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RETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
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Jan. 02, 2021
RETIREMENT BENEFIT PLANS |
Schedule of Pension benefit plans and other postretirement benefit plan |
|  | Pension Benefit |  |  | Other Postretirement Benefit |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Benefit obligation at beginning of year |  | $ | 102,991,053 |  |  | $ | 91,533,200 |  |  | $ | 1,566,019 |  |  | $ | 2,096,761 |
Change in discount rate |  |  | 10,606,709 |  |  |  | 12,313,831 |  |  |  | 218,000 |  |  |  | 239,138 |
Service cost |  |  | 1,065,739 |  |  |  | 1,055,410 |  |  |  | 43,418 |  |  |  | 33,287 |
Interest cost |  |  | 2,856,569 |  |  |  | 3,516,318 |  |  |  | 46,668 |  |  |  | 56,755 |
Actuarial (gain)/loss |  |  | (1,786,595 | ) |  |  | (1,508,935 | ) |  |  | 32,282 |  |  |  | 77,813 |
Significant Event |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (902,719 | )
Benefits paid |  |  | (4,183,750 | ) |  |  | (3,918,781 | ) |  |  | (14,654 | ) |  |  | (35,016 | )
Benefit obligation at end of year |  | $ | 111,549,725 |  |  | $ | 102,991,043 |  |  | $ | 1,827,169 |  |  | $ | 1,566,019 |
Schedule of Fair value of plan assets |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Fair value of plan assets at beginning of year |  | $ | 74,359,558 |  |  | $ | 66,170,875 |  |  | $ | 558,873 |  |  | $ | 1,448,126 |
Actual return on plan assets |  |  | 5,568,671 |  |  |  | 11,803,359 |  |  |  | 83,157 |  |  |  | 13,466 |
Employer contributions |  |  | 2,616,623 |  |  |  | 304,105 |  |  |  | 33,343 |  |  |  | 35,016 |
Significant Event |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (902,719 | )
Benefits paid |  |  | (4,183,750 | ) |  |  | (3,918,781 | ) |  |  | (33,343 | ) |  |  | (35,016 | )
Fair value of plan assets at end of year |  | $ | 78,361,102 |  |  | $ | 74,359,558 |  |  | $ | 642,030 |  |  | $ | 558,873 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income |
|  | Pension Benefit |  |  | Other Postretirement Benefit |
Funded Status |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net amount recognized in the balance sheet |  | $ | (33,188,623 | ) |  | $ | (28,631,485 | ) |  | $ | (1,185,139 | ) |  | $ | (1,007,146 | )
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |
|  | Pension Benefit |  |  | Other Postretirement Benefit |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net (loss)/gain |  | $ | (43,727,607 | ) |  | $ | (36,315,245 | ) |  | $ | 349,276 |  |  | $ | 499,701 |
Prior service (cost) credit |  |  | (165,632 | ) |  |  | (265,012 | ) |  |  | 0 |  |  |  | 8,253 |
|  | $ | (43,893,239 | ) |  | $ | (36,580,257 | ) |  | $ | 349,276 |  |  | $ | 507,954 |
Schedule of Defined Contribution Plan |
|  | 2020 |  |  | 2019 |
Regular matching contributions |  | $ | 692,846 |  |  | $ | 540,693 |
Transitional credit contributions |  |  | 264,473 |  |  |  | 305,226 |
Non-discretionary contributions |  |  | 607,342 |  |  |  | 638,745 |
Total contributions made for the period |  | $ | 1,564,661 |  |  | $ | 1,484,664 |
Schedule of Fair Values of Plans Assets Utilizing Fair Value Hierarchy |
|  | January 2, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and Equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds |  | $ | — |  |  | $ | 347,538 |  |  | $ | — |  |  | $ | 347,538 |
Equities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Eastern Company Common Stock |  |  | 5,230,134 |  |  |  |  |  |  |  | — |  |  |  | 5,230,134 |
Common/collective trust funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Russell Multi Asset Core Plus Fund (a) |  |  | — |  |  |  | 35,139,260 |  |  |  | — |  |  |  | 35,139,260 |
Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Target Duration LDI Fixed Income Funds (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
• Russell 25 Year LDI Fixed Income Fund |  |  | — |  |  |  | 2,506,615 |  |  |  | — |  |  |  | 2,506,615 |
• Russell 14 Year LDI Fixed Income Fund |  |  | — |  |  |  | 26,452,904 |  |  |  | — |  |  |  | 26,452,904 |
STRIPS Fixed Income Funds (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
• Russell 15 to 20 Year STRIPS Fixed Income Fund |  |  | — |  |  |  | 3,500,718 |  |  |  | — |  |  |  | 3,500,718 |
• Russell 10 to 15 Year STRIPS Fixed Income Fund |  |  | — |  |  |  | 5,183,933 |  |  |  | — |  |  |  | 5,183,933 |
Total |  | $ | 5,230,134 |  |  | $ | 73,130,968 |  |  | $ | — |  |  | $ | 78,361,102 |
|  | December 28, 2019 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and Equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds |  | $ | — |  |  | $ | 334,138 |  |  | $ | — |  |  | $ | 334,138 |
Equities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Eastern Company Common Stock |  |  | 6,625,560 |  |  |  |  |  |  |  | — |  |  |  | 6,625,560 |
