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RETIREMENT BENEFIT PLANS | 12 Months Ended
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Jan. 03, 2015
RETIREMENT BENEFIT PLANS [Abstract] |
RETIREMENT BENEFIT PLANS | 10. Retirement Benefit Plans The Company has non-contributory defined benefit pension plans covering most U.S. employees. Plan benefits are generally based upon age at retirement, years of service and, for its salaried plan, the level of compensation. The Company also sponsors unfunded non-qualified supplemental retirement plans that provide certain current and former officers with benefits in excess of limits imposed by federal tax law. The Company also provides health care and life insurance for retired salaried employees in the United States who meet specific eligibility requirements. Components of the net periodic benefit cost of the Company’s pension benefit plans were as follows:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Service cost |  | $ | 2,837,134 |  |  | $ | 3,028,863 |  |  | $ | 2,642,373 |
Interest cost |  |  | 3,365,194 |  |  |  | 2,840,622 |  |  |  | 2,868,528 |
Expected return on plan assets |  |  | (4,810,524 | ) |  |  | (4,827,393 | ) |  |  | (3,930,988 | )
Amortization of prior service cost |  |  | 218,585 |  |  |  | 256,459 |  |  |  | 221,049 |
Amortization of the net loss |  |  | 944,130 |  |  |  | 1,844,139 |  |  |  | 1,111,900 |
Net periodic benefit cost |  | $ | 2,554,519 |  |  | $ | 3,142,690 |  |  | $ | 2,912,862 |
Assumptions used to determine net periodic benefit cost for the Company’s pension benefit plans for the fiscal year indicated were as follows:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Discount rate |  |  | 4.80 | % |  |  | 3.90 | % |  |  | 4.55 | %
Expected return on plan assets |  |  | 8.0 | % |  |  | 8.0 | % |  |  | 8.0 | %
Rate of compensation increase |  |  | 3.25 | % |  |  | 3.25 | % |  |  | 3.25 | %
Components of the net periodic benefit cost of the Company’s postretirement benefit plan were as follows:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Service cost |  | $ | 173,902 |  |  | $ | 202,568 |  |  | $ | 173,613 |
Interest cost |  |  | 157,481 |  |  |  | 142,086 |  |  |  | 143,388 |
Expected return on plan assets |  |  | (22,434 | ) |  |  | (73,920 | ) |  |  | (46,255 | )
Amortization of prior service cost |  |  | (23,888 | ) |  |  | (23,888 | ) |  |  | (23,889 | )
Amortization of the net loss |  |  | (72,378 | ) |  |  | (4,608 | ) |  |  | (50,784 | )
Net periodic benefit cost |  | $ | 212,683 |  |  | $ | 242,238 |  |  | $ | 196,073 |
Assumptions used to determine net periodic benefit cost for the Company’s postretirement plan for the fiscal year indicated were as follows:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Discount rate |  |  | 4.80 | % |  |  | 3.90 | % |  |  | 4.55 | %
Expected return on plan assets |  |  | 8.0 | % |  |  | 8.0 | % |  |  | 8.0 | %
As of January 3, 2015 and December 28, 2013, the status of the Company’s pension benefit plans and postretirement benefit plan was as follows:
|  | Pension Benefit |  |  | Postretirement Benefit |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Benefit obligation at beginning of year |  | $ | 71,211,198 |  |  | $ | 74,825,969 |  |  | $ | 3,420,475 |  |  | $ | 3,712,505 |
Change due to availability of final actual assets and census data |  |  | — |  |  |  | — |  |  |  | (56,516 | ) |  |  | — |
Plan amendment |  |  | — |  |  |  | 132,378 |  |  |  | — |  |  |  | — |
