Note 16 - Retirement Plans	12 Months Ended
Dec. 31, 2017
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	16. Retirement Plans : Th e Company ’s retirement plans consist of two 401 (k) plans covering certain non-union employees, two separate 401 (k) plans covering all union employees, a multi-employer pension plan covering certain CTI employees and a supplemental executive retirement plan (SERP) covering certain executive officers of the Company. The 401 (k) retirement plans allow eligible employees to contribute up to the statutory maximum. The Company ’s non-union 401 (k) matching contribution is determined annually by the Board of Directors and is based on a percentage of eligible employees’ earnings and contributions. For the 401 (k) retirement plans, the Company matched one -half of each eligible employee’s contribution, limited to the first 6% of eligible compensation. In 2005, the Board of Directors adopted a SERP, which has been amended from time to time. Contributions to the SERP are based on: (i) a portion of the participants’ compensation multiplied by a factor of 6.5% or 13% depending on participant; and (ii) for certain participants a portion of the participants’ compensation multiplied by a factor which is contingent upon the Company’s return on invested capital. Benefits are subject to a vesting schedule of up to five years. The Company, through its CTI subsidiary, contributes to one multiemployer pension plan – the Plumbing and Heating Wholesalers Retirement Income Plan for the Benefit of the Shopmen’s Division of Pipe Fitters’ Association Local Union 597, EIN 36 - 6511016, Plan Number 001 (the Multiemployer Plan). The risks of participating in the Multiemployer Plan are different from a single-employer plan in that 1 ) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, 2 ) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers, and 3 ) if CTI chooses to stop participating in the Multiemployer Plan, CTI may be required to pay the plan an amount based on the unfunded status of the plan, referred to as a withdrawal liability. The most recent Pension Protection Act zone status available is for the plan year beginning January 1, 201 7, and the Multiemployer Plan’s actuary has certified that the Multiemployer Plan is neither in critical status nor endangered status and that it is in the green zone. The green zone status is based on information that CTI received from the Multiemployer Plan and is certified by the Multiemployer Plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded. CTI contributes to th e Multiemployer Plan under the terms of a collective bargaining agreement that covers certain of its union employees, and which expires May 31, 2020. CTI contributions to the Multiemployer Plan were immaterial for the years ended December 31, 2017 and 2016. Retirement plan expense, which includes all Company 401 (k), SERP defined contributions and the Multiemployer Plan, amounted to $2.6 million, $2.2 million and $2.0 million for the years ended December 31, 2017, 2016 and 2015, respectively. The fair values of the Company's SERP assets as of December 31, 2017 were $6.5 million and are measured at Net Asset Value (NAV) as a practical expedient to estimate fair value and therefore are not classified in the fair value hierarchy. Under the practical expedient approach, the NAV is based on the fair value of the underlying investments held by each fund less its liabilities. This practical expedient would not be used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. The fair value of the SERP assets are included in Other Long Term Assets on the consolidated Balance Sheets.

16.

Retirement Plans

e Company

’s retirement plans consist of

two

401

(k) plans covering certain non-union employees,

two

separate

401

(k) plans covering all union employees, a multi-employer pension plan covering certain CTI employees and a supplemental executive retirement plan (SERP) covering certain executive officers of the Company.

The

401

(k) retirement plans allow eligible employees to contribute up to the statutory maximum. The Company

’s non-union

401

(k) matching contribution is determined annually by the Board of Directors and is based on a percentage of eligible employees’ earnings and contributions. For the

401

(k) retirement plans, the Company matched

one

-half of each eligible employee’s contribution, limited to the

first

of eligible compensation.

2005,

the Board of Directors adopted

a SERP, which has been amended from time to time. Contributions to the SERP are based on: (i) a portion of the participants’ compensation multiplied by a factor of

6.5%

13%

depending on participant; and (ii) for certain participants a portion of the participants’ compensation multiplied by a factor which is contingent upon the Company’s return on invested capital. Benefits are subject to a vesting schedule of up to

five

years.

The Company, through its CTI

subsidiary, contributes to

one

multiemployer pension plan – the Plumbing and Heating Wholesalers Retirement Income Plan for the Benefit of the Shopmen’s Division of Pipe Fitters’ Association Local Union

597,

EIN

6511016,

Plan Number

001

(the Multiemployer Plan). The risks of participating in the Multiemployer Plan are different from a single-employer plan in that

) 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, and

) if CTI chooses to stop participating in the Multiemployer Plan, CTI

may

be required to pay the plan an amount based on the unfunded status of the plan, referred to as a withdrawal liability.

The most recent Pension Protection Act zone status available is for the plan year beginning

January 1,

201

and the Multiemployer Plan’s actuary has certified that the Multiemployer Plan is neither in critical status nor endangered status and that it is in the green zone. The green zone status is based on information that CTI received from the Multiemployer Plan and is certified by the Multiemployer Plan’s actuary. Among other factors, plans in the green zone are at least

percent funded.

CTI contributes to th

e Multiemployer Plan under the terms of a collective bargaining agreement that covers certain of its union employees, and which expires

May 31, 2020.

CTI contributions to the Multiemployer Plan were immaterial for the years ended

December 31, 2017

and

2016.

Retirement plan expense, which includes all Company

401

(k), SERP

defined contributions and the Multiemployer Plan, amounted to

$2.6

million,

$2.2

million and

$2.0

million for the years ended

December 31, 2017,

2016

and

2015,

respectively.

The fair values of the Company's SERP assets as of

December 31, 2017

were

$6.5

million and are measured at Net Asset Value (NAV) as a practical expedient to estimate fair value and therefore are

not

classified in the fair value hierarchy. Under the practical expedient approach, the NAV is based on the fair value of the underlying investments held by each fund less its liabilities. This practical expedient would

not

be used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. The fair value of the SERP assets are included in Other Long Term Assets on the consolidated Balance Sheets.