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RETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 28, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Funded status of pension benefit plans and postretirement benefit plan
As of December 28, 2013 and December 29, 2012, the status of the Company’s pension benefit plans and postretirement benefit plan was as follows:

   
Pension Benefit
  
Postretirement Benefit
 
  
2013
  
2012
  
2013
  
2012
 
Benefit obligation at beginning of year
 
$
74,825,969
  
$
64,709,379
  
$
3,712,505
  
$
3,069,155
 
Change due to availability of final actual assets and census data
  
—
   
—
   
—
   
151,397
 
Plan amendment
  
132,378
   
831,201
   
—
   
—
 
Service cost
  
3,028,863
   
2,642,373
   
202,568
   
173,613
 
Interest cost
  
2,840,622
   
2,868,528
   
142,086
   
143,388
 
Actuarial (gain)/loss
  
(7,187,997
)
  
6,117,680
   
(498,446
)
  
301,076
 
Benefits paid
  
(2,428,637
)
  
(2,343,192
)
  
(138,238
)
  
(126,124
)
Benefit obligation at end of year
 
$
71,211,198
  
$
74,825,969
  
$
3,420,475
  
$
3,712,505
 

   
Pension Benefit
  
Postretirement Benefit
 
  
2013
  
2012
  
2013
  
2012
 
Fair value of plan assets at beginning of year
 
$
54,644,608
  
$
48,897,760
  
$
1,204,779
  
$
1,215,998
 
Change due to availability of final actual assets and census data
  
—
   
—
   
12,577
   
(3,005
)
Actual return on plan assets
  
4,880,381
   
4,311,348
   
73,920
   
46,255
 
Employer contributions
  
3,254,635
   
3,778,692
   
34,565
   
71,655
 
Benefits paid
  
(2,428,637
)
  
(2,343,192
)
  
(138,238
)
  
(126,124
)
Fair value of plan assets at end of year
 
$
60,350,987
  
$
54,644,608
  
$
1,187,603
  
$
1,204,779
 

   
Pension Benefit
  
Postretirement Benefit
 
Funded Status
 
2013
  
2012
  
2013
  
2012
 
Net amount recognized in the balance sheet
 
$
(10,860,211
)
 
$
(20,181,361
)
 
$
(2,232,872
)
 
$
(2,507,726
)
Amounts recognized in accumulated other comprehensive income
Amounts recognized in accumulated other comprehensive income consist of:
 
   
Pension Benefit
  
Postretirement Benefit
 
  
2013
  
2012
  
2013
  
2012
 
Net loss
 
$
(19,261,651
)
 
$
(28,346,776
)
 
$
(115,052
)
 
$
(621,467
)
Prior service (cost) credit
  
(813,855
)
  
(937,936
)
  
111,508
   
135,396
 
   
$
(20,075,506
)
 
$
(29,284,712
)
 
$
(3,544
)
 
$
(486,071
)
Change in the components of accumulated other comprehensive income
Change in the components of accumulated other comprehensive income consist of:
 
   
Pension Benefit
  
Postretirement Benefit
 
  
2013
  
2012
  
2013
  
2012
 
Balance at beginning of period
 
$
(29,284,712
)
 
$
(24,049,140
)
 
$
(486,071
)
 
$
44,080
 
Change due to availability of final actual assets and census data
  
—
   
—
   
12,577
   
(154,402
)
Charged to net periodic benefit cost
                
Prior service cost
  
256,459
   
221,049
   
(23,888
)
  
(23,889
)
Net loss (gain)
  
1,844,139
   
1,111,900
   
(4,608
)
  
(50,784
)
Other changes
                
Liability (gains)/losses
  
7,108,608
   
(6,568,521
)
  
498,446
   
(301,076
)
Balance at end of period
 
$
(20,075,506
)
 
$
(29,284,712
)
 
$
(3,544
)
 
$
(486,071
)
Schedule of assumptions used to determine projected benefit obligations for benefit plans
Assumptions used to determine the projected benefit obligations for the Company’s pension benefit plans and postretirement benefit plan for the fiscal year indicated were as follows:
 
  
2013
  
2012
 
Discount rate
  
4.80
%
  
3.90
%
Expected return on plan assets
  
8.0
%
  
8.0
%
Rate of compensation increase
  
3.25
%
  
3.25
%
Projected benefit obligation and accumulated benefit obligation in excess of plan assets
Information for the under-funded pension plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets:
 
