Retirement Benefit Plans

9 Months Ended

Oct. 01, 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 third quarter and first nine months of fiscal 2011 and 2010 follow:

	Pension Benefits
	Nine Months Ended						Three Months Ended
	October 1, 2011			October 2,  2010			October 1, 2011			October 2,  2010
Service cost	$	1,590,755		$	1,679,157		$	530,252		$	559,719
Interest cost		2,212,255			2,181,721			737,418			727,241
Expected return on plan assets		(2,737,713	)		(2,508,828	)		(912,571	)		(836,276	)
Amortization of prior service cost		145,612			153,428			48,537			51,142
Amortization of the net loss		672,791			632,366			224,264			210,789
Net periodic benefit cost	$	1,883,700		$	2,137,844		$	627,900		$	712,615

	Postretirement Benefits
	Nine Months Ended						Three Months Ended
	October 1, 2011			October 2,  2010			October 1, 2011			October 2,  2010
Service cost	$	94,848		$	83,090		$	31,616		$	12,590
Interest cost		102,564			101,233			34,188			31,533
Expected return on plan assets		(74,475	)		(70,693	)		(24,825	)		(23,343	)
Amortization of prior service cost		(17,916	)		(13,290	)		(5,972	)		(1,340	)
Amortization of the net loss		-			(17,916	)		-			(12,616	)
Net periodic benefit cost	$	105,021		$	82,424		$	35,007		$	6,824

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 October 1, 2011, the Company has made contributions totaling $1,827,000 into its pension plans and $104,000 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 $44,690 and $137,847 in the third quarter and first nine months of 2011, respectively and $44,388 and $129,869 in the third quarter and first nine months of 2010, respectively.