Note 14. Multiemployer Plans We are participants in various multiemployer defined benefit pension plans under the terms of collective bargaining agreements covering our union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: | a. | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers |
| b. | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be required to be assumed by the remaining participating employers. |
| c. | If we choose to stop participating in any of our multiemployer plans, we may be required to pay those plans a withdrawal amount based on the underfunded status of the plan, referred to as a withdrawal liability. |
The following are the multiemployer plans providing pension benefits in which we participate: | A. | IUOE Local 302 & 612 Construct – WA State |
| B. | Iron Workers Union Security Funds |
| C. | Excavators Union Local 731 Pension Fund |
| D. | California Ironworkers Field Pension Fund |
| E. | Teamsters Local 282 Pension Trust Fund |
| F. | Iron Workers TN Local 384 Pension Fund |
| G. | Ironworkers of Tennessee Local 492 |
| H. | CT Ironworkers Pension Plan Local 424 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension | | Pension | | | | 2025 | | 2024 | | 2023 | | | | | | | | | Protection Act | | Protection Act | | FIP/RP Status | | Contributions | | Contributions | | Contributions | | Expiration | | | EIN/ Pension | | Latest 5500 | | Zone Status - | | Zone Status - | | Pending / | | (Amounts in | | (Amounts in | | (Amounts in | Surcharge | Date of | Plan | | Plan # | | Year Ending | | 2025 (a) | | 2024 (a) | | Implemented (b) | | thousands) | | thousands) | | thousands) | Imposed | CBA | A | | 91-6028571 | | 12/31/2025 | | G | | G | | No | | $ | 119 | | $ | 47 | | $ | 360 | No | 5/31/2026 | B | | 51-6102576 | | 12/31/2025 | | G | | G | | FIP Implemented | | | 1,673 | | | 2,803 | | | 2,597 | No | 6/30/2026 | C | | 13-1809825 | | 12/31/2025 | | G | | G | | No | | | 829 | | | 848 | | | 811 | No | 4/30/2026 | D | | 95-6042866 | | 5/31/2025 | | G | | G | | No | | | 336 | | | 173 | | | 126 | No | 12/31/2026 | E | | 11-6245313 | | 12/31/2025 | | G | | G | | No | | | 400 | | | 218 | | | 248 | No | 6/30/2026 | F | | 62-6098036 | | 4/30/2025 | | G | | G | | No | | | 155 | | | 36 | | | — | No | 4/30/2026 | G | | 62-6098036 | | 12/31/2025 | | G | | G | | No | | | 151 | | | 10 | | | — | No | 4/30/2026 | H | | 06-6077019 | | 7/1/2025 | | R | | R | | No | | | 202 | | | 637 | | | 369 | No | 6/30/2026 | | | All other plans | | | | | | | | | | | 561 | | | 1,180 | | | 1,841 | | Various | | | | | | | | | | | | | $ | 4,426 | | $ | 5,952 | | $ | 6,352 | | |
We did not contribute or participate as a signatory in any multiemployer plans prior to our acquisition of American Bridge in 2020. | (a) | The most recent Pension Protection Act zone status available is as of the plans’ year end. The zone status (as defined by the Pension Protection Act) represents the level at which the plan is funded. Plans in the red zone (R) are less than 65% funded; plans in the yellow zone (Y) are more than 65% funded, but less than 80% funded; plans in the green zone (G) are at least 80% funded. A multiemployer defined benefit pension plan that has been certified in the yellow or red zone may begin to levy a statutory surcharge on contribution rates. Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter. Contributing employers may eliminate the surcharge by entering into a collective bargaining agreement that meets the requirements of the applicable Funding Improvement Plan (FIP) or Rehabilitation Plan (RP). We were not required to pay any surcharges to any plans in 2021 or 2020. |
| (b) | The “FIP/RP Status Pending/Implemented” column indicates plans for which a FIP or RP is either pending or has been implemented. |
Such plans are administered through the unions involved. Under U.S. legislation regarding such pension plans, a company is required to continue funding its proportionate share of a plan’s unfunded vested benefits, if any, in the event of a withdrawal from a plan or plan termination. We have no present intention of withdrawing from any of these plans, and we have not been informed that there is any intention to terminate such plans. In addition to the aforementioned plans, we contribute to various multiemployer defined contribution plans. Total contributions to these plans during the years ended December 31, 2025, December 31, 2024, and December 31, 2023, were approximately $3.5 million, $4.9 million and $4.7 million, respectively. We also contribute to various multiemployer health and welfare plans. Total contributions for the years ended December 31, 2025, December 31, 2024, December 31, 2023, were $5.6 million, $7.0 million and $7.2 million, respectively. Contributions made to multiemployer plans covered by a project labor agreement, which do not require us to become signatory to the unions, have not been included in the aforementioned amounts as the risk is limited to contributions on the applicable project.
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