RETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2016

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Schedule of assumptions used to determine net periodic benefit cost for benefit plans

The Company used April 30, 2016 as the remeasurement date. Assumptions used to determine the projected benefits obligations for the Salaried Plan for the measurement date indicated follows:

	Measurement Date
	April 30, 2016			December 31, 2015
Discount rate		3.69	%		4.24	%
Expected rate of return		8.0	%		8.0	%
Rate of compensation increase		--			3.25	%

Funded status of pension benefit plans and postretirement benefit plan

The major components of this change are as follows:

	April 30, 2016
Discount rate	$	4,383,159
Service cost		770,361
Interest cost		818,565
Actuarial loss		611,693
Benefits paid		(1,026,898	)
Additional recognition due to significant event		(2,534,589	)
Net increase in pension benefit obligation	$	3,022,291

As of December 31, 2016 and January 2, 2016, the status of the Company’s pension benefit plans and other postretirement benefit plan was as follows:

	Pension Benefit						Other Postretirement Benefit
	2016			2015			2016			2015
Benefit obligation at beginning of year	$	87,427,769		$	90,516,922		$	1,981,344		$	4,055,112
Change due to availability of final actual assets and census data		—			—			317,440			346
Discount rate		2,359,745			(4,121,170	)		34,471			(87,748	)
Service cost		1,977,295			3,770,191			29,300			217,570
Interest cost		3,486,982			3,472,870			94,872			154,915
Actuarial (gain)/loss		2,940,154			(3,316,552	)		33,022			(2,235,904	)
Benefits paid		(3,398,419	)		(2,894,492	)		(151,399	)		(122,947	)
Additional recognition due to significant event		(2,534,589	)		—			—			—
Benefit obligation at end of year	$	92,258,937		$	87,427,769		$	2,339,050		$	1,981,344

	Pension Benefit						Other Postretirement Benefit
	2016			2015			2016			2015
Fair value of plan assets at beginning of year	$	63,122,843		$	64,352,110		$	1,188,289		$	1,149,204
Actual return on plan assets		4,653,349			(1,340,977	)		99,061			39,085
Employer contributions		1,249,726			3,006,202			151,399			122,947
Benefits paid		(3,398,419	)		(2,894,492	)		(151,399	)		(122,947	)
Fair value of plan assets at end of year	$	65,627,499		$	63,122,843		$	1,287,350		$	1,188,289

	Pension Benefit								Other Postretirement Benefit
Funded Status	2016				2015				2016				2015
Net amount recognized in the balance sheet		$	(26,631,438	)		$	(24,304,926	)		$	(1,051,700	)		$	(793,055	)

Amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income consist of:

	Pension Benefit								Other Postretirement Benefit
	2016				2015				2016			2015
Net (loss)/gain		$	(33,623,438	)		$	(32,220,482	)		$	1,231,081		$	1,658,406
Prior service (cost) credit			(176,117	)			(376,685	)			39,841			63,731
		$	(33,799,555	)		$	(32,597,167	)		$	1,270,922		$	1,722,137

Change in the components of accumulated other comprehensive income

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

	Pension Benefit						Other Postretirement Benefit
	2016			2015			2016			2015
Balance at beginning of period	$	(32,597,167	)	$	(35,689,141	)	$	1,722,137		$	(543,233	)
Change due to availability of final actual assets and census data		—			—			(317,440	)		(346	)
Charged to net periodic benefit cost
Prior service cost		200,568			218,585			(23,890	)		(23,889	)
Net loss (gain)		1,704,863			1,928,298			(93,921	)		18,804
Liability (gains)/losses
Discount rate		(2,359,745	)		4,121,170			(34,471	)		87,748
Asset (gains)/losses deferred		(4,325,232	)		(2,813,796	)		51,529			(52,851	)
Additional recognition due to significant event		2,534,589			—			—			—
Other		1,042,569			(362,283	)		(33,022	)		2,235,904
Balance at end of period	$	(33,799,555	)	$	(32,597,167	)	$	1,270,922		$	1,722,137

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 other postretirement benefit plan for the fiscal year indicated were as follows:

