0000031107-16-000060.txt : 20160315 0000031107-16-000060.hdr.sgml : 20160315 20160315160802 ACCESSION NUMBER: 0000031107-16-000060 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 66 CONFORMED PERIOD OF REPORT: 20160102 FILED AS OF DATE: 20160315 DATE AS OF CHANGE: 20160315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EASTERN CO CENTRAL INDEX KEY: 0000031107 STANDARD INDUSTRIAL CLASSIFICATION: CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420] IRS NUMBER: 060330020 STATE OF INCORPORATION: CT FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35383 FILM NUMBER: 161506991 BUSINESS ADDRESS: STREET 1: 112 BRIDGE ST STREET 2: P O BOX 460 CITY: NAUGATUCK STATE: CT ZIP: 06770 BUSINESS PHONE: 2037292255 MAIL ADDRESS: STREET 1: 112 BRIDGE STREET STREET 2: P O BOX 460 CITY: NAUGATUCK STATE: CT ZIP: 06770 10-K 1 fm10k2015.htm FORM 10-K 2015 fm10k2015.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

(Mark One)

 
[X]
ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  For the Fiscal Year ended January 2, 2016
OR
 
[  ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to _______________

Commission File Number 0-599

THE EASTERN COMPANY
(Exact name of registrant as specified in its charter)

Connecticut
06-0330020
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)

112 Bridge Street, Naugatuck, Connecticut
06770
(Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code:  (203) 729-2255

Securities registered pursuant to Section 12(b) of the Act:  Common Stock No Par Value The NASDAQ Stock Market LLC
                                                                                                    (Title of each class)                             (Name of each exchange
                                                                                                                                                                 on which registered)

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
                                                                                                                                                                      Yes [  ]  No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
                                                                                                                                                                       Yes [  ]  No [X]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                       Yes [X]  No [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).                              Yes [X]  No [  ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [  ]
Accelerated filer [X]
Non-accelerated filer [  ] (Do not check if a smaller reporting company)
Smaller reporting company [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes [  ]  No [X]

As of July 4, 2015, the last day of registrant’s most recently completed second fiscal quarter, the aggregate market value of the voting stock held by non-affiliates of the registrant was $99,505,155 (based on the closing sales price of the registrant’s common stock on the last trading date prior to that date). Shares of the registrant’s common stock held by each officer and director and shares held in trust by the pension plans of the Company have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

As of March 4, 2016, 6,247,732 shares of the registrant’s common stock, no par value per share, were issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE
Portions of the annual proxy statement dated March 15, 2016 are incorporated by reference into Part III.

 
 

 

The Eastern Company
Form 10-K

FOR THE FISCAL YEAR ENDED JANUARY 2, 2016

TABLE OF CONTENTS

   
Page
 
Table of Contents
  2.
     
 
Safe Harbor Statement
  3.
     
PART I
   
Item 1.
Business
  3.
     
Item 1A.
Risk Factors
  6.
     
Item 1B.
Unresolved Staff Comments
  9.
     
Item 2.
Properties
  9.
     
Item 3.
Legal Proceedings
10.
     
Item 4.
Mine Safety Disclosures
10.
     
 
PART II
   
Item 5.
Market for Registrant’s Common Equity, Related
 
 
   Stockholder Matters and Issuer Purchases of Equity Securities
11.
     
Item 6.
Selected Financial Data
13.
     
Item 7.
Management’s Discussion and Analysis of Financial
 
 
   Condition and Results of Operations
13.
     
Item 7A.
Quantitative and Qualitative Disclosures
 
 
   About Market Risk
27.
     
Item 8.
Financial Statements and Supplementary Data
28.
     
Item 9.
Changes in and Disagreements with Accountants on
 
 
   Accounting and Financial Disclosure
58.
     
Item 9A.
Controls and Procedures
58.
     
Item 9B.
Other Information
60.
     
 
PART III
   
Item 10.
Directors, Executive Officers and Corporate Governance
60.
     
Item 11.
Executive Compensation
60.
     
Item 12.
Security Ownership of Certain Beneficial Owners and Management
 
 
   and Related Stockholder Matters
61.
     
Item 13.
Certain Relationships and Related Transactions, and Director
 
 
   Independence
61.
     
Item 14.
Principal Accounting Fees and Services
61.
     
 
PART IV
   
Item 15.
Exhibits, Financial Statement Schedules
63.
     
 
Signatures
65.
     
 
Exhibit Index
66.


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SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995

This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect the Company’s current expectations regarding its products, its markets and its future financial and operating performance. These statements, however, are subject to risks and uncertainties that may cause the Company’s actual results in future periods to differ materially from those expected. Such risks and uncertainties include, but are not limited to, unanticipated slowdowns in the Company’s major markets, changing customer preferences, lack of success of new products, loss of customers, competition, increased raw material prices, problems associated with foreign sourcing of parts and products, worldwide conditions and foreign currency fluctuations that may affect results of operations, and other factors discussed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company is not obligated to update or revise the aforementioned statements for those new developments.


PART I

ITEM 1
BUSINESS

(a)  General Development of Business

The Eastern Company (the “Company”) was incorporated under the laws of the State of Connecticut in October, 1912, succeeding a co-partnership established in October, 1858.

The business of the Company is the manufacture and sale of industrial hardware, security products and metal products from six U.S. operations and seven wholly-owned foreign subsidiaries. The Company maintains thirteen physical locations.

RECENT DEVELOPMENTS

On January 13, 2016, the Board of Directors of the Company approved amendments to the Certificate of Incorporation and the By-Laws of the Company which will eliminate the classification of the Board of Directors in a phased in manner and will provide for the election of directors by a majority of the votes cast at the Annual Meeting of Shareholders.  The declassification of the Board of Directors and the election of Directors by a majority of the votes cast will become effective only upon approval of the shareholders.

On December 21, 2015, the Company announced the retirement of Leonard F. Leganza from his position as Chairman of the Board, President and Chief Executive Officer effective December 31, 2015.  Mr. Leganza will remain as a member of the Board of Directors of the Company until the expiration of his term at the 2017 annual meeting of the shareholders.  The Company also announced that James M. Mitarotonda will serve as Chairman of the Board of Directors effective January 1, 2016 and that August M. Vlak will serve as President and Chief Executive Officer of the Company effective January 1, 2016.

On August 7, 2015 the Board of Directors of the Company terminated the Rights Agreement between the Company and American Stock Transfer & Trust Company, LLC.

 (b)  Financial Information about Industry Segments

Financial information about industry segments is included in Note 11 to the Company’s financial statements, included at Item 8 of this Annual Report on Form 10-K.

(c)  Narrative Description of Business

The Company operates in three business segments: Industrial Hardware, Security Products and Metal Products.

Industrial Hardware

The Industrial Hardware segment consists of Eberhard Manufacturing, Eberhard Hardware Manufacturing Ltd., Canadian Commercial Vehicles Corporation, Composite Panel Technologies, Eastern Industrial Ltd. and Sesamee Mexicana, S.A. de C.V. The units design, manufacture and market a diverse product line of industrial and vehicular hardware throughout North America. The segment’s locks, latches, hinges, handles, lightweight honeycomb composite structures and related hardware can be found on tractor-trailer trucks, moving vans, off-road construction and farming equipment, school buses, military vehicles
 
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and recreational boats. They are also used on pickup trucks, sport utility vehicles and fire and rescue vehicles. In addition, the segment manufactures a wide selection of fasteners and other closure devices used to secure access doors on various types of industrial equipment such as metal cabinets, machinery housings and electronic instruments. Eastern Industrial expands the range of offerings of this segment to include plastic injection molding.

Typical products include passenger restraint locks, slam and draw latches, dead bolt latches, compression latches, cam-type vehicular locks, hinges, tool box locks, light-weight sleeper boxes and vents for Class 8 trucks and school bus door closure hardware. The products are sold directly to original equipment manufacturers and to distributors through a distribution channel consisting of in-house salesmen and outside sales representatives. Sales and customer service efforts are concentrated through in-house sales personnel where greater representation of our diverse product lines can be promoted across a variety of markets.

The Industrial Hardware segment sells its products to a diverse array of markets, such as the truck, bus and automotive industries as well as to the industrial equipment, military and marine sectors. Although service, quality and price are major criteria for servicing these markets, the continued introduction of new or improved product designs and the acquisition of synergistic product lines are vital for maintaining and increasing market share.

Security Products

The Security Products segment, made up of Greenwald Industries, Argo Transdata, Illinois Lock Company/CCL Security Products, World Lock Company Ltd., Dongguan Reeworld Security Products Ltd. and World Security Industries Ltd., is a leading manufacturer of security products. This segment manufactures electronic and mechanical locking devices, both keyed and keyless, for the computer, electronics, vending and gaming industries. The segment also supplies its products to the luggage, furniture, laboratory equipment and commercial laundry industries. Greenwald manufactures and markets coin acceptors and other coin security products used primarily in the commercial laundry markets, as well as hardware and accessories for the appliance industry. In addition, the segment provides a new level of security for the commercial laundry industry through the use of “smart card” technology.  Argo Transdata supplies printed circuit boards and other electronic assemblies to Original Equipment Manufacturers (“OEM”) in industries such as measurement systems, semiconductor equipment manufacturing, and industrial controls, medical and military markets.

Greenwald’s products include timers, drop meters, coin chutes, money boxes, meter cases, smart cards, value transfer stations, smart card readers, card management software, access control units, oven door latches, oven door switches and smoke eliminators. Illinois Lock Company/CCL Security Products sales include cabinet locks, cam locks, electric switch locks, tubular key locks and combination padlocks. Many of the products are sold under the names, SESAMEE®, PRESTOLOCK® and SEARCHALERT™. These products are sold to original equipment manufacturers, distributors, route operators, and locksmiths via in-house salesmen and outside sales representatives. Sales efforts are concentrated through national and regional sales personnel where greater representation of our diverse product lines can be promoted across a variety of markets.

The Security Products segment continuously seeks new markets where it can offer competitive pricing and provide customers with engineered solutions for their security needs.

Metal Products

The Metal Products segment, based at the Company’s Frazer & Jones facility, is the largest and most efficient producer of expansion shells for use in supporting the roofs of underground mines. This segment also manufactures specialty malleable and ductile iron castings.

Typical products include mine roof support anchors, couplers for railroad braking systems, support anchoring for construction and couplers/fittings for utility (oil, water and gas) industries. Mine roof support anchors are sold to bolt manufacturers while specialty castings are sold to original equipment manufacturers or machine houses.

General

Raw materials and outside services were readily available from domestic sources for all of the Company’s segments during 2015 and are expected to be readily available in 2016 and the foreseeable future.  The Company also obtains materials from Asian affiliated and nonaffiliated sources. The Company has not experienced any significant problems obtaining material from its Asian sources in 2015 and does not expect any such problems in 2016.  In 2013 and 2014, the Company experienced price increases for many of the raw materials used in producing its products, including: scrap iron, zinc, brass and stainless steel.  In 2015 the Company experienced a price decline for many of these same materials.  The Company expects raw material prices to stabilize and then continue to increase as demand for raw materials increases as the world economy grows.  These raw material cost increases could negatively impact the Company’s gross margin if raw material prices increase too rapidly for the Company
 
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to recover those cost increases through either price increases to our customers or cost reductions in other areas of the businesses.

Patent protection for the various product lines within the Company is limited, but is sufficient to protect the Company’s competitive positions. Foreign sales and license agreements are not significant.

None of the Company’s business segments are seasonal.

Customer lists for all business segments are broad-based geographically and by markets, and sales are generally not highly concentrated by customer.  One customer of the Metal Products segment, Jennmar Corporation, accounted for 10.5% of the Company’s consolidated sales in 2014 and 11.5% in 2013.  No other customer exceeded 10% of total consolidated sales in 2015, 2014 or 2013.

The dollar amount of the backlog of orders received by the Company believed to be firm as of the fiscal year end January 2, 2016 is $27,622,000, as compared to $23,143,000 at January 3, 2015.  The primary reasons for the increase from 2014 to 2015 were the timing of orders received from customers, the increase related to the opening of our new panel facility in North Carolina and the acquisition of Argo Transdata Corporation.

The Company encounters competition in all of its business segments. The Company has been successful in dealing with this competition by offering high quality diversified products with the flexibility of meeting customer needs on a timely basis. This is accomplished by effectively using internal engineering resources and cost effective manufacturing capabilities, expanding product lines through product development and acquisitions, and maintaining sufficient inventory for fast turnaround of customer orders.  Imports from Asia and Latin America with favorable currency exchange rates and low cost labor have created additional competitive pressures. The Company currently utilizes four wholly-owned subsidiaries in Asia to help offset offshore competition.

Research and development expenditures in 2015 were $1,219,000 and represented less than 1% of gross revenues.  In 2014 and 2013 they were $1,080,000 and $991,000, respectively.  The research costs are primarily attributable to the Greenwald Industries and Eberhard Manufacturing divisions. Greenwald performs ongoing research, in both the mechanical and smart card product lines, which is necessary in order to remain competitive and to continue to provide technologically advanced smart card systems. Eberhard develops new products for the various markets they serve based on changing customer requirements to remain competitive. Other research projects include the development of various latches, rotaries and various transportation and industrial hardware products.

The Company does not anticipate that compliance with federal, state or local environmental laws or regulations will have a material effect on the Company’s capital expenditures, earnings or competitive position.

The average number of employees in 2015 was 911.

(d) Financial Information about Geographic Areas

The Company includes six separate operating divisions located within the United States, two wholly-owned Canadian subsidiaries (one located in Tillsonburg, Ontario, Canada, and one in Kelowna, British Columbia, Canada), a wholly-owned Taiwanese subsidiary located in Taipei, Taiwan, a wholly-owned subsidiary in Hong Kong, two wholly-owned Chinese subsidiaries (one located in Shanghai, China, and one located in Dongguan, China) and a wholly-owned subsidiary in Lerma, Mexico.

Individually, the Canadian, Taiwanese, Hong Kong, Chinese and Mexican subsidiaries’ revenue and assets are not significant. Substantially all other revenues are derived from customers located in the United States.

Financial information about foreign and domestic operations’ revenues and identifiable assets is included in Note 11 to the Company’s financial statements, included at Item 8 of this Annual Report on Form 10-K. Information about risks attendant to the Company’s foreign operations is set forth at Item 1A of this Annual Report on Form 10-K.

e) Available Information

The Company makes available, free of charge through its Internet website at http://www.easterncompany.com, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission. The public may read and
 
5
 
 

 

copy any materials that the Company files with the SEC at the SEC’s Public Reference Room, 100 F Street, N.E., Washington, DC 20549 or by calling the SEC at 1-800-SEC-0330. The Company’s reports filed with, or furnished to, the SEC are also available on the SEC’s website at www.sec.gov.


ITEM 1A
RISK FACTORS

In addition to the other information contained in this Form 10-K and the exhibits hereto and the Company’s other filings with the SEC, the following risk factors should be considered carefully in evaluating the Company’s business. The Company’s business, financial condition or results of operation could be materially adversely affected by any of these risks or additional risks not presently known to the Company, or by risks the Company currently deems immaterial which may also adversely affect its business, financial condition, or results of operations, such as: changes in the economy, including changes in inflation, tax rates and interest rates; risk associated with possible disruption in the Company’s operations due to terrorism and other manmade or natural disasters; future regulatory actions, legal issues or environmental matters; loss of, or changes in, executive management; and changes in accounting standards which are adverse to the Company.  Also, there can be no assurance that the Company has correctly identified and appropriately assessed all factors affecting its business or that information publicly available with respect to these matters is complete and correct.

The Company’s business is subject to risks associated with conducting business overseas.

International operations could be adversely affected by changes in political and economic conditions, trade protection measures, restrictions on repatriation of earnings, differing intellectual property rights, and changes in regulatory requirements that restrict the sales of products or increase costs. Changes in exchange rates between the U.S. dollar and other currencies could result in increases or decreases in earnings, and may adversely affect the value of the Company’s assets outside the United States. The Company’s operations are also subject to the effects of international trade agreements and regulations. Although generally these trade agreements have positive effects, they can also impose requirements that adversely affect the Company’s business, such as setting quotas on product that may be imported from a particular country into the Company’s key markets in North America.

The Company’s ability to import products in a timely and cost-effective manner may also be affected by conditions at ports or issues that otherwise affect transportation and warehousing providers, such as port and shipping capacity, labor disputes, severe weather or increased homeland security requirements in the United States or other countries. These issues could delay importation of products or require the Company to locate alternative ports or warehousing providers to avoid disruption to customers. These alternatives may not be available on short notice or could result in higher transit costs, which could have an adverse impact on the Company’s business, financial conditions or results of operations.

See also “ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK” of this Form 10-K.

In addition, the Company’s growth strategy involves expanding sales of its products into foreign markets. There is no guarantee that the Company’s products will be accepted by foreign customers or how long it may take to develop sales of the Company’s products in these foreign markets.

Increases in the price or reduced availability of raw materials.

Raw materials needed to manufacture products are obtained from numerous suppliers. Under normal market conditions, these raw materials are readily available on the open market from a variety of producers. However, from time to time the prices and availability of these raw materials fluctuate, which could impair the Company’s ability to procure the required raw materials for its operations or increase the cost of manufacturing its products. If the price of raw materials increases, the Company may be unable to pass these increases on to its customers and could experience reduction to its profit margins. Also, any decrease in the availability of raw materials could impair the Company’s ability to meet production requirements in a timely manner.

Increased competition in the markets the Company services could impact revenues and earnings.

Any change in competition may result in lost market share or reduced prices, which could result in reduced profit margins. This may impair the ability to grow or even maintain current levels of revenues and earnings.  While the Company has an extensive
 
6
 
 

 

customer base, loss of certain customers could adversely affect the Company’s business, financial condition or results of operations until such business is replaced, and no assurances can be made that the Company would be able to regain or replace any lost customers.

The Company is required to evaluate its internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002.

The Company is an “accelerated filer” as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended, and is required to comply with Section 404 of the Sarbanes-Oxley Act of 2002. Section 404 requires the Company to include in its report management’s assessment of the effectiveness of the Company’s internal control over financial reporting as of the end of the fiscal period for which the Company is filing its Form 10-K. This report must also include disclosure of any material weaknesses in internal control over financial reporting that the Company has identified. Additionally, the Company’s independent registered public accounting firm is required to issue a report on the Company’s internal control over financial reporting and their evaluation of the operating effectiveness of the Company’s internal control over financial reporting. The Company’s assessment requires it to make subjective judgments, and the independent registered public accounting firm may not agree with the Company’s assessment. If the Company or its independent registered public accounting firm were unable to complete the assessments within the period prescribed by Section 404 and thus be unable to conclude that the internal control over financial reporting is effective, investors could lose confidence in the Company’s reported financial information, which could have an adverse effect on the market price of the Company’s common stock or impact the Company’s borrowing ability. In addition, changes in operating conditions and changes in compliance with policies and procedures currently in place may result in inadequate internal control over financial reporting in the future.

The inability to identify or complete acquisitions could limit future growth.

As part of its growth strategy, the Company continues to pursue acquisitions of complementary products or businesses. The ability to grow through acquisitions depends upon the Company’s ability to identify, negotiate, complete and integrate suitable acquisitions. The Company makes certain assumptions based on the information provided by potential acquisition candidates and also conducts due diligence to ensure the information provided is accurate and based on reasonable assumptions. However, the Company may be unable to realize the anticipated benefits from an acquisition or predict accurately how an acquisition will ultimately affect the business, financial condition or results of operations.

Demand for new products and the inability to develop and introduce new competitive products at favorable profit margins could adversely affect the Company’s performance and prospects for future growth, and the Company would not be positioned to maintain current levels of revenues and earnings.

The uncertainties associated with developing and introducing new products, such as the market demands and the costs of development and production, may impede the successful development and introduction of new products. Acceptance of the new products may not meet sales expectations due to several factors, such as the Company’s failure to accurately predict market demand or its inability to resolve technical issues in a timely and cost-effective manner. Additionally, the inability to develop new products on a timely basis could result in the loss of business to competitors.

The Company could be subject to litigation which could have a material impact on the Company’s business, financial condition or results of operations.

From time to time, the Company’s operations are parties to or targets of lawsuits, claims, investigations and proceedings, including product liability, personal injury, patent and intellectual property, commercial, contract, environmental and employment matters, which are defended and settled in the ordinary course of business. While the Company is unable to predict the outcome of any of these matters, it does not believe, based upon currently available information, that the resolution of any pending matter will have a material adverse effect on its business, financial condition or results of operations. See “ITEM 3 – LEGAL PROCEEDINGS” in this Form 10-K for a discussion of current litigation.

The Company could be subject to additional tax liabilities.

The Company is subject to income tax laws in the United States, its states and municipalities and those of other foreign jurisdictions in which the Company has business operations. These laws are complex and subject to interpretations by the
 
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taxpayer and the relevant governmental taxing authorities. Significant judgment and interpretation is required in determining the Company’s worldwide provision for income taxes. In the ordinary course of business, transactions arise where the ultimate tax determination is uncertain. Although the Company believes its tax estimates are reasonable, the final outcome of tax audits and any related litigation could be materially different from that which is reflected in historical income tax provisions and accruals. Based on the status of a given tax audit or related litigation, a material effect on the Company’s income tax provision or net income may result during the period or periods from the initial recognition of a particular matter in the Company’s reported financial results to the final closure of that tax audit or settlement of related litigation when the ultimate tax and related cash flow is known with certainty.

The Company’s goodwill or indefinite-lived intangible assets may become impaired, which could require a significant charge to earnings to be recognized.

Under accounting principles generally accepted in the United States, goodwill and indefinite-lived intangible assets are not amortized but are reviewed for impairment at least annually. Future operating results used in the assumptions, such as sales or profit forecasts, may not materialize, and the Company could be required to record a significant charge to earnings in the financial statements during the period in which any impairment is determined, resulting in an unfavorable impact on our results of operations. Numerous assumptions are used in the evaluation of impairment, and there is no guarantee that the Company’s independent registered public accounting firm would reach the same conclusion as the Company or an independent valuation firm, which could result in a disagreement between management and the independent registered public accounting firm.

The Company may need additional capital in the future, and it may not be available on acceptable terms, if at all.

From time-to-time, the Company has historically relied on outside financing to fund expanded operations, capital expenditure programs and acquisitions. The Company may require additional capital in the future to fund operations or strategic opportunities. The Company cannot be assured that additional financing will be available on favorable terms, or at all. In addition, the terms of available financing may place limits on the Company’s financial and operating flexibility. If the Company is unable to obtain sufficient capital in the future, the Company may not be able to expand or acquire complementary businesses and may not be able to continue to develop new products or otherwise respond to changing business conditions or competitive pressures.

The Company’s stock price may become highly volatile due to low float, which is the number of shares of the Company’s common stock that are outstanding and available for trading by the public.

The Company’s stock price may change dramatically when buyers seeking to purchase shares of the Company’s common stock exceed the shares available on the market, or when there are no buyers to purchase shares of the Company’s common stock when shareholders are trying to sell their shares.

The Company may not be able to reach acceptable terms for contracts negotiated with its labor unions and be subject to work stoppages or disruption of production.

During 2016, none of the union contracts covering the workforce of the Company will expire.  The Company has been successful in negotiating new contracts over the years, but cannot guarantee that will continue. Failure to negotiate new union contracts could result in disruption of production, inability to deliver product or a number of unforeseen circumstances, any of which could have an unfavorable material impact on the Company’s results of operations or financial statements.

Deterioration in the creditworthiness of several major customers could have a material impact on the Company’s business, financial condition or results of operations.

Included as a significant asset on the Company’s balance sheet are accounts receivable from our customers.  If several large customers become insolvent or otherwise unable to pay for products, or become unwilling or unable to make payments in a timely manner, it could have an unfavorable material impact on the Company’s results of operations or financial statements.

Although the Company is not dependent on any one customer, deterioration in several large customers at the same time could have an unfavorable material impact on the Company’s results of operations or financial statements.  No customers exceeded 10% of total accounts receivable for 2015, 2014 or 2013.
 
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The Company’s operating results may fluctuate, which makes the results of operations difficult to predict and could cause the results to fall short of expectations.

The Company’s operating results may fluctuate as a result of a number of factors, many outside of our control.  As a result, comparing the Company’s operating results on a period-to-period basis may not be meaningful, and past results should not be relied upon as an indication of future performance.  Quarterly, year to date and annual costs and expenses as a percentage of revenue may differ significantly from historical or projected rates.  Future operating results may fall below expectations.  These types of events could cause the price of the Company’s stock to fall.

New or existing U.S. or foreign laws could subject the Company to claims or otherwise impact the Company’s business, financial condition or results of operations.

The Company is subject to a variety of laws in both the U.S. and foreign countries that are costly to comply with, can result in negative publicity and diversion of management time and effort, and can subject the Company to claims or other remedies.


ITEM 1B
UNRESOLVED STAFF COMMENTS

None.


ITEM 2
PROPERTIES

The corporate office of the Company is located in Naugatuck, Connecticut in a two-story 8,000 square foot administrative building on 3.2 acres of land.

All of the Company’s properties are owned or leased and are adequate to satisfy current requirements. All of the Company’s properties have the necessary flexibility to cover any long-term expansion requirements.

The Industrial Hardware Group includes the following:

The Eberhard Manufacturing Division in Strongsville, Ohio owns 9.6 acres of land and a building containing 157,580 square feet, located in an industrial park. The building is steel frame, one-story, having curtain walls of brick, glass and insulated steel panel. The building has two high bays, one of which houses two units of automated warehousing.

The Eberhard Hardware Manufacturing, Ltd., a wholly-owned Canadian subsidiary in Tillsonburg, Ontario, owns 4.4 acres of land and a building containing 31,000 square feet in an industrial park. The building is steel frame, one-story, having curtain walls of brick, glass and insulated steel panel. It is particularly suited for light fabrication, assembly and warehousing and is adequate for long-term expansion requirements.

The Canadian Commercial Vehicles Corporation (“CCV”), a wholly-owned subsidiary in Kelowna, British Columbia, leases 46,385 square feet of building space located in an industrial park. The building is made from brick and concrete, contains approximately 5,400 square feet of office space on two levels and houses a modern paint booth for finishing our products. The building is protected by a F1 rated fire suppression system and alarmed for fire and security. The current lease expires December 31, 2018 and is renewable.

The Composite Panel Technologies Division (“CPT”) in Salisbury, North Carolina, leases 70,000 square feet of building space located in an industrial park. The building is made from brick and concrete, contains approximately 6,600 square feet of office space on one level and houses a modern paint booth for finishing our products. The building is protected by a water sprinkler fire suppression system and alarmed for fire and security. The current lease expires October 31, 2019 and is renewable.

The Eastern Industrial Ltd., a wholly-owned subsidiary in Shanghai, China, leases brick and concrete buildings containing approximately 47,500 square feet, located in both industrial and commercial areas. A two year lease was signed in 2014, which expires on April 30, 2016 and is renewable on an annual basis.
 
9
 
 

 

The Sesamee Mexicana subsidiary leases 42,588 square feet in a facility located in an industrial park in Lerma, Mexico.  The current lease expires November 30, 2020 and is renewable.  The building is steel framed with concrete block and glass curtain walls.

The Security Products Group includes the following:

The Greenwald Industries Division in Chester, Connecticut owns 26 acres of land and a building containing 120,000 square feet. The building is steel frame, one story, having brick over concrete blocks.

The Illinois Lock Company/CCL Security Products Division owns 2.5 acres of land and a building containing 44,000 square feet in Wheeling, Illinois. The building is brick and located in an industrial park.

The Argo Transdata Division leases approximately 17,000 square feet located in an industrial park in Clinton, CT.  The building is a two-story steel framed structure and is situated on 2.9 acres of land.  The current lease expires April 1, 2016 and has been renewed for an additional 3 years expiring March 31, 2019.

The World Lock Co. Ltd. subsidiary leases 5,285 square feet located in Taipei, Taiwan. The building is made from brick and concrete and is protected by a fire alarm and sprinklers.

The Dongguan Reeworld Security Products Company Ltd. subsidiary was established in July 2013 to manufacture locks and hardware and leases 118,000 square feet of concrete buildings in an industrial park located in Dongguan, China.  A five-year lease was signed in 2013, which expires June 30, 2018 and is renewable.

The Metal Products Group consists of:

The Frazer and Jones Division in Solvay, New York owns 17.9 acres of land and buildings containing 205,000 square feet constructed for foundry use. These facilities are well adapted to handle the division’s current and future casting requirements.

All owned properties are free and clear of any encumbrances.


ITEM 3
LEGAL PROCEEDINGS

During the fourth quarter of 2010, the Company was contacted by the State of Illinois regarding potential ground contamination at our plant in Wheeling, Illinois.  The Company enrolled in a voluntary remediation program in Illinois and engaged an environmental engineering company to perform testing and develop a remediation plan.  In late July, 2015, the Illinois EPA granted conditional approval of a remediation plan which basically states that institutional controls would be implemented on the site for venting gasses trapped in the soil under the slab on which the building is situated.  Test borings have been performed to determine the optimal location to place piping for a simple exhaust system to be installed.  This study was completed during the 4th quarter of this year and the required exhaust system will be installed in 2016.  Once completed, it is expected that the Illinois EPA will issue a letter stating that no further remediation is needed, and that there is a restriction limiting the future use to an industrial/commercial property.  The Company does not expect any remediation cost to have a material impact on the consolidated financial statements.  While no final estimate for the cost of remediation was available, it is expected that the cost will be approximately $30,000.  As of January 2, 2016, the Company had provided for about $26,000 in remediation costs.

There are no other legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which either the Company or any of its subsidiaries is a party or to which any of their property is the subject.


ITEM 4
MINE SAFETY DISCLOSURES

Not applicable.



 
10
 
 

 



PART II


ITEM 5
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

The Company’s common stock is traded on the NASDAQ (ticker symbol EML). The approximate number of record holders of the Company common stock on January 2, 2016 was 390.

High and low stock prices and dividends for the last two years were:

 
2015
   
2014
 
Market Price
     
Market Price
 
Quarter
High
Low
Dividend
 
Quarter
High
Low
 Dividend
First
$20.67
$16.75
$.11
 
First
$17.71
$15.35
$.11
Second
  20.66
  18.10
  .11
 
Second
  17.74
  15.05
  .11
Third
  18.74
  15.75
  .12 #
 
Third
  16.45
  15.15
  .15 ##
Fourth
  19.27
  15.82
  .11
 
Fourth
  18.49
  15.29
  .11

#   - Includes $0.01 per share redemption for the termination of the 2008 Shareholders Rights Agreement
## - The Company paid an additional one-time extra dividend of $0.04 in the third quarter of 2014.

The Company expects to continue its policy of paying regular cash dividends, although there is no assurance as to future dividends because they are dependent on future earnings, capital requirements, and financial conditions. The payment of dividends is subject to the restrictions of the Company’s loan agreement if such payment would result in an event of default. See Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Note 5 to the Company’s financial statements included at Item 8 of this Annual Report on Form 10-K.

The following table sets forth information regarding securities authorized for issuance under the Company’s equity compensation plans as of January 2, 2016, consisting of the Company’s 2010 plan.

Equity Compensation Plan Information
Plan category
Number of securities to be issued upon exercise of outstanding options, warrants and rights
 
Weighted-average exercise price of outstanding options, warrants and rights
 
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
 
(a)
 
(b)
 
(c)
Equity compensation plans approved by security holders
-
 
                         -
 
500,0001
Equity compensation plans not approved by security holders
-
 
-
 
-
Total
-
 
-
 
500,000

1 Includes shares available for future issuance under the 2010 plan.

Each director who is not an employee of the Company (“Outside Director”) is paid a director’s fee for his services at the annual rate of $30,000 plus additional fees ($1,200 for in person attendance, or $800 for telephonic attendance) for unscheduled meetings. All annual fees paid to non-employee members of the Board of Directors of the Company are paid in common stock of the Company or cash, in accordance with the Directors Fee Program adopted by the shareholders on March 26, 1997 and amended on January 5, 2004. The directors make an annual election, within a reasonable time before their first quarterly payment, to receive their fees in the form of cash, stock or a combination thereof. The election remains in force for one year.
 

There were no issuer sales of any unregistered securities during fiscal years 2015, 2014 or 2013.
 
11

 
 

 


Issuer Purchases of Equity Securities
 
 
 
Period
 
(a) Total Number of Shares Purchased
 
(b) Average Price Paid per Share
 
(c ) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(d) Maximum Number that May Yet Be Purchased Under the Plans or Programs
July 5 – August 1, 2015
--
--
--
--
August 2 – August 29, 2015
--
--
--
--
August 30 – October 3, 2015
6,652
$16.07
--
--
October 4 – October 31, 2015
7,804
$16.05
--
--
November 1  – November 28, 2015
--
--
--
--
November 29, 2015  – January 2, 2016
--
--
--
--
Total
14,456
$16.06
--
--

The figures shown in the table above are for shares purchased by The Salaried Employees’ Retirement Plan of The Eastern Company during the third and fourth quarter of 2015. The Company does not have any share repurchase plans or programs.
 

Stock Performance Graph
 
The following graph sets forth the Company’s cumulative total shareholder return based upon an initial $100 investment made on December 31, 2010 (i.e., stock appreciation plus dividends during the past five fiscal years) compared to the Russell 2000 Index and the S&P Industrial Machinery Index.
 
The Company manufactures and markets a broad range of locks, latches, fasteners and other security hardware that meets the diverse security and safety needs of industrial and commercial customers. Consequently, while the S&P Industrial Machinery Index being used for comparison is the standard index most closely related to the Company, it does not completely represent the Company’s products or market applications. The Russell 2000 is a small cap market index of the smallest 2,000 stocks in the Russell 3000 Index.
 
 
 
 
 

 
 
Dec. 10
Dec. 11
Dec. 12
Dec. 13
Dec. 14
Dec. 15
The Eastern Company
$100
$114
$93
$96
$106
$120
Russell 2000
$100
$96
$111
$155
$162
$155
S&P Industrial Machinery
$100
$91
$116
$169
$177
$170
 
Copyright© 2016 Standard & Poor's, a division of The McGraw-Hill Companies Inc. All rights reserved. (www.researchdatagroup.com/S&P.htm)
Copyright© 2016 Russell Investment Group.  All rights reserved.
 
12
 
 

 


ITEM 6
SELECTED FINANCIAL DATA

 
2015
2014
2013
2012
2011
INCOME STATEMENT ITEMS (in thousands)
         
Net sales
$  144,568
$  140,825
$  142,458
$  157,509
$  142,856
Cost of products sold
112,187
108,339
112,311
124,157
115,504
Depreciation and amortization
3,921
3,486
3,825
3,440
3,707
Interest expense
185
255
323
369
231
Income before income taxes
8,021
11,529
10,114
13,225
8,507
Income taxes
2,294
3,867
3,212
4,599
3,002
Net income
5,727
7,661
6,902
8,626
5,505
Dividends #
2,811
2,987
2,613
3,109
2,224
           
BALANCE SHEET ITEMS (in thousands)
         
Inventories
$    36,842
$    34,402
$    30,658
$    29,385
$    29,793
Working capital
60,105
57,845
57,379
56,920
48,681
Property, plant and equipment, net
26,801
28,051
27,392
25,661
24,634
Total assets
121,739
121,271
113,858
115,854
106,700
Shareholders’ equity
79,405
74,975
81,505
71,582
69,158
Capital expenditures
2,538
3,633
5,524
4,217
3,395
Long-term obligations, less current portion
1,786
3,214
4,286
6,071
3,036
           
PER SHARE DATA
         
Net income per share
         
   Basic
$         .92
$         1.23
$         1.11
$         1.39
$         .89
   Diluted
.92
1.23
1.11
1.38
.89
Dividends #
.45
.48
.42
.50
.36
Shareholders’ equity (Basic)
12.71
12.04
13.10
11.51
11.19
           
Average shares outstanding:
Basic
6,245,057
6,225,068
6,220,928
6,216,931
6,178,664
 
Diluted
6,245,057
6,237,914
6,237,758
6,233,375
6,216,193

# - 2015 dividends include a $0.01 per share redemption for the termination of the 2008 Shareholder Rights Agreement.  2014 dividends include a one-time extra payment of $0.04 per share distributed on 9/15/2014.  2012 dividends include a one-time extra payment of $0.10 per share distributed on 12/14/2012.


ITEM 7
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Summary
 

Net sales for 2015 increased 3% to $144.6 million from $140.8 million in 2014.  Net sales in the Industrial Hardware segment increased approximately 5% in 2015.  Major sales increases came from a 30% increase of products sold into the military aftermarket and a 27% increase in sales of our paddle rotary latches and hinges for the class 5 and 6 light service body vehicles market over 2014 sales.  Other existing products remained mixed with modest gains realized in the distribution, trailer, and other truck equipment markets.  The Industrial Hardware segment experienced sales decreases in the bus market, sport and recreational markets and in our lightweight composite panels used primarily in the class 8 truck markets.  Net sales in the Security Products segment increased approximately 15% in 2015, primarily as a result of the acquisition of Argo Transdata in December of 2014 which contributed 10% in new sales in 2015.  Also contributing to increased sales was a 35% increase in sales of our electronic payment solutions systems sold in both the domestic and international markets.  The Metal Products segment net sales decreased approximately 19% in 2015 compared to the prior year period, reflecting lower demand for existing products primarily in the U.S. coal mining market.  Demand for coal continues to weaken as lower energy prices in oil and natural gas as well as excessive coal inventories sharply reduce demand for our mining products.  This market is expected to continue to remain soft into 2016.  The Company is monitoring the reduction in mining orders closely and preparing to make the necessary cost reductions as deemed appropriate.  The Metal Products segment is actively developing new products in the utility, rail and construction markets to offset the softening in mining products.  Net income for 2015 decreased 25% to $5.7 million, or $.92 per diluted share, from $7.7 million, or $1.23 per diluted share in 2014.  The decrease in net income was the
 
13
 
 

 

result of cost incurred in a proxy contest in the first half of the year negatively impacting earnings by ($0.21) per diluted share.  Also, effecting earnings was the sharp decrease in sales in the Metal Products segment where sales of our mining product were down 17% from 2014 levels.

Fourth Quarter 2015 Compared to Fourth Quarter 2014

The following table shows, for the fourth quarter of 2015 and 2014, selected line items from the consolidated statements of income as a percentage of net sales, by segment.

   
2015 Fourth Quarter
 
   
Industrial
Security
Metal
     
   
Hardware
Products
Products
Total
 
Net sales
 
100.0
%
100.0
%
100.0
%
100.0
%
Cost of products sold
 
75.1
%
71.5
%
90.5
%
76.5
%
Gross margin
 
24.9
%
28.5
%
9.5
%
23.5
%
Selling and administrative expense
 
16.9
%
20.0
%
9.1
%
16.7
%
Operating profit
 
8.0
%
8.5
%
0.4
%
6.8
%
                     
   
2014 Fourth Quarter
 
   
Industrial
Security
Metal
     
   
Hardware
Products
Products
Total
 
Net sales
 
100.0
%
100.0
%
100.0
%
100.0
%
Cost of products sold
 
73.7
%
72.6
%
81.1
%
75.1
%
Gross margin
 
26.3
%
27.4
%
18.9
%
24.9
%
Selling and administrative expense
 
18.9
%
19.1
%
8.7
%
16.5
%
Operating profit
 
7.4
%
8.3
%
10.2
%
8.4
%

The following table shows the amount of change from the fourth quarter of 2014 to the fourth quarter of 2015 in sales, cost of products sold, gross margin, selling and administrative expenses and operating profit, by segment (dollars in thousands).

   
Industrial
 
Security
 
    Metal
     
   
Hardware
 
Products
 
Products
 
Total
 
Net sales
 
$
640
 
$
1,502
 
$
(2,121
)
$
21
 
Volume
   
-6.7
%
 
10.4
%
 
-25.6
%
 
-5.4
%
Prices
   
0.1
%
 
0.5
%
 
0.0
%
 
0.2
%
New Products
   
  11.0
%
 
   2.0
%
 
    0.0
%
 
   5.3
%
     
4.4
%
 
12.9
%
 
-25.6
%
 
0.1
%
                           
Cost of products sold
 
$
 673
 
$
945
 
$
 (1,141
)
$
 477
 
     
6.3
%
 
11.2
%
 
-17.0
%
 
1.8
%
                           
Gross margin
 
$
(33
)
$
557
 
$
(980
)
$
(456
)
     
-0.9
%
 
17.5
%
 
-62.6
%
 
5.3
%
                           
Selling and administrative expenses
 
$
(165
)
$
 402
 
$
(158
)
$
79
 
     
-6.1
%
 
18.1
%
 
-21.9
%
 
1.4
%
                           
Operating profit
 
$
 133
 
$
155
 
$
(822
)
$
 (534
)
     
12.4
%
 
16.0
%
 
-97.3
%
 
-18.5
%

Net sales in the fourth quarter of 2015 were comparable to fourth quarter 2014 sales of $34.4 million.  Sales increased in the Industrial Hardware segment by 4% as compared to the fourth quarter sales on 2014.  Sales increased 54% in the military aftermarket, 2% in distribution and 31% in other miscellaneous markets, offset by decreases in sales in the service body and truck equipment market by 12%, trailers and bus markets by 11%, sports and recreational vehicle market by 4% and lightweight composite panels by 9%. Security Products segment sales in the fourth quarter increased by 13% compared to the fourth quarter of 2014.  Contributing to this increase was a 40% increase in sales from the fourth quarter of 2014 in our electronic payment
 
14
 
 

 

solutions systems sold in both domestic and international markets, and the acquisition of Argo Transdata in December of 2014 and which added an additional 6% of sales to the Security Products segment.  The Metal Products segment sales declined 26% from sales in the fourth quarter of 2014 as a result of a decline in the products sold into the U.S. coal mining industry.   Demand for coal continues to weaken as lower energy prices for oil and natural gas as well as excessive coal inventories sharply reduce demand for our mining products.  The Company is actively developing new customers in the contract casting business and is close to producing product to help offset this softening in the mining industry.  This market is expected to remain soft into 2016.  The Company continues to monitor this market closely, and is preparing to make the necessary cost reductions as deemed appropriate.

Cost of products sold in the fourth quarter increased $0.5 million or 2% from 2014 to 2015.  The most significant factors resulting in changes in cost of products sold in the fourth quarter of 2015 compared to 2014 fourth quarter included:

§  
an increase of $0.6 million or 5% in raw material costs;
§  
an increase of $0.1 million or 1% in costs for payroll and payroll related charges;
§  
an increase of $0.1 million or 26% in engineering costs;
§  
an increase of $0.3 million or 526% in foreign exchange gain;
§  
an increase of $0.1 million or 169% in miscellaneous taxes;
§  
a decrease of $0.1 million or 72% in scrap sales;
§  
a decrease of $0.2 million or 12% in costs for supplies and tools;
§  
a decrease of $0.2 million or 20% in utility expenses;
§  
and a decrease of $0.1 million or 11% in shipping expenses.

Gross margin as a percentage of net sales for the fourth quarter of 2015 was 24% compared to 25% in the fourth quarter of 2014.  The decrease is primarily the result of the changes in cost of products sold enumerated above, the mix of products produced, and lower production capacity being consumed in our Metals Products segment.

Selling and administrative expenses for the fourth quarter of 2015 increased $0.1 million or 1% compared to the prior year quarter. The most significant factor resulting in changes in selling and administrative expenses in the fourth quarter of 2015 compared to 2014 fourth quarter was:

§  
an increase of $0.2 million or 29% in other administration charges;
§  
an increase of $0.1 million or 67% in patent amortization costs;
§  
and a decrease of $0.2 million or 5% in costs for payroll and payroll related charges;

Net income for the fourth quarter of 2015 decreased 14% to $1.7 million (or $.28 per diluted share) from $2.0 million (or $.33 per diluted share) a year earlier.

Authoritative Accounting Guidance

In July 2012, the FASB issued authoritative guidance to amend previous guidance on the annual and interim testing of indefinite-lived intangible assets for impairment.  The guidance provides entities with the option of first assessing qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount.  If it is determined, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is more likely than not less than the carrying amount, a quantitative impairment test would still be required.  The Company adopted this guidance effective December 30, 2012 and it had no impact on the consolidated financial statements of the Company.

In February 2013, the FASB issued authoritative guidance which adds new disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income.  The guidance requires that an entity present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of Accumulated Other Comprehensive Income based on its source and the income statement line items affected by the reclassification. The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2012. The Company adopted this guidance effective December 30, 2012 and it had no impact on the consolidated financial statements of the Company.

In July 2013, the FASB issued authoritative guidance that requires an entity to net its liability for unrecognized tax positions against a net operating loss carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the tax law.  The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2013. The Company adopted this guidance effective December 29, 2013 and it had no impact on the consolidated financial statements of the Company.
 
15
 
 

 


In April 2014, the FASB issued authoritative guidance which changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements. To qualify as a discontinued operation the standard requires a disposal to represent a strategic shift that has, or will have, a major effect on an entity's operations and financial results. The standard also expands the disclosures for discontinued operations and requires new disclosures related to individually material dispositions that do not qualify as discontinued operations. The guidance is effective for fiscal years beginning after December 15, 2014, with early adoption permitted.  The Company adopted this guidance with its fiscal year effective January 4, 2015 and did not have any impact on the consolidated financial statements of the Company.  This guidance will impact the reporting of any future dispositions.

In May 2014, the FASB issued authoritative guidance which impacts virtually all aspects of an entity's revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted.  The Company has not determined the impact of the adoption of this guidance on the consolidated financial statements of the Company.

In July 2015, the FASB issued authoritative guidance which requires a company to change its valuation method of inventory from the lower of cost or market (market being replacement cost, net realizable value or net realizable value less an approximate profit margin) to the lower of cost or net realizable value.  The amendment is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.  The amendment should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period.  The adoption of this amendment is not expected to have a material impact on the consolidated financial statements of the Company.

In September 2015, the FASB issued authoritative guidance which will simplify the accounting for adjustments made to provisional amounts recognized in a business combination.  U.S. GAPP currently requires that during the measurement period, the acquirer retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill.  The amendments require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined.  The amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years.  The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not yet been issued.  The adoption of this amendment is not expected to have a material impact on the consolidated financial statements of the Company.

The Company has implemented all new accounting pronouncements that are in effect and that could impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued, but are not yet effective, that might have a material impact on the consolidated financial statements of the Company.

Critical Accounting Policies and Estimates

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make judgments, estimates and assumptions regarding uncertainties that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Areas of uncertainty that require judgments, estimates and assumptions include items such as the accounting for derivatives; environmental matters; the testing of goodwill and other intangible assets for impairment; proceeds on assets to be sold; pensions and other postretirement benefits; and tax matters. Management uses historical experience and all available information to make its estimates and assumptions, but actual results will inevitably differ from the estimates and assumptions that are used to prepare the Company’s financial statements at any given time. Despite these inherent limitations, management believes that Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and related footnotes provide a meaningful and fair presentation of the Company.

Management believes that the application of these estimates and assumptions on a consistent basis enables the Company to provide the users of the financial statements with useful and reliable information about the Company’s operating results and financial condition.

Allowance for Doubtful Accounts

The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company reviews the collectibility of its receivables on an ongoing basis taking into account a combination of factors. The Company reviews potential problems, such as past due accounts, a bankruptcy filing or
 
16
 
 

 

deterioration in the customer’s financial condition, to ensure the Company is adequately accrued for potential loss. Accounts are considered past due based on when payment was originally due. If a customer’s situation changes, such as a bankruptcy or creditworthiness, or there is a change in the current economic climate, the Company may modify its estimate of the allowance for doubtful accounts.  The Company will write off accounts receivable after reasonable collection efforts have been made and the accounts are deemed uncollectible.

Inventory Reserve

Inventories are valued at the lower of cost or market. Cost is determined by the last-in, first-out (“LIFO”) method at the Company’s U.S. facilities. Accordingly, a LIFO valuation reserve is calculated using the dollar value link chain method.

We review the net realizable value of inventory in detail on an ongoing basis, giving consideration to deterioration, obsolescence and other factors. Based on these assessments, we provide for an inventory reserve in the period in which an impairment is identified. The reserve fluctuates with market conditions, design cycles and other economic factors.

Goodwill and Other Intangible Assets

Intangible assets with finite useful lives are amortized generally on a straight-line basis over the periods benefited. Goodwill and other intangible assets with indefinite useful lives are not amortized. The Company performed its most recent qualitative assessment as of the end of fiscal 2015 and determined it is more likely than not that no impairment of goodwill existed at the end of 2015.  The Company will perform annual qualitative assessments in subsequent years as of the end of each fiscal year.  Additionally, the Company will perform interim analysis whenever conditions warrant.

Pension and Other Postretirement Benefits

The amounts recognized in the consolidated financial statements related to pension and other postretirement benefits are determined from actuarial valuations. Inherent in these valuations are assumptions about such factors as expected return on plan assets, discount rates at which liabilities could be settled, rate of increase in future compensation levels, mortality rates, and trends in health insurance costs. These assumptions are reviewed annually and updated as required. In accordance with U.S. GAAP, actual results that differ from the assumptions are accumulated and amortized over future periods and, therefore, affect the expense recognized and obligations recorded in future periods.

The discount rate used is based on a single equivalent discount rate derived with the assistance of our actuaries by matching expected future benefit payments in each year to the corresponding spot rates from the Citigroup Pension Liability Yield Curve, comprised of high quality (rated AA or better) corporate bonds.  Effective January 3, 2016, the Company elected to refine its approach for calculating its Service and Interest Costs in future years by applying the specific spot rates along the selected yield curve to the relevant projected cash flows.  The Company believes this method more precisely measures its obligations.

The expected long-term rate of return on assets is also developed with input from the Company’s actuarial firms. We consider the Company’s historical experience with pension fund asset performance, the current and expected allocation of our plan assets, and expected long-term rates of return. The long-term rate-of-return assumption used for determining net periodic pension expense for 2015 and 2014 was 8.0%. The Company reviews the long-term rate of return each year.

Future actual pension income and expense will depend on future investment performance, changes in future discount rates and various other factors related to the population of participants in the Company’s pension plans.

The Company expects to make cash contributions of approximately $3.1 million and $118,000 to its pension plans and postretirement plan, respectively, in 2016.

In connection with its pension and other postretirement benefits, the Company reported a $3.5 million, ($10.4) million and $6.3 million gain/(loss) (net of tax) on its Consolidated Statement of Comprehensive Income in Fiscal 2015, 2014 and 2013, respectively.  While the main factor driving these gains/(loss) is the discount rate changes during the applicable period, in Fiscal 2014 the loss was also impacted to a lesser degree by the Company’s adoption of new mortality tables for all of its plans and a change of actuarial firms for one of its plans.

Assumptions used to determine net periodic pension benefit cost for the fiscal years indicated were as follows:

 
  2015
 
  2014
 
  2013
Discount rate
   3.90%
 
   4.80%
 
   3.90%
Expected return on plan assets
   8.0%
 
   8.0%
 
   8.0%
Rate of compensation increase
   3.25%
 
   3.25%
 
   3.25%

 
17
 
 

 

Assumptions used to determine net periodic postretirement benefit cost are the same as those assumptions used for the pension benefit cost, except that the rate of compensation is not applicable for postretirement benefit cost.

The changes in assumptions had the following effect on the net periodic pension and postretirement costs recorded in Other Comprehensive Income as follows:

       
Year ended
     
   
January 2
 
January 3
 
December 28
 
   
2016
 
2015
 
2013
 
Discount rate
 
$
4,208,918
 
$
(11,046,554
)
$
7,454,548
 
Mortality table
   
--
   
(2,883,430
)
 
--
 
Plan amendments
   
--
   
--
   
(132,378
)
Asset gain or loss
   
(577,892
)
 
(257,073
)
 
545,336
 
Amortization of:
                   
     Unrecognized gain or loss
   
1,947,102
   
944,130
   
1,439,253
 
     Unrecognized prior service cost
   
194,696
   
194,697
   
232,571
 
Other
   
(415,479
)
 
(3,105,095
)
 
152,403
 
Comprehensive income, before tax
   
5,357,345
   
(16,153,325
)
 
9,691,733
 
Income tax
   
1,899,285
   
(5,767,236
)
 
3,437,175
 
Comprehensive income, net of tax
 
$
3,458,060
 
$
(10,386,089
)
$
6,254,558
 

During 2014, the Company changed actuaries for one of its pension plans.  As a result of the new actuary’s following a different process, there was an approximate $3 million increase in benefit obligations for this plan.  We have reviewed the increase with the new actuary and agree that the increase should be included in the Plan’s liability as of the end of Fiscal 2014.  This amount is included in the Other category in the above chart.  We also reviewed the new actuary’s process, analysis and results and believe they are appropriate for reporting purposes.

The Company has been investing a portion of the assets in long-term bonds in an effort to better match the impact of changes in interest rates on its assets and liabilities, and thus reduce some of the volatility in Other Comprehensive Income.  Please refer to Note 10 – Retirement Benefit Plans in Item 8 of the Form 10-K for additional disclosures concerning the Company’s pension and postretirement benefit plans.


RESULTS OF OPERATIONS

Fiscal 2015 Compared to Fiscal 2014

The following table shows, for 2015 and 2014, selected line items from the consolidated statements of income as a percentage of net sales, by segment.

   
 Industrial
   Security
   Metal
   
   
 Hardware
   Products
   Products
     Total
   
2015
Net sales
 
100.0
%
100.0
%
100.0
%
100.0
%
Cost of products sold
 
74.8
%
74.4
%
90.8
%
77.6
%
Gross margin
 
25.2
%
25.6
%
9.2
%
22.4
%
Selling and administrative expense
 
 18.2
%
18.9
%
9.5
%
16.8
%
Operating profit
 
 7.0
%
6.7
%
-0.3
%
5.6
%
                   
   
2014
Net sales
 
100.0
%
100.0
%
100.0
%
100.0
%
Cost of products sold
 
74.4
%
74.9
%
84.6
%
76.9
%
Gross margin
 
25.6
%
25.1
%
15.4
%
23.1
%
Selling and administrative expense
 
 17.0
%
16.9
%
7.5
%
14.8
%
Operating profit
 
 8.6
%
8.2
%
7.9
%
8.3
%

 
18
 
 

 

The following table shows the amount of change from 2014 to 2015 in sales, cost of products sold, gross margin, selling and administrative expenses, and operating profit, by segment (dollars in thousands):


   
 Industrial
 
 Security
 
 Metal
     
   
Hardware
 
Products
 
Products
 
Total
Net sales
 
$
2,673
   
$
7,217
   
$
(6,147
)
 
$
3,743
 
Volume
   
-6.7
%
   
3.0
%
   
-20.3
%
   
-6.4
%
Prices
   
0.2
%
   
0.2
%
   
0.0
%
   
0.1
%
New Products
   
11.1
%
   
    11.4
%
   
   1.5
%
   
   9.0
%
     
4.6
%
   
14.6
%
   
-18.8
%
   
2.7
%
                             
Cost of products sold
 
$
2,275
   
$
5,135
   
$
(3,562
)
 
$
3,848
 
     
5.2
%
   
13.9
%
   
-12.8
%
   
3.6
%
                                 
Gross margin
 
$
398
   
$
2,082
   
$
(2,585
)
 
$
(105
)
     
2.6
%
   
16.8
%
   
-51.3
%
   
-0.3
%
                                 
Selling and administrative expenses
 
$
1,147
   
$
2,343
   
$
96
   
$
3,586
 
     
11.5
%
   
28.1
%
   
3.9
%
   
17.3
%
                                 
Operating profit
 
$
(750
)
 
$
(260
)
 
$
 (2,681
)
 
$
(3,691
)
     
-14.8
%
   
-6.4
%
   
-103.3
%
   
-31.5
%

Industrial Hardware Segment

Net sales in the Industrial Hardware segment increased 5% in 2015 from the 2014 level.  Sales of existing product decreased 7% in 2015 as the result of an 8% decrease in the Western Star 4900 Starlight sleeper cab made from our lightweight honey comb composite material.  This decrease was partially offset by increases in existing products sold into the class 5 & 6 light service body vehicle market, military after market, distribution, trailer and truck equipment markets. New products increased sales by 11%, consisting of a new model sleeper cab for the Western Star 5700EX arrow dynamic class 8 truck made of our light weight honey comb composite materials which contributed 8%.  The balance of the increase was from sales of various truck hardware consisting of T-Handles, rear door locks, draw latch, compression latch, paddle latch, handle latch and refrigerator van panels.   All new products were developed internally.