Common/collective trust funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Russell Multi Asset Core Plus Fund (a) |  |  | — |  |  |  | 33,413,819 |  |  |  | — |  |  |  | 33,413,819 |
Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Target Duration LDI Fixed Income Funds (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
· Russell 8 Year LDI Fixed Income Fund |  |  | — |  |  |  | 12,796,482 |  |  |  | — |  |  |  | 12,796,482 |
· Russell 14 Year LDI Fixed Income Fund |  |  | — |  |  |  | 11,387,626 |  |  |  | — |  |  |  | 11,387,626 |
STRIPS Fixed Income Funds (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
· Russell 15 Year STRIPS Fixed Income Fund |  |  | — |  |  |  | 3,050,389 |  |  |  | — |  |  |  | 3,050,389 |
· Russell 10 Year STRIPS Fixed Income Fund |  |  | — |  |  |  | 4,616,924 |  |  |  | — |  |  |  | 4,616,924 |
· Russell 28 to 29 Year STRIPS Fixed Income Fund |  |  | — |  |  |  | 2,134,620 |  |  |  | — |  |  |  | 2,134,620 |
Total |  | $ | 6,625,560 |  |  | $ | 67,733,998 |  |  | $ | — |  |  | $ | 74,359,558 |
Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets |
|  | 2020 |  |  | 2019 |
Number of plans |  |  | 5 |  |  |  | 5 |
Projected benefit obligation |  | $ | 111,549,725 |  |  | $ | 102,991,043 |
Accumulated benefit obligation |  |  | 111,549,725 |  |  |  | 102,991,043 |
Fair value of plan assets |  |  | 78,361,102 |  |  |  | 74,359,558 |
Net amount recognized in accrued benefit liability |  | $ | (33,188,623 | ) |  | $ | (28,631,485 | )
Schedule of Assumptions Used to Determine Projected Benefit Obligations for Benefit Plans |
|  |  | 2020 |  |  | 2019 |
Discount rate |  |  |  |  |  |
- | Pension plans |  | 2.40% - 2.48 | % |  | 3.18% - 3.23 | %
- | Supplemental pension plans |  |  | 1.49 | % |  |  | 2.61 | %
- | Other postretirement plan |  |  | 2.66 | % |  |  | 3.35 | %
Schedule of Change in the Components of Accumulated Other Comprehensive income |
|  | Pension Benefit |  |  | Other Postretirement Benefit |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Balance at beginning of period |  | $ | (36,580,267 | ) |  | $ | (34,078,976 | ) |  | $ | 507,954 |  |  | $ | 1,345,959 |
Change due to availability of final actual assets and census data |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Charged to net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | 99,380 |  |  |  | 99,380 |  |  |  | (8,253 | ) |  |  | (5,072 | )
Net loss (gain) |  |  | 1,300,134 |  |  |  | 1,162,196 |  |  |  | (25,509 | ) |  |  | (47,272 | )
Liability (gains)/losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | (10,606,709 | ) |  |  | (12,313,831 | ) |  |  | (218,000 | ) |  |  | (239,138 | )
Asset (gains)/losses deferred |  |  | 6,202,764 |  |  |  | 7,724,649 |  |  |  | 60,802 |  |  |  | (14,567 | )
Significant Event |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (454,143 | )
Other |  |  | (4,308,541 | ) |  |  | 826,325 |  |  |  | 32,282 |  |  |  | (77,813 | )
Balance at end of period |  | $ | (43,893,239 | ) |  | $ | (36,580,257 | ) |  | $ | 349,276 |  |  | $ | 507,954 |
Schedule of Funded Status of Pension Benefit Plans and Postretirement Benefit Plan |
|  | 2020 |  |  | 2019 |
Service cost |  | $ | 43,418 |  |  | $ | 33,287 |
Interest cost |  |  | 46,668 |  |  |  | 56,755 |
Expected return on plan assets |  |  | (22,355 | ) |  |  | (28,033 | )
Amortization of prior service cost |  |  | (8,253 | ) |  |  | (5,072 | )
Amortization of the net loss |  |  | (25,509 | ) |  |  | (47,272 | )
Net periodic benefit cost |  | $ | 33,969 |  |  | $ | 9,665 |
Schedule of Components of Net Periodic Benefit Cost |
|  | 2020 |  |  | 2019 |
Service cost |  | $ | 1,065,739 |  |  | $ | 1,055,410 |
Interest cost |  |  | 2,856,569 |  |  |  | 3,516,318 |
Expected return on plan assets |  |  | (5,461,044 | ) |  |  | (4,761,320 | )
Amortization of prior service cost |  |  | 99,380 |  |  |  | 99,380 |
Amortization of the net loss |  |  | 1,300,134 |  |  |  | 1,162,196 |
Net periodic benefit cost |  | $ | (139,222 | ) |  | $ | 1,071,984 |
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost for Benefit Plans |
|  | 2020 |  |  | 2019 |
Discount rate |  |  |  |  |  |
- Pension plans |  | 3.18% - 3.23 | % |  | 4.20% - 4.22 | %
- Supplemental pension plans |  |  | 2.61 | % |  |  | 3.81 | %
Expected return on plan assets |  |  | 7.5 | % |  |  | 7.5 | %
Rate of compensation increase |  |  | 0 | % |  |  | 0 | %
|  | 2020 |  |  | 2019 |
Discount rate |  |  | 3.35 | % |  |  | 4.26 | %
Expected return on plan assets |  |  | 4.0 | % |  |  | 4.0 | %

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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References No definition available. + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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