The Eastern Company (EML) 10-K 15 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jan. 02, 2016	Mar. 04, 2016	Jul. 04, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	EASTERN CO
Entity Central Index Key	31,107
Current Fiscal Year End Date	--01-02
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 99,505,155
Entity Common Stock, Shares Outstanding		6,247,732
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jan. 2, 2016

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jan. 02, 2016	Jan. 03, 2015
Current Assets
Cash and cash equivalents	$ 17,814,986	$ 15,834,444
Accounts receivable, less allowances of $450,000 in 2015 and $414,000 in 2014	17,502,445	17,064,245
Inventories:
Raw materials and component parts	10,913,827	9,219,341
Work in process	7,681,576	7,074,950
Finished goods	18,247,010	18,107,906
Inventories	36,842,413	34,402,197
Prepaid expenses and other assets	2,122,215	2,659,737
Recoverable income taxes receivable	0	380,000
Deferred income taxes	986,167	950,024
Total Current Assets	75,268,226	71,290,647
Property, Plant and Equipment
Land	1,159,732	1,160,720
Buildings	16,072,536	16,216,146
Machinery and equipment	46,205,973	45,593,631
Accumulated depreciation	(36,636,775)	(34,919,067)
Net Property, Plant and Equipment	26,801,466	28,051,430
Other Assets
Goodwill	14,790,793	14,960,354
Trademarks	164,957	174,662
Patents, technology and other intangibles net of accumulated amortization	2,113,576	2,498,570
Deferred income taxes	2,599,541	4,294,893
Total Other Assets	19,668,867	21,928,479
TOTAL ASSETS	121,738,559	121,270,556
Current Liabilities
Accounts payable	9,109,394	8,256,600
Accrued compensation	2,873,871	2,916,832
Other accrued expenses	1,751,052	1,201,114
Current portion of long-term debt	1,428,571	1,071,429
Total Current Liabilities	15,162,888	13,445,975
Other long-term liabilities	286,920	564,669
Long-term debt, less current portion	1,785,714	3,214,285
Accrued postretirement benefits	793,055	2,905,908
Accrued pension cost	$ 24,304,926	$ 26,164,812
Commitments and contingencies (See Note 4)
Shareholders' Equity
Voting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares
Nonvoting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares
Common Stock, no par value: Authorized: 50,000,000 shares Issued: 8,942,461,shares in 2015 and 8,938,742 shares in 2014	$ 28,997,050	$ 28,932,058
Treasury Stock: 2,694,729 shares in 2015 and 2014	(19,105,723)	(19,105,723)
Retained earnings	90,597,041	87,680,667
Accumulated other comprehensive income (loss):
Foreign currency translation	(1,154,098)	855,179
Unrecognized net pension and postretirement benefit costs, net of taxes	(19,929,214)	(23,387,274)
Accumulated other comprehensive loss	(21,083,312)	(22,532,095)
Total Shareholders' Equity	79,405,056	74,974,907
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 121,738,559	$ 121,270,556

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jan. 02, 2016	Jan. 03, 2015
Current Assets
Accounts receivable, allowances	$ 450,000	$ 414,000
Shareholders' Equity
Voting Preferred Stock, no par value (in dollars per share)	$ 0	$ 0
Voting Preferred Stock, shares authorized (in shares)	1,000,000	1,000,000
Nonvoting Preferred Stock, no par value (in dollars per share)	$ 0	$ 0
Nonvoting Preferred Stock, shares authorized (in shares)	1,000,000	1,000,000
Common Stock, no par value (in dollars per share)	$ 0	$ 0
Common Stock, shares authorized (in shares)	50,000,000	50,000,000
Common Stock, shares issued (in shares)	8,942,461	8,938,742
Treasury Stock, shares (in shares)	2,694,729	2,694,729

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Consolidated Statements of Income [Abstract]
Net sales	$ 144,567,951	$ 140,825,360	$ 142,458,279
Cost of products sold	(112,186,725)	(108,338,956)	(112,310,759)
Gross margin	32,381,226	32,486,404	30,147,520
Selling and administrative expenses	(24,353,498)	(20,767,756)	(19,761,199)
Operating profit	8,027,728	11,718,648	10,386,321
Interest expense	(185,475)	(254,576)	(322,731)
Other income	178,722	64,691	50,305
Income before income taxes	8,020,975	11,528,763	10,113,895
Income taxes	2,293,932	3,867,287	3,211,974
Net income	$ 5,727,043	$ 7,661,476	$ 6,901,921
Earnings per Share:
Basic (in dollars per share)	$ 0.92	$ 1.23	$ 1.11
Diluted (in dollars per share)	$ 0.92	$ 1.23	$ 1.11

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 5,727,043	$ 7,661,476	$ 6,901,921
Other comprehensive income/(loss) -
Change in foreign currency translation	(2,009,277)	(1,128,327)	(656,972)
Change in pension and postretirement benefit costs, net of income taxes (expense)/benefit of $1,899,285 in 2015, $5,767,236 in 2014 and ($3,437,175) in 2013	3,458,060	(10,386,089)	6,254,558
Total other comprehensive income/(loss)	1,448,783	(11,514,416)	5,597,586
Comprehensive income/(loss)	$ 7,175,826	$ (3,852,940)	$ 12,499,507

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Other comprehensive income/(loss) -
Change in pension and postretirement benefit costs, taxes (expense)/ benefit	$ 1,899,285	$ 5,767,236	$ (3,437,175)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balances at Dec. 29, 2012	$ 28,585,498	$ (19,105,723)	$ 78,717,589	$ (16,615,265)	$ 71,582,099
Balances (in shares) at Dec. 29, 2012	8,914,478	(2,694,729)
Net income			6,901,921		6,901,921
Cash dividends declared			(2,612,839)		(2,612,839)
Currency translation adjustment				(656,972)	(656,972)
Change in pension and postretirement benefit costs, net of tax				6,254,558	6,254,558
Issuance of Common Stock upon the exercise of stock options	$ 13,580				13,580
Issuance of Common Stock upon the exercise of stock options (in shares)	1,000
Tax benefit from disqualifying dispositions of incentive stock options					0
Issuance of Common Stock for directors' fees	$ 22,504				22,504
Issuance of Common Stock for directors' fees (in shares)	1,419
Balances at Dec. 28, 2013	$ 28,621,582	$ (19,105,723)	83,006,671	(11,017,679)	81,504,851
Balances (in shares) at Dec. 28, 2013	8,916,897	(2,694,729)
Net income			7,661,476		7,661,476
Cash dividends declared			(2,987,480)		(2,987,480)
Currency translation adjustment				(1,128,327)	(1,128,327)
Change in pension and postretirement benefit costs, net of tax				(10,386,089)	(10,386,089)
Issuance of Common Stock upon the exercise of stock options	$ 271,600				271,600
Issuance of Common Stock upon the exercise of stock options (in shares)	20,000
Tax benefit from disqualifying dispositions of incentive stock options	$ 8,882				8,882
Issuance of Common Stock for directors' fees	$ 29,994				29,994
Issuance of Common Stock for directors' fees (in shares)	1,845
Balances at Jan. 03, 2015	$ 28,932,058	$ (19,105,723)	87,680,667	(22,532,095)	74,974,907
Balances (in shares) at Jan. 03, 2015	8,938,742	(2,694,729)
Net income			5,727,043		5,727,043
Cash dividends declared			(2,810,669)		(2,810,669)
Currency translation adjustment				(2,009,277)	(2,009,277)
Change in pension and postretirement benefit costs, net of tax				3,458,060	3,458,060
Tax benefit from disqualifying dispositions of incentive stock options					0
Issuance of Common Stock for directors' fees	$ 64,992				64,992
Issuance of Common Stock for directors' fees (in shares)	3,719
Balances at Jan. 02, 2016	$ 28,997,050	$ (19,105,723)	$ 90,597,041	$ (21,083,312)	$ 79,405,056
Balances (in shares) at Jan. 02, 2016	8,942,461	(2,694,729)

