RETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 30, 2017

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

Funded status of pension benefit plans and postretirement benefit plan

As of December 30, 2017 and December 31, 2016, the status of the Company's pension benefit plans and other postretirement benefit plan was as follows:

	Pension Benefit						Other Postretirement Benefit
	2017			2016			2017			2016
Benefit obligation at beginning of year	$	92,258,937		$	87,427,769		$	2,339,050		$	1,981,344
Change due to availability of final actual assets and census data		—			—			—			317,440
Discount rate		6,200,491			2,359,745			181,691			34,471	)
Service cost		1,276,608			1,977,295			27,389			29,300
Interest cost		3,170,194			3,486,982			80,827			94,872
Actuarial (gain)/loss		(1,495,135	)		2,940,154			(65,601	)		33,022
Benefits paid		(3,385,793	)		(3,398,419	)		(139,946	)		(151,399	)
Plan Amendment		496,899			—			—			—
Additional recognition due to significant event		—			(2,534,589	)		—			—
Benefit obligation at end of year	$	98,522,201		$	92,258,937		$	2,423,410		$	2,339,050

	Pension Benefit						Other Postretirement Benefit
	2017			2016			2017			2016
Fair value of plan assets at beginning of year	$	65,627,499		$	63,122,843		$	1,287,350		$	1,188,289
Actual return on plan assets		9,315,225			4,653,349			103,889			99,061
Employer contributions		541,841			1,249,726			139,946			151,399
Benefits paid		(3,385,793	)		(3,398,419	)		(139,946	)		(151,399	)
Fair value of plan assets at end of year	$	72,098,772		$	65,627,499		$	1,391,239		$	1,287,350

	Pension Benefit								Other Postretirement Benefit
Funded Status	2017				2016				2017				2016
Net amount recognized in the balance sheet		$	(26,423,429	)		$	(26,631,438	)		$	(1,032,171	)		$	(1,051,700	)

Amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income consist of:

	Pension Benefit								Other Postretirement Benefit
	2017				2016				2017			2016
Net (loss)/gain		$	(32,565,614	)		$	(33,623,438	)		$	1,089,785		$	1,231,081
Prior service (cost) credit			(494,142	)			(176,117	)			18,397			39,841
		$	(33,059,756	)		$	(33,799,555	)		$	1,108,182		$	1,270,922

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
	2017			2016			2017			2016
Balance at beginning of period	$	(33,799,555	)	$	(32,597,167	)	$	1,270,922		$	1,722,137
Change due to availability of final actual assets and census data		---			—			--			(317,440	)
Charged to net periodic benefit cost
Prior service cost		178,874			200,568			(21,444	)		(23,890	)
Net loss (gain)		1,231,486			1,704,863			(77,601	)		(93,921	)
Liability (gains)/losses
Discount rate		(6,200,491	)		(2,359,745	)		(181,691	)		(34,471	)
Asset (gains)/losses deferred		5,978,071			(4,325,232	)		52,395			51,529
Additional recognition due to plan amendment		(496,899	)		2,534,589			-—			—
Other		48,758			1,042,569			65,601			(33,022	)
Balance at end of period	$	(33,059,756	)	$	(33,799,555	)	$	1,108,182		$	1,270,922

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:

			2017			2016
Discount rate
	-	Pension plans		3.54% - 3.57	%		4.04% - 4.08	%
	-	Supplemental pension plans		3.10	%		3.03	%
	-	Other postretirement plan		3.60	%		4.12	%

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:

	2017			2016
Number of plans		6			6
Projected benefit obligation	$	98,522,201		$	92,258,937
Accumulated benefit obligation		98,522,201			92,258,937
Fair value of plan assets		72,098,722			65,627,499
Net amount recognized in accrued benefit liability		(26,423,429	)		(26,631,438	)

Defined Contribution Plan

The Company made contributions to the plan as follows:

	2017		2016		2015
Regular matching contributions	$	465,671	$	328,144	$	232,399
Transitional credit contributions		385,578		231,847		—
Non-discretionary contributions		355,747		51,470		—
Total contributions made for the period	$	1,206,996	$	611,461	$	232,399

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 for the fiscal year indicated were as follows:

	2017			2016			2015
Service cost	$	1,276,608		$	1,977,295		$	3,770,191
Interest cost		3,170,194			3,486,982			3,472,870
Expected return on plan assets		(4,783,531	)		(4,995,858	)		(5,151,654	)
Amortization of prior service cost		178,874			200,568			218,585
Amortization of the net loss		1,231,486			1,704,863			1,928,298
Net periodic benefit cost	$	1,073,631		$	2,373,850		$	4,238,290

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:

	2017			2016			2015
Discount rate
- Pension plans		4.04% - 4.08	%		4.24% - 4.28	%		3.90	%
- Supplemental pension plans		3.03	%		3.53	%		3.90	%
Expected return on plan assets		7.5	%		8.0	%		8.0	%
Rate of compensation increase		0	%		3.25	%		3.25	%

Fair values of plans assets utilizing fair value hierarchy

The fair values of the company's pension plans assets at December 30, 2017 and December 31, 2016, utilizing the fair value hierarchy discussed in Note 2, follow:

	December 30, 2017
	Level 1		Level 2		Level 3		Total
Cash and Equivalents:
Common/collective trust funds	$	—	$	278,016	$	—	$	278,016
Equities:
The Eastern Company Common Stock		5,675,021				—		5,675,021
Common/collective trust funds
Russell Multi Asset Core Plus Fund (a)		—		31,642,837		—		31,642,837
Fixed Income:
Common/collective trust funds
Target Duration LDI Fixed Income Funds (b)
· Russell 8 Year LDI Fixed Income Fund		—		6,033,648		—		6,033,648
· Russell 14 Year LDI Fixed Income Fund		—		18,083,206		—		18,083,206
STRIPS Fixed Income Funds (c)
· Russell 15 Year STRIPS Fixed Income Fund		—		1,905,068		—		1,905,068
· Russell 10 Year STRIPS Fixed Income Fund		—		3,570,427		—		3,570,427
· Russell 28 to 29 Year STRIPS Fixed Income Fund		—		2,144,581		—		2,144,581
Insurance contracts		—		2,765,967		—		2,765,967
Total	$	5,675,021	$	66,423,750	$	—	$	72,098,771

	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		—		8,178,635		—		8,178,635
RITC Emerging Markets Fund		—		3,373,089		—		3,373,089
Fixed Income:
Common/collective trust funds
RITC Fixed Income I Fund		—		8,700,175		—		8,700,175
Target Duration LDI Fixed Income Funds
· 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
· 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

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) Multi-Asset Core Plus Fund seeks to provide long-term growth of capital over a market cycle by offering a diversified portfolio of funds and separate accounts investing in global stock, return seeking fixed income, commodities, global real estate and opportunistic investments. They hold a dynamic mix of underlying Russell Investments funds and/or separate accounts. Russell Investments is a strong proponent of disciplined strategic asset allocation and rebalancing strategies, and believes that unstable movements in the market have the potential to create opportunities. By identifying short-term mispricing, and making small tactical adjustments to the Multi-Asset Core Plus Fund, they believe there is potential to enhance returns while continuing to manage risks.

(b)

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.

(c)

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.