Cost of products sold for the Industrial Hardware segment increased $2.3 million or 5% from 2014 to 2015.  The most significant factors resulting in changes in cost of products sold in 2015 compared to 2014 included:

§  
an increase of $0.7 million or 3% in raw materials;
§  
an increase of $0.6 million or 158% in pension costs;
§  
an increase of $0.2 million or 1% in costs for payroll and payroll related charges;
§  
an increase of $0.2 million or 16% for supplies and tools;
§  
an increase of $0.1 million or 13% in shipping expenses;
§  
an increase of $0.1 million or 31% in rent expense;
§  
and a decrease of $0.3 million or 50% for scrap sales.

Gross margin for 2015 of 25% decreased as compared to 26% in the 2014 period for the Industrial Hardware segment.  The decrease reflects the mix of products produced, the changes in cost of products sold discussed above, and lower utilization of our production facilities in both Kelowna, British Columbia, Canada and North Carolina where we produce sleeper cabs and where production has been slow due to lower customer orders.

Selling and administrative expenses in the Industrial Hardware segment increased $1.2 million or 12% from 2014 to 2015.  The most significant factors resulting in changes in selling and administrative expenses in the Industrial Hardware segment in 2015 compared to 2014 included:

§  
an increase of $0.8 million or 100% in allocated proxy contest costs;
§  
and an increase of $0.3 million or 13% in payroll and payroll related charges.

 
19
 
 

 

Security Products Segment

Net sales in the Security Products segment increased 15% in 2015 from the 2014 level. The increase in sales in 2015 in the Security Products segment compared to the prior year period was primarily the result of sales of new products from the Argo Transdata acquisition in mid-December of 2014 which in 2015 contributed 10% in new product sales of printed circuit boards for the industrial controls, medical and military markets.  New product sales also included a detach latch, a short length cam lock, new computer lock, a carded cable luggage lock, a brass rekeyable padlock and an electronic lock for medical enclosures.  Sales of existing products contributed 3% in increased sales from the 2014 level, the majority consisting of our electronic payment solution products offered in both domestic and international markets.

Cost of products sold for the Security Products segment increased $5.1 million or 14% from 2014 to 2015.  The major factor increasing costs in 2015 from 2014 was the result of the full year of costs generated by Argo Transdata which was acquired in December 2014.  The most significant factors resulting in changes in cost of products sold in 2015 compared to 2014 included:

§  
an increase of $2.9 million or 13% in raw materials;
§  
an increase of $1.1 million or 16% in payroll and payroll related charges;
§  
an increase of $0.8 million or 110% in pension charges;
§  
an increase of $0.3 million or 396% in foreign exchange gains;
§  
an increase of $0.2 million or 54% in other miscellaneous expenses
§  
an increase of $0.1 million or 9% in shipping expenses;
§  
an increase of $0.1 million or 12% in engineering costs;
§  
an increase of $0.1 million or 33% in depreciation expenses;
§  
a decrease of $0.3 million or 27% in supplies and tools;
§  
and a decrease of $0.1 million or 23% in insurance costs.

Gross margin as a percentage of sales in the Security Products segment increased from 25% in 2014 to 26% in 2015.  The increase reflects the mix of products produced and the changes in cost of products sold discussed above, as well as the higher margin products being sold associated with the acquisition of Argo Transdata in December of 2014.
 
 
Selling and administrative expenses in the Security Products segment increased $2.3 million or 28% from 2014 to 2015.  The major factor increasing costs in 2015 from 2014 was the result of the full year of costs generated by Argo Transdata which was acquired in December 2014.  The most significant factors resulting in changes in selling and administrative expenses in the Security Products segment in 2015 compared to 2014 included:

§  
an increase of $0.8 million or 15% in payroll and payroll related charges;
§  
an increase of $0.8 million or 100% in allocated proxy contest costs;
§  
an increase of $0.3 million or 39% in other administrative expenses;
§  
an increase of $0.1 million or 75% in D&O insurance expense;
§  
and an increase of $0.2 million or 286% in patent amortization expenses.

Metal Products Segment

Net sales in the Metal Products segment decreased 19% in 2015 from the 2014 level.  Sales of mine products decreased 17% and contract casting products decreased 3% in 2015 compared to 2014.  The decrease in sales of mining products was driven by lower demand for existing products compared to the prior year period primarily in the U.S. mining market where lower oil and natural gas prices coupled with excessive coal inventories have reduced demand for our products.  New products increased sales by 1%, consisting of tie plates for the rail industry and pipe fittings for the water, oil and gas industries.  The Company is actively developing new customers in the contract casting business and is close to producing product to help offset the softening in the mining industry.  The mining industry is expected to remain soft into 2016.  The Company continues to monitor this market closely, and is preparing to make the necessary cost reductions as deemed appropriate.

Cost of products sold for the Metal Products segment decreased $3.6 million or 13% from 2014 to 2015.  The most significant factors resulting in changes in cost of products sold in 2015 compared to 2014 included:

§  
an increase of $0.2 million or 67% in scrap costs;
§  
an increase of $0.2 million or 155% in pension charges;
§  
an increase of $0.1 million or 9% in depreciation expense;
§  
a decrease of $2.2 million or 35% in raw material costs;
§  
a decrease of $0.8 million or 7% in costs for payroll and payroll related charges;
§  
a decrease of $0.4 million or 10% for supplies and tools;
 
20
 
 

 

§  
a decrease of $0.3 million or 14% for utility costs;
§  
and a decrease of $0.3 million or 14% in costs for maintenance and repair.

Gross margin as a percentage of sales in the Metal Products segment decreased from 15% in 2014 to 9% in 2015.  The decrease in gross margin compared to the prior year is due to the mix of products produced, the changes in cost of products sold enumerated above, and lower utilization of our production capacity.

Selling and administrative expenses in the Metal Products segment increased $0.1 million or 4% from 2014 to 2015.  The most significant factor resulting in changes in selling and administrative expenses in the Metal Products segment in 2015 compared to 2014 was:

§  
an increase of $0.4 million or 100% in allocated proxy contest charges;
§  
and a decrease of $0.2 million or 31% in payroll and payroll related charges;

Other Items

The following table shows the amount of change from 2014 to 2015 in other items (dollars in thousands):

 
Amount
 
%
Interest expense
 
$
(69
)
-27
%
             
Other income
 
$
114
 
176
%
             
Income taxes
 
$
(1,573
)
-41
%

Interest expense decreased from 2014 to 2015 due to the decreased level of debt in 2015.

Other income which is not material to the financial statements increased from 2014 to 2015 due to the Company recognizing $138,683 in income as a result of Argo Transdata not meeting the sales goals for the 1st year earn-out period.

Income taxes – the effective tax rate for 2015 was 29% compared to the 2014 rate which was 34%.  The effective tax rate for 2015 was lower than the prior year period due to the ratio of earnings in the United States to that of foreign entities with lower tax rates.

Fiscal 2014 Compared to Fiscal 2013

The following table shows, for 2014 and 2013, selected line items from the consolidated statements of income as a percentage of net sales, by segment.

   
 Industrial
Security
  Metal
   
   
 Hardware
Products
  Products
     Total
   
2014
Net sales
 
100.0
%
100.0
%
100.0
%
100.0
%
Cost of products sold
 
74.4
%
74.9
%
84.6
%
76.9
%
Gross margin
 
25.6
%
25.1
%
15.4
%
23.1
%
Selling and administrative expense
 
 17.0
%
16.9
%
7.5
%
14.8
%
Operating profit
 
 8.6
%
8.2
%
7.9
%
8.3
%
                   
   
2013
Net sales
 
100.0
%
100.0
%
100.0
%
100.0
%
Cost of products sold
 
76.4
%
78.0
%
84.5
%
78.8
%
Gross margin
 
23.6
%
22.0
%
15.5
%
21.2
%
Selling and administrative expense
 
 15.7
%
16.3
%
7.1
%
13.9
%
Operating profit
 
 7.9
%
5.7
%
8.4
%
7.3
%
 
21
 
 

 

The following table shows the amount of change from 2013 to 2014 in sales, cost of products sold, gross margin, selling and administrative expenses, and operating profit, by segment (dollars in thousands):

   
  Industrial
 
  Security
 
 Metal
   
   
Hardware
 
  Products
 
  Products
 
Total
Net sales
 
$
(1,701
)
 
$
630
   
$
(562
)
 
$
(1,633
)
Volume
   
-6.3
%
   
-0.6
%
   
-3.5
%
   
-3.7
%
Prices
   
-0.1
%
   
0.4
%
   
-0.2
%
   
0.1
%
New Products
   
   3.6
%
   
    1.5
%
   
   2.0
%
   
   2.5
%
     
-2.8
%
   
1.3
%
   
-1.7
%
   
-1.1
%
                                 
Cost of products sold
 
$
(2,499
)
 
$
(1,057
)
 
$
(416
)
 
$
(3,972
)
     
-5.4
%
   
-2.8
%
   
-1.5
%
   
-3.5
%
                             
Gross margin
 
$
798
   
$
1,687
   
$
 (146
)
 
$
2,339
 
     
5.6
%
   
15.8
%
   
-2.8
%
   
7.8
%
                               
Selling and administrative expenses
 
$
531
   
$
409
   
$
67
   
$
1,007
 
     
5.6
%
   
5.2
%
   
2.8
%
   
5.1
%
                               
Operating profit
 
$
 267
   
$
1,278
   
$
 (213
)
 
$
1,332
 
     
5.6
%
   
46.0
%
   
-7.6
%
   
12.8
%

Industrial Hardware Segment

Net sales in the Industrial Hardware segment decreased 3% in 2014 from the 2013 level. The decrease in sales in 2014 reflected a decrease in sales of existing products, resulting primarily from lightweight composite panels which were used in the fracking industry, as well as lower sales to our distributors and military markets in 2014 compared to the prior year periods.  The decrease in sales of the lightweight composite panels for the fracking tank was the result of a customer exiting the fracking business.  The overall decrease was reduced by an increase in sales to several of the markets we sell into, including: the Class 8 truck, truck accessory, off-highway, bus, and industrial markets compared to the same period in 2013 and the introduction of new products.  All of the new products were developed internally and included a cab handle and paddle, a rotary and lever arm, a lever assembly, a paddle lock, a striker pin, luggage latch, a bellcrank assembly, a rotary latch and a trigger latch for the Class 8 truck market; a rotary, a mini rotary and a gate latch for the off-highway market; a trigger latch for the bus market; a 3 point compression latch, a stainless steel catch, a trigger latch, an ergonomic t-handle, and a paddle assembly for the distribution market; a striker and rotary, a rotary lock, a triangle key tool and a paddle rotary for the industrial market; as well as a variety of locking and latching products for the many markets we serve.

Cost of products sold for the Industrial Hardware segment decreased $2.5 million or 5% from 2013 to 2014.  The most significant factors resulting in changes in cost of products sold in 2014 compared to 2013 included:

§  
an increase of $0.1 million or 34% in rent expense;
§  
a decrease of $1.6 million or 6% in raw materials;
§  
a decrease of $0.4 million or 27% for depreciation;
§  
a decrease of $0.3 million or 2% in costs for payroll and payroll related charges;
§  
a decrease of $0.2 million or 33% for equipment rental;
§  
and a decrease of $0.1 million or 8% in shipping expenses.

Gross margin for 2014 of 26% increased as compared to 24% in the 2013 period as a percentage of net sales for the Industrial Hardware segment.  The increase reflects the mix of products produced and the changes in cost of products sold discussed above.

Selling and administrative expenses in the Industrial Hardware segment increased $0.5 million or 6% from 2013 to 2014.  The most significant factors resulting in changes in selling and administrative expenses in the Industrial Hardware segment in 2014 compared to 2013 included:

§  
an increase of $0.5 million or 8% in payroll and payroll related charges;
§  
an increase of $0.1 million or 99% in advertising;
§  
and a decrease of $0.1 million or 9% in other administrative expenses.
 
22
 
 

 

Security Products Segment

Net sales in the Security Products segment increased 1% in 2014 from the 2013 level. The increase in sales in 2014 in the Security Products segment compared to the prior year period was primarily the result of sales of new lock products to the many markets we serve.  Sales in the Security Products segment also reflect approximately 2 weeks of sales in 2014 from the Argo Transdata acquisition which was completed on December 15, 2014 and were not material to the consolidated financial statements.  Sales of new products included a locking flush mount handle for tonneau covers, a locking T-handle for truck caps and cable and stud locks for bicycle racks for the vehicular market, a custom brass padlock and a rekeyable padlock for the locksmith market, a passive keyless entry system for the storage market, and a mini tubular self-retaining lock for the computer industry, as well as printed circuit board assemblies for the industrial controls, medical and military markets.

Cost of products sold for the Security Products segment decreased $1.1 million or 3% from 2013 to 2014.  The most significant factors resulting in changes in cost of products sold in 2014 compared to 2013 included:

§  
an increase of $0.9 million or 14% in payroll and payroll related charges;
§  
an increase of $1.3 million or 527% in shipping expenses;
§  
an increase of $0.1 million or 84% in costs for fire and liability insurance;
§  
an increase of $0.1 million or 10% in supplies and tools;
§  
an increase of $0.1 million or 172% in maintenance and repair expenses;
§  
a decrease of $2.6 million or 10% in raw materials;
§  
a decrease of $0.7 million or 100% in severance costs for relocation of a facility in China which occurred in the 2013 period;
§  
a decrease of $0.1 million or 57% in pattern costs;
§  
a decrease of $0.1 million or 52% in property taxes;
§  
and a decrease of $0.1 million or 100% in other miscellaneous expenses.

Gross margin as a percentage of sales in the Security Products segment increased from 22% in 2013 to 25% in 2014.  The increase reflects the mix of products produced and the changes in cost of products sold discussed above, as well as the higher sales volume in 2014 compared to 2013.

Selling and administrative expenses in the Security Products segment increased $0.4 million or 5% from 2013 to 2014.  The most significant factors resulting in changes in selling and administrative expenses in the Security Products segment in 2014 compared to 2013 included:

§  
an increase of $0.3 million or 6% in payroll and payroll related charges;
§  
an increase of $0.2 million or 36% in other administrative expenses;
§  
and a decrease of $0.1 million or 16% in advertising expenses.

Metal Products Segment

Net sales in the Metal Products segment decreased 2% in 2014 from the 2013 level.  Sales of mine products decreased 8% in 2014 compared to 2013.  The decrease in sales of mining products was driven by lower demand for existing products in 2014 primarily in the U.S. mining market compared to the prior year period, and was partially offset by increased sales from the introduction of new mining products.  New mining products included a flange nut and a cable head.  The Company is actively trying to develop additional new products to replace any softening in future sales volume of mining products that may result from the EPA clean air regulations that went into effect in 2012.  Sales of contract casting products increased 47% from 2013 levels.  The increase in sales of contract casting was primarily the result of an increase in sales of existing products to the trucking and solar industries.  Contract casting sales also benefited from sales of new products including rail clamps for a solar panel application, a rail tie plate for a new customer, and nuts used by a gas company in the utility industry.

Cost of products sold for the Metal Products segment decreased $0.4 million or 2% from 2013 to 2014.  The most significant factors resulting in changes in cost of products sold in 2014 compared to 2013 included:

§  
an increase of $0.4 million or 10% for supplies and tools;
§  
an increase of $0.2 million or 114% in pattern costs;
§  
an increase of $0.1 million or 7% for utility costs;
§  
an increase of $0.1 million or 22% in scrap costs;
§  
an increase of $0.1 million or 7% in costs for depreciation;
§  
a decrease of $0.8 million or 7% in costs for payroll and payroll related charges;
§  
a decrease of $0.3 million or 11% in costs for maintenance and repair;
 
23
 
 

 

§  
a decrease of $0.1 million or 17% in shipping expenses;
§  
and a decrease of $0.1 million or 31% in property taxes.

Gross margin as a percentage of sales in the Metal Products segment decreased from 16% in 2013 to 15% in 2014.  The slight decrease in gross margin compared to the prior year is due to the mix of products produced and the changes in cost of products sold enumerated above.

Selling and administrative expenses in the Metal Products segment increased $0.1 million or 3% from 2013 to 2014.  The most significant factor resulting in changes in selling and administrative expenses in the Metal Products segment in 2014 compared to 2013 was:

§  
an increase of $0.1 million or 9% in payroll and payroll related charges.

Other Items

The following table shows the amount of change from 2013 to 2014 in other items (dollars in thousands):

 
Amount
 
%
Interest expense
 
$
(68
)
-21
%
             
Other income
 
$
14
 
29
%
             
Income taxes
 
$
655
 
20
%

Interest expense decreased from 2013 to 2014 due to the decreased level of debt in 2014.

Other income which is not material to the financial statements increased from 2013 to 2014 due to higher cash balances in the Company’s cash management program in 2014.

Income taxes – the effective tax rate for 2014 was 34% compared to the 2013 rate which was 32%.  The effective tax rate for 2014 was higher than the prior year period due to the ratio of earnings in states with higher tax rates and a change in unrecognized tax benefits.

Liquidity and Sources of Capital

The Company’s financial position continued to be strong in 2015.  The primary source of the Company’s cash is earnings from operating activities adjusted for cash generated from or used for net working capital.  The most significant recurring non-cash items included in net income are depreciation and amortization expense.  Changes in working capital fluctuate with the changes in operating activities.  As sales increase, there generally is an increased need for working capital.  Since increases in working capital reduce the Company’s cash, management attempts to keep the Company’s investment in net working capital at a reasonable level by closely monitoring inventory levels and matching production to expected market demand, keeping tight control over the collection of receivables, and optimizing payment terms on its trade and other payables.

The Company is dependent on the continued demand for its products and subsequent collection of accounts receivable from its customers. The Company serves a broad base of customers and industries with a variety of products. As a result, any fluctuations in demand or payment from a particular industry or customer should not have a material impact on the Company’s sales and collection of receivables. Management expects that the Company’s foreseeable cash needs for operations, capital expenditures, debt service and dividend payments will continue to be met by the Company’s operating cash flows and available credit facility.

The following table shows key financial ratios at the end of each year:

   
 2015
 
2014
 
2013
 
Current ratio
 
5.0
 
5.3
 
5.2
 
Average days’ sales in accounts receivable
 
 47
 
 49
 
 47
 
Inventory turnover
 
 3.0
 
 3.1
 
 3.7
 
Ratio of working capital to sales
 
41.6
%
41.1
%
40.3
%
Total debt to shareholders’ equity
 
4.0
%
5.7
%
7.4
%

 
24
 
 

 

The following table shows important liquidity measures as of the fiscal year end balance sheet date for each of the preceding three years (in millions):

   
  2015
 
  2014
 
  2013
 
Cash and cash equivalents
             
    -  Held in the United States
$
6.9
$
5.6
$
10.2
 
    -  Held by foreign subsidiary
 
10.9
 
10.2
 
9.8
 
   
17.8
 
15.8
 
20.0
 
Working capital
 
 60.1
 
 57.8
 
 57.4
 
Net cash provided by operating activities
 
 9.1
 
 9.3
 
 11.3
 
Change in working capital impact on net cash
    (used)/provided by operating activities
 
 
(2.0
)
 
(1.8
)
 
0.2
 
Net cash used in investing activities
 
(2.5
)
(8.6
)
(5.5
)
Net cash (used in)/provided by financing activities
 
 
(3.9
)
 
(4.5
)
 
(4.0
)

U.S. income taxes have not been provided on the undistributed earnings of the Company’s foreign subsidiaries except where required under U.S. tax laws.  The Company would be required to accrue and pay United States income taxes to repatriate the funds held by foreign subsidiaries not otherwise provided. The Company intends to reinvest these earnings outside the United States indefinitely.

All cash held by foreign subsidiaries is readily convertible into other currencies, including the U.S. Dollar.

Net cash provided by operating activities was $9.1 million compared to $9.3 million in 2014 and $11.3 million in 2013. While not a significant change from 2014, inventory increased $3.1 million in 2015, mainly the result of a $1.2 million increase at our Metal Products segment as a result of a slowdown in business in the mining industry and a $0.6 change in LIFO reserves as a result of declining metal prices in all of our segments. The $2.0 million difference between 2014 and 2013 was mainly the result of a $2.8 million increase in inventory, offset by increased profitability in 2014.  The Company, across all of its business segments, has increased its emphasis on sales and customer service by fulfilling the rapid delivery requirements of our customers.  As a result, investments in additional inventories are made on a selective basis.

In Fiscal 2015 the impact on cash from the net change in working capital was a decline of approximately $2.0 million, due mainly to increased inventory and accounts receivable offset by declines in accounts payable, prepaid expenses and recoverable taxes.  In Fiscal 2014 the impact on cash from the net change in working capital was a decline of approximately $1.8 million, due mainly to the increased inventory levels at the end of the year.  In Fiscal 2013 the impact on cash from the net change in working capital was an increase of approximately $0.2 million.

The Company used $2.5 million, $8.6 million and $5.5 million for investing activities in 2015, 2014 and 2013 respectively.  Included in the 2014 figure is approximately $5.0 million used for the acquisition of the assets of Argo Transdata.  This transaction is more fully discussed in Note 3 of the 2015 Audited Financial Statements located in Item 8 of this Form 10-K.  Virtually the entire amount of cash used in investing activities in Fiscal 2015 and 2013 and the balance of $3.6 million in 2014 was used for the purchase of fixed assets.  Capital expenditures in Fiscal 2016 are expected to be in the range of $4 million.

In Fiscal 2015, the Company used approximately $3.9 million in cash for financing activities.  Approximately $1.1 million was used for debt repayments, and another $2.8 million was paid in dividends.

In Fiscal 2014 the Company used approximately $4.5 million in cash for financing activities.  The major reason for the increase over the level used in Fiscal 2013 relates to a higher dividend rate ($0.48 and $0.42 in  Fiscal 2014 and 2013 respectively) and the fact that the Company was required to make a fifth debt payment as a result of the 53 week year in Fiscal 2014.

In Fiscal 2013, the Company used approximately $4.0 million of cash for financing activities.  Approximately $1.4 million was used for debt repayments, and another $2.6 million was paid in dividends.

The Company leases certain equipment and buildings under cancelable and non-cancelable operating leases expiring at various dates up to five years. Rent expense amounted to approximately $1.3 million in 2015; $1.2 million in 2014; and $1.1 million in 2013.

25

 
 

 


On January 29, 2010, the Company signed a secured Loan Agreement (the “Loan Agreement”) with People’s United Bank (“People’s”) which included a $5,000,000 term portion and a $10,000,000 revolving credit portion.  The term portion of the loan requires quarterly principal payments of $178,571 for a period of seven (7) years, maturing on January 31, 2017.  The revolving credit portion had a quarterly commitment fee of one quarter of one percent (0.25%), and a maturity date of January 31, 2012.

On January 25, 2012 the Company amended the Loan Agreement by taking an additional $5,000,000 term loan (the “2012 Term Loan”).  The 2012 Term Loan requires quarterly principal payments of $178,571 for a period of seven (7) years, maturing on January 31, 2019.  At the same time the maturity date of the revolving credit portion was extended to January 31, 2014 and continued to have a quarterly commitment fee of one quarter of one percent (0.25%).

Interest on the original term portion of the Loan Agreement is fixed at 4.98%.  Interest on the 2012 Term Loan is fixed at 3.90%.  For the period from January 25, 2012 to January 23, 2014, interest on the revolving credit portion of the Loan Agreement varied based on the LIBOR rate or People’s Prime rate plus 2.25%, with a floor of 3.25% with a maturity date of January 31, 2014.  On January 23, 2014, the Company amended the Loan Agreement with People’s.  The amendment renewed and extended the maturity date of the revolving credit portion of the Loan Agreement to July 1, 2016 and changed the interest rate to LIBOR plus 2.25%, and eliminated the 3.25% floor previously in place.  The quarterly commitment fee of one quarter of one percent (0.25%) remained unchanged.  The Company did not utilize the revolving credit portion of the Loan Agreement at any time during 2014 or 2015.

The Company’s loan covenants under the Loan Agreement require the Company to maintain a fixed charge coverage ratio of at least 1.1 to 1, a leverage ratio of no more than 1.75 to 1, and minimum tangible net worth of $43 million increasing each year by 50% of consolidated net income.  This amount was approximately $52.8 million as of December 28, 2013.  As part of an amendment to the Loan Agreement signed on January 23, 2014, the leverage ratio was eliminated, and the minimum tangible net worth covenant was modified to a fixed minimum amount of $55 million, effective with the end of the Company’s first quarter of 2014.  In addition, the Company has restrictions on, among other things, new capital leases, purchases or redemptions of its capital stock, mergers and divestitures, and new borrowing.  The Company was in compliance with all covenants in 2014 and 2015.

The quarterly payment dates as listed in the Loan Agreement are the first business day of the calendar quarter.  As a result, there were five scheduled payments in Fiscal 2014 and only three in Fiscal 2015.  In Fiscal 2016 there will again be four scheduled payments.

Tabular Disclosure of Contractual Obligations

The Company’s known contractual obligations as of January 2, 2016, are shown below (in thousands):

       
Payments due by period
 
   
 
Total
 
Less than 1 Year
 
1-3 Years
 
3-5 Years
 
More than 5 Years
 
Long-term debt obligations
 
$
3,214
 
$
1,428
 
$
1,607
 
$
179
 
$
--
 
Estimated interest on long-term debt
   
 173
   
102
   
 70
   
 1
   
 --
 
Operating lease obligations
   
 3,376
   
 1,047
   
 1,877
   
 452
   
 --
 
Estimated contributions to pension plans
   
 24,306
   
 3,148
   
7,903
   
 7,903
   
 5,352
 
Estimated post retirement benefits
other than pensions
   
 793
   
 118
   
235
   
234
   
206
 
Total
 
$
31,862
 
$
5,843
 
$
11,692
 
$
8,769
 
$
5,558
 

The amounts shown in the above table for estimated contributions to pension plans and estimated postretirement benefits other than pensions are based on the assumptions in Note 10 to the consolidated financial statements, as well as the assumption that participant counts will remain stable.

The Company does not have any non-cancellable open purchase orders.

The Company believes it has sufficient cash on hand and credit resources available to it to sustain itself though the next fiscal year.
 
26

 
 

 




ITEM 7A                      QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company’s foreign manufacturing facilities account for approximately 13% of total sales and 12% of total assets.  Its U.S. operations buy from and sell to these foreign affiliates, and also make limited sales (approximately 14% of total sales) to nonaffiliated foreign customers.  This trade activity could be affected by fluctuations in foreign currency exchange or by weak economic conditions.  The Company’s currency exposure is concentrated in the Canadian dollar, Mexican peso, New Taiwan dollar, Chinese RMB and Hong Kong dollar.  Because of the Company’s limited exposure to any single foreign market, any exchange gains or losses have not been material and are not expected to be material in the future.  Had the exchange rate as of January 2, 2016 for all of the listed currencies changed by 1%, the total change in reported earnings would have been approximately $35,000.  As a result, the Company does not attempt to mitigate its foreign currency exposure through the acquisition of any speculative or leveraged financial instruments.  In 2015, a 10% increase/decrease in exchange rates would have resulted in a translation increase/decrease to sales of approximately $1.7 million, and to equity of approximately $0.5 million.

The Company has been able to recover cost increases in raw materials through either price increases to our customers or cost reductions in other areas of the business.  Therefore, the Company has not entered into any contracts to address commodity price risk.

The Company does not have any interest rate risk as all of its long-term debt bears interest at a fixed rate.  See Note 5 of the Company’s financial statements included at Item 8 of this Annual Report on Form 10-K for complete details.

 
27

 
 

 


ITEM 8                                FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA




The Eastern Company

Consolidated Balance Sheets


   
January 2
 
January 3
 
   
2016
 
2015
 
ASSETS
             
Current Assets
             
Cash and cash equivalents
 
$
17,814,986
 
$
15,834,444
 
Accounts receivable, less allowances of $450,000 in 2015 and $414,000 in 2014
   
17,502,445
   
17,064,245
 
               
Inventories:
             
Raw materials and component parts
   
10,913,827
   
9,219,341
 
Work in process
   
7,681,576
   
7,074,950
 
Finished goods
   
18,247,010
   
18,107,906
 
     
36,842,413
   
34,402,197
 
               
Prepaid expenses and other assets
   
2,122,215
   
2,659,737
 
Recoverable income taxes receivable
   
   
380,000
 
Deferred income taxes
   
986,167
   
950,024
 
Total Current Assets
   
75,268,226
   
71,290,647
 
               
               
Property, Plant and Equipment
             
Land
   
1,159,732
   
1,160,720
 
Buildings
   
16,072,536
   
16,216,146
 
Machinery and equipment
   
46,205,973
   
45,593,631
 
Accumulated depreciation
   
(36,636,775
)
 
(34,919,067
)
     
26,801,466
   
28,051,430
 
               
Other Assets
             
Goodwill
   
14,790,793
   
14,960,354
 
Trademarks
   
164,957
   
174,662
 
Patents, technology and other intangibles net of accumulated amortization
   
2,113,576
   
2,498,570
 
Deferred income taxes
   
2,599,541
   
4,294,893
 
     
19,668,867
   
21,928,479
 
 TOTAL ASSETS
 
$
121,738,559
 
$
121,270,556
 

 
28
 
 

 








Consolidated Balance Sheets


   
January 2
 
January 3
 
   
2016
 
2015
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
             
Current Liabilities
             
Accounts payable
 
$
9,109,394
 
$
8,256,600
 
Accrued compensation
   
2,873,871
   
2,916,832
 
Other accrued expenses
   
1,751,052
   
1,201,114
 
Current portion of long-term debt
   
1,428,571
   
1,071,429
 
Total Current Liabilities
   
15,162,888
   
13,445,975
 
               
Other long-term liabilities
   
286,920
   
564,669
 
Long-term debt, less current portion
   
1,785,714
   
3,214,285
 
Accrued postretirement benefits
   
793,055
   
2,905,908
 
Accrued pension cost
   
24,304,926
   
26,164,812
 
               
Commitments and contingencies (See Note 4)
             
               
Shareholders’ Equity
             
Voting Preferred Stock, no par value:
             
Authorized and unissued: 1,000,000 shares
             
Nonvoting Preferred Stock, no par value:
             
Authorized and unissued: 1,000,000 shares
             
Common Stock, no par value:
             
Authorized: 50,000,000 shares
             
Issued: 8,942,461,shares in 2015 and 8,938,742 shares in 2014
   
28,997,050
   
28,932,058
 
Treasury Stock: 2,694,729 shares in 2015 and 2014
   
(19,105,723
)
 
(19,105,723
)
Retained earnings
   
90,597,041
   
87,680,667
 
               
Accumulated other comprehensive income (loss):
             
Foreign currency translation
   
(1,154,098
)
 
855,179
 
Unrecognized net pension and postretirement benefit costs, net of taxes
   
(19,929,214
)
 
(23,387,274
)
Accumulated other comprehensive loss
   
(21,083,312
)
 
(22,532,095
)
Total Shareholders’ Equity
   
79,405,056
   
74,974,907
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
121,738,559
 
$
121,270,556
 

See accompanying notes.
 
29
 
 

 



Consolidated Statements of Income

       
Year ended
     
   
January 2
 
January 3
 
December 28
 
   
2016
 
2015
 
2013
 
Net sales
 
$
144,567,951
 
$
140,825,360
 
$
142,458,279
 
Cost of products sold
   
(112,186,725
)
 
(108,338,956
)
 
(112,310,759
)
Gross margin
   
32,381,226
   
32,486,404
   
30,147,520
 
                     
Selling and administrative expenses
   
(24,353,498
)
 
(20,767,756
)
 
(19,761,199
)
Operating profit
   
8,027,728
   
11,718,648
   
10,386,321
 
                     
Interest expense
   
(185,475
)
 
(254,576
)
 
(322,731
)
Other income
   
178,722
   
64,691
   
50,305
 
Income before income taxes
   
8,020,975
   
11,528,763
   
10,113,895
 
                     
Income taxes
   
2,293,932
   
3,867,287
   
3,211,974
 
Net income
 
$
5,727,043
 
$
7,661,476
 
$
6,901,921
 
Earnings per Share:
                   
Basic
 
$
.92
 
$
1.23
 
$
1.11
 
                     
Diluted
 
$
.92
 
$
1.23
 
$
1.11
 

See accompanying notes.




Consolidated Statements of Comprehensive Income

       
Year ended
     
   
January 2
 
January 3
 
December 28
 
   
2016
 
2015
 
2013
 
Net income
 
$
5,727,043
 
$
7,661,476
 
$
6,901,921
 
Other comprehensive income/(loss) -
                   
Change in foreign currency translation
   
(2,009,277
)
 
(1,128,327
)
 
(656,972
)
Change in pension and postretirement benefit costs, net of income taxes (expense)/benefit of $1,899,285 in 2015, $5,767,236 in 2014 and ($3,437,175) in 2013
   
3,458,060
   
(10,386,089
)
 
6,254,558
 
Total other comprehensive income/(loss)
   
1,448,783
   
(11,514,416
)
 
5,597,586
 
Comprehensive income/(loss)
 
$
7,175,826
 
$
(3,852,940
)
$
12,499,507
 

See accompanying notes.
 
30
 
 

 


Consolidated Statements of Shareholders’ Equity

   
Common Shares
 
Common
Stock
 
Treasury
Shares
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Shareholders’
Equity
 
Balances at December 29, 2012
 
8,914,478
 
$
28,585,498
 
(2,694,729
)
$
(19,105,723
)
$
78,717,589
 
$
(16,615,265
)
$
71,582,099
 
Net income
                       
6,901,921
         
6,901,921
 
Cash dividends declared, $.42 per share
                       
(2,612,839
)
       
(2,612,839
)
Currency translation adjustment
                             
(656,972
)
 
(656,972
)
Change in pension and postretirement benefit costs, net of tax
                             
6,254,558
   
6,254,558
 
Issuance of Common Stock upon the exercise of stock options
 
1,000
   
13,580
                         
13,580
 
Issuance of Common Stock for directors’ fees
 
1,419
   
22,504
                         
22,504
 
Balances at December 28, 2013
 
8,916,897
   
28,621,582
 
(2,694,729
)
 
(19,105,723
)
 
83,006,671
   
(11,017,679
)
 
81,504,851
 
Net income
                       
7,661,476
         
7,661,476
 
Cash dividends declared, $.48 per share
                       
(2,987,480
)
       
(2,987,480
)
Currency translation adjustment
                             
(1,128,327
)
 
(1,128,327
)
Change in pension and postretirement benefit costs, net of tax
                             
(10,386,089
)
 
(10,386,089
)
Issuance of Common Stock upon the exercise of stock options
 
20,000
   
271,600
                         
271,600
 
Tax benefit from  disqualifying dispositions of incentive stock options
       
8,882
                         
8,882
 
Issuance of Common Stock for directors’ fees
 
1,845
   
29,994
                         
29,994
 
Balances at January 3, 2015
 
8,938,742
   
28,932,058
 
(2,694,729
)
 
(19,105,723
)
 
87,680,667
   
(22,532,095
)
 
74,974,907
 
Net income
                       
5,727,043
         
5,727,043
 
Cash dividends declared, $.45 per share
                       
(2,810,669
)
       
(2,810,669
)
Currency translation adjustment
                             
(2,009,277
)
 
(2,009,277
)
Change in pension and postretirement benefit costs, net of tax
                             
3,458,060
   
3,458,060
 
Issuance of Common Stock for directors’ fees
 
3,719
   
64,992
                         
64,992
 
Balances at January 2, 2016
 
8,942,461
 
$
28,997,050
 
(2,694,729
)
$
(19,105,723
)
$
90,597,041
 
$
(21,083,312
)
$
79,405,056
 

See accompanying notes.

 
31
 
 

 

Consolidated Statements of Cash Flows

       
Year ended
     
   
January 2
 
January 3
 
December 28
 
   
2016
 
2015
 
2013
 
Operating Activities
                   
Net income
 
$
5,727,043
 
$
7,661,476
 
$
6,901,921
 
Adjustments to reconcile net income to net cash provided by operating activities:
                   
Depreciation and amortization
   
3,921,438
   
3,486,302
   
3,825,286
 
Unrecognized pension & postretirement benefits
   
1,384,605
   
(175,687
)
 
95,728
 
Loss on sale of equipment and other assets
   
49,796
   
69,258
   
116,327
 
Provision for doubtful accounts
   
9,459
   
37,601
   
106,485
 
Issuance of Common Stock for directors’ fees
   
64,992
   
29,994
   
22,505
 
Changes in operating assets and liabilities:
                   
Accounts receivable
   
(852,168
)
 
(207,631
)
 
1,776,744
 
Inventories
   
(3,095,801
)
 
(2,825,155
)
 
(1,400,893
)
Prepaid expenses
   
483,178
   
593,075
   
308,653
 
Recoverable tax receivables
   
380,000
   
(380,000
)
 
1,158,632
 
Other assets
   
(106,081
)
 
(156,164
)
 
(76,426
)
Accounts payable
   
1,182,124
   
998,502
   
(253,994
)
Accrued compensation
   
28,426
   
185,724
   
(626,385
)
Other accrued expenses
   
(43,582
)
 
29,889
   
(637,547
)
Net cash provided by operating activities
   
9,133,429
   
9,347,184
   
11,317,036
 
                     
Investing Activities
                   
Purchases of property, plant and equipment
   
(2,538,236
)
 
(3,633,165
)
 
(5,523,742
)
Proceeds from sale of equipment and other assets
   
25,000
   
22,500
   
2,839
 
Business acquisitions
   
   
(5,034,289
)
 
 
Net cash used in investing activities
   
(2,513,236
)
 
(8,644,954
)
 
(5,520,903
)
                     
Financing Activities
                   
Principal payments on long-term debt
   
(1,071,428
)
 
(1,785,714
)
 
(1,428,571
)
Proceeds from sales of Common Stock
   
   
271,600
   
13,580
 
Tax benefit from disqualifying dispositions of incentive stock options
   
   
8,882
   
 
Dividends paid
   
(2,810,669
)
 
(2,987,480
)
 
(2,612,839
)
Net cash used in financing activities
   
(3,882,097
)
 
(4,492,712
)
 
(4,027,830
)
                     
Effect of exchange rate changes on cash
   
(757,554
)
 
(363,435
)
 
(262,086
)
Net change in cash and cash equivalents
   
1,980,542
   
(4,153,917
)
 
1,506,217
 
                     
Cash and cash equivalents at beginning of year
   
15,834,444
   
19,988,361
   
18,482,144
 
Cash and cash equivalents at end of year
 
$
17,814,986
 
$
15,834,444
 
$
19,988,361
 

See accompanying notes.
 
32
 
 

 


The Eastern Company

Notes to Consolidated Financial Statements


1. Description of Business

The operations of The Eastern Company (the “Company”) consist of three business segments: industrial hardware, security products, and metal products.  The industrial hardware segment produces latching devices for use on industrial equipment and instrumentation, composite panels used primarily in the transportation and electronic white board industries, as well as a broad line of proprietary hardware designed for truck bodies and other vehicular type equipment.  The security products segment manufactures and markets a broad range of locks for traditional general purpose security applications as well as specialized locks for soft luggage, coin-operated vending and gaming equipment, and electric and computer peripheral components.  This segment also manufactures and markets coin acceptors and metering systems to secure cash used in the commercial laundry industry and produces cashless payment systems utilizing advanced smart card technology. The metal products segment produces anchoring devices used in supporting the roofs of underground coal mines and specialty products which serve the construction, automotive, railroad and electrical industries.

Sales are made to customers primarily in North America.


2. Accounting Policies

Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Fiscal Year

The Company’s year ends on the Saturday nearest to December 31.  Fiscal 2015 was a 52 week year, 2014 was a 53 week year and 2013 was a 52 week year.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions are eliminated.

Cash Equivalents and Concentrations of Credit Risk

Highly liquid investments purchased with a maturity of three months or less are considered cash equivalents.  The Company has deposits that exceed amounts insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, but the Company does not consider this a significant concentration of credit risk based on the strength of the financial institution.

Reclassification

Certain prior period amounts have been reclassified to conform to the current period presentation.  These reclassifications had no effect on previously reported net income.

Foreign Currency Translation

For foreign operations balance sheet accounts are translated at the current year-end exchange rate; income statement accounts are translated at the average exchange rate for the year.  Resulting translation adjustments are made directly to a separate component of shareholders’ equity – “Accumulated other comprehensive income (loss) – Foreign currency translation”.  Foreign currency exchange transaction gains and losses are not material in any year.

33

 
 

 


The Eastern Company

Notes to Consolidated Financial Statements (continued)


2. Accounting Policies (continued)


Recognition of Revenue and Accounts Receivable

Revenue and accounts receivable are recognized when persuasive evidence of an arrangement exists, the price is fixed and determinable, delivery has occurred, and there is a reasonable assurance of collection of the sales proceeds.  The Company obtains written purchase authorizations from its customers for a specified amount of product at a specified price and delivery occurs at the time of shipment. Credit is extended based on an evaluation of each customer’s financial condition; collateral is not required. Accounts receivable are recorded net of applicable allowances.  No customer exceeded 10% of total accounts receivable at year end 2015 or 2014.

Allowance for Doubtful Accounts

The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments.  The Company reviews the collectability of its receivables on an ongoing basis taking into account a combination of factors.  The Company reviews potential problems, such as past due accounts, a bankruptcy filing or deterioration in the customer’s financial condition, to ensure the Company is adequately accrued for potential loss.  Accounts are considered past due based on when payment was originally due.  If a customer’s situation changes, such as a bankruptcy or creditworthiness, or there is a change in the current economic climate, the Company may modify its estimate of the allowance for doubtful accounts.  The Company will write off accounts receivable after reasonable collection efforts have been made and the accounts are deemed uncollectible.  Write-offs have been within management’s estimates.

Inventories

Inventories are valued at the lower of cost or market. Cost is determined by the last-in, first-out (LIFO) method in the U.S. ($31,601,408 for U.S. inventories at January 2, 2016) and by the first-in, first-out (FIFO) method for inventories outside the U.S. ($5,241,005 for inventories outside the U.S. at January 2, 2016). Current cost exceeds the LIFO carrying value by approximately $6,297,368 at January 2, 2016 and $6,886,000 at January 3, 2015. There was no material LIFO quantity liquidation in 2015, 2014 and 2013.

Property, Plant and Equipment and Related Depreciation

Property, plant and equipment (including equipment under capital lease) are stated at cost.  Depreciation ($3,460,516 in 2015, $3,237,426 in 2014, $3,592,263 in 2013) is computed generally using the straight-line method based on the following estimated useful lives of the assets: Buildings 10 to 39.5 years; Machinery and equipment 3 to 10 years.

Goodwill, Intangibles and Impairment of Long-Lived Assets

Patents are recorded at cost and are amortized using the straight-line method over the lives of the patents.  Technology and licenses are recorded at cost and are generally amortized on a straight-line basis over periods ranging from 5 to 17 years.  Non-compete agreements and customer relationships are being amortized using the straight-line method over a period of 5 years. Amortization expense in 2015, 2014 and 2013 was $460,922, $248,876 and $233,023, respectively.  Total amortization expense for each of the next five years is estimated to be as follows: 2016 - $437,000; 2017 - $437,000; 2018 - $437,000; and 2019 - $379,000; and 2020 - $146,000.  Trademarks are not amortized as their lives are deemed to be indefinite.

 
34
 
 

 


The Eastern Company

Notes to Consolidated Financial Statements (continued)


2. Accounting Policies (continued)

The gross carrying amount and accumulated amortization of amortizable intangible assets:
   
 
Industrial
Hardware
Segment
 
 
Security
Products
Segment
 
 
Metal
Products
Segment
   
 
 
 
Total
   
Weighted-Average
Amortization Period (Years)
 
2015 Gross Amount
                                 
Patents and developed technology
 
$
2,206,852
 
$
1,029,181
 
$
   —
   
$
3,236,033
   
15.9
 
Customer relationships
   
   —
   
449,706
   
   —
     
449,706
   
 5.0
 
Non-compete agreements
   
   —
   
407,000
   
   —
     
407,000
   
 5.0
 
Intellectual property
   
   —
   
307,370
   
   —
     
307,370
   
 5.0
 
Total Gross Intangibles
 
$
2,206,852
 
$
2,193,257
 
$
   
$
4,400,109
   
12.6
 
                                   
2015 Accumulated Amortization
                                 
Patents and developed technology
 
$
1,478,692
 
$
575,026
 
$
   —
   
$
2,053,718
       
Customer relationships
   
   —
   
   89,941
   
   —
     
   89,941
       
Non-compete agreements
   
   —
   
   81,400
   
   —
     
  81,400
       
Intellectual property
   
   —
   
   61,474
   
   —
     
   61,474
       
Accumulated Amortization
 
$
1,478,692
 
$
807,841
 
$
   
$
2,286,533
       
                                   
Net 2015 per Balance Sheet
 
$
728,160
 
$
1,385,416
 
$
   
$
2,113,576
       
                                   
2014 Gross Amount
                                 
Patents and developed technology
 
$
2,494,261
 
$
1,025,303
 
$
   —
   
$
3,519,564
   
15.7
 
Customer relationships
   
   —
   
449,706
   
   —
     
449,706
   
 5.0
 
Non-compete agreements
   
   —
   
407,000
   
   —
     
407,000
   
 5.0
 
Intellectual property
   
   —
   
307,370
   
   —
     
307,370
   
 5.0
 
Total Gross Intangibles
 
$
2,494,261
 
$
2,189,379
 
$
   
$
4,683,640
   
12.7
 
                                   
2014 Accumulated Amortization
                                 
Patents and developed technology
 
$
1,649,655
 
$
535,415
 
$
   —
   
$
2,185,070
       
Customer relationships
   
   —
   
   —
   
   —
     
   —
       
Non-compete agreements
   
   —
   
   —
   
   —
     
   —
       
Intellectual property
   
   —
   
   —
   
   —
     
   —
       
Accumulated amortization
   
1,649,655
   
535,415
   
     
2,185,070
       
                                   
Net 2014 per Balance Sheet
 
$
844,606
 
$
1,653,964
 
$
   
$
2,498,570
       

In the event that facts and circumstances indicate that the carrying value of long-lived assets, including definite life intangible assets, may be impaired, an evaluation is performed to determine if a write-down is required.  No events or changes in circumstances have occurred to indicate that the carrying amount of such long-lived assets held and used may not be recovered.

 
35
 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


2. Accounting Policies (continued)

The Company performed qualitative assessments as of the end of fiscal 2015 and fiscal 2014 and determined it is more likely than not that no impairment of goodwill existed at the end of 2015 or 2014.  The Company will perform annual qualitative assessments in subsequent years as of the end of each fiscal year.  Additionally, the Company will perform interim analysis whenever conditions warrant.

Goodwill or trademarks would be considered impaired whenever our historical carrying amount exceeds the fair value.  Goodwill and trademarks were not impaired in 2015, 2014 or 2013.  Should we reach a different conclusion in the future, additional work would be performed to determine the amount of the non-cash impairment charge to be recognized.  The maximum future impairment of goodwill or trademarks that could occur is the amount recognized on our balance sheet.

The following is a roll-forward of goodwill for 2015 and 2014:

   
Industrial
Hardware
Segment
 
Security
Products
Segment
 
Metal
Products
Segment
 
 
 
Total
 
2015
                         
Beginning balance
 
$
1,901,312
 
$
13,059,042
 
$
 
$
14,960,354
 
Foreign exchange
   
(169,561
)
 
   
   
   (169,561)
 
Ending balance
 
$
1,731,751
 
$
13,059,042
 
$
 
$
14,790,793
 

   
Industrial
Hardware
Segment
 
Security
Products
Segment
 
Metal
Products
Segment
 
 
 
Total
 
2014
                         
Beginning balance
 
$
2,008,231
 
$
11,833,816
 
$
 
$
13,842,047
 
Acquisition of Argo Transdata
   
   
1,225,226
   
   
1,225,226
 
Foreign exchange
   
(106,919
)
 
   
   
(106,919
)
Ending balance
 
$
1,901,312
 
$
13,059,042
 
$
 
$
14,960,354
 


Cost of Goods Sold

Cost of goods sold reflects the cost of purchasing, manufacturing and preparing a product for sale.  These costs generally represent the expenses to acquire or manufacture products for sale (including an allocation of depreciation and amortization) and are primarily comprised of direct materials, direct labor, and overhead, which includes indirect labor, facility and equipment costs, inbound freight, receiving, inspection, purchasing, warehousing and any other costs related to the purchasing, manufacturing or preparation of a product for sale.

Shipping and Handling Costs

Shipping and handling costs are included in cost of goods sold.

Selling, General and Administrative Expenses

Selling, general and administrative expenses include all operating costs of the Company that are not directly related to the cost of purchasing, manufacturing and preparing a product for sale.  These expenses generally represent the cost of selling or distributing the product once it is available for sale, as well as administrative expenses for support functions and related overhead.




36

 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


2. Accounting Policies (continued)

Product Development Costs

Product development costs, charged to expense as incurred, were $1,218,948 in 2015, $1,079,557 in 2014 and $991,286 in 2013.

Advertising Costs

The Company expenses advertising costs as incurred.  Advertising costs were $496,066 in 2015, $494,267 in 2014 and $486,027 in 2013.

Income Taxes

The Company accounts for uncertain tax positions pursuant to the provisions of FASB Accounting Standards Codification (“ASC”) 740 which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements. These provisions detail how companies should recognize, measure, present and disclose uncertain tax positions that have or are expected to be taken.  As such, the financial statements will reflect expected future tax consequences of uncertain tax positions presuming the taxing authorities’ full knowledge of the position and all relevant facts.  See Note 8 Income Taxes.

The Company and its U.S. subsidiaries file a consolidated federal income tax return.

Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.

Earnings per Share

The denominators used in the earnings per share computations follow:

   
2015
 
2014
 
2013
 
Basic:
             
Weighted average shares outstanding
 
6,245,057
 
6,225,068
 
6,220,928
 
               
Diluted:
             
Weighted average shares outstanding
 
6,245,057
 
6,225,068
 
6,220,928
 
Dilutive stock options
 
 —
 
12,846
 
16,830
 
Denominator for diluted earnings per share
 
6,245,057
 
6,237,914
 
6,237,758
 

There were no anti-dilutive stock options in 2015, 2014 or 2013.

Derivatives

The Company does not maintain any derivatives as of the date of this report.

Stock Based Compensation

The Company accounts for stock based compensation pursuant to the fair value recognition provisions of ASC 718.  No stock options were granted in 2015, 2014 or 2013, and, since all outstanding options were fully vested in each year presented, there was no impact on the financial statements.




37

 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


2. Accounting Policies (continued)

Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.   The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.  The fair value hierarchy has three levels of inputs that may be used to measure fair value:

Level 1
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted
assets or liabilities.

Level 2
Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for
substantially the full term of the asset or liability.

Level 3
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and
unobservable.

The carrying amounts of financial instruments (cash and cash equivalents, accounts receivable, accounts payable and debt) as of January 2, 2016 and January 3, 2015, approximate fair value.  Fair value was based on expected cash flows and current market conditions.


3. Business Acquisitions

Effective December 15, 2014 the Company acquired certain assets of Argo Transdata Corporation (“Argo”) including accounts receivable, inventories, furniture, fixtures and equipment, intellectual property rights and rights existing under all sales and purchase agreements.  Argo is a contract manufacturer of printed circuit board assemblies and has the ability to manufacture surface mount (SMT), through hole and wire bond assemblies or any combination of the three technologies.  Its products are sold to numerous OEM’s in industries such as measurement systems, industrial controls, medical and military.  The Argo acquisition further diversified our markets and provides a source for printed circuit boards which are used in several of our current products.  Argo is included in the Security Products segment of the Company from the date of the acquisition.  The cost of the acquisition of Argo was approximately $5,034,000, inclusive of transaction costs, plus a contingent earn-out of $282,914 based on revenue levels in each of the first two fiscal years following the closing and the assumption of $63,000 in current liabilities.  In 2015, the Company recognized $138,683 in earnings as a result of Argo not meeting the sales goals for the 1st year earn-out.  On January 2, 2016 the contingent earn-out liability was $144,231.

The above acquisition was accounted for under ASC 805.  The acquired business is included in the consolidated operating results of the Company from the date of acquisition.  The excess of the cost of Argo over the fair market value of the net assets acquired of $1,225,226 has been recorded as goodwill.

In connection with the above acquisition, the Company recorded the following intangible assets:

 
Asset Class/Description
 
Amount
Weighted-average Amortization Period in Years
Patents, technology, and licenses
   
Customer relationships
$     449,706
5.0
Intellectual property
       307,370
5.0
Non-compete agreements
       407,000
5.0
 
$  1,164,076
5.0

There is no anticipated residual value relating to these intangible assets.

Neither the actual results nor the pro forma effects of the acquisition of Argo are material to the Company's financial statements.
 
38
 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


4. Contingencies

The Company is party to various legal proceedings and claims related to its normal business operations.  In the opinion of management, the Company has substantial and meritorious defenses for these claims and proceedings in which it is a defendant, and believes these matters will ultimately be resolved without a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company.  The aggregate provision for losses related to contingencies arising in the ordinary course of business was not material to operating results for any year presented.

During the fourth quarter of 2010, the Company was contacted by the State of Illinois regarding potential ground contamination at our plant in Wheeling, Illinois.  The Company signed up with a voluntary remediation program in Illinois and has engaged an environmental clean-up company to perform testing and develop a remediation plan.  The estimated cost of remediation is $30,000.

Approximately 26% of the total workforce is subject to negotiated union contracts, and none of the agreements expire during 2016.


5. Debt

On January 29, 2010, the Company signed a secured Loan Agreement (the “Loan Agreement”) with People’s United Bank (“People’s”) which included a $5,000,000 term portion and a $10,000,000 revolving credit portion.  The term portion of the loan requires quarterly principal payments of $178,571 for a period of seven (7) years, maturing on January 31, 2017.  The revolving credit portion had a quarterly commitment fee of one quarter of one percent (0.25%), and a maturity date of January 31, 2012.

On January 25, 2012 the Company amended the Loan Agreement by taking an additional $5,000,000 term loan (the “2012 Term Loan”).  The 2012 Term Loan requires quarterly principal payments of $178,571 for a period of seven (7) years, maturing on January 31, 2019.  At the same time the maturity date of the revolving credit portion was extended to January 31, 2014 and continued to have a quarterly commitment fee of one quarter of one percent (0.25%).

Interest on the original term portion of the Loan Agreement is fixed at 4.98%.  Interest on the 2012 Term Loan is fixed at 3.90%.  For the period from January 25, 2012 to January 23, 2014, interest on the revolving credit portion of the Loan Agreement varied based on the LIBOR rate or People’s Prime rate plus 2.25%, with a floor of 3.25% with a maturity date of January 31, 2014.  On January 23, 2014, the Company amended the Loan Agreement with People’s.  The amendment renewed and extended the maturity date of the revolving credit portion of the Loan Agreement to July 1, 2016 and changed the interest rate to LIBOR plus 2.25%, and eliminated the 3.25% floor previously in place.  The quarterly commitment fee of one quarter of one percent (0.25%) remained unchanged.  The Company did not utilize the revolving credit portion of the Loan Agreement at any time during 2014 or 2015.

Debt consists of:

   
2015
 
2014
 
Term loans
 
$
3,214,285
 
$
4,285,714
 
Revolving credit loan
   
   
 
     
3,214,285
   
4,285,714
 
Less current portion
   
1,428,571
   
  1,071,429
 
   
$
1,785,714
 
$
3,214,285
 

The Company paid interest of $174,558 in 2015, $272,993 in 2014, and $319,760 in 2013.



 
39
 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


5. Debt (continued)

The Company’s loan covenants under the Loan Agreement require the Company to maintain a fixed charge coverage ratio of at least 1.1 to 1, a leverage ratio of no more than 1.75 to 1, and minimum tangible net worth of $43 million increasing each year by 50% of consolidated net income.  This amount was approximately $52.8 million as of December 28, 2013.  As part of an amendment to the Loan Agreement signed on January 23, 2014, the leverage ratio was eliminated, and the minimum tangible net worth covenant was modified to a fixed minimum amount of $55 million, effective with the end of the Company’s first quarter of 2014.  In addition, the Company has restrictions on, among other things, new capital leases, purchases or redemptions of its capital stock, mergers and divestitures, and new borrowing.  The Company was in compliance with all covenants in 2014 and 2015.