Consolidated Statements of Sha8

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Consolidated Statements of Shareholders' Equity [Abstract]
Cash dividends declared, per share (in dollars per share)	$ 0.45	$ 0.48	$ 0.42

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Operating Activities
Net income	$ 5,727,043	$ 7,661,476	$ 6,901,921
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,921,438	3,486,302	3,825,286
Unrecognized pension & postretirement benefits	1,384,605	(175,687)	95,728
Loss on sale of equipment and other assets	49,796	69,258	116,327
Provision for doubtful accounts	9,459	37,601	106,485
Issuance of Common Stock for directors' fees	64,992	29,994	22,505
Changes in operating assets and liabilities:
Accounts receivable	(852,168)	(207,631)	1,776,744
Inventories	(3,095,801)	(2,825,155)	(1,400,893)
Prepaid expenses	483,178	593,075	308,653
Recoverable taxes receivable	380,000	(380,000)	1,158,632
Other assets	(106,081)	(156,164)	(76,426)
Accounts payable	1,182,124	998,502	(253,994)
Accrued compensation	28,426	185,724	(626,385)
Other accrued expenses	(43,582)	29,889	(637,547)
Net cash provided by operating activities	9,133,429	9,347,184	11,317,036
Investing Activities
Purchases of property, plant and equipment	(2,538,236)	(3,633,165)	(5,523,742)
Proceeds from sale of equipment and other assets	25,000	22,500	2,839
Business acquisitions	0	(5,034,289)	0
Net cash used in investing activities	(2,513,236)	(8,644,954)	(5,520,903)
Financing Activities
Principal payments on long-term debt	(1,071,428)	(1,785,714)	(1,428,571)
Proceeds from sales of Common Stock	0	271,600	13,580
Tax benefit from disqualifying dispositions of incentive stock options	0	8,882	0
Dividends paid	(2,810,669)	(2,987,480)	(2,612,839)
Net cash used in financing activities	(3,882,097)	(4,492,712)	(4,027,830)
Effect of exchange rate changes on cash	(757,554)	(363,435)	(262,086)
Net change in cash and cash equivalents	1,980,542	(4,153,917)	1,506,217
Cash and cash equivalents at beginning of year	15,834,444	19,988,361	18,482,144
Cash and cash equivalents at end of year	$ 17,814,986	$ 15,834,444	$ 19,988,361

