Retirement Benefit Plans

6 Months Ended

Jun. 28, 2014

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 2014 and 2013 follow:

	Pension Benefits
	Six Months Ended						Three Months Ended
	June 28, 2014			June 29, 2013			June 28, 2014			June 29, 2013
Service cost	$	1,396,848		$	1,504,062		$	698,424		$	752,030
Interest cost		1,658,557			1,420,117			829,258			710,058
Expected return on plan assets		(2,405,262	)		(2,201,824	)		(1,202,630	)		(1,100,912	)
Amortization of prior service cost		109,293			122,715			54,646			61,359
Amortization of the net loss		472,065			711,716			236,032			355,857
Net periodic benefit cost	$	1,231,501		$	1,556,786		$	615,730		$	778,392

	Postretirement Benefits
	Six Months Ended						Three Months Ended
	June 28, 2014			June 29, 2013			June 28, 2014			June 29, 2013
Service cost	$	86,951		$	101,284		$	44,951		$	50,642
Interest cost		78,741			71,043			38,491			35,521
Expected return on plan assets		(47,406	)		(48,694	)		(25,156	)		(24,347	)
Amortization of prior service cost		(11,945	)		(11,944	)		(5,945	)		(5,972	)
Amortization of the net loss		-			9,430			--			4,715
Net periodic benefit cost	$	106,341		$	121,119		$	52,341		$	60,559

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 2014, the Company expects to contribute $2.5 million into its pension plans and $63,000 into its postretirement plan. As of June 28, 2014, the Company has made contributions totaling approximately $635,000 into its pension plans and $13,000 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 $50,964 and $103,455 in the second quarter and first six months of 2014, respectively and $49,385 and $100,736 in the second quarter and first six months of 2013, respectively.