As of January 3, 2015, scheduled annual principal maturities of long-term debt for each of the next five years follow:

2016
 
$
1,428,571
 
2017
   
892,857
 
2018
   
714,286
 
2019
   
178,571
 
2020
   
 
Thereafter
   
 
   
$
3,214,285
 


6. Stock Rights

The Company had a stock rights plan.  At January 3, 2015, there were 6,244,013 stock rights outstanding under the plan.  Each right may have been exercised to purchase one share of the Company’s common stock at an exercise price of $80.00, subject to adjustment to prevent dilution.

On August 7, 2015, the Company terminated the 2008 Shareholder Rights Agreement. Pursuant to Section 23 of the Rights Agreement, the Company redeemed all of the outstanding rights at a redemption price of $0.01 per right.  The redemption fee was paid on September 15, 2015, to common shareholders of record as of August 19, 2015.


7. Stock Options and Awards

Stock Options

At the end of 2015, the Company had one stock option plan, the 2010 plan, for officers, other key employees, and non-employee directors.  Incentive stock options granted under the 2010 plan must have exercise prices that are not less than 100% of the fair market value of the stock on the dates the options are granted.  Restricted stock awards may also be granted to participants under the 2010 plan with restrictions determined by the Compensation Committee of the Company’s Board of Directors.  Under the 2010 plan, non-qualified stock options granted to participants will have exercise prices determined by the Compensation Committee of the Company’s Board of Directors.  No options or restricted stock were granted in 2015, 2014 or 2013.

As of January 2, 2016, there were 500,000 shares of common stock reserved and available for future grant under the above noted 2010 plan.
 
 
40
 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


7. Stock Options and Awards (continued)

Information with respect to the Company’s stock option plans is summarized below:

   
 
 Shares
 
Weighted Average
Exercise Price
 
Outstanding at December 29, 2012
 
21,000
   
$13.58
 
Exercised
 
(1,000
)
 
13.58
 
Outstanding at December 28, 2013
 
20,000
   
13.58
 
Exercised
 
(20,000
)
 
13.58
 
Outstanding at January 3, 2015
 
       
Exercised
 
       
Outstanding at January 2, 2016
 
       


At January 2, 2016, there were no stock options outstanding or exercisable.  The total intrinsic value of stock options exercised in 2014 and 2013 was $59,125 and $1,590, respectively.


8. Income Taxes

Deferred income taxes are provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for income tax reporting purposes.  Deferred income tax (assets) liabilities relate to:

   
2015
 
2014
 
2013
 
Property, plant and equipment
 
$
6,694,885
 
$
6,503,597
 
$
6,184,873
 
Other
   
99,989
   
92,531
   
208,938
 
Total deferred income tax liabilities
   
6,794,874
   
6,596,128
   
6,393,811
 
                     
Other postretirement benefits
   
(281,154
)
 
(1,030,203
)
 
(787,087
)
Inventories
   
(807,061
)
 
(829,876
)
 
(848,364
)
Allowance for doubtful accounts
   
(124,351
)
 
(105,296
)
 
(104,695
)
Intangible assets
   
(299,137
)
 
(396,541
)
 
(373,482
)
Accrued compensation
   
(252,297
)
 
(203,180
)
 
(158,866
)
Pensions
   
(8,616,582
)
 
(9,275,949
)
 
(3,828,224
)
Total deferred income tax assets
   
(10,380,582
)
 
(11,841,045
)
 
(6,100,718
)
Net deferred income tax (assets)  liabilities
 
$
(3,585,708
)
$
(5,244,917
)
$
293,093
 
                     

Income before income taxes consists of:

   
2015
 
2014
 
2013
 
Domestic
 
$
4,308,809
 
$
8,087,552
 
$
7,139,039
 
Foreign
   
 3,712,166
   
 3,441,211
   
 2,974,856
 
   
$
8,020,975
 
$
11,528,763
 
$
10,113,895
 




41

 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


8. Income Taxes (continued)

The provision for income taxes follows:

   
2015
 
2014
 
2013
 
Current:
                   
   Federal
 
$
1,337,417
 
$
2,339,917
 
$
1,942,271
 
   Foreign
   
1,054,694
   
991,257
   
871,949
 
   State
   
140,139
   
295,554
   
162,952
 
Deferred:
                   
   Federal
   
(223,530
 
164,830
   
241,821
 
   State
   
(14,788
)
 
75,729
   
(7,019
)
   
$
2,293,932
 
$
3,867,287
 
$
3,211,974
 

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:

   
2015
2014
2013
   
Amount
 
Percent
Amount
 
Percent
Amount
 
Percent
Income taxes using U.S. federal statutory rate
 
$ 2,727,131
 
34
%
$ 3,919,779
 
34
%
$ 3,438,724
 
34
%
State income taxes, net of federal benefit
 
 82,987
 
1
 
 249,324
 
2
 
 99,245
 
1
 
Impact of foreign subsidiaries on effective tax rate
 
(388,132
)
(5
)
(76,914
)
(1
)
(103,878
)
(1
)
Impact of manufacturers deduction on effective tax rate
 
(91,018
)
(1
)
(185,993
)
(1
)
(138,127
)
(1
)
Other—net
 
(37,036
)
-
 
(38,909
)
-
 
(83,990
)
(1
)
   
$ 2,293,932
 
29
%
$ 3,867,287
 
34
%
$ 3,211,974
 
32
%


Total income taxes paid were $2,348,865 in 2015, $3,989,978 in 2014 and $2,568,708 in 2013.

United States income taxes have been provided on the undistributed earnings of foreign subsidiaries ($13,308,709 at January 2, 2016) only where necessary because such earnings are intended to be reinvested abroad indefinitely or repatriated only when substantially free of such taxes.  The Company would be required to accrue and pay United States income taxes to repatriate the funds held by foreign subsidiaries not otherwise provided.

During 2015, 2014 and 2013, the Company received tax benefits of $0, $8,882, and $0, respectively, as a result of the exercise and sale of incentive stock options that resulted in the disqualification of those incentive stock options and the exercise of non-qualified stock options during the year.  The tax benefit associated with the exercise of the incentive and non-qualified stock options has been recorded to common stock.

A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:

   
 2015
 
 2014
 
 2013
 
                     
Balance at beginning of year
 
$
248,645
 
$
220,289
 
$
499,624
 
Increases for positions taken during the current period
   
27,947
   
50,735
   
49,636
 
Decreases relating to settlements
   
   
   
(263,856
)
Decreases resulting from the expiration of the statute of limitations
   
(26,810
)
 
(22,379
)
 
(65,115
)
Balance at end of year
 
$
249,782
 
$
248,645
 
$
220,289
 

 
 


42

 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


8. Income Taxes (continued)

The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions.  With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2012 and non-U.S. income tax examinations by tax authorities prior to 2009.

Included in the balance at January 2, 2016, are $164,856 of unrecognized tax benefits that would affect the annual effective tax rate.  In 2015, the Company recognized accrued interest related to unrecognized tax benefits in income tax expense.  The Company had approximately $37,000 of accrued interest at January 2, 2016.

The total amount of unrecognized tax benefits could increase or decrease within the next twelve months for a number of reasons, including the closure of federal, state and foreign tax years by expiration of the statute of limitations and the recognition and measurement considerations under ASC 740.  The Company believes that the total amount of unrecognized tax benefits will not increase or decrease significantly over the next twelve months.


9. Leases

The Company leases certain equipment and buildings under operating lease arrangements.  Most leases are for a fixed term and for a fixed amount; additionally, the Company leases certain buildings under operating leases on a month-to-month basis.  The Company is not a party to any leases that have step rent provisions, escalation clauses, capital improvement funding or payment increases based on any index or rate.

Future minimum payments under non-cancelable operating leases with initial or remaining terms in excess of one year during each of the next five years follow:
2016
 
$
1,046,940
 
2017
   
992,680
 
2018
   
884,615
 
2019
   
397,186
 
2020
   
55,120
 
   
$
3,376,541
 

Rent expense for all operating leases was $1,324,365 in 2015, $1,151,749 in 2014 and $1,093,895 in 2013.  The Company expects future rent expense, including non-cancelable operating leases, leases that are expected to be renewed and buildings leased on a month-to-month basis, for each of the next five years to be in the range of $1,100,000 to $1,300,000.


10. Retirement Benefit Plans

The Company has non-contributory defined benefit pension plans covering most 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 non-qualified supplemental retirement plans that provide certain 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.







43

 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


10. Retirement Benefit Plans (continued)

Components of the net periodic benefit cost of the Company’s pension benefit plans were as follows:

   
  2015
 
  2014
 
  2013
 
Service cost
 
$
3,770,191
 
$
2,837,134
 
$
3,028,863
 
Interest cost
   
3,472,870
   
3,365,194
   
2,840,622
 
Expected return on plan assets
   
(5,151,654
)
 
(4,810,524
)
 
(4,827,393
)
Amortization of prior service cost
   
218,585
   
218,585
   
256,459
 
Amortization of the net loss
   
1,928,298
   
944,130
   
1,844,139
 
Net periodic benefit cost
 
$
4,238,290
 
$
2,554,519
 
$
3,142,690
 

Assumptions used to determine net periodic benefit cost for the Company’s pension benefit plans for the fiscal year indicated were as follows:
 
  2015
 
  2014
 
  2013
Discount rate
   3.90%
 
   4.80%
 
   3.90%
Expected return on plan assets
   8.0%
 
   8.0%
 
   8.0%
Rate of compensation increase
   3.25%
 
   3.25%
 
   3.25%

Components of the net periodic benefit cost of the Company’s postretirement benefit plan were as follows:

   
  2015
 
  2014
 
  2013
 
Service cost
 
$
217,570
 
$
173,902
 
$
202,568
 
Interest cost
   
154,915
   
157,481
   
142,086
 
Expected return on plan assets
   
(91,936
)
 
(22,434
)
 
(73,920
)
Amortization of prior service cost
   
(23,889
)
 
(23,888
)
 
(23,888
)
Amortization of the net loss
   
18,804
   
(72,378
)
 
(4,608
)
Net periodic benefit cost
 
$
275,464
 
$
212,683
 
$
242,238
 

Assumptions used to determine net periodic benefit cost for the Company’s postretirement plan for the fiscal year indicated were as follows:
 
 2015
 
2014
 
 2013
Discount rate
   3.90%
 
   4.80%
 
   3.90%
Expected return on plan assets
   8.0%
 
   8.0%
 
   8.0%

As of January 2, 2016 and January 3, 2015, the status of the Company’s pension benefit plans and postretirement benefit plan was as follows:
   
Pension Benefit
 
Postretirement Benefit
 
   
    2015
 
     2014
 
     2015
 
     2014
 
Benefit obligation at beginning of year
 
$
90,516,922
 
$
71,211,198
 
$
4,055,112
 
$
3,420,475
 
Change due to availability of final actual assets and census data
   
   
   
346
   
(56,516
)
Discount rate
   
(4,121,170
)
 
10,600,944
   
(87,748
)
 
445,610
 
Mortality table
   
   
2,808,383
   
   
75,047
 
Service cost
   
3,770,191
   
2,837,134
   
217,570
   
173,902
 
Interest cost
   
3,472,870
   
3,365,194
   
154,915
   
157,481
 
Actuarial (gain)/loss
   
(3,316,552
)
 
2,287,760
   
(2,235,904
)
 
(23,169
)
Benefits paid
   
(2,894,492
)
 
(2,593,691
)
 
(122,947
)
 
(137,718
)
Benefit obligation at end of year
 
$
87,427,769
 
$
90,516,922
 
$
1,981,344
 
$
4,055,112
 

 
44
 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


10. Retirement Benefit Plans (continued)

 

   
Pension Benefit
 
Postretirement Benefit
   
   
    2015
 
    2014
 
     2015
 
     2014
 
Fair value of plan assets at beginning of year
 
$
64,352,110
 
$
60,350,987
 
$
1,149,204
 
$
1,187,603
 
Change due to availability of final actual assets and census data
   
 —
   
 —
   
   
(2,451
)
Actual return on plan assets
   
(1,340,977
)
 
3,731,262
   
39,085
   
22,434
 
Employer contributions
   
3,006,202
   
2,863,552
   
122,947
   
79,336
 
Benefits paid
   
(2,894,492
)
 
(2,593,691
)
 
(122,947
)
 
(137,718
)
Fair value of plan assets at end of year
 
$
63,122,843
 
$
64,352,110
 
$
1,188,289
 
$
1,149,204
 

   
Pension Benefit
 
Postretirement Benefit
 
Funded Status
 
     2015
 
     2014
 
     2015
 
     2014
 
Net amount recognized in the balance sheet
 
$
(24,304,926
)
$
(26,164,812
)
$
(793,055
)
$
(2,905,908
)

Amounts recognized in accumulated other comprehensive income consist of:

   
Pension Benefit
 
Postretirement Benefit
 
   
     2015
 
     2014
 
     2015
 
     2014
 
Net (loss)/gain
 
$
 (32,220,482
)
$
 (35,093,871
)
$
1,658,406
 
$
(630,853
)
Prior service (cost) credit
   
(376,685
)
 
(595,270
)
 
63,731
   
87,620
 
   
$
(32,597,167
)
$
(35,689,141
)
$
1,722,137
 
$
(543,233
)

Change in the components of accumulated other comprehensive income consist of:

   
Pension Benefit
 
Postretirement Benefit
 
   
2015
 
2014
 
2015
 
2014
 
Balance at beginning of period
 
$
(35,689,141
)
$
(20,075,506
)
$
(543,233
)
$
(3,544
)
Change due to availability of final actual assets and census data
   
 —
   
 —
   
(346
)
 
54,065
 
Charged to net periodic benefit cost
                         
Prior service cost
   
218,585
   
218,585
   
(23,889
)
 
(23,888
)
Net loss (gain)
   
1,928,298
   
944,130
   
18,804
   
 
Liability (gains)/losses
                         
Discount rate
   
4,121,170
   
(10,600,944
)
 
87,748
   
(445,610
)
Mortality table
   
   
(2,808,383
)
 
   
(75,047
)
Asset (gains)/losses deferred
   
(2,813,796
)
 
(184,695
)
 
(52,851
)
 
(72,378
)
Other
   
(362,283
)
 
(3,182,328
)
 
2,235,904
   
23,169
 
Balance at end of period
 
$
(32,597,167
)
$
(35,689,141
)
$
1,722,137
 
$
(543,233
)

In 2016, the net periodic pension benefit cost will include $1,837,738 of net loss and $200,568 of prior service cost and the net periodic postretirement benefit cost will include $125,885 of net gain and $23,889 of prior service credit.
 


45


 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


10. Retirement Benefit Plans (continued)

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:
   
2015
 
2014
Discount rate
           
 
- Pension plans
 
 4.24% - 4.28%
   
 3.9
%
 
- Supplemental pension plans
 
3.53
%
 
3.9
%
 
- Postretirement plan
 
4.23
%
 
3.9
%
Expected return on plan assets
 
 8.0
%
 
 8.0
%
Rate of compensation increase
 
 3.25
%
 
 3.25
%

At January 2, 2016 and January 3, 2015, the accumulated benefit obligation for all qualified and nonqualified defined benefit pension plans was $83,433,339 and $84,714,136, respectively.

Information for the under-funded pension plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets:

   
   2015
 
   2014
 
Number of plans
   
6
   
6
 
Projected benefit obligation
 
$
87,427,769
 
$
90,516,922
 
Accumulated benefit obligation
   
83,433,339
   
84,714,136
 
Fair value of plan assets
   
63,122,843
   
64,352,110
 
Net amount recognized in accrued benefit liability
   
(24,304,926
)
 
(26,164,812
)

Estimated future benefit payments to participants of the Company’s pension plans are $3.4 million in 2016, $3.6 million in 2017, $3.8 million in 2018, $4.1 million in 2019, $4.4 million in 2020 and a total of $26.2 million from 2021 through 2025.

Estimated future benefit payments to participants of the Company’s postretirement plan are $118,000 in 2016, $118,000 in 2017, $117,000 in 2018, $117,000 in 2019, $117,000 in 2020 and a total of $577,000 from 2021 through 2025.

The Company expects to make cash contributions to its qualified pension plans of approximately $3.1 million and to its postretirement plan of approximately $118,000 in 2016.

We consider a number of factors in determining and selecting assumptions for the overall expected long-term rate of return on plan assets.  We consider the historical long-term return experience of our assets, the current and expected allocation of our plan assets, and expected long-term rates of return.  We derive these expected long-term rates of return with the assistance of our investment advisors and generally base these rates on a 10-year horizon for various asset classes and consider the expected positive impact of active investment management.  We base our expected allocation of plan assets on a diversified portfolio consisting of domestic and international equity securities and fixed income securities.

We consider a variety of factors in determining and selecting our assumptions for the discount rate at the end of the year.  In 2015 we developed each plan’s discount rate with the assistance of our actuaries by matching expected future benefit payments in each year to the corresponding spot rates from the Citigroup Pension Liability Yield Curve, comprised of high quality (rated AA or better) corporate bonds.  Prior to 2015, we used the same process to determine each individual plan’s discount rate, but the average of these rates was used to determine a single rate for all plans.



46


 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


10. Retirement Benefit Plans (continued)

The fair values of the company’s pension plans assets at January 2, 2016 and January 3, 2015, utilizing the fair value hierarchy discussed in Note 2, follow:

   
January 2, 2016
 
   
Level 1
 
Level 2
 
Level 3
 
Total
 
Cash and Equivalents:
                         
Common/collective trust funds
 
$
 
$
236,209
 
$
 
$
236,209
 
Equities:
                         
The Eastern Company Common Stock
   
4,069,088
   
   
   
4,069,088
 
Common/collective trust funds
                         
Russell Large Cap Defensive Equity Fund (a)
   
   
6,685,388
   
   
6,685,388
 
Russell Equity II Fund (b)
   
   
4,456,364
   
   
4,456,364
 
Russell Large Cap U.S. Equity Fund (c)
   
   
5,575,535
   
   
5,575,535
 
Russell International Fund with Active Currency (d)
   
   
7,796,625
   
   
7,796,625
 
Russell Emerging Markets Fund (e)
 
   
3,350,136
   
   
3,350,136
 
Fixed Income:
                         
Common/collective trust funds
                         
Russell Fixed Income I Fund (f)
   
   
8,504,086
   
   
8,504,086
 
Target Duration LDI Fixed Income Funds (g)
                         
 
· Russell 8 Year LDI Fixed Income Fund
   
   
1,478,701
   
   
1,478,701
 
 
· Russell 10 Year LDI Fixed Income Fund
   
   
1,840,616
   
   
1,840,616
 
 
· Russell 12 Year LDI Fixed Income Fund
   
   
2,119,786
   
   
2,119,786
 
 
· Russell 14 Year LDI Fixed Income Fund
   
   
3,795,220
   
   
3,795,220
 
 
· Russell 16 Year LDI Fixed Income Fund
   
   
5,615,278
   
   
5,615,278
 
STRIPS Fixed Income Funds (h)
                         
 
· Russell 15 Year STRIPS Fixed Income Fund
   
   
2,606,554
   
   
2,606,554
 
 
· Russell 10 Year STRIPS Fixed Income Fund
   
   
1,411,574
   
   
1,411,574
 
 
· Russell 28 to 29 Year STRIPS Fixed Income Fund
   
   
543,357
   
   
543,357
 
Insurance contracts
   
   
3,038,326
   
   
3,038,326
 
Total
 
$
4,069,088
 
$
59,053,755
 
$
 
$
63,122,843
 


47

 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


10. Retirement Benefit Plans (continued)


   
January 3, 2015
 
   
Level 1
 
Level 2
 
Level 3
 
Total
 
Cash and Equivalents:
                         
Common/collective trust funds
 
$
 
$
1,201,073
 
$
 
$
1,201,073
 
Equities:
                         
The Eastern Company Common Stock
   
3,473,938
   
   
   
3,473,938
 
Common/collective trust funds
                         
Russell Large Cap Defensive Equity Fund
   
   
6,936,880
   
   
6,936,880
 
Russell Equity II Fund
   
   
4,632,485
   
   
4,632,485
 
Russell Concentrated Equity Fund
   
   
5,788,864
   
   
5,788,864
 
Russell International Fund with Active Currency
   
   
7,606,489
   
   
7,606,489
 
Russell Emerging Markets Fund
   
   
3,188,672
   
   
3,188,672
 
Fixed Income:
                         
Common/collective trust funds
                         
Russell Fixed Income I Fund
   
   
17,013,171
   
   
17,013,171
 
Target Duration LDI Fixed Income Funds
                         
 
· Russell 6 Year LDI Fixed Income Fund
   
   
226,826
   
   
226,826
 
 
· Russell 8 Year LDI Fixed Income Fund
   
   
227,960
   
   
227,960
 
 
· Russell 10 Year LDI Fixed Income Fund
   
   
343,712
   
   
343,712
 
 
· Russell 12 Year LDI Fixed Income Fund
   
   
919,538
   
   
919,538
 
 
· Russell 14 Year LDI Fixed Income Fund
   
   
1,212,739
   
   
1,212,739
 
 
· Russell 16 Year LDI Fixed Income Fund
   
   
520,522
   
   
520,522
 
Russell Long Duration Fixed Income Fund (i)
   
   
8,112,746
   
   
8,112,746
 
Insurance contracts
   
   
2,946,495
   
   
2,946,495
 
Total
 
$
3,473,938
 
$
60,878,172
 
$
 
$
64,352,110
 

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.



48

 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


10. Retirement Benefit Plans (continued)


(a)
The investment objective of the Russell Large Cap Defensive Equity Fund is to outperform the Russell 1000® Defensive Index® while managing volatility and maintaining diversification similar to the Index over a full market cycle.  The Fund invests in common stocks of large and medium cap U.S. companies, employing a multi-manager approach with advisors using distinct methods to identify medium to large cap U.S. stocks with positive excess return potential.  The defensive style of investing emphasizes investments in equities of companies expected to have lower than average stock price volatility, higher financial quality and/or stable business fundamentals.
 
(b)
The Russell Equity II Fund has an objective to provide a favorable total return primarily through capital appreciation.  Aims to outperform the Russell 2500® Index with above-average consistency while managing volatility and maintaining diversification similar to the Index over a full market cycle.  The fund invests in common stocks of U.S. small cap companies.  It employs a multi-style (growth and market-oriented, value), multi-manager approach.   Advisors employ distinct yet complementary styles in their stock selection, focusing on factors such as: undervalued or under-researched companies, special situations, emerging growth, asset plays and turnarounds.
 
(c)
The investment objective of the Russell Large Cap U.S. Equity Fund (formerly the Russell Concentrated Equity Fund) is to outperform the Russell 1000® Index with above-average consistency over a full market cycle.  The fund invests in common stocks of large and medium cap U.S. companies.  Employs a multi-style, multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles.  The number of advisors and number of stocks (150 – 200) is more concentrated than other Russell multi-style large cap U.S. funds.
 
(d)
The Russell International Fund with Active Currency seeks to provide long-term growth of Capital.  Aims to outperform the Russell Development ex-U.S. Large Cap Index Net while managing volatility and maintaining diversification similar to the index over a full market cycle.  The fund invests primarily in the equities of non-U.S. developing markets and currency of global markets.  Employs multiple managers with distinct investment styles, which are intended to be complementary.  Seeks to capitalize on the stock selection abilities of its active manager.  The Fund typically has moderate country and sector weights relative to the index.  Also believe active currency management is an attractive strategy with the potential to deliver excess return.
 
(e)
The Russell Emerging Markets Fund seeks to provide the potential for long-term growth of Capital.  Aims to outperform the Russell Emerging Markets Index Net over a full market cycle.  The fund invests in equity securities of companies located in, or are economically tied to, emerging market countries.  Securities are denominated principally in foreign currencies and are typically held outside the U.S.  The Fund employs a multi-style (growth, market-oriented and value) and multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles.
 
(f)
The Russell Fixed Income I Fund is designed to provide current income and capital appreciation through a variety of diversified strategies.  The Fund seeks favorable returns comparable to the broad fixed income market, as measured by the Barclays U.S. Aggregate Bond Index.  The fund primarily invests in fixed income securities representing diverse sectors and maturities.  Advisors use diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds.  It is actively managed with multiple advisors employing distinct yet complementary strategies and different technologies to insure prudent diversification over a broad spectrum of investments.
 
(g)
The Target Duration LDI Fixed Income Funds seek to outperform their respective Barclays-Russell LDI Indexes over a full market cycle.  These Funds invest primarily in investment grade corporate bonds that closely match those found in discount curves used to value U.S. pension liabilities.  They seek to provide additional incremental return through modest interest rate timing, security selection and tactical use of non-credit sectors.  Generally for use in combination with other bond funds to gain additional credit exposure, with the goal of reducing the mismatch between a plan’s assets and liabilities.
 

 
49

 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


10. Retirement Benefit Plans (continued)

(h)
The STRIPS (Separate Trading of Registered Interest and Principal of Securities) Funds seek to provide duration and Treasury exposure by investing in an optimized subset of the STRIPS universe with a similar duration profile as the Barclays U.S. Treasury STRIPS 10-11 year, 16-16 year or 28-29 year Index.  These passively managed funds are generally used with other bond funds to add additional duration to the asset portfolio.  This will help reduce the mismatch between a plan’s assets and liabilities.
 
(i)
The Russell Long Duration Fixed Income 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.  In January 2015, the Trustee of the plan sold all of the assets of this fund.  The proceeds were invested in the LDI Target funds and the STRIPS funds as of the end of 2015.
 
The investment portfolio contains a diversified blend of common stocks, bonds, cash equivalents, and other investments, which may reflect varying rates of return.  The investments are further diversified within each asset classification.  The portfolio diversification provides protection against a single security or class of securities having a disproportionate impact on aggregate performance.  The Company has elected to change its investment strategy to better match the assets with the underlying plan liabilities.  Currently, the long-term target allocations for plan assets are 50% in equities and 50% in fixed income although the actual plan asset allocations may be within a range around these targets.  The actual asset allocations are reviewed and rebalanced on a periodic basis to maintain the target allocations.  It is expected that, as the funded status of the plans improves, more assets will be invested in long-duration fixed income instruments.

The plans’ assets include 217,018 and 202,562 shares of the common stock of the Company having a market value of $4,069,938 and $3,473,938 at January 2, 2016 and January 3, 2015, respectively.  The Salaried Pension Plan purchased 14,456 shares of common stock at a cost of $232,124 during 2015 and 8,938 shares of common stock at a cost of $146,712 in 2014.  No shares were sold in either period.  Dividends received during 2015 and 2014 on the common stock of the Company were $92,743 and $93,507 respectively.

The fair values of the Company’s postretirement plan assets at January 2, 2016 and January 3, 2015, utilizing the fair value hierarchy discussed in Note 2, follow:
   
January 2, 2016
 
   
Level 1
 
Level 2
 
Level 3
 
Total
 
Fixed Income:
                         
Insurance contracts
 
$
 
$
 
$
1,188,289
 
$
1,188,289
 
Total
 
$
 
$
 
$
1,188,289
 
$
1,188,289
 

   
January 3, 2015
   
Level 1
 
Level 2
 
Level 3
 
Total
Fixed Income:
                       
Insurance contracts
 
$
 
$
 
$
1,149,204
 
$
1,149,204
Total
 
$
 
$
 
$
1,149,204
 
$
1,149,204






50


 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


10. Retirement Benefit Plans (continued)

The level 3 asset consists of an insurance contract with The Prudential Life Insurance Company of America.  It is designed to provide life insurance benefits for eligible retirees of the Company.  The contract is valued annually by the insurance company, based on activity in the account.  An analysis of the Level 3 asset of the Company’s postretirement plan is as follows:

   
     2015
   
     2014
 
Fair value of Level 3 assets at beginning of year
 
$
1,149,204
   
$
1,187,603
 
Change due to availability of final actual assets and census data
   
     
(2,451
)
Actual return on plan assets
   
39,085
     
22,434
 
Employer contributions
   
81,360
     
19,639
 
Benefits paid
   
(81,360
)
   
(78,021
)
Fair value of Level 3 assets at end of year
 
$
1,188,289
   
$
1,149,204
 

The Level 3 assets described above are the only assets of the postretirement plan, and thus have no impact on any Level 1 or Level 2 assets.

For measurement purposes relating to the postretirement benefit plan, the life insurance cost trend rate is 1%.  The health care cost trend rate for participants retiring after January 1, 1991 is nil; no increase in that rate is expected because of caps placed on benefits. The health care cost trend rate is expected to remain at 4.5% for participants after the year 2000.

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
 
$
71,520
 
$
 (57,039
)
               
Effect on postretirement benefit obligation
 
$
 
$
 

U.S. salaried employees and most employees of the Company’s Canadian subsidiaries are covered by defined contribution plans.

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 $232,399 in 2015, $186,545 in 2014, and $194,068 in 2013.  Beginning in 2015, the Company began making a non-discretionary contribution to the plan for the benefit of all U.S. non-union employees who are not eligible for the Company’s salaried retirement plan.  This contribution totaled $51,470 in 2015.

11. Reportable Segments

The accounting policies of the segments are the same as those described in Note 2.  Operating profit is total revenue less operating expenses, excluding interest and miscellaneous non-operating income and expenses.  Inter-segment revenue, which is eliminated, is recorded on the same basis as sales to unaffiliated customers.  Identifiable assets by reportable segment consist of those directly identified with the segment’s operations.

One customer of the Metal Products segment, Jennmar Corporation, accounted for 10.5% of total sales in 2014 and 11.5% of total sales in 2013.  No other customer exceeded 10% of total sales in 2015, 2014 or 2013.

 
51

 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


11. Reportable Segments (continued)

   
2015
 
2014
 
2013
 
Sales:
Sales to unaffiliated customers:
                   
Industrial Hardware
 
$
61,338,812
 
$
58,666,229
 
$
60,367,209
 
Security Products
   
56,598,487
   
49,381,553
   
48,751,688
 
Metal Products
   
26,630,652
   
32,777,578
   
33,339,382
 
   
$
144,567,951
 
$
140,825,360
 
$
142,458,279
 

Inter-segment Sales:
                   
Industrial Hardware
 
$
595,596
 
$
984,192
 
$
373,797
 
Security Products
   
2,813,576
   
2,565,733
   
2,558,127
 
Metal Products
   
16,804
   
   
11,540
 
   
$
3,425,976
 
$
3,549,925
 
$
2,943,464
 

Income Before Income Taxes:
                   
Industrial Hardware
 
$
4,314,149
 
$
5,063,786
 
$
4,797,254
 
Security Products
   
3,798,115
   
4,058,554
   
2,780,403
 
Metal Products
   
(84,536
)
 
2,596,308
   
2,808,664
 
Operating Profit
   
8,027,728
   
11,718,648
   
10,386,321
 
Interest expense
   
(185,475
)
 
(254,576
)
 
(322,731
)
Other income
   
178,722
   
64,691
   
50,305
 
   
$
8,020,975
 
$
11,528,763
 
$
10,113,895
 
                     
Geographic Information:
                   
Net Sales:
                   
United States
 
$
126,115,036
 
$
117,478,557
 
$
114,085,322
 
Foreign
   
18,452,915
   
23,346,803
   
28,372,957
 
   
$
144,567,951
 
$
140,825,360
 
$
142,458,279
 

Foreign sales are primarily to customers in North America.

Identifiable Assets:
                   
United States
 
$
106,662,743
 
$
105,771,961
 
$
96,289,200
 
Foreign
   
15,075,816
   
15,498,595
   
17,569,209
 
   
$
121,738,559
 
$
121,270,556
 
$
113,858,409
 
                     
Industrial Hardware
 
$
30,425,348
 
$
29,660,695
 
$
31,820,269
 
Security Products
   
52,688,497
   
51,573,251
   
43,582,088
 
Metal Products
   
20,931,863
   
21,037,058
   
19,282,393
 
     
104,045,708
   
102,271,004
   
94,684,750
 
General corporate
   
17,692,851
   
18,999,552
   
19,173,659
 
   
$
121,738,559
 
$
121,270,556
 
$
113,858,409
 

 
52

 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


11. Reportable Segments (continued)


   
2015
 
2014
 
2013
 
Depreciation and Amortization:
                   
Industrial Hardware
 
$
1,580,741
 
$
1,631,521
 
$
2,085,618
 
Security Products
   
1,010,262
   
621,501
   
592,555
 
Metal Products
   
1,330,435
   
1,233,280
   
1,147,113
 
   
$
3,921,438
 
$
3,486,302
 
$
3,825,286
 

Capital Expenditures:
                   
Industrial Hardware
 
$
1,479,984
 
$
1,929,022
 
$
1,967,335
 
Security Products
   
388,377
   
973,365
   
469,669
 
Metal Products
   
       632,016
   
664,851
   
3,002,556
 
     
2,500,377
   
3,567,238
   
5,439,560
 
Currency translation adjustment
   
25,020
   
10,347
   
(245
)
General corporate
   
12,839
   
55,580
   
84,427
 
   
$
2,538,236
 
$
3,633,165
 
$
5,523,742
 


12. Recent Accounting Pronouncements

In July 2012, the FASB issued authoritative guidance to amend previous guidance on the annual and interim testing of indefinite-lived intangible assets for impairment.  The guidance provides entities with the option of first assessing qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount.  If it is determined, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is more likely than not less than the carrying amount, a quantitative impairment test would still be required.  The Company adopted this guidance effective December 30, 2012 and it had no impact on the consolidated financial statements of the Company.

In February 2013, the FASB issued authoritative guidance which adds new disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income.  The guidance requires that an entity present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of Accumulated Other Comprehensive Income based on its source and the income statement line items affected by the reclassification.  The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2012.  The Company adopted this guidance effective December 30, 2012 and it had no impact on the consolidated financial statements of the Company.

In July 2013, the FASB issued authoritative guidance that requires an entity to net its liability for unrecognized tax positions against a net operating loss carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the tax law.  The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2013.  The Company adopted this guidance effective December 29, 2013 and it had no impact on the consolidated financial statements of the Company.

In April 2014, the FASB issued authoritative guidance which changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements.  To qualify as a discontinued operation the standard requires a disposal to represent a strategic shift that has, or will have, a major effect on an entity's operations and financial results.  The standard also expands the disclosures for discontinued operations and requires new disclosures related to individually material dispositions that do not qualify as discontinued operations.  The guidance is effective for fiscal years beginning after December 15, 2014, with early adoption permitted.  The Company adopted this guidance with its fiscal year effective January 4, 2015 and does not expect any impact on the consolidated financial statements of the Company.  This guidance will impact the reporting of any future dispositions.
 
53
 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


12. Recent Accounting Pronouncements (continued)

In May 2014, the FASB issued authoritative guidance which impacts virtually all aspects of an entity's revenue recognition.  The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  The standard is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted.  The Company has not determined the impact of the adoption of this guidance on the consolidated financial statements of the Company.

In July 2015, the FASB issued authoritative guidance which requires a company to change its valuation method of inventory from the lower of cost or market (market being replacement cost, net realizable value or net realizable value less an approximate profit margin) to the lower of cost or net realizable value.  The amendment is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.  The amendment should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period.  The adoption of this amendment is not expected to have a material impact on the consolidated financial statements of the Company.

In September 2015, the FASB issued authoritative guidance which will simplify the accounting for adjustments made to provisional amounts recognized in a business combination.  U.S. GAAP currently requires that during the measurement period, the acquirer retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill.  The amendments require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined.  The amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years.  The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not yet been issued.  The adoption of this amendment is not expected to have a material impact on the consolidated financial statements of the Company.

The Company has implemented all new accounting pronouncements that are in effect and that could impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued, but are not yet effective, that might have a material impact on the consolidated financial statements of the Company.
 
 
54
 
 

 


The Eastern Company

Notes to Consolidated Financial Statements (continued)


13. Financial Instruments and Fair Value Measurements
 
Financial Risk Management Objectives and Policies
 
The Company is exposed primarily to credit, interest rate and currency exchange rate risks which arise in the normal course of business.
 
Credit Risk
 
Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to settle its financial and contractual obligations to the Company, as and when they become due. The primary credit risk for the Company is its receivable accounts. The Company has established credit limits for customers and monitors their balances to mitigate its risk of loss. At January 2, 2016 and January 3, 2015, there were no significant concentrations of credit risk. No customer represented more than 10% of total accounts receivable at January 2, 2016 and January 3, 2015.  The maximum exposure to credit risk is primarily represented by the carrying amount of the Company’s accounts receivable.
 
Interest Rate Risk
 
As of January 2, 2016 the Company currently has a fixed rate of 4.98% and 3.90% on its term debt.  On January 2, 2016 the interest rate on the Company’s revolver was a variable rate based on LIBOR plus 2.25%.  See Note 5 for additional details concerning the Loan Agreement.  As the revolver is short term in nature, the Company does not consider this as a material risk to the financial statements.

Currency Exchange Rate Risk

The Company’s currency exposure is concentrated in the Canadian dollar, Mexican peso, New Taiwan dollar, Chinese RMB and the Hong Kong dollar.  Because of the Company’s limited exposure to any single foreign market, any exchange gains or losses have not been material and are not expected to be material in the future.  As a result, the Company does not attempt to mitigate its foreign currency exposure through the acquisition of any speculative or leveraged financial instruments.

Fair Value Measurements
 
Assets and liabilities that require fair value measurement are recorded at fair value using market and income valuation approaches and considering the Company’s and counterparty’s credit risk. The Company uses the market approach and the income approach to value assets and liabilities as appropriate.  There were no assets or liabilities requiring fair value measurement on January 2, 2016.



55


 
 

 

The Eastern Company

Notes to Consolidated Financial Statements (continued)


14. Selected Quarterly Financial Information (Unaudited)

Selected quarterly financial information (unaudited) follows:
           
2015
         
   
First
 
Second
 
Third
 
Fourth
 
Year
 
Net sales
 
$
36,876,842
 
$
37,037,697
 
$
36,239,500
 
$
34,413,912
 
$
144,567,951
 
Gross margin
   
7,335,178
   
7,912,161
   
9,033,843
   
8,100,044
   
32,381,226
 
Selling and administrative
     expenses
   
5,963,695
   
7,056,139
   
5,584,222
   
5,749,442
   
24,353,498
 
Net income
   
873,951
   
584,594
   
2,527,722
   
1,740,776
   
5,727,043
 
                                 
Net income per share:
                               
Basic
 
$
.14
 
$
.09
 
$
.41
 
$
.28
 
$
.92
 
Diluted
 
$
.14
 
$
.09
 
$
.41
 
$
.28
 
$
.92
 
                                 
Weighted average shares outstanding:
                         
Basic
   
6,244,088
   
6,244,051
   
6,245,099
   
6,246,571
   
6,245,057
 
Diluted
   
6,244,088
   
6,244,051
   
6,245,099
   
6,246,571
   
6,245,057
 

           
2014
         
   
First
 
Second
 
Third
 
Fourth
 
Year
 
Net sales
 
$
35,849,126
 
$
34,779,773
 
$
35,803,405
 
$
34,393,056
 
$
140,825,360
 
Gross margin
   
7,513,406
   
7,776,304
   
8,461,473
   
8,555,221
   
32,486,404
 
Selling and administrative
     expenses
   
5,216,289
   
4,988,364
   
4,892,600
   
5,670,503
   
20,767,756
 
Net (loss)/income
   
1,502,885
   
1,693,503
   
2,431,817
   
2,033,271
   
7,661,476
 
                                 
Net (loss)/income per share:
                               
Basic
 
$
.24
 
$
.27
 
$
.39
 
$
.33
 
$
1.23
 
Diluted
 
$
.24
 
$
.27
 
$
            .39
 
$
.33
 
$
1.23
 
                                 
Weighted average shares outstanding:
                         
Basic
   
6,222,213
   
6,222,676
   
6,223,140
   
6,231,729
   
6,225,068
 
Diluted
   
6,239,149
   
6,239,866
   
6,240,396
   
6,231,729
   
6,237,914
 


Fiscal 2015 consisted of four 13 week quarters totaling 52 weeks for the year.  Fiscal 2014 consisted of 13 weeks for the first, second and third quarters, with the fourth quarter being 14 weeks, totaling 53 weeks for the year.











56

 
 

 


Report of Independent Registered Public Accounting Firm





To the Board of Directors and Shareholders of
The Eastern Company
Naugatuck, Connecticut
 
We have audited the accompanying consolidated balance sheets of The Eastern Company (the Company) as of January 2, 2016 and January 3, 2015, and the related consolidated statements of income, comprehensive income, shareholders’ equity and cash flows for each of the years in the three-year period ended January 2, 2016. The Company’s management is responsible for these consolidated financial statements. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.
 
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
 
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of January 2, 2016 and January 3, 2015, and the results of its operations and its cash flows for each of the years in the three-year period ended January 2, 2016 in conformity with accounting principles generally accepted in the United States of America.
 
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of January 2, 2016, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 15, 2016 expressed an unqualified opinion.

 
/s/Fiondella, Milone & LaSaracina LLP
 
Glastonbury, Connecticut
March 15, 2016
 
 
57
 
 

 


ITEM 9
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.


ITEM 9A
CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of the end of the fiscal year ended January 2, 2016, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Chief Executive Officer (the “CEO”), Chief Operating Officer (“COO”) and Chief Financial Officer (the “CFO”), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 240.13a-15.  As defined in Exchange Act Rules 240.13a-15(e) and 240.15d-15(e), “the term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act (15 U.S.C. 78a et seq.) is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.”  Based upon that evaluation, the CEO, COO and CFO concluded that the Company’s current disclosure controls and procedures were effective as of the January 2, 2016 evaluation date.

The Company believes that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. The Company’s disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives, and the CEO, COO and CFO have concluded that these controls and procedures are effective at the “reasonable assurance” level.

Management’s Report on Internal Control over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 240.13a-15(f) and 240.15d-15(f). Under the supervision and with the participation of our management, including the CEO, COO and CFO, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on our evaluation under the framework in Internal Control — Integrated Framework, our management concluded that our internal control over financial reporting was effective as of January 2, 2016.

The independent registered public accounting firm of the Company has issued a report on its assessment of the effectiveness of the Company’s internal control over financial reporting as of January 2, 2016. Their report is included below in this Annual Report on Form 10-K.

Changes in Internal Control over Financial Reporting

There were no significant changes in the Company’s internal control over financial reporting during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.


 
58
 
 

 

Report of Independent Registered Public Accounting Firm




To the Board of Directors and Shareholders of
The Eastern Company
Naugatuck, Connecticut

We have audited The Eastern Company’s (the Company) internal control over financial reporting as of January 2, 2016, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting under Item 9A. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of January 2, 2016, based on criteria established in Internal Control—Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets and the related consolidated statements of income, comprehensive income, shareholders’ equity and cash flows of the Company, and our report dated March 15, 2016 expressed an unqualified opinion.

 
/s/Fiondella, Milone & LaSaracina LLP
 
Glastonbury, Connecticut
March 15, 2016





59


 
 

 


ITEM 9B
OTHER INFORMATION

None.


PART III

ITEM 10
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The Registrant’s definitive proxy statement (“Proxy Statement”) for the 2016 Annual Meeting of Shareholders which is incorporated herein by reference will be filed with the SEC pursuant to Regulation 14A not later than 120 days after January 2, 2016.

The information concerning directors is incorporated herein by reference to our Proxy Statement under the captions “Item No. 1 – Election of Directors” and “Director Compensation in Fiscal 2015”.

The information concerning our executive officers is incorporated herein by reference to our Proxy Statement under the captions “Compensation Discussion and Analysis”, “Compensation Committee Report”, “Compensation Committee Interlocks and Insider Participation”, “Executive Compensation”, “Stock Options”, “Options Exercised in Fiscal 2015”, “Outstanding Equity Awards at Fiscal 2015 Year-End”, and “Termination of Employment and Change in Control Arrangements”. The Registrant’s only Named Executive Officers are August M. Vlak, President and Chief Executive Officer, Angelo M. Labbadia, Vice President and Chief Operating Officer and John L. Sullivan III, Vice President and Chief Financial Officer.  The Company’s former Chairman, President and Chief Executive Officer, Leonard F. Leganza retired effective December 31, 2015.

The information concerning our Audit Committee is incorporated herein by reference to our Proxy Statement under the captions “Audit Committee Financial Expert”, “Report of the Audit Committee” and “The Board of Directors and Committees”. The Audit Committee Charter is also available on the Company’s website at http://www.easterncompany.com by clicking on Corporate Governance.
 
 
The information concerning compliance with Section 16(a) of the Securities Exchange Act is incorporated herein by reference to our Proxy Statement under the caption “Section 16(a) Beneficial Ownership Reporting Compliance”.
 
 
The Company’s Board of Directors has adopted a Code of Business Conduct and Ethics that applies to our Chief Executive Officer, Chief Operating Officer, Chief Financial Officer and the Company’s other financial professionals. The Code of Business Conduct and Ethics is available on the Company’s website at http://www.easterncompany.com by clicking on Corporate Governance.


ITEM 11
EXECUTIVE COMPENSATION

Information concerning director and executive compensation is incorporated herein by reference to portions of the Company’s Proxy Statement to be filed with the SEC pursuant to Regulation 14A not later than 120 days after January 2, 2016, under the captions “Director Compensation in Fiscal 2015”, “Compensation Discussion and Analysis”, “Compensation Committee Report”, “Compensation Committee Interlocks and Insider Participation”, “Executive Compensation”, “Stock Options”, “Options Exercised in Fiscal 2015”, “Outstanding Equity Awards at Fiscal 2015 Year-End”, “Termination of Employment and Change in Control Arrangements”, and “Risk Assessment of Compensation Policies and Practices”. The Compensation Committee of the Board of Directors operates under the Compensation Committee Charter, which can be found on the Company’s website at http://www.easterncompany.com by clicking on Corporate Governance.




60

 
 

 

ITEM 12
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Security ownership of certain beneficial owners and management:

(a)
Information concerning security ownership of certain beneficial owners is incorporated herein by reference to the Proxy Statement to be filed with the SEC pursuant to Regulation 14A not later than 120 days after January 2, 2016, under the caption “Security Ownership of Certain Beneficial Shareholders”.

(b)
Information concerning security ownership of management is incorporated herein by reference to the Proxy Statement to be filed with the SEC pursuant to Regulation 14A not later than 120 days after January 2, 2016, under the captions “Item No. 1 – Election of Directors”, “Security Ownership of Certain Beneficial Shareholders”, “Executive Compensation”, “Stock Options”, “Options Exercised in Fiscal 2015”, and “Outstanding Equity Awards at Fiscal 2015 Year-End”. See also the equity compensation plan information in Item 5 of this Annual Report on Form 10-K.

(c)
Changes in Control
 
 
None.


ITEM 13
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Information regarding certain relationships and related transactions is incorporated herein by reference to our Proxy Statement to be filed with the SEC pursuant to Regulation 14A not later than 120 days after January 2, 2016 under the caption “Policies and Procedures Concerning Related Persons Transactions”.

Information regarding director independence is incorporated herein by reference to our Proxy Statement to be filed with the SEC pursuant to Regulation 14A not later than 120 days after January 2, 2016 under the captions “Item No.1 – Election of Directors” and “The Board of Directors and Committees”.


ITEM 14
PRINCIPAL ACCOUNTING FEES AND SERVICES

Information concerning principal accountant fees and services is incorporated herein by reference to our Proxy Statement to be filed with the SEC pursuant to Regulation 14A not later than 120 days after January 2, 2016 under the caption “Item No. 3 – Ratification of Appointment of Independent Registered Public Accounting Firm”.


PART IV

ITEM 15
EXHIBITS, FINANCIAL STATEMENT SCHEDULE

(a)                Documents filed as part of this report:

(1)  
Financial statements
Consolidated Balance Sheets – January 2, 2016 and January 3, 2015                                                                                                            28.
 
 
Consolidated Statements of Income — Fiscal years ended January 2, 2016,
                                     January 3, 2015 and December 28, 2013                                                                                                                                                               30.

 
Consolidated Statements of Comprehensive Income — Fiscal years ended
                                     January 2, 2016, January 3, 2015 and December 28, 2013                                                                                                                                  30.

 
Consolidated Statements of Shareholders’ Equity — Fiscal years ended
                             January 2, 2016, January 3, 2015 and December 28, 2013                                                                                                                                  31.
 
 
Consolidated Statements of Cash Flows—Fiscal years ended January 2, 2016,
                                     January 3, 2015 and December 28, 2013                                                                                                                                                              32.
 
Notes to Consolidated Financial Statements                                                                                                                                                     33.

Report of Independent Registered Public Accounting Firm                                                                                                                            57.
 
 
61
 
 

 


(2)           Financial Statement Schedule
Schedule II — Valuation and qualifying accounts                                                                                                                                          64.

Schedules other than that listed above have been omitted because the required information is contained in the financial statements and notes thereto, or because such schedules are not required or applicable.

(3)           Exhibits
Exhibits are as set forth in the “Exhibit Index” which appears on pages 66 through 67.

 
(b)
Exhibits Required by Item 601 of Regulation S-K
 
Exhibits are as set forth in the “Exhibit Index” which appears on pages 66 through 67. Also refer to the following Form 8-K’s filed by the Company.

Form 8-K filed on March 20, 2015 setting forth the adoption of an amendment to the bylaws of the Company is incorporated herein by reference.

Form 8-K filed on March 30, 2015 setting forth the press release announcing that the Company had engaged Well Fargo Securities as its investment advisor is incorporated herein by reference.

Form 8-K filed on April 13, 2015 setting forth the Company’s release of a letter from its President, Leonard F. Leganza, to its shareholders as part of the Company’s Annual Report is incorporated herein by reference.

Form 8-K filed on April 29, 2015 setting forth the press release reporting the Company’s earnings for the quarter ended April 4, 2015 is incorporated herein by reference.

Form 8-K filed on May 1, 2015 setting forth the press release announcing the appointment of Angelo M. Labbadia as its Chief Operating Officer effective April 29, 2015 is incorporated herein by reference.

Form 8-K filed on May 26, 2015 setting forth the results of the vote at the annual meeting of shareholders of the Company which was held on May 20, 2015 is incorporated herein by reference.

Form 8-K filed on May 29, 2015 setting forth the press release announcing that the Company will not be adding a sixth director to its Board of Directors is incorporated hereby by reference.

Form 8-K filed on July 17, 2015 setting forth a Stipulation and Order of Dismissal with regards to a class action lawsuit is incorporated herein by reference.

Form 8-K filed on July 29, 2015 setting forth the press release reporting the Company’s earnings for the quarter ended July 4, 2015 is incorporated herein by reference.

Form 8-K filed on July 30, 2015 setting forth the press release announcing that the Company had terminated its agreement with Well Fargo Securities as its financial advisor is incorporated herein by reference.

Form 8-K filed on August 7, 2015 setting forth the termination of the Company’s Rights Agreement is incorporated herein by reference.

Form 8-K filed on October 28, 2015 setting forth the press release reporting the Company’s earnings for the quarter ended October 3, 2015 is incorporated herein by reference.

Form 8-K filed on December 21, 2015 setting forth the press release reporting the retirement of Leonard F. Leganza as the Company’s Chairman, President and Chief Executive Officer effective December 31, 2015; the appointment of James M. Mitarotonda as Chairman of the Board of Directors; and the appointment of August M. Vlak as President and Chief Executive Officer of the Company is incorporated herein by reference.
 
 
62

 
 

 

Form 8-K filed on January 13, 2016 setting forth the press release reporting the Company has approved amendments to Certificate of Incorporation and the By-laws of the Company with regard to the elimination of the phased in declassification of the Board of Directors and the election of directors by a majority vote rather than a plurality vote of the Company is incorporated herein by reference.

Form 8-K filed on February 12, 2016 setting forth the press release reporting the Company’s earnings for the quarter and fiscal year ended January 2, 2016 is incorporated herein by reference.

Form 8-K filed on February 16, 2016 setting forth the press release announcing that the Board of Directors has voted to increase the size of the Board to from five to six is incorporated herein by reference.

Form 8K filed on March 14, 2016 setting forth the 2016 Executive Incentive Program is incorporated herein by reference.

 
 
(c)
None.

 
 
63
 
 

 




The Eastern Company and Subsidiaries

Schedule II – Valuation and Qualifying accounts

COL. A
COL. B
COL. C
COL. D
COL. E
   
ADDITIONS
   
Description
Balance at Beginning
of  Period
(1)
 
Charged to Costs
and Expenses
(2)
 
Charged to Other
Accounts-Describe
Deductions –
Describe
Balance at End
of Period
 
Fiscal year ended January 2, 2016:
Deducted from asset accounts:
  Allowance for doubtful accounts
$414,000
$  52,144
 
$  16,144  (a)
$450,000
           
Fiscal year ended January 3, 2015:
Deducted from asset accounts:
  Allowance for doubtful accounts
$410,000
$  71,927
 
$  67,927  (a)
$414,000
           
Fiscal year ended December 28, 2013:
Deducted from asset accounts:
  Allowance for doubtful accounts
$487,000
$106,485
 
$183,485  (a)
$410,000

 (a) Uncollectible accounts written off, net of recoveries.
 
 
64
 
 

 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated:  March 15, 2016
THE EASTERN COMPANY
   
 
By /s/ John L. Sullivan III
John L. Sullivan III
Vice President and Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


/s/ August M. Vlak
 
March 15, 2016
August M. Vlak
President and Chief Executive Officer
   
     
/s/ John L. Sullivan III
 
March 15, 2016
John L. Sullivan III
Vice President and Chief Financial Officer
   
     
/s/ Angelo M. Labbadia
 
March 15, 2016
Angelo M. Labbadia
Vice President and Chief Operating Officer
   
     
/s/ James A. Mitarotonda
 
March 15, 2016
James A. Mitarotonda
Chairman of the Board
 
   
/s/ John W. Everets
 
March 15, 2016
John W. Everets
Director
 
   
/s/ Charles W. Henry
 
March 15, 2016
Charles W. Henry
Director
 
   
/s/ Leonard F. Leganza
 
March 15, 2016
Leonard F. Leganza
Director
   
     
/s/ Michael A. McManus
 
March 15, 2016
Michael A. McManus
Director
   
     
     
     
     

 
65
 
 

 


EXHIBIT INDEX

 
(3)
Restated Certificate of Incorporation dated August 14, 1991 is incorporated by reference to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 28, 1991 and the Registrant’s Form 8-K filed on February 13, 1991. Amended and restated bylaws dated July 29, 1996 are attached to the Registrant’s Form 10-K filed on March 13, 2015.

 
(10)
(a)
The Eastern Company Directors Fee Program effective as of October 1, 1996 incorporated by reference to the Registrant’s Form S-8 filed on February 7, 1997, as amended by Amendment No.1 and Amendment No. 2 are incorporated by reference to the Registrant’s Form 10-K filed on March 29, 2000 and Amendment No. 3 is incorporated by reference to the Registrant’s Form 10-K filed on March 22, 2004.

 
(b)
Supplemental Retirement Plan dated September 9, 1998 with Leonard F. Leganza is incorporated by reference to the Registrant’s Annual Report on Form 10-K for the fiscal year ended January 2, 1999, as amended by amendment incorporated by reference to the Registrant’s Current Report on Form 8-K dated December 14, 2007.

 
 (c)
The Eastern Company 2010 Executive Stock Incentive Plan effective April 28, 2010 is incorporated by reference to the Registrant’s Form S-8 filed on September 2, 2010.

 
(d)
Employment Agreement dated December 18, 2013 with Leonard F. Leganza is incorporated by reference to the Registrant’s Current Report on Form 8-K dated December 19, 2013, as amended by amendment incorporated by reference to the Registrant’s Current Report on Form 8-K dated October 23, 2014.

 
(e)
The change in control agreement between the Company and John L. Sullivan III is incorporated by reference to the Registrant’s Current Report on Form 8-K dated March 3, 2015.

 
(f)
The change in control agreement between the Company and Angelo M. Labbadia is attached hereto on page 72.

 
(g)
Consulting agreement between the Company and Mr. Leonard F. Leganza dated February 5, 2016 is attached hereto on page 85.

 
(14)
The Eastern Company Code of Business Conduct and Ethics is incorporated by reference. The Eastern Company Code of Business Conduct and Ethics is available free of charge on the Company’s Internet website at http://www.easterncompany.com under the section labeled “Corporate Governance”.

 
(21)
List of subsidiaries as follows:

 
Eberhard Hardware Mfg. Ltd., a private corporation organized under the laws of the Province of Ontario, Canada.

 
Canadian Commercial Vehicles Corporation, a private corporation organized under the laws of the Province of Nova Scotia, Canada.

 
Eastern Industrial Ltd., a private corporation organized under the laws of the Peoples Republic of China.

 
Dongguan Reeworld Security Products Ltd., a private corporation organized under the laws of the Peoples Republic of China.