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Jan. 02, 2016
DESCRIPTION OF BUSINESS [Abstract]
DESCRIPTION OF BUSINESS	1. Description of Business The operations of The Eastern Company (the “Company”) consist of three business segments: industrial hardware, security products, and metal products. The industrial hardware segment produces latching devices for use on industrial equipment and instrumentation, composite panels used primarily in the transportation and electronic white board industries, as well as a broad line of proprietary hardware designed for truck bodies and other vehicular type equipment. The security products segment manufactures and markets a broad range of locks for traditional general purpose security applications as well as specialized locks for soft luggage, coin-operated vending and gaming equipment, and electric and computer peripheral components. This segment also manufactures and markets coin acceptors and metering systems to secure cash used in the commercial laundry industry and produces cashless payment systems utilizing advanced smart card technology. The metal products segment produces anchoring devices used in supporting the roofs of underground coal mines and specialty products which serve the construction, automotive, railroad and electrical industries. Sales are made to customers primarily in North America.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	12 Months Ended
	Jan. 02, 2016
ACCOUNTING POLICIES [Abstract]
ACCOUNTING POLICIES	2. A ccounting olicies Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fiscal Year The Company’s year ends on the Saturday nearest to December 31. Fiscal 2015 was a 52 week year, 2014 was a 53 week year and 2013 was a 52 week year. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions are eliminated. Cash Equivalents and Concentrations of Credit Risk Highly liquid investments purchased with a maturity of three months or less are considered cash equivalents. The Company has deposits that exceed amounts insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, but the Company does not consider this a significant concentration of credit risk based on the strength of the financial institution. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net income. Foreign Currency Translation For foreign operations balance sheet accounts are translated at the current year-end exchange rate; income statement accounts are translated at the average exchange rate for the year. Resulting translation adjustments are made directly to a separate component of shareholders’ equity – “Accumulated other comprehensive income (loss) – Foreign currency translation”. Foreign currency exchange transaction gains and losses are not material in any year. Recognition of Revenue and Accounts Receivable Revenue and accounts receivable are recognized when persuasive evidence of an arrangement exists, the price is fixed and determinable, delivery has occurred, and there is a reasonable assurance of collection of the sales proceeds. The Company obtains written purchase authorizations from its customers for a specified amount of product at a specified price and delivery occurs at the time of shipment. Credit is extended based on an evaluation of each customer’s financial condition; collateral is not required. Accounts receivable are recorded net of applicable allowances. No customer exceeded 10% of total accounts receivable at year end 2015 or 2014. Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company reviews the collectability of its receivables on an ongoing basis taking into account a combination of factors. The Company reviews potential problems, such as past due accounts, a bankruptcy filing or deterioration in the customer’s financial condition, to ensure the Company is adequately accrued for potential loss. Accounts are considered past due based on when payment was originally due. If a customer’s situation changes, such as a bankruptcy or creditworthiness, or there is a change in the current economic climate, the Company may modify its estimate of the allowance for doubtful accounts. The Company will write off accounts receivable after reasonable collection efforts have been made and the accounts are deemed uncollectible. Write-offs have been within management’s estimates. Inventories Inventories are valued at the lower of cost or market. Cost is determined by the last-in, first-out (LIFO) method in the U.S. ($31,601,408 for U.S. inventories at January 2, 2016) and by the first-in, first-out (FIFO) method for inventories outside the U.S. ($5,241,005 for inventories outside the U.S. at January 2, 2016). Current cost exceeds the LIFO carrying value by approximately $6,297,368 at January 2, 2016 and $6,886,000 at January 3, 2015. There was no material LIFO quantity liquidation in 2015, 2014 and 2013. Property, Plant and Equipment and Related Depreciation Property, plant and equipment (including equipment under capital lease) are stated at cost. Depreciation ($3,460,516 in 2015, $3,237,426 in 2014, $3,592,263 in 2013) is computed generally using the straight-line method based on the following estimated useful lives of the assets: Buildings 10 to 39.5 years; Machinery and equipment 3 to 10 years. Goodwill, Intangibles and Impairment of Long-Lived Assets Patents are recorded at cost and are amortized using the straight-line method over the lives of the patents. Technology and licenses are recorded at cost and are generally amortized on a straight-line basis over periods ranging from 5 to 17 years. Non-compete agreements and customer relationships are being amortized using the straight-line method over a period of 5 years. Amortization expense in 2015, 2014 and 2013 was $460,922, $248,876 and $233,023, respectively. Total amortization expense for each of the next five years is estimated to be as follows: 2016 - $437,000; 2017 - $437,000; 2018 - $437,000; and 2019 - $379,000; and 2020 - $146,000. Trademarks are not amortized as their lives are deemed to be indefinite. The gross carrying amount and accumulated amortization of amortizable intangible assets: Industrial Hardware Segment Security Products Segment Metal Products Segment Total Weighted-Average Amortization Period (Years) 2015 Gross Amount Patents and developed technology $ 2,206,852 $ 1,029,181 $ — $ 3,236,033 15.9 Customer relationships — 449,706 — 449,706 5.0 Non-compete agreements — 407,000 — 407,000 5.0 Intellectual property — 307,370 — 307,370 5.0 Total Gross Intangibles $ 2,206,852 $ 2,193,257 $ — $ 4,400,109 12.6 2015 Accumulated Amortization Patents and developed technology $ 1,478,692 $ 575,026 $ — $ 2,053,718 Customer relationships — 89,941 — 89,941 Non-compete agreements — 81,400 — 81,400 Intellectual property — 61,474 — 61,474 Accumulated Amortization $ 1,478,692 $ 807,841 $ — $ 2,286,533 Net 2015 per Balance Sheet $ 728,160 $ 1,385,416 $ — $ 2,113,576 2014 Gross Amount Patents and developed technology $ 2,494,261 $ 1,025,303 $ — $ 3,519,564 15.7 Customer relationships — 449,706 — 449,706 5.0 Non-compete agreements — 407,000 — 407,000 5.0 Intellectual property — 307,370 — 307,370 5.0 Total Gross Intangibles $ 2,494,261 $ 2,189,379 $ — $ 4,683,640 12.7 2014 Accumulated Amortization Patents and developed technology $ 1,649,655 $ 535,415 $ — $ 2,185,070 Customer relationships — — — — Non-compete agreements — — — — Intellectual property — — — — Accumulated amortization 1,649,655 535,415 — 2,185,070 Net 2014 per Balance Sheet $ 844,606 $ 1,653,964 $ — $ 2,498,570 In the event that facts and circumstances indicate that the carrying value of long-lived assets, including definite life intangible assets, may be impaired, an evaluation is performed to determine if a write-down is required. No events or changes in circumstances have occurred to indicate that the carrying amount of such long-lived assets held and used may not be recovered. The Company performed qualitative assessments as of the end of fiscal 2015 and fiscal 2014 and determined it is more likely than not that no impairment of goodwill existed at the end of 2015 or 2014. The Company will perform annual qualitative assessments in subsequent years as of the end of each fiscal year. Additionally, the Company will perform interim analysis whenever conditions warrant. Goodwill or trademarks would be considered impaired whenever our historical carrying amount exceeds the fair value. Goodwill and trademarks were not impaired in 2015, 2014 or 2013. Should we reach a different conclusion in the future, additional work would be performed to determine the amount of the non-cash impairment charge to be recognized. The maximum future impairment of goodwill or trademarks that could occur is the amount recognized on our balance sheet. The following is a roll-forward of goodwill for 2015 and 2014: Industrial Hardware Segment Security Products Segment Metal Products Segment Total 2015 Beginning balance $ 1,901,312 $ 13,059,042 $ — $ 14,960,354 Foreign exchange (169,561 ) — — (169,561) Ending balance $ 1,731,751 $ 13,059,042 $ — $ 14,790,793 Industrial Hardware Segment Security Products Segment Metal Products Segment Total 2014 Beginning balance $ 2,008,231 $ 11,833,816 $ — $ 13,842,047 Acquisition of Argo Transdata — 1,225,226 — 1,225,226 Foreign exchange (106,919 ) — — (106,919 ) Ending balance $ 1,901,312 $ 13,059,042 $ — $ 14,960,354 Cost of Goods Sold Cost of goods sold reflects the cost of purchasing, manufacturing and preparing a product for sale. These costs generally represent the expenses to acquire or manufacture products for sale (including an allocation of depreciation and amortization) and are primarily comprised of direct materials, direct labor, and overhead, which includes indirect labor, facility and equipment costs, inbound freight, receiving, inspection, purchasing, warehousing and any other costs related to the purchasing, manufacturing or preparation of a product for sale. Shipping and Handling Costs Shipping and handling costs are included in cost of goods sold. Selling, General and Administrative Expenses Selling, general and administrative expenses include all operating costs of the Company that are not directly related to the cost of purchasing, manufacturing and preparing a product for sale. These expenses generally represent the cost of selling or distributing the product once it is available for sale, as well as administrative expenses for support functions and related overhead. Product Development Costs Product development costs, charged to expense as incurred, were $1,218,948 in 2015, $1,079,557 in 2014 and $991,286 in 2013. Advertising Costs The Company expenses advertising costs as incurred. Advertising costs were $496,066 in 2015, $494,267 in 2014 and $486,027 in 2013. Income Taxes The Company accounts for uncertain tax positions pursuant to the provisions of FASB Accounting Standards Codification (“ASC”) 740 which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements. These provisions detail how companies should recognize, measure, present and disclose uncertain tax positions that have or are expected to be taken. As such, the financial statements will reflect expected future tax consequences of uncertain tax positions presuming the taxing authorities’ full knowledge of the position and all relevant facts. See Note 8 Income Taxes. The Company and its U.S. subsidiaries file a consolidated federal income tax return. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Earnings per Share The denominators used in the earnings per share computations follow: 2015 2014 2013 Basic: Weighted average shares outstanding 6,245,057 6,225,068 6,220,928 Diluted: Weighted average shares outstanding 6,245,057 6,225,068 6,220,928 Dilutive stock options — 12,846 16,830 Denominator for diluted earnings per share 6,245,057 6,237,914 6,237,758 There were no anti-dilutive stock options in 2015, 2014 or 2013. Derivatives The Company does not maintain any derivatives as of the date of this report. Stock Based Compensation The Company accounts for stock based compensation pursuant to the fair value recognition provisions of ASC 718. No stock options were granted in 2015, 2014 or 2013, and, since all outstanding options were fully vested in each year presented, there was no impact on the financial statements. Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. The carrying amounts of financial instruments (cash and cash equivalents, accounts receivable, accounts payable and debt) as of January 2, 2016 and January 3, 2015, approximate fair value. Fair value was based on expected cash flows and current market conditions.

BUSINESS ACQUISITIONS

BUSINESS ACQUISITIONS	12 Months Ended
	Jan. 02, 2016
BUSINESS ACQUISITIONS [Abstract]
BUSINESS ACQUISITIONS	3. B usiness Acquisitions Effective December 15, 2014 the Company acquired certain assets of Argo Transdata Corporation (“Argo”) including accounts receivable, inventories, furniture, fixtures and equipment, intellectual property rights and rights existing under all sales and purchase agreements. Argo is a contract manufacturer of printed circuit board assemblies and has the ability to manufacture surface mount (SMT), through hole and wire bond assemblies or any combination of the three technologies. Its products are sold to numerous OEM’s in industries such as measurement systems, industrial controls, medical and military. The Argo acquisition further diversified our markets and provides a source for printed circuit boards which are used in several of our current products. Argo is included in the Security Products segment of the Company from the date of the acquisition. The cost of the acquisition of Argo was approximately $5,034,000, inclusive of transaction costs, plus a contingent earn-out of $282,914 based on revenue levels in each of the first two fiscal years following the closing and the assumption of $63,000 in current liabilities. In 2015, the Company recognized $138,683 in earnings as a result of Argo not meeting the sales goals for the 1 st The above acquisition was accounted for under ASC 805. The acquired business is included in the consolidated operating results of the Company from the date of acquisition. The excess of the cost of Argo over the fair market value of the net assets acquired of $1,225,226 has been recorded as goodwill. In connection with the above acquisition, the Company recorded the following intangible assets: Asset Class/Description Amount Weighted-average Amortization Period in Years Patents, technology, and licenses Customer relationships $ 449,706 5.0 Intellectual property 307,370 5.0 Non-compete agreements 407,000 5.0 $ 1,164,076 5.0 There is no anticipated residual value relating to these intangible assets. Neither the actual results nor the pro forma effects of the acquisition of Argo are material to the Company's financial statements.