Service cost |  |  | 2,837,134 |  |  |  | 3,028,863 |  |  |  | 173,902 |  |  |  | 202,568 |
Interest cost |  |  | 3,365,194 |  |  |  | 2,840,622 |  |  |  | 157,481 |  |  |  | 142,086 |
Actuarial (gain)/loss |  |  | 15,697,087 |  |  |  | (7,187,997 | ) |  |  | 497,488 |  |  |  | (498,446 | )
Benefits paid |  |  | (2,593,691 | ) |  |  | (2,428,637 | ) |  |  | (137,718 | ) |  |  | (138,238 | )
Benefit obligation at end of year |  | $ | 90,516,922 |  |  | $ | 71,211,198 |  |  | $ | 4,055,112 |  |  | $ | 3,420,475 |
|  | Pension Benefit |  |  | Postretirement Benefit |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Fair value of plan assets at beginning of year |  | $ | 60,350,987 |  |  | $ | 54,644,608 |  |  | $ | 1,187,603 |  |  | $ | 1,204,779 |
Change due to availability of final actual assets and census data |  |  | — |  |  |  | — |  |  |  | (2,451 | ) |  |  | 12,577 |
Actual return on plan assets |  |  | 3,731,262 |  |  |  | 4,880,381 |  |  |  | 22,434 |  |  |  | 73,920 |
Employer contributions |  |  | 2,863,552 |  |  |  | 3,254,635 |  |  |  | 79,336 |  |  |  | 34,565 |
Benefits paid |  |  | (2,593,691 | ) |  |  | (2,428,637 | ) |  |  | (137,718 | ) |  |  | (138,238 | )
Fair value of plan assets at end of year |  | $ | 64,352,110 |  |  | $ | 60,350,987 |  |  | $ | 1,149,204 |  |  | $ | 1,187,603 |
| Pension Benefit |  | Postretirement Benefit |
Funded Status | 2014 |  | 2013 |  | 2014 |  | 2013 |
Net amount recognized in the balance sheet |  | $ | (26,164,812 | ) |  | $ | (10,860,211 | ) |  | $ | (2,905,908 | ) |  | $ | (2,232,872 | )
Amounts recognized in accumulated other comprehensive income consist of:
| Pension Benefit |  | Postretirement Benefit |
| 2014 |  | 2013 |  | 2014 |  | 2013 |
Net loss |  | $ | (35,093,871 | ) |  | $ | (19,261,651 | ) |  | $ | (630,853 | ) |  | $ | (115,052 | )
Prior service (cost) credit |  |  | (595,270 | ) |  |  | (813,855 | ) |  |  | 87,620 |  |  |  | 111,508 |
|  | $ | (35,689,141 | ) |  | $ | (20,075,506 | ) |  | $ | (543,233 | ) |  | $ | (3,544 | )
Change in the components of accumulated other comprehensive income consist of:
|  | Pension Benefit |  |  | Postretirement Benefit |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Balance at beginning of period |  | $ | (20,075,506 | ) |  | $ | (29,284,712 | ) |  | $ | (3,544 | ) |  | $ | (486,071 | )
Change due to availability of final actual assets and census data |  |  | — |  |  |  | — |  |  |  | 54,065 |  |  |  | 12,577 |
Charged to net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | 218,585 |  |  |  | 256,459 |  |  |  | (23,888 | ) |  |  | (23,888 | )
Net loss (gain) |  |  | 944,130 |  |  |  | 1,844,139 |  |  |  | (72,378 | ) |  |  | (4,608 | )
Other changes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liability (gains)/losses |  |  | (16,776,350 | ) |  |  | 7,108,608 |  |  |  | (497,488 | ) |  |  | 498,446 |
Balance at end of period |  | $ | (35,689,141 | ) |  | $ | (20,075,506 | ) |  | $ | (543,233 | ) |  | $ | (3,544 | )
In 2015, the net periodic pension benefit cost will include $2,011,179 of net loss and $218,585 of prior service cost and the net periodic postretirement benefit cost will include $19,426 of net gain and $23,888 of prior service credit. Assumptions used to determine the projected benefit obligations for the Company’s pension benefit plans and postretirement benefit plan for the fiscal year indicated were as follows:
|  | 2014 |  |  | 2013 |
Discount rate |  |  | 3.90 | % |  |  | 4.80 | %