 
World Lock Co. Ltd., a private corporation organized under the laws of Taiwan (The Republic of China).

 
Sesamee Mexicana, Subsidiary, a private corporation organized under the laws of Mexico.

 
World Security Industries Co. Ltd., a private corporation organized under the laws of Hong Kong.

 
66
 
 

 


 
(23)
Consents of independent registered public accounting firm attached hereto on page 87.

 
(31)
Certifications required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 
(32)
Certifications pursuant to Rule 13a-14(b) and 18 USC 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 
(101)
The following materials from The Eastern Company Annual Report on Form 10-K for the year ended January 2, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets as of January 2, 2016 and January 3, 2015, (ii) the Consolidated Statements of Income for the fiscal years ended January 2, 2016, January 3, 2015 and December 28, 2013, (iii) the Consolidated Statements of Comprehensive Income for the fiscal years ended January 2, 2016, January 3, 2015, and December 28, 2013, (iv) the Consolidated Statements of Shareholders’ Equity for the years ended January 2, 2016, January 3, 2015, and December 28, 2013, (v) the Consolidated Statements of Cash Flows for the years ended January 2, 2016, January 3, 2015, and December 28, 2013, and (vi) the Notes to Consolidated Financial Statements.




 
 
67
EX-31 2 ex31_10k2015.htm EXHIBIT 31 ex31_10k2015.htm
EXHIBIT 31

CERTIFICATIONS

I, August M. Vlak, certify that:

 
1.
I have reviewed this report on Form 10-K of The Eastern Company;

 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 
c)
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 
d)
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 
a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:  March 15, 2016


/s/ August M. Vlak                                
August M. Vlak
CEO


68

 
 

 

EXHIBIT 31

CERTIFICATIONS

I, Angelo M. Labbadia, certify that:

 
1.
I have reviewed this report on Form 10-K of The Eastern Company;

 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 
c)
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 
d)
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 
a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:  March 15, 2016


/s/ Angelo M. Labbadia
Angelo M. Labbadia
COO



69

 
 
 

 
EXHIBIT 31

CERTIFICATIONS

I, John L. Sullivan III, certify that:

 
1.
I have reviewed this report on Form 10-K of The Eastern Company;

 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 
c)
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 
d)
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 
a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:  March 15, 2016


/s/ John L. Sullivan III
John L. Sullivan III
CFO



70
EX-32 3 ex32_10k2015.htm EXHIBIT 32 ex32_10k2015.htm

EXHIBIT 32


CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND
CHIEF FINANCIAL OFFICER
Pursuant to 18 United States Code § 1350,
as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002


Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, August M. Vlak, the Chief Executive Officer of The Eastern Company (the “Company”), Angelo Labbadia, the Chief Operating Officer of the Company and John L. Sullivan III, the Chief Financial Officer of the Company, hereby certify that, to the best of their knowledge:

1)
The Company’s Annual Report on Form 10-K for the period ended January 2, 2016, and to which this certification is attached as Exhibit 32 (the “Periodic Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2)
The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


In Witness Whereof, the undersigned have set their hands hereto as of the 15th day of March, 2016.

/s/ August M. Vlak                                
August M. Vlak
CEO


/s/ Angelo M. Labbadia
Angelo M. Labbadia
COO


/s/ John L. Sullivan III
John L. Sullivan III
CFO


A signed original of this written statement required by Section 906 has been provided to The Eastern Company and will be retained by The Eastern Company and furnished to the Securities and Exchange Commission or its staff upon request.

This certification “accompanies” the Form 10-K to which it relates, is not deemed filed with the SEC and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-K, irrespective of any general incorporation language contained in such filing.)








71
EX-10.F 4 aml-agreement.htm EXHIBIT 10 LABBADIA aml-agreement.htm
Exhibit 10.f

CHANGE IN CONTROL AGREEMENT


AGREEMENT made as of the 1st day of January, 2015 by and between THE EASTERN COMPANY, a corporation organized under the laws of the State of Connecticut (the "Company"), and Angelo M. Labbadia, of P.O. Box 460, Naugatuck, CT (the "Executive").

W I T N E S S E T H:

WHEREAS, it is desirable that the Company and the Executive enter into a change in control agreement on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the foregoing premises, the mutual covenants hereinafter set forth and other good and valuable consideration, the Company and the Executive agree as follows:

Section 1.                      Definitions.

When used herein, each of the words and phrases defined hereinafter shall have the following meaning unless a different meaning is clearly required by the context of the Agreement:

(a)           Average Adjusted Compensation shall mean the average of the Executive's annual compensation over the five calendar years ending prior to the date of determination of such amount.  Average Adjusted Compensation shall be determined by taking into account all of the base compensation and annual bonus payable to the Executive by the Company (including any pre-tax contributions made to a cafeteria plan or a Section 401(k) plan), but shall exclude any compensation resulting from the exercise of stock options granted to the Executive by the Company.

(b)           Average Total Compensation shall mean the average of the Executive's annual compensation over the five calendar years ending prior to the date of a Statutory Change in Control (or such shorter period of time during which the Executive is employed by the Company).  Average Total Compensation shall be determined by taking into account all of the compensation payable to the Executive by the Company (including any pre-tax contributions made to a cafeteria plan or a Section 401(k) plan), and shall be determined pursuant to Section 280G of the Code.  If the five calendar year period includes a calendar year in which the Executive was not employed for the entire year, the Executive's compensation for such calendar year shall be annualized.

(c)           Board of Directors shall mean the board of directors of the Company.

(d)           Cause shall mean any one or more of the following conditions, as determined in good faith by the Board of Directors:
 
 
72

 
 
 

 


(i)           the conviction of the Executive of (or the entry by the Executive of a plea of guilty or nolo contendere to) a felony involving moral turpitude;

(ii)           the Executive's engaging in conduct that constitutes willful gross neglect or willful gross misconduct in carrying out the Executive’s duties and that results in economic harm to the Company; provided, however, that no act or failure to act will be considered to be "willful" unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company; or

(iii)           the Executive's material breach of any noncompetition, nonsolicitation or nondisclosure agreement with the Company, the Company's code of ethics, the Company's policies with regard to trading in its common stock, or any other applicable rules or regulations.

Notwithstanding the above, no act or omission shall constitute "Cause" until the Board of Directors has provided the Executive with a detailed written notice of its conclusion that such an act or omission has occurred, and then only if the Executive has failed to correct such act or omission within a reasonable period of time.

For purposes of this Agreement, the Executive's Separation from Service shall be deemed to be for Cause if the Board of Directors of the Company determines, at the time of the Executive's Separation from Service or at any time subsequent to the Executive's Separation from Service, that Cause for termination exists or existed at the time of the Executive’s Separation from Service.  In particular, the Executive shall be deemed to have been terminated for Cause if a material breach of any nondisclosure agreement with the Company occurs subsequent to the Executive's Separation from Service.

(e)           Change of Control shall mean a change in ownership of the Company, a change in effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company (as defined in this subsection (e)).

(i)           A change in ownership of the Company occurs when any person (or two or more persons acting as a group) acquires ownership of stock of the Company which, together with stock held by such person or group, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company.  However, if any person or group of persons is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company, the acquisition of additional stock by the same person or group of persons is not considered to result in a change in ownership of the Company.

(ii)           A change in effective control of the Company occurs when either:  (A) any person (or two or more persons acting as a group) acquires (or has acquired during the preceding twelve month period) ownership of stock of the Company possessing more than fifty percent (50%) of the total voting power of the stock of the Company; or (B) a
 
 
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 majority of the board of directors of the Company is replaced during a twenty-five (25) month period by persons who are not endorsed by a majority of the board of directors of the Company in office prior to such change.  However, if any person or group of persons is considered to have acquired effective control of the Company pursuant to this subsection (e)(ii), the acquisition of additional control of the Company by the same person or group of persons is not considered to result in a change in effective control of the Company.

(iii)           A change in ownership of a substantial portion of the assets of the Company occurs on the date that any one person (or two or more persons acting as a group) acquires (or has acquired during the preceding twelve month period) assets from the Company that have a total gross fair market value equal to or greater than sixty percent (60%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. Gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

(f)           Code shall mean the Internal Revenue Code of 1986, as amended.

(g)           ERISA shall mean the Employee Retirement Income Security Act of 1974, as amended.

(h)           Good Reason shall meanthe existence of one or more of the following conditions arising without the consent of the Executive: (i) a material diminution in the Executive’s annual base salary; (ii) a material diminution in the Executive’s authority, duties or responsibilities; (iii) a material diminution in the authority, duties or responsibilities of the supervisor to whom the Executive is required to report, including a requirement that the Executive report to a corporate officer or employee instead of reporting directly to the Board of Directors of the Company; (iv) a material diminution in the budget over which the Executive retains authority; (v) a material change in the geographic location at which the Executive must perform the Executive’s services; or (vi) any other action or inaction that constitutes a material breach by the Company of any agreement under which the Executive provides services.

Before the Executive incurs a Separation from Service with the Company for Good Reason, the Executive must provide the Company with written notice that describes the existence of one or more of the conditions described above.  The Executive must provide the notice to the Company no later than ninety (90) days after the date of the initial occurrence of such condition or conditions.  In addition, the Executive must provide the Company a period of at least thirty (30) days during which the Company can remedy the condition or conditions.

(i)           Parachute Payment Limit shall mean 2.99 times the Executive's Average Total Compensation, as determined pursuant to Section 280G of the Code.

(j)           Separation from Service shall mean the Executive’s termination of employment with the Company.  Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Company and the Executive reasonably
 
 
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anticipate that the Executive would perform no further services for the Company after a certain date.

(k)           Statutory Change in Control shall mean a change in ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, as determined pursuant to Section 280G of the Code.

(l)           Tax Advisor shall mean the independent accounting firm engaged by the Company.

(m)           Total Parachute Payments shall mean any and all payments or benefits which are in the nature of compensation and which are received (or to be received) by the Executive in connection with a Statutory Change in Control, as determined pursuant to Section 280G of the Code.

Section 2.                      Term

The term of this Agreement shall begin as of January 1, 2015 and shall continue until December 31, 2017.

The Company may, in its discretion, elect to renew this Agreement for one or more periods by giving written notice to the Executive of the Company’s election to renew the Agreement and the length of the renewal period.  Such notice must be provided at least thirty (30) days prior to the end of the term or any renewal period.

Section 3.                       Change in Control Benefit

(a)           If the Executive incurs a Separation from Service without Cause or for Good Reason and the Separation from Service occurs within six months before or within twelve months after a Change in Control, then the Company shall pay to the Executive a benefit equal to one times the Executive's Average Adjusted Compensation.

(b)           With respect to the benefit described in subsection (a): (i) Average Adjusted Compensation shall be determined as of the date of the Executive’s Separation from Service; (ii) the benefit shall be paid to the Executive in a single lump sum within thirty (30) days following the later of the Executive’s Separation from Service or the Change in Control of the Company; and (iii) the benefit shall be paid in addition to any other benefits or payments to which the Executive is entitled under the terms of any agreement, plan or policy established by the Company.

(c)           Notwithstanding anything in this Agreement to the contrary, in the event that a Statutory Change in Control has occurred (whether or not a Change in Control has occurred) and the Total Parachute Payments are determined by the Tax Advisor not to be deductible, in whole or in part, by the Company because they exceed the Parachute Payment Limit set forth in Section 280G of the Code, then the benefit described in subsection (a) (to the extent it is included in the Total Parachute Payments) shall be reduced until all of the Total Parachute Payments are
 
 
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deductible in accordance with Section 280G of the Code, or the change in control benefit described in subsection (a) is reduced to zero.  For purposes of this limitation, no portion of the Total Parachute Payments shall be taken into account to the extent that the receipt of such payments, in the determination of the Tax Advisor, is effectively waived by the Executive prior to the date which is fifteen (15) days following the date of the Statutory Change in Control and prior to the earlier of the date of constructive receipt and the date of payment thereof.  The determination of the Tax Advisor as to the deductibility of the Total Parachute Payments shall be completed not later than thirty (30) days following the date of the Statutory Change in Control, and such determination shall be communicated in writing to the Company, with a copy to the Executive, within said thirty (30) day period.  The good faith determination of the Tax Advisor as to the deductibility of the Total Parachute Payments shall be deemed conclusive and binding on the Company and the Executive.  The Company shall pay the fees and other costs of the Tax Advisor hereunder.  In the event that the Tax Advisor is unable or declines to serve for purposes of making the foregoing determination, the Company shall appoint another accounting firm of national reputation to serve as the Tax Advisor, with the Executive's consent.

(d)           The provisions of this Agreement shall in all events be interpreted in a manner consistent with the Agreement satisfying the requirements of Code Section 409A and the regulations promulgated pursuant thereto.

Section 4.                      Restrictive Covenants

(a)           Noncompetition Covenant. The Executive covenants and agrees that, while employed by the Company (the "noncompetition term"), the Executive will not, anywhere in the "restricted area", either directly or indirectly, solely or jointly with any other person or persons, as an employee, contractor, consultant, individual proprietor, partner, shareholder, director, officer, member, manager, joint venturer, investor, lender, or in any other capacity, "compete" with the business of the Company as conducted during the noncompetition term; provided, however, that this subsection (a) shall not apply to the Executive's passive ownership of stock in, or service as a director of, any publicly-traded company.

As used in this subsection (a): (i) the term "compete" shall mean engaging, participating, or being involved in any respect in the business of, or furnishing any aid, assistance or service of any kind to any person in connection with, the design, manufacture, production, distribution, sale, marketing, merchandising, import or export of any product or service which is the same as or similar in either design or function, or both, to any product or service at any time designed, manufactured, produced, distributed, sold, marketed, merchandised, imported or exported by the Company; and (ii) the term "restricted area" shall mean the entire United States and such other countries where the Company markets and sells or intends to market and sell any product or service at any time designed, manufactured, produced, distributed, sold, marketed, merchandised, imported or exported by the Company.

(b)           Nonsolicitation Covenant. The Executive covenants and agrees that, while employed by the Company, the Executive will not, directly or indirectly, by any means or device whatsoever, for the Executive, or on behalf of or in conjunction with any other person,
 
 
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partnership or corporation, solicit, entice, hire, or attempt to hire or employ any employee of the Company.

(c)           Nondisclosure Covenant. The Executive covenants and acknowledges that certain assets of the Company constitute "confidential information." As used in this subsection (c), the term "confidential information" means any and all information and compilations of information, in whatever form or medium (including any copies thereof), relating to any part of the business of the Company, or the business of its customers, which is provided to the Executive, or which the Executive obtains or compiles or had obtained or compiled on the Executive’s behalf, which information or compilations of information are not a matter of public record or generally known to the public, including without limitation: (i) financial information regarding the Company; (ii) personnel data, including compensation arrangements relating to the Executive or any other employees of the Company; (iii) internal plans, practices, and procedures of the Company; (iv) the business methods and marketing strategies of the Company; and (v) any other information expressly deemed confidential by the officers and directors of the Company.

The Executive covenants and agrees that, without the prior written consent of the Company, the Executive will not use or disclose, or negligently permit any unauthorized person to use, disclose, or gain access to, any confidential information.

Upon Separation from Service, the Executive agrees to deliver promptly to the Company all memoranda, notes, records, manuals, or other documents, including all copies of such materials, containing confidential information, whether made or compiled by the Executive or furnished to the Executive from any source by virtue of the Executive’s relationship with the Company.  Regardless of the reason for the Executive’s cessation of employment, the Executive will furnish such information as may be in the Executive’s possession and will provide such cooperation to the Company as may reasonably be requested in connection with any claims or legal actions in which the Company is or may become a party. The Company will reimburse the Executive for any reasonable out-of-pocket expenses that the Executive incurs in order to satisfy the Executive’s obligations under this subsection (c).

(d)           Reformation; Injunctive and Equitable Relief. The Executive expressly acknowledges that the Company and the Executive have carefully considered the nature and scope of this Section 4, and that the activities, period and area covered by this Section 4 are fair, reasonable and necessary. To the extent that any covenant contained in this Section 4 is held to be invalid, illegal or unenforceable because of the extent of activities, duration of such covenant, the geographic area covered thereby, or otherwise, the Company and the Executive agree that the court making such determination shall reform such covenant to include as much of its nature and scope as will render it enforceable and, in its reduced form, said covenant shall be valid, legal and enforceable to the fullest extent of the law.

The Executive also acknowledges and agrees that, upon any breach by the Executive of any of the covenants in this Section 4, the Company will have no adequate remedy at law, and accordingly will be entitled to specific performance and other appropriate injunctive and equitable relief.  Nothing herein shall be construed as prohibiting the Company from pursuing any other remedies available to it, including the recovery of damages from the Executive.
 
 
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Section 5.
General

(a)           Funding.  It is the intention of the Company, the Executive and each other party to this Agreement that the benefits payable under this Agreement be unfunded for tax purposes and for purposes of Title I of ERISA.  The rights of the Executive to receive such benefits shall be those of a general unsecured creditor of the Company.

(b)           Benefits Not Assignable. Except as required by law, the right of the Executive to any benefits payable under the Agreement:  (i) shall not be subject to voluntary or involuntary anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Executive; (ii) shall not be considered an asset of the Executive in the event of any divorce, insolvency or bankruptcy; and (iii) shall not be subject to attachment, execution, garnishment, sequestration or other legal or equitable process.  In the event that the Executive who is receiving or is entitled to receive benefits under the Agreement attempts to assign, transfer or dispose of such right, or if an attempt is made to subject said right to such process, such assignment, transfer, disposition or process shall, unless otherwise required by law, be null and void.

(c)           Administration.

(i)           The Board of Directors of the Company shall have the responsibility for the administration of the payment of benefits under this Agreement.  The Board of Directors may, by written instruction, designate one or more persons to carry out such responsibilities and may, in the same manner, revoke such delegation of responsibilities; provided, however, that in no event may the Board of Directors appoint the Executive to carry out such responsibilities.  Upon the designation of such a person or persons and the delegation of such responsibilities to him or them, all references in this Agreement to "Administrator" shall be deemed to refer to such person or persons.

(ii)           The Administrator shall have such authority and powers as may be necessary to discharge its duties hereunder, including, but not by way of limitation, the following:

(A)           to construe and interpret the Agreement and to decide all questions of eligibility for (and determine the amount and time of payment of) benefits hereunder;

(B)           to prescribe procedures to be followed by the Executive for the payment of benefits;

(C)           to prepare and distribute information explaining the payment of benefits hereunder; and
 
 
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(D)           to appoint or employ individuals to assist in the administration of the payment of benefits hereunder and any other agents it deems advisable, including legal counsel (who may be counsel for the Company).

(iii)           Whenever, in the Administrator's opinion, a person entitled to receive any benefits hereunder is under a legal disability or is incapacitated in any way so as to be unable to manage his or her financial affairs, the Administrator may issue directions that payments shall be made to another person for his or her benefit, or the Administrator may direct that payments be applied for the benefit of such person in such manner as the Administrator considers advisable.  Any payment of benefits in accordance with the provisions of this subsection (c)(iii) shall be a complete discharge of any liability for the making of such payment under the provisions of the Agreement.

(d)           Benefit Claims Procedure.

(i)           Any claim for the payment of benefits under this Agreement shall be made in writing to the Administrator.  If such claim for benefits is wholly or partially denied, the Administrator shall, within ninety (90) days after receipt of the claim, notify the claimant of the denial of the claim.  Such notice of denial:  (A) shall be in writing; (B) shall be written in a manner calculated to be understood by the claimant; and (C) shall contain (I) the specific reason or reasons for denial of the claim, (II) a specific reference to the pertinent provisions of the Agreement upon which the denial is based, (III) a description of any additional material or information necessary to perfect the claim, along with an explanation of why such material or information is necessary, and (IV) an explanation of the claim review procedure.

(ii)           Within sixty (60) days after the receipt by the claimant of a written notice of denial of the claim, or such later time as shall be deemed reasonable taking into account the nature of the benefit subject to the claim and any other attendant circumstances, the claimant may file a written request with the Administrator that it conduct a full and fair review of the denial of the claim for benefits.

(iii)           The Administrator shall deliver to the claimant a written decision on the claim within sixty (60) days after receipt of the aforesaid request for review, except that if there are special circumstances (such as the need to hold a hearing) which require an extension of time for processing, the aforesaid sixty (60) day period shall be extended to one hundred twenty (120) days.  Such decision shall:  (A) be written in a manner calculated to be understood by the claimant; (B) include the specific reason or reasons for the decision; and (C) contain a specific reference to the pertinent provisions of the Agreement upon which the decision is based.

(e)           Notices.  All notices and other communications hereunder shall be in writing or by written telecommunication, and shall be deemed to have been duly given if delivered personally or if sent by overnight courier or by certified mail, return receipt requested, postage prepaid or sent by written telecommunication or telecopy, to the relevant address set forth below,
 
 
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or to such other address as the recipient of such notice or communication shall have specified to the other party hereto in accordance with this subsection (e):

If to the Company, to:
The Eastern Company
112 Bridge Street
P.O. Box 460
Naugatuck, CT06770
Attn: Chairman of the Compensation Committee
of the Board of Directors

If to the Executive, at the Executive’s last residence shown on the records of the Company.

Any such notice shall be effective: (i) if delivered personally, when received; (ii) if sent by overnight courier, when receipted for; and (iii) if mailed, five days after being mailed as described above.

(f)           Successors.

(i)           This Agreement shall inure to the benefit of and be enforceable by the Executive's legal representatives.

(ii)           This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

(iii)           The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform all of the obligations of the Company under this Agreement in the same manner and to the same extent that the Company would be required to perform them if no such succession had taken place.  As used in this Agreement, "Company" shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.

(g)           Other Plan Benefits.  Nothing in this Agreement shall prevent the Executive from receiving, in addition to any amounts the Executive may be entitled to receive under this Agreement, any amounts which may be distributable to the Executive at any time under the terms of any qualified employee benefit plan or any other non-qualified or incentive plan or arrangement of the Company which is now in effect or which may hereafter be adopted.

(h)           Full Settlement.  The Company's obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive or others.  In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the
 
 
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Executive under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not the Executive obtains other employment.

(i)           Severability.  If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired.

(j)           Waivers.  No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privilege, nor shall any single or partial exercise of any such right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privilege.

(k)           Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

(l)           Amendment. This Agreement may not be amended except by a written instrument hereafter signed by the Executive and a duly authorized representative of the Board of Directors of the Company.

(m)           Governing Law. This Agreement and the performance hereof shall be construed and governed in accordance with the laws of the State of Connecticut, without giving effect to principles of conflicts of law.

(n)           Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party.

(o)           Withholding.  Any payments provided under this Agreement shall be paid net of any applicable tax withholding required under federal, state or local law.


[SIGNATURE PAGE FOLLOWS]
 
 
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IN WITNESS WHEREOF, the Company has caused this Agreement to be executed and its corporate seal to be hereunto affixed, and the Executive has hereunto set the Executive’s hand and seal, as of the day and year specified above.





ATTEST:
THE EASTERN COMPANY
   
/s/Theresa P. Dews                                
By /s/Leonard F. Leganza
Its Secretary
Name: Leonard F. Leganza
Theresa P. Dews
Title: Chairman of the Board, President
 
     and Chief Executive Officer
 
Date:  March 3, 2015
   
   
 
EXECUTIVE:
   
 
/s/Angelo M. Labbadia
 
Angelo M. Labbadia
 
Date:  March 3, 2015
   

 
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AMENDMENT NO. 1 TO
CHANGE IN CONTROL AGREEMENT


AMENDATORY AGREEMENT made as of the 20thday of May, 2015 by and between THE EASTERN COMPANY, a corporation organized under the laws of the State of Connecticut (the "Company"), and ANGELO M. LABBADIA, of P.O. Box 460, Naugatuck, CT (the "Executive").

W I T N E S S E T H:

WHEREAS, the Company and the Executive entered into a change in control agreement dated as of January 1, 2015 (the “Agreement”) pursuant to which the Executive would be provided a change in control benefit in the event the Executive incurs a separation from service without cause or for good reason and the separation from service occurs within six months before or within twelve months after a change in control of the Company; and

WHEREAS, it is desirable that the Agreement be amended to clarify that the Executive will receive either the change in control benefit payable under the Agreement or the severance benefit payable under the Company’s severance pay policy (whichever is greater), but will not receive both benefits.

NOW, THEREFORE, in consideration of the foregoing premises, the mutual covenants hereinafter set forth and other good and valuable consideration, the Company and the Executive agree as follows:


(1)           Section 5(g) of the Agreement is deleted, and the following is substituted in lieu thereof:

(g)           Other Plan Benefits.  Nothing in this Agreement shall prevent the Executive from receiving, in addition to any amounts the Executive may be entitled to receive under this Agreement, any amounts which may be distributable to the Executive at any time under the terms of any qualified employee benefit plan or any other non-qualified or incentive plan or arrangement of the Company which is now in effect or which may hereafter be adopted.

Notwithstanding anything to the contrary, if the Executive incurs a Separation from Service and the Executive satisfies the requirements for receiving the change in control benefit described in Section 3 of this Agreement and a severance benefit under the Company’s corporate policy manual severance pay policy as in effect on January 1, 2015 and as it may be amended from time to time (the “Severance Pay Policy”), then the Executive will receive either the change in control benefit described in this Agreement or the severance benefit payable under the Severance Pay Policy(whichever is greater), but will not receive both such benefits.  In addition, all agreements or undertakings governing the payment of severance benefits by the Company to the Executive, other than this Agreement or the Severance Pay Policy (whichever is applicable to the Executive), are hereby superseded and shall no longer have any force or effect.
 
 
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(2)           All of the remaining provisions of the Agreement are hereby approved, ratified and confirmed in all respects.


IN WITNESS WHEREOF, the Company has caused this Amendatory Agreement to be executed and its corporate seal to be hereunto affixed, and the Executive has hereunto set the Executive’s hand and seal, as of the day and year specified above.



ATTEST:
THE EASTERN COMPANY
   
/s/Theresa P. Dews                                
By /s/Leonard F. Leganza
Its Secretary
Name: Leonard F. Leganza
Theresa P. Dews
Title: Chairman of the Board, President
 
     and Chief Executive Officer
 
Date:  June 10, 2015
   
   
 
EXECUTIVE:
   
 
/s/Angelo M. Labbadia
 
Angelo M. Labbadia
 
Date:  June 11, 2015
   
 

84
EX-10.G 5 lfl-consulting.htm EXHIBIT 10 LEGANZA lfl-consulting.htm
Exhibit 10.g


The Eastern Company
112 Bridge Street
P.O. Box 460
Naugatuck, CT  06770

 
                                                                                                                                       February 5, 2016

Mr. Leonard F. Leganza
62 Tunxis Village Road
Farmington, CT

Re:           Consulting Agreement

Dear Len,

This letter agreement (the “Agreement”) outlines the terms and conditions upon which you will provide certain consulting services to The Eastern Company (the “Company”).

(1)           Services and Compensation.

(a)           You agree to provide the Company with such consulting, business development, and advisory services as the Company may reasonably request from time to time(the “Services”).  The Company shall compensate you for the Services rendered hereunder at the rate of ten thousand dollars ($10,000) per month (the “Consulting Fees”), payable on the last business day of each calendar month (plus, if applicable, any approved and reasonable travel expenses and out of pocket costs).You will begin providing the Services pursuant to this Agreement as of January 1, 2016, and will continue to provide the Services until June 30, 2016 (the “Consulting Period”), unless this Agreement is terminated sooner by the mutual agreement of the parties hereto.

(b)           You will perform the Services to the best of your ability and in a diligent, trustworthy, businesslike, efficient, and professional manner, and will cooperate with the directors, officers and employees of the Company for the benefit of the Company.

(c)           It is anticipated that the level of your consulting services will be less than twenty percent (20%) of the average level of services that you performed during the thirty-six (36) month period ending on December 31, 2015.  As a result, for purposes of Section 409A of the Internal Revenue Code, you will be deemed to have incurred a “separation from service” with the Company on December 31, 2015.  Consequently, you will be entitled to commence to receive the deferred compensation described in Section 6(b) of your employment agreement with the Company dated January 1, 2014, as amended (the “Employment Agreement”),and the supplemental retirement benefits described in Section 4.2 of the Supplemental Retirement Plan for the Chief Executive Officer of The Eastern Company, as amended (the “SERP”), on July 1, 2016 (the first day of the month that is six months after the date on which you incurred a separation from service).

(2)           Independent Consultant Status.

(a)           In performing the Services for the Company pursuant to this Agreement, you shall act in the capacity of an independent contractor with respect to the Company, and you shall not be deemed to be an employee or agent of the Company.
 
 
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(b)           You will not be eligible to participate in any of the Company’s benefit plans, fringe benefit programs, group insurance arrangements or similar programs, except to the extent required by the terms of your employment agreement with the Company dated January 1, 2014, as amended.  With the exception of the Consulting Fees described in Section 1(a), you will not receive any compensation or other consideration from the Company for the provision of the Services.

(c)           You and the Company acknowledge that the Company intends to deduct the Consulting Fees as an ordinary and necessary business expense for income tax purposes.  You agree, represent and warrant that, except as otherwise required in writing by the Internal Revenue Service (“IRS”), you will: (i) treat your Consulting Fees as ordinary income for income tax purposes; (ii) be responsible for all withholding obligations; and (iii) pay on a timely basis all taxes due in respect of such fees (the “Consultant’s Taxes”).  Except as otherwise required by the IRS, if you report the receipt of the Consulting Fees as other than ordinary income and/or fail to pay the Consultant’s Taxes, you shall indemnify and hold the Company harmless from any and all taxes, penalties, interest, losses, liabilities, costs and expenses, including reasonable attorneys’ fees and accounting fees, which are incurred by the Company as the result thereof.

(3)           Miscellaneous.

To the extent required by Section 8 of the Employment Agreement, you will not engage in any competition with the Company, you will not solicit the Company’s employees, and you will maintain the confidentiality of the Company’s information.

No modification or amendment of this Agreement, or any waiver of any right, power, or privilege under this Agreement, will be binding upon either you or the Company unless set forth in a writing signed by you and the Company.

Please acknowledge your agreement with the foregoing by dating and executing the enclosed duplicate original copy of this Agreement and returning it to me.

Very truly yours,
THE EASTERN COMPANY


By /s/James A. Mitarotonda
     James A. Mitarotonda
     Chairman of the Board of Directors


I hereby agree to the foregoing terms, conditions, and provisions of this Agreement by dating and executing it below.
 

 
/s/Leonard F. Leganza
Leonard F. Leganza
Date:  February 2, 2016

 
 
86
EX-23 6 fml-consent.htm EXHIBIT 23 fml-consent.htm
Exhibit 23
 
 
 
Consent of Independent Registered Public Accounting Firm
 

We hereby consent to the incorporation by reference in this Annual Report on Form 10-K of The Eastern Company for the year ended January 2, 2016 of our reports dated March 15, 2016 included in its Registration Statements on Form S-8 (Nos. 333-21349, 333-21351, 333-45315, 333-62196, 333-115109 and 333-169169) relating to the financial statements and financial statement schedules and internal controls for the three years ended January 2, 2016 listed in the accompanying index.
 
 
 

 
/s/Fiondella, Milone & LaSaracina LLP

 
Glastonbury, Connecticut
March 15, 2016
 
 
 
 
 
 
 
