Retirement Benefit Plans

6 Months Ended

Jul. 02, 2011

Retirement Benefit Plans [Abstract]

Retirement Benefit Plans

Note I – Retirement Benefit Plans

The Company has non-contributory defined benefit pension plans covering certain 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 nonqualified 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.

Significant disclosures relating to these benefit plans for the second quarter and first six months of fiscal 2011 and 2010 follow:

	Pension Benefits
	Six Months Ended						Three Months Ended
	July 2, 2011			July 3,  2010			July 2, 2011			July 3,  2010
Service cost	$	1,060,503		$	1,119,438		$	530,251		$	559,719
Interest cost		1,474,837			1,454,480			737,419			727,239
Expected return on plan assets		(1,825,142	)		(1,672,552	)		(912,571	)		(836,276	)
Amortization of prior service cost		97,075			102,286			48,538			51,144
Amortization of the net loss		448,527			421,577			224,263			210,788
Net periodic benefit cost	$	1,255,800		$	1,425,229		$	627,900		$	712,614

	Postretirement Benefits
	Six Months Ended						Three Months Ended
	July 2, 2011			July 3,  2010			July 2, 2011			July 3,  2010
Service cost	$	63,232		$	70,500		$	31,616		$	35,250
Interest cost		68,376			69,700			34,188			34,850
Expected return on plan assets		(49,650	)		(47,350	)		(24,825	)		(23,675	)
Amortization of prior service cost		(11,944	)		(11,950	)		(5,972	)		(5,975	)
Amortization of the net loss		-			(5,300	)		-			(2,650	)
Net periodic benefit cost	$	70,014		$	75,600		$	35,007		$	37,800

The Company's funding policy with respect to its qualified plans is to contribute at least the minimum amount required by applicable laws and regulations. In 2011, the Company is required to contribute $2,301,000 into its pension plans and $151,000 into its postretirement plan. As of July 2, 2011, the Company has made contributions totaling $985,000 into its pension plans and $58,000 to its postretirement plan and will make the remaining contributions as required during the remainder of the year.

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 $45,026 and $93,157 in the second quarter and first six months of 2011, respectively and $43,522 and $85,480 in the second quarter and first six months of 2010, respectively.