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Retirement Benefit Plans (Tables)
9 Months Ended
Sep. 28, 2024
Retirement Benefit Plans  
Schedule of Significant Disclosures Relating to Benefit Plans

 

 

Pension Benefits

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 September 28, 2024

 

 

September 30, 2023

 

 

September 28, 2024

 

 

September 30, 2023

 

Service cost

 

$178,003

 

 

$216,153

 

 

$534,010

 

 

$648,459

 

Interest cost

 

 

966,701

 

 

 

990,053

 

 

 

2,900,107

 

 

 

2,970,160

 

Expected return on plan assets

 

 

(1,099,034)

 

 

(1,049,016)

 

 

(3,297,103)

 

 

(3,147,046)

Amortization of prior service cost

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Amortization of the net loss

 

 

327,363

 

 

 

342,866

 

 

 

982,091

 

 

 

1,028,596

 

Net periodic benefit cost  

 

$373,033

 

 

$500,056

 

 

$1,119,105

 

 

$1,500,169

 

 

 

Other Postretirement Benefits

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 28, 2024

 

 

September 30, 2023

 

 

September 28, 2024

 

 

September 30, 2023

 

Service cost

 

$3,574

 

 

$6,486

 

 

$10,722

 

 

$19,458

 

Interest cost

 

 

12,951

 

 

 

14,533

 

 

 

38,853

 

 

 

43,599

 

Expected return on plan assets

 

 

(4,684)

 

 

(4,849)

 

 

(14,052)

 

 

(14,547)

Amortization of prior service cost

 

 

1,060

 

 

 

1,060

 

 

 

3,180

 

 

 

3,180

 

Amortization of the net loss

 

 

(19,567)

 

 

(16,895)

 

 

(58,701)

 

 

(50,685)

Net periodic (benefit) cost

 

$(6,666)

 

$335

 

 

$(19,998)

 

$1,005

 

Schedule of Company made contributions towards benefit plans

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 28, 2024

 

 

September 30, 2023

 

 

September 28, 2024

 

 

September 30, 2023

 

Regular matching contribution

 

$263,074

 

 

$241,487

 

 

$810,630

 

 

$747,913

 

Transitional credit contribution

 

 

20,688

 

 

 

23,271

 

 

 

71,558

 

 

 

83,935

 

Non-discretionary contribution

 

 

80,465

 

 

 

83,302

 

 

 

294,228

 

 

 

654,552

 

Total contributions for the period

 

$364,227

 

 

$348,060

 

 

$1,176,416

 

 

$1,486,400