 
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Recent Accounting Pronouncements</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">In July 2012, the FASB issued authoritative guidance to amend previous guidance on the annual and interim testing of indefinite-lived intangible assets for impairment.&#160;&#160;The guidance provides entities with the option of first assessing qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount.&#160;&#160;If it is determined, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is more likely than not less than the carrying amount, a quantitative impairment test would still be required.&#160;&#160;The Company adopted this guidance effective December&#160;30, 2012 and it had no impact on the consolidated financial statements of the Company.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">In February 2013, the FASB issued authoritative guidance which adds new disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income.&#160;&#160;The guidance requires that an entity present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of Accumulated Other Comprehensive Income based on its source and the income statement line items affected by the reclassification.&#160;&#160;The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2012.&#160;&#160;The Company adopted this guidance effective December&#160;30, 2012 and it had no impact on the consolidated financial statements of the Company.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">In July 2013, the FASB issued authoritative guidance that requires an entity to net its liability for unrecognized tax positions against a net operating loss carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the tax law.&#160;&#160;The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2013.&#160;&#160;The Company adopted this guidance effective December&#160;29, 2013 and it had no impact on the consolidated financial statements of the Company.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">In April 2014, the FASB issued authoritative guidance which changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements.&#160;&#160;To qualify as a discontinued operation the standard requires a disposal to represent a strategic shift that has, or will have, a major effect on an entity's operations and financial results.&#160;&#160;The standard also expands the disclosures for discontinued operations and requires new disclosures related to individually material dispositions that do not qualify as discontinued operations.&#160;&#160;The guidance is effective for fiscal years beginning after December 15, 2014, with early adoption permitted.&#160;&#160;The Company adopted this guidance with its fiscal year effective January&#160;4, 2015 and does not expect any impact on the consolidated financial statements of the Company.&#160;&#160;This guidance will impact the reporting of any future dispositions.<br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">In May 2014, the FASB issued authoritative guidance which impacts virtually all aspects of an entity's revenue recognition.&#160;&#160;The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.&#160;&#160;The standard is effective for annual reporting periods beginning after December 15, 2016. 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B<font style="font-variant: small-caps; display: inline;">usiness</font><font style="font-variant: small-caps; display: inline;">Acquisitions</font></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Effective December 15, 2014 the Company acquired certain assets of Argo Transdata Corporation (&#8220;Argo&#8221;) including accounts receivable, inventories, furniture, fixtures and equipment, intellectual property rights and rights existing under all sales and purchase agreements.&#160;&#160;Argo is a contract manufacturer of printed circuit board assemblies and has the ability to manufacture surface mount (SMT), through hole and wire bond assemblies or any combination of the three technologies.&#160;&#160;Its products are sold to numerous OEM&#8217;s in industries such as measurement systems, industrial controls, medical and military.&#160;&#160;The Argo acquisition further diversified our markets and provides a source for printed circuit boards which are used in several of our current products.&#160;&#160;Argo is included in the Security Products segment of the Company from the date of the acquisition.&#160;&#160;The cost of the acquisition of Argo was approximately $5,034,000, inclusive of transaction costs, plus a contingent earn-out of $282,914 based on revenue levels in each of the first two fiscal years following the closing and the assumption of $63,000 in current liabilities.&#160;&#160;In 2015, the Company recognized $138,683 in earnings as a result of Argo not meeting the sales goals for the 1<font style="font-size: 70%; vertical-align: text-top; display: inline;">st</font> year earn-out.&#160;&#160;On January 2, 2016 the contingent earn-out liability was $144,231.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The above acquisition was accounted for under ASC 805.&#160;&#160;The acquired business is included in the consolidated operating results of the Company from the date of acquisition.&#160;&#160;The excess of the cost of Argo over the fair market value of the net assets acquired of $1,225,226 has been recorded as goodwill.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">In connection with the above acquisition, the Company recorded the following intangible assets:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="top" style="border-bottom: black 2px solid;"><div style="display: block; text-indent: 0pt;">&#160;</div><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Asset Class/Description</div></td><td valign="top" style="border-bottom: black 2px solid;"><div style="display: block; text-indent: 0pt;">&#160;</div><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Amount</div></td><td valign="top" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted-average Amortization Period in Years</div></td></tr><tr><td valign="top" style="width: 33%;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Patents, technology, and licenses</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 12%;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 26%;">&#160; </td></tr><tr><td valign="top" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Customer relationships</div></td><td align="left" valign="top" style="width: 12%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$&#160;&#160;449,706</div></td><td align="left" valign="top" style="width: 26%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: -0.9pt; text-indent: 0pt;">5.0</div></td></tr><tr><td valign="top" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Intellectual property</div></td><td align="left" valign="top" style="width: 12%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">307,370</div></td><td align="left" valign="top" style="width: 26%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: -0.9pt; text-indent: 0pt;">5.0</div></td></tr><tr><td valign="top" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Non-compete agreements</div></td><td align="left" valign="top" style="width: 12%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">407,000</div></td><td align="left" valign="top" style="width: 26%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: -0.9pt; text-indent: 0pt;">5.0</div></td></tr><tr><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 33%; background-color: #ffffff;">&#160; </td><td align="left" valign="top" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$&#160;&#160;1,164,076</div></td><td align="left" valign="top" style="width: 26%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: -0.9pt; text-indent: 0pt;">5.0</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">There is no anticipated residual value relating to these intangible assets.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Neither the actual results nor the pro forma effects of the acquisition of Argo are material to the Company's financial statements.</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Cash Equivalents and Concentrations of Credit Risk</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Highly liquid investments purchased with a maturity of three months or less are considered cash equivalents.&#160;&#160;The Company has deposits that exceed amounts insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, but the Company does not consider this a significant concentration of credit risk based on the strength of the financial institution.</div></div> 17814986 15834444 19988361 18482144 -4153917 1506217 1980542 250000 80.00 6244013 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; 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C<font style="font-variant: small-caps; display: inline;">ontingencies</font></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Company is party to various legal proceedings and claims related to its normal business operations.&#160;&#160;In the opinion of management, the Company has substantial and meritorious defenses for these claims and proceedings in which it is a defendant, and believes these matters will ultimately be resolved without a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company.&#160;&#160;The aggregate provision for losses related to contingencies arising in the ordinary course of business was not material to operating results for any year presented.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">During the fourth quarter of 2010, the Company was contacted by the State of Illinois regarding potential ground contamination at our plant in Wheeling, Illinois.&#160;&#160;The Company signed up with a voluntary remediation program in Illinois and has engaged an environmental clean-up company to perform testing and develop a remediation plan.&#160;&#160;The estimated cost of remediation is $30,000.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Approximately 26% of the total workforce is subject to negotiated union contracts, and none of the agreements expire during 2016.</div></div> 28997050 28932058 8942461 8938742 50000000 50000000 0.48 0.42 0.45 0 0 12499507 -3852940 7175826 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Principles of Consolidation</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. 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D<font style="font-variant: small-caps; display: inline;">ebt</font></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">On January 29, 2010, the Company signed a secured Loan Agreement (the &#8220;Loan Agreement&#8221;) with People&#8217;s United Bank (&#8220;People&#8217;s&#8221;) which included a $5,000,000 term portion and a $10,000,000 revolving credit portion.&#160;&#160;The term portion of the loan requires quarterly principal payments of $178,571 for a period of seven (7) years, maturing on January 31, 2017.&#160;&#160;The revolving credit portion had a quarterly commitment fee of one quarter of one percent (0.25%), and a maturity date of January 31, 2012.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; 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font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,214,285</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,285,714</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 17%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Revolving credit loan</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 17%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,214,285</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,285,714</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 17%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Less current portion</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,428,571</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;1,071,429</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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</td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,214,285</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Company paid interest of $174,558 in 2015, $272,993 in 2014, and $319,760 in 2013.</div><div style="font-size: 10pt; 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text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">As of January 3, 2015, scheduled annual principal maturities of long-term debt for each of the next five years follow:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td align="left" valign="bottom" style="width: 11%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2016</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="top" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="top" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,428,571</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 11%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2017</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="top" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">892,857</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 11%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2018</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="top" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">714,286</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 11%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2019</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="top" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">178,571</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 11%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2020</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="top" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 11%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Thereafter</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="top" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 11%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,214,285</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr></table></div></div> 3214285 4285714 178571 178571 178571 2017-01-31 2019-01-31 2012-01-31 2014-01-31 2016-07-01 2019-01-31 396541 299137 373482 241821 -223530 164830 6596128 6794874 6393811 5244917 3585708 -7019 -14788 75729 158866 252297 203180 8616582 3828224 9275949 950024 986167 2599541 4294893 829876 848364 807061 11841045 10380582 6100718 105296 104695 124351 1030203 787087 281154 293093 6503597 6184873 6694885 99989 92531 208938 186545 194068 51470 232399 4400000 117000 4100000 117000 2905908 26164812 793055 24304926 26164812 24304926 0 3400000 118000 117000 3800000 57039 118000 3100000 0.5 0.5 118000 3600000 0.039 0.0428 0.0424 0.0353 0.039 0.0423 0.039 -595270 87620 63731 -376685 -944130 -72378 4608 -18804 -1844139 -1928298 -3316552 -2235904 -23169 2287760 0.048 0.039 0.039 0.039 0.039 0.048 577000 26200000 1837738 125885 218585 -23888 -23889 -23888 256459 218585 39085 -1340977 39085 3731262 22434 22434 0.08 0.08 0.08 0.08 0.08 0.08 0.0325 0.0325 146712 232124 3473938 4069938 630853 -1658406 32220482 35093871 83433339 84714136 1 0.0325 0.0325 0.0325 200568 23889 0 346 0 -56516 71520 0 2593691 2894492 137718 122947 81360 78021 83433339 84714136 202562 217018 8938 14456 71211198 4055112 3420475 90516922 87427769 1981344 3472870 3365194 2840622 157481 142086 154915 90516922 87427769 1149204 1149204 1187603 1187603 60350987 64352110 63122843 1188289 1188289 2863552 19639 122947 79336 3006202 81360 212683 2554519 4238290 3142690 242238 275464 4810524 4827393 91936 5151654 22434 73920 64352110 63122843 217570 2837134 173902 3028863 202568 3770191 543357 0 1188289 0 0 343712 3795220 0 0 0 0 0 7606489 0 5788864 0 2119786 5788864 0 0 0 0 8112746 0 0 8112746 919538 0 0 0 0 1411574 0 0 0 0 0 3188672 3350136 0 4632485 0 0 0 0 1212739 0 60878172 4456364 0 0 5575535 1188289 8504086 0 6685388 3188672 5575535 0 4069088 0 6685388 3473938 3350136 520522 0 0 227960 0 4456364 2119786 1149204 0 1188289 0 236209 0 6936880 0 4069088 6936880 0 520522 3473938 5615278 3038326 0 0 0 1840616 0 7796625 1840616 63122843 0 0 543357 7606489 0 0 0 0 0 0 1201073 0 1212739 2946495 0 0 226826 0 64352110 0 1149204 0 1201073 1478701 0 0 1188289 17013171 4632485 0 0 3473938 1149204 2946495 3795220 0 1149204 0 919538 226826 1411574 59053755 0 8504086 236209 227960 343712 0 5615278 4069088 0 0 2606554 0 1478701 0 0 2606554 7796625 3038326 17013171 0 0.045 24304926 26164812 3486302 3825286 3921438 1631521 1147113 2085618 1580741 1330435 1010262 592555 1233280 621501 3592263 3237426 3460516 <div style="font-family: 'Times New Roman', Times, serif; 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font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 6%; background-color: #ffffff;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Outstanding at January 2, 2016</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 6%; background-color: #cceeff;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">At January 2, 2016, there were no stock options outstanding or exercisable.&#160;&#160;The total intrinsic value of stock options exercised in 2014 and 2013 was $59,125 and $1,590, respectively.</div></div> 2987480 2612839 2987480 2612839 2810669 2810669 <div style="font-family: 'Times New Roman', Times, serif; 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text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Basic:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; 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width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Diluted:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Weighted average shares outstanding</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="middle" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,245,057</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="middle" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,225,068</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="middle" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,220,928</div></td><td valign="bottom" style="font-size: 10pt; 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font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">12,846</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="middle" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">16,830</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Denominator for diluted earnings per share</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,237,758</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">There were no anti-dilutive stock options in 2015, 2014 or 2013.</div></div> 1.11 1.23 0.92 0.39 0.28 0.41 0.09 0.27 0.24 0.33 0.14 1.23 1.11 0.92 0.14 0.24 0.39 0.27 0.28 0.09 0.33 0.41 -262086 -363435 -757554 -0.01 -0.01 -0.01 0 -0.01 0 -0.05 -0.01 -0.01 0.01 0.01 0.02 0.34 0.32 0.29 0.34 0.34 0.34 2916832 2873871 0 8882 0 6297368 6886000 449706 407000 307370 1164076 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; font-variant: small-caps; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13. Financial Instruments and Fair Value Measurements</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Financial Risk Management Objectives and Policies</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Company is exposed primarily to credit, interest rate and currency exchange rate risks which arise in the normal course of business.</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Credit Risk</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to settle its financial and contractual obligations to the Company, as and when they become due. 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font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">307,370</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;5.0</div></td><td valign="bottom" style="font-size: 10pt; 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font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2015 Accumulated Amortization</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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text-indent: 0pt;">2,053,718</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Customer relationships</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Non-compete agreements</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; 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background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;81,400</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; 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font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;61,474</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; 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</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net 2015 per Balance Sheet</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">728,160</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,385,416</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; 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font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2014 Gross Amount</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">449,706</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;5.0</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Non-compete agreements</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">407,000</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">407,000</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;5.0</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Intellectual property</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">307,370</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">307,370</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;5.0</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Total Gross Intangibles</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,494,261</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,189,379</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; 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font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">12.7</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2014 Accumulated Amortization</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,185,070</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; 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margin-right: 0pt; text-indent: 0pt;">Products</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="display: block; text-indent: 0pt;">&#160;</div><div style="display: block; text-indent: 0pt;">&#160;</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: -18pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Beginning balance</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,901,312</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13,059,042</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">14,960,354</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Foreign exchange</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(169,561</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;(169,561)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Ending balance</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,731,751</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13,059,042</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">14,790,793</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 22%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Industrial</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Hardware</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Security</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Products</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Metal</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Products</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="display: block; text-indent: 0pt;">&#160;</div><div style="display: block; text-indent: 0pt;">&#160;</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: -18pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Beginning balance</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,008,231</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">11,833,816</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13,842,047</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Acquisition of Argo Transdata</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,225,226</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,225,226</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Foreign exchange</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(106,919</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(106,919</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td valign="bottom" style="width: 22%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Ending balance</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,901,312</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13,059,042</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">14,960,354</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div></div> 30147520 32486404 32381226 9033843 7335178 8555221 8100044 8461473 7912161 7776304 7513406 4308809 7139039 8087552 11528763 10113895 8020975 2974856 3441211 3712166 10113895 8020975 11528763 3867287 3211974 2293932 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8. I<font style="font-variant: small-caps; display: inline;">ncome</font> T<font style="font-variant: small-caps; display: inline;">axes</font></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Deferred income taxes are provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for income tax reporting purposes.&#160;&#160;Deferred income tax (assets) liabilities relate to:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 35%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Property, plant and equipment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,694,885</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,503,597</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,184,873</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Other</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">99,989</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">92,531</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">208,938</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total deferred income tax liabilities</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,794,874</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; 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font-family: times new roman; width: 35%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 10%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Other postretirement benefits</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(281,154</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1,030,203</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(787,087</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Inventories</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(807,061</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(829,876</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(848,364</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Allowance for doubtful accounts</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(124,351</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(105,296</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(104,695</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Intangible assets</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(299,137</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(396,541</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(373,482</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Accrued compensation</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(252,297</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(203,180</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(158,866</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Pensions</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(8,616,582</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(9,275,949</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(3,828,224</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total deferred income tax assets</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(10,380,582</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(11,841,045</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(6,100,718</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: 0pt;">Net deferred income tax (assets)&#160;&#160;liabilities</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(3,585,708</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(5,244,917</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">293,093</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 35%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 10%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Income before income taxes consists of:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 35%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">Domestic</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,308,809</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,087,552</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,139,039</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">Foreign</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;3,712,166</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;3,441,211</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;2,974,856</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 35%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,020,975</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">11,528,763</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">10,113,895</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /> &#160;</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The provision for income taxes follows:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 35%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">Current:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 10%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;Federal</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,337,417</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,339,917</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,942,271</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;Foreign</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,054,694</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">991,257</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">871,949</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;State</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">140,139</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">295,554</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">162,952</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">Deferred:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 10%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;Federal</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(223,530)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">164,830</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">241,821</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;State</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(14,788</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">75,729</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(7,019</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 35%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,293,932</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,867,287</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,211,974</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 36%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="4" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td colspan="4" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td colspan="4" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2013</div></td></tr><tr><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 36%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td align="right" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Amount</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Percent</div></td><td align="right" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Amount</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Percent</div></td><td align="right" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Amount</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Percent</div></td></tr><tr><td align="left" valign="bottom" style="width: 36%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -9pt;">Income taxes using U.S. federal statutory rate</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$ 2,727,131</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$ 3,919,779</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34</div></td><td align="left" valign="bottom" style="width: 4%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$ 3,438,724</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td></tr><tr><td align="left" valign="bottom" style="width: 36%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -9pt;">State income taxes, net of federal benefit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;82,987</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;249,324</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;99,245</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 36%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -9pt;">Impact of foreign subsidiaries on effective tax rate</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(388,132</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(5</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(76,914</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1</div></td><td align="left" valign="bottom" style="width: 4%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(103,878</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 36%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -9pt;">Impact of manufacturers deduction on effective tax rate</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(91,018</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(185,993</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1</div></td><td align="left" valign="bottom" style="width: 4%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(138,127</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 36%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -9pt;">Other&#8212;net</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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</td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(38,909</div></td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">-</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(83,990</div></td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1</div></td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 36%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$ 2,293,932</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 4px double; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">29</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$ 3,867,287</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 4px double; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$ 3,211,974</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 4px double; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">32</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total income taxes paid were $2,348,865 in 2015, $3,989,978 in 2014 and $2,568,708 in 2013.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">United States income taxes have been provided on the undistributed earnings of foreign subsidiaries ($13,308,709 at January 2, 2016) only where necessary because such earnings are intended to be reinvested abroad indefinitely or repatriated only when substantially free of such taxes.&#160;&#160;The Company would be required to accrue and pay United States income taxes to repatriate the funds held by foreign subsidiaries not otherwise provided.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">During 2015, 2014 and 2013, the Company received tax benefits of $0, $8,882, and $0, respectively, as a result of the exercise and sale of incentive stock options that resulted in the disqualification of those incentive stock options and the exercise of non-qualified stock options during the year.&#160;&#160;The tax benefit associated with the exercise of the incentive and non-qualified stock options has been recorded to common stock.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 49%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 49%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 49%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;">Balance at beginning of year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">248,645</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">220,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">499,624</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 49%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Increases for positions taken during the current period</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; 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background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(26,810</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(22,379</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(65,115</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 49%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;">Balance at end of year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">249,782</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">248,645</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">220,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /> &#160;</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions.&#160;&#160;With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2012 and non-U.S. income tax examinations by tax authorities prior to 2009.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Included in the balance at January 2, 2016, are $164,856 of unrecognized tax benefits that would affect the annual effective tax rate.&#160;&#160;In 2015, the Company recognized accrued interest related to unrecognized tax benefits in income tax expense.&#160;&#160;The Company had approximately $37,000 of accrued interest at January 2, 2016.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The total amount of unrecognized tax benefits could increase or decrease within the next twelve months for a number of reasons, including the closure of federal, state and foreign tax years by expiration of the statute of limitations and the recognition and measurement considerations under ASC 740.&#160;&#160;The Company believes that the total amount of unrecognized tax benefits will not increase or decrease significantly over the next twelve months.</div></div> 3989978 2348865 2568708 -83990 -38909 -37036 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Income Taxes</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Company accounts for uncertain tax positions pursuant to the provisions of FASB Accounting Standards Codification (&#8220;ASC&#8221;) 740 which clarifies the accounting for uncertainty in income taxes recognized in a company&#8217;s financial statements. These provisions detail how companies should recognize, measure, present and disclose uncertain tax positions that have or are expected to be taken.&#160;&#160;As such, the financial statements will reflect expected future tax consequences of uncertain tax positions presuming the taxing authorities&#8217; full knowledge of the position and all relevant facts.&#160;&#160;See Note 8 Income Taxes.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Company and its U.S. subsidiaries file a consolidated federal income tax return.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.</div></div> 3438724 3919779 2727131 99245 82987 249324 185993 138127 91018 0 380000 -1776744 207631 852168 -253994 998502 1182124 29889 -637547 -43582 1400893 2825155 3095801 -1158632 380000 -380000 156164 76426 106081 185724 -626385 28426 -308653 -483178 -593075 12846 16830 0 164957 174662 322731 254576 185475 319760 272993 174558 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Inventories</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Inventories are valued at the lower of cost or market. 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L<font style="font-variant: small-caps; display: inline;">eases</font></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Company leases certain equipment and buildings under operating lease arrangements.&#160;&#160;Most leases are for a fixed term and for a fixed amount; additionally, the Company leases certain buildings under operating leases on a month-to-month basis.&#160;&#160;The Company is not a party to any leases that have step rent provisions, escalation clauses, capital improvement funding or payment increases based on any index or rate.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Future minimum payments under non-cancelable operating leases with initial or remaining terms in excess of one year during each of the next five years follow:</div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td align="left" valign="bottom" style="width: 5%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2016</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">1,046,940</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 5%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2017</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">992,680</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 5%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2018</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">884,615</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 5%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2019</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">397,186</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 5%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2020</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">55,120</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,376,541</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Rent expense for all operating leases was $1,324,365 in 2015, $1,151,749 in 2014 and $1,093,895 in 2013.&#160;&#160;The Company expects future rent expense, including non-cancelable operating leases, leases that are expected to be renewed and buildings leased on a month-to-month basis, for each of the next five years to be in the range of $1,100,000 to $1,300,000.</div></div> 13445975 15162888 121738559 121270556 31601408 0.0025 0.0025 0.0025 0 0 5000000 5000000 10000000 5000000 4285714 3214285 178571 0 714286 0 1428571 1071429 1428571 892857 3214285 1785714 0.0498 0.039 46205973 45593631 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-family: Times New Roman; display: inline;">1. </font><font style="font-variant: small-caps; display: inline;">Description of Business</font></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The operations of The Eastern Company (the &#8220;Company&#8221;) consist of three business segments: industrial hardware, security products, and metal products.&#160;&#160;The industrial hardware segment produces latching devices for use on industrial equipment and instrumentation, composite panels used primarily in the transportation and electronic white board industries, as well as a broad line of proprietary hardware designed for truck bodies and other vehicular type equipment.&#160;&#160;The security products segment manufactures and markets a broad range of locks for traditional general purpose security applications as well as specialized locks for soft luggage, coin-operated vending and gaming equipment, and electric and computer peripheral components.&#160;&#160;This segment also manufactures and markets coin acceptors and metering systems to secure cash used in the commercial laundry industry and produces cashless payment systems utilizing advanced smart card technology. The metal products segment produces anchoring devices used in supporting the roofs of underground coal mines and specialty products which serve the construction, automotive, railroad and electrical industries.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Sales are made to customers primarily in North America.</div></div> -8644954 -2513236 -5520903 11317036 9347184 9133429 6901921 7661476 5727043 7661476 6901921 5727043 2527722 1693503 1740776 2431817 873951 584594 1502885 2033271 -4492712 -4027830 -3882097 64691 50305 178722 3 2012 2009 2012 1100000 1300000 1046940 1151749 1324365 1093895 992680 1300000 1100000 10386321 11718648 8027728 3798115 -84536 4058554 10386321 4314149 2808664 5063786 2596308 4797254 11718648 2780403 8027728 3376541 397186 1300000 1100000 55120 1300000 1100000 1100000 1300000 884615 -6254558 10386089 -3458060 10386089 -6254558 -3458060 -3437175 5767236 1899285 -1128327 -656972 -2009277 -1128327 -656972 -2009277 21928479 19668867 -2813796 -52851 -184695 -72378 286920 564669 22505 29994 64992 1201114 1751052 2905908 793055 -11514416 5597586 1448783 2612839 2987480 2810669 0 5034289 0 2538236 3633165 5523742 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; font-variant: small-caps; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">10. Retirement Benefit Plans</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Company has non-contributory defined benefit pension plans covering most U.S. employees.&#160;&#160;Plan benefits are generally based upon age at retirement, years of service and, for its salaried plan, the level of compensation.&#160;&#160;The Company also sponsors unfunded non-qualified supplemental retirement plans that provide certain former officers with benefits in excess of limits imposed by federal tax law.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Company also provides health care and life insurance for retired salaried employees in the United States who meet specific eligibility requirements.<br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Components of the net periodic benefit cost of the Company&#8217;s pension benefit plans were as follows:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 33%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Service cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,770,191</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,837,134</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,028,863</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Interest cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,472,870</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,365,194</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,840,622</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Expected return on plan assets</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(5,151,654</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(4,810,524</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(4,827,393</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Amortization of prior service cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">218,585</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">218,585</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">256,459</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Amortization of the net loss</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,928,298</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">944,130</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,844,139</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net periodic benefit cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,238,290</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,554,519</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,142,690</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Assumptions used to determine net periodic benefit cost for the Company&#8217;s pension benefit plans for the fiscal year indicated were as follows:</div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 36%;">&#160; </td><td valign="top" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2015</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="top" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2014</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="top" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2013</div></td></tr><tr><td align="left" valign="top" style="width: 36%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Discount rate</div></td><td valign="top" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;3.90%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="top" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;4.80%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="top" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;3.90%</div></td></tr><tr><td align="left" valign="top" style="width: 36%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Expected return on plan assets</div></td><td valign="top" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;8.0%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="top" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;8.0%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="top" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;8.0%</div></td></tr><tr><td align="left" valign="top" style="width: 36%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Rate of compensation increase</div></td><td valign="top" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;3.25%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="top" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;3.25%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="top" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;3.25%</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Components of the net periodic benefit cost of the Company&#8217;s postretirement benefit plan were as follows:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 33%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Service cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">217,570</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">173,902</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">202,568</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Interest cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">154,915</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">157,481</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">142,086</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Expected return on plan assets</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(91,936</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(22,434</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(73,920</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Amortization of prior service cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(23,889</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(23,888</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(23,888</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Amortization of the net loss</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">18,804</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(72,378</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(4,608</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net periodic benefit cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">275,464</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">212,683</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">242,238</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Assumptions used to determine net periodic benefit cost for the Company&#8217;s postretirement plan for the fiscal year indicated were as follows:</div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 36%;">&#160; </td><td valign="top" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;2015</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="top" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="top" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;2013</div></td></tr><tr><td valign="top" style="width: 36%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Discount rate</div></td><td valign="top" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;3.90%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="top" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;4.80%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="top" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;3.90%</div></td></tr><tr><td valign="top" style="width: 36%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Expected return on plan assets</div></td><td valign="top" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;8.0%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="top" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;8.0%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="top" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;8.0%</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">As of January 2, 2016 and January 3, 2015, the status of the Company&#8217;s pension benefit plans and postretirement benefit plan was as follows:</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="5" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Pension Benefit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="5" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Postretirement Benefit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Benefit obligation at beginning of year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">90,516,922</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">71,211,198</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,055,112</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,420,475</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Change due to availability of final actual assets and census data</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">346</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(56,516</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Discount rate</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(4,121,170</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">10,600,944</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(87,748</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">445,610</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Mortality table</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,808,383</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">75,047</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Service cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,770,191</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,837,134</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">217,570</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">173,902</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Interest cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,472,870</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,365,194</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">154,915</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">157,481</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Actuarial (gain)/loss</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(3,316,552</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,287,760</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,235,904</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(23,169</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Benefits paid</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,894,492</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,593,691</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(122,947</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(137,718</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Benefit obligation at end of year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">87,427,769</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">90,516,922</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,981,344</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,055,112</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="5" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Pension Benefit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="5" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Postretirement Benefit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="width: 10%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Fair value of plan assets at beginning of year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">64,352,110</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">60,350,987</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,187,603</div></td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Change due to availability of final actual assets and census data</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,451</div></td><td align="left" colspan="2" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Actual return on plan assets</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1,340,977</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,731,262</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">39,085</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">22,434</div></td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Employer contributions</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,006,202</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,863,552</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">122,947</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">79,336</div></td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Benefits paid</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,894,492</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,593,691</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(122,947</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(137,718</div></td><td align="left" colspan="2" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Fair value of plan assets at end of year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">63,122,843</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">64,352,110</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,188,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="6" valign="bottom" style="width: 24%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Pension Benefit</div></td><td colspan="5" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Postretirement Benefit</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Funded Status</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net amount recognized in the balance sheet</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(24,304,926</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(26,164,812</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(793,055</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 1.7pt; text-indent: 0pt;">(2,905,908</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Amounts recognized in accumulated other comprehensive income consist of:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="6" valign="bottom" style="width: 24%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Pension Benefit</div></td><td colspan="6" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Postretirement Benefit</div></td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net (loss)/gain</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;(32,220,482</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;(35,093,871</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,658,406</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(630,853</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Prior service (cost) credit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(376,685</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(595,270</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">63,731</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">87,620</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(32,597,167</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(35,689,141</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,722,137</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(543,233</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Change in the components of accumulated other comprehensive income consist of:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="6" valign="bottom" style="width: 24%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Pension Benefit</div></td><td colspan="6" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Postretirement Benefit</div></td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Balance at beginning of period</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(35,689,141</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(20,075,506</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(543,233</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(3,544</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Change due to availability of final actual assets and census data</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(346</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">54,065</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Charged to net periodic benefit cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Prior service cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">218,585</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">218,585</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(23,889</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(23,888</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net loss (gain)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,928,298</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">944,130</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">18,804</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Liability (gains)/losses</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Discount rate</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,121,170</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(10,600,944</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">87,748</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(445,610</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Mortality table</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,808,383</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(75,047</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Asset (gains)/losses deferred</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,813,796</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(184,695</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(52,851</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(72,378</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Other</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(362,283</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(3,182,328</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; 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display: block; margin-right: 0pt; text-indent: 0pt;">(32,597,167</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(35,689,141</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; 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font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3.9</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td></tr><tr><td align="left" valign="middle" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Expected return on plan assets</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="middle" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; 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font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 38%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Accumulated benefit obligation</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">83,433,339</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; 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</td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">63,122,843</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">64,352,110</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 38%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net amount recognized in accrued benefit liability</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(24,304,926</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(26,164,812</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Estimated future benefit payments to participants of the Company&#8217;s pension plans are $3.4 million in 2016, $3.6 million in 2017, $3.8 million in 2018, $4.1 million in 2019, $4.4 million in 2020 and a total of $26.2 million from 2021 through 2025.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Estimated future benefit payments to participants of the Company&#8217;s postretirement plan are $118,000 in 2016, $118,000 in 2017, $117,000 in 2018, $117,000 in 2019, $117,000 in 2020 and a total of $577,000 from 2021 through 2025.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Company expects to make cash contributions to its qualified pension plans of approximately $3.1 million and to its postretirement plan of approximately $118,000 in 2016.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">We consider a number of factors in determining and selecting assumptions for the overall expected long-term rate of return on plan assets.&#160;&#160;We consider the historical long-term return experience of our assets, the current and expected allocation of our plan assets, and expected long-term rates of return.&#160;&#160;We derive these expected long-term rates of return with the assistance of our investment advisors and generally base these rates on a 10-year horizon for various asset classes and consider the expected positive impact of active investment management.&#160;&#160;We base our expected allocation of plan assets on a diversified portfolio consisting of domestic and international equity securities and fixed income securities.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">We consider a variety of factors in determining and selecting our assumptions for the discount rate at the end of the year.&#160;&#160;In 2015 we developed each plan&#8217;s discount rate with the assistance of our actuaries by matching expected future&#160;benefit payments in each year to the&#160;corresponding spot rates&#160;from the Citigroup Pension Liability Yield Curve, comprised of high quality (rated AA or better) corporate bonds.&#160;&#160;Prior to 2015, we used the same process to determine each individual plan&#8217;s discount rate, but the average of these rates was used to determine a single rate for all plans.<br /></div><div style="font-size: 10pt; 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display: block; margin-right: 0pt; text-indent: 0pt;">January 2, 2016</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 27%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 1</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 2</div></td><td valign="bottom" style="font-size: 10pt; 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font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Common/collective trust funds</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">236,209</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">236,209</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Eastern Company Common Stock</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,069,088</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,069,088</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Common/collective trust funds</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; 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</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,685,388</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Equity II Fund (b)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,456,364</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,456,364</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Large Cap U.S. Equity Fund (c)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,575,535</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,575,535</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell International Fund with Active Currency (d)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,796,625</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,796,625</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" colspan="2" valign="bottom" style="width: 28%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Emerging Markets Fund (e)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,350,136</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,350,136</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Fixed Income:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Common/collective trust funds</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Fixed Income I Fund (f)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,504,086</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,504,086</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Target Duration LDI Fixed Income Funds (g)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 8 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,478,701</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,478,701</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 10 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,840,616</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,840,616</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 12 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,119,786</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,119,786</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 14 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,795,220</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,795,220</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 16 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,615,278</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,615,278</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">STRIPS Fixed Income Funds (h)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 15 Year STRIPS Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,606,554</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,606,554</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 10 Year STRIPS Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,411,574</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,411,574</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 28 to 29 Year STRIPS Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">543,357</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">543,357</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Insurance contracts</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,038,326</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,038,326</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,069,088</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">59,053,755</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">63,122,843</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;">&#160;</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 27%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="11" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">January 3, 2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 27%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 1</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 2</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 3</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; 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</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Common/collective trust funds</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,201,073</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,201,073</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Equities:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Eastern Company Common Stock</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,473,938</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,473,938</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Common/collective trust funds</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Large Cap Defensive Equity Fund</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,936,880</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,936,880</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Equity II Fund</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,632,485</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,632,485</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Concentrated Equity Fund</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,788,864</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,788,864</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell International Fund with Active Currency</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,606,489</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,606,489</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Emerging Markets Fund</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,188,672</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Common/collective trust funds</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; 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font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">17,013,171</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 6 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">226,826</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; 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font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">227,960</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">227,960</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; 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margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">343,712</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">343,712</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; 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background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,212,739</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 16 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">64,352,110</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; 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text-indent: 0pt;">&#160;</div></td></tr></table></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The investment portfolio contains a diversified blend of common stocks, bonds, cash equivalents, and other investments, which may reflect varying rates of return.&#160;&#160;The investments are further diversified within each asset classification.&#160;&#160;The portfolio diversification provides protection against a single security or class of securities having a disproportionate impact on aggregate performance.&#160;&#160;The Company has elected to change its investment strategy to better match the assets with the underlying plan liabilities.&#160;&#160;Currently, the long-term target allocations for plan assets are 50% in equities and 50% in fixed income although the actual plan asset allocations may be within a range around these targets.&#160;&#160;The actual asset allocations are reviewed and rebalanced on a periodic basis to maintain the target allocations.&#160;&#160;It is expected that, as the funded status of the plans improves, more assets will be invested in long-duration fixed income instruments.</div><div style="display: block; 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</td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 1</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 2</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 3</div></td><td valign="bottom" style="font-size: 10pt; 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</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 26%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Insurance contracts</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,188,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,188,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 26%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,188,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,188,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 26%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="11" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">January 3, 2015</div></td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 26%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 1</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 2</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 3</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td></tr><tr><td align="left" valign="bottom" style="width: 26%;"><div style="font-size: 10pt; font-family: times new roman; border-bottom: 1pt double; text-align: left; margin-left: 0pt; text-decoration: underline; display: block; margin-right: 0pt; text-indent: 0pt;">Fixed Income:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 26%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Insurance contracts</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td></tr><tr><td align="left" valign="bottom" style="width: 26%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /> &#160;</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The level 3 asset consists of an insurance contract with The Prudential Life Insurance Company of America.&#160;&#160;It is designed to provide life insurance benefits for eligible retirees of the Company.&#160;&#160;The contract is valued annually by the insurance company, based on activity in the account.&#160;&#160;An analysis of the Level 3 asset of the Company&#8217;s postretirement plan is as follows:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="top" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Fair value of Level 3 assets at beginning of year</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td><td valign="bottom" style="font-size: 10pt; 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display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 37%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 6%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; 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font-family: times new roman; width: 6%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" colspan="2" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">U.S. salaried employees and most employees of the Company&#8217;s Canadian subsidiaries are covered by defined contribution plans.</div><div style="display: block; 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border-bottom: black 2px solid;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">First</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Second</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Third</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Fourth</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net sales</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">36,876,842</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">37,037,697</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">36,239,500</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34,413,912</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">144,567,951</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Gross margin</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,335,178</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,912,161</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">9,033,843</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,100,044</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">32,381,226</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Selling and administrative</div><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;expenses</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,963,695</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,056,139</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,584,222</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,749,442</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">24,353,498</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net income</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">873,951</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">584,594</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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width: 5%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net income per share:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.09</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.41</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.28</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.92</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Diluted</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.14</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.09</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.41</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.28</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.92</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" colspan="4" valign="bottom" style="width: 31%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted average shares outstanding:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Basic</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,244,088</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,244,051</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,245,099</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,246,571</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,245,057</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Diluted</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,244,088</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,244,051</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,245,099</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,246,571</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,245,057</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">First</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Second</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Third</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Fourth</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net sales</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">35,849,126</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34,779,773</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">35,803,405</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34,393,056</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">140,825,360</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Gross margin</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,513,406</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,776,304</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,461,473</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,555,221</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">32,486,404</div></td><td valign="bottom" style="font-size: 10pt; 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text-indent: 0pt;">5,216,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,988,364</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,892,600</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,670,503</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">20,767,756</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net (loss)/income</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,502,885</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,693,503</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,431,817</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Basic</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; 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text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.33</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1.23</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; 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font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.33</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1.23</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; 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width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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display: block; margin-right: 0pt; text-indent: -18pt;">Accumulated benefit obligation</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">83,433,339</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; 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</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(24,304,926</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(26,164,812</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Information with respect to the Company&#8217;s stock option plans is summarized below:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 27%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="border-bottom: black 2px solid;"><div style="display: block; 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width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 6%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13.58</div></td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Outstanding at December 28, 2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; 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width: 6%; background-color: #cceeff;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Exercised</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 6%; background-color: #ffffff;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Outstanding at January 2, 2016</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 6%; background-color: #cceeff;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Components of the net periodic benefit cost of the Company&#8217;s pension benefit plans were as follows:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 33%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Service cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,770,191</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,837,134</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,028,863</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Interest cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,472,870</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,365,194</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,840,622</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Expected return on plan assets</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(5,151,654</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(4,810,524</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(4,827,393</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Amortization of prior service cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">256,459</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Amortization of the net loss</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,928,298</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">944,130</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,844,139</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net periodic benefit cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; 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font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,554,519</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,142,690</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Components of the net periodic benefit cost of the Company&#8217;s postretirement benefit plan were as follows:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 33%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Service cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">217,570</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">173,902</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">202,568</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Interest cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">154,915</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">157,481</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">142,086</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Expected return on plan assets</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(91,936</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(22,434</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(73,920</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Amortization of prior service cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(23,889</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(23,888</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(23,888</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Amortization of the net loss</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">18,804</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(72,378</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(4,608</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net periodic benefit cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">275,464</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">212,683</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">242,238</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Income before income taxes consists of:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 35%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">Domestic</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,308,809</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,087,552</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,139,039</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">Foreign</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;2,974,856</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 35%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,020,975</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">11,528,763</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">10,113,895</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr></table></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">As of January 2, 2016 and January 3, 2015, the status of the Company&#8217;s pension benefit plans and postretirement benefit plan was as follows:</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="5" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Pension Benefit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="5" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Postretirement Benefit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Benefit obligation at beginning of year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">90,516,922</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">71,211,198</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,055,112</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,420,475</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Change due to availability of final actual assets and census data</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">346</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(56,516</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Discount rate</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(4,121,170</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">10,600,944</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(87,748</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">445,610</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Mortality table</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,808,383</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">75,047</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Service cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,770,191</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,837,134</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">217,570</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">173,902</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Interest cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,472,870</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,365,194</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">154,915</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">157,481</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Actuarial (gain)/loss</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(3,316,552</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,287,760</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,235,904</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(23,169</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Benefits paid</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,894,492</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,593,691</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(122,947</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(137,718</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Benefit obligation at end of year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">87,427,769</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">90,516,922</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,981,344</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,055,112</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="5" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Pension Benefit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="5" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Postretirement Benefit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="width: 10%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Fair value of plan assets at beginning of year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">64,352,110</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">60,350,987</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,187,603</div></td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Change due to availability of final actual assets and census data</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,451</div></td><td align="left" colspan="2" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Actual return on plan assets</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1,340,977</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,731,262</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">39,085</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">22,434</div></td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Employer contributions</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,006,202</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,863,552</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">122,947</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">79,336</div></td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Benefits paid</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,894,492</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,593,691</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(122,947</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(137,718</div></td><td align="left" colspan="2" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Fair value of plan assets at end of year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">63,122,843</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">64,352,110</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,188,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; 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margin-right: 0pt; text-indent: 0pt;">Pension Benefit</div></td><td colspan="5" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Postretirement Benefit</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Funded Status</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net amount recognized in the balance sheet</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(24,304,926</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(26,164,812</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(793,055</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 1.7pt; text-indent: 0pt;">(2,905,908</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The fair values of the company&#8217;s pension plans assets at January 2, 2016 and January 3, 2015, utilizing the fair value hierarchy discussed in Note 2, follow:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 27%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="11" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">January 2, 2016</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 27%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 1</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 2</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 3</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Cash and Equivalents:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Common/collective trust funds</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">236,209</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">236,209</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Equities:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Eastern Company Common Stock</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,069,088</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,069,088</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Common/collective trust funds</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Large Cap Defensive Equity Fund (a)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,685,388</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,685,388</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Equity II Fund (b)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,456,364</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,456,364</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Large Cap U.S. Equity Fund (c)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,575,535</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,575,535</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell International Fund with Active Currency (d)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,796,625</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,796,625</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" colspan="2" valign="bottom" style="width: 28%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Emerging Markets Fund (e)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; 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font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,350,136</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Fixed Income:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Common/collective trust funds</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Fixed Income I Fund (f)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,504,086</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,504,086</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Target Duration LDI Fixed Income Funds (g)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 8 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,478,701</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; 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</td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 10 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,840,616</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,840,616</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 12 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,119,786</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,119,786</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 14 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,795,220</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,795,220</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 16 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,615,278</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,615,278</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">STRIPS Fixed Income Funds (h)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 15 Year STRIPS Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,606,554</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,606,554</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 10 Year STRIPS Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,411,574</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,411,574</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 28 to 29 Year STRIPS Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">543,357</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">543,357</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Insurance contracts</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,038,326</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,038,326</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,069,088</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">59,053,755</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">63,122,843</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;">&#160;</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 27%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="11" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">January 3, 2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 27%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 1</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 2</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 3</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Cash and Equivalents:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Common/collective trust funds</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,201,073</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,201,073</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Equities:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Eastern Company Common Stock</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,473,938</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,473,938</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Common/collective trust funds</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Large Cap Defensive Equity Fund</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,936,880</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,936,880</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Equity II Fund</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,632,485</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,632,485</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Concentrated Equity Fund</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,788,864</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,788,864</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell International Fund with Active Currency</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,606,489</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,606,489</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Emerging Markets Fund</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,188,672</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,188,672</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Fixed Income:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Common/collective trust funds</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Russell Fixed Income I Fund</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">17,013,171</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">17,013,171</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Target Duration LDI Fixed Income Funds</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; 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margin-right: 0pt; text-indent: 0pt;">226,826</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">226,826</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 8 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">227,960</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">227,960</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 10 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; 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font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">343,712</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 12 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">919,538</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">919,538</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 14 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,212,739</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,212,739</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 27%; background-color: #cceeff;"><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div style="margin-left: 54pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: symbol, serif; display: inline;">&#183;</font><font style="color: black; letter-spacing: 9pt;">&#160;</font><font style="font-size: 10pt; font-family: times new roman; display: inline;">Russell 16 Year LDI Fixed Income Fund</font></div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">520,522</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,946,495</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,946,495</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 27%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,473,938</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; 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text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">64,352,110</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; 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200) is more concentrated than other Russell multi-style large cap U.S. funds.</div><div style="display: block; text-indent: 0pt;">&#160;</div></td></tr><tr><td valign="top" style="width: 4%;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(d)</div></td><td valign="top" style="width: 85%;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Russell International Fund with Active Currency seeks to provide long-term growth of Capital.&#160;&#160;Aims to outperform the Russell Development ex-U.S. Large Cap Index Net while managing volatility and maintaining diversification similar to the index over a full market cycle.&#160;&#160;The fund invests primarily in the equities of non-U.S. developing markets and currency of global markets.&#160;&#160;Employs multiple managers with distinct investment styles, which are intended to be complementary.&#160;&#160;Seeks to capitalize on the stock selection abilities of its active manager.&#160;&#160;The Fund typically has moderate country and sector weights relative to the index.&#160;&#160;Also believe active currency management is an attractive strategy with the potential to deliver excess return.</div><div style="display: block; 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text-indent: 0pt;">&#160;</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /> &#160;</div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="top" style="width: 4%;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(h)</div></td><td valign="top" style="width: 85%;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The STRIPS (Separate Trading of Registered Interest and Principal of Securities) Funds seek to provide duration and Treasury exposure by investing in an optimized subset of the STRIPS universe with a similar duration profile as the Barclays U.S. Treasury STRIPS 10-11 year, 16-16 year or 28-29 year Index.&#160;&#160;These passively managed funds are generally used with other bond funds to add additional duration to the asset portfolio.&#160;&#160;This will help reduce the mismatch between a plan&#8217;s assets and liabilities.</div><div style="display: block; 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text-indent: 0pt;">&#160;</div></td></tr></table></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The fair values of the Company&#8217;s postretirement plan assets at January 2, 2016 and January 3, 2015, utilizing the fair value hierarchy discussed in Note 2, follow:</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 26%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="11" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">January 2, 2016</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 26%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 1</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 2</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 3</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 26%;"><div style="font-size: 10pt; font-family: times new roman; border-bottom: 1pt double; font-weight: bold; text-align: left; margin-left: 0pt; text-decoration: underline; display: block; margin-right: 0pt; text-indent: 0pt;">Fixed Income:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 26%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Insurance contracts</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,188,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,188,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 26%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,188,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,188,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 26%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="11" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">January 3, 2015</div></td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 26%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 1</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 2</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level 3</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td></tr><tr><td align="left" valign="bottom" style="width: 26%;"><div style="font-size: 10pt; font-family: times new roman; border-bottom: 1pt double; text-align: left; margin-left: 0pt; text-decoration: underline; display: block; margin-right: 0pt; text-indent: 0pt;">Fixed Income:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 26%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Insurance contracts</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td></tr><tr><td align="left" valign="bottom" style="width: 26%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td></tr></table></div><br /></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The provision for income taxes follows:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 35%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">Current:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 10%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;Federal</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,337,417</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,339,917</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,942,271</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;Foreign</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,054,694</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">991,257</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">871,949</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;State</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">140,139</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">295,554</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">162,952</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">Deferred:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 10%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;Federal</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(223,530)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">164,830</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">241,821</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 108pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;State</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(14,788</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">75,729</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(7,019</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 35%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,293,932</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,867,287</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,211,974</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr></table></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>An analysis of the Level 3 asset of the Company&#8217;s postretirement plan is as follows:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="top" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Fair value of Level 3 assets at beginning of year</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,187,603</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Change due to availability of final actual assets and census data</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,451</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Actual return on plan assets</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">39,085</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">22,434</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Employer contributions</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">81,360</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">19,639</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Benefits paid</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Fair value of Level 3 assets at end of year</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,188,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,149,204</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Debt consists of:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 17%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 17%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Term loans</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,214,285</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,285,714</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 17%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,214,285</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,285,714</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 17%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Less current portion</div></td><td valign="bottom" style="font-size: 10pt; 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text-indent: 0pt;">&#160;&#160;1,071,429</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 17%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,785,714</div></td><td valign="bottom" style="font-size: 10pt; 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font-family: times new roman; width: 1%;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Patents and developed technology</div></td><td valign="bottom" style="font-size: 10pt; 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font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Customer relationships</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">449,706</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">449,706</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;5.0</div></td><td valign="bottom" style="font-size: 10pt; 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font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">407,000</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">407,000</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;5.0</div></td><td valign="bottom" style="font-size: 10pt; 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font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">307,370</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;5.0</div></td><td valign="bottom" style="font-size: 10pt; 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font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,193,257</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; 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font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">12.6</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2015 Accumulated Amortization</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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display: block; margin-right: 0pt; text-indent: 0pt;">1,478,692</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">575,026</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; 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font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;89,941</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Non-compete agreements</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; 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background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;81,400</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Intellectual property</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;61,474</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;61,474</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; 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text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,478,692</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">807,841</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; 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</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net 2015 per Balance Sheet</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">728,160</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,385,416</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; 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font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2014 Gross Amount</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,494,261</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,025,303</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">449,706</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;5.0</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Non-compete agreements</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">407,000</div></td><td valign="bottom" style="font-size: 10pt; 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text-indent: 0pt;">307,370</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; 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font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,189,379</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; 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font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">12.7</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2014 Accumulated Amortization</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,185,070</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; 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font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; 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margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Intellectual property</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Accumulated amortization</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 4px double; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,649,655</div></td><td valign="bottom" style="font-size: 10pt; 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text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 4px double; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,185,070</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net 2014 per Balance Sheet</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; 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display: block; margin-right: 0pt; text-indent: 0pt;">1,653,964</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,498,570</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr></table></div></div> <div style="font-family: 'Times New Roman', Times, serif; 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display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="top" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,428,571</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 11%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2017</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="top" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">892,857</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 11%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2018</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="top" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">714,286</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 11%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2019</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="top" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">178,571</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 11%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2020</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="top" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 11%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Thereafter</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="top" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 11%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,214,285</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr></table></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 36%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="4" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td colspan="4" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td colspan="4" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2013</div></td></tr><tr><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 36%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td align="right" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Amount</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Percent</div></td><td align="right" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Amount</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Percent</div></td><td align="right" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Amount</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Percent</div></td></tr><tr><td align="left" valign="bottom" style="width: 36%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -9pt;">Income taxes using U.S. federal statutory rate</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$ 2,727,131</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$ 3,919,779</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34</div></td><td align="left" valign="bottom" style="width: 4%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$ 3,438,724</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td></tr><tr><td align="left" valign="bottom" style="width: 36%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -9pt;">State income taxes, net of federal benefit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;82,987</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;249,324</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;99,245</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 36%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -9pt;">Impact of foreign subsidiaries on effective tax rate</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(388,132</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(5</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(76,914</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1</div></td><td align="left" valign="bottom" style="width: 4%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(103,878</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 36%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -9pt;">Impact of manufacturers deduction on effective tax rate</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(91,018</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(185,993</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1</div></td><td align="left" valign="bottom" style="width: 4%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(138,127</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 36%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -9pt;">Other&#8212;net</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(37,036</div></td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">-</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(38,909</div></td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">-</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(83,990</div></td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1</div></td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 36%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$ 2,293,932</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 4px double; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">29</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$ 3,867,287</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 4px double; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$ 3,211,974</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 4px double; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">32</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>Deferred income tax (assets) liabilities relate to:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 35%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Property, plant and equipment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,694,885</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,503,597</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,184,873</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Other</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">99,989</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">92,531</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">208,938</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total deferred income tax liabilities</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,794,874</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,596,128</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,393,811</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 35%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 10%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Other postretirement benefits</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(281,154</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(1,030,203</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(787,087</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Inventories</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(807,061</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(829,876</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(848,364</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Allowance for doubtful accounts</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(124,351</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(105,296</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(104,695</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Intangible assets</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(299,137</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(396,541</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(373,482</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Accrued compensation</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(252,297</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(203,180</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(158,866</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Pensions</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(8,616,582</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(9,275,949</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(3,828,224</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total deferred income tax assets</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(10,380,582</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(11,841,045</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(6,100,718</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 35%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: 0pt;">Net deferred income tax (assets)&#160;&#160;liabilities</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(3,585,708</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(5,244,917</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">293,093</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 35%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 10%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr></table></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Change in the components of accumulated other comprehensive income consist of:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="6" valign="bottom" style="width: 24%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Pension Benefit</div></td><td colspan="6" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Postretirement Benefit</div></td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Balance at beginning of period</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(35,689,141</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(20,075,506</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; 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font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(3,544</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Change due to availability of final actual assets and census data</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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display: block; margin-right: 0pt; text-indent: 0pt;">54,065</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Charged to net periodic benefit cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Prior service cost</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">218,585</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">218,585</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(23,889</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(23,888</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net loss (gain)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,928,298</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">944,130</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">18,804</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Liability (gains)/losses</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Discount rate</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,121,170</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(10,600,944</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">87,748</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(445,610</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Mortality table</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,808,383</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(75,047</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Asset (gains)/losses deferred</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(2,813,796</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(184,695</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(52,851</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(72,378</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Other</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(362,283</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(3,182,328</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,235,904</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">23,169</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Balance at end of period</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(32,597,167</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(35,689,141</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,722,137</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(543,233</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Future minimum payments under non-cancelable operating leases with initial or remaining terms in excess of one year during each of the next five years follow:</div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td align="left" valign="bottom" style="width: 5%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2016</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">1,046,940</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 5%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2017</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">992,680</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 5%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2018</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">884,615</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 5%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2019</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">397,186</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 5%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2020</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">55,120</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,376,541</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Selected quarterly financial information (unaudited) follows:</div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;</div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">First</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Second</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Third</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Fourth</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net sales</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">36,876,842</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">37,037,697</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">36,239,500</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34,413,912</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">144,567,951</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Gross margin</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,335,178</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,912,161</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">9,033,843</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,100,044</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">32,381,226</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Selling and administrative</div><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;expenses</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,963,695</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,056,139</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,584,222</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,749,442</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">24,353,498</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net income</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">873,951</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">584,594</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,527,722</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,740,776</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,727,043</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net income per share:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Basic</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.14</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.09</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.41</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.28</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.92</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Diluted</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.14</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.09</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.41</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.28</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.92</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" colspan="4" valign="bottom" style="width: 31%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted average shares outstanding:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Basic</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,244,088</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,244,051</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,245,099</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,246,571</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,245,057</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Diluted</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,244,088</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,244,051</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,245,099</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,246,571</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,245,057</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">First</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Second</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Third</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Fourth</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net sales</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">35,849,126</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34,779,773</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">35,803,405</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">34,393,056</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">140,825,360</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Gross margin</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,513,406</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,776,304</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,461,473</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,555,221</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">32,486,404</div></td><td valign="bottom" style="font-size: 10pt; 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text-indent: 0pt;">5,216,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,988,364</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,892,600</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,670,503</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">20,767,756</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net (loss)/income</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,502,885</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,693,503</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,431,817</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,033,271</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">7,661,476</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net (loss)/income per share:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Basic</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; 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text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.33</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1.23</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; 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display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.27</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.39</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">.33</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1.23</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" colspan="4" valign="bottom" style="width: 31%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted average shares outstanding:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 5%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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margin-right: 0pt; text-indent: 0pt;">6,225,068</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Diluted</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,239,149</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1-Percentage Point</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 37%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Increase</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 6%;">&#160; </td><td colspan="2" valign="bottom" style="width: 10%;"><div style="font-size: 10pt; 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font-family: times new roman; width: 6%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" colspan="2" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Amounts recognized in accumulated other comprehensive income consist of:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="6" valign="bottom" style="width: 24%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Pension Benefit</div></td><td colspan="6" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Postretirement Benefit</div></td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net (loss)/gain</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;(32,220,482</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;(35,093,871</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,658,406</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(630,853</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Prior service (cost) credit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(376,685</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(595,270</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">63,731</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">87,620</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 39%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(35,689,141</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,722,137</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(543,233</div></td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 49%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 49%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 49%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;">Balance at beginning of year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">248,645</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">220,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">499,624</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 49%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Increases for positions taken during the current period</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">27,947</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">50,735</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">49,636</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 49%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Decreases relating to settlements</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(263,856</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 49%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: 0pt;">Decreases resulting from the expiration of the statute of limitations</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(26,810</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(22,379</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(65,115</div></td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 49%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;">Balance at end of year</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">249,782</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">248,645</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">220,289</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr></table></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Assumptions used to determine net periodic benefit cost for the Company&#8217;s postretirement plan for the fiscal year indicated were as follows:</div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 36%;">&#160; </td><td valign="top" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;2015</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="top" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="top" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;2013</div></td></tr><tr><td valign="top" style="width: 36%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Discount rate</div></td><td valign="top" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;3.90%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="top" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;4.80%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="top" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;3.90%</div></td></tr><tr><td valign="top" style="width: 36%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Expected return on plan assets</div></td><td valign="top" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;8.0%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="top" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;8.0%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="top" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;8.0%</div></td></tr></table></div><div style="display: block; 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font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2014</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="top" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;2013</div></td></tr><tr><td align="left" valign="top" style="width: 36%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Discount rate</div></td><td valign="top" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;3.90%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="top" style="width: 10%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;4.80%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="top" style="width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;3.90%</div></td></tr><tr><td align="left" valign="top" style="width: 36%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Expected return on plan assets</div></td><td valign="top" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;8.0%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="top" style="width: 10%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;8.0%</div></td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="top" style="width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;8.0%</div></td></tr><tr><td align="left" valign="top" style="width: 36%; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;3.25%</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The denominators used in the earnings per share computations follow:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 39%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Basic:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Weighted average shares outstanding</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="middle" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,245,057</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="middle" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,225,068</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Diluted:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Weighted average shares outstanding</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="middle" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,245,057</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="middle" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,225,068</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="middle" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,220,928</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Dilutive stock options</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="middle" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="middle" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">12,846</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="middle" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">16,830</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Denominator for diluted earnings per share</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="middle" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,245,057</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="middle" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,237,914</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="middle" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,237,758</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The following is a roll-forward of goodwill for 2015 and 2014:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 22%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Industrial</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Hardware</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Security</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Products</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Metal</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Products</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="display: block; text-indent: 0pt;">&#160;</div><div style="display: block; text-indent: 0pt;">&#160;</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: -18pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Beginning balance</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,901,312</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13,059,042</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">14,960,354</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Foreign exchange</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(169,561</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;(169,561)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Ending balance</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,731,751</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13,059,042</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">14,790,793</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 22%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Industrial</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Hardware</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Security</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Products</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Metal</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Products</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="display: block; text-indent: 0pt;">&#160;</div><div style="display: block; text-indent: 0pt;">&#160;</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: -18pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Beginning balance</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,008,231</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">11,833,816</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13,842,047</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Acquisition of Argo Transdata</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; 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width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Industrial Hardware</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">61,338,812</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; 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width: 34%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">144,567,951</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">140,825,360</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">142,458,279</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td align="left" valign="bottom" style="width: 34%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Inter-segment Sales:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Industrial Hardware</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">595,596</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">984,192</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">373,797</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Security Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,813,576</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,565,733</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,558,127</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Metal Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">16,804</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">11,540</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 34%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,425,976</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,549,925</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,943,464</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td align="left" valign="bottom" style="width: 34%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Income Before Income Taxes:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Industrial Hardware</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,314,149</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,063,786</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,797,254</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Security Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,798,115</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,058,554</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,780,403</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Metal Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(84,536</div></td><td align="left" valign="bottom" style="width: 4%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,596,308</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,808,664</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Operating Profit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,027,728</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">11,718,648</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">10,386,321</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Interest expense</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(185,475</div></td><td align="left" valign="bottom" style="width: 4%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(254,576</div></td><td align="left" valign="bottom" style="width: 4%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(322,731</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Other income</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">178,722</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">64,691</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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margin-right: 0pt; text-indent: 0pt;">11,528,763</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">10,113,895</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 34%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Geographic Information:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net Sales:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">United States</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">126,115,036</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">117,478,557</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">114,085,322</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Foreign</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">18,452,915</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">23,346,803</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">28,372,957</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 34%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">144,567,951</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">140,825,360</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">142,458,279</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Foreign sales are primarily to customers in North America.</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td align="left" valign="bottom" style="width: 33%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Identifiable Assets:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">United States</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">106,662,743</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">105,771,961</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">96,289,200</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Foreign</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">15,075,816</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">15,498,595</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">17,569,209</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 33%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">121,738,559</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">121,270,556</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">113,858,409</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 33%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Industrial Hardware</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">30,425,348</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">29,660,695</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">31,820,269</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Security Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">52,688,497</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">51,573,251</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">43,582,088</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Metal Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">20,931,863</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">21,037,058</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">19,282,393</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 33%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">104,045,708</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">102,271,004</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">94,684,750</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">General corporate</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">17,692,851</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">18,999,552</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">19,173,659</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 33%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">121,738,559</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">121,270,556</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">113,858,409</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /> &#160;</div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 34%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Depreciation and Amortization:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Industrial Hardware</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,580,741</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,631,521</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,085,618</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">621,501</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">592,555</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Metal Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,330,435</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; 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width: 34%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,921,438</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,486,302</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,825,286</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td align="left" valign="bottom" style="width: 34%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Capital Expenditures:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Industrial Hardware</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,479,984</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,929,022</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,967,335</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Security Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">388,377</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">973,365</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">469,669</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Metal Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;632,016</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">664,851</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,002,556</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 34%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">25,020</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">10,347</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">60,367,209</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Security Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">56,598,487</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">49,381,553</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">48,751,688</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Metal Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">26,630,652</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">32,777,578</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">33,339,382</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 34%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">144,567,951</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">140,825,360</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">142,458,279</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td align="left" valign="bottom" style="width: 34%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Inter-segment Sales:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Industrial Hardware</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">595,596</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">984,192</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">373,797</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Security Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,813,576</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,565,733</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,558,127</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Metal Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">16,804</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">11,540</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 34%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,425,976</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,549,925</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,943,464</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td align="left" valign="bottom" style="width: 34%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Income Before Income Taxes:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Industrial Hardware</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,314,149</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,063,786</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,797,254</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Security Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,798,115</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">4,058,554</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,780,403</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Metal Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(84,536</div></td><td align="left" valign="bottom" style="width: 4%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,596,308</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,808,664</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 54pt; display: block; margin-right: 0pt; text-indent: -18pt;">Operating Profit</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">8,027,728</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">11,718,648</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">10,386,321</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Interest expense</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(185,475</div></td><td align="left" valign="bottom" style="width: 4%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(254,576</div></td><td align="left" valign="bottom" style="width: 4%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(322,731</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Other income</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">178,722</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; 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font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">11,528,763</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">10,113,895</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 34%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Geographic Information:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net Sales:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">United States</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; 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margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">117,478,557</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">114,085,322</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Foreign</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">18,452,915</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">23,346,803</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">28,372,957</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 34%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">144,567,951</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">140,825,360</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">142,458,279</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Foreign sales are primarily to customers in North America.</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td align="left" valign="bottom" style="width: 33%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Identifiable Assets:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">United States</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">106,662,743</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">105,771,961</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">96,289,200</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Foreign</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">15,075,816</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">15,498,595</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">17,569,209</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 33%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">121,738,559</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">121,270,556</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">113,858,409</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 33%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Industrial Hardware</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">30,425,348</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">29,660,695</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">31,820,269</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Security Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">52,688,497</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">51,573,251</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">43,582,088</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Metal Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">20,931,863</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">21,037,058</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">19,282,393</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 33%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">104,045,708</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">102,271,004</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">94,684,750</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 33%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">General corporate</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">17,692,851</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">18,999,552</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">19,173,659</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 33%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">121,738,559</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">121,270,556</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">113,858,409</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /> &#160;</div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 34%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Depreciation and Amortization:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Industrial Hardware</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,580,741</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,631,521</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,085,618</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Security Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,010,262</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">621,501</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">592,555</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Metal Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,330,435</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,233,280</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,147,113</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 34%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,921,438</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,486,302</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,825,286</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td align="left" valign="bottom" style="width: 34%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Capital Expenditures:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Industrial Hardware</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,479,984</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,929,022</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,967,335</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Security Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">388,377</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">973,365</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">469,669</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Metal Products</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;632,016</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">664,851</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,002,556</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 34%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,500,377</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">3,567,238</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">5,439,560</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">Currency translation adjustment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">25,020</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">10,347</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(245</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td align="left" valign="bottom" style="width: 34%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;">General corporate</div></td><td valign="bottom" style="font-size: 10pt; 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text-indent: 0pt;">55,580</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 4%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">84,427</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 34%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; 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font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,193,257</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; 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font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">12.6</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2015 Accumulated Amortization</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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display: block; margin-right: 0pt; text-indent: 0pt;">1,478,692</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">575,026</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; 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text-indent: 0pt;">2,053,718</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Customer relationships</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;89,941</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Non-compete agreements</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; 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background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;81,400</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Intellectual property</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;61,474</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;61,474</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Accumulated Amortization</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,478,692</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">807,841</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,286,533</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Net 2015 per Balance Sheet</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">728,160</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,385,416</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,113,576</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2014 Gross Amount</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,494,261</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,025,303</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; 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font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">449,706</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;5.0</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Non-compete agreements</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">407,000</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="width: 7%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; 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text-indent: 0pt;">307,370</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; 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display: block; margin-right: 0pt; text-indent: -18pt;">Total Gross Intangibles</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,494,261</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,189,379</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; 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font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="width: 14%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">12.7</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="bottom" style="width: 20%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">2014 Accumulated Amortization</div></td><td valign="bottom" style="font-size: 10pt; 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font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; 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text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 4px double; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,185,070</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 14%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 20%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="top" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; 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text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Goodwill or trademarks would be considered impaired whenever our historical carrying amount exceeds the fair value.&#160;&#160;Goodwill and trademarks were not impaired in 2015, 2014 or 2013.&#160;&#160;Should we reach a different conclusion in the future, additional work would be performed to determine the amount of the non-cash impairment charge to be recognized.&#160;&#160;The maximum future impairment of goodwill or trademarks that could occur is the amount recognized on our balance sheet.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The following is a roll-forward of goodwill for 2015 and 2014:</div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 22%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Industrial</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Hardware</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Security</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Products</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Metal</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Products</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="display: block; text-indent: 0pt;">&#160;</div><div style="display: block; text-indent: 0pt;">&#160;</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: -18pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Beginning balance</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,901,312</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13,059,042</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">14,960,354</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Foreign exchange</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(169,561</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;&#160;&#160;(169,561)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Ending balance</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,731,751</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13,059,042</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">14,790,793</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 22%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Industrial</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Hardware</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Security</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Products</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Metal</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Products</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Segment</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid;">&#160; </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="display: block; text-indent: 0pt;">&#160;</div><div style="display: block; text-indent: 0pt;">&#160;</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; 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width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 8%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Beginning balance</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2,008,231</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">11,833,816</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="width: 8%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13,842,047</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td valign="bottom" style="width: 22%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Acquisition of Argo Transdata</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 3%; background-color: #ffffff;">&#160; </td><td align="right" valign="bottom" style="width: 8%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(106,919</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; border-bottom: black 2px solid; background-color: #cceeff;">&#160; </td><td align="right" valign="bottom" style="border-bottom: black 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">(106,919</div></td><td align="left" valign="bottom" style="width: 2%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">)</div></td></tr><tr><td valign="bottom" style="width: 22%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: justify; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Ending balance</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">1,901,312</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13,059,042</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#8212;</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="left" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">$</div></td><td align="right" valign="bottom" style="border-bottom: black 4px double; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">14,960,354</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Cost of Goods Sold</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Cost of goods sold reflects the cost of purchasing, manufacturing and preparing a product for sale.&#160;&#160;These costs generally represent the expenses to acquire or manufacture products for sale (including an allocation of depreciation and amortization) and are primarily comprised of direct materials, direct labor, and overhead, which includes indirect labor, facility and equipment costs, inbound freight, receiving, inspection, purchasing, warehousing and any other costs related to the purchasing, manufacturing or preparation of a product for sale.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Shipping and Handling Costs</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Shipping and handling costs are included in cost of goods sold.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Selling, General and Administrative Expenses</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Selling, general and administrative expenses include all operating costs of the Company that are not directly related to the cost of purchasing, manufacturing and preparing a product for sale.&#160;&#160;These expenses generally represent the cost of selling or distributing the product once it is available for sale, as well as administrative expenses for support functions and related overhead.<br /></div><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Product Development Costs</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Product development costs, charged to expense as incurred, were $1,218,948 in 2015, $1,079,557 in 2014 and $991,286 in 2013.</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Advertising Costs</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">The Company expenses advertising costs as incurred.&#160;&#160;Advertising costs were $496,066 in 2015, $494,267 in 2014 and $486,027 in 2013.</div><div style="display: block; 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font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2013</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Basic:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; 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font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #ffffff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Diluted:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td><td valign="middle" style="font-size: 10pt; font-family: times new roman; width: 7%; background-color: #cceeff;">&#160; </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #cceeff;">&#160; </td></tr><tr><td align="left" valign="middle" style="width: 39%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;">Weighted average shares outstanding</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="middle" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,245,057</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="middle" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,225,068</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 2%; background-color: #ffffff;">&#160; </td><td align="right" valign="middle" style="width: 7%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: times new roman; text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6,220,928</div></td><td valign="bottom" style="font-size: 10pt; 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text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">&#160;3.25</div></td><td align="left" valign="bottom" style="width: 3%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">%</div></td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div></div> 55000000 1.75 1.1 0.5 52800000 43000000 1000000 1000000 0 0 0 0 1000000 1000000 0.26 95728 1384605 -175687 0.1 0.1 0 0 1 1 The STRIPS (Separate Trading of Registered Interest and Principal of Securities) Funds seek to provide duration and Treasury exposure by investing in an optimized subset of the STRIPS universe with a similar duration profile as the Barclays U.S. Treasury STRIPS 10-11 year, 16-16 year or 28-29 year Index. These passively managed funds are generally used with other bond funds to add additional duration to the asset portfolio. This will help reduce the mismatch between a plan's assets and liabilities. The Target Duration LDI Fixed Income Funds seek to outperform their respective Barclays-Russell LDI Indexes over a full market cycle. These Funds invest primarily in investment grade corporate bonds that closely match those found in discount curves used to value U.S. pension liabilities. They seek to provide additional incremental return through modest interest rate timing, security selection and tactical use of non-credit sectors. Generally for use in combination with other bond funds to gain additional credit exposure, with the goal of reducing the mismatch between a plan's assets and liabilities. The Russell International Fund with Active Currency seeks to provide long-term growth of Capital. Aims to outperform the Russell Development ex-U.S. Large Cap Index Net while managing volatility and maintaining diversification similar to the index over a full market cycle. The fund invests primarily in the equities of non-U.S. developing markets and currency of global markets. Employs multiple managers with distinct investment styles, which are intended to be complementary. Seeks to capitalize on the stock selection abilities of its active manager. The Fund typically has moderate country and sector weights relative to the index. Also believe active currency management is an attractive strategy with the potential to deliver excess return. The Russell Equity II Fund has an objective to provide a favorable total return primarily through capital appreciation. Aims to outperform the Russell 2500 Index with above-average consistency while managing volatility and maintaining diversification similar to the Index over a full market cycle. The fund invests in common stocks of U.S. small cap companies. It employs a multi-style (growth and market-oriented, value), multi-manager approach. Advisors employ distinct yet complementary styles in their stock selection, focusing on factors such as: undervalued or under-researched companies, special situations, emerging growth, asset plays and turnarounds. The Russell Long Duration Fixed Income 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. In January 2015, the Trustee of the plan sold all of the assets of this fund. The proceeds were invested in the LDI Target funds and the STRIPS funds as of the end of 2015. The investment objective of the Russell Large Cap U.S. Equity Fund (formerly the Russell Concentrated Equity Fund) is to outperform the Russell 1000 Index with above-average consistency over a full market cycle. The fund invests in common stocks of large and medium cap U.S. companies. Employs a multi-style, multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles. The number of advisors and number of stocks (150 - 200) is more concentrated than other Russell multi-style large cap U.S. funds. The Russell Emerging Markets Fund seeks to provide the potential for long-term growth of Capital. Aims to outperform the Russell Emerging Markets Index Net over a full market cycle. The fund invests in equity securities of companies located in, or are economically tied to, emerging market countries. Securities are denominated principally in foreign currencies and are typically held outside the U.S. The Fund employs a multi-style (growth, market-oriented and value) and multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles. The Russell Fixed Income I Fund is designed to provide current income and capital appreciation through a variety of diversified strategies. The Fund seeks favorable returns comparable to the broad fixed income market, as measured by the Barclays U.S. Aggregate Bond Index. The fund primarily invests in fixed income securities representing diverse sectors and maturities. Advisors use diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds. It is actively managed with multiple advisors employing distinct yet complementary strategies and different technologies to insure prudent diversification over a broad spectrum of investments. The investment objective of the Russell Large Cap Defensive Equity Fund is to outperform the Russell 1000 Defensive Index while managing volatility and maintaining diversification similar to the Index over a full market cycle. The Fund invests in common stocks of large and medium cap U.S. companies, employing a multi-manager approach with advisors using distinct methods to identify medium to large cap U.S. stocks with positive excess return potential. The defensive style of investing emphasizes investments in equities of companies expected to have lower than average stock price volatility, higher financial quality and/or stable business fundamentals. Uncollectible accounts written off, net of recoveries. 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. 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Stock rights redemption price per share Stock rights, redemption price per share (in dollars per share) Represents the stock option plan. Plan 2010 [Member] 2010 Plan [Member] Represents the minimum percentage of fair market value of stock on grant date for exercise price. Minimum percentage of fair market value of stock on grant date for exercise price Percentage of fair market value of stock on grant date for exercise price, minimum Represents the number of plans that have shares reserved for further issuance. Number of plans that have shares reserved for further issuance The threshold percentage of customer exceeded 10% of total revenue. Threshold Percentage of Customer Exceeded 10% of Total Revenue Threshold percentage of customer exceeded 10% of total revenue Total expenditures for additions to long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets of the reportable segment; if the amount: (a) is included in the determination of segment assets reviewed by the chief operating decision maker or (b) is otherwise regularly provided to the chief operating decision maker, even if not included in the determination of segment assets. Segment Reporting Information, Expenditures for Additions to Long-Lived Assets1 Capital expenditures before currency translation adjustment Not United States. Foreign1 [Member] Foreign [Member] Cumulative translation adjustment resulting from translating foreign currency financial statements into the reporting currency. Reported in equity as part of accumulated other comprehensive income. Translation Adjustment Functional to Reporting Currency, Net of Tax, Durations Currency translation adjustment Total capital expenditures from operations and corporate, adjusted for currency translation adjustment. Total capital expenditures Number of defined benefit plans. Number of defined benefit plans Number of plans Ownership interests or the right to acquire ownership interests in corporations and other legal entities which ownership interest is represented by shares of common or preferred stock (which is neither mandatorily redeemable nor redeemable at the option of the holder), convertible securities, stock rights, or stock warrants categorized by other type not specified in taxonomy. The Eastern Company Common Stock [Member] The Eastern Company Common Stock [Member] An assumption on the projected rate of return on plan assets reflecting the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation. Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Expected return on plan assets Expected return on plan assets Amount after tax of (increase) decrease in the value of the projected benefit obligation related to a change in other costs assumption and increase (decrease) in the value of the plan assets resulting from experience different from that assumed, that has not been recognized in net periodic benefit (cost) credit. Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Other Arising During Period, Net of Tax Other Liability (gains)/losses [Abstract] Six year Target Duration LDI Fixed Income Fund seeks to outperform their respective Barclays-Russell LDI Indexes over a full market cycle. This 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 generally 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. Six Year Target Duration LDI Fixed Income Fund [Member] Russell 6 Year LDI Fixed Income Fund [Member] Twenty eight to twenty nine year Target Duration STRIPS Fixed Income Fund seeks to outperform their respective Barclays-Russell STRIPS Indexes over a full market cycle. This 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 generally 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. Twenty Eight to Twenty Nine Year Target Duration STRIPS Fixed Income Fund [Member] Russell 28 to 29 Year STRIPS Fixed Income Fund [Member] The equity 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. US Large Cap Equity Fund [Member] Russell Large Cap U.S. Equity Fund [Member] 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. U.S. Small Cap [Member] Russell Equity II Fund [Member] Fifteen year Target Duration STRIPS Fixed Income Fund seeks to outperform their respective Barclays-Russell STRIPS Indexes over a full market cycle. This 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 generally 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. Fifteen Year Target Duration STRIPS Fixed Income Fund [Member] Russell 15 Year STRIPS Fixed Income Fund [Member] Fourteen year Target Duration LDI Fixed Income Fund seeks to outperform their respective Barclays-Russell LDI Indexes over a full market cycle. This 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 generally 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. Fourteen Year Target Duration LDI Fixed Income Fund [Member] Russell 14 Year LDI Fixed Income Fund [Member] 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. Intermediate Bond [Member] Russell Fixed Income I Fund [Member] Sixteen year Target Duration LDI Fixed Income Fund seeks to outperform their respective Barclays-Russell LDI Indexes over a full market cycle. This 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 generally 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. Sixteen Year Target Duration LDI Fixed Income Fund [Member] Russell 16 Year LDI Fixed Income Fund [Member] Ten year Target Duration LDI Fixed Income Fund seeks to outperform their respective Barclays-Russell LDI Indexes over a full market cycle. This 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 generally 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. Ten Year Target Duration LDI Fixed Income Fund [Member] Russell 10 Year LDI Fixed Income Fund [Member] 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 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. Emerging Market [Member] Russell Emerging Markets Fund [Member] 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." Concentrated Equity [Member] Russell Concentrated Equity Fund [Member] Written contracts detailing the terms and conditions of insurance. Insurance contracts [Member] Insurance Contracts [Member] Twelve year Target Duration LDI Fixed Income Fund seeks to outperform their respective Barclays-Russell LDI Indexes over a full market cycle. This 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 generally 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. Twelve Year Target Duration LDI Fixed Income Fund [Member] Russell 12 Year LDI Fixed Income Fund [Member] 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. U.S. Large Cap [Member] Russell Large Cap Defensive Equity Fund [Member] 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. Long Duration Fixed Credit [Member] Eight year Target Duration LDI Fixed Income Fund seeks to outperform their respective Barclays-Russell LDI Indexes over a full market cycle. This 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 generally 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. Eight Year Target Duration LDI Fixed Income Fund [Member] Russell 8 Year LDI Fixed Income Fund [Member] This fund is designed 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. Long Duration Fixed Income [Member] Russell Long Duration Fixed Income Fund [Member] The amount of change in the fair value of plan assets due to availability of final actual assets and census data during the reporting period. Defined Benefit Plan, Change due to availability of final actual assets and census data Change due to availability of final actual assets and census data Changes in the accumulated other comprehensive income due to availability of final actual assets and census data. Defined Benefit Plan, Changes in accumulated other comprehensive income due to availability of final actual assets and census data Change due to availability of final actual assets and census data Refers to U.S. non-union employees retirement plan. U.S. Non Union Employees [Member] Charged to net periodic benefit cost [Abstract] Defined Benefit Plan, Change in components of accumulated other comprehensive income [Abstract] The amount of increase or decrease due to a change in the terms of discount rate. Defined Benefit Plan, Discount Rate Discount rate Discount rate The trend rate for health care costs for participants retiring after January 1, 1991. Health care cost trend rate for participants retiring after January 1, 1991 Health care cost trend rate for participants after January 1, 1991 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 research indicates will outperform over a full market cycle. International Large Cap with Active Currency [Member] Russell International Fund with Active Currency [Member] The trend rate for life insurance costs used to measure the expected cost of benefits covered by the plan (gross eligible charges). Defined Benefit Plan, Life Insurance Cost Trend Rate Life insurance cost trend rate Ten year Target Duration STRIPS Fixed Income Fund seeks to outperform their respective Barclays-Russell STRIPS Indexes over a full market cycle. This 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 generally 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. Ten Year Target Duration STRIPS Fixed Income Fund [Member] Russell 10 Year STRIPS Fixed Income Fund [Member] The amount of increase or decrease due to a change in the terms of mortality. Defined Benefit Plan, Mortality Mortality table Mortality table Period of horizon for various asset classes used in calculating expected long-term rates of return. Period of horizon for various asset classes used in calculating expected long term rates of return The amount of dividends received from employer securities or securities of parties related to the employer that are included in plan assets. Defined Benefit Plan, Employer and Related Party Securities Included in Plan Assets, Dividends Received Dividends received from employer common stock Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. Schedule of Assumptions Used to Determine Benefit Obligations [Table Text Block] Schedule of assumptions used to determine projected benefit obligations for benefit plans A measure of the physical worth of a company, which does not include any value derived from intangible assets such as copyrights, patents and intellectual property. Debt instrument covenant minimum tangible net worth Schedule of debt [Abstract] Maximum leverage ratio to be maintained under covenant. Leverage ratio as multiple, maximum Leverage coverage ratio as multiple maximum Minimum fixed charge coverage ratio to be maintained under covenant. Fixed charge coverage ratio as multiple, minimum Represents the tangible net worth increase in each year. Tangible Net Worth Increase Percentage Increase in tangible net worth each year Represents the signed amendment to Loan Agreement with People's United Bank now known as 2012 Term Loan. Term Loan 2012 [Member] 2012 Term Loan Member] A measure of the physical worth of a company, which does not include any value derived from intangible assets such as copyrights, patents and intellectual property. Tangible Net Worth Tangible net worth The maximum number of voting preferred shares permitted to be issued by an entity's charter and bylaws and unissued as of the end of the reporting period. Voting Preferred Stock Shares Authorized In Shares Voting Preferred Stock, shares authorized (in shares) Issuance value per share of no-par value, voting preferred stock; generally not indicative of the fair market value per share. Voting Preferred Stock No Par Value Voting Preferred Stock, no par value (in dollars per share) Issuance value per share of no-par value, nonvoting preferred stock; generally not indicative of the fair market value per share. Nonvoting Preferred Stock No Par Value Nonvoting Preferred Stock, no par value (in dollars per share) The maximum number of nonvoting preferred shares permitted to be issued by an entity's charter and bylaws and unissued as of the end of the reporting period. Nonvoting Preferred Stock Shares Authorized In Shares Nonvoting Preferred Stock, shares authorized (in shares) Aggregate par or stated value of issued nonvoting preferred stock. This item includes treasury stock repurchased by the entity. Preferred Stock No Par Value Nonvoting Nonvoting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares Aggregate par or stated value of voting preferred stock authorized. This item includes treasury stock repurchased by the entity. Preferred Stock No Par Value Voting Voting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares Percentage of total workforce subject to negotiated union contracts. Total workforce subject to negotiated union contracts Total workforce subject to negotiated union contracts The amount of costs unrecognized during the period for pension and postretirement benefits. Unrecognized Pension And Postretirement Benefits Unrecognized pension & postretirement benefits The threshold percentage of a concentration risk. Concentration Risk, Threshold Percentage Threshold percentage of concentration risk Number of customers that exceed the threshold percentage of concentration risk. Number of major customers Number of major customers Exclusive legal right granted by the government to the owner of the developed technology and licenses to exploit the technology for a period of time specified by law. Technology and licenses [Member] Technology and Licenses [Member] Exclusive legal right granted by the government to the owner of the patent and developed technology to exploit an invention or a process for a period of time specified by law. Patents and developed technology [Member] Patents and Developed Technology [Member] The Industrial Hardware segment consists of Eberhard Manufacturing, Eberhard Hardware Manufacturing Ltd., Canadian Commercial Vehicles Corporation, Eastern Industrial Ltd. and Sesamee Mexicana, S.A. de C.V. The units design, manufacture and market a diverse product line of industrial and vehicular hardware throughout North America. Industrial Hardware [Member] Industrial Hardware Segment [Member] Industrial Hardware [Member] The Security Products segment, made up of Greenwald Industries, Illinois Lock Company/CCL Security Products/Royal Lock, World Lock Company Ltd. and World Security Industries Ltd., is a leading manufacturer of security products. This segment manufactures electronic and mechanical locking devices, both keyed and keyless, for the computer, electronics, vending and gaming industries. Security Products [Member] Security Products Segment [Member] Security Products [Member] The Metal Products segment, based at the Company's Frazer And Jones facility, is the largest and most efficient producer of expansion shells for use in supporting the roofs of underground mines. This segment also manufactures specialty malleable and ductile iron castings. Metal Products [Member] Metal Products Segment [Member] Metal Products [Member] Recognition of Revenue and Accounts Receivable [Abstract] XML 14 R1.htm IDEA: XBRL DOCUMENT v3.3.1.900
Document and Entity Information - USD ($)
12 Months Ended
Jan. 02, 2016
Mar. 04, 2016
Jul. 04, 2015
Document and Entity Information [Abstract]      
Entity Registrant Name EASTERN CO    
Entity Central Index Key 0000031107    
Current Fiscal Year End Date --01-02    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Accelerated Filer    
Entity Public Float     $ 99,505,155
Entity Common Stock, Shares Outstanding   6,247,732  
Document Fiscal Year Focus 2015    
Document Fiscal Period Focus FY    
Document Type 10-K    
Amendment Flag false    
Document Period End Date Jan. 02, 2016    
XML 15 R2.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Balance Sheets - USD ($)
Jan. 02, 2016
Jan. 03, 2015
Current Assets    
Cash and cash equivalents $ 17,814,986 $ 15,834,444
Accounts receivable, less allowances of $450,000 in 2015 and $414,000 in 2014 17,502,445 17,064,245
Inventories:    
Raw materials and component parts 10,913,827 9,219,341
Work in process 7,681,576 7,074,950
Finished goods 18,247,010 18,107,906
Inventories 36,842,413 34,402,197
Prepaid expenses and other assets 2,122,215 2,659,737
Recoverable income taxes receivable 0 380,000
Deferred income taxes 986,167 950,024
Total Current Assets 75,268,226 71,290,647
Property, Plant and Equipment    
Land 1,159,732 1,160,720
Buildings 16,072,536 16,216,146
Machinery and equipment 46,205,973 45,593,631
Accumulated depreciation (36,636,775) (34,919,067)
Net Property, Plant and Equipment 26,801,466 28,051,430
Other Assets    
Goodwill 14,790,793 14,960,354
Trademarks 164,957 174,662
Patents, technology and other intangibles net of accumulated amortization 2,113,576 2,498,570
Deferred income taxes 2,599,541 4,294,893
Total Other Assets 19,668,867 21,928,479
TOTAL ASSETS 121,738,559 121,270,556
Current Liabilities    
Accounts payable 9,109,394 8,256,600
Accrued compensation 2,873,871 2,916,832
Other accrued expenses 1,751,052 1,201,114
Current portion of long-term debt 1,428,571 1,071,429
Total Current Liabilities 15,162,888 13,445,975
Other long-term liabilities 286,920 564,669
Long-term debt, less current portion 1,785,714 3,214,285
Accrued postretirement benefits 793,055 2,905,908
Accrued pension cost $ 24,304,926 $ 26,164,812
Commitments and contingencies (See Note 4)
Shareholders' Equity    
Voting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares
Nonvoting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares
Common Stock, no par value: Authorized: 50,000,000 shares Issued: 8,942,461,shares in 2015 and 8,938,742 shares in 2014 $ 28,997,050 $ 28,932,058
Treasury Stock: 2,694,729 shares in 2015 and 2014 (19,105,723) (19,105,723)
Retained earnings 90,597,041 87,680,667
Accumulated other comprehensive income (loss):    
Foreign currency translation (1,154,098) 855,179
Unrecognized net pension and postretirement benefit costs, net of taxes (19,929,214) (23,387,274)
Accumulated other comprehensive loss (21,083,312) (22,532,095)
Total Shareholders' Equity 79,405,056 74,974,907
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 121,738,559 $ 121,270,556
XML 16 R3.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Balance Sheets (Parenthetical) - USD ($)
Jan. 02, 2016
Jan. 03, 2015
Current Assets    
Accounts receivable, allowances $ 450,000 $ 414,000
Shareholders' Equity    
Voting Preferred Stock, no par value (in dollars per share) $ 0 $ 0
Voting Preferred Stock, shares authorized (in shares) 1,000,000 1,000,000
Nonvoting Preferred Stock, no par value (in dollars per share) $ 0 $ 0
Nonvoting Preferred Stock, shares authorized (in shares) 1,000,000 1,000,000
Common Stock, no par value (in dollars per share) $ 0 $ 0
Common Stock, shares authorized (in shares) 50,000,000 50,000,000
Common Stock, shares issued (in shares) 8,942,461 8,938,742
Treasury Stock, shares (in shares) 2,694,729 2,694,729
XML 17 R4.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Income - USD ($)
12 Months Ended
Jan. 02, 2016
Jan. 03, 2015
Dec. 28, 2013
Consolidated Statements of Income [Abstract]      
Net sales $ 144,567,951 $ 140,825,360 $ 142,458,279
Cost of products sold (112,186,725) (108,338,956) (112,310,759)
Gross margin 32,381,226 32,486,404 30,147,520
Selling and administrative expenses (24,353,498) (20,767,756) (19,761,199)
Operating profit 8,027,728 11,718,648 10,386,321
Interest expense (185,475) (254,576) (322,731)
Other income 178,722 64,691 50,305
Income before income taxes 8,020,975 11,528,763 10,113,895
Income taxes 2,293,932 3,867,287 3,211,974
Net income $ 5,727,043 $ 7,661,476 $ 6,901,921
Earnings per Share:      
Basic (in dollars per share) $ 0.92 $ 1.23 $ 1.11
Diluted (in dollars per share) $ 0.92 $ 1.23 $ 1.11
XML 18 R5.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Comprehensive Income - USD ($)
12 Months Ended
Jan. 02, 2016
Jan. 03, 2015
Dec. 28, 2013
Consolidated Statements of Comprehensive Income [Abstract]      
Net income $ 5,727,043 $ 7,661,476 $ 6,901,921
Other comprehensive income/(loss) -      
Change in foreign currency translation (2,009,277) (1,128,327) (656,972)
Change in pension and postretirement benefit costs, net of income taxes (expense)/benefit of $1,899,285 in 2015, $5,767,236 in 2014 and ($3,437,175) in 2013 3,458,060 (10,386,089) 6,254,558
Total other comprehensive income/(loss) 1,448,783 (11,514,416) 5,597,586
Comprehensive income/(loss) $ 7,175,826 $ (3,852,940) $ 12,499,507
XML 19 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
12 Months Ended
Jan. 02, 2016
Jan. 03, 2015
Dec. 28, 2013
Other comprehensive income/(loss) -      
Change in pension and postretirement benefit costs, taxes (expense)/ benefit $ 1,899,285 $ 5,767,236 $ (3,437,175)
XML 20 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Shareholders' Equity - USD ($)
Common Stock [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Total
Balances at Dec. 29, 2012 $ 28,585,498 $ (19,105,723) $ 78,717,589 $ (16,615,265) $ 71,582,099
Balances (in shares) at Dec. 29, 2012 8,914,478 (2,694,729)      
Net income     6,901,921   6,901,921
Cash dividends declared     (2,612,839)   (2,612,839)
Currency translation adjustment       (656,972) (656,972)
Change in pension and postretirement benefit costs, net of tax       6,254,558 6,254,558
Issuance of Common Stock upon the exercise of stock options $ 13,580       13,580
Issuance of Common Stock upon the exercise of stock options (in shares) 1,000        
Tax benefit from disqualifying dispositions of incentive stock options         0
Issuance of Common Stock for directors' fees $ 22,504       22,504
Issuance of Common Stock for directors' fees (in shares) 1,419        
Balances at Dec. 28, 2013 $ 28,621,582 $ (19,105,723) 83,006,671 (11,017,679) 81,504,851
Balances (in shares) at Dec. 28, 2013 8,916,897 (2,694,729)      
Net income     7,661,476   7,661,476
Cash dividends declared     (2,987,480)   (2,987,480)
Currency translation adjustment       (1,128,327) (1,128,327)
Change in pension and postretirement benefit costs, net of tax       (10,386,089) (10,386,089)
Issuance of Common Stock upon the exercise of stock options $ 271,600       271,600
Issuance of Common Stock upon the exercise of stock options (in shares) 20,000        
Tax benefit from disqualifying dispositions of incentive stock options $ 8,882       8,882
Issuance of Common Stock for directors' fees $ 29,994       29,994
Issuance of Common Stock for directors' fees (in shares) 1,845        
Balances at Jan. 03, 2015 $ 28,932,058 $ (19,105,723) 87,680,667 (22,532,095) 74,974,907
Balances (in shares) at Jan. 03, 2015 8,938,742 (2,694,729)      
Net income     5,727,043   5,727,043
Cash dividends declared     (2,810,669)   (2,810,669)
Currency translation adjustment       (2,009,277) (2,009,277)
Change in pension and postretirement benefit costs, net of tax       3,458,060 3,458,060
Tax benefit from disqualifying dispositions of incentive stock options         0
Issuance of Common Stock for directors' fees $ 64,992       64,992
Issuance of Common Stock for directors' fees (in shares) 3,719        
Balances at Jan. 02, 2016 $ 28,997,050 $ (19,105,723) $ 90,597,041 $ (21,083,312) $ 79,405,056
Balances (in shares) at Jan. 02, 2016 8,942,461 (2,694,729)      
XML 21 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
12 Months Ended
Jan. 02, 2016
Jan. 03, 2015
Dec. 28, 2013
Consolidated Statements of Shareholders' Equity [Abstract]      
Cash dividends declared, per share (in dollars per share) $ 0.45 $ 0.48 $ 0.42
XML 22 R9.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jan. 02, 2016
Jan. 03, 2015
Dec. 28, 2013
Operating Activities      
Net income $ 5,727,043 $ 7,661,476 $ 6,901,921
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 3,921,438 3,486,302 3,825,286
Unrecognized pension & postretirement benefits 1,384,605 (175,687) 95,728
Loss on sale of equipment and other assets 49,796 69,258 116,327
Provision for doubtful accounts 9,459 37,601 106,485
Issuance of Common Stock for directors' fees 64,992 29,994 22,505
Changes in operating assets and liabilities:      
Accounts receivable (852,168) (207,631) 1,776,744
Inventories (3,095,801) (2,825,155) (1,400,893)
Prepaid expenses 483,178 593,075 308,653
Recoverable taxes receivable 380,000 (380,000) 1,158,632
Other assets (106,081) (156,164) (76,426)
Accounts payable 1,182,124 998,502 (253,994)
Accrued compensation 28,426 185,724 (626,385)
Other accrued expenses (43,582) 29,889 (637,547)
Net cash provided by operating activities 9,133,429 9,347,184 11,317,036
Investing Activities      
Purchases of property, plant and equipment (2,538,236) (3,633,165) (5,523,742)
Proceeds from sale of equipment and other assets 25,000 22,500 2,839
Business acquisitions 0 (5,034,289) 0
Net cash used in investing activities (2,513,236) (8,644,954) (5,520,903)
Financing Activities      
Principal payments on long-term debt (1,071,428) (1,785,714) (1,428,571)
Proceeds from sales of Common Stock 0 271,600 13,580
Tax benefit from disqualifying dispositions of incentive stock options 0 8,882 0
Dividends paid (2,810,669) (2,987,480) (2,612,839)
Net cash used in financing activities (3,882,097) (4,492,712) (4,027,830)
Effect of exchange rate changes on cash (757,554) (363,435) (262,086)
Net change in cash and cash equivalents 1,980,542 (4,153,917) 1,506,217
Cash and cash equivalents at beginning of year 15,834,444 19,988,361 18,482,144
Cash and cash equivalents at end of year $ 17,814,986 $ 15,834,444 $ 19,988,361
XML 23 R10.htm IDEA: XBRL DOCUMENT v3.3.1.900
DESCRIPTION OF BUSINESS
12 Months Ended
Jan. 02, 2016
DESCRIPTION OF BUSINESS [Abstract]  
DESCRIPTION OF BUSINESS
1. Description of Business