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Jan. 02, 2016
CONTINGENCIES [Abstract]
CONTINGENCIES	4. C ontingencies The Company is party to various legal proceedings and claims related to its normal business operations. In the opinion of management, the Company has substantial and meritorious defenses for these claims and proceedings in which it is a defendant, and believes these matters will ultimately be resolved without a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company. The aggregate provision for losses related to contingencies arising in the ordinary course of business was not material to operating results for any year presented. During the fourth quarter of 2010, the Company was contacted by the State of Illinois regarding potential ground contamination at our plant in Wheeling, Illinois. The Company signed up with a voluntary remediation program in Illinois and has engaged an environmental clean-up company to perform testing and develop a remediation plan. The estimated cost of remediation is $30,000. Approximately 26% of the total workforce is subject to negotiated union contracts, and none of the agreements expire during 2016.

DEBT

DEBT	12 Months Ended
	Jan. 02, 2016
DEBT [Abstract]
DEBT	5. D ebt On January 29, 2010, the Company signed a secured Loan Agreement (the “Loan Agreement”) with People’s United Bank (“People’s”) which included a $5,000,000 term portion and a $10,000,000 revolving credit portion. The term portion of the loan requires quarterly principal payments of $178,571 for a period of seven (7) years, maturing on January 31, 2017. The revolving credit portion had a quarterly commitment fee of one quarter of one percent (0.25%), and a maturity date of January 31, 2012. On January 25, 2012 the Company amended the Loan Agreement by taking an additional $5,000,000 term loan (the “2012 Term Loan”). The 2012 Term Loan requires quarterly principal payments of $178,571 for a period of seven (7) years, maturing on January 31, 2019. At the same time the maturity date of the revolving credit portion was extended to January 31, 2014 and continued to have a quarterly commitment fee of one quarter of one percent (0.25%). Interest on the original term portion of the Loan Agreement is fixed at 4.98%. Interest on the 2012 Term Loan is fixed at 3.90%. For the period from January 25, 2012 to January 23, 2014, interest on the revolving credit portion of the Loan Agreement varied based on the LIBOR rate or People’s Prime rate plus 2.25%, with a floor of 3.25% with a maturity date of January 31, 2014. On January 23, 2014, the Company amended the Loan Agreement with People’s. The amendment renewed and extended the maturity date of the revolving credit portion of the Loan Agreement to July 1, 2016 and changed the interest rate to LIBOR plus 2.25%, and eliminated the 3.25% floor previously in place. The quarterly commitment fee of one quarter of one percent (0.25%) remained unchanged. The Company did not utilize the revolving credit portion of the Loan Agreement at any time during 2014 or 2015. Debt consists of: 2015 2014 Term loans $ 3,214,285 $ 4,285,714 Revolving credit loan — — 3,214,285 4,285,714 Less current portion 1,428,571 1,071,429 $ 1,785,714 $ 3,214,285 The Company paid interest of $174,558 in 2015, $272,993 in 2014, and $319,760 in 2013. The Company’s loan covenants under the Loan Agreement require the Company to maintain a fixed charge coverage ratio of at least 1.1 to 1, a leverage ratio of no more than 1.75 to 1, and minimum tangible net worth of $43 million increasing each year by 50% of consolidated net income. This amount was approximately $52.8 million as of December 28, 2013. As part of an amendment to the Loan Agreement signed on January 23, 2014, the leverage ratio was eliminated, and the minimum tangible net worth covenant was modified to a fixed minimum amount of $55 million, effective with the end of the Company’s first quarter of 2014. In addition, the Company has restrictions on, among other things, new capital leases, purchases or redemptions of its capital stock, mergers and divestitures, and new borrowing. The Company was in compliance with all covenants in 2014 and 2015. As of January 3, 2015, scheduled annual principal maturities of long-term debt for each of the next five years follow: 2016 $ 1,428,571 2017 892,857 2018 714,286 2019 178,571 2020 — Thereafter — $ 3,214,285

STOCK RIGHTS

STOCK RIGHTS	12 Months Ended
	Jan. 02, 2016
STOCK RIGHTS [Abstract]
STOCK RIGHTS	6. S tock ights The Company had a stock rights plan. At January 3, 2015, there were 6,244,013 stock rights outstanding under the plan. Each right may have been exercised to purchase one share of the Company’s common stock at an exercise price of $80.00, subject to adjustment to prevent dilution. On August 7, 2015, the Company terminated the 2008 Shareholder Rights Agreement. Pursuant to Section 23 of the Rights Agreement, the Company redeemed all of the outstanding rights at a redemption price of $0.01 per right. The redemption fee was paid on September 15, 2015, to common shareholders of record as of August 19, 2015.

