Basis of Presentation	6 Months Ended
Jun. 27, 2020
Basis of Presentation
Note A - Basis of Presentation	Note A - Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Regulation S-X Item 8-03 and do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“GAAP”) for complete financial statements. Refer to the consolidated financial statements of The Eastern Company (together with its consolidated subsidiaries, the “Company,” “we,” “us” or our”) and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2019, filed with the Securities and Exchange Commission on March 5, 2020 (the “2019 Form 10-K”), for additional information. The accompanying condensed consolidated financial statements are unaudited. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of operations for interim periods have been reflected therein. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. All intercompany accounts and transactions are eliminated. The condensed consolidated balance sheet as of December 28, 2019 has been derived from the audited consolidated balance sheet at that date. The Company’s fiscal year is a 52-53-week fiscal year ending on the Saturday nearest to December 31. References to fiscal 2019 or the 2019 fiscal year mean the 52-week period ended on December 28, 2019 and references to fiscal 2020 or the 2020 fiscal year mean the 53-week period ending on January 2, 2021. In a 52-week fiscal year, each quarter is 13 weeks long. In a 53-week fiscal year, each of the first two fiscal quarters and the fourth quarter are 13 weeks long, and the third fiscal quarter is 14 weeks long. References to the second quarter of fiscal 2019, the second fiscal quarter of 2019 or the three months ended June 29, 2019 mean the period from March 31, 2019 to June 29, 2019. References to the second quarter of fiscal 2020, the second fiscal quarter of 2020 or the three months ended June 27, 2020 mean the 13-week period from March 29, 2020 to June 27, 2020. References to the six months ended June 29, 2019, the first six months of fiscal 2019 or the first half of fiscal 2019 mean the 26-week period from December 30, 2018 to June 29, 2019. References to the six months ended June 27, 2020, the first six months of fiscal 2020 or the first half of fiscal 2020 mean the 26-week period from December 29, 2019 to June 27, 2020. Certain amounts in the 2019 financial statements have been reclassified to conform with the 2020 presentation with no impact or change to previously reported net income or member’s equity. We expect the effects of the COVID-19 pandemic to adversely impact our financial position, results of operations, and cash flows in fiscal 2020. The unaudited Condensed Consolidated Financial Statements presented herein reflect our current estimates and assumptions that affect the reported amount of assets and liabilities and related disclosures as of the date of the financial statements and reported amounts of sales and expenses during the reporting periods presented.

Basis of Presentation

6 Months Ended

Jun. 27, 2020

Note A - Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Regulation S-X Item 8-03 and do not include all of the information and footnotes required by generally accepted accounting principles in the United States (“GAAP”) for complete financial statements. Refer to the consolidated financial statements of The Eastern Company (together with its consolidated subsidiaries, the “Company,” “we,” “us” or our”) and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2019, filed with the Securities and Exchange Commission on March 5, 2020 (the “2019 Form 10-K”), for additional information.

The accompanying condensed consolidated financial statements are unaudited. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of operations for interim periods have been reflected therein. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. All intercompany accounts and transactions are eliminated.

The condensed consolidated balance sheet as of December 28, 2019 has been derived from the audited consolidated balance sheet at that date.

The Company’s fiscal year is a 52-53-week fiscal year ending on the Saturday nearest to December 31. References to fiscal 2019 or the 2019 fiscal year mean the 52-week period ended on December 28, 2019 and references to fiscal 2020 or the 2020 fiscal year mean the 53-week period ending on January 2, 2021. In a 52-week fiscal year, each quarter is 13 weeks long. In a 53-week fiscal year, each of the first two fiscal quarters and the fourth quarter are 13 weeks long, and the third fiscal quarter is 14 weeks long. References to the second quarter of fiscal 2019, the second fiscal quarter of 2019 or the three months ended June 29, 2019 mean the period from March 31, 2019 to June 29, 2019. References to the second quarter of fiscal 2020, the second fiscal quarter of 2020 or the three months ended June 27, 2020 mean the 13-week period from March 29, 2020 to June 27, 2020. References to the six months ended June 29, 2019, the first six months of fiscal 2019 or the first half of fiscal 2019 mean the 26-week period from December 30, 2018 to June 29, 2019. References to the six months ended June 27, 2020, the first six months of fiscal 2020 or the first half of fiscal 2020 mean the 26-week period from December 29, 2019 to June 27, 2020.

Certain amounts in the 2019 financial statements have been reclassified to conform with the 2020 presentation with no impact or change to previously reported net income or member’s equity.

We expect the effects of the COVID-19 pandemic to adversely impact our financial position, results of operations, and cash flows in fiscal 2020. The unaudited Condensed Consolidated Financial Statements presented herein reflect our current estimates and assumptions that affect the reported amount of assets and liabilities and related disclosures as of the date of the financial statements and reported amounts of sales and expenses during the reporting periods presented.