Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 30, 2023

Retirement Benefit Plans

Schedule of Significant Disclosures Relating to Benefit Plans

	2023			2022
Service cost	$	864,611		$	1,078,973
Interest cost		3,960,212			2,432,756
Expected return on plan assets		(4,196,060	)		(5,842,641	)
Amortization of prior service cost		-			66,252
Amortization of the net loss		1,371,460			1,560,299
Net periodic benefit cost	$	2,000,223		$	(704,361	)

	2023			2022
Discount rate
-          Pension plans	5.21% - 5.23		%	2.75% - 2.81		%
-          Supplemental pension plans		4.92	%		2.08	%
Expected return on plan assets		7.5	%		7.5	%
Rate of compensation increase		0	%		0	%

	2023			2022
Service cost	$	25,945		$	53,291
Interest cost		58,131			43,950
Expected return on plan assets		(19,396	)		(17,600	)
Amortization of prior service cost		4,241			4,241
Amortization of the net loss		(67,581	)		(8,214	)
Net periodic benefit cost	$	1,340		$	75,668

	2023			2022
Discount rate		5.28	%		2.93	%
Expected return on plan assets		4.0	%		4.0	%
Rate of compensation increase		4.3	%		4.3	%

	Pension Benefit						Other Postretirement Benefit
	2023			2022			2023			2022
Benefit obligation at beginning of year	$	80,701,715		$	107,420,338		$	1,151,126		$	1,724,582
Change in discount rate		1,794,084			(26,408,548	)		35,126			(562,340	)
Service cost		864,611			1,078,973			25,945			53,291
Interest cost		3,960,212			2,432,756			58,131			43,950
Actuarial (gain)/loss		(587,910	)		934,211			(162,766	)		(73,395	)
Benefits paid		(4,870,701	)		(4,756,015	)		(37,286	)		(34,962	)
Benefit obligation at end of year	$	81,862,011		$	80,701,715		$	1,070,276		$	1,151,126

	2023			2022			2023			2022
Fair value of plan assets at beginning of year	$	58,527,250		$	80,814,956		$	484,904		$	439,993
Actual return on plan assets		5,902,956			(17,701,556	)		(16,501	)		44,911
Employer contributions		1,277,138			169,865			51,180			49,158
Benefits paid		(4,870,701	)		(4,756,015	)		(51,180	)		(49,158	)
Fair value of plan assets at end of year	$	60,836,643		$	58,527,250		$	468,403		$	484,904

	Pension Benefit						Other Postretirement Benefit
Funded Status	2023			2022			2023			2022
Net amount recognized in the balance sheet	$	(21,025,365	)	$	(22,174,465	)	$	(554,758	)	$	(666,222	)

Amounts recognized in accumulated other comprehensive income consist of:
	Pension Benefit						Other Postretirement Benefit
	2023			2022			2023		2022
Net (loss)/gain	$	(35,084,405	)	$	(36,956,587	)	$	929,097	$	900,694
Prior service (cost) credit		-			-			-		-
	$	(35,084,405	)	$	(36,956,587	)	$	929,097	$	900,694

	Pension Benefit						Other Postretirement Benefit
	2023			2022			2023			2022
Balance at beginning of period	$	(36,956,587	)	$	(40,513,278	)	$	900,694		$	241,621
Charged to net periodic benefit cost
Prior service cost		-			66,252			4,241			4,241
Net loss (gain)		1,371,460			1,560,299			(67,581	)		(8,214	)
Liability (gains)/losses
Discount rate		(1,794,084	)		26,408,548			(35,126	)		562,340
Asset (gains)/losses deferred		2,431,940			(22,866,209	)		(35,897	)		27,311
Other		(137,134	)		(1,612,199	)		162,766			73,395
Balance at end of period	$	(35,084,405	)	$	(36,956,587	)	$	929,097		$	900,694

	2023			2022
Discount rate
-       Pension plans	4.99% - 5.00		%	5.21% - 5.23		%
-       Supplemental pension plans		4.72	%		4.92	%
-       Other postretirement plan		5.04	%		5.28	%

	2023			2022
Number of plans		5			5
Projected benefit obligation	$	81,862,011		$	80,701,715
Accumulated benefit obligation		81,862,011			80,701,715
Fair value of plan assets		60,836,643			58,527,250
Net amount recognized in accrued benefit liability	$	(21,025,368	)	$	(22,174,465	)

	December 30, 2023
	Level 1		Level 2		Level 3		Total
Cash and Equivalents:
Common/collective trust funds	$	—	$	411,688	$	—	$	411,688
Equities:
The Eastern Company Common Stock		4,774,396				—		4,774,396
RITC Russell Investments Russell 1000® Index Fund (a)				6,595,564				6,595,564
RITC Small Cap Fund (b)				567,998				567,998
RITC International Fund (c)				3,669,895				3,669,895
RITC Emerging Markets Fund (d)				1,298,014				1,298,014
RITC World Equity Fund (e)				7,960,264				7,960,264
RITC Global Real Estate Securities Fund (f)				1,373,408				1,373,408
RITC Global Listed Infrastructure Fund (g)				1,327,625				1,327,625
RITC Commodities Fund (h)				1,161,864				1,161,864
RIIFL High Yield Bond Fund (i)				2,643,118				2,643,118
Fixed Income:
Common/collective trust funds
Target Duration LDI Fixed Income Funds (j)
•    Russell 25 Year LDI Fixed Income Fund		—		9,858,521		—		9,858,521
•    Russell 14 Year LDI Fixed Income Fund		—		17,481,926		—		17,481,926
STRIPS Fixed Income Funds (k)
•    Russell 15 to 20 Year STRIPS Fixed Income Fund		—		876,584		—		876,584
•    Russell 10 to 15 Year STRIPS Fixed Income Fund		—		835,778		—		835,778
Total	$	4,774,396	$	56,062,246	$	—	$	60,836,643

	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 (l)		—		26,244,623		—		26,244,623
Fixed Income:
Common/collective trust funds
Target Duration LDI Fixed Income Funds (j)
•       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 (k)
•       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

	2023		2022
Regular matching contributions	$	990,993	$	561,357
Transitional credit contributions		105,880		123,387
Non-discretionary contributions		682,154		376,861
Total contributions made for the period	$	1,779,027	$	1,061,605