STOCK OPTIONS AND AWARDS

STOCK OPTIONS AND AWARDS	12 Months Ended
	Jan. 02, 2016
STOCK OPTIONS AND AWARDS [Abstract]
STOCK OPTIONS AND AWARDS	7. S tock ptions and wards Stock Options At the end of 2015, the Company had one stock option plan, the 2010 plan, for officers, other key employees, and non-employee directors. Incentive stock options granted under the 2010 plan must have exercise prices that are not less than 100% of the fair market value of the stock on the dates the options are granted. Restricted stock awards may also be granted to participants under the 2010 plan with restrictions determined by the Compensation Committee of the Company’s Board of Directors. Under the 2010 plan, non-qualified stock options granted to participants will have exercise prices determined by the Compensation Committee of the Company’s Board of Directors. No options or restricted stock were granted in 2015, 2014 or 2013. As of January 2, 2016, there were 500,000 shares of common stock reserved and available for future grant under the above noted 2010 plan. Information with respect to the Company’s stock option plans is summarized below: Shares Weighted Average Exercise Price Outstanding at December 29, 2012 21,000 $13.58 Exercised (1,000 ) 13.58 Outstanding at December 28, 2013 20,000 13.58 Exercised (20,000 ) 13.58 Outstanding at January 3, 2015 — Exercised — Outstanding at January 2, 2016 — At January 2, 2016, there were no stock options outstanding or exercisable. The total intrinsic value of stock options exercised in 2014 and 2013 was $59,125 and $1,590, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jan. 02, 2016
INCOME TAXES [Abstract]
INCOME TAXES	8. I ncome axes Deferred income taxes are provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for income tax reporting purposes. Deferred income tax (assets) liabilities relate to: 2015 2014 2013 Property, plant and equipment $ 6,694,885 $ 6,503,597 $ 6,184,873 Other 99,989 92,531 208,938 Total deferred income tax liabilities 6,794,874 6,596,128 6,393,811 Other postretirement benefits (281,154 ) (1,030,203 ) (787,087 ) Inventories (807,061 ) (829,876 ) (848,364 ) Allowance for doubtful accounts (124,351 ) (105,296 ) (104,695 ) Intangible assets (299,137 ) (396,541 ) (373,482 ) Accrued compensation (252,297 ) (203,180 ) (158,866 ) Pensions (8,616,582 ) (9,275,949 ) (3,828,224 ) Total deferred income tax assets (10,380,582 ) (11,841,045 ) (6,100,718 ) Net deferred income tax (assets) liabilities $ (3,585,708 ) $ (5,244,917 ) $ 293,093 Income before income taxes consists of: 2015 2014 2013 Domestic $ 4,308,809 $ 8,087,552 $ 7,139,039 Foreign 3,712,166 3,441,211 2,974,856 $ 8,020,975 $ 11,528,763 $ 10,113,895 The provision for income taxes follows: 2015 2014 2013 Current: Federal $ 1,337,417 $ 2,339,917 $ 1,942,271 Foreign 1,054,694 991,257 871,949 State 140,139 295,554 162,952 Deferred: Federal (223,530) 164,830 241,821 State (14,788 ) 75,729 (7,019 ) $ 2,293,932 $ 3,867,287 $ 3,211,974 A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows: 2015 2014 2013 Amount Percent Amount Percent Amount Percent Income taxes using U.S. federal statutory rate $ 2,727,131 34 % $ 3,919,779 34 % $ 3,438,724 34 % State income taxes, net of federal benefit 82,987 1 249,324 2 99,245 1 Impact of foreign subsidiaries on effective tax rate (388,132 ) (5 ) (76,914 ) (1 ) (103,878 ) (1 ) Impact of manufacturers deduction on effective tax rate (91,018 ) (1 ) (185,993 ) (1 ) (138,127 ) (1 ) Other—net (37,036 ) - (38,909 ) - (83,990 ) (1 ) $ 2,293,932 29 % $ 3,867,287 34 % $ 3,211,974 32 % Total income taxes paid were $2,348,865 in 2015, $3,989,978 in 2014 and $2,568,708 in 2013. United States income taxes have been provided on the undistributed earnings of foreign subsidiaries ($13,308,709 at January 2, 2016) only where necessary because such earnings are intended to be reinvested abroad indefinitely or repatriated only when substantially free of such taxes. The Company would be required to accrue and pay United States income taxes to repatriate the funds held by foreign subsidiaries not otherwise provided. During 2015, 2014 and 2013, the Company received tax benefits of $0, $8,882, and $0, respectively, as a result of the exercise and sale of incentive stock options that resulted in the disqualification of those incentive stock options and the exercise of non-qualified stock options during the year. The tax benefit associated with the exercise of the incentive and non-qualified stock options has been recorded to common stock. A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows: 2015 2014 2013 Balance at beginning of year $ 248,645 $ 220,289 $ 499,624 Increases for positions taken during the current period 27,947 50,735 49,636 Decreases relating to settlements — — (263,856 ) Decreases resulting from the expiration of the statute of limitations (26,810 ) (22,379 ) (65,115 ) Balance at end of year $ 249,782 $ 248,645 $ 220,289 The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2012 and non-U.S. income tax examinations by tax authorities prior to 2009. Included in the balance at January 2, 2016, are $164,856 of unrecognized tax benefits that would affect the annual effective tax rate. In 2015, the Company recognized accrued interest related to unrecognized tax benefits in income tax expense. The Company had approximately $37,000 of accrued interest at January 2, 2016. The total amount of unrecognized tax benefits could increase or decrease within the next twelve months for a number of reasons, including the closure of federal, state and foreign tax years by expiration of the statute of limitations and the recognition and measurement considerations under ASC 740. The Company believes that the total amount of unrecognized tax benefits will not increase or decrease significantly over the next twelve months.

LEASES

LEASES	12 Months Ended
	Jan. 02, 2016
LEASES [Abstract]
LEASES	9. L eases The Company leases certain equipment and buildings under operating lease arrangements. Most leases are for a fixed term and for a fixed amount; additionally, the Company leases certain buildings under operating leases on a month-to-month basis. The Company is not a party to any leases that have step rent provisions, escalation clauses, capital improvement funding or payment increases based on any index or rate. Future minimum payments under non-cancelable operating leases with initial or remaining terms in excess of one year during each of the next five years follow: 2016 $ 1,046,940 2017 992,680 2018 884,615 2019 397,186 2020 55,120 $ 3,376,541 Rent expense for all operating leases was $1,324,365 in 2015, $1,151,749 in 2014 and $1,093,895 in 2013. The Company expects future rent expense, including non-cancelable operating leases, leases that are expected to be renewed and buildings leased on a month-to-month basis, for each of the next five years to be in the range of $1,100,000 to $1,300,000.

