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Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefit Plans

Schedule of Significant Disclosures Relating to Benefit Plans

		2022				2021
Service cost		$	1,078,973			$	1,087,333
Interest cost			2,432,756				2,017,015
Expected return on plan assets			(5,842,641	)			(5,794,694	)
Amortization of prior service cost			66,252				99,380
Amortization of the net loss			1,560,299				1,730,150
Net periodic benefit cost		$	(704,361	)		$	(860,816	)

		2022				2021
Discount rate
- Pension plans		2.75% - 2.81%				2.40% - 2.48%
- Supplemental pension plans			2.08%				1.49%
Expected return on plan assets			7.5%				7.5%
Rate of compensation increase			0%				0%

		2022				2021
Service cost		$	53,291			$	54,505
Interest cost			43,950				39,369
Expected return on plan assets			(17,600	)			(25,681	)
Amortization of prior service cost			-				-
Amortization of the net loss			(8,214	)			(12,374	)
Net periodic benefit cost		$	75,668			$	55,819

		2022				2021
Discount rate			5.28	%			2.66	%
Expected return on plan assets			4.0	%			4.0	%

		Pension Benefit								Other Postretirement Benefit
		2022				2021				2022				2021
Benefit obligation at beginning of year		$	107,420,338			$	111,549,725			$	1,724,582			$	1,827,169
Change in discount rate			(26,408,548	)			(5,316,621	)			(562,340	)			(96,343	)
Service cost			1,078,973				1,087,333				53,291				54,505
Interest cost			2,432,756				2,017,015				43,950				39,369
Plan Amendment			-				-				-				36,388
Actuarial (gain)/loss			934,211				2,340,743				(73,395	)			110,462
Significant Event			-				-				-				(218,103	)
Benefits paid			(4,756,015	)			(4,257,857	)			(34,962	)			(28,865	)
Benefit obligation at end of year		$	80,701,715			$	107,420,338			$	1,151,126			$	1,724,582

		2022				2021				2022				2021
Fair value of plan assets at beginning of year		$	80,814,956			$	78,361,102			$	439,993			$	642,030
Actual return on plan assets			(17,701,556	)			4,369,247				44,911				16,066
Employer contributions			169,865				2,342,462				49,158				45,243
Significant Event			-				-				-				(218,103	)
Benefits paid			(4,756,015	)			(4,257,855	)			(49,158	)			(45,243	)
Fair value of plan assets at end of year		$	58,527,250			$	80,814,956			$	484,904			$	439,993

		Pension Benefit								Other Postretirement Benefit
Funded Status		2022				2021				2022				2021
Net amount recognized in the balance sheet		$	(22,174,465	)		$	(26,605,382	)		$	(666,222	)		$	(1,284,589	)

Amounts recognized in accumulated other comprehensive income consist of:

		Pension Benefit								Other Postretirement Benefit
		2022				2021				2022				2021
Net (loss)/gain		$	(36,956,587	)		$	(40,447,026	)		$	900,694			$	241,621
Prior service (cost) credit			-				(66,252	)			-				-
		$	(36,956,587	)		$	(40,513,278	)		$	900,694			$	241,621

		Pension Benefit								Other Postretirement Benefit
		2022				2021				2022				2021
Balance at beginning of period		$	(40,513,278	)		$	(43,893,239	)		$	241,621			$	349,276
Change due to availability of final actual assets and census data			-				-				-				-
Charged to net periodic benefit cost
Prior service cost			66,252				99,380				4,241				-
Net loss (gain)			1,560,299				1,730,150				(8,214	)			(12,374	)
Liability (gains)/losses
Discount rate			26,408,548				5,316,621				562,340				96,343
Asset (gains)/losses deferred			(22,866,209	)			(771,444	)			27,311				(9,615	)
Plan Amendments			-				-				-				(36,388	)
Significant Event			-				-				-				(35,159	)
Other			(1,612,199	)			(2,994,746	)			73,395				(110,462	)
Balance at end of period		$	(36,956,587	)		$	(40,513,278	)		$	900,694			$	241,621

						2022				2021
Discount rate
	-			Pension plans		5.21% - 5.23%				2.75% - 2.81%
	-			Supplemental pension plans			4.98%				2.08%
	-			Other postretirement plan			5.28%				2.93%

		2022				2021
Number of plans			5				5
Projected benefit obligation		$	80,701,715			$	107,420,338
Accumulated benefit obligation			80,701,715				107,420,338
Fair value of plan assets			58,527,250				80,814,956
Net amount recognized in accrued benefit liability		$	(22,174,465	)		$	(26,605,382	)

		December 31, 2022
		Level 1				Level 2				Level 3				Total
Cash and Equivalents:
Common/collective trust funds		$	-			$	391,357			$	-			$	391,357
Equities:
The Eastern Company Common Stock			4,184,107								-				4,184,107
Common/collective trust funds
Russell Multi Asset Core Plus Fund (a)			-				26,244,623				-				26,244,623
Fixed Income:
Common/collective trust funds
Target Duration LDI Fixed Income Funds (b)
• Russell 25 Year LDI Fixed Income Fund			-				4,376,600				-				4,376,600
• Russell 14 Year LDI Fixed Income Fund			-				18,012,813				-				18,012,813
STRIPS Fixed Income Funds (c)
• Russell 15 to 20 Year STRIPS Fixed Income Fund			-				2,151,410				-				2,151,410
• Russell 10 to 15 Year STRIPS Fixed Income Fund			-				3,166,340				-				3,166,340
Total		$	4,184,107			$	54,343,143			$	-			$	58,527,250

		January 1, 2022
		Level 1				Level 2				Level 3				Total
Cash and Equivalents:
Common/collective trust funds		$	-			$	356,173			$	-			$	356,173
Equities:
The Eastern Company Common Stock			5,460,173								-				5,460,173
Common/collective trust funds
Russell Multi Asset Core Plus Fund (a)			-				36,142,837				-				36,142,837
Fixed Income:
Common/collective trust funds
Target Duration LDI Fixed Income Funds (b)
· Russell 25 Year LDI Fixed Income Fund			-				4,320,207				-				4,320,207
· Russell 14 Year LDI Fixed Income Fund			-				26,430,482				-				26,430,482
STRIPS Fixed Income Funds (c)
· Russell 15 to 20 Year STRIPS Fixed Income Fund			-				3,264,328				-				3,264,328
· Russell 10 to 15 Year STRIPS Fixed Income Fund			-				4,840,756				-				4,840,756
Total		$	5,460,173			$	75,354,783			$	-			$	80,814,956

		2022				2021
Regular matching contributions		$	561,357			$	553,619
Transitional credit contributions			123,387				138,604
Non-discretionary contributions			376,861				392,865
Total contributions made for the period		$	1,061,605			$	1,085,088