			2016			2015
Discount rate
	-	Pension plans		4.04% - 4.08	%		4.24% - 4.28	%
	-	Supplemental pension plans		3.03	%		3.53	%
	-	Other postretirement plan		4.12	%		4.23	%

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			2015
Number of plans		6			6
Projected benefit obligation	$	92,258,937		$	87,427,769
Accumulated benefit obligation		92,258,937			83,433,339
Fair value of plan assets		65,627,499			63,122,843
Net amount recognized in accrued benefit liability		(26,631,438	)		(24,304,926	)

Defined Contribution Plan

The Company made contributions to the plan as follows:

	2016		2015		2014
Regular matching contributions	$	328,144	$	232,399	$	186,545
Transitional credit contributions		231,847		---		---
Non-discretionary contributions		51,470		---		---
Total contributions made for the period	$	611,461	$	232,399	$	186,545

Pension Benefits [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

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:

	2016			2015			2014
Discount rate
- Pension plans		4.24% - 4.28	%		3.90	%		4.80	%
- Supplemental pension plans		3.53	%		3.90	%		4.80	%
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

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

	2016			2015			2014
Service cost	$	1,977,295		$	3,770,191		$	2,837,134
Interest cost		3,486,982			3,472,870			3,365,194
Expected return on plan assets		(4,995,858	)		(5,151,654	)		(4,810,524	)
Amortization of prior service cost		200,568			218,585			218,585
Amortization of the net loss		1,704,863			1,928,298			944,130
Net periodic benefit cost	$	2,373,850		$	4,238,290		$	2,554,519

Fair values of plans assets utilizing fair value hierarchy

The fair values of the company’s pension plans assets at December 31, 2016 and January 2, 2016, utilizing the fair value hierarchy discussed in Note 2, follow:

	December 31, 2016
	Level 1		Level 2		Level 3		Total
Cash and Equivalents:
Common/collective trust funds	$	—	$	276,129	$	—	$	276,129
Equities:
The Eastern Company Common Stock		4,535,676		—		—		4,535,676
Common/collective trust funds
RITC Large Cap Defensive Equity Fund (a)		—		7,131,589		—		7,131,589
RITC Equity II Fund (b)		—		4,875,234		—		4,875,234
RITC Large Cap U.S. Equity Fund (c)		—		5,984,636		—		5,984,636
RITC International Fund with Active Currency (d)		—		8,178,635		—		8,178,635
RITC Emerging Markets Fund (e)		—		3,373,089		—		3,373,089
FixedIncome:
Common/collective trust funds
RITC Fixed Income I Fund (f)		—		8,700,175		—		8,700,175
Target Duration LDI Fixed Income Funds (g)
· RITC 8 Year LDI Fixed Income Fund		—		1,499,390		—		1,499,390
· RITC 10 Year LDI Fixed Income Fund		—		1,851,317		—		1,851,317
· RITC 12 Year LDI Fixed Income Fund		—		2,122,411		—		2,122,411
· RITC 14 Year LDI Fixed Income Fund		—		3,790,209		—		3,790,209
· RITC 16 Year LDI Fixed Income Fund		—		5,650,440		—		5,650,440
STRIPS Fixed Income Funds (h)
· RITC 15 Year STRIPS Fixed Income Fund		—		2,504,395		—		2,504,395
· RITC 10 Year STRIPS Fixed Income Fund		—		1,407,518		—		1,407,518
· RITC 28 to 29 Year STRIPS Fixed Income Fund		—		464,106		—		464,106
Insurance contracts		—		3,282,552		—		3,282,552
Total	$	4,535,676	$	61,091,825	$	—	$	65,627,501

	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		—		6,685,388		—		6,685,388
Russell Equity II Fund		—		4,456,364		—		4,456,364
Russell Large Cap U.S. Equity Fund		—		5,575,535		—		5,575,535
Russell International Fund with Active Currency		—		7,796,625		—		7,796,625
Russell Emerging Markets Fund		—		3,350,136		—		3,350,136
Fixed Income:
Common/collective trust funds
Russell Fixed Income I Fund		—		8,504,086		—		8,504,086
Target Duration LDI Fixed Income Funds
· 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
· 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

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 RITC (formerly 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 RITC 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 RITC Large Cap U.S. 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 RITC 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 RITC 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 RITC 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.