The operations of The Eastern Company (the “Company”) consist of three business segments: industrial hardware, security products, and metal products.  The industrial hardware segment produces latching devices for use on industrial equipment and instrumentation, composite panels used primarily in the transportation and electronic white board industries, as well as a broad line of proprietary hardware designed for truck bodies and other vehicular type equipment.  The security products segment manufactures and markets a broad range of locks for traditional general purpose security applications as well as specialized locks for soft luggage, coin-operated vending and gaming equipment, and electric and computer peripheral components.  This segment also manufactures and markets coin acceptors and metering systems to secure cash used in the commercial laundry industry and produces cashless payment systems utilizing advanced smart card technology. The metal products segment produces anchoring devices used in supporting the roofs of underground coal mines and specialty products which serve the construction, automotive, railroad and electrical industries.

Sales are made to customers primarily in North America.
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ACCOUNTING POLICIES
12 Months Ended
Jan. 02, 2016
ACCOUNTING POLICIES [Abstract]  
ACCOUNTING POLICIES
2. Accounting Policies

Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Fiscal Year

The Company’s year ends on the Saturday nearest to December 31.  Fiscal 2015 was a 52 week year, 2014 was a 53 week year and 2013 was a 52 week year.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions are eliminated.

Cash Equivalents and Concentrations of Credit Risk

Highly liquid investments purchased with a maturity of three months or less are considered cash equivalents.  The Company has deposits that exceed amounts insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, but the Company does not consider this a significant concentration of credit risk based on the strength of the financial institution.

Reclassification

Certain prior period amounts have been reclassified to conform to the current period presentation.  These reclassifications had no effect on previously reported net income.

Foreign Currency Translation

For foreign operations balance sheet accounts are translated at the current year-end exchange rate; income statement accounts are translated at the average exchange rate for the year.  Resulting translation adjustments are made directly to a separate component of shareholders’ equity – “Accumulated other comprehensive income (loss) – Foreign currency translation”.  Foreign currency exchange transaction gains and losses are not material in any year.
 
Recognition of Revenue and Accounts Receivable

Revenue and accounts receivable are recognized when persuasive evidence of an arrangement exists, the price is fixed and determinable, delivery has occurred, and there is a reasonable assurance of collection of the sales proceeds.  The Company obtains written purchase authorizations from its customers for a specified amount of product at a specified price and delivery occurs at the time of shipment. Credit is extended based on an evaluation of each customer’s financial condition; collateral is not required. Accounts receivable are recorded net of applicable allowances.  No customer exceeded 10% of total accounts receivable at year end 2015 or 2014.

Allowance for Doubtful Accounts

The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments.  The Company reviews the collectability of its receivables on an ongoing basis taking into account a combination of factors.  The Company reviews potential problems, such as past due accounts, a bankruptcy filing or deterioration in the customer’s financial condition, to ensure the Company is adequately accrued for potential loss.  Accounts are considered past due based on when payment was originally due.  If a customer’s situation changes, such as a bankruptcy or creditworthiness, or there is a change in the current economic climate, the Company may modify its estimate of the allowance for doubtful accounts.  The Company will write off accounts receivable after reasonable collection efforts have been made and the accounts are deemed uncollectible.  Write-offs have been within management’s estimates.

Inventories

Inventories are valued at the lower of cost or market. Cost is determined by the last-in, first-out (LIFO) method in the U.S. ($31,601,408 for U.S. inventories at January 2, 2016) and by the first-in, first-out (FIFO) method for inventories outside the U.S. ($5,241,005 for inventories outside the U.S. at January 2, 2016). Current cost exceeds the LIFO carrying value by approximately $6,297,368 at January 2, 2016 and $6,886,000 at January 3, 2015. There was no material LIFO quantity liquidation in 2015, 2014 and 2013.

Property, Plant and Equipment and Related Depreciation

Property, plant and equipment (including equipment under capital lease) are stated at cost.  Depreciation ($3,460,516 in 2015, $3,237,426 in 2014, $3,592,263 in 2013) is computed generally using the straight-line method based on the following estimated useful lives of the assets: Buildings 10 to 39.5 years; Machinery and equipment 3 to 10 years.

Goodwill, Intangibles and Impairment of Long-Lived Assets

Patents are recorded at cost and are amortized using the straight-line method over the lives of the patents.  Technology and licenses are recorded at cost and are generally amortized on a straight-line basis over periods ranging from 5 to 17 years.  Non-compete agreements and customer relationships are being amortized using the straight-line method over a period of 5 years. Amortization expense in 2015, 2014 and 2013 was $460,922, $248,876 and $233,023, respectively.  Total amortization expense for each of the next five years is estimated to be as follows: 2016 - $437,000; 2017 - $437,000; 2018 - $437,000; and 2019 - $379,000; and 2020 - $146,000.  Trademarks are not amortized as their lives are deemed to be indefinite.
 
The gross carrying amount and accumulated amortization of amortizable intangible assets:
 
   
 
Industrial
Hardware
Segment
 
 
Security
Products
Segment
 
 
Metal
Products
Segment
   
 
 
 
Total
   
Weighted-Average
Amortization Period (Years)
 
2015 Gross Amount
                                 
Patents and developed technology
 
$
2,206,852
 
$
1,029,181
 
$
   —
   
$
3,236,033
   
15.9
 
Customer relationships
   
   —
   
449,706
   
   —
     
449,706
   
 5.0
 
Non-compete agreements
   
   —
   
407,000
   
   —
     
407,000
   
 5.0
 
Intellectual property
   
   —
   
307,370
   
   —
     
307,370
   
 5.0
 
Total Gross Intangibles
 
$
2,206,852
 
$
2,193,257
 
$
   
$
4,400,109
   
12.6
 
                                   
2015 Accumulated Amortization
                                 
Patents and developed technology
 
$
1,478,692
 
$
575,026
 
$
   —
   
$
2,053,718
       
Customer relationships
   
   —
   
   89,941
   
   —
     
   89,941
       
Non-compete agreements
   
   —
   
   81,400
   
   —
     
  81,400
       
Intellectual property
   
   —
   
   61,474
   
   —
     
   61,474
       
Accumulated Amortization
 
$
1,478,692
 
$
807,841
 
$
   
$
2,286,533
       
                                   
Net 2015 per Balance Sheet
 
$
728,160
 
$
1,385,416
 
$
   
$
2,113,576
       
                                   
2014 Gross Amount
                                 
Patents and developed technology
 
$
2,494,261
 
$
1,025,303
 
$
   —
   
$
3,519,564
   
15.7
 
Customer relationships
   
   —
   
449,706
   
   —
     
449,706
   
 5.0
 
Non-compete agreements
   
   —
   
407,000
   
   —
     
407,000
   
 5.0
 
Intellectual property
   
   —
   
307,370
   
   —
     
307,370
   
 5.0
 
Total Gross Intangibles
 
$
2,494,261
 
$
2,189,379
 
$
   
$
4,683,640
   
12.7
 
                                   
2014 Accumulated Amortization
                                 
Patents and developed technology
 
$
1,649,655
 
$
535,415
 
$
   —
   
$
2,185,070
       
Customer relationships
   
   —
   
   —
   
   —
     
   —
       
Non-compete agreements
   
   —
   
   —
   
   —
     
   —
       
Intellectual property
   
   —
   
   —
   
   —
     
   —
       
Accumulated amortization
   
1,649,655
   
535,415
   
     
2,185,070
       
                                   
Net 2014 per Balance Sheet
 
$
844,606
 
$
1,653,964
 
$
   
$
2,498,570
       

In the event that facts and circumstances indicate that the carrying value of long-lived assets, including definite life intangible assets, may be impaired, an evaluation is performed to determine if a write-down is required.  No events or changes in circumstances have occurred to indicate that the carrying amount of such long-lived assets held and used may not be recovered.
The Company performed qualitative assessments as of the end of fiscal 2015 and fiscal 2014 and determined it is more likely than not that no impairment of goodwill existed at the end of 2015 or 2014.  The Company will perform annual qualitative assessments in subsequent years as of the end of each fiscal year.  Additionally, the Company will perform interim analysis whenever conditions warrant.

Goodwill or trademarks would be considered impaired whenever our historical carrying amount exceeds the fair value.  Goodwill and trademarks were not impaired in 2015, 2014 or 2013.  Should we reach a different conclusion in the future, additional work would be performed to determine the amount of the non-cash impairment charge to be recognized.  The maximum future impairment of goodwill or trademarks that could occur is the amount recognized on our balance sheet.

The following is a roll-forward of goodwill for 2015 and 2014:

   
Industrial
Hardware
Segment
 
Security
Products
Segment
 
Metal
Products
Segment
 
 
 
Total
 
2015
                         
Beginning balance
 
$
1,901,312
 
$
13,059,042
 
$
 
$
14,960,354
 
Foreign exchange
   
(169,561
)
 
   
   
   (169,561)
 
Ending balance
 
$
1,731,751
 
$
13,059,042
 
$
 
$
14,790,793
 

   
Industrial
Hardware
Segment
 
Security
Products
Segment
 
Metal
Products
Segment
 
 
 
Total
 
2014
                         
Beginning balance
 
$
2,008,231
 
$
11,833,816
 
$
 
$
13,842,047
 
Acquisition of Argo Transdata
   
   
1,225,226
   
   
1,225,226
 
Foreign exchange
   
(106,919
)
 
   
   
(106,919
)
Ending balance
 
$
1,901,312
 
$
13,059,042
 
$
 
$
14,960,354
 


Cost of Goods Sold

Cost of goods sold reflects the cost of purchasing, manufacturing and preparing a product for sale.  These costs generally represent the expenses to acquire or manufacture products for sale (including an allocation of depreciation and amortization) and are primarily comprised of direct materials, direct labor, and overhead, which includes indirect labor, facility and equipment costs, inbound freight, receiving, inspection, purchasing, warehousing and any other costs related to the purchasing, manufacturing or preparation of a product for sale.

Shipping and Handling Costs

Shipping and handling costs are included in cost of goods sold.

Selling, General and Administrative Expenses

Selling, general and administrative expenses include all operating costs of the Company that are not directly related to the cost of purchasing, manufacturing and preparing a product for sale.  These expenses generally represent the cost of selling or distributing the product once it is available for sale, as well as administrative expenses for support functions and related overhead.
Product Development Costs

Product development costs, charged to expense as incurred, were $1,218,948 in 2015, $1,079,557 in 2014 and $991,286 in 2013.

Advertising Costs

The Company expenses advertising costs as incurred.  Advertising costs were $496,066 in 2015, $494,267 in 2014 and $486,027 in 2013.

Income Taxes

The Company accounts for uncertain tax positions pursuant to the provisions of FASB Accounting Standards Codification (“ASC”) 740 which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements. These provisions detail how companies should recognize, measure, present and disclose uncertain tax positions that have or are expected to be taken.  As such, the financial statements will reflect expected future tax consequences of uncertain tax positions presuming the taxing authorities’ full knowledge of the position and all relevant facts.  See Note 8 Income Taxes.

The Company and its U.S. subsidiaries file a consolidated federal income tax return.

Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.

Earnings per Share

The denominators used in the earnings per share computations follow:

   
2015
 
2014
 
2013
 
Basic:
             
Weighted average shares outstanding
 
6,245,057
 
6,225,068
 
6,220,928
 
               
Diluted:
             
Weighted average shares outstanding
 
6,245,057
 
6,225,068
 
6,220,928
 
Dilutive stock options
 
 —
 
12,846
 
16,830
 
Denominator for diluted earnings per share
 
6,245,057
 
6,237,914
 
6,237,758
 

There were no anti-dilutive stock options in 2015, 2014 or 2013.

Derivatives

The Company does not maintain any derivatives as of the date of this report.

Stock Based Compensation

The Company accounts for stock based compensation pursuant to the fair value recognition provisions of ASC 718.  No stock options were granted in 2015, 2014 or 2013, and, since all outstanding options were fully vested in each year presented, there was no impact on the financial statements.
 
Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.   The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.  The fair value hierarchy has three levels of inputs that may be used to measure fair value:

Level 1
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted
assets or liabilities.

Level 2
Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for
substantially the full term of the asset or liability.

Level 3
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and
unobservable.

The carrying amounts of financial instruments (cash and cash equivalents, accounts receivable, accounts payable and debt) as of January 2, 2016 and January 3, 2015, approximate fair value.  Fair value was based on expected cash flows and current market conditions.

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BUSINESS ACQUISITIONS
12 Months Ended
Jan. 02, 2016
BUSINESS ACQUISITIONS [Abstract]  
BUSINESS ACQUISITIONS
3. BusinessAcquisitions

Effective December 15, 2014 the Company acquired certain assets of Argo Transdata Corporation (“Argo”) including accounts receivable, inventories, furniture, fixtures and equipment, intellectual property rights and rights existing under all sales and purchase agreements.  Argo is a contract manufacturer of printed circuit board assemblies and has the ability to manufacture surface mount (SMT), through hole and wire bond assemblies or any combination of the three technologies.  Its products are sold to numerous OEM’s in industries such as measurement systems, industrial controls, medical and military.  The Argo acquisition further diversified our markets and provides a source for printed circuit boards which are used in several of our current products.  Argo is included in the Security Products segment of the Company from the date of the acquisition.  The cost of the acquisition of Argo was approximately $5,034,000, inclusive of transaction costs, plus a contingent earn-out of $282,914 based on revenue levels in each of the first two fiscal years following the closing and the assumption of $63,000 in current liabilities.  In 2015, the Company recognized $138,683 in earnings as a result of Argo not meeting the sales goals for the 1st year earn-out.  On January 2, 2016 the contingent earn-out liability was $144,231.

The above acquisition was accounted for under ASC 805.  The acquired business is included in the consolidated operating results of the Company from the date of acquisition.  The excess of the cost of Argo over the fair market value of the net assets acquired of $1,225,226 has been recorded as goodwill.

In connection with the above acquisition, the Company recorded the following intangible assets:

 
Asset Class/Description
 
Amount
Weighted-average Amortization Period in Years
Patents, technology, and licenses
   
Customer relationships
$  449,706
5.0
Intellectual property
307,370
5.0
Non-compete agreements
407,000
5.0
 
$  1,164,076
5.0

There is no anticipated residual value relating to these intangible assets.

Neither the actual results nor the pro forma effects of the acquisition of Argo are material to the Company's financial statements.
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CONTINGENCIES
12 Months Ended
Jan. 02, 2016
CONTINGENCIES [Abstract]  
CONTINGENCIES
4. Contingencies

The Company is party to various legal proceedings and claims related to its normal business operations.  In the opinion of management, the Company has substantial and meritorious defenses for these claims and proceedings in which it is a defendant, and believes these matters will ultimately be resolved without a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company.  The aggregate provision for losses related to contingencies arising in the ordinary course of business was not material to operating results for any year presented.

During the fourth quarter of 2010, the Company was contacted by the State of Illinois regarding potential ground contamination at our plant in Wheeling, Illinois.  The Company signed up with a voluntary remediation program in Illinois and has engaged an environmental clean-up company to perform testing and develop a remediation plan.  The estimated cost of remediation is $30,000.

Approximately 26% of the total workforce is subject to negotiated union contracts, and none of the agreements expire during 2016.
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DEBT
12 Months Ended
Jan. 02, 2016
DEBT [Abstract]  
DEBT
5. Debt

On January 29, 2010, the Company signed a secured Loan Agreement (the “Loan Agreement”) with People’s United Bank (“People’s”) which included a $5,000,000 term portion and a $10,000,000 revolving credit portion.  The term portion of the loan requires quarterly principal payments of $178,571 for a period of seven (7) years, maturing on January 31, 2017.  The revolving credit portion had a quarterly commitment fee of one quarter of one percent (0.25%), and a maturity date of January 31, 2012.

On January 25, 2012 the Company amended the Loan Agreement by taking an additional $5,000,000 term loan (the “2012 Term Loan”).  The 2012 Term Loan requires quarterly principal payments of $178,571 for a period of seven (7) years, maturing on January 31, 2019.  At the same time the maturity date of the revolving credit portion was extended to January 31, 2014 and continued to have a quarterly commitment fee of one quarter of one percent (0.25%).

Interest on the original term portion of the Loan Agreement is fixed at 4.98%.  Interest on the 2012 Term Loan is fixed at 3.90%.  For the period from January 25, 2012 to January 23, 2014, interest on the revolving credit portion of the Loan Agreement varied based on the LIBOR rate or People’s Prime rate plus 2.25%, with a floor of 3.25% with a maturity date of January 31, 2014.  On January 23, 2014, the Company amended the Loan Agreement with People’s.  The amendment renewed and extended the maturity date of the revolving credit portion of the Loan Agreement to July 1, 2016 and changed the interest rate to LIBOR plus 2.25%, and eliminated the 3.25% floor previously in place.  The quarterly commitment fee of one quarter of one percent (0.25%) remained unchanged.  The Company did not utilize the revolving credit portion of the Loan Agreement at any time during 2014 or 2015.

Debt consists of:

   
2015
 
2014
 
Term loans
 
$
3,214,285
 
$
4,285,714
 
Revolving credit loan
   
   
 
     
3,214,285
   
4,285,714
 
Less current portion
   
1,428,571
   
  1,071,429
 
   
$
1,785,714
 
$
3,214,285
 

The Company paid interest of $174,558 in 2015, $272,993 in 2014, and $319,760 in 2013.
 
The Company’s loan covenants under the Loan Agreement require the Company to maintain a fixed charge coverage ratio of at least 1.1 to 1, a leverage ratio of no more than 1.75 to 1, and minimum tangible net worth of $43 million increasing each year by 50% of consolidated net income.  This amount was approximately $52.8 million as of December 28, 2013.  As part of an amendment to the Loan Agreement signed on January 23, 2014, the leverage ratio was eliminated, and the minimum tangible net worth covenant was modified to a fixed minimum amount of $55 million, effective with the end of the Company’s first quarter of 2014.  In addition, the Company has restrictions on, among other things, new capital leases, purchases or redemptions of its capital stock, mergers and divestitures, and new borrowing.  The Company was in compliance with all covenants in 2014 and 2015.

As of January 3, 2015, scheduled annual principal maturities of long-term debt for each of the next five years follow:

2016
 
$
1,428,571
 
2017
   
892,857
 
2018
   
714,286
 
2019
   
178,571
 
2020
   
 
Thereafter
   
 
   
$
3,214,285
 
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STOCK RIGHTS
12 Months Ended
Jan. 02, 2016
STOCK RIGHTS [Abstract]  
STOCK RIGHTS
6. Stock Rights

The Company had a stock rights plan.  At January 3, 2015, there were 6,244,013 stock rights outstanding under the plan.  Each right may have been exercised to purchase one share of the Company’s common stock at an exercise price of $80.00, subject to adjustment to prevent dilution.

On August 7, 2015, the Company terminated the 2008 Shareholder Rights Agreement. Pursuant to Section 23 of the Rights Agreement, the Company redeemed all of the outstanding rights at a redemption price of $0.01 per right.  The redemption fee was paid on September 15, 2015, to common shareholders of record as of August 19, 2015.
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STOCK OPTIONS AND AWARDS
12 Months Ended
Jan. 02, 2016
STOCK OPTIONS AND AWARDS [Abstract]  
STOCK OPTIONS AND AWARDS
7. Stock Options and Awards

Stock Options

At the end of 2015, the Company had one stock option plan, the 2010 plan, for officers, other key employees, and non-employee directors.  Incentive stock options granted under the 2010 plan must have exercise prices that are not less than 100% of the fair market value of the stock on the dates the options are granted.  Restricted stock awards may also be granted to participants under the 2010 plan with restrictions determined by the Compensation Committee of the Company’s Board of Directors.  Under the 2010 plan, non-qualified stock options granted to participants will have exercise prices determined by the Compensation Committee of the Company’s Board of Directors.  No options or restricted stock were granted in 2015, 2014 or 2013.

As of January 2, 2016, there were 500,000 shares of common stock reserved and available for future grant under the above noted 2010 plan.
Information with respect to the Company’s stock option plans is summarized below:

   
 
 Shares
 
Weighted Average
Exercise Price
 
Outstanding at December 29, 2012
 
21,000
   
$13.58
 
Exercised
 
(1,000
)
 
13.58
 
Outstanding at December 28, 2013
 
20,000
   
13.58
 
Exercised
 
(20,000
)
 
13.58
 
Outstanding at January 3, 2015
 
       
Exercised
 
       
Outstanding at January 2, 2016
 
       


At January 2, 2016, there were no stock options outstanding or exercisable.  The total intrinsic value of stock options exercised in 2014 and 2013 was $59,125 and $1,590, respectively.
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INCOME TAXES
12 Months Ended
Jan. 02, 2016
INCOME TAXES [Abstract]  
INCOME TAXES
8. Income Taxes

Deferred income taxes are provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for income tax reporting purposes.  Deferred income tax (assets) liabilities relate to:

   
2015
 
2014
 
2013
 
Property, plant and equipment
 
$
6,694,885
 
$
6,503,597
 
$
6,184,873
 
Other
   
99,989
   
92,531
   
208,938
 
Total deferred income tax liabilities
   
6,794,874
   
6,596,128
   
6,393,811
 
                     
Other postretirement benefits
   
(281,154
)
 
(1,030,203
)
 
(787,087
)
Inventories
   
(807,061
)
 
(829,876
)
 
(848,364
)
Allowance for doubtful accounts
   
(124,351
)
 
(105,296
)
 
(104,695
)
Intangible assets
   
(299,137
)
 
(396,541
)
 
(373,482
)
Accrued compensation
   
(252,297
)
 
(203,180
)
 
(158,866
)
Pensions
   
(8,616,582
)
 
(9,275,949
)
 
(3,828,224
)
Total deferred income tax assets
   
(10,380,582
)
 
(11,841,045
)
 
(6,100,718
)
Net deferred income tax (assets)  liabilities
 
$
(3,585,708
)
$
(5,244,917
)
$
293,093
 
                     

Income before income taxes consists of:

   
2015
 
2014
 
2013
 
Domestic
 
$
4,308,809
 
$
8,087,552
 
$
7,139,039
 
Foreign
   
 3,712,166
   
 3,441,211
   
 2,974,856
 
   
$
8,020,975
 
$
11,528,763
 
$
10,113,895
 

 
The provision for income taxes follows:

   
2015
 
2014
 
2013
 
Current:
                   
   Federal
 
$
1,337,417
 
$
2,339,917
 
$
1,942,271
 
   Foreign
   
1,054,694
   
991,257
   
871,949
 
   State
   
140,139
   
295,554
   
162,952
 
Deferred:
                   
   Federal
   
(223,530)
   
164,830
   
241,821
 
   State
   
(14,788
)
 
75,729
   
(7,019
)
   
$
2,293,932
 
$
3,867,287
 
$
3,211,974
 

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:

   
2015
2014
2013
   
Amount
 
Percent
Amount
 
Percent
Amount
 
Percent
Income taxes using U.S. federal statutory rate
 
$ 2,727,131
 
34
%
$ 3,919,779
 
34
%
$ 3,438,724
 
34
%
State income taxes, net of federal benefit
 
 82,987
 
1
 
 249,324
 
2
 
 99,245
 
1
 
Impact of foreign subsidiaries on effective tax rate
 
(388,132
)
(5
)
(76,914
)
(1
)
(103,878
)
(1
)
Impact of manufacturers deduction on effective tax rate
 
(91,018
)
(1
)
(185,993
)
(1
)
(138,127
)
(1
)
Other—net
 
(37,036
)
-
 
(38,909
)
-
 
(83,990
)
(1
)
   
$ 2,293,932
 
29
%
$ 3,867,287
 
34
%
$ 3,211,974
 
32
%


Total income taxes paid were $2,348,865 in 2015, $3,989,978 in 2014 and $2,568,708 in 2013.

United States income taxes have been provided on the undistributed earnings of foreign subsidiaries ($13,308,709 at January 2, 2016) only where necessary because such earnings are intended to be reinvested abroad indefinitely or repatriated only when substantially free of such taxes.  The Company would be required to accrue and pay United States income taxes to repatriate the funds held by foreign subsidiaries not otherwise provided.

During 2015, 2014 and 2013, the Company received tax benefits of $0, $8,882, and $0, respectively, as a result of the exercise and sale of incentive stock options that resulted in the disqualification of those incentive stock options and the exercise of non-qualified stock options during the year.  The tax benefit associated with the exercise of the incentive and non-qualified stock options has been recorded to common stock.

A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:

   
 2015
 
 2014
 
 2013
 
                     
Balance at beginning of year
 
$
248,645
 
$
220,289
 
$
499,624
 
Increases for positions taken during the current period
   
27,947
   
50,735
   
49,636
 
Decreases relating to settlements
   
   
   
(263,856
)
Decreases resulting from the expiration of the statute of limitations
   
(26,810
)
 
(22,379
)
 
(65,115
)
Balance at end of year
 
$
249,782
 
$
248,645
 
$
220,289
 

 
The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions.  With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2012 and non-U.S. income tax examinations by tax authorities prior to 2009.

Included in the balance at January 2, 2016, are $164,856 of unrecognized tax benefits that would affect the annual effective tax rate.  In 2015, the Company recognized accrued interest related to unrecognized tax benefits in income tax expense.  The Company had approximately $37,000 of accrued interest at January 2, 2016.

The total amount of unrecognized tax benefits could increase or decrease within the next twelve months for a number of reasons, including the closure of federal, state and foreign tax years by expiration of the statute of limitations and the recognition and measurement considerations under ASC 740.  The Company believes that the total amount of unrecognized tax benefits will not increase or decrease significantly over the next twelve months.
XML 31 R18.htm IDEA: XBRL DOCUMENT v3.3.1.900
LEASES
12 Months Ended
Jan. 02, 2016
LEASES [Abstract]  
LEASES
9. Leases

The Company leases certain equipment and buildings under operating lease arrangements.  Most leases are for a fixed term and for a fixed amount; additionally, the Company leases certain buildings under operating leases on a month-to-month basis.  The Company is not a party to any leases that have step rent provisions, escalation clauses, capital improvement funding or payment increases based on any index or rate.

Future minimum payments under non-cancelable operating leases with initial or remaining terms in excess of one year during each of the next five years follow:
2016
 
$
1,046,940
 
2017
   
992,680
 
2018
   
884,615
 
2019
   
397,186
 
2020
   
55,120
 
   
$
3,376,541
 

Rent expense for all operating leases was $1,324,365 in 2015, $1,151,749 in 2014 and $1,093,895 in 2013.  The Company expects future rent expense, including non-cancelable operating leases, leases that are expected to be renewed and buildings leased on a month-to-month basis, for each of the next five years to be in the range of $1,100,000 to $1,300,000.
XML 32 R19.htm IDEA: XBRL DOCUMENT v3.3.1.900
RETIREMENT BENEFIT PLANS
12 Months Ended
Jan. 02, 2016
RETIREMENT BENEFIT PLANS [Abstract]  
RETIREMENT BENEFIT PLANS
10. Retirement Benefit Plans

The Company has non-contributory defined benefit pension plans covering most 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 non-qualified supplemental retirement plans that provide certain 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.
Components of the net periodic benefit cost of the Company’s pension benefit plans were as follows:

   
  2015
 
  2014
 
  2013
 
Service cost
 
$
3,770,191
 
$
2,837,134
 
$
3,028,863
 
Interest cost
   
3,472,870
   
3,365,194
   
2,840,622
 
Expected return on plan assets
   
(5,151,654
)
 
(4,810,524
)
 
(4,827,393
)
Amortization of prior service cost
   
218,585
   
218,585
   
256,459
 
Amortization of the net loss
   
1,928,298
   
944,130
   
1,844,139
 
Net periodic benefit cost
 
$
4,238,290
 
$
2,554,519
 
$
3,142,690
 

Assumptions used to determine net periodic benefit cost for the Company’s pension benefit plans for the fiscal year indicated were as follows:
 
  2015
 
  2014
 
  2013
Discount rate
   3.90%
 
   4.80%
 
   3.90%
Expected return on plan assets
   8.0%
 
   8.0%
 
   8.0%
Rate of compensation increase
   3.25%
 
   3.25%
 
   3.25%

Components of the net periodic benefit cost of the Company’s postretirement benefit plan were as follows:

   
  2015
 
  2014
 
  2013
 
Service cost
 
$
217,570
 
$
173,902
 
$
202,568
 
Interest cost
   
154,915
   
157,481
   
142,086
 
Expected return on plan assets
   
(91,936
)
 
(22,434
)
 
(73,920
)
Amortization of prior service cost
   
(23,889
)
 
(23,888
)
 
(23,888
)
Amortization of the net loss
   
18,804
   
(72,378
)
 
(4,608
)
Net periodic benefit cost
 
$
275,464
 
$
212,683
 
$
242,238
 

Assumptions used to determine net periodic benefit cost for the Company’s postretirement plan for the fiscal year indicated were as follows:
 
 2015
 
2014
 
 2013
Discount rate
   3.90%
 
   4.80%
 
   3.90%
Expected return on plan assets
   8.0%
 
   8.0%
 
   8.0%

As of January 2, 2016 and January 3, 2015, the status of the Company’s pension benefit plans and postretirement benefit plan was as follows:
 
   
Pension Benefit
 
Postretirement Benefit
 
   
    2015
 
     2014
 
     2015
 
     2014
 
Benefit obligation at beginning of year
 
$
90,516,922
 
$
71,211,198
 
$
4,055,112
 
$
3,420,475
 
Change due to availability of final actual assets and census data
   
   
   
346
   
(56,516
)
Discount rate
   
(4,121,170
)
 
10,600,944
   
(87,748
)
 
445,610
 
Mortality table
   
   
2,808,383
   
   
75,047
 
Service cost
   
3,770,191
   
2,837,134
   
217,570
   
173,902
 
Interest cost
   
3,472,870
   
3,365,194
   
154,915
   
157,481
 
Actuarial (gain)/loss
   
(3,316,552
)
 
2,287,760
   
(2,235,904
)
 
(23,169
)
Benefits paid
   
(2,894,492
)
 
(2,593,691
)
 
(122,947
)
 
(137,718
)
Benefit obligation at end of year
 
$
87,427,769
 
$
90,516,922
 
$
1,981,344
 
$
4,055,112
 

 

   
Pension Benefit
 
Postretirement Benefit
   
   
    2015
 
    2014
 
     2015
 
     2014
 
Fair value of plan assets at beginning of year
 
$
64,352,110
 
$
60,350,987
 
$
1,149,204
 
$
1,187,603
 
Change due to availability of final actual assets and census data
   
 —
   
 —
   
   
(2,451
)
Actual return on plan assets
   
(1,340,977
)
 
3,731,262
   
39,085
   
22,434
 
Employer contributions
   
3,006,202
   
2,863,552
   
122,947
   
79,336
 
Benefits paid
   
(2,894,492
)
 
(2,593,691
)
 
(122,947
)
 
(137,718
)
Fair value of plan assets at end of year
 
$
63,122,843
 
$
64,352,110
 
$
1,188,289
 
$
1,149,204
 

   
Pension Benefit
Postretirement Benefit
 
Funded Status
 
     2015
 
     2014
 
     2015
 
     2014
 
Net amount recognized in the balance sheet
 
$
(24,304,926
)
$
(26,164,812
)
$
(793,055
)
$
(2,905,908
)

Amounts recognized in accumulated other comprehensive income consist of:

   
Pension Benefit
Postretirement Benefit
   
     2015
 
     2014
 
     2015
 
     2014
 
Net (loss)/gain
 
$
 (32,220,482
)
$
 (35,093,871
)
$
1,658,406
 
$
(630,853
)
Prior service (cost) credit
   
(376,685
)
 
(595,270
)
 
63,731
   
87,620
 
   
$
(32,597,167
)
$
(35,689,141
)
$
1,722,137
 
$
(543,233
)

Change in the components of accumulated other comprehensive income consist of:

   
Pension Benefit
Postretirement Benefit
   
2015
 
2014
 
2015
 
2014
 
Balance at beginning of period
 
$
(35,689,141
)
$
(20,075,506
)
$
(543,233
)
$
(3,544
)
Change due to availability of final actual assets and census data
   
 —
   
 —
   
(346
)
 
54,065
 
Charged to net periodic benefit cost
                         
Prior service cost
   
218,585
   
218,585
   
(23,889
)
 
(23,888
)
Net loss (gain)
   
1,928,298
   
944,130
   
18,804
   
 
Liability (gains)/losses
                         
Discount rate
   
4,121,170
   
(10,600,944
)
 
87,748
   
(445,610
)
Mortality table
   
   
(2,808,383
)
 
   
(75,047
)
Asset (gains)/losses deferred
   
(2,813,796
)
 
(184,695
)
 
(52,851
)
 
(72,378
)
Other
   
(362,283
)
 
(3,182,328
)
 
2,235,904
   
23,169
 
Balance at end of period
 
$
(32,597,167
)
$
(35,689,141
)
$
1,722,137
 
$
(543,233
)

In 2016, the net periodic pension benefit cost will include $1,837,738 of net loss and $200,568 of prior service cost and the net periodic postretirement benefit cost will include $125,885 of net gain and $23,889 of prior service credit.

 
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:
 
   
2015
 
2014
Discount rate
           
 
- Pension plans
 
 4.24% - 4.28%
   
 3.9
%
 
- Supplemental pension plans
 
3.53
%
 
3.9
%
 
- Postretirement plan
 
4.23
%
 
3.9
%
Expected return on plan assets
 
 8.0
%
 
 8.0
%
Rate of compensation increase
 
 3.25
%
 
 3.25
%

At January 2, 2016 and January 3, 2015, the accumulated benefit obligation for all qualified and nonqualified defined benefit pension plans was $83,433,339 and $84,714,136, respectively.

Information for the under-funded pension plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets:

   
   2015
 
   2014
 
Number of plans
   
6
   
6
 
Projected benefit obligation
 
$
87,427,769
 
$
90,516,922
 
Accumulated benefit obligation
   
83,433,339
   
84,714,136
 
Fair value of plan assets
   
63,122,843
   
64,352,110
 
Net amount recognized in accrued benefit liability
   
(24,304,926
)
 
(26,164,812
)

Estimated future benefit payments to participants of the Company’s pension plans are $3.4 million in 2016, $3.6 million in 2017, $3.8 million in 2018, $4.1 million in 2019, $4.4 million in 2020 and a total of $26.2 million from 2021 through 2025.

Estimated future benefit payments to participants of the Company’s postretirement plan are $118,000 in 2016, $118,000 in 2017, $117,000 in 2018, $117,000 in 2019, $117,000 in 2020 and a total of $577,000 from 2021 through 2025.

The Company expects to make cash contributions to its qualified pension plans of approximately $3.1 million and to its postretirement plan of approximately $118,000 in 2016.

We consider a number of factors in determining and selecting assumptions for the overall expected long-term rate of return on plan assets.  We consider the historical long-term return experience of our assets, the current and expected allocation of our plan assets, and expected long-term rates of return.  We derive these expected long-term rates of return with the assistance of our investment advisors and generally base these rates on a 10-year horizon for various asset classes and consider the expected positive impact of active investment management.  We base our expected allocation of plan assets on a diversified portfolio consisting of domestic and international equity securities and fixed income securities.

We consider a variety of factors in determining and selecting our assumptions for the discount rate at the end of the year.  In 2015 we developed each plan’s discount rate with the assistance of our actuaries by matching expected future benefit payments in each year to the corresponding spot rates from the Citigroup Pension Liability Yield Curve, comprised of high quality (rated AA or better) corporate bonds.  Prior to 2015, we used the same process to determine each individual plan’s discount rate, but the average of these rates was used to determine a single rate for all plans.
 
The fair values of the company’s pension plans assets at January 2, 2016 and January 3, 2015, utilizing the fair value hierarchy discussed in Note 2, follow:

   
January 2, 2016
 
   
Level 1
 
Level 2
 
Level 3
 
Total
 
Cash and Equivalents:
                         
Common/collective trust funds
 
$
 
$
236,209
 
$
 
$
236,209
 
Equities:
                         
The Eastern Company Common Stock
   
4,069,088
   
   
   
4,069,088
 
Common/collective trust funds
                         
Russell Large Cap Defensive Equity Fund (a)
   
   
6,685,388
   
   
6,685,388
 
Russell Equity II Fund (b)
   
   
4,456,364
   
   
4,456,364
 
Russell Large Cap U.S. Equity Fund (c)
   
   
5,575,535
   
   
5,575,535
 
Russell International Fund with Active Currency (d)
   
   
7,796,625
   
   
7,796,625
 
Russell Emerging Markets Fund (e)
 
   
3,350,136
   
   
3,350,136
 
Fixed Income:
                         
Common/collective trust funds
                         
Russell Fixed Income I Fund (f)
   
   
8,504,086
   
   
8,504,086
 
Target Duration LDI Fixed Income Funds (g)
                         
 
· Russell 8 Year LDI Fixed Income Fund
   
   
1,478,701
   
   
1,478,701
 
 
· Russell 10 Year LDI Fixed Income Fund
   
   
1,840,616
   
   
1,840,616
 
 
· Russell 12 Year LDI Fixed Income Fund
   
   
2,119,786
   
   
2,119,786
 
 
· Russell 14 Year LDI Fixed Income Fund
   
   
3,795,220
   
   
3,795,220
 
 
· Russell 16 Year LDI Fixed Income Fund
   
   
5,615,278
   
   
5,615,278
 
STRIPS Fixed Income Funds (h)
                         
 
· Russell 15 Year STRIPS Fixed Income Fund
   
   
2,606,554
   
   
2,606,554
 
 
· Russell 10 Year STRIPS Fixed Income Fund
   
   
1,411,574
   
   
1,411,574
 
 
· Russell 28 to 29 Year STRIPS Fixed Income Fund
   
   
543,357
   
   
543,357
 
Insurance contracts
   
   
3,038,326
   
   
3,038,326
 
Total
 
$
4,069,088
 
$
59,053,755
 
$
 
$
63,122,843
 
 

   
January 3, 2015
 
   
Level 1
 
Level 2
 
Level 3
 
Total
 
Cash and Equivalents:
                         
Common/collective trust funds
 
$
 
$
1,201,073
 
$
 
$
1,201,073
 
Equities:
                         
The Eastern Company Common Stock
   
3,473,938
   
   
   
3,473,938
 
Common/collective trust funds
                         
Russell Large Cap Defensive Equity Fund
   
   
6,936,880
   
   
6,936,880
 
Russell Equity II Fund
   
   
4,632,485
   
   
4,632,485
 
Russell Concentrated Equity Fund
   
   
5,788,864
   
   
5,788,864
 
Russell International Fund with Active Currency
   
   
7,606,489
   
   
7,606,489
 
Russell Emerging Markets Fund
   
   
3,188,672
   
   
3,188,672
 
Fixed Income:
                         
Common/collective trust funds
                         
Russell Fixed Income I Fund
   
   
17,013,171
   
   
17,013,171
 
Target Duration LDI Fixed Income Funds
                         
 
· Russell 6 Year LDI Fixed Income Fund
   
   
226,826
   
   
226,826
 
 
· Russell 8 Year LDI Fixed Income Fund
   
   
227,960
   
   
227,960
 
 
· Russell 10 Year LDI Fixed Income Fund
   
   
343,712
   
   
343,712
 
 
· Russell 12 Year LDI Fixed Income Fund
   
   
919,538
   
   
919,538
 
 
· Russell 14 Year LDI Fixed Income Fund
   
   
1,212,739
   
   
1,212,739
 
 
· Russell 16 Year LDI Fixed Income Fund
   
   
520,522
   
   
520,522
 
Russell Long Duration Fixed Income Fund (i)
   
   
8,112,746
   
   
8,112,746
 
Insurance contracts
   
   
2,946,495
   
   
2,946,495
 
Total
 
$
3,473,938
 
$
60,878,172
 
$
 
$
64,352,110
 

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 Russell Large Cap Defensive Equity Fund is to outperform the Russell 1000® Defensive Index® while managing volatility and maintaining diversification similar to the Index over a full market cycle.  The Fund invests in common stocks of large and medium cap U.S. companies, employing a multi-manager approach with advisors using distinct methods to identify medium to large cap U.S. stocks with positive excess return potential.  The defensive style of investing emphasizes investments in equities of companies expected to have lower than average stock price volatility, higher financial quality and/or stable business fundamentals.
 
(b)
The Russell Equity II Fund has an objective to provide a favorable total return primarily through capital appreciation.  Aims to outperform the Russell 2500® Index with above-average consistency while managing volatility and maintaining diversification similar to the Index over a full market cycle.  The fund invests in common stocks of U.S. small cap companies.  It employs a multi-style (growth and market-oriented, value), multi-manager approach.   Advisors employ distinct yet complementary styles in their stock selection, focusing on factors such as: undervalued or under-researched companies, special situations, emerging growth, asset plays and turnarounds.
 
(c)
The investment objective of the Russell Large Cap U.S. Equity Fund (formerly the Russell Concentrated Equity Fund) is to outperform the Russell 1000® Index with above-average consistency over a full market cycle.  The fund invests in common stocks of large and medium cap U.S. companies.  Employs a multi-style, multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles.  The number of advisors and number of stocks (150 – 200) is more concentrated than other Russell multi-style large cap U.S. funds.
 
(d)
The Russell International Fund with Active Currency seeks to provide long-term growth of Capital.  Aims to outperform the Russell Development ex-U.S. Large Cap Index Net while managing volatility and maintaining diversification similar to the index over a full market cycle.  The fund invests primarily in the equities of non-U.S. developing markets and currency of global markets.  Employs multiple managers with distinct investment styles, which are intended to be complementary.  Seeks to capitalize on the stock selection abilities of its active manager.  The Fund typically has moderate country and sector weights relative to the index.  Also believe active currency management is an attractive strategy with the potential to deliver excess return.
 
(e)
The Russell Emerging Markets Fund seeks to provide the potential for long-term growth of Capital.  Aims to outperform the Russell Emerging Markets Index Net over a full market cycle.  The fund invests in equity securities of companies located in, or are economically tied to, emerging market countries.  Securities are denominated principally in foreign currencies and are typically held outside the U.S.  The Fund employs a multi-style (growth, market-oriented and value) and multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles.
 
(f)
The Russell Fixed Income I Fund is designed to provide current income and capital appreciation through a variety of diversified strategies.  The Fund seeks favorable returns comparable to the broad fixed income market, as measured by the Barclays U.S. Aggregate Bond Index.  The fund primarily invests in fixed income securities representing diverse sectors and maturities.  Advisors use diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds.  It is actively managed with multiple advisors employing distinct yet complementary strategies and different technologies to insure prudent diversification over a broad spectrum of investments.
 
