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RETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 28, 2024

RETIREMENT BENEFIT PLANS

Schedule of Significant Disclosures Relating to Benefit Plans

		2024				2023
Service cost		$	712,013			$	864,611
Interest cost			3,866,809				3,960,212
Expected return on plan assets			(4,396,137	)			(4,196,060	)
Amortization of prior service cost			-				-
Amortization of the net loss			1,309,455				1,371,460
Net periodic benefit cost		$	1,492,140			$	2,000,223

		2024				2023
Discount rate
- Pension plans		4.99% - 5.00		%		5.21% - 5.23		%
- Supplemental pension plans			4.72	%			4.92	%
Expected return on plan assets			7.5	%			7.5	%
Rate of compensation increase			0	%			0	%

		2024				2023
Service cost		$	14,296			$	25,945
Interest cost			51,805				58,131
Expected return on plan assets			(18,736	)			(19,396	)
Amortization of prior service cost			4,241				4,241
Amortization of the net loss			(78,267	)			(67,581	)
Net periodic benefit cost		$	(26,661	)		$	1,340

		2024				2023
Discount rate			5.04	%			5.28	%
Expected return on plan assets			4.0	%			4.0	%
Rate of compensation increase			4.3	%			4.3	%

		Pension Benefit								Other Postretirement Benefit
		2024				2023				2024				2023
Benefit obligation at beginning of year		$	81,862,011			$	80,701,715			$	1,070,276			$	1,151,126
Change in discount rate			(4,449,660	)			1,794,084				(81,579	)			35,126
Service cost			712,013				864,611				14,296				25,945
Interest cost			3,866,809				3,960,212				51,805				58,131
Plan amendment											(44,757	)
Actuarial (gain)/loss			(924,172	)			(587,910	)			(85,064	)			(162,766	)
Benefits paid			(5,150,941	)			(4,870,701	)			(27,362	)			(37,286	)
Benefit obligation at end of year		$	75,916,060			$	81,862,011			$	897,615			$	1,070,276

		2024				2023				2024				2023
Fair value of plan assets at beginning of year		$	60,836,643			$	58,527,250			$	468,403			$	484,904
Actual return on plan assets			1,509,268				5,902,956				18,736				(16,501	)
Employer contributions			2,116,250				1,277,138				46,479				51,180
Benefits paid			(5,150,941	)			(4,870,701	)			(46,479	)			(51,180	)
Fair value of plan assets at end of year		$	59,311,220			$	60,836,643			$	487,139			$	468,403

		Pension Benefit								Other Postretirement Benefit
Funded Status		2024				2023				2024				2023
Net amount recognized in the balance sheet		$	(16,604,840	)		$	(21,025,365	)		$	(410,476	)		$	(554,758	)

Amounts recognized in accumulated other comprehensive income consist of:
		Pension Benefit								Other Postretirement Benefit
		2024				2023				2024				2023
Net (loss)/gain		$	(31,287,987	)		$	(35,084,405	)		$	1,045,379			$	929,097
Prior service (cost) credit			-				-				21,092				-
		$	(31,287,987	)		$	(35,084,405	)		$	1,066,471			$	929,097

		Pension Benefit								Other Postretirement Benefit
		2024				2023				2024				2023
Balance at beginning of period		$	(35,084,405	)		$	(36,956,587	)		$	929,097			$	900,694
Charged to net periodic benefit cost
Prior service cost			-				-				4,241				4,241
Net loss (gain)			1,309,455				1,371,460				(78,267	)			(67,581	)
Liability (gains)/losses
Discount rate			4,449,660				(1,794,084	)			81,579				(35,126	)
Asset (gains)/losses deferred			(2,149,183	)			2,431,940				-				(35,897	)
Plan amendments											44,757
Other			186,486				(137,134	)			85,064				162,766
Balance at end of period		$	(31,287,987	)		$	(35,084,405	)		$	1,066,471			$	929,097

						2024				2023
Discount rate
	-			Pension plans		5.56% - 5.59		%		4.99% - 5.00		%
	-			Supplemental pension plans			5.16	%			4.72	%
	-			Other postretirement plan			5.65	%			5.04	%

		2024				2023
Number of plans			5				5
Projected benefit obligation		$	75,916,060			$	81,862,011
Accumulated benefit obligation			75,916,060				81,862,011
Fair value of plan assets			59,311,220				60,836,643
Net amount recognized in accrued benefit liability		$	(16,604,840	)		$	(21,025,368	)

		December 28, 2024
		Level 1				Level 2				Level 3				Total
Cash and Equivalents:
Common/collective trust funds		$	—			$	413,731			$	—			$	413,731
Equities:
The Eastern Company Common Stock			5,759,658								—				5,759,658
RITC Russell Investments Russell 1000® Index Fund (a)							6,791,908								6,791,908
RITC Small Cap Fund (b)							515,724								515,724
RITC International Fund (c)							3,403,688								3,403,688
RITC Emerging Markets Fund (d)							1,233,972								1,233,972
RITC World Equity Fund (e)							7,470,472								7,470,472
RITC Global Real Estate Securities Fund (f)							1,208,511								1,208,511
RITC Global Listed Infrastructure Fund (g)							1,229,983								1,229,983
RIIFL High Yield Bond Fund (h)							1,641,701								1,641,701
RITC Commodities Fund (i)							171,003								171,003
Russell Global Private Credit Fund (j)							1,227,378								1,227,378
RITC Mult-Manager Bond Fund (k)							961,911								961,911
Fixed Income:
Common/collective trust funds
Target Duration LDI Fixed Income Funds (l)

		December 30, 2023
		Level 1				Level 2				Level 3				Total
Cash and Equivalents:
Common/collective trust funds		$	—			$	411,688			$	—			$	411,688
Equities:
The Eastern Company Common Stock			4,774,396								—				4,774,396
RITC Russell Investments Russell 1000® Index Fund (a)							6,595,564								6,595,564
RITC Small Cap Fund (b)							567,998								567,998
RITC International Fund (c)							3,669,895								3,669,895
RITC Emerging Markets Fund (d)							1,298,014								1,298,014
RITC World Equity Fund (e)							7,960,264								7,960,264
RITC Global Real Estate Securities Fund (f)							1,373,408								1,373,408
RITC Global Listed Infrastructure Fund (g)							1,327,625								1,327,625
RIIFL High Yield Bond Fund (h)							2,643,118								2,643,118
RITC Commodities Fund (i)							1,161,864								1,161,864
Fixed Income:
Common/collective trust funds
Target Duration LDI Fixed Income Funds (l)
•   Russell 25 Year LDI Fixed Income Fund			—				9,858,521				—				9,858,521
•   Russell 14 Year LDI Fixed Income Fund			—				17,481,926				—				17,481,926
STRIPS Fixed Income Funds (m)
•   Russell 15 to 20 Year STRIPS Fixed Income Fund			—				876,584				—				876,584
•   Russell 10 to 15 Year STRIPS Fixed Income Fund			—				835,778				—				835,778
Total		$	4,774,396			$	56,062,246			$	—			$	60,836,643

Schedule of Company made contributions towards benefit plans

		2024				2023
Regular matching contributions		$	1,068,843			$	990,993
Transitional credit contributions			91,945				105,880
Non-discretionary contributions			376,962				682,154
Total contributions made for the period		$	1,537,750			$	1,779,027

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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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