RETIREMENT BENEFIT PLANS

RETIREMENT BENEFIT PLANS	12 Months Ended
	Jan. 02, 2016
RETIREMENT BENEFIT PLANS [Abstract]
RETIREMENT BENEFIT PLANS	10. Retirement Benefit Plans The Company has non-contributory defined benefit pension plans covering most U.S. employees. Plan benefits are generally based upon age at retirement, years of service and, for its salaried plan, the level of compensation. The Company also sponsors unfunded non-qualified supplemental retirement plans that provide certain former officers with benefits in excess of limits imposed by federal tax law. The Company also provides health care and life insurance for retired salaried employees in the United States who meet specific eligibility requirements. Components of the net periodic benefit cost of the Company’s pension benefit plans were as follows: 2015 2014 2013 Service cost $ 3,770,191 $ 2,837,134 $ 3,028,863 Interest cost 3,472,870 3,365,194 2,840,622 Expected return on plan assets (5,151,654 ) (4,810,524 ) (4,827,393 ) Amortization of prior service cost 218,585 218,585 256,459 Amortization of the net loss 1,928,298 944,130 1,844,139 Net periodic benefit cost $ 4,238,290 $ 2,554,519 $ 3,142,690 Assumptions used to determine net periodic benefit cost for the Company’s pension benefit plans for the fiscal year indicated were as follows: 2015 2014 2013 Discount rate 3.90% 4.80% 3.90% Expected return on plan assets 8.0% 8.0% 8.0% Rate of compensation increase 3.25% 3.25% 3.25% Components of the net periodic benefit cost of the Company’s postretirement benefit plan were as follows: 2015 2014 2013 Service cost $ 217,570 $ 173,902 $ 202,568 Interest cost 154,915 157,481 142,086 Expected return on plan assets (91,936 ) (22,434 ) (73,920 ) Amortization of prior service cost (23,889 ) (23,888 ) (23,888 ) Amortization of the net loss 18,804 (72,378 ) (4,608 ) Net periodic benefit cost $ 275,464 $ 212,683 $ 242,238 Assumptions used to determine net periodic benefit cost for the Company’s postretirement plan for the fiscal year indicated were as follows: 2015 2014 2013 Discount rate 3.90% 4.80% 3.90% Expected return on plan assets 8.0% 8.0% 8.0% As of January 2, 2016 and January 3, 2015, the status of the Company’s pension benefit plans and postretirement benefit plan was as follows: Pension Benefit Postretirement Benefit 2015 2014 2015 2014 Benefit obligation at beginning of year $ 90,516,922 $ 71,211,198 $ 4,055,112 $ 3,420,475 Change due to availability of final actual assets and census data — — 346 (56,516 ) Discount rate (4,121,170 ) 10,600,944 (87,748 ) 445,610 Mortality table — 2,808,383 — 75,047 Service cost 3,770,191 2,837,134 217,570 173,902 Interest cost 3,472,870 3,365,194 154,915 157,481 Actuarial (gain)/loss (3,316,552 ) 2,287,760 (2,235,904 ) (23,169 ) Benefits paid (2,894,492 ) (2,593,691 ) (122,947 ) (137,718 ) Benefit obligation at end of year $ 87,427,769 $ 90,516,922 $ 1,981,344 $ 4,055,112 Pension Benefit Postretirement Benefit 2015 2014 2015 2014 Fair value of plan assets at beginning of year $ 64,352,110 $ 60,350,987 $ 1,149,204 $ 1,187,603 Change due to availability of final actual assets and census data — — — (2,451 ) Actual return on plan assets (1,340,977 ) 3,731,262 39,085 22,434 Employer contributions 3,006,202 2,863,552 122,947 79,336 Benefits paid (2,894,492 ) (2,593,691 ) (122,947 ) (137,718 ) Fair value of plan assets at end of year $ 63,122,843 $ 64,352,110 $ 1,188,289 $ 1,149,204 Pension Benefit Postretirement Benefit Funded Status 2015 2014 2015 2014 Net amount recognized in the balance sheet $ (24,304,926 ) $ (26,164,812 ) $ (793,055 ) $ (2,905,908 ) Amounts recognized in accumulated other comprehensive income consist of: Pension Benefit Postretirement Benefit 2015 2014 2015 2014 Net (loss)/gain $ (32,220,482 ) $ (35,093,871 ) $ 1,658,406 $ (630,853 ) Prior service (cost) credit (376,685 ) (595,270 ) 63,731 87,620 $ (32,597,167 ) $ (35,689,141 ) $ 1,722,137 $ (543,233 ) Change in the components of accumulated other comprehensive income consist of: Pension Benefit Postretirement Benefit 2015 2014 2015 2014 Balance at beginning of period $ (35,689,141 ) $ (20,075,506 ) $ (543,233 ) $ (3,544 ) Change due to availability of final actual assets and census data — — (346 ) 54,065 Charged to net periodic benefit cost Prior service cost 218,585 218,585 (23,889 ) (23,888 ) Net loss (gain) 1,928,298 944,130 18,804 — Liability (gains)/losses Discount rate 4,121,170 (10,600,944 ) 87,748 (445,610 ) Mortality table — (2,808,383 ) — (75,047 ) Asset (gains)/losses deferred (2,813,796 ) (184,695 ) (52,851 ) (72,378 ) Other (362,283 ) (3,182,328 ) 2,235,904 23,169 Balance at end of period $ (32,597,167 ) $ (35,689,141 ) $ 1,722,137 $ (543,233 ) In 2016, the net periodic pension benefit cost will include $1,837,738 of net loss and $200,568 of prior service cost and the net periodic postretirement benefit cost will include $125,885 of net gain and $23,889 of prior service credit. Assumptions used to determine the projected benefit obligations for the Company’s pension benefit plans and postretirement benefit plan for the fiscal year indicated were as follows: 2015 2014 Discount rate - Pension plans 4.24% - 4.28% 3.9 % - Supplemental pension plans 3.53 % 3.9 % - Postretirement plan 4.23 % 3.9 % Expected return on plan assets 8.0 % 8.0 % Rate of compensation increase 3.25 % 3.25 % At January 2, 2016 and January 3, 2015, the accumulated benefit obligation for all qualified and nonqualified defined benefit pension plans was $83,433,339 and $84,714,136, respectively. Information for the under-funded pension plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets: 2015 2014 Number of plans 6 6 Projected benefit obligation $ 87,427,769 $ 90,516,922 Accumulated benefit obligation 83,433,339 84,714,136 Fair value of plan assets 63,122,843 64,352,110 Net amount recognized in accrued benefit liability (24,304,926 ) (26,164,812 ) Estimated future benefit payments to participants of the Company’s pension plans are $3.4 million in 2016, $3.6 million in 2017, $3.8 million in 2018, $4.1 million in 2019, $4.4 million in 2020 and a total of $26.2 million from 2021 through 2025. Estimated future benefit payments to participants of the Company’s postretirement plan are $118,000 in 2016, $118,000 in 2017, $117,000 in 2018, $117,000 in 2019, $117,000 in 2020 and a total of $577,000 from 2021 through 2025. The Company expects to make cash contributions to its qualified pension plans of approximately $3.1 million and to its postretirement plan of approximately $118,000 in 2016. We consider a number of factors in determining and selecting assumptions for the overall expected long-term rate of return on plan assets. We consider the historical long-term return experience of our assets, the current and expected allocation of our plan assets, and expected long-term rates of return. We derive these expected long-term rates of return with the assistance of our investment advisors and generally base these rates on a 10-year horizon for various asset classes and consider the expected positive impact of active investment management. We base our expected allocation of plan assets on a diversified portfolio consisting of domestic and international equity securities and fixed income securities. We consider a variety of factors in determining and selecting our assumptions for the discount rate at the end of the year. In 2015 we developed each plan’s discount rate with the assistance of our actuaries by matching expected future benefit payments in each year to the corresponding spot rates from the Citigroup Pension Liability Yield Curve, comprised of high quality (rated AA or better) corporate bonds. Prior to 2015, we used the same process to determine each individual plan’s discount rate, but the average of these rates was used to determine a single rate for all plans. The fair values of the company’s pension plans assets at January 2, 2016 and January 3, 2015, utilizing the fair value hierarchy discussed in Note 2, follow: January 2, 2016 Level 1 Level 2 Level 3 Total Cash and Equivalents: Common/collective trust funds $ — $ 236,209 $ — $ 236,209 Equities: The Eastern Company Common Stock 4,069,088 — — 4,069,088 Common/collective trust funds Russell Large Cap Defensive Equity Fund (a) — 6,685,388 — 6,685,388 Russell Equity II Fund (b) — 4,456,364 — 4,456,364 Russell Large Cap U.S. Equity Fund (c) — 5,575,535 — 5,575,535 Russell International Fund with Active Currency (d) — 7,796,625 — 7,796,625 Russell Emerging Markets Fund (e) — 3,350,136 — 3,350,136 Fixed Income: Common/collective trust funds Russell Fixed Income I Fund (f) — 8,504,086 — 8,504,086 Target Duration LDI Fixed Income Funds (g) · Russell 8 Year LDI Fixed Income Fund — 1,478,701 — 1,478,701 · Russell 10 Year LDI Fixed Income Fund — 1,840,616 — 1,840,616 · Russell 12 Year LDI Fixed Income Fund — 2,119,786 — 2,119,786 · Russell 14 Year LDI Fixed Income Fund — 3,795,220 — 3,795,220 · Russell 16 Year LDI Fixed Income Fund — 5,615,278 — 5,615,278 STRIPS Fixed Income Funds (h) · Russell 15 Year STRIPS Fixed Income Fund — 2,606,554 — 2,606,554 · Russell 10 Year STRIPS Fixed Income Fund — 1,411,574 — 1,411,574 · Russell 28 to 29 Year STRIPS Fixed Income Fund — 543,357 — 543,357 Insurance contracts — 3,038,326 — 3,038,326 Total $ 4,069,088 $ 59,053,755 $ — $ 63,122,843 January 3, 2015 Level 1 Level 2 Level 3 Total Cash and Equivalents: Common/collective trust funds $ — $ 1,201,073 $ — $ 1,201,073 Equities: The Eastern Company Common Stock 3,473,938 — — 3,473,938 Common/collective trust funds Russell Large Cap Defensive Equity Fund — 6,936,880 — 6,936,880 Russell Equity II Fund — 4,632,485 — 4,632,485 Russell Concentrated Equity Fund — 5,788,864 — 5,788,864 Russell International Fund with Active Currency — 7,606,489 — 7,606,489 Russell Emerging Markets Fund — 3,188,672 — 3,188,672 Fixed Income: Common/collective trust funds Russell Fixed Income I Fund — 17,013,171 — 17,013,171 Target Duration LDI Fixed Income Funds · Russell 6 Year LDI Fixed Income Fund — 226,826 — 226,826 · Russell 8 Year LDI Fixed Income Fund — 227,960 — 227,960 · Russell 10 Year LDI Fixed Income Fund — 343,712 — 343,712 · Russell 12 Year LDI Fixed Income Fund — 919,538 — 919,538 · Russell 14 Year LDI Fixed Income Fund — 1,212,739 — 1,212,739 · Russell 16 Year LDI Fixed Income Fund — 520,522 — 520,522 Russell Long Duration Fixed Income Fund (i) — 8,112,746 — 8,112,746 Insurance contracts — 2,946,495 — 2,946,495 Total $ 3,473,938 $ 60,878,172 $ — $ 64,352,110 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 Russell Large Cap Defensive Equity Fund is to outperform the Russell 1000 ® ® (b) The Russell Equity II Fund has an objective to provide a favorable total return primarily through capital appreciation. Aims to outperform the Russell 2500 ® (c) The investment objective of the Russell Large Cap U.S. Equity Fund (formerly the Russell Concentrated Equity Fund) is to outperform the Russell 1000 ® (d) The Russell International Fund with Active Currency seeks to provide long-term growth of Capital. Aims to outperform the Russell Development ex-U.S. Large Cap Index Net while managing volatility and maintaining diversification similar to the index over a full market cycle. The fund invests primarily in the equities of non-U.S. developing markets and currency of global markets. Employs multiple managers with distinct investment styles, which are intended to be complementary. Seeks to capitalize on the stock selection abilities of its active manager. The Fund typically has moderate country and sector weights relative to the index. Also believe active currency management is an attractive strategy with the potential to deliver excess return. (e) The Russell Emerging Markets Fund seeks to provide the potential for long-term growth of Capital. Aims to outperform the Russell Emerging Markets Index Net over a full market cycle. The fund invests in equity securities of companies located in, or are economically tied to, emerging market countries. Securities are denominated principally in foreign currencies and are typically held outside the U.S. The Fund employs a multi-style (growth, market-oriented and value) and multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles. (f) The Russell Fixed Income I Fund is designed to provide current income and capital appreciation through a variety of diversified strategies. The Fund seeks favorable returns comparable to the broad fixed income market, as measured by the Barclays U.S. Aggregate Bond Index. The fund primarily invests in fixed income securities representing diverse sectors and maturities. Advisors use diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds. It is actively managed with multiple advisors employing distinct yet complementary strategies and different technologies to insure prudent diversification over a broad spectrum of investments. (g) 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. (h) 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. (i) The Russell Long Duration Fixed Income Fund seeks to outperform the Barclays Capital Long Credit Index over a full market cycle. The fund seeks to provide current income, and as a secondary objective, capital appreciation through diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds. The fund will generally be used in combination with other bond funds, with the goal of reducing the mismatch between a plan’s assets and liabilities. In January 2015, the Trustee of the plan sold all of the assets of this fund. The proceeds were invested in the LDI Target funds and the STRIPS funds as of the end of 2015. The investment portfolio contains a diversified blend of common stocks, bonds, cash equivalents, and other investments, which may reflect varying rates of return. The investments are further diversified within each asset classification. The portfolio diversification provides protection against a single security or class of securities having a disproportionate impact on aggregate performance. The Company has elected to change its investment strategy to better match the assets with the underlying plan liabilities. Currently, the long-term target allocations for plan assets are 50% in equities and 50% in fixed income although the actual plan asset allocations may be within a range around these targets. The actual asset allocations are reviewed and rebalanced on a periodic basis to maintain the target allocations. It is expected that, as the funded status of the plans improves, more assets will be invested in long-duration fixed income instruments. The plans’ assets include 217,018 and 202,562 shares of the common stock of the Company having a market value of $4,069,938 and $3,473,938 at January 2, 2016 and January 3, 2015, respectively. The Salaried Pension Plan purchased 14,456 shares of common stock at a cost of $232,124 during 2015 and 8,938 shares of common stock at a cost of $146,712 in 2014. No shares were sold in either period. Dividends received during 2015 and 2014 on the common stock of the Company were $92,743 and $93,507 respectively. The fair values of the Company’s postretirement plan assets at January 2, 2016 and January 3, 2015, utilizing the fair value hierarchy discussed in Note 2, follow: January 2, 2016 Level 1 Level 2 Level 3 Total Fixed Income: Insurance contracts $ — $ — $ 1,188,289 $ 1,188,289 Total $ — $ — $ 1,188,289 $ 1,188,289 January 3, 2015 Level 1 Level 2 Level 3 Total Fixed Income: Insurance contracts $ — $ — $ 1,149,204 $ 1,149,204 Total $ — $ — $ 1,149,204 $ 1,149,204 The level 3 asset consists of an insurance contract with The Prudential Life Insurance Company of America. It is designed to provide life insurance benefits for eligible retirees of the Company. The contract is valued annually by the insurance company, based on activity in the account. An analysis of the Level 3 asset of the Company’s postretirement plan is as follows: 2015 2014 Fair value of Level 3 assets at beginning of year $ 1,149,204 $ 1,187,603 Change due to availability of final actual assets and census data — (2,451 ) Actual return on plan assets 39,085 22,434 Employer contributions 81,360 19,639 Benefits paid (81,360 ) (78,021 ) Fair value of Level 3 assets at end of year $ 1,188,289 $ 1,149,204 The Level 3 assets described above are the only assets of the postretirement plan, and thus have no impact on any Level 1 or Level 2 assets. For measurement purposes relating to the postretirement benefit plan, the life insurance cost trend rate is 1%. The health care cost trend rate for participants retiring after January 1, 1991 is nil; no increase in that rate is expected because of caps placed on benefits. The health care cost trend rate is expected to remain at 4.5% for participants after the year 2000. A one-percentage-point change in assumed health care cost trend rates would have the following effects on the postretirement benefit plan: 1-Percentage Point Increase Decrease Effect on total of service and interest cost components $ 71,520 $ (57,039 ) Effect on postretirement benefit obligation $ — $ — U.S. salaried employees and most employees of the Company’s Canadian subsidiaries are covered by defined contribution plans. The Company has a contributory savings plan under Section 401(k) of the Internal Revenue Code covering substantially all U.S. non-union employees. The plan allows participants to make voluntary contributions of up to 100% of their annual compensation on a pretax basis, subject to IRS limitations. The plan provides for contributions by the Company at its discretion. The Company made contributions of $232,399 in 2015, $186,545 in 2014, and $194,068 in 2013. Beginning in 2015, the Company began making a non-discretionary contribution to the plan for the benefit of all U.S. non-union employees who are not eligible for the Company’s salaried retirement plan. This contribution totaled $51,470 in 2015.