Expected return on plan assets |  |  | 8.0 | % |  |  | 8.0 | %
Rate of compensation increase |  |  | 3.25 | % |  |  | 3.25 | %
In 2014 and 2013, the accumulated benefit obligation for all qualified and nonqualified defined benefit pension plans was $84,714,136 and $71,403,778, respectively. Information for the under-funded pension plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets:
|  | 2014 |  |  | 2013 |
Number of plans |  |  | 6 |  |  |  | 5 | *
Projected benefit obligation |  | $ | 90,516,922 |  |  | $ | 68,781,752 |
Accumulated benefit obligation |  |  | 84,714,136 |  |  |  | 68,974,332 |
Fair value of plan assets |  |  | 64,352,110 |  |  |  | 57,850,937 |
Net amount recognized in accrued benefit liability |  |  | (26,164,812 | ) |  |  | (10,930,815 | )
* Information relating to one of the Company’s pension plans is excluded from the above table as this plan was over-funded by approximately $70,000 at December 28, 2013. Estimated future benefit payments to participants of the Company’s pension plans are $3.1 million in 2015, $3.4 million in 2016, $3.5 million in 2017, $3.8 million in 2018, $4.1 million in 2019 and a total of $24.6 million from 2020 through 2024. Estimated future benefit payments to participants of the Company’s postretirement plan are $175,000 in 2015, $188,000 in 2016, $197,000 in 2017, $207,000 in 2018, $220,000 in 2019 and a total of $1,259,000 from 2020 through 2024. The Company expects to make cash contributions to its qualified pension plans of approximately $3.0 million and to its postretirement plan of approximately $150,000 in 2015. We consider a number of factors in determining and selecting assumptions for the overall expected long-term rate of return on plan assets. We consider the historical long-term return experience of our assets, the current and expected allocation of our plan assets, and expected long-term rates of return. We derive these expected long-term rates of return with the assistance of our investment advisors and generally base these rates on a 10-year horizon for various asset classes and consider the expected positive impact of active investment management. We base our expected allocation of plan assets on a diversified portfolio consisting of domestic and international equity securities and fixed income securities. We consider a variety of factors in determining and selecting our assumptions for the discount rate at the end of the year. We develop a single equivalent discount rate derived with the assistance of our actuaries by matching expected future benefit payments in each year to the corresponding spot rates from the Citigroup Pension Liability Yield Curve, comprised of high quality (rated AA or better) corporate bonds. The fair values of the company’s pension plans assets at January 3, 2015 and December 28, 2013, utilizing the fair value hierarchy discussed in Note 2, follow:
|  | January 3, 2015 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and Equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds |  | $ | — |  |  | $ | 1,201,073 |  |  | $ | — |  |  | $ | 1,201,073 |
Equities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Eastern Company Common Stock |  |  | 3,473,938 |  |  |  | — |  |  |  | — |  |  |  | 3,473,938 |
Common/collective trust funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Large Cap (a) |  |  | — |  |  |  | 6,936,880 |  |  |  | — |  |  |  | 6,936,880 |
U.S. Small Cap (b) |  |  | — |  |  |  | 4,632,485 |  |  |  | — |  |  |  | 4,632,485 |
