Retirement Benefit Plans

9 Months Ended

Oct. 03, 2015

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 2015 and 2014 follow:

	Pension Benefits
	Nine Months Ended						Three Months Ended
	October 3,2015			September 27,2014			October 3,2015			September 27,2014
Service cost	$	2,894,960		$	2,095,271		$	964,985		$	698,423
Interest cost		2,577,715			2,487,835			859,239			829,278
Expected return on plan assets		(3,863,742	)		(3,607,894	)		(1,287,914	)		(1,202,632	)
Amortization of prior service cost		163,940			163,940			54,647			54,647
Amortization of the net loss		1,418,182			708,098			472,726			236,033
Net periodic benefit cost	$	3,191,055		$	1,847,250		$	1,063,683		$	615,749

	Postretirement Benefits
	Nine Months Ended						Three Months Ended
	October 3,2015			September 27,2014			October 3,2015			September 27,2014
Service cost	$	163,178		$	130,427		$	54,393		$	43,476
Interest cost		116,186			118,112			38,728			39,371
Expected return on plan assets		(68,952	)		(71,109	)		(22,984	)		(23,703	)
Amortization of prior service cost		(17,916	)		(17,917	)		(5,972	)		(5,972	)
Amortization of the net loss		14,103			--			4,701			--
Net periodic benefit cost	$	206,599		$	159,513		$	68,866		$	53,172

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 2015, the Company expects to contribute $3.0 million into its pension plans and $150,000 into its postretirement plan. As of October 3, 2015, the Company has made contributions totaling approximately $1.9 million into its pension plans and $90,000 to its postretirement plan and will make the remaining contributions as required during the fourth quarter 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 $49,207 and $157,133 in the third quarter and first nine months of 2015, respectively and $49,975 and $153,431 in the third quarter and first nine months of 2014, respectively.