefit Fund	53-0181657	001	Green	Green	N/A	10,700		11,572		10,328		No	February 2019 to May 2022
Pension, Hospitalization & Benefit Plan of the Electrical Industry-Pension Trust Account	13-6123601	001	Green	Green	N/A	10,469		9,489		9,687		No	April 2019 to November 2021
Central Pension Fund of the IUOE & Participating Employers	36-6052390	001	Green	Green	N/A	6,384		6,070		6,211		No	January 2019 to September 2023
Plumbers Pipefitters & Mechanical Equipment Service Local Union 392 Pension Plan	31-0655223	001	Red	Red	Implemented	6,047		6,084		5,202		Yes	June 2019
Pipefitters Union Local 537 Pension Fund	51-6030859	001	Green	Green	N/A	6,038		4,057		3,970		No	September 2020 to August 2021
Southern California IBEW-NECA Pension Trust Fund	95-6392774	001	Yellow	Red	Implemented	5,754		3,669		3,289		No	June 2019 to May 2020
Sheet Metal Workers Pension Plan of Northern California	51-6115939	001	Red	Red	Implemented	5,488		6,023		5,164		No	June 2019 to June 2021
Electrical Workers Local No. 26 Pension Trust Fund	52-6117919	001	Green	Green	N/A	5,485		4,441		3,390		Yes	May 2019 to July 2021
Electrical Contractors Association of the City of Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Pension Plan 2	51-6030753	002	Green	Green	N/A	4,308		5,537		5,518		No	June 2019



Pension Fund	EIN/Pension Plan Number		PPA Zone Status ⁽¹⁾		FIP/RP Status	Contributions						Contributions greater than 5% of total plan contributions ⁽²⁾	Expiration date of CBA
Pension Fund	EIN/Pension Plan Number		2018	2017	FIP/RP Status	2018		2017		2016			Expiration date of CBA
U.A. Local 393 Pension Trust Fund Defined Benefit	94-6359772	002	Green	Green	N/A	4,298		1,540		2,490		Yes	June 2019 to June 2021
Eighth District Electrical Pension Fund	84-6100393	001	Green	Green	N/A	3,486		3,786		3,444		Yes	February 2019 to May 2022
U.A. Plumbers Local 24 Pension Fund	22-6042823	001	Green	Green	N/A	3,461		3,092		3,147		Yes	April 2020
Edison Pension Plan	93-6061681	001	Green	Green	N/A	3,140		1,628		1,400		No	December 2020
Northern California Pipe Trades Pension Plan	94-3190386	001	Green	Green	N/A	3,104		2,963		6,495		No	June 2019 to June 2021
Southern California Pipe Trades Retirement Fund	51-6108443	001	Green	Green	N/A	3,095		3,907		4,371		No	June 2019 to August 2026
San Diego Electrical Pension Plan	95-6101801	001	Green	Green	N/A	3,008		2,862		2,216		Yes	May 2019 to May 2020
Plumbers & Steamfitters Local 486 Pension Fund	52-6124449	001	Green	Green	N/A	2,720		1,830		1,155		Yes	March 2019 to December 2019
NECA-IBEW Pension Trust Fund	51-6029903	001	Green	Green	N/A	2,650		3,060		3,752		Yes	March 2019 to May 2020
Arizona Pipe Trades Pension Trust Fund	86-6025734	001	Green	Green	N/A	2,640		1,662		681		No	June 2020
Heating, Piping & Refrigeration Pension Fund	52-1058013	001	Green	Green	N/A	2,619		2,437		2,402		No	July 2019
Plumbing & Pipe Fitting Local 219 Pension Fund	34-6682376	001	Red	Red	Implemented	2,197		1,335		838		Yes	May 2019
Connecticut Plumbers & Pipefitters Pension Fund	06-6050353	001	Green	Green	N/A	2,104		1,988		1,631		Yes	June 2021
Sheet Metal Workers Pension Plan of Southern California, Arizona & Nevada	95-6052257	001	Yellow	Yellow	Implemented	1,934		3,268		2,946		No	June 2019 to June 2021
Boilermaker-Blacksmith National Pension Trust	48-6168020	001	Red	Red	Implemented	1,446		1,083		1,710		No	April 2019 to September 2021
Plumbers & Pipefitters Local 162 Pension Fund	31-6125999	001	Yellow	Yellow	Implemented	1,273		801		781		Yes	May 2019
Plumbers & Pipefitters Local Union No. 502 & 633 Pension Fund	61-6078145	001	Yellow	Yellow	Implemented	1,167		801		713		No	July 2019
South Florida Electrical Workers Pension Plan and Trust	59-6230530	001	Red	Red	Implemented	821		503		263		Yes	February 2019 to August 2021
Steamfitters Local Union No. 420 Pension Plan	23-2004424	001	Red	Red	Implemented	706		687		709		No	May 2020
Other Multiemployer Pension Plans						46,036		43,368		39,005			Various
Total Contributions						$	190,229	$	179,216	$	167,297

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(1)	The zone status represents the most recent available information for the respective MEPP, which may be 2017 or earlier for the 2018 year and 2016 or earlier for the 2017 year.

(2)

This information was obtained from the respective plan’s Form 5500 (“Forms”) for the most current available filing. These dates may not correspond with our 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 our 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.