  
2013
  
2012
 
Number of plans
 5*  
6
 
Projected benefit obligation
 
$
68,781,752
  
$
74,825,969
 
Accumulated benefit obligation
  
68,974,332
   
66,735,124
 
Fair value of plan assets
  
57,850,937
   
54,644,608
 
Net amount recognized in accrued benefit liability
  
(10,930,815
)
  
(20,181,361
)

* Information relating to one of the Company’s pension plans is excluded from the above table as this plan was over-funded by approximately $70,000 at December 28, 2013.
Pension Benefits [Member]
  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Components of the net periodic benefit cost
Components of the net periodic benefit cost of the Company’s pension benefit plans were as follows:

  
2013
  
2012
  
2011
 
Service cost
 
$
3,028,863
  
$
2,642,373
  
$
2,141,306
 
Interest cost
  
2,840,622
   
2,868,528
   
2,949,672
 
Expected return on plan assets
  
(4,827,393
)
  
(3,930,988
)
  
(3,650,282
)
Amortization of prior service cost
  
256,459
   
221,049
   
194,148
 
Amortization of the net loss
  
1,844,139
   
1,111,900
   
897,052
 
Net periodic benefit cost
 
$
3,142,690
  
$
2,912,862
  
$
2,531,896
 
Schedule of assumptions used to determine net periodic benefit cost for benefit plans
Assumptions used to determine net periodic benefit cost for the Company’s pension benefit plans for the fiscal year indicated were as follows:
 
  
2013
  
2012
  
2011
 
Discount rate
  
3.90
%
  
4.55
%
  
5.35
%
Expected return on plan assets
  
8.0
%
  
8.0
%
  
8.5
%
Rate of compensation increase
  
3.25
%
  
3.25
%
  
4.25
%
Fair values of plans assets utilizing fair value hierarchy
The fair values of the company’s pension plans assets at December 28, 2013 and December 29, 2012, utilizing the fair value hierarchy discussed in Note 2, follow:
 
   
December 28, 2013
 
   
Level 1
  
Level 2
  
Level 3
  
Total
 
Cash and Equivalents:
        
Common/collective trust funds
 
$
—
  
$
204,874
  
$
—
  
$
204,874
 
Equities:
                
The Eastern Company Common Stock
  
3,082,494
   
—
   
—
   
3,082,494
 
Common/collective trust funds
                
U.S. Large Cap (a)
  
—
   
6,643,640
   
—
   
6,643,640
 
U.S. Small Cap (b)
  
—
   
4,485,040
   
—
   
4,485,040
 
Concentrated Equity (c)
  
—
   
5,578,600
   
—
   
5,578,600
 
International Large Cap with Active Currency (d)
  
—
   
7,788,246
   
—
   
7,788,246
 
Emerging Market (e)
  
—
   
3,231,355
   
—
   
3,231,355
 
Fixed Income:
                
Common/collective trust funds
                
Intermediate Bond (f)
  
—
   
15,817,474
   
—
   
15,817,474
 
Target Duration LDI Fixed Income Funds (g)
                
· 6 Year LDI Fund
  
—
   
211,661
   
—
   
211,661
 
· 8 Year LDI Fund
  
—
   
211,101
   
—
   
211,101
 
· 10 Year LDI Fund
  
—
   
316,556
   
—
   
316,556
 
· 12 Year LDI Fund
  
—
   
845,278
   
—
   
845,278
 
· 14 Year LDI Fund
  
—
   
1,108,960
   
—
   
1,108,960
 
· 16 Year LDI Fund
  
—
   
475,035
   
—
   
475,035
 
Long Duration Fixed Credit (h)
  
—
   
7,363,673
   
—
   
7,363,673
 
Insurance contracts
  
—
   
2,689,979
   
—
   
2,689,979
 
Total
 
$
3,082,494
  
$
56,971,472
  
$
—
  
$
60,053,966
 
 
   
December 29, 2012
 
   
Level 1
  
Level 2
  
Level 3
  
Total
 
Cash and Equivalents:
        
Common/collective trust funds
 
$
—
  
$
193,497
  
$
—
  
$
193,497
 
Equities:
                