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	12 Months Ended
	Jan. 02, 2016
REPORTABLE SEGMENTS [Abstract]
REPORTABLE SEGMENTS	11. Reportable Segments The accounting policies of the segments are the same as those described in Note 2. Operating profit is total revenue less operating expenses, excluding interest and miscellaneous non-operating income and expenses. Inter-segment revenue, which is eliminated, is recorded on the same basis as sales to unaffiliated customers. Identifiable assets by reportable segment consist of those directly identified with the segment’s operations. One customer of the Metal Products segment, Jennmar Corporation, accounted for 10.5% of total sales in 2014 and 11.5% of total sales in 2013. No other customer exceeded 10% of total sales in 2015, 2014 or 2013. 2015 2014 2013 Sales: Sales to unaffiliated customers: Industrial Hardware $ 61,338,812 $ 58,666,229 $ 60,367,209 Security Products 56,598,487 49,381,553 48,751,688 Metal Products 26,630,652 32,777,578 33,339,382 $ 144,567,951 $ 140,825,360 $ 142,458,279 Inter-segment Sales: Industrial Hardware $ 595,596 $ 984,192 $ 373,797 Security Products 2,813,576 2,565,733 2,558,127 Metal Products 16,804 — 11,540 $ 3,425,976 $ 3,549,925 $ 2,943,464 Income Before Income Taxes: Industrial Hardware $ 4,314,149 $ 5,063,786 $ 4,797,254 Security Products 3,798,115 4,058,554 2,780,403 Metal Products (84,536 ) 2,596,308 2,808,664 Operating Profit 8,027,728 11,718,648 10,386,321 Interest expense (185,475 ) (254,576 ) (322,731 ) Other income 178,722 64,691 50,305 $ 8,020,975 $ 11,528,763 $ 10,113,895 Geographic Information: Net Sales: United States $ 126,115,036 $ 117,478,557 $ 114,085,322 Foreign 18,452,915 23,346,803 28,372,957 $ 144,567,951 $ 140,825,360 $ 142,458,279 Foreign sales are primarily to customers in North America. Identifiable Assets: United States $ 106,662,743 $ 105,771,961 $ 96,289,200 Foreign 15,075,816 15,498,595 17,569,209 $ 121,738,559 $ 121,270,556 $ 113,858,409 Industrial Hardware $ 30,425,348 $ 29,660,695 $ 31,820,269 Security Products 52,688,497 51,573,251 43,582,088 Metal Products 20,931,863 21,037,058 19,282,393 104,045,708 102,271,004 94,684,750 General corporate 17,692,851 18,999,552 19,173,659 $ 121,738,559 $ 121,270,556 $ 113,858,409 2015 2014 2013 Depreciation and Amortization: Industrial Hardware $ 1,580,741 $ 1,631,521 $ 2,085,618 Security Products 1,010,262 621,501 592,555 Metal Products 1,330,435 1,233,280 1,147,113 $ 3,921,438 $ 3,486,302 $ 3,825,286 Capital Expenditures: Industrial Hardware $ 1,479,984 $ 1,929,022 $ 1,967,335 Security Products 388,377 973,365 469,669 Metal Products 632,016 664,851 3,002,556 2,500,377 3,567,238 5,439,560 Currency translation adjustment 25,020 10,347 (245 ) General corporate 12,839 55,580 84,427 $ 2,538,236 $ 3,633,165 $ 5,523,742

