Retirement Benefit Plans

6 Months Ended

Jun. 30, 2012

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 2012 and 2011 follow:

	Pension Benefits
	Six Months Ended						Three Months Ended
	June 30, 2012			July 2,  2011			June 30, 2012			July 2,  2011
Service cost	$	1,347,196		$	1,060,503		$	674,549		$	530,251
Interest cost		1,427,960			1,474,837			713,980			737,419
Expected return on plan assets		(1,965,495	)		(1,825,142	)		(982,748	)		(912,571	)
Amortization of prior service cost		82,819			97,075			41,410			48,538
Amortization of the net loss		485,692			448,527			242,845			224,263
Net periodic benefit cost	$	1,378,172		$	1,255,800		$	690,036		$	627,900

	Postretirement Benefits
	Six Months Ended						Three Months Ended
	June 30, 2012			July 2,  2011			June 30, 2012			July 2,  2011
Service cost	$	86,807		$	63,232		$	49,307		$	31,616
Interest cost		71,694			68,376			37,694			34,188
Expected return on plan assets		(48,520	)		(49,650	)		(24,270	)		(24,825	)
Amortization of prior service cost		(11,945	)		(11,944	)		(5,945	)		(5,972	)
Amortization of the net loss		-			-			-			-
Net periodic benefit cost	$	98,036		$	70,014		$	56,786		$	35,007

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 2012, the Company is required to contribute $3,472,000 into its pension plans and $155,000 into its postretirement plan. As of June 30, 2012, the Company has made contributions totaling $1,881,000 into its pension plans and $62,000 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 $47,272 and $96,729 in the second quarter and first six months of 2012, respectively and $45,026 and $93,157 in the second quarter and first six months of 2011, respectively.