Retirement Benefit Plans

9 Months Ended

Sep. 27, 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 third quarter and first nine months of fiscal 2014 and 2013 follow:

	Pension Benefits
	Nine Months Ended						Three Months Ended
	September 27, 2014			September 28, 2013			September 27, 2014			September 28, 2013
Service cost	$	2,095,271		$	2,259,723		$	698,423		$	755,661
Interest cost		2,487,835			2,130,467			829,278			710,350
Expected return on plan assets		(3,607,894	)		(3,302,736	)		(1,202,632	)		(1,100,912	)
Amortization of prior service cost		163,940			192,345			54,647			69,630
Amortization of the net loss		708,098			1,065,295			236,033			353,579
Net periodic benefit cost	$	1,847,250		$	2,345,094		$	615,749		$	788,308

	Postretirement Benefits
	Nine Months Ended						Three Months Ended
	September 27, 2014			September 28, 2013			September 27, 2014			September 28, 2013
Service cost	$	130,427		$	151,926		$	43,476		$	50,642
Interest cost		118,112			106,565			39,371			35,522
Expected return on plan assets		(71,109	)		(73,041	)		(23,703	)		(24,347	)
Amortization of prior service cost		(17,917	)		(17,916	)		(5,972	)		(5,972	)
Amortization of the net loss		--			14,145			--			4,715
Net periodic benefit cost	$	159,513		$	181,679		$	53,172		$	60,560

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 September 27, 2014, the Company has made contributions totaling approximately $970,000 into its pension plans and $43,000 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 $49,975 and $153,431 in the third quarter and first nine months of 2014, respectively and $48,062 and $148,797 in the third quarter and first nine months of 2013, respectively.