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Note 18 - Retirement Plans
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Pension and Other Postretirement Benefits Disclosure [Text Block]
18.
     
Retirement Plans
:
 
The Company’s retirement plans consist of
401
(k) plans covering union and non-union employees, a multi-employer pension plan covering certain CTI employees and a 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 a multiemployer pension plan. CTI contributes to the 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, 2019
and
2018.
 
Retirement plan expense, which includes all Company
401
(k), SERP defined contributions and the Multiemployer Plan, amounted to
$3.0
million,
$3.2
million and
$2.6
million for the years ended
December 31, 2019,
2018
and
2017,
respectively.
 
The fair values of the Company's SERP assets as of
December 31, 2019
were
$4.9
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.