Retirement Benefit Plans

9 Months Ended

Sep. 29, 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 third quarter and first nine months of fiscal 2012 and 2011 follow:

	Pension Benefits
	Nine Months Ended						Three Months Ended
	Sept. 29, 2012			October 1,  2011			Sept. 29, 2012			October 1,  2011
Service cost	$	2,034,985		$	1,590,755		$	687,789		$	530,252
Interest cost		2,151,392			2,212,255			723,432			737,418
Expected return on plan assets		(2,948,242	)		(2,737,713	)		(982,747	)		(912,571	)
Amortization of prior service cost		165,787			145,612			82,968			48,537
Amortization of the net loss		726,863			672,791			241,171			224,264
Net periodic benefit cost	$	2,130,785		$	1,883,700		$	752,613		$	627,900

	Postretirement Benefits
	Nine Months Ended						Three Months Ended
	Sept. 29, 2012			October 1,  2011			Sept. 29, 2012			October 1,  2011
Service cost	$	130,210		$	94,848		$	43,403		$	31,616
Interest cost		107,541			102,564			35,847			34,188
Expected return on plan assets		(72,779	)		(74,475	)		(24,259	)		(24,825	)
Amortization of prior service cost		(17,917	)		(17,916	)		(5,972	)		(5,972	)
Amortization of the net loss		-			-			-			-
Net periodic benefit cost	$	147,055		$	105,021		$	49,019		$	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 September 29, 2012, the Company has made contributions totaling $2,676,000 into its pension plans and $80,000 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 $47,463 and $144,191 in the third quarter and first nine months of 2012, respectively and $44,690 and $137,847 in the third quarter and first nine months of 2011, respectively.