The Eastern Company Common Stock
  
3,063,132
   
—
   
—
   
3,063,132
 
Common/collective trust funds
                
U.S. Large Cap
  
—
   
5,826,726
   
—
   
5,826,726
 
U.S. Small Cap
  
—
   
3,964,072
   
—
   
3,964,072
 
Concentrated Equity
  
—
   
4,899,023
   
—
   
4,899,023
 
International Large Cap with Active Currency
  
—
   
6,999,997
   
—
   
6,999,997
 
Emerging Market
  
—
   
3,017,350
   
—
   
3,017,350
 
Fixed Income:
                
Common/collective trust funds
                
Intermediate Bond
  
—
   
14,368,745
   
—
   
14,368,745
 
Target Duration LDI Fixed Income Funds
          
—
     
· 6 Year LDI Fund
  
—
   
215,604
       
215,604
 
· 8 Year LDI Fund
  
—
   
214,968
       
214,968
 
· 10 Year LDI Fund
  
—
   
306,535
       
306,535
 
· 12 Year LDI Fund
  
—
   
824,342
       
824,342
 
· 14 Year LDI Fund
  
—
   
1,087,074
       
1,087,074
 
· 16 Year LDI Fund
  
—
   
426,544
       
426,544
 
Long Duration Fixed Credit
  
—
   
6,684,999
   
—
   
6,684,999
 
Insurance contracts
  
—
   
2,552,000
   
—
   
2,552,000
 
Total
 
$
3,063,132
  
$
51,581,476
  
$
—
  
$
54,644,608
 

Equity common funds primarily hold publicly traded common stock of both U.S and international companies selected for purposes of total return and to maintain equity exposure consistent with policy allocations.  The level 1 investment is made up of shares of The Eastern Company Common Stock and is valued at market price.  Level 2 investments include commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying publicly traded securities.
 
(a)
The investment objective of the large cap fund is to outperform the Russell 1000® Index.  The fund is designed to provide for long-term growth of capital by utilizing a diversified group of quantitative investment strategies that seek to identify securities that have exposure to factors that the underlying advisors’ research has found to be predictive of future excess returns.  The advisors’ portfolios are quantitatively structured to gain exposure to these predictive characteristics while minimizing unintended risk exposures.

(b)
The small cap fund has an objective to outperform the Russell 2500® Index  The fund is designed to achieve consistency by combining advisors whose complementary disciplined processes employ distinct methods for identifying small capitalization U.S. stocks with strong return potential.  Advisors in the fund use a wide range of criteria and disciplines in their stock selection, focusing on factors such as: undervalued or under-researched companies, special situations, emerging growth, asset plays or turnarounds.
 
(c)
The investment objective of the concentrated equity fund is to outperform the Russell 1000® Index.  The fund is designed to achieve this by combining strategies with different payoffs over different phases of an economic and stock market cycle.  To help achieve this objective, multiple advisors and strategies are employed to reduce “scenario risk.”  These multiple strategies are in the form of multiple investment styles (e.g., growth, market oriented, and value), multiple sub-styles, and different ways of identifying undervalued securities.
 
(d)
The international fund with active currency has an investment objective of outperforming the Russell Development ex-U.S. Large Cap Index Net.  The fund is designed to provide the potential for long-term growth of capital by utilizing a diversified group of investment advisors that the Trustee’s manager’s research indicates will outperform over a full market cycle.  The investment advisors’ portfolios are combined to form a fund that emphasizes their strengths while minimizing unintended risk exposures.
 
(e)
The emerging market fund seeks to outperform the Russell Emerging Markets Index Net.  The fund is designed to provide the potential for long-term growth of capital by utilizing a diversified market group of investment advisors that the Trustee’s manager’s research indicates will outperform over a full market cycle.  The investment advisors’ portfolios are combined to form a fund that emphasizes their strengths while minimizing unintended risk exposures.

All equity funds have an objective to beat their respective indices with above-average consistency while maintaining volatility and diversification similar to the index they are being compared to over a full market cycle.

Fixed income common funds primarily hold government and corporate debt securities selected for purposes of total return and managing fixed income exposure to policy allocations.  Investments include fixed commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying publicly traded securities.
 