Concentrated Equity (c) |  |  | — |  |  |  | 5,788,864 |  |  |  | — |  |  |  | 5,788,864 |
International Large Cap with Active Currency (d) |  |  | — |  |  |  | 7,606,489 |  |  |  | — |  |  |  | 7,606,489 |
Emerging Market (e) |  |  | — |  |  |  | 3,188,672 |  |  |  | — |  |  |  | 3,188,672 |
|  | January 3, 2015 |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds |  |  |  |  |  |  |  |  |  |  |  |  |
Intermediate Bond (f) |  |  | — |  |  | 17,013,171 |  |  | — |  |  | 17,013,171 |
Target Duration LDI Fixed Income Funds (g) |  |  |  |  |  |  |  |  |  |  |  |  |
· 6 Year LDI Fund |  |  | — |  |  | 226,826 |  |  | — |  |  | 226,826 |
· 8 Year LDI Fund |  |  | — |  |  | 227,960 |  |  | — |  |  | 227,960 |
· 10 Year LDI Fund |  |  | — |  |  | 343,712 |  |  | — |  |  | 343,712 |
· 12 Year LDI Fund |  |  | — |  |  | 919,538 |  |  | — |  |  | 919,538 |
· 14 Year LDI Fund |  |  | — |  |  | 1,212,739 |  |  | — |  |  | 1,212,739 |
· 16 Year LDI Fund |  |  | — |  |  | 520,522 |  |  | — |  |  | 520,522 |
Long Duration Fixed Credit (h) |  |  | — |  |  | 8,112,746 |  |  | — |  |  | 8,112,746 |
Insurance contracts |  |  | — |  |  | 2,946,495 |  |  | — |  |  | 2,946,495 |
Total |  | $ | 3,473,938 |  | $ | 60,878,172 |  | $ | — |  | $ | 64,352,110 |
|  | December 28, 2013 |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Cash and Equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds |  | $ | — |  | $ | 204,874 |  | $ | — |  | $ | 204,874 |
Equities: |  |  |  |  |  |  |  |  |  |  |  |  |
The Eastern Company Common Stock |  |  | 3,082,494 |  |  | — |  |  | — |  |  | 3,082,494 |
Common/collective trust funds |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Large Cap |  |  | — |  |  | 6,643,640 |  |  | — |  |  | 6,643,640 |
U.S. Small Cap |  |  | — |  |  | 4,485,040 |  |  | — |  |  | 4,485,040 |
Concentrated Equity |  |  | — |  |  | 5,578,600 |  |  | — |  |  | 5,578,600 |
International Large Cap with Active Currency |  |  | — |  |  | 7,788,246 |  |  | — |  |  | 7,788,246 |
Emerging Market |  |  | — |  |  | 3,231,355 |  |  | — |  |  | 3,231,355 |
Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds |  |  |  |  |  |  |  |  |  |  |  |  |
Intermediate Bond |  |  | — |  |  | 15,817,474 |  |  | — |  |  | 15,817,474 |
Target Duration LDI Fixed Income Funds |  |  |  |  |  |  |  |  |  |  |  |  |
· 6 Year LDI Fund |  |  | — |  |  | 211,661 |  |  | — |  |  | 211,661 |
· 8 Year LDI Fund |  |  | — |  |  | 211,101 |  |  | — |  |  | 211,101 |
· 10 Year LDI Fund |  |  | — |  |  | 316,556 |  |  | — |  |  | 316,556 |
· 12 Year LDI Fund |  |  | — |  |  | 845,278 |  |  | — |  |  | 845,278 |
· 14 Year LDI Fund |  |  | — |  |  | 1,108,960 |  |  | — |  |  | 1,108,960 |
· 16 Year LDI Fund |  |  | — |  |  | 475,035 |  |  | — |  |  | 475,035 |
Long Duration Fixed Credit |  |  | — |  |  | 7,363,673 |  |  | — |  |  | 7,363,673 |
Insurance contracts |  |  | — |  |  | 2,987,000 |  |  | — |  |  | 2,987,000 |
Total |  | $ | 3,082,494 |  | $ | 57,268,493 |  | $ | — |  | $ | 60,350,987 |
Equity common funds primarily hold publicly traded common stock of both U.S and international companies selected for purposes of total return and to maintain equity exposure consistent with policy allocations. The level 1 investment is made up of shares of The Eastern Company Common Stock and is valued at market price. Level 2 investments include commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying publicly traded securities.
