Multiemployer Plans

12 Months Ended

Dec. 31, 2024

Multiemployer Plans

Multiemployer Plans

Note 14 — Multiemployer Plans

Union Plans—Various subsidiaries are signatories to collective bargaining agreements. These agreements require that we participate in and contribute to a number of multiemployer benefit plans for our union employees at rates determined by the agreements. The trustees for each multiemployer plan determine the eligibility and allocations of contributions and benefit amounts, determine the types of benefits and administer the plan.

We contributed $62.9 million, $62.2 million, and $46.2 million, to multiemployer pension plans for the years ended December 31, 2024, 2023 and 2022, respectively. These costs were charged to the related construction contracts in process.

The financial risks of participating in multiemployer plans are different from single-employer plans in the following respects:

● Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.

● If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

● If a participating employer chooses to stop participating in the plan, a withdrawal liability may be created based on the unfunded vested benefits for all employees in the plan.

Under U.S. legislation regarding multiemployer pension plans, an employer is required to pay an amount that represents its proportionate share of a plan’s unfunded vested benefits in the event of withdrawal from a plan or upon plan termination.

We participate in a number of multiemployer pension plans, and our potential withdrawal obligation may be significant. Any withdrawal liability would be recorded when it is probable that a liability exists and can be reasonably estimated, in accordance with GAAP. We have no plans to withdraw from any labor agreements.

During the last three years, we made annual contributions to 46 pension plans. Based upon the most recent and available plan financial information, we made contributions to the Construction Laborers Pension Trust for Southern California, the Southern California Pipe Trades Trust Funds, the Minnesota Laborers Pension Fund, and the Pipeline Industry Benefit Fund that represented more than 5% of the plan’s total contributions. None of the other significant pension plans we contributed to below listed us in the plan’s Form 5500 as providing more than 5% of the plan’s total contributions during the years ended December 31, 2024, 2023 and 2022.

Our participation in significant plans for the years ended December 31, 2024, 2023 and 2022 is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three digit plan number. The “Zone Status” is based on the latest information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that require a payment of a surcharge in excess of regular contributions. The next column lists the expiration date of our collective bargaining agreement related to the plan.

Collective

FIP/RP

Bargaining

EIN /

Pension Protection Act

Status

Agreement

Contributions of the Company

Pension Plan

Zone Status

Pending /

Surcharge

Expiration

(In Thousands)

Pension Fund Name

Number

2024

2023

Implemented

Imposed

Date

2024

2023

2022

National Electric Annuity Plan (1)

52-6132372/001

N/A

N/A

N/A

N/A

N/A

$

12,416

$

7,805

$

1,752

Central Pension Fund of the International Union of Operating Engineers and Participating Employers

36-6052390/001

Green as of January 31, 2024

Green as of January 31, 2023

No

No

6/4/2026

7,496

6,150

5,592

Construction Laborers Pension Trust for Southern California

43-6159056/001

Green as of December 31, 2023

Green as of December 31, 2022

No

No

6/30/2026

6,355

5,162

3,595

Southern California Pipe Trades Trust Funds

51-6108443/001

Green as of December 31, 2023

Green as of December 31, 2022

No

No

8/31/2026

4,821

4,290

3,268

Laborers Pension Trust Fund for Northern California

94-6277608/001

Green as of May 31, 2023

Green as of May 31, 2023

No

No

6/30/2027

4,525

5,198

3,699

Minnesota Laborers Pension Fund

41-6159599/001

Green as of December 31, 2023

Green as of December 31, 2022

No

No

6/1/2025

3,869

3,579

3,749

Operating Engineer Trust Funds

95-6032478/001

Green as of June 30, 2023

Yellow as of June 30, 2023

No

No

6/30/2025

3,652

4,856

1,973

Pipeline Industry Benefit Fund

73-6146433/001

Green as of December 31, 2023

Green as of December 31, 2022

No

No

6/1/2026

3,353

4,363

495

Laborers International Union of North America National Pension Fund

52-6074345/001

Green as of December 31, 2023

Green as of December 31, 2022

No

No

6/1/2025

3,109

2,000

2,534

United Association National Pension Fund Formerly Plumbers & Pipefitters National Pension Fund

52-6152779

Green as of June 30, 2023

Green as of June 30, 2022

No

No

6/4/2026

2,251

2,358

2,847

Contributions to significant plans

51,847

45,761

29,504

Contributions to other multiemployer plans

11,089

16,474

16,659

Total contributions made

$

62,936

$

62,235

$

46,163

(1) This plan is a defined contribution multiemployer pension plan and therefore, PPA zone status, funding status, surcharge, and collective bargaining agreement disclosures are not applicable.