(g)
The Target Duration LDI Fixed Income Funds seek to outperform their respective Barclays-Russell LDI Indexes over a full market cycle.  These Funds invest primarily in investment grade corporate bonds that closely match those found in discount curves used to value U.S. pension liabilities.  They seek to provide additional incremental return through modest interest rate timing, security selection and tactical use of non-credit sectors.  Generally for use in combination with other bond funds to gain additional credit exposure, with the goal of reducing the mismatch between a plan’s assets and liabilities.
 

 
(h)
The STRIPS (Separate Trading of Registered Interest and Principal of Securities) Funds seek to provide duration and Treasury exposure by investing in an optimized subset of the STRIPS universe with a similar duration profile as the Barclays U.S. Treasury STRIPS 10-11 year, 16-16 year or 28-29 year Index.  These passively managed funds are generally used with other bond funds to add additional duration to the asset portfolio.  This will help reduce the mismatch between a plan’s assets and liabilities.
 
(i)
The Russell Long Duration Fixed Income 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.  In January 2015, the Trustee of the plan sold all of the assets of this fund.  The proceeds were invested in the LDI Target funds and the STRIPS funds as of the end of 2015.
 
 
The investment portfolio contains a diversified blend of common stocks, bonds, cash equivalents, and other investments, which may reflect varying rates of return.  The investments are further diversified within each asset classification.  The portfolio diversification provides protection against a single security or class of securities having a disproportionate impact on aggregate performance.  The Company has elected to change its investment strategy to better match the assets with the underlying plan liabilities.  Currently, the long-term target allocations for plan assets are 50% in equities and 50% in fixed income although the actual plan asset allocations may be within a range around these targets.  The actual asset allocations are reviewed and rebalanced on a periodic basis to maintain the target allocations.  It is expected that, as the funded status of the plans improves, more assets will be invested in long-duration fixed income instruments.

The plans’ assets include 217,018 and 202,562 shares of the common stock of the Company having a market value of $4,069,938 and $3,473,938 at January 2, 2016 and January 3, 2015, respectively.  The Salaried Pension Plan purchased 14,456 shares of common stock at a cost of $232,124 during 2015 and 8,938 shares of common stock at a cost of $146,712 in 2014.  No shares were sold in either period.  Dividends received during 2015 and 2014 on the common stock of the Company were $92,743 and $93,507 respectively.

The fair values of the Company’s postretirement plan assets at January 2, 2016 and January 3, 2015, utilizing the fair value hierarchy discussed in Note 2, follow:
 
   
January 2, 2016
 
   
Level 1
 
Level 2
 
Level 3
 
Total
 
Fixed Income:
                         
Insurance contracts
 
$
 
$
 
$
1,188,289
 
$
1,188,289
 
Total
 
$
 
$
 
$
1,188,289
 
$
1,188,289
 

   
January 3, 2015
   
Level 1
 
Level 2
 
Level 3
 
Total
Fixed Income:
                       
Insurance contracts
 
$
 
$
 
$
1,149,204
 
$
1,149,204
Total
 
$
 
$
 
$
1,149,204
 
$
1,149,204

 
The level 3 asset consists of an insurance contract with The Prudential Life Insurance Company of America.  It is designed to provide life insurance benefits for eligible retirees of the Company.  The contract is valued annually by the insurance company, based on activity in the account.  An analysis of the Level 3 asset of the Company’s postretirement plan is as follows:

   
     2015
   
     2014
 
Fair value of Level 3 assets at beginning of year
 
$
1,149,204
   
$
1,187,603
 
Change due to availability of final actual assets and census data
   
     
(2,451
)
Actual return on plan assets
   
39,085
     
22,434
 
Employer contributions
   
81,360
     
19,639
 
Benefits paid
   
(81,360
)
   
(78,021
)
Fair value of Level 3 assets at end of year
 
$
1,188,289
   
$
1,149,204
 

The Level 3 assets described above are the only assets of the postretirement plan, and thus have no impact on any Level 1 or Level 2 assets.

For measurement purposes relating to the postretirement benefit plan, the life insurance cost trend rate is 1%.  The health care cost trend rate for participants retiring after January 1, 1991 is nil; no increase in that rate is expected because of caps placed on benefits. The health care cost trend rate is expected to remain at 4.5% for participants after the year 2000.

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
 
$
71,520
 
$
 (57,039
)
               
Effect on postretirement benefit obligation
 
$
 
$
 

U.S. salaried employees and most employees of the Company’s Canadian subsidiaries are covered by defined contribution plans.

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 $232,399 in 2015, $186,545 in 2014, and $194,068 in 2013.  Beginning in 2015, the Company began making a non-discretionary contribution to the plan for the benefit of all U.S. non-union employees who are not eligible for the Company’s salaried retirement plan.  This contribution totaled $51,470 in 2015.
XML 33 R20.htm IDEA: XBRL DOCUMENT v3.3.1.900
REPORTABLE SEGMENTS
12 Months Ended
Jan. 02, 2016
REPORTABLE SEGMENTS [Abstract]  
REPORTABLE SEGMENTS
11. Reportable Segments

The accounting policies of the segments are the same as those described in Note 2.  Operating profit is total revenue less operating expenses, excluding interest and miscellaneous non-operating income and expenses.  Inter-segment revenue, which is eliminated, is recorded on the same basis as sales to unaffiliated customers.  Identifiable assets by reportable segment consist of those directly identified with the segment’s operations.

One customer of the Metal Products segment, Jennmar Corporation, accounted for 10.5% of total sales in 2014 and 11.5% of total sales in 2013.  No other customer exceeded 10% of total sales in 2015, 2014 or 2013.

 
   
2015
 
2014
 
2013
 
Sales:
Sales to unaffiliated customers:
                   
Industrial Hardware
 
$
61,338,812
 
$
58,666,229
 
$
60,367,209
 
Security Products
   
56,598,487
   
49,381,553
   
48,751,688
 
Metal Products
   
26,630,652
   
32,777,578
   
33,339,382
 
   
$
144,567,951
 
$
140,825,360
 
$
142,458,279
 

Inter-segment Sales:
                   
Industrial Hardware
 
$
595,596
 
$
984,192
 
$
373,797
 
Security Products
   
2,813,576
   
2,565,733
   
2,558,127
 
Metal Products
   
16,804
   
   
11,540
 
   
$
3,425,976
 
$
3,549,925
 
$
2,943,464
 

Income Before Income Taxes:
                   
Industrial Hardware
 
$
4,314,149
 
$
5,063,786
 
$
4,797,254
 
Security Products
   
3,798,115
   
4,058,554
   
2,780,403
 
Metal Products
   
(84,536
)
 
2,596,308
   
2,808,664
 
Operating Profit
   
8,027,728
   
11,718,648
   
10,386,321
 
Interest expense
   
(185,475
)
 
(254,576
)
 
(322,731
)
Other income
   
178,722
   
64,691
   
50,305
 
   
$
8,020,975
 
$
11,528,763
 
$
10,113,895
 
                     
Geographic Information:
                   
Net Sales:
                   
United States
 
$
126,115,036
 
$
117,478,557
 
$
114,085,322
 
Foreign
   
18,452,915
   
23,346,803
   
28,372,957
 
   
$
144,567,951
 
$
140,825,360
 
$
142,458,279
 

Foreign sales are primarily to customers in North America.

Identifiable Assets:
                   
United States
 
$
106,662,743
 
$
105,771,961
 
$
96,289,200
 
Foreign
   
15,075,816
   
15,498,595
   
17,569,209
 
   
$
121,738,559
 
$
121,270,556
 
$
113,858,409
 
                     
Industrial Hardware
 
$
30,425,348
 
$
29,660,695
 
$
31,820,269
 
Security Products
   
52,688,497
   
51,573,251
   
43,582,088
 
Metal Products
   
20,931,863
   
21,037,058
   
19,282,393
 
     
104,045,708
   
102,271,004
   
94,684,750
 
General corporate
   
17,692,851
   
18,999,552
   
19,173,659
 
   
$
121,738,559
 
$
121,270,556
 
$
113,858,409
 

 
   
2015
 
2014
 
2013
 
Depreciation and Amortization:
                   
Industrial Hardware
 
$
1,580,741
 
$
1,631,521
 
$
2,085,618
 
Security Products
   
1,010,262
   
621,501
   
592,555
 
Metal Products
   
1,330,435
   
1,233,280
   
1,147,113
 
   
$
3,921,438
 
$
3,486,302
 
$
3,825,286
 

Capital Expenditures:
                   
Industrial Hardware
 
$
1,479,984
 
$
1,929,022
 
$
1,967,335
 
Security Products
   
388,377
   
973,365
   
469,669
 
Metal Products
   
       632,016
   
664,851
   
3,002,556
 
     
2,500,377
   
3,567,238
   
5,439,560
 
Currency translation adjustment
   
25,020
   
10,347
   
(245
)
General corporate
   
12,839
   
55,580
   
84,427
 
   
$
2,538,236
 
$
3,633,165
 
$
5,523,742
 
XML 34 R21.htm IDEA: XBRL DOCUMENT v3.3.1.900
RECENT ACCOUNTING PRONOUNCEMENTS
12 Months Ended
Jan. 02, 2016
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS
12. Recent Accounting Pronouncements

In July 2012, the FASB issued authoritative guidance to amend previous guidance on the annual and interim testing of indefinite-lived intangible assets for impairment.  The guidance provides entities with the option of first assessing qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount.  If it is determined, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is more likely than not less than the carrying amount, a quantitative impairment test would still be required.  The Company adopted this guidance effective December 30, 2012 and it had no impact on the consolidated financial statements of the Company.

In February 2013, the FASB issued authoritative guidance which adds new disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income.  The guidance requires that an entity present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of Accumulated Other Comprehensive Income based on its source and the income statement line items affected by the reclassification.  The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2012.  The Company adopted this guidance effective December 30, 2012 and it had no impact on the consolidated financial statements of the Company.

In July 2013, the FASB issued authoritative guidance that requires an entity to net its liability for unrecognized tax positions against a net operating loss carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the tax law.  The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2013.  The Company adopted this guidance effective December 29, 2013 and it had no impact on the consolidated financial statements of the Company.

In April 2014, the FASB issued authoritative guidance which changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements.  To qualify as a discontinued operation the standard requires a disposal to represent a strategic shift that has, or will have, a major effect on an entity's operations and financial results.  The standard also expands the disclosures for discontinued operations and requires new disclosures related to individually material dispositions that do not qualify as discontinued operations.  The guidance is effective for fiscal years beginning after December 15, 2014, with early adoption permitted.  The Company adopted this guidance with its fiscal year effective January 4, 2015 and does not expect any impact on the consolidated financial statements of the Company.  This guidance will impact the reporting of any future dispositions.
In May 2014, the FASB issued authoritative guidance which impacts virtually all aspects of an entity's revenue recognition.  The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  The standard is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted.  The Company has not determined the impact of the adoption of this guidance on the consolidated financial statements of the Company.

In July 2015, the FASB issued authoritative guidance which requires a company to change its valuation method of inventory from the lower of cost or market (market being replacement cost, net realizable value or net realizable value less an approximate profit margin) to the lower of cost or net realizable value.  The amendment is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.  The amendment should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period.  The adoption of this amendment is not expected to have a material impact on the consolidated financial statements of the Company.

In September 2015, the FASB issued authoritative guidance which will simplify the accounting for adjustments made to provisional amounts recognized in a business combination.  U.S. GAAP currently requires that during the measurement period, the acquirer retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill.  The amendments require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined.  The amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years.  The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not yet been issued.  The adoption of this amendment is not expected to have a material impact on the consolidated financial statements of the Company.

The Company has implemented all new accounting pronouncements that are in effect and that could impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued, but are not yet effective, that might have a material impact on the consolidated financial statements of the Company.
XML 35 R22.htm IDEA: XBRL DOCUMENT v3.3.1.900
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
12 Months Ended
Jan. 02, 2016
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]  
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
13. Financial Instruments and Fair Value Measurements
 
Financial Risk Management Objectives and Policies
 
The Company is exposed primarily to credit, interest rate and currency exchange rate risks which arise in the normal course of business.
 
Credit Risk
 
Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to settle its financial and contractual obligations to the Company, as and when they become due. The primary credit risk for the Company is its receivable accounts. The Company has established credit limits for customers and monitors their balances to mitigate its risk of loss. At January 2, 2016 and January 3, 2015, there were no significant concentrations of credit risk. No customer represented more than 10% of total accounts receivable at January 2, 2016 and January 3, 2015.  The maximum exposure to credit risk is primarily represented by the carrying amount of the Company’s accounts receivable.
 
Interest Rate Risk
 
As of January 2, 2016 the Company currently has a fixed rate of 4.98% and 3.90% on its term debt.  On January 2, 2016 the interest rate on the Company’s revolver was a variable rate based on LIBOR plus 2.25%.  See Note 5 for additional details concerning the Loan Agreement.  As the revolver is short term in nature, the Company does not consider this as a material risk to the financial statements.

Currency Exchange Rate Risk

The Company’s currency exposure is concentrated in the Canadian dollar, Mexican peso, New Taiwan dollar, Chinese RMB and the Hong Kong dollar.  Because of the Company’s limited exposure to any single foreign market, any exchange gains or losses have not been material and are not expected to be material in the future.  As a result, the Company does not attempt to mitigate its foreign currency exposure through the acquisition of any speculative or leveraged financial instruments.

Fair Value Measurements
 
Assets and liabilities that require fair value measurement are recorded at fair value using market and income valuation approaches and considering the Company’s and counterparty’s credit risk. The Company uses the market approach and the income approach to value assets and liabilities as appropriate.  There were no assets or liabilities requiring fair value measurement on January 2, 2016.
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SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
12 Months Ended
Jan. 02, 2016
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract]  
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
14. Selected Quarterly Financial Information (Unaudited)

Selected quarterly financial information (unaudited) follows:
 
           
2015
         
   
First
 
Second
 
Third
 
Fourth
 
Year
 
Net sales
 
$
36,876,842
 
$
37,037,697
 
$
36,239,500
 
$
34,413,912
 
$
144,567,951
 
Gross margin
   
7,335,178
   
7,912,161
   
9,033,843
   
8,100,044
   
32,381,226
 
Selling and administrative
     expenses
   
5,963,695
   
7,056,139
   
5,584,222
   
5,749,442
   
24,353,498
 
Net income
   
873,951
   
584,594
   
2,527,722
   
1,740,776
   
5,727,043
 
                                 
Net income per share:
                               
Basic
 
$
.14
 
$
.09
 
$
.41
 
$
.28
 
$
.92
 
Diluted
 
$
.14
 
$
.09
 
$
.41
 
$
.28
 
$
.92
 
                                 
Weighted average shares outstanding:
                         
Basic
   
6,244,088
   
6,244,051
   
6,245,099
   
6,246,571
   
6,245,057
 
Diluted
   
6,244,088
   
6,244,051
   
6,245,099
   
6,246,571
   
6,245,057
 

           
2014
         
   
First
 
Second
 
Third
 
Fourth
 
Year
 
Net sales
 
$
35,849,126
 
$
34,779,773
 
$
35,803,405
 
$
34,393,056
 
$
140,825,360
 
Gross margin
   
7,513,406
   
7,776,304
   
8,461,473
   
8,555,221
   
32,486,404
 
Selling and administrative
     expenses
   
5,216,289
   
4,988,364
   
4,892,600
   
5,670,503
   
20,767,756
 
Net (loss)/income
   
1,502,885
   
1,693,503
   
2,431,817
   
2,033,271
   
7,661,476
 
                                 
Net (loss)/income per share:
                               
Basic
 
$
.24
 
$
.27
 
$
.39
 
$
.33
 
$
1.23
 
Diluted
 
$
.24
 
$
.27
 
$
            .39
 
$
.33
 
$
1.23
 
                                 
Weighted average shares outstanding:
                         
Basic
   
6,222,213
   
6,222,676
   
6,223,140
   
6,231,729
   
6,225,068
 
Diluted
   
6,239,149
   
6,239,866
   
6,240,396
   
6,231,729
   
6,237,914
 


Fiscal 2015 consisted of four 13 week quarters totaling 52 weeks for the year.  Fiscal 2014 consisted of 13 weeks for the first, second and third quarters, with the fourth quarter being 14 weeks, totaling 53 weeks for the year.
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Schedule II - Valuation and Qualifying accounts
12 Months Ended
Jan. 02, 2016
Schedule II - Valuation and Qualifying accounts [Abstract]  
Schedule II - Valuation and Qualifying accounts
The Eastern Company and Subsidiaries

Schedule II – Valuation and Qualifying accounts

COL. A
 
COL. B
  
COL. C
 
COL. D
  
COL. E
 
 
    
ADDITIONS
      
Description
 
Balance at Beginning
of Period
  
(1)
Charged to Costs
and Expenses
 
(2)
 
Charged to Other
Accounts-Describe
 
Deductions –
Describe
  
Balance at End
of Period
 
 
Fiscal year ended January 2, 2016:
Deducted from asset accounts:
  Allowance for doubtful accounts
 
$
414,000
  
$
52,144
 
 
 
$
16,144
(a)
 
$
450,000
 
 
        
 
        
Fiscal year ended January 3, 2015:
Deducted from asset accounts:
  Allowance for doubtful accounts
 
$
410,000
  
$
71,927
 
 
 
$
67,927
(a)
 
$
414,000
 
 
        
 
        
Fiscal year ended December 28, 2013:
Deducted from asset accounts:
  Allowance for doubtful accounts
 
$
487,000
  
$
106,485
 
 
 
$
183,485
(a)
 
$
410,000
 

 (a) Uncollectible accounts written off, net of recoveries.

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ACCOUNTING POLICIES (Policies)
12 Months Ended
Jan. 02, 2016
ACCOUNTING POLICIES [Abstract]  
Estimates and Assumptions
Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
Fiscal Year
Fiscal Year

The Company’s year ends on the Saturday nearest to December 31.  Fiscal 2015 was a 52 week year, 2014 was a 53 week year and 2013 was a 52 week year.
Principles of Consolidation
Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions are eliminated.
Cash Equivalents and Concentrations of Credit Risk
Cash Equivalents and Concentrations of Credit Risk

Highly liquid investments purchased with a maturity of three months or less are considered cash equivalents.  The Company has deposits that exceed amounts insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, but the Company does not consider this a significant concentration of credit risk based on the strength of the financial institution.
Reclassification
Reclassification

Certain prior period amounts have been reclassified to conform to the current period presentation.  These reclassifications had no effect on previously reported net income.
Foreign Currency Translation
Foreign Currency Translation

For foreign operations balance sheet accounts are translated at the current year-end exchange rate; income statement accounts are translated at the average exchange rate for the year.  Resulting translation adjustments are made directly to a separate component of shareholders’ equity – “Accumulated other comprehensive income (loss) – Foreign currency translation”.  Foreign currency exchange transaction gains and losses are not material in any year.
Recognition of Revenue and Accounts Receivable
 
Recognition of Revenue and Accounts Receivable

Revenue and accounts receivable are recognized when persuasive evidence of an arrangement exists, the price is fixed and determinable, delivery has occurred, and there is a reasonable assurance of collection of the sales proceeds.  The Company obtains written purchase authorizations from its customers for a specified amount of product at a specified price and delivery occurs at the time of shipment. Credit is extended based on an evaluation of each customer’s financial condition; collateral is not required. Accounts receivable are recorded net of applicable allowances.  No customer exceeded 10% of total accounts receivable at year end 2015 or 2014.
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts

The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments.  The Company reviews the collectability of its receivables on an ongoing basis taking into account a combination of factors.  The Company reviews potential problems, such as past due accounts, a bankruptcy filing or deterioration in the customer’s financial condition, to ensure the Company is adequately accrued for potential loss.  Accounts are considered past due based on when payment was originally due.  If a customer’s situation changes, such as a bankruptcy or creditworthiness, or there is a change in the current economic climate, the Company may modify its estimate of the allowance for doubtful accounts.  The Company will write off accounts receivable after reasonable collection efforts have been made and the accounts are deemed uncollectible.  Write-offs have been within management’s estimates.
Inventories
Inventories

Inventories are valued at the lower of cost or market. Cost is determined by the last-in, first-out (LIFO) method in the U.S. ($31,601,408 for U.S. inventories at January 2, 2016) and by the first-in, first-out (FIFO) method for inventories outside the U.S. ($5,241,005 for inventories outside the U.S. at January 2, 2016). Current cost exceeds the LIFO carrying value by approximately $6,297,368 at January 2, 2016 and $6,886,000 at January 3, 2015. There was no material LIFO quantity liquidation in 2015, 2014 and 2013.
Property, Plant and Equipment and Related Depreciation
Property, Plant and Equipment and Related Depreciation

Property, plant and equipment (including equipment under capital lease) are stated at cost.  Depreciation ($3,460,516 in 2015, $3,237,426 in 2014, $3,592,263 in 2013) is computed generally using the straight-line method based on the following estimated useful lives of the assets: Buildings 10 to 39.5 years; Machinery and equipment 3 to 10 years.
Goodwill, Intangibles and Impairment of Long-Lived Assets
Goodwill, Intangibles and Impairment of Long-Lived Assets

Patents are recorded at cost and are amortized using the straight-line method over the lives of the patents.  Technology and licenses are recorded at cost and are generally amortized on a straight-line basis over periods ranging from 5 to 17 years.  Non-compete agreements and customer relationships are being amortized using the straight-line method over a period of 5 years. Amortization expense in 2015, 2014 and 2013 was $460,922, $248,876 and $233,023, respectively.  Total amortization expense for each of the next five years is estimated to be as follows: 2016 - $437,000; 2017 - $437,000; 2018 - $437,000; and 2019 - $379,000; and 2020 - $146,000.  Trademarks are not amortized as their lives are deemed to be indefinite.
 
The gross carrying amount and accumulated amortization of amortizable intangible assets:
 
   
 
Industrial
Hardware
Segment
 
 
Security
Products
Segment
 
 
Metal
Products
Segment
   
 
 
 
Total
   
Weighted-Average
Amortization Period (Years)
 
2015 Gross Amount
                                 
Patents and developed technology
 
$
2,206,852
 
$
1,029,181
 
$
   —
   
$
3,236,033
   
15.9
 
Customer relationships
   
   —
   
449,706
   
   —
     
449,706
   
 5.0
 
Non-compete agreements
   
   —
   
407,000
   
   —
     
407,000
   
 5.0
 
Intellectual property
   
   —
   
307,370
   
   —
     
307,370
   
 5.0
 
Total Gross Intangibles
 
$
2,206,852
 
$
2,193,257
 
$
   
$
4,400,109
   
12.6
 
                                   
2015 Accumulated Amortization
                                 
Patents and developed technology
 
$
1,478,692
 
$
575,026
 
$
   —
   
$
2,053,718
       
Customer relationships
   
   —
   
   89,941
   
   —
     
   89,941
       
Non-compete agreements
   
   —
   
   81,400
   
   —
     
  81,400
       
Intellectual property
   
   —
   
   61,474
   
   —
     
   61,474
       
Accumulated Amortization
 
$
1,478,692
 
$
807,841
 
$
   
$
2,286,533
       
                                   
Net 2015 per Balance Sheet
 
$
728,160
 
$
1,385,416
 
$
   
$
2,113,576
       
                                   
2014 Gross Amount
                                 
Patents and developed technology
 
$
2,494,261
 
$
1,025,303
 
$
   —
   
$
3,519,564
   
15.7
 
Customer relationships
   
   —
   
449,706
   
   —
     
449,706
   
 5.0
 
Non-compete agreements
   
   —
   
407,000
   
   —
     
407,000
   
 5.0
 
Intellectual property
   
   —
   
307,370
   
   —
     
307,370
   
 5.0
 
Total Gross Intangibles
 
$
2,494,261
 
$
2,189,379
 
$
   
$
4,683,640
   
12.7
 
                                   
2014 Accumulated Amortization
                                 
Patents and developed technology
 
$
1,649,655
 
$
535,415
 
$
   —
   
$
2,185,070
       
Customer relationships
   
   —
   
   —
   
   —
     
   —
       
Non-compete agreements
   
   —
   
   —
   
   —
     
   —
       
Intellectual property
   
   —
   
   —
   
   —
     
   —
       
Accumulated amortization
   
1,649,655
   
535,415
   
     
2,185,070
       
                                   
Net 2014 per Balance Sheet
 
$
844,606
 
$
1,653,964
 
$
   
$
2,498,570
       

In the event that facts and circumstances indicate that the carrying value of long-lived assets, including definite life intangible assets, may be impaired, an evaluation is performed to determine if a write-down is required.  No events or changes in circumstances have occurred to indicate that the carrying amount of such long-lived assets held and used may not be recovered.
The Company performed qualitative assessments as of the end of fiscal 2015 and fiscal 2014 and determined it is more likely than not that no impairment of goodwill existed at the end of 2015 or 2014.  The Company will perform annual qualitative assessments in subsequent years as of the end of each fiscal year.  Additionally, the Company will perform interim analysis whenever conditions warrant.

Goodwill or trademarks would be considered impaired whenever our historical carrying amount exceeds the fair value.  Goodwill and trademarks were not impaired in 2015, 2014 or 2013.  Should we reach a different conclusion in the future, additional work would be performed to determine the amount of the non-cash impairment charge to be recognized.  The maximum future impairment of goodwill or trademarks that could occur is the amount recognized on our balance sheet.

The following is a roll-forward of goodwill for 2015 and 2014:

   
Industrial
Hardware
Segment
 
Security
Products
Segment
 
Metal
Products
Segment
 
 
 
Total
 
2015
                         
Beginning balance
 
$
1,901,312
 
$
13,059,042
 
$
 
$
14,960,354
 
Foreign exchange
   
(169,561
)
 
   
   
   (169,561)
 
Ending balance
 
$
1,731,751
 
$
13,059,042
 
$
 
$
14,790,793
 

   
Industrial
Hardware
Segment
 
Security
Products
Segment
 
Metal
Products
Segment
 
 
 
Total
 
2014
                         
Beginning balance
 
$
2,008,231
 
$
11,833,816
 
$
 
$
13,842,047
 
Acquisition of Argo Transdata
   
   
1,225,226
   
   
1,225,226
 
Foreign exchange
   
(106,919
)
 
   
   
(106,919
)
Ending balance
 
$
1,901,312
 
$
13,059,042
 
$
 
$
14,960,354
 
Cost of Goods Sold
Cost of Goods Sold

Cost of goods sold reflects the cost of purchasing, manufacturing and preparing a product for sale.  These costs generally represent the expenses to acquire or manufacture products for sale (including an allocation of depreciation and amortization) and are primarily comprised of direct materials, direct labor, and overhead, which includes indirect labor, facility and equipment costs, inbound freight, receiving, inspection, purchasing, warehousing and any other costs related to the purchasing, manufacturing or preparation of a product for sale.
Shipping and Handling Costs
Shipping and Handling Costs

Shipping and handling costs are included in cost of goods sold.
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses

Selling, general and administrative expenses include all operating costs of the Company that are not directly related to the cost of purchasing, manufacturing and preparing a product for sale.  These expenses generally represent the cost of selling or distributing the product once it is available for sale, as well as administrative expenses for support functions and related overhead.
Product Development Costs
Product Development Costs

Product development costs, charged to expense as incurred, were $1,218,948 in 2015, $1,079,557 in 2014 and $991,286 in 2013.
Advertising Costs
Advertising Costs

The Company expenses advertising costs as incurred.  Advertising costs were $496,066 in 2015, $494,267 in 2014 and $486,027 in 2013.
Income Taxes
Income Taxes

The Company accounts for uncertain tax positions pursuant to the provisions of FASB Accounting Standards Codification (“ASC”) 740 which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements. These provisions detail how companies should recognize, measure, present and disclose uncertain tax positions that have or are expected to be taken.  As such, the financial statements will reflect expected future tax consequences of uncertain tax positions presuming the taxing authorities’ full knowledge of the position and all relevant facts.  See Note 8 Income Taxes.

The Company and its U.S. subsidiaries file a consolidated federal income tax return.

Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.
Earnings per Share
Earnings per Share

The denominators used in the earnings per share computations follow:

   
2015
 
2014
 
2013
 
Basic:
             
Weighted average shares outstanding
 
6,245,057
 
6,225,068
 
6,220,928
 
               
Diluted:
             
Weighted average shares outstanding
 
6,245,057
 
6,225,068
 
6,220,928
 
Dilutive stock options
 
 —
 
12,846
 
16,830
 
Denominator for diluted earnings per share
 
6,245,057
 
6,237,914
 
6,237,758
 

There were no anti-dilutive stock options in 2015, 2014 or 2013.
Derivatives
Derivatives

The Company does not maintain any derivatives as of the date of this report.
Stock Based Compensation
Stock Based Compensation

The Company accounts for stock based compensation pursuant to the fair value recognition provisions of ASC 718.  No stock options were granted in 2015, 2014 or 2013, and, since all outstanding options were fully vested in each year presented, there was no impact on the financial statements.
Fair Value of Financial Instruments
Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.   The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.  The fair value hierarchy has three levels of inputs that may be used to measure fair value:

Level 1
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted
assets or liabilities.

Level 2
Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for
substantially the full term of the asset or liability.

Level 3
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and
unobservable.

The carrying amounts of financial instruments (cash and cash equivalents, accounts receivable, accounts payable and debt) as of January 2, 2016 and January 3, 2015, approximate fair value.  Fair value was based on expected cash flows and current market conditions.
XML 39 R26.htm IDEA: XBRL DOCUMENT v3.3.1.900
ACCOUNTING POLICIES (Tables)
12 Months Ended
Jan. 02, 2016
ACCOUNTING POLICIES [Abstract]  
Gross carrying amount and accumulated amortization of amortizable intangible assets
The gross carrying amount and accumulated amortization of amortizable intangible assets:
 
   
 
Industrial
Hardware
Segment
 
 
Security
Products
Segment
 
 
Metal
Products
Segment
   
 
 
 
Total
   
Weighted-Average
Amortization Period (Years)
 
2015 Gross Amount
                                 
Patents and developed technology
 
$
2,206,852
 
$
1,029,181
 
$
   —
   
$
3,236,033
   
15.9
 
Customer relationships
   
   —
   
449,706
   
   —
     
449,706
   
 5.0
 
Non-compete agreements
   
   —
   
407,000
   
   —
     
407,000
   
 5.0
 
Intellectual property
   
   —
   
307,370
   
   —
     
307,370
   
 5.0
 
Total Gross Intangibles
 
$
2,206,852
 
$
2,193,257
 
$
   
$
4,400,109
   
12.6
 
                                   
2015 Accumulated Amortization
                                 
Patents and developed technology
 
$
1,478,692
 
$
575,026
 
$
   —
   
$
2,053,718
       
Customer relationships
   
   —
   
   89,941
   
   —
     
   89,941
       
Non-compete agreements
   
   —
   
   81,400
   
   —
     
  81,400
       
Intellectual property
   
   —
   
   61,474
   
   —
     
   61,474
       
Accumulated Amortization
 
$
1,478,692
 
$
807,841
 
$
   
$
2,286,533
       
                                   
Net 2015 per Balance Sheet
 
$
728,160
 
$
1,385,416
 
$
   
$
2,113,576
       
                                   
2014 Gross Amount
                                 
Patents and developed technology
 
$
2,494,261
 
$
1,025,303
 
$
   —
   
$
3,519,564
   
15.7
 
Customer relationships
   
   —
   
449,706
   
   —
     
449,706
   
 5.0
 
Non-compete agreements
   
   —
   
407,000
   
   —
     
407,000
   
 5.0
 
Intellectual property
   
   —
   
307,370
   
   —
     
307,370
   
 5.0
 
Total Gross Intangibles
 
$
2,494,261
 
$
2,189,379
 
$
   
$
4,683,640
   
12.7
 
                                   
2014 Accumulated Amortization
                                 
Patents and developed technology
 
$
1,649,655
 
$
535,415
 
$
   —
   
$
2,185,070
       
Customer relationships
   
   —
   
   —
   
   —
     
   —
       
Non-compete agreements
   
   —
   
   —
   
   —
     
   —
       
Intellectual property
   
   —
   
   —
   
   —
     
   —
       
Accumulated amortization
   
1,649,655
   
535,415
   
     
2,185,070
       
                                   
Net 2014 per Balance Sheet
 
$
844,606
 
$
1,653,964
 
$
   
$
2,498,570
       
Roll-forward of goodwill
The following is a roll-forward of goodwill for 2015 and 2014:

   
Industrial
Hardware
Segment
 
Security
Products
Segment
 
Metal
Products
Segment
 
 
 
Total
 
2015
                         
Beginning balance
 
$
1,901,312
 
$
13,059,042
 
$
 
$
14,960,354
 
Foreign exchange
   
(169,561
)
 
   
   
   (169,561)
 
Ending balance
 
$
1,731,751
 
$
13,059,042
 
$
 
$
14,790,793
 

   
Industrial
Hardware
Segment
 
Security
Products
Segment
 
Metal
Products
Segment
 
 
 
Total
 
2014
                         
Beginning balance
 
$
2,008,231
 
$
11,833,816
 
$
 
$
13,842,047
 
Acquisition of Argo Transdata
   
   
1,225,226
   
   
1,225,226
 
Foreign exchange
   
(106,919
)
 
   
   
(106,919
)
Ending balance
 
$
1,901,312
 
$
13,059,042
 
$
 
$
14,960,354
 
Denominators used in the earnings per share computations
The denominators used in the earnings per share computations follow:

   
2015
 
2014
 
2013
 
Basic:
             
Weighted average shares outstanding
 
6,245,057
 
6,225,068
 
6,220,928
 
               
Diluted:
             
Weighted average shares outstanding
 
6,245,057
 
6,225,068
 
6,220,928
 
Dilutive stock options
 
 —
 
12,846
 
16,830
 
Denominator for diluted earnings per share
 
6,245,057
 
6,237,914
 
6,237,758
 
XML 40 R27.htm IDEA: XBRL DOCUMENT v3.3.1.900
BUSINESS ACQUISITIONS (Tables)
12 Months Ended
Jan. 02, 2016
BUSINESS ACQUISITIONS [Abstract]  
Business acquisition intangible assets
In connection with the above acquisition, the Company recorded the following intangible assets:

 
Asset Class/Description
 
Amount
Weighted-average Amortization Period in Years
Patents, technology, and licenses
   
Customer relationships
$  449,706
5.0
Intellectual property
307,370
5.0
Non-compete agreements
407,000
5.0
 
$  1,164,076
5.0
XML 41 R28.htm IDEA: XBRL DOCUMENT v3.3.1.900
DEBT (Tables)
12 Months Ended
Jan. 02, 2016
DEBT [Abstract]  
Schedule of debt
Debt consists of:

   
2015
 
2014
 
Term loans
 
$
3,214,285
 
$
4,285,714
 
Revolving credit loan
   
   
 
     
3,214,285
   
4,285,714
 
Less current portion
   
1,428,571
   
  1,071,429
 
   
$
1,785,714
 
$
3,214,285
 
Scheduled annual principal maturities of long-term debt
As of January 3, 2015, scheduled annual principal maturities of long-term debt for each of the next five years follow:

2016
 
$
1,428,571
 
2017
   
892,857
 
2018
   
714,286
 
2019
   
178,571
 
2020
   
 
Thereafter
   
 
   
$
3,214,285
 
XML 42 R29.htm IDEA: XBRL DOCUMENT v3.3.1.900
STOCK OPTIONS AND AWARDS (Tables)
12 Months Ended
Jan. 02, 2016
STOCK OPTIONS AND AWARDS [Abstract]  
Stock option activity
Information with respect to the Company’s stock option plans is summarized below:

   
 
 Shares
 
Weighted Average
Exercise Price
 
Outstanding at December 29, 2012
 
21,000
   
$13.58
 
Exercised
 
(1,000
)
 
13.58
 
Outstanding at December 28, 2013
 
20,000
   
13.58
 
Exercised
 
(20,000
)
 
13.58
 
Outstanding at January 3, 2015
 
       
Exercised
 
       
Outstanding at January 2, 2016
 
       

XML 43 R30.htm IDEA: XBRL DOCUMENT v3.3.1.900
INCOME TAXES (Tables)
12 Months Ended
Jan. 02, 2016
INCOME TAXES [Abstract]  
Deferred income tax (assets) liabilities
Deferred income tax (assets) liabilities relate to:

   
2015
 
2014
 
2013
 
Property, plant and equipment
 
$
6,694,885
 
$
6,503,597
 
$
6,184,873
 
Other
   
99,989
   
92,531
   
208,938
 
Total deferred income tax liabilities
   
6,794,874
   
6,596,128
   
6,393,811
 
                     
Other postretirement benefits
   
(281,154
)
 
(1,030,203
)
 
(787,087
)
Inventories
   
(807,061
)
 
(829,876
)
 
(848,364
)
Allowance for doubtful accounts
   
(124,351
)
 
(105,296
)
 
(104,695
)
Intangible assets
   
(299,137
)
 
(396,541
)
 
(373,482
)
Accrued compensation
   
(252,297
)
 
(203,180
)
 
(158,866
)
Pensions
   
(8,616,582
)
 
(9,275,949
)
 
(3,828,224
)
Total deferred income tax assets
   
(10,380,582
)
 
(11,841,045
)
 
(6,100,718
)
Net deferred income tax (assets)  liabilities
 
$
(3,585,708
)
$
(5,244,917
)
$
293,093
 
                     
Income before income taxes
Income before income taxes consists of:

   
2015
 
2014
 
2013
 
Domestic
 
$
4,308,809
 
$
8,087,552
 
$
7,139,039
 
Foreign
   
 3,712,166
   
 3,441,211
   
 2,974,856
 
   
$
8,020,975
 
$
11,528,763
 
$
10,113,895
 
Provision for income taxes
The provision for income taxes follows:

   
2015
 
2014
 
2013
 
Current:
                   
   Federal
 
$
1,337,417
 
$
2,339,917
 
$
1,942,271
 
   Foreign
   
1,054,694
   
991,257
   
871,949
 
   State
   
140,139
   
295,554
   
162,952
 
Deferred:
                   
   Federal
   
(223,530)
   
164,830
   
241,821
 
   State
   
(14,788
)
 
75,729
   
(7,019
)
   
$
2,293,932
 
$
3,867,287
 
$
3,211,974
 
Reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations
A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:

   
2015
2014
2013
   
Amount
 
Percent
Amount
 
Percent
Amount
 
Percent
Income taxes using U.S. federal statutory rate
 
$ 2,727,131
 
34
%
$ 3,919,779
 
34
%
$ 3,438,724
 
34
%
State income taxes, net of federal benefit
 
 82,987
 
1
 
 249,324
 
2
 
 99,245
 
1
 
Impact of foreign subsidiaries on effective tax rate
 
(388,132
)
(5
)
(76,914
)
(1
)
(103,878
)
(1
)
Impact of manufacturers deduction on effective tax rate
 
(91,018
)
(1
)
(185,993
)
(1
)
(138,127
)
(1
)
Other—net
 
(37,036
)
-
 
(38,909
)
-
 
(83,990
)
(1
)
   
$ 2,293,932
 
29
%
$ 3,867,287
 
34
%
$ 3,211,974
 
32
%

Reconciliation of unrecognized tax benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:

   
 2015
 
 2014
 
 2013
 
                     
Balance at beginning of year
 
$
248,645
 
$
220,289
 
$
499,624
 
Increases for positions taken during the current period
   
27,947
   
50,735
   
49,636
 
Decreases relating to settlements
   
   
   
(263,856
)
Decreases resulting from the expiration of the statute of limitations
   
(26,810
)
 
(22,379
)
 
(65,115
)
Balance at end of year
 
$
249,782
 
$
248,645
 
$
220,289
 
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LEASES (Tables)
12 Months Ended
Jan. 02, 2016
LEASES [Abstract]  
Future minimum payments under non-cancelable operating leases
Future minimum payments under non-cancelable operating leases with initial or remaining terms in excess of one year during each of the next five years follow:
2016
 
$
1,046,940
 
2017
   
992,680
 
2018
   
884,615
 
2019
   
397,186
 
2020
   
55,120
 
   
$
3,376,541
 
XML 45 R32.htm IDEA: XBRL DOCUMENT v3.3.1.900
RETIREMENT BENEFIT PLANS (Tables)
12 Months Ended
Jan. 02, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Funded status of pension benefit plans and postretirement benefit plan
As of January 2, 2016 and January 3, 2015, the status of the Company’s pension benefit plans and postretirement benefit plan was as follows:
 
   
Pension Benefit
 
Postretirement Benefit
 
   
    2015
 
     2014
 
     2015
 
     2014
 
Benefit obligation at beginning of year
 
$
90,516,922
 
$
71,211,198
 
$
4,055,112
 
$
3,420,475
 
Change due to availability of final actual assets and census data
   
   
   
346
   
(56,516
)
Discount rate
   
(4,121,170
)
 
10,600,944
   
(87,748
)
 
445,610
 
Mortality table
   
   
2,808,383
   
   
75,047
 
Service cost
   
3,770,191
   
2,837,134
   
217,570
   
173,902
 
Interest cost
   
3,472,870
   
3,365,194
   
154,915
   
157,481
 
Actuarial (gain)/loss
   
(3,316,552
)
 
2,287,760
   
(2,235,904
)
 
(23,169
)
Benefits paid
   
(2,894,492
)
 
(2,593,691
)
 
(122,947
)
 
(137,718
)
Benefit obligation at end of year
 
$
87,427,769
 
$
90,516,922
 
$
1,981,344
 
$
4,055,112
 

 

   
Pension Benefit
 
Postretirement Benefit
   
   
    2015
 
    2014
 
     2015
 
     2014
 
Fair value of plan assets at beginning of year
 
$
64,352,110
 
$
60,350,987
 
$
1,149,204
 
$
1,187,603
 
Change due to availability of final actual assets and census data
   
 —
   
 —
   
   
(2,451
)
Actual return on plan assets
   
(1,340,977
)
 
3,731,262
   
39,085
   
22,434
 
Employer contributions
   
3,006,202
   
2,863,552
   
122,947
   
79,336
 
Benefits paid
   
(2,894,492
)
 
(2,593,691
)
 
(122,947
)
 
(137,718
)
Fair value of plan assets at end of year
 
$
63,122,843
 
$
64,352,110
 
$
1,188,289
 
$
1,149,204
 

   
Pension Benefit
Postretirement Benefit
 
Funded Status
 
     2015
 
     2014
 
     2015
 
     2014
 
Net amount recognized in the balance sheet
 
$
(24,304,926
)
$
(26,164,812
)
$
(793,055
)
$
(2,905,908
)

Amounts recognized in accumulated other comprehensive income
Amounts recognized in accumulated other comprehensive income consist of:

   
Pension Benefit
Postretirement Benefit
   
     2015
 
     2014
 
     2015
 
     2014
 
Net (loss)/gain
 
$
 (32,220,482
)
$
 (35,093,871
)
$
1,658,406
 
$
(630,853
)
Prior service (cost) credit
   
(376,685
)
 
(595,270
)
 
63,731
   
87,620
 
   
$
(32,597,167
)
$
(35,689,141
)
$
1,722,137
 
$
(543,233
)

Change in the components of accumulated other comprehensive income
Change in the components of accumulated other comprehensive income consist of:

   
Pension Benefit
Postretirement Benefit
   
2015
 
2014
 
2015
 
2014
 
Balance at beginning of period
 
$
(35,689,141
)
$
(20,075,506
)
$
(543,233
)
$
(3,544
)
Change due to availability of final actual assets and census data
   
 —
   
 —
   
(346
)
 
54,065
 
Charged to net periodic benefit cost
                         
Prior service cost
   
218,585
   
218,585
   
(23,889
)
 
(23,888
)
Net loss (gain)
   
1,928,298
   
944,130
   
18,804
   
 
Liability (gains)/losses
                         
Discount rate
   
4,121,170
   
(10,600,944
)
 
87,748
   
(445,610
)
Mortality table
   
   
(2,808,383
)
 
   
(75,047
)
Asset (gains)/losses deferred
   
(2,813,796
)
 
(184,695
)
 
(52,851
)
 
(72,378
)
Other
   
(362,283
)
 
(3,182,328
)
 
2,235,904
   
23,169
 
Balance at end of period
 
$
(32,597,167
)
$
(35,689,141
)
$
1,722,137
 
$
(543,233
)

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:
 
   
2015
 
2014
Discount rate
           
 
- Pension plans
 
 4.24% - 4.28%
   
 3.9
%
 
- Supplemental pension plans
 
3.53
%
 
3.9
%
 
- Postretirement plan
 
4.23
%
 
3.9
%
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:

   
   2015
 
   2014
 
Number of plans
   
6
   
6
 
Projected benefit obligation
 
$
87,427,769
 
$
90,516,922
 
Accumulated benefit obligation
   
83,433,339
   
84,714,136
 
Fair value of plan assets
   
63,122,843
   
64,352,110
 
Net amount recognized in accrued benefit liability
   
(24,304,926
)
 
(26,164,812
)

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:

   
  2015
 
  2014
 
  2013
 
Service cost
 
$
3,770,191
 
$
2,837,134
 
$
3,028,863
 
Interest cost
   
3,472,870
   
3,365,194
   
2,840,622
 
Expected return on plan assets
   
(5,151,654
)
 
(4,810,524
)
 
(4,827,393
)
Amortization of prior service cost
   
218,585
   
218,585
   
256,459
 
Amortization of the net loss
   
1,928,298
   
944,130
   
1,844,139
 
Net periodic benefit cost
 
$
4,238,290
 
$
2,554,519
 
$
3,142,690
 
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:
 
  2015
 
  2014
 
  2013
Discount rate
   3.90%
 
   4.80%
 
   3.90%
Expected return on plan assets
   8.0%
 
   8.0%
 
   8.0%
Rate of compensation increase
   3.25%
 
   3.25%
 
   3.25%

Fair values of plans assets utilizing fair value hierarchy
The fair values of the company’s pension plans assets at January 2, 2016 and January 3, 2015, utilizing the fair value hierarchy discussed in Note 2, follow:

   
January 2, 2016
 
   
Level 1
 
Level 2
 
Level 3
 
Total
 
Cash and Equivalents:
                         
Common/collective trust funds
 
$
 
$
236,209
 
$
 
$
236,209
 
Equities:
                         
The Eastern Company Common Stock
   
4,069,088
   
   
   
4,069,088
 
Common/collective trust funds
                         
Russell Large Cap Defensive Equity Fund (a)
   
   
6,685,388
   
   
6,685,388
 
Russell Equity II Fund (b)
   
   
4,456,364
   
   
4,456,364
 
Russell Large Cap U.S. Equity Fund (c)
   
   
5,575,535
   
   
5,575,535
 
Russell International Fund with Active Currency (d)
   
   
7,796,625
   
   
7,796,625
 
Russell Emerging Markets Fund (e)
 
   
3,350,136
   
   
3,350,136
 
Fixed Income:
                         
Common/collective trust funds
                         
Russell Fixed Income I Fund (f)
   
   
8,504,086
   
   
8,504,086
 
Target Duration LDI Fixed Income Funds (g)
                         
 
· Russell 8 Year LDI Fixed Income Fund
   
   
1,478,701
   
   
1,478,701
 
 
· Russell 10 Year LDI Fixed Income Fund
   
   
1,840,616
   
   
1,840,616
 
 
· Russell 12 Year LDI Fixed Income Fund
   
   
2,119,786
   
   
2,119,786
 
 
· Russell 14 Year LDI Fixed Income Fund
   
   
3,795,220
   
   
3,795,220
 
 
· Russell 16 Year LDI Fixed Income Fund
   
   
5,615,278
   
   
5,615,278
 
STRIPS Fixed Income Funds (h)
                         
 
· Russell 15 Year STRIPS Fixed Income Fund
   
   
2,606,554
   
   
2,606,554
 
 
· Russell 10 Year STRIPS Fixed Income Fund
   
   
1,411,574
   
   
1,411,574
 
 
· Russell 28 to 29 Year STRIPS Fixed Income Fund
   
   
543,357
   
   
543,357
 
Insurance contracts
   
   
3,038,326
   
   
3,038,326
 
Total
 
$
4,069,088
 
$
59,053,755
 
$
 
$
63,122,843
 
 

   
January 3, 2015
 
   
Level 1
 
Level 2
 
Level 3
 
Total
 
Cash and Equivalents:
                         
Common/collective trust funds
 
$
 
$
1,201,073
 
$
 
$
1,201,073
 
Equities:
                         
The Eastern Company Common Stock
   
3,473,938
   
   
   
3,473,938
 
Common/collective trust funds
                         
Russell Large Cap Defensive Equity Fund
   
   
6,936,880
   
   
6,936,880
 
Russell Equity II Fund
   
   
4,632,485
   
   
4,632,485
 
Russell Concentrated Equity Fund
   
   
5,788,864
   
   
5,788,864
 
Russell International Fund with Active Currency
   
   
7,606,489
   
   
7,606,489
 
Russell Emerging Markets Fund
   
   
3,188,672
   
   
3,188,672
 
Fixed Income:
                         
Common/collective trust funds
                         
Russell Fixed Income I Fund
   
   
17,013,171
   
   
17,013,171
 
Target Duration LDI Fixed Income Funds
                         
 
· Russell 6 Year LDI Fixed Income Fund
   
   
226,826
   
   
226,826
 
 
· Russell 8 Year LDI Fixed Income Fund
   
   
227,960
   
   
227,960
 
 
· Russell 10 Year LDI Fixed Income Fund
   
   
343,712
   
   
343,712
 
 
· Russell 12 Year LDI Fixed Income Fund
   
   
919,538
   
   
919,538
 
 
· Russell 14 Year LDI Fixed Income Fund
   
   
1,212,739
   
   
1,212,739
 
 
· Russell 16 Year LDI Fixed Income Fund
   
   
520,522
   
   
520,522
 
Russell Long Duration Fixed Income Fund (i)
   
   
8,112,746
   
   
8,112,746
 
Insurance contracts
   
   
2,946,495
   
   
2,946,495
 
Total
 
$
3,473,938
 
$
60,878,172
 
$
 
$
64,352,110
 

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 Russell Large Cap Defensive Equity Fund is to outperform the Russell 1000® Defensive Index® while managing volatility and maintaining diversification similar to the Index over a full market cycle.  The Fund invests in common stocks of large and medium cap U.S. companies, employing a multi-manager approach with advisors using distinct methods to identify medium to large cap U.S. stocks with positive excess return potential.  The defensive style of investing emphasizes investments in equities of companies expected to have lower than average stock price volatility, higher financial quality and/or stable business fundamentals.
 
(b)
The Russell Equity II Fund has an objective to provide a favorable total return primarily through capital appreciation.  Aims to outperform the Russell 2500® Index with above-average consistency while managing volatility and maintaining diversification similar to the Index over a full market cycle.  The fund invests in common stocks of U.S. small cap companies.  It employs a multi-style (growth and market-oriented, value), multi-manager approach.   Advisors employ distinct yet complementary styles in their stock selection, focusing on factors such as: undervalued or under-researched companies, special situations, emerging growth, asset plays and turnarounds.
 
(c)
The investment objective of the Russell Large Cap U.S. Equity Fund (formerly the Russell Concentrated Equity Fund) is to outperform the Russell 1000® Index with above-average consistency over a full market cycle.  The fund invests in common stocks of large and medium cap U.S. companies.  Employs a multi-style, multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles.  The number of advisors and number of stocks (150 – 200) is more concentrated than other Russell multi-style large cap U.S. funds.
 
(d)
The Russell International Fund with Active Currency seeks to provide long-term growth of Capital.  Aims to outperform the Russell Development ex-U.S. Large Cap Index Net while managing volatility and maintaining diversification similar to the index over a full market cycle.  The fund invests primarily in the equities of non-U.S. developing markets and currency of global markets.  Employs multiple managers with distinct investment styles, which are intended to be complementary.  Seeks to capitalize on the stock selection abilities of its active manager.  The Fund typically has moderate country and sector weights relative to the index.  Also believe active currency management is an attractive strategy with the potential to deliver excess return.
 
(e)
The Russell Emerging Markets Fund seeks to provide the potential for long-term growth of Capital.  Aims to outperform the Russell Emerging Markets Index Net over a full market cycle.  The fund invests in equity securities of companies located in, or are economically tied to, emerging market countries.  Securities are denominated principally in foreign currencies and are typically held outside the U.S.  The Fund employs a multi-style (growth, market-oriented and value) and multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles.
 
(f)
The Russell Fixed Income I Fund is designed to provide current income and capital appreciation through a variety of diversified strategies.  The Fund seeks favorable returns comparable to the broad fixed income market, as measured by the Barclays U.S. Aggregate Bond Index.  The fund primarily invests in fixed income securities representing diverse sectors and maturities.  Advisors use diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds.  It is actively managed with multiple advisors employing distinct yet complementary strategies and different technologies to insure prudent diversification over a broad spectrum of investments.
 
(g)
The Target Duration LDI Fixed Income Funds seek to outperform their respective Barclays-Russell LDI Indexes over a full market cycle.  These Funds invest primarily in investment grade corporate bonds that closely match those found in discount curves used to value U.S. pension liabilities.  They seek to provide additional incremental return through modest interest rate timing, security selection and tactical use of non-credit sectors.  Generally for use in combination with other bond funds to gain additional credit exposure, with the goal of reducing the mismatch between a plan’s assets and liabilities.
 

 
(h)
The STRIPS (Separate Trading of Registered Interest and Principal of Securities) Funds seek to provide duration and Treasury exposure by investing in an optimized subset of the STRIPS universe with a similar duration profile as the Barclays U.S. Treasury STRIPS 10-11 year, 16-16 year or 28-29 year Index.  These passively managed funds are generally used with other bond funds to add additional duration to the asset portfolio.  This will help reduce the mismatch between a plan’s assets and liabilities.
 
(i)
The Russell Long Duration Fixed Income 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.  In January 2015, the Trustee of the plan sold all of the assets of this fund.  The proceeds were invested in the LDI Target funds and the STRIPS funds as of the end of 2015.
 
 
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:

   
  2015
 
  2014
 
  2013
 
Service cost
 
$
217,570
 
$
173,902
 
$
202,568
 
Interest cost
   
154,915
   
157,481
   
142,086
 
Expected return on plan assets
   
(91,936
)
 
(22,434
)
 
(73,920
)
Amortization of prior service cost
   
(23,889
)
 
(23,888
)
 
(23,888
)
Amortization of the net loss
   
18,804
   
(72,378
)
 
(4,608
)
Net periodic benefit cost
 
$
275,464
 
$
212,683
 
$
242,238
 

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:
 
 2015
 
2014
 
 2013
Discount rate
   3.90%
 
   4.80%
 
   3.90%
Expected return on plan assets
   8.0%
 
   8.0%
 
   8.0%

Fair values of plans assets utilizing fair value hierarchy
The fair values of the Company’s postretirement plan assets at January 2, 2016 and January 3, 2015, utilizing the fair value hierarchy discussed in Note 2, follow:
 
   
January 2, 2016
 
   
Level 1
 
Level 2
 
Level 3
 
Total
 
Fixed Income:
                         
Insurance contracts
 
$
 
$
 
$
1,188,289
 
$
1,188,289
 
Total
 
$
 
$
 
$
1,188,289
 
$
1,188,289
 

   
January 3, 2015
   
Level 1
 
Level 2
 
Level 3
 
Total
Fixed Income:
                       
Insurance contracts
 
$
 
$
 
$
1,149,204
 
$
1,149,204
Total
 
$
 
$
 
$
1,149,204
 
$
1,149,204

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:

   
     2015
   
     2014
 
Fair value of Level 3 assets at beginning of year
 
$
1,149,204
   
$
1,187,603
 
Change due to availability of final actual assets and census data
   
     
(2,451
)
Actual return on plan assets
   
39,085
     
22,434
 
Employer contributions
   
81,360
     
19,639
 
Benefits paid
   
(81,360
)
   
(78,021
)
Fair value of Level 3 assets at end of year
 
$
1,188,289
   
$
1,149,204
 

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
 
$
71,520
 
$
 (57,039
)
               
Effect on postretirement benefit obligation
 
$
 
$
 

XML 46 R33.htm IDEA: XBRL DOCUMENT v3.3.1.900
REPORTABLE SEGMENTS (Tables)
12 Months Ended
Jan. 02, 2016
REPORTABLE SEGMENTS [Abstract]  
Segment financial information
One customer of the Metal Products segment, Jennmar Corporation, accounted for 10.5% of total sales in 2014 and 11.5% of total sales in 2013.  No other customer exceeded 10% of total sales in 2015, 2014 or 2013.