(a) | The investment objective of the large cap fund is to outperform the Russell 1000® Index. The fund is designed to provide for long-term growth of capital by utilizing a diversified group of quantitative investment strategies that seek to identify securities that have exposure to factors that the underlying advisors’ research has found to be predictive of future excess returns. The advisors’ portfolios are quantitatively structured to gain exposure to these predictive characteristics while minimizing unintended risk exposures.
(b) | The small cap fund has an objective to outperform the Russell 2500® Index The fund is designed to achieve consistency by combining advisors whose complementary disciplined processes employ distinct methods for identifying small capitalization U.S. stocks with strong return potential. Advisors in the fund use a wide range of criteria and disciplines in their stock selection, focusing on factors such as: undervalued or under-researched companies, special situations, emerging growth, asset plays or turnarounds.
(c) | The investment objective of the concentrated equity fund is to outperform the Russell 1000® Index. The fund is designed to achieve this by combining strategies with different payoffs over different phases of an economic and stock market cycle. To help achieve this objective, multiple advisors and strategies are employed to reduce “scenario risk.” These multiple strategies are in the form of multiple investment styles (e.g., growth, market oriented, and value), multiple sub-styles, and different ways of identifying undervalued securities.
(d) | The international fund with active currency has an investment objective of outperforming the Russell Development ex-U.S. Large Cap Index Net. The fund is designed to provide the potential for long-term growth of capital by utilizing a diversified group of investment advisors that the Trustee’s manager’s research indicates will outperform over a full market cycle. The investment advisors’ portfolios are combined to form a fund that emphasizes their strengths while minimizing unintended risk exposures.
(e) | The emerging market fund seeks to outperform the Russell Emerging Markets Index Net. The fund is designed to provide the potential for long-term growth of capital by utilizing a diversified market group of investment advisors that the Trustee’s manager’s research indicates will outperform over a full market cycle. The investment advisors’ portfolios are combined to form a fund that emphasizes their strengths while minimizing unintended risk exposures.
All equity funds have an objective to beat their respective indices with above-average consistency while maintaining volatility and diversification similar to the index they are being compared to over a full market cycle. Fixed income common funds primarily hold government and corporate debt securities selected for purposes of total return and managing fixed income exposure to policy allocations. Investments include fixed commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying publicly traded securities.
(f) | Fixed income common fund investments have an investment objective of outperforming the Barclays Capital U.S. Aggregate Bond Index over a full market cycle. The fund is designed to provide current income, and as a secondary objective, capital appreciation through a variety of diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds. The portfolio diversification provides protection against a single security or class of securities having a disproportionate impact on aggregate performance. To help achieve the objective, the fund is actively managed by multiple advisors who use a variety of investment strategies to create a broad market exposure. The fund’s advisors have distinct but complementary investment styles. These advisors generally have similar universes of investable securities but have different areas of specialization and expertise within intermediate duration securities.
(g) | The Target Duration LDI Fixed Income Funds seek to outperform their respective Barclays-Russell LDI Indexes over a full market cycle. These Funds seek to provide current income, and as a secondary objective, capital appreciation through diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds. The Funds will generally be used in combination with other bond funds to enable the plans to gain additional credit exposure within their asset portfolio, with the goal of reducing the mismatch between a plan’s assets and liabilities.
(h) | The long duration fixed credit fund seeks to outperform the Barclays Capital Long Credit Index over a full market cycle. The fund seeks to provide current income, and as a secondary objective, capital appreciation through diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds. The fund will generally be used in combination with other bond funds, with the goal of reducing the mismatch between a plan’s assets and liabilities.