(f)
Fixed income common fund investments have an investment objective of outperforming the Barclays Capital U.S. Aggregate Bond Index over a full market cycle.  The fund is designed to provide current income, and as a secondary objective, capital appreciation through a variety of diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds.  The portfolio diversification provides protection against a single security or class of securities having a disproportionate impact on aggregate performance.  To help achieve the objective, the fund is actively managed by multiple advisors who use a variety of investment strategies to create a broad market exposure.  The fund’s advisors have distinct but complementary investment styles.  These advisors generally have similar universes of investable securities but have different areas of specialization and expertise within intermediate duration securities.
 
(g)
The Target Duration LDI Fixed Income Funds seek to outperform their respective Barclays-Russell LDI Indexes over a full market cycle.  These Funds seek to provide current income, and as a secondary objective, capital appreciation through diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds.  The Funds will generally be used in combination with other bond funds to enable the plans to gain additional credit exposure within their asset portfolio, with the goal of reducing the mismatch between a plan’s assets and liabilities.
 
(h)
The long duration fixed credit fund seeks to outperform the Barclays Capital Long Credit Index over a full market cycle.  The fund seeks to provide current income, and as a secondary objective, capital appreciation through diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds.  The fund will generally be used in combination with other bond funds, with the goal of reducing the mismatch between a plan’s assets and liabilities.
Postretirement Benefits [Member]
  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Components of the net periodic benefit cost
Components of the net periodic benefit cost of the Company’s postretirement benefit plan were as follows:

  
2013
  
2012
  
2011
 
Service cost
 
$
202,568
  
$
173,613
  
$
126,464
 
Interest cost
  
142,086
   
143,388
   
136,752
 
Expected return on plan assets
  
(73,920
)
  
(46,255
)
  
(52,920
)
Amortization of prior service cost
  
(23,888
)
  
(23,889
)
  
(23,888
)
Amortization of the net loss
  
(4,608
)
  
(50,784
)
  
(46,380
)
Net periodic benefit cost
 
$
242,238
  
$
196,073
  
$
140,028
 
Schedule of assumptions used to determine net periodic benefit cost for benefit plans
Assumptions used to determine net periodic benefit cost for the Company’s postretirement plan for the fiscal year indicated were as follows:

  
2013
  
2012
  
2011
 
Discount rate
  
3.90
%
  
4.55
%
  
5.35
%
Expected return on plan assets
  
8.0
%
  
8.0
%
  
8.5
%
Fair values of plans assets utilizing fair value hierarchy
The fair values of the Company’s postretirement plan assets at December 28, 2013 and December 29, 2012, utilizing the fair value hierarchy discussed in Note 2, follow:
 
  
December 28, 2013
 
  
Level 1
  
Level 2
  
Level 3
  
Total
 
Fixed Income:
        
Insurance contracts
 
$
—
  
$
—
  
$
1,187,603
  
$
1,187,603
 
Total
 
$
—
  
$
—
  
$
1,187,603
  
$
1,187,603
 

  
December 29, 2012
 
  
Level 1
  
Level 2
  
Level 3
  
Total
 
Fixed Income:
        
Insurance contracts
 
$
—
  
$
—
  
$
1,204,779
  
$
1,204,779
 
Total
 
$
—
  
$
—
  
$
1,204,779
  
$
1,204,779
 
Analysis of the Level 3 assets of the Company's postretirement plan
An analysis of the Level 3 asset of the Company’s postretirement plan is as follows:

  
2013
  
2012
 
Fair value of Level 3 assets at beginning of year
 
$
1,204,779
  
$
1,215,998
 
Change due to availability of final actual assets and census data
  
12,577
   
(3,005
)
Actual return on plan assets
  
73,920
   
46,255
 
Employer contributions
  
34,565
   
71,655
 
Benefits paid
  
(138,238
)
  
(126,124
)
Fair value of Level 3 assets at end of year
 
$
1,187,603
  
$
1,204,779
 
Effect of one-percentage-point change in assumed health care cost trend rates
A one-percentage-point change in assumed health care cost trend rates would have the following effects on the postretirement benefit plan:
 
   
1-Percentage Point
 
  
Increase
  
Decrease
 
Effect on total of service and interest cost components
 
$
58,361
  
$
(47,201
)
         
Effect on postretirement benefit obligation
 
$
514,000
  
$
(423,068
)