 
   
2015
 
2014
 
2013
 
Sales:
Sales to unaffiliated customers:
                   
Industrial Hardware
 
$
61,338,812
 
$
58,666,229
 
$
60,367,209
 
Security Products
   
56,598,487
   
49,381,553
   
48,751,688
 
Metal Products
   
26,630,652
   
32,777,578
   
33,339,382
 
   
$
144,567,951
 
$
140,825,360
 
$
142,458,279
 

Inter-segment Sales:
                   
Industrial Hardware
 
$
595,596
 
$
984,192
 
$
373,797
 
Security Products
   
2,813,576
   
2,565,733
   
2,558,127
 
Metal Products
   
16,804
   
   
11,540
 
   
$
3,425,976
 
$
3,549,925
 
$
2,943,464
 

Income Before Income Taxes:
                   
Industrial Hardware
 
$
4,314,149
 
$
5,063,786
 
$
4,797,254
 
Security Products
   
3,798,115
   
4,058,554
   
2,780,403
 
Metal Products
   
(84,536
)
 
2,596,308
   
2,808,664
 
Operating Profit
   
8,027,728
   
11,718,648
   
10,386,321
 
Interest expense
   
(185,475
)
 
(254,576
)
 
(322,731
)
Other income
   
178,722
   
64,691
   
50,305
 
   
$
8,020,975
 
$
11,528,763
 
$
10,113,895
 
                     
Geographic Information:
                   
Net Sales:
                   
United States
 
$
126,115,036
 
$
117,478,557
 
$
114,085,322
 
Foreign
   
18,452,915
   
23,346,803
   
28,372,957
 
   
$
144,567,951
 
$
140,825,360
 
$
142,458,279
 

Foreign sales are primarily to customers in North America.

Identifiable Assets:
                   
United States
 
$
106,662,743
 
$
105,771,961
 
$
96,289,200
 
Foreign
   
15,075,816
   
15,498,595
   
17,569,209
 
   
$
121,738,559
 
$
121,270,556
 
$
113,858,409
 
                     
Industrial Hardware
 
$
30,425,348
 
$
29,660,695
 
$
31,820,269
 
Security Products
   
52,688,497
   
51,573,251
   
43,582,088
 
Metal Products
   
20,931,863
   
21,037,058
   
19,282,393
 
     
104,045,708
   
102,271,004
   
94,684,750
 
General corporate
   
17,692,851
   
18,999,552
   
19,173,659
 
   
$
121,738,559
 
$
121,270,556
 
$
113,858,409
 

 
   
2015
 
2014
 
2013
 
Depreciation and Amortization:
                   
Industrial Hardware
 
$
1,580,741
 
$
1,631,521
 
$
2,085,618
 
Security Products
   
1,010,262
   
621,501
   
592,555
 
Metal Products
   
1,330,435
   
1,233,280
   
1,147,113
 
   
$
3,921,438
 
$
3,486,302
 
$
3,825,286
 

Capital Expenditures:
                   
Industrial Hardware
 
$
1,479,984
 
$
1,929,022
 
$
1,967,335
 
Security Products
   
388,377
   
973,365
   
469,669
 
Metal Products
   
       632,016
   
664,851
   
3,002,556
 
     
2,500,377
   
3,567,238
   
5,439,560
 
Currency translation adjustment
   
25,020
   
10,347
   
(245
)
General corporate
   
12,839
   
55,580
   
84,427
 
   
$
2,538,236
 
$
3,633,165
 
$
5,523,742
 

XML 47 R34.htm IDEA: XBRL DOCUMENT v3.3.1.900
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)
12 Months Ended
Jan. 02, 2016
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract]  
Selected quarterly financial information (unaudited)
Selected quarterly financial information (unaudited) follows:
 
           
2015
         
   
First
 
Second
 
Third
 
Fourth
 
Year
 
Net sales
 
$
36,876,842
 
$
37,037,697
 
$
36,239,500
 
$
34,413,912
 
$
144,567,951
 
Gross margin
   
7,335,178
   
7,912,161
   
9,033,843
   
8,100,044
   
32,381,226
 
Selling and administrative
     expenses
   
5,963,695
   
7,056,139
   
5,584,222
   
5,749,442
   
24,353,498
 
Net income
   
873,951
   
584,594
   
2,527,722
   
1,740,776
   
5,727,043
 
                                 
Net income per share:
                               
Basic
 
$
.14
 
$
.09
 
$
.41
 
$
.28
 
$
.92
 
Diluted
 
$
.14
 
$
.09
 
$
.41
 
$
.28
 
$
.92
 
                                 
Weighted average shares outstanding:
                         
Basic
   
6,244,088
   
6,244,051
   
6,245,099
   
6,246,571
   
6,245,057
 
Diluted
   
6,244,088
   
6,244,051
   
6,245,099
   
6,246,571
   
6,245,057
 

           
2014
         
   
First
 
Second
 
Third
 
Fourth
 
Year
 
Net sales
 
$
35,849,126
 
$
34,779,773
 
$
35,803,405
 
$
34,393,056
 
$
140,825,360
 
Gross margin
   
7,513,406
   
7,776,304
   
8,461,473
   
8,555,221
   
32,486,404
 
Selling and administrative
     expenses
   
5,216,289
   
4,988,364
   
4,892,600
   
5,670,503
   
20,767,756
 
Net (loss)/income
   
1,502,885
   
1,693,503
   
2,431,817
   
2,033,271
   
7,661,476
 
                                 
Net (loss)/income per share:
                               
Basic
 
$
.24
 
$
.27
 
$
.39
 
$
.33
 
$
1.23
 
Diluted
 
$
.24
 
$
.27
 
$
            .39
 
$
.33
 
$
1.23
 
                                 
Weighted average shares outstanding:
                         
Basic
   
6,222,213
   
6,222,676
   
6,223,140
   
6,231,729
   
6,225,068
 
Diluted
   
6,239,149
   
6,239,866
   
6,240,396
   
6,231,729
   
6,237,914
 

XML 48 R35.htm IDEA: XBRL DOCUMENT v3.3.1.900
DESCRIPTION OF BUSINESS (Details)
12 Months Ended
Jan. 02, 2016
Segment
DESCRIPTION OF BUSINESS [Abstract]  
Number of operating segments 3
XML 49 R36.htm IDEA: XBRL DOCUMENT v3.3.1.900
ACCOUNTING POLICIES (Details)
3 Months Ended 12 Months Ended
Jan. 02, 2016
USD ($)
shares
Oct. 03, 2015
shares
Jul. 04, 2015
shares
Apr. 04, 2015
USD ($)
shares
Jan. 03, 2015
USD ($)
shares
Sep. 27, 2014
shares
Jun. 28, 2014
shares
Mar. 29, 2014
USD ($)
shares
Jan. 02, 2016
USD ($)
Customer
shares
Jan. 03, 2015
USD ($)
Customer
shares
Dec. 28, 2013
USD ($)
shares
Cash Equivalents and Concentrations of Credit Risk [Abstract]                      
Amount of deposits insured by Federal Deposit Insurance Corporation (FDIC) $ 250,000               $ 250,000    
Inventories [Abstract]                      
LIFO inventory amount 31,601,408               31,601,408    
FIFO inventory amount 5,241,005               5,241,005    
Excess of current cost over LIFO carrying value 6,297,368       $ 6,886,000       6,297,368 $ 6,886,000  
Property, Plant and Equipment [Line Items]                      
Depreciation                 3,460,516 3,237,426 $ 3,592,263
Finite-Lived Intangible Assets [Line Items]                      
Amortization expense                 460,922 248,876 233,023
Amortization expense fiscal year maturity [Abstract]                      
2016 437,000               437,000    
2017 437,000               437,000    
2018 437,000               437,000    
2019 379,000               379,000    
2020 146,000               146,000    
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 4,400,109       4,683,640       4,400,109 4,683,640  
Accumulated Amortization 2,286,533       2,185,070       2,286,533 2,185,070  
Net per Balance Sheet 2,113,576       2,498,570       $ 2,113,576 $ 2,498,570  
Weighted-Average Amortization Period                 12 years 7 months 6 days 12 years 8 months 12 days  
Goodwill [Roll Forward]                      
Beginning balance       $ 14,960,354       $ 13,842,047 $ 14,960,354 $ 13,842,047  
Acquisition of Argo Transdata                   1,225,226  
Foreign exchange                 (169,561) (106,919)  
Ending balance $ 14,790,793       $ 14,960,354       14,790,793 14,960,354 13,842,047
Product Development Costs [Abstract]                      
Product development costs                 1,218,948 1,079,557 991,286
Advertising Costs [Abstract]                      
Advertising costs                 $ 496,066 $ 494,267 $ 486,027
Basic [Abstract]                      
Weighted average shares outstanding (in shares) | shares 6,246,571 6,245,099 6,244,051 6,244,088 6,231,729 6,223,140 6,222,676 6,222,213 6,245,057 6,225,068 6,220,928
Diluted [Abstract]                      
Weighted average shares outstanding (in shares) | shares 6,246,571 6,245,099 6,244,051 6,244,088 6,231,729 6,223,140 6,222,676 6,222,213 6,245,057 6,225,068 6,220,928
Dilutive stock options (in shares) | shares                 0 12,846 16,830
Denominator for diluted earnings per share (in shares) | shares 6,246,571 6,245,099 6,244,051 6,244,088 6,231,729 6,240,396 6,239,866 6,239,149 6,245,057 6,237,914 6,237,758
Anti-dilutive stock options (in shares) | shares                 0 0 0
Industrial Hardware Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount $ 2,206,852       $ 2,494,261       $ 2,206,852 $ 2,494,261  
Accumulated Amortization 1,478,692       1,649,655       1,478,692 1,649,655  
Net per Balance Sheet 728,160       844,606       728,160 844,606  
Goodwill [Roll Forward]                      
Beginning balance       $ 1,901,312       $ 2,008,231 1,901,312 2,008,231  
Acquisition of Argo Transdata                   0  
Foreign exchange                 (169,561) (106,919)  
Ending balance 1,731,751       1,901,312       1,731,751 1,901,312 $ 2,008,231
Security Products Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 2,193,257       2,189,379       2,193,257 2,189,379  
Accumulated Amortization 807,841       535,415       807,841 535,415  
Net per Balance Sheet 1,385,416       1,653,964       1,385,416 1,653,964  
Goodwill [Roll Forward]                      
Beginning balance       13,059,042       11,833,816 13,059,042 11,833,816  
Acquisition of Argo Transdata                   1,225,226  
Foreign exchange                 0 0  
Ending balance 13,059,042       13,059,042       13,059,042 13,059,042 11,833,816
Metal Products Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 0       0       0 0  
Accumulated Amortization 0       0       0 0  
Net per Balance Sheet 0       0       0 0  
Goodwill [Roll Forward]                      
Beginning balance       $ 0       $ 0 0 0  
Acquisition of Argo Transdata                   0  
Foreign exchange                 0 0  
Ending balance 0       0       $ 0 0 $ 0
Building [Member] | Minimum [Member]                      
Property, Plant and Equipment [Line Items]                      
Estimated useful lives of the assets                 10 years    
Building [Member] | Maximum [Member]                      
Property, Plant and Equipment [Line Items]                      
Estimated useful lives of the assets                 39 years 6 months    
Machinery and Equipment [Member] | Minimum [Member]                      
Property, Plant and Equipment [Line Items]                      
Estimated useful lives of the assets                 3 years    
Machinery and Equipment [Member] | Maximum [Member]                      
Property, Plant and Equipment [Line Items]                      
Estimated useful lives of the assets                 10 years    
Technology and Licenses [Member] | Minimum [Member]                      
Finite-Lived Intangible Assets [Line Items]                      
Useful lives of intangible assets                 5 years    
Technology and Licenses [Member] | Maximum [Member]                      
Finite-Lived Intangible Assets [Line Items]                      
Useful lives of intangible assets                 17 years    
Patents and Developed Technology [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 3,236,033       3,519,564       $ 3,236,033 3,519,564  
Accumulated Amortization 2,053,718       2,185,070       $ 2,053,718 $ 2,185,070  
Weighted-Average Amortization Period                 15 years 10 months 24 days 15 years 8 months 12 days  
Patents and Developed Technology [Member] | Industrial Hardware Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 2,206,852       2,494,261       $ 2,206,852 $ 2,494,261  
Accumulated Amortization 1,478,692       1,649,655       1,478,692 1,649,655  
Patents and Developed Technology [Member] | Security Products Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 1,029,181       1,025,303       1,029,181 1,025,303  
Accumulated Amortization 575,026       535,415       575,026 535,415  
Patents and Developed Technology [Member] | Metal Products Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 0       0       0 0  
Accumulated Amortization 0       0       0 0  
Customer Relationships [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 449,706       449,706       449,706 449,706  
Accumulated Amortization 89,941       0       $ 89,941 $ 0  
Weighted-Average Amortization Period                 5 years 5 years  
Customer Relationships [Member] | Industrial Hardware Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 0       0       $ 0 $ 0  
Accumulated Amortization 0       0       0 0  
Customer Relationships [Member] | Security Products Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 449,706       449,706       449,706 449,706  
Accumulated Amortization 89,941       0       89,941 0  
Customer Relationships [Member] | Metal Products Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 0       0       0 0  
Accumulated Amortization 0       0       $ 0 0  
Non-Compete Agreements [Member]                      
Finite-Lived Intangible Assets [Line Items]                      
Useful lives of intangible assets                 5 years    
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 407,000       407,000       $ 407,000 407,000  
Accumulated Amortization 81,400       0       $ 81,400 $ 0  
Weighted-Average Amortization Period                 5 years 5 years  
Non-Compete Agreements [Member] | Industrial Hardware Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 0       0       $ 0 $ 0  
Accumulated Amortization 0       0       0 0  
Non-Compete Agreements [Member] | Security Products Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 407,000       407,000       407,000 407,000  
Accumulated Amortization 81,400       0       81,400 0  
Non-Compete Agreements [Member] | Metal Products Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 0       0       0 0  
Accumulated Amortization 0       0       0 0  
Intellectual Property [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 307,370       307,370       307,370 307,370  
Accumulated Amortization 61,474       0       $ 61,474 $ 0  
Weighted-Average Amortization Period                 5 years 5 years  
Intellectual Property [Member] | Industrial Hardware Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 0       0       $ 0 $ 0  
Accumulated Amortization 0       0       0 0  
Intellectual Property [Member] | Security Products Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 307,370       307,370       307,370 307,370  
Accumulated Amortization 61,474       0       61,474 0  
Intellectual Property [Member] | Metal Products Segment [Member]                      
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]                      
Gross Amount 0       0       0 0  
Accumulated Amortization $ 0       $ 0       $ 0 $ 0  
Accounts Receivable [Member] | Customer Concentration Risk [Member]                      
Concentration Risk [Line Items]                      
Number of major customers | Customer                 0 0  
Threshold percentage of concentration risk                 10.00% 10.00%  
Stock Options [Member]                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Options granted (in shares) | shares                 0 0 0
XML 50 R37.htm IDEA: XBRL DOCUMENT v3.3.1.900
BUSINESS ACQUISITIONS (Details)
12 Months Ended
Dec. 15, 2014
USD ($)
Technology
Jan. 02, 2016
USD ($)
Jan. 03, 2015
USD ($)
Dec. 28, 2013
USD ($)
Business Acquisition [Line Items]        
Number of technologies combination | Technology 3      
Goodwill   $ 14,790,793 $ 14,960,354 $ 13,842,047
Argo Transdata Corporation [Member]        
Business Acquisition [Line Items]        
Cost of the acquisition $ 5,034,000      
Contingent earn-out 282,914 144,231    
Business acquisition, current liabilities 63,000      
Recognized earnings   $ 138,683    
Goodwill 1,225,226      
Intangible Assets Acquired [Abstract]        
Assets acquired $ 1,164,076      
Weighted-average amortization period 5 years      
Customer Relationships [Member] | Argo Transdata Corporation [Member]        
Intangible Assets Acquired [Abstract]        
Assets acquired $ 449,706      
Weighted-average amortization period 5 years      
Intellectual Property [Member] | Argo Transdata Corporation [Member]        
Intangible Assets Acquired [Abstract]        
Assets acquired $ 307,370      
Weighted-average amortization period 5 years      
Non-Compete Agreements [Member] | Argo Transdata Corporation [Member]        
Intangible Assets Acquired [Abstract]        
Assets acquired $ 407,000      
Weighted-average amortization period 5 years      
XML 51 R38.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONTINGENCIES (Details)
12 Months Ended
Jan. 02, 2016
USD ($)
CONTINGENCIES [Abstract]  
Estimated cost of remediation $ 30,000
Total workforce subject to negotiated union contracts 26.00%
XML 52 R39.htm IDEA: XBRL DOCUMENT v3.3.1.900
DEBT (Details) - USD ($)
12 Months Ended
Jan. 23, 2014
Jan. 25, 2012
Jan. 29, 2010
Jan. 02, 2016
Jan. 03, 2015
Dec. 28, 2013
Schedule of debt [Abstract]            
Term loans       $ 3,214,285 $ 4,285,714  
Revolving credit loan       0 0  
Total debt       3,214,285 4,285,714  
Less current portion       1,428,571 1,071,429  
Long term debt, less current portion       1,785,714 3,214,285  
Debt instrument covenant minimum tangible net worth       55,000,000    
Interest paid       $ 174,558 272,993 $ 319,760
Tangible net worth         52,800,000  
Increase in tangible net worth each year       50.00%    
Scheduled annual principal maturities of long-term debt [Abstract]            
2016       $ 1,428,571    
2017       892,857    
2018       714,286    
2019       178,571    
2020       0    
Thereafter       0    
Long term debt       3,214,285 $ 4,285,714  
Minimum [Member]            
Schedule of debt [Abstract]            
Tangible net worth       $ 43,000,000    
Revolving Credit Loan [Member]            
Debt Instrument [Line Items]            
Maximum borrowing capacity     $ 10,000,000      
Maturity date of loan Jul. 01, 2016 Jan. 31, 2014 Jan. 31, 2012      
Basis spread on variable rate       2.25%    
Revolving Credit Loan [Member] | LIBOR [Member]            
Debt Instrument [Line Items]            
Basis spread on variable rate       2.25%    
Revolving Credit Loan [Member] | People's Prime Rate [Member]            
Debt Instrument [Line Items]            
Basis spread on variable rate       2.25%    
Revolving Credit Loan [Member] | Floor Rate [Member]            
Debt Instrument [Line Items]            
Basis spread on variable rate       3.25%    
Loan Agreement [Member]            
Schedule of debt [Abstract]            
Fixed charge coverage ratio as multiple, minimum       1.1    
Leverage coverage ratio as multiple maximum       1.75    
Term Loan [Member]            
Debt Instrument [Line Items]            
Maximum borrowing capacity     $ 5,000,000      
Periodic payment of loan     $ 178,571      
Term of loan     7 years      
Maturity date of loan     Jan. 31, 2017      
Revolving credit portion commitment fee     0.25%      
Fixed rate of interest       4.98%    
2012 Term Loan Member]            
Debt Instrument [Line Items]            
Maximum borrowing capacity   $ 5,000,000   $ 5,000,000    
Periodic payment of loan   $ 178,571   $ 178,571    
Term of loan   7 years   7 years    
Maturity date of loan   Jan. 31, 2019   Jan. 31, 2019    
Revolving credit portion commitment fee   0.25%   0.25%    
Fixed rate of interest       3.90%    
XML 53 R40.htm IDEA: XBRL DOCUMENT v3.3.1.900
STOCK RIGHTS (Details)
Jan. 02, 2016
$ / shares
shares
STOCK RIGHTS [Abstract]  
Stock rights outstanding (in shares) | shares 6,244,013
Stock rights, exercise price (in dollars per share) $ 80.00
Stock rights, redemption price per share (in dollars per share) $ 0.01
XML 54 R41.htm IDEA: XBRL DOCUMENT v3.3.1.900
STOCK OPTIONS AND AWARDS (Details)
12 Months Ended
Jan. 02, 2016
USD ($)
Plan
shares
Jan. 03, 2015
USD ($)
$ / shares
shares
Dec. 28, 2013
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of plans that have shares reserved for further issuance | Plan 1    
Percentage of fair market value of stock on grant date for exercise price, minimum 100.00%    
Stock Options [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Options granted (in shares) 0 0 0
Stock option activity [Roll Forward]      
Outstanding at beginning of period (in shares) 0 20,000 21,000
Exercised (in shares) 0 (20,000) (1,000)
Outstanding at end of period (in shares) 0 0 20,000
Weighted Average Exercise Price [Roll Forward]      
Outstanding at beginning of period (in dollars per share) | $ / shares   $ 13.58 $ 13.58
Exercised (in dollars per share) | $ / shares   $ 13.58 13.58
Outstanding at end of period (in dollars per share) | $ / shares     $ 13.58
Options exercisable (in shares) 0    
Total intrinsic value of stock options exercised | $ $ 59,125 $ 1,590  
Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock granted (in shares) 0 0 0
2010 Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares available for future grant (in shares) 500,000    
XML 55 R42.htm IDEA: XBRL DOCUMENT v3.3.1.900
INCOME TAXES (Details) - USD ($)
12 Months Ended
Jan. 02, 2016
Jan. 03, 2015
Dec. 28, 2013
Components of Deferred Tax Assets and Liabilities [Abstract]      
Property, plant and equipment $ 6,694,885 $ 6,503,597 $ 6,184,873
Other 99,989 92,531 208,938
Total deferred income tax liabilities 6,794,874 6,596,128 6,393,811
Other postretirement benefits (281,154) (1,030,203) (787,087)
Inventories (807,061) (829,876) (848,364)
Allowance for doubtful accounts (124,351) (105,296) (104,695)
Intangible assets (299,137) (396,541) (373,482)
Accrued compensation (252,297) (203,180) (158,866)
Pensions (8,616,582) (9,275,949) (3,828,224)
Total deferred income tax assets (10,380,582) (11,841,045) (6,100,718)
Net deferred income tax assets (3,585,708) (5,244,917)  
Net deferred income tax liabilities     293,093
Income before income taxes [Abstract]      
Domestic 4,308,809 8,087,552 7,139,039
Foreign 3,712,166 3,441,211 2,974,856
Income before income taxes 8,020,975 11,528,763 10,113,895
Current:      
Federal 1,337,417 2,339,917 1,942,271
Foreign 1,054,694 991,257 871,949
State 140,139 295,554 162,952
Deferred:      
Federal (223,530) 164,830 241,821
State (14,788) 75,729 (7,019)
Provision for income taxes 2,293,932 3,867,287 3,211,974
Reconciliation of income taxes computed using U.S. federal statutory rate to that reflected in operations [Abstract]      
Income taxes using U.S. federal statutory rate, Amount 2,727,131 3,919,779 3,438,724
State income taxes, net of federal benefit, Amount 82,987 249,324 99,245
Impact of foreign subsidiaries on effective tax rate, Amount (388,132) (76,914) (103,878)
Impact of manufacturers deduction on effective tax rate, Amount (91,018) (185,993) (138,127)
Other-net, Amount (37,036) (38,909) (83,990)
Provision for income taxes $ 2,293,932 $ 3,867,287 $ 3,211,974
Income taxes using U.S. federal statutory rate, Percent 34.00% 34.00% 34.00%
State income taxes, net of federal benefit, Percent 1.00% 2.00% 1.00%
Impact of foreign subsidiaries on effective tax rate, Percent (5.00%) (1.00%) (1.00%)
Impact of manufacturers deduction on effective tax rate, Percent (1.00%) (1.00%) (1.00%)
Other-net, Percent 0.00% 0.00% (1.00%)
Effective income tax rate 29.00% 34.00% 32.00%
Total income taxes paid $ 2,348,865 $ 3,989,978 $ 2,568,708
Undistributed earnings of foreign subsidiaries 13,308,709    
Tax benefit from exercise of non-qualified stock options and disqualifying dispositions of incentive stock options 0 8,882 0
Reconciliation of the beginning and ending amount of unrecognized tax benefits [Roll Forward]      
Balance at beginning of year 248,645 220,289 499,624
Increases for positions taken during the current period 27,947 50,735 49,636
Decreases relating to settlements 0 0 (263,856)
Decreases resulting from the expiration of the statute of limitations (26,810) (22,379) (65,115)
Balance at end of year 249,782 $ 248,645 $ 220,289
Income Tax Contingency [Line Items]      
Unrecognized tax benefits that would affect the annual effective tax rate 164,856    
Accrued interest related to unrecognized tax benefits $ 37,000    
U.S. federal [Member]      
Income Tax Contingency [Line Items]      
Open tax year 2012    
State and Local Jurisdiction [Member]      
Income Tax Contingency [Line Items]      
Open tax year 2012    
Foreign Jurisdiction [Member]      
Income Tax Contingency [Line Items]      
Open tax year 2009    
XML 56 R43.htm IDEA: XBRL DOCUMENT v3.3.1.900
LEASES (Details) - USD ($)
12 Months Ended
Jan. 02, 2016
Jan. 03, 2015
Dec. 28, 2013
Future minimum payments under non-cancelable operating leases [Abstract]      
Rent expense for all operating leases $ 1,324,365 $ 1,151,749 $ 1,093,895
Non-Cancelable Leases [Member]      
Future minimum payments under non-cancelable operating leases [Abstract]      
2016 1,046,940    
2017 992,680    
2018 884,615    
2019 397,186    
2020 55,120    
Total 3,376,541    
All Leases of All Kinds [Member] | Minimum [Member]      
Future minimum payments under non-cancelable operating leases [Abstract]      
2016 1,100,000    
2017 1,100,000    
2018 1,100,000    
2019 1,100,000    
2020 1,100,000    
All Leases of All Kinds [Member] | Maximum [Member]      
Future minimum payments under non-cancelable operating leases [Abstract]      
2016 1,300,000    
2017 1,300,000    
2018 1,300,000    
2019 1,300,000    
2020 $ 1,300,000    
XML 57 R44.htm IDEA: XBRL DOCUMENT v3.3.1.900
RETIREMENT BENEFIT PLANS (Details)
12 Months Ended
Jan. 02, 2016
USD ($)
Plan
Jan. 03, 2015
USD ($)
Plan
Dec. 28, 2013
USD ($)
Jan. 02, 2016
USD ($)
shares
Jan. 03, 2015
USD ($)
shares
Funded status [Abstract]          
Net amount recognized in the balance sheet       $ (24,304,926) $ (26,164,812)
Amounts recognized in accumulated other comprehensive income [Abstract]          
Total $ 19,929,214 $ 23,387,274   $ 19,929,214 $ 23,387,274
Defined Benefit Plan, Change in components of accumulated other comprehensive income [Abstract]          
Balance at beginning of period 23,387,274        
Liability (gains)/losses [Abstract]          
Balance at end of period $ 19,929,214 $ 23,387,274      
Assumptions used to determine the projected benefit obligations [Abstract]          
Expected return on plan assets       8.00% 8.00%
Rate of compensation increase       3.25% 3.25%
Accumulated benefit obligation for all qualified and nonqualified defined benefit pension plans       $ 83,433,339 $ 84,714,136
Pension plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets [Abstract]          
Number of plans | Plan 6 6 [1]      
Projected benefit obligation       87,427,769 90,516,922
Accumulated benefit obligation       83,433,339 84,714,136
Fair value of plan assets       63,122,843 64,352,110
Net amount recognized in accrued benefit liability       $ (24,304,926) $ (26,164,812)
Estimated future benefit payments to participants [Abstract]          
Period of horizon for various asset classes used in calculating expected long term rates of return 10 years        
Number of shares of employer common stock included plan assets (in shares) | shares       217,018 202,562
Value of employer common stock included plan assets       $ 4,069,938 $ 3,473,938
Dividends received from employer common stock $ 92,743 $ 93,507      
Health care cost trend rate for participants after January 1, 1991 0.00%        
Ultimate health care cost trend rate 4.50%        
Effect of one-percentage-point change in assumed health care cost trend rates on postretirement benefit plan [Abstract]          
Percentage of voluntary contributions allowed to participants, maximum 100.00%        
Employer contributions made $ 232,399 186,545 $ 194,068    
Equity Securities [Member]          
Estimated future benefit payments to participants [Abstract]          
Long-term target allocations for plan assets 50.00%        
Fixed income [Member]          
Estimated future benefit payments to participants [Abstract]          
Long-term target allocations for plan assets 50.00%        
Pension Benefits [Member]          
Components of the net periodic benefit cost [Abstract]          
Service cost $ 3,770,191 2,837,134 3,028,863    
Interest cost 3,472,870 3,365,194 2,840,622    
Expected return on plan assets (5,151,654) (4,810,524) (4,827,393)    
Amortization of prior service cost 218,585 218,585 256,459    
Amortization of the net loss 1,928,298 944,130 1,844,139    
Net periodic benefit cost $ 4,238,290 $ 2,554,519 $ 3,142,690    
Assumptions used to determine net periodic benefit cost [Abstract]          
Discount rate 3.90% 4.80% 3.90%    
Expected return on plan assets 8.00% 8.00% 8.00%    
Rate of compensation increase 3.25% 3.25% 3.25%    
Change in benefit obligation [Roll Forward]          
Benefit obligation at beginning of year $ 90,516,922 $ 71,211,198      
Change due to availability of final actual assets and census data 0 0      
Discount rate (4,121,170) 10,600,944      
Mortality table 0 2,808,383      
Service cost 3,770,191 2,837,134 $ 3,028,863    
Interest cost 3,472,870 3,365,194 2,840,622    
Actuarial (gain)/loss (3,316,552) 2,287,760      
Benefits paid (2,894,492) (2,593,691)      
Benefit obligation at end of year 87,427,769 90,516,922 71,211,198    
Change in fair value of plan assets [Roll Forward]          
Fair value of plan assets at beginning of year 64,352,110 60,350,987      
Change due to availability of final actual assets and census data 0 0      
Actual return on plan assets (1,340,977) 3,731,262      
Employer contributions 3,006,202 2,863,552      
Benefits paid (2,894,492) (2,593,691)      
Fair value of plan assets at end of year 63,122,843 64,352,110 60,350,987    
Funded status [Abstract]          
Net amount recognized in the balance sheet       (24,304,926) (26,164,812)
Amounts recognized in accumulated other comprehensive income [Abstract]          
Net (loss)/gain       (32,220,482) (35,093,871)
Prior service (cost) credit       (376,685) (595,270)
Total (35,689,141) (35,689,141) (20,075,506) (32,597,167) $ (35,689,141)
Defined Benefit Plan, Change in components of accumulated other comprehensive income [Abstract]          
Balance at beginning of period (35,689,141) (20,075,506)      
Change due to availability of final actual assets and census data 0 0      
Charged to net periodic benefit cost [Abstract]          
Prior service cost 218,585 218,585 256,459    
Net loss (gain) 1,928,298 944,130 1,844,139    
Liability (gains)/losses [Abstract]          
Discount rate 4,121,170 (10,600,944)      
Mortality table 0 (2,808,383)      
Asset (gains)/losses deferred (2,813,796) (184,695)      
Other (362,283) (3,182,328)      
Balance at end of period (32,597,167) (35,689,141) (20,075,506)    
Amounts that will be amortized from accumulated other comprehensive income in next fiscal year [Abstract]          
Net (loss) gain 1,837,738        
Prior service cost (credit) 200,568        
Assumptions used to determine the projected benefit obligations [Abstract]          
Discount rate         3.90%
Pension plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets [Abstract]          
Net amount recognized in accrued benefit liability       (24,304,926) $ (26,164,812)
Estimated future benefit payments to participants [Abstract]          
2016       3,400,000  
2017       3,600,000  
2018       3,800,000  
2019       4,100,000  
2020       4,400,000  
2021 through 2025       26,200,000  
Contributions expected to be made by Company in next fiscal year 3,100,000        
Fair value of plan assets       $ 63,122,843 $ 64,352,110
Number of shares of employer common stock included plan assets (in shares) | shares       14,456 8,938
Value of employer common stock included plan assets       $ 232,124 $ 146,712
Pension Benefits [Member] | Minimum [Member]          
Assumptions used to determine the projected benefit obligations [Abstract]          
Discount rate       4.24%  
Pension Benefits [Member] | Maximum [Member]          
Assumptions used to determine the projected benefit obligations [Abstract]          
Discount rate       4.28%  
Pension Benefits [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       $ 4,069,088 3,473,938
Pension Benefits [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       59,053,755 60,878,172
Pension Benefits [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 0
Pension Benefits [Member] | Common/Collective Trust Funds [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       236,209 1,201,073
Pension Benefits [Member] | Common/Collective Trust Funds [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 0
Pension Benefits [Member] | Common/Collective Trust Funds [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       236,209 1,201,073
Pension Benefits [Member] | Common/Collective Trust Funds [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 0
Pension Benefits [Member] | The Eastern Company Common Stock [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       4,069,088 3,473,938
Pension Benefits [Member] | The Eastern Company Common Stock [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       4,069,088 3,473,938
Pension Benefits [Member] | The Eastern Company Common Stock [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 0
Pension Benefits [Member] | The Eastern Company Common Stock [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 0
Pension Benefits [Member] | Russell Large Cap Defensive Equity Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       6,685,388 [2] 6,936,880
Pension Benefits [Member] | Russell Large Cap Defensive Equity Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [2] 0
Pension Benefits [Member] | Russell Large Cap Defensive Equity Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       6,685,388 [2] 6,936,880
Pension Benefits [Member] | Russell Large Cap Defensive Equity Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [2] 0
Pension Benefits [Member] | Russell Equity II Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       4,456,364 [3] 4,632,485
Pension Benefits [Member] | Russell Equity II Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [3] 0
Pension Benefits [Member] | Russell Equity II Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       4,456,364 [3] 4,632,485
Pension Benefits [Member] | Russell Equity II Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [3] 0
Pension Benefits [Member] | Russell Large Cap U.S. Equity Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [4]       5,575,535  
Pension Benefits [Member] | Russell Large Cap U.S. Equity Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [4]       0  
Pension Benefits [Member] | Russell Large Cap U.S. Equity Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [4]       5,575,535  
Pension Benefits [Member] | Russell Large Cap U.S. Equity Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [4]       0  
Pension Benefits [Member] | Russell Concentrated Equity Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets         5,788,864
Pension Benefits [Member] | Russell Concentrated Equity Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets         0
Pension Benefits [Member] | Russell Concentrated Equity Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets         5,788,864
Pension Benefits [Member] | Russell Concentrated Equity Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets         0
Pension Benefits [Member] | Russell International Fund with Active Currency [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       7,796,625 [5] 7,606,489
Pension Benefits [Member] | Russell International Fund with Active Currency [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [5] 0
Pension Benefits [Member] | Russell International Fund with Active Currency [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       7,796,625 [5] 7,606,489
Pension Benefits [Member] | Russell International Fund with Active Currency [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [5] 0
Pension Benefits [Member] | Russell Emerging Markets Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       3,350,136 [6] 3,188,672
Pension Benefits [Member] | Russell Emerging Markets Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [6] 0
Pension Benefits [Member] | Russell Emerging Markets Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       3,350,136 [6] 3,188,672
Pension Benefits [Member] | Russell Emerging Markets Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [6] 0
Pension Benefits [Member] | Russell Fixed Income I Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       8,504,086 [7] 17,013,171
Pension Benefits [Member] | Russell Fixed Income I Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [7] 0
Pension Benefits [Member] | Russell Fixed Income I Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       8,504,086 [7] 17,013,171
Pension Benefits [Member] | Russell Fixed Income I Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [7] 0
Pension Benefits [Member] | Russell 6 Year LDI Fixed Income Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets         226,826
Pension Benefits [Member] | Russell 6 Year LDI Fixed Income Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets         0
Pension Benefits [Member] | Russell 6 Year LDI Fixed Income Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets         226,826
Pension Benefits [Member] | Russell 6 Year LDI Fixed Income Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets         0
Pension Benefits [Member] | Russell 8 Year LDI Fixed Income Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       1,478,701 [8] 227,960
Pension Benefits [Member] | Russell 8 Year LDI Fixed Income Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [8] 0
Pension Benefits [Member] | Russell 8 Year LDI Fixed Income Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       1,478,701 [8] 227,960
Pension Benefits [Member] | Russell 8 Year LDI Fixed Income Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [8] 0
Pension Benefits [Member] | Russell 10 Year LDI Fixed Income Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       1,840,616 [8] 343,712
Pension Benefits [Member] | Russell 10 Year LDI Fixed Income Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [8] 0
Pension Benefits [Member] | Russell 10 Year LDI Fixed Income Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       1,840,616 [8] 343,712
Pension Benefits [Member] | Russell 10 Year LDI Fixed Income Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [8] 0
Pension Benefits [Member] | Russell 12 Year LDI Fixed Income Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       2,119,786 [8] 919,538
Pension Benefits [Member] | Russell 12 Year LDI Fixed Income Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [8] 0
Pension Benefits [Member] | Russell 12 Year LDI Fixed Income Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       2,119,786 [8] 919,538
Pension Benefits [Member] | Russell 12 Year LDI Fixed Income Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [8] 0
Pension Benefits [Member] | Russell 14 Year LDI Fixed Income Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       3,795,220 [8] 1,212,739
Pension Benefits [Member] | Russell 14 Year LDI Fixed Income Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [8] 0
Pension Benefits [Member] | Russell 14 Year LDI Fixed Income Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       3,795,220 [8] 1,212,739
Pension Benefits [Member] | Russell 14 Year LDI Fixed Income Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [8] 0
Pension Benefits [Member] | Russell 16 Year LDI Fixed Income Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       5,615,278 [8] 520,522
Pension Benefits [Member] | Russell 16 Year LDI Fixed Income Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [8] 0
Pension Benefits [Member] | Russell 16 Year LDI Fixed Income Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       5,615,278 [8] 520,522
Pension Benefits [Member] | Russell 16 Year LDI Fixed Income Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 [8] 0
Pension Benefits [Member] | Russell Long Duration Fixed Income Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [9]         8,112,746
Pension Benefits [Member] | Russell Long Duration Fixed Income Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [9]         0
Pension Benefits [Member] | Russell Long Duration Fixed Income Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [9]         8,112,746
Pension Benefits [Member] | Russell Long Duration Fixed Income Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [9]         0
Pension Benefits [Member] | Russell 15 Year STRIPS Fixed Income Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [10]       2,606,554  
Pension Benefits [Member] | Russell 15 Year STRIPS Fixed Income Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [10]       0  
Pension Benefits [Member] | Russell 15 Year STRIPS Fixed Income Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [10]       2,606,554  
Pension Benefits [Member] | Russell 15 Year STRIPS Fixed Income Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [10]       0  
Pension Benefits [Member] | Russell 10 Year STRIPS Fixed Income Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [10]       1,411,574  
Pension Benefits [Member] | Russell 10 Year STRIPS Fixed Income Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [10]       0  
Pension Benefits [Member] | Russell 10 Year STRIPS Fixed Income Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [10]       1,411,574  
Pension Benefits [Member] | Russell 10 Year STRIPS Fixed Income Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [10]       0  
Pension Benefits [Member] | Russell 28 to 29 Year STRIPS Fixed Income Fund [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [10]       543,357  
Pension Benefits [Member] | Russell 28 to 29 Year STRIPS Fixed Income Fund [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [10]       0  
Pension Benefits [Member] | Russell 28 to 29 Year STRIPS Fixed Income Fund [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [10]       543,357  
Pension Benefits [Member] | Russell 28 to 29 Year STRIPS Fixed Income Fund [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets [10]       0  
Pension Benefits [Member] | Insurance Contracts [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       3,038,326 2,946,495
Pension Benefits [Member] | Insurance Contracts [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 0
Pension Benefits [Member] | Insurance Contracts [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       3,038,326 2,946,495
Pension Benefits [Member] | Insurance Contracts [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 0
Postretirement Benefits [Member]          
Components of the net periodic benefit cost [Abstract]          
Service cost 217,570 173,902 202,568    
Interest cost 154,915 157,481 142,086    
Expected return on plan assets (91,936) (22,434) (73,920)    
Amortization of prior service cost (23,889) (23,888) (23,888)    
Amortization of the net loss 18,804 72,378 (4,608)    
Net periodic benefit cost $ 275,464 $ 212,683 $ 242,238    
Assumptions used to determine net periodic benefit cost [Abstract]          
Discount rate 3.90% 4.80% 3.90%    
Expected return on plan assets 8.00% 8.00% 8.00%    
Change in benefit obligation [Roll Forward]          
Benefit obligation at beginning of year $ 4,055,112 $ 3,420,475      
Change due to availability of final actual assets and census data 346 (56,516)      
Discount rate (87,748) 445,610      
Mortality table 0 75,047      
Service cost 217,570 173,902 $ 202,568    
Interest cost 154,915 157,481 142,086    
Actuarial (gain)/loss (2,235,904) (23,169)      
Benefits paid (122,947) (137,718)      
Benefit obligation at end of year 1,981,344 4,055,112 3,420,475    
Change in fair value of plan assets [Roll Forward]          
Fair value of plan assets at beginning of year 1,149,204 1,187,603      
Change due to availability of final actual assets and census data 0 (2,451)      
Actual return on plan assets 39,085 22,434      
Employer contributions 122,947 79,336      
Benefits paid (122,947) (137,718)      
Fair value of plan assets at end of year 1,188,289 1,149,204 1,187,603    
Funded status [Abstract]          
Net amount recognized in the balance sheet       (793,055) (2,905,908)
Amounts recognized in accumulated other comprehensive income [Abstract]          
Net (loss)/gain       1,658,406 (630,853)
Prior service (cost) credit       63,731 87,620
Total (543,233) (543,233) (3,544) $ 1,722,137 $ (543,233)
Defined Benefit Plan, Change in components of accumulated other comprehensive income [Abstract]          
Balance at beginning of period (543,233) (3,544)      
Change due to availability of final actual assets and census data (346) 54,065      
Charged to net periodic benefit cost [Abstract]          
Prior service cost (23,889) (23,888) (23,888)    
Net loss (gain) 18,804 72,378 (4,608)    
Liability (gains)/losses [Abstract]          
Discount rate 87,748 (445,610)      
Mortality table 0 (75,047)      
Asset (gains)/losses deferred (52,851) (72,378)      
Other 2,235,904 23,169      
Balance at end of period 1,722,137 (543,233) (3,544)    
Amounts that will be amortized from accumulated other comprehensive income in next fiscal year [Abstract]          
Net (loss) gain 125,885        
Prior service cost (credit) 23,889        
Assumptions used to determine the projected benefit obligations [Abstract]          
Discount rate       4.23% 3.90%
Pension plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets [Abstract]          
Net amount recognized in accrued benefit liability       $ (793,055) $ (2,905,908)
Estimated future benefit payments to participants [Abstract]          
2016       118,000  
2017       118,000  
2018       117,000  
2019       117,000  
2020       117,000  
2021 through 2025       577,000  
Contributions expected to be made by Company in next fiscal year $ 118,000        
Fair value of plan assets       1,188,289 1,149,204
Life insurance cost trend rate 1.00%        
Effect of one-percentage-point change in assumed health care cost trend rates on postretirement benefit plan [Abstract]          
Effect of 1-percentage point increase on total of service and interest cost components $ 71,520        
Effect of 1-percentage point decrease on total of service and interest cost components (57,039)        
Effect of 1-percentage point increase on postretirement benefit obligation 0        
Effect of 1-percentage point decrease on postretirement benefit obligation 0        
Postretirement Benefits [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 0
Postretirement Benefits [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 0
Postretirement Benefits [Member] | Level 3 [Member]          
Change in benefit obligation [Roll Forward]          
Benefits paid (81,360) (78,021)      
Change in fair value of plan assets [Roll Forward]          
Fair value of plan assets at beginning of year 1,149,204 1,187,603      
Change due to availability of final actual assets and census data 0 (2,451)      
Actual return on plan assets 39,085 22,434      
Employer contributions 81,360 19,639      
Benefits paid (81,360) (78,021)      
Fair value of plan assets at end of year $ 1,188,289 1,149,204 $ 1,187,603    
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       1,188,289 1,149,204
Postretirement Benefits [Member] | Insurance Contracts [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       1,188,289 1,149,204
Postretirement Benefits [Member] | Insurance Contracts [Member] | Level 1 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 0
Postretirement Benefits [Member] | Insurance Contracts [Member] | Level 2 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       0 0
Postretirement Benefits [Member] | Insurance Contracts [Member] | Level 3 [Member]          
Estimated future benefit payments to participants [Abstract]          
Fair value of plan assets       $ 1,188,289 $ 1,149,204
Supplemental Plans [Member]          
Assumptions used to determine the projected benefit obligations [Abstract]          
Discount rate       3.53% 3.90%
U.S. Non Union Employees [Member]          
Effect of one-percentage-point change in assumed health care cost trend rates on postretirement benefit plan [Abstract]          
Employer contributions made   $ 51,470      
[1] 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.
[2] The investment objective of the Russell Large Cap Defensive Equity Fund is to outperform the Russell 1000 Defensive Index while managing volatility and maintaining diversification similar to the Index over a full market cycle. The Fund invests in common stocks of large and medium cap U.S. companies, employing a multi-manager approach with advisors using distinct methods to identify medium to large cap U.S. stocks with positive excess return potential. The defensive style of investing emphasizes investments in equities of companies expected to have lower than average stock price volatility, higher financial quality and/or stable business fundamentals.
[3] The Russell Equity II Fund has an objective to provide a favorable total return primarily through capital appreciation. Aims to outperform the Russell 2500 Index with above-average consistency while managing volatility and maintaining diversification similar to the Index over a full market cycle. The fund invests in common stocks of U.S. small cap companies. It employs a multi-style (growth and market-oriented, value), multi-manager approach. Advisors employ distinct yet complementary styles in their stock selection, focusing on factors such as: undervalued or under-researched companies, special situations, emerging growth, asset plays and turnarounds.
[4] The investment objective of the Russell Large Cap U.S. Equity Fund (formerly the Russell Concentrated Equity Fund) is to outperform the Russell 1000 Index with above-average consistency over a full market cycle. The fund invests in common stocks of large and medium cap U.S. companies. Employs a multi-style, multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles. The number of advisors and number of stocks (150 - 200) is more concentrated than other Russell multi-style large cap U.S. funds.
[5] The Russell International Fund with Active Currency seeks to provide long-term growth of Capital. Aims to outperform the Russell Development ex-U.S. Large Cap Index Net while managing volatility and maintaining diversification similar to the index over a full market cycle. The fund invests primarily in the equities of non-U.S. developing markets and currency of global markets. Employs multiple managers with distinct investment styles, which are intended to be complementary. Seeks to capitalize on the stock selection abilities of its active manager. The Fund typically has moderate country and sector weights relative to the index. Also believe active currency management is an attractive strategy with the potential to deliver excess return.
[6] The Russell Emerging Markets Fund seeks to provide the potential for long-term growth of Capital. Aims to outperform the Russell Emerging Markets Index Net over a full market cycle. The fund invests in equity securities of companies located in, or are economically tied to, emerging market countries. Securities are denominated principally in foreign currencies and are typically held outside the U.S. The Fund employs a multi-style (growth, market-oriented and value) and multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles.
[7] The Russell Fixed Income I Fund is designed to provide current income and capital appreciation through a variety of diversified strategies. The Fund seeks favorable returns comparable to the broad fixed income market, as measured by the Barclays U.S. Aggregate Bond Index. The fund primarily invests in fixed income securities representing diverse sectors and maturities. Advisors use diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds. It is actively managed with multiple advisors employing distinct yet complementary strategies and different technologies to insure prudent diversification over a broad spectrum of investments.
[8] The Target Duration LDI Fixed Income Funds seek to outperform their respective Barclays-Russell LDI Indexes over a full market cycle. These Funds invest primarily in investment grade corporate bonds that closely match those found in discount curves used to value U.S. pension liabilities. They seek to provide additional incremental return through modest interest rate timing, security selection and tactical use of non-credit sectors. Generally for use in combination with other bond funds to gain additional credit exposure, with the goal of reducing the mismatch between a plan's assets and liabilities.
[9] The Russell Long Duration Fixed Income 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. In January 2015, the Trustee of the plan sold all of the assets of this fund. The proceeds were invested in the LDI Target funds and the STRIPS funds as of the end of 2015.
[10] The STRIPS (Separate Trading of Registered Interest and Principal of Securities) Funds seek to provide duration and Treasury exposure by investing in an optimized subset of the STRIPS universe with a similar duration profile as the Barclays U.S. Treasury STRIPS 10-11 year, 16-16 year or 28-29 year Index. These passively managed funds are generally used with other bond funds to add additional duration to the asset portfolio. This will help reduce the mismatch between a plan's assets and liabilities.
XML 58 R45.htm IDEA: XBRL DOCUMENT v3.3.1.900
REPORTABLE SEGMENTS (Details)
3 Months Ended 12 Months Ended
Jan. 02, 2016
USD ($)
Oct. 03, 2015
USD ($)
Jul. 04, 2015
USD ($)
Apr. 04, 2015
USD ($)
Jan. 03, 2015
USD ($)
Sep. 27, 2014
USD ($)
Jun. 28, 2014
USD ($)
Mar. 29, 2014
USD ($)
Jan. 02, 2016
USD ($)
Jan. 03, 2015
USD ($)
Customer
Dec. 28, 2013
USD ($)
Customer
Segment Reporting Information [Line Items]                      
Sales $ 34,413,912 $ 36,239,500 $ 37,037,697 $ 36,876,842 $ 34,393,056 $ 35,803,405 $ 34,779,773 $ 35,849,126 $ 144,567,951 $ 140,825,360 $ 142,458,279
Operating Profit                 8,027,728 11,718,648 10,386,321
Interest expense                 (185,475) (254,576) (322,731)
Other income                 178,722 64,691 50,305
Income before income taxes                 8,020,975 11,528,763 10,113,895
Assets 121,738,559       121,270,556       121,738,559 121,270,556  
Depreciation and amortization                 3,921,438 3,486,302 3,825,286
Capital expenditures before currency translation adjustment                 2,500,377 3,567,238 5,439,560
Currency translation adjustment                 25,020 10,347 (245)
Total capital expenditures                 2,538,236 3,633,165 5,523,742
Operating Segments [Member]                      
Segment Reporting Information [Line Items]                      
Operating Profit                 8,027,728 11,718,648 10,386,321
Assets 104,045,708       102,271,004       104,045,708 102,271,004 94,684,750
Operating Segments [Member] | Industrial Hardware [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 61,338,812 58,666,229 60,367,209
Operating Profit                 4,314,149 5,063,786 4,797,254
Assets 30,425,348       29,660,695       30,425,348 29,660,695 31,820,269
Depreciation and amortization                 1,580,741 1,631,521 2,085,618
Capital expenditures before currency translation adjustment                 1,479,984 1,929,022 1,967,335
Operating Segments [Member] | Security Products [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 56,598,487 49,381,553 48,751,688
Operating Profit                 3,798,115 4,058,554 2,780,403
Assets 52,688,497       51,573,251       52,688,497 51,573,251 43,582,088
Depreciation and amortization                 1,010,262 621,501 592,555
Capital expenditures before currency translation adjustment                 388,377 973,365 469,669
Operating Segments [Member] | Metal Products [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 26,630,652 32,777,578 33,339,382
Operating Profit                 (84,536) 2,596,308 2,808,664
Assets 20,931,863       21,037,058       20,931,863 21,037,058 19,282,393
Depreciation and amortization                 1,330,435 1,233,280 1,147,113
Capital expenditures before currency translation adjustment                 632,016 664,851 3,002,556
Intersegment Eliminations [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 3,425,976 3,549,925 2,943,464
Intersegment Eliminations [Member] | Industrial Hardware [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 595,596 984,192 373,797
Intersegment Eliminations [Member] | Security Products [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 2,813,576 2,565,733 2,558,127
Intersegment Eliminations [Member] | Metal Products [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 16,804 0 11,540
General Corporate [Member]                      
Segment Reporting Information [Line Items]                      
Assets 17,692,851       18,999,552       17,692,851 18,999,552 19,173,659
Total capital expenditures                 12,839 55,580 84,427
Reportable Geographical Components [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 144,567,951 140,825,360 142,458,279
Assets 121,738,559       121,270,556       121,738,559 121,270,556 113,858,409
Reportable Geographical Components [Member] | United States [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 126,115,036 117,478,557 114,085,322
Assets 106,662,743       105,771,961       106,662,743 105,771,961 96,289,200
Reportable Geographical Components [Member] | Foreign [Member]                      
Segment Reporting Information [Line Items]                      
Sales                 18,452,915 23,346,803 28,372,957
Assets $ 15,075,816       $ 15,498,595       $ 15,075,816 $ 15,498,595 $ 17,569,209
Sales Revenue [Member] | Customer Concentration Risk [Member]                      
Concentration Risk [Line Items]                      
Number of major customers | Customer                   1 1
Sales Revenue [Member] | Customer Concentration Risk [Member] | Metal Products [Member]                      
Concentration Risk [Line Items]                      
Threshold percentage of customer exceeded 10% of total revenue                   10.50% 11.50%
XML 59 R46.htm IDEA: XBRL DOCUMENT v3.3.1.900
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details) - Customer
12 Months Ended
Jan. 02, 2016
Jan. 03, 2015
Term Loan [Member]    
Interest Rate Risk [Abstract]    
Fixed rate of interest 4.98%  
2012 Term Loan Member]    
Interest Rate Risk [Abstract]    
Fixed rate of interest 3.90%  
Revolving Credit Loan [Member]    
Interest Rate Risk [Abstract]    
Description of variable rate basis LIBOR  
Basis spread on variable rate 2.25%  
Credit Concentration Risk [Member]    
Credit Risk [Abstract]    
Number of customers that represented more than 10% of trade receivables 0 0
XML 60 R47.htm IDEA: XBRL DOCUMENT v3.3.1.900
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($)
3 Months Ended 12 Months Ended
Jan. 02, 2016
Oct. 03, 2015
Jul. 04, 2015
Apr. 04, 2015
Jan. 03, 2015
Sep. 27, 2014
Jun. 28, 2014
Mar. 29, 2014
Jan. 02, 2016
Jan. 03, 2015
Dec. 28, 2013
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract]                      
Net sales $ 34,413,912 $ 36,239,500 $ 37,037,697 $ 36,876,842 $ 34,393,056 $ 35,803,405 $ 34,779,773 $ 35,849,126 $ 144,567,951 $ 140,825,360 $ 142,458,279
Gross margin 8,100,044 9,033,843 7,912,161 7,335,178 8,555,221 8,461,473 7,776,304 7,513,406 32,381,226 32,486,404 30,147,520
Selling and administrative expenses 5,749,442 5,584,222 7,056,139 5,963,695 5,670,503 4,892,600 4,988,364 5,216,289 24,353,498 20,767,756 19,761,199
Net (loss)/income $ 1,740,776 $ 2,527,722 $ 584,594 $ 873,951 $ 2,033,271 $ 2,431,817 $ 1,693,503 $ 1,502,885 $ 5,727,043 $ 7,661,476 $ 6,901,921
Net (loss)/income per share [Abstract]                      
Basic (in dollars per share) $ 0.28 $ 0.41 $ 0.09 $ 0.14 $ 0.33 $ 0.39 $ 0.27 $ 0.24 $ 0.92 $ 1.23 $ 1.11
Diluted (in dollars per share) $ 0.28 $ 0.41 $ 0.09 $ 0.14 $ 0.33 $ 0.39 $ 0.27 $ 0.24 $ 0.92 $ 1.23 $ 1.11
Weighted average shares outstanding [Abstract]                      
Basic (in shares) 6,246,571 6,245,099 6,244,051 6,244,088 6,231,729 6,223,140 6,222,676 6,222,213 6,245,057 6,225,068 6,220,928
Diluted (in shares) 6,246,571 6,245,099 6,244,051 6,244,088 6,231,729 6,240,396 6,239,866 6,239,149 6,245,057 6,237,914 6,237,758
XML 61 R48.htm IDEA: XBRL DOCUMENT v3.3.1.900
Schedule II - Valuation and Qualifying accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($)
12 Months Ended
Jan. 02, 2016
Jan. 03, 2015
Dec. 28, 2013
Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period $ 414,000 $ 410,000 $ 487,000
Charged to Costs and Expenses $ 52,144 $ 71,927 $ 106,485
Charged to Other Accounts
Deductions [1] $ 16,144 $ 67,927 $ 183,485
Balance at End of Period $ 450,000 $ 414,000 $ 410,000
[1] Uncollectible accounts written off, net of recoveries.
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