The investment portfolio contains a diversified blend of common stocks, bonds, cash equivalents, and other investments, which may reflect varying rates of return. The investments are further diversified within each asset classification. The portfolio diversification provides protection against a single security or class of securities having a disproportionate impact on aggregate performance. The Company has elected to change its investment strategy to better match the assets with the underlying plan liabilities. Currently, the long-term target allocations for plan assets are 50% in equities and 50% in fixed income although the actual plan asset allocations may be within a range around these targets. The actual asset allocations are reviewed and rebalanced on a periodic basis to maintain the target allocations. It is expected that, as the funded status of the plans improves, more assets will be invested in long-duration fixed income instruments. The plans’ assets include 202,562 and 193,624 shares of the common stock of the Company having a market value of $3,473,938 and $3,082,494 at January 3, 2015 and December 28, 2013, respectively. During 2014, The Salaried Pension Plan purchased 8,938 shares of common stock at a cost of $146,712. No shares were sold in this period. No shares were purchased or sold in 2013. Dividends received during 2014 and 2013 on the common stock of the Company were $93,507 and $81,322 respectively. The fair values of the Company’s postretirement plan assets at January 3, 2015 and December 28, 2013, utilizing the fair value hierarchy discussed in Note 2, follow:
| January 3, 2015 |
| Level 1 |  | Level 2 |  | Level 3 |  | Total |
Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts |  | $ | — |  |  | $ | — |  |  | $ | 1,149,204 |  |  | $ | 1,149,204 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 1,149,204 |  |  | $ | 1,149,204 |
| December 28, 2013 |
| Level 1 |  | Level 2 |  | Level 3 |  | Total |
Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts |  | $ | — |  |  | $ | — |  |  | $ | 1,187,603 |  |  | $ | 1,187,603 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 1,187,603 |  |  | $ | 1,187,603 |
The level 3 asset consists of an insurance contract with The Prudential Life Insurance Company of America. It is designed to provide life insurance benefits for eligible retirees of the Company. The contract is valued annually by the insurance company, based on activity in the account. An analysis of the Level 3 asset of the Company’s postretirement plan is as follows:
|  | 2014 |  |  | 2013 |
Fair value of Level 3 assets at beginning of year |  | $ | 1,187,603 |  |  | $ | 1,204,779 |
Change due to availability of final actual assets and census data |  |  | (2,451 | ) |  |  | 12,577 |
Actual return on plan assets |  |  | 22,434 |  |  |  | 46,013 |
Employer contributions |  |  | 19,639 |  |  |  | — |
Benefits paid |  |  | (78,021 | ) |  |  | (75,766 | )
Fair value of Level 3 assets at end of year |  | $ | 1,149,204 |  |  | $ | 1,187,603 |
The Level 3 assets described above are the only assets of the postretirement plan, and thus have no impact on any Level 1 or Level 2 assets. For measurement purposes relating to the postretirement benefit plan, the life insurance cost trend rate is 1%. The health care cost trend rate for participants retiring after January 1, 1991 is nil; no increase in that rate is expected because of caps placed on benefits. The health care cost trend rate is expected to remain at 4.5% for participants after the year 2000. A one-percentage-point change in assumed health care cost trend rates would have the following effects on the postretirement benefit plan:
| 1-Percentage Point |
| Increase |  | Decrease |
Effect on total of service and interest cost components |  | $ | 55,785 |  |  | $ | (45,328 | )
Effect on postretirement benefit obligation |  | $ | 645,868 |  |  | $ | (52,432 | )
U.S. salaried employees and most employees of the Company’s Canadian subsidiaries are covered by defined contribution plans. The Company has a contributory savings plan under Section 401(k) of the Internal Revenue Code covering substantially all U.S. non-union employees. The plan allows participants to make voluntary contributions of up to 100% of their annual compensation on a pretax basis, subject to IRS limitations. The plan provides for contributions by the Company at its discretion. The Company made contributions of $186,545 in 2014, $194,068 in 2013, and $187,531in 2012.

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