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Jan. 02, 2016
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	12. Recent Accounting Pronouncements In July 2012, the FASB issued authoritative guidance to amend previous guidance on the annual and interim testing of indefinite-lived intangible assets for impairment. The guidance provides entities with the option of first assessing qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If it is determined, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is more likely than not less than the carrying amount, a quantitative impairment test would still be required. The Company adopted this guidance effective December 30, 2012 and it had no impact on the consolidated financial statements of the Company. In February 2013, the FASB issued authoritative guidance which adds new disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income. The guidance requires that an entity present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of Accumulated Other Comprehensive Income based on its source and the income statement line items affected by the reclassification. The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2012. The Company adopted this guidance effective December 30, 2012 and it had no impact on the consolidated financial statements of the Company. In July 2013, the FASB issued authoritative guidance that requires an entity to net its liability for unrecognized tax positions against a net operating loss carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the tax law. The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2013. The Company adopted this guidance effective December 29, 2013 and it had no impact on the consolidated financial statements of the Company. In April 2014, the FASB issued authoritative guidance which changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements. To qualify as a discontinued operation the standard requires a disposal to represent a strategic shift that has, or will have, a major effect on an entity's operations and financial results. The standard also expands the disclosures for discontinued operations and requires new disclosures related to individually material dispositions that do not qualify as discontinued operations. The guidance is effective for fiscal years beginning after December 15, 2014, with early adoption permitted. The Company adopted this guidance with its fiscal year effective January 4, 2015 and does not expect any impact on the consolidated financial statements of the Company. This guidance will impact the reporting of any future dispositions. In May 2014, the FASB issued authoritative guidance which impacts virtually all aspects of an entity's revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The Company has not determined the impact of the adoption of this guidance on the consolidated financial statements of the Company. In July 2015, the FASB issued authoritative guidance which requires a company to change its valuation method of inventory from the lower of cost or market (market being replacement cost, net realizable value or net realizable value less an approximate profit margin) to the lower of cost or net realizable value. The amendment is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendment should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of this amendment is not expected to have a material impact on the consolidated financial statements of the Company. In September 2015, the FASB issued authoritative guidance which will simplify the accounting for adjustments made to provisional amounts recognized in a business combination. U.S. GAAP currently requires that during the measurement period, the acquirer retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. The amendments require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not yet been issued. The adoption of this amendment is not expected to have a material impact on the consolidated financial statements of the Company. The Company has implemented all new accounting pronouncements that are in effect and that could impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued, but are not yet effective, that might have a material impact on the consolidated financial statements of the Company.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	12 Months Ended
	Jan. 02, 2016
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	13. Financial Instruments and Fair Value Measurements Financial Risk Management Objectives and Policies The Company is exposed primarily to credit, interest rate and currency exchange rate risks which arise in the normal course of business. Credit Risk Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to settle its financial and contractual obligations to the Company, as and when they become due. The primary credit risk for the Company is its receivable accounts. The Company has established credit limits for customers and monitors their balances to mitigate its risk of loss. At January 2, 2016 and January 3, 2015, there were no significant concentrations of credit risk. No customer represented more than 10% of total accounts receivable at January 2, 2016 and January 3, 2015. The maximum exposure to credit risk is primarily represented by the carrying amount of the Company’s accounts receivable. Interest Rate Risk As of January 2, 2016 the Company currently has a fixed rate of 4.98% and 3.90% on its term debt. On January 2, 2016 the interest rate on the Company’s revolver was a variable rate based on LIBOR plus 2.25%. See Note 5 for additional details concerning the Loan Agreement. As the revolver is short term in nature, the Company does not consider this as a material risk to the financial statements. Currency Exchange Rate Risk The Company’s currency exposure is concentrated in the Canadian dollar, Mexican peso, New Taiwan dollar, Chinese RMB and the Hong Kong dollar. Because of the Company’s limited exposure to any single foreign market, any exchange gains or losses have not been material and are not expected to be material in the future. As a result, the Company does not attempt to mitigate its foreign currency exposure through the acquisition of any speculative or leveraged financial instruments. Fair Value Measurements Assets and liabilities that require fair value measurement are recorded at fair value using market and income valuation approaches and considering the Company’s and counterparty’s credit risk. The Company uses the market approach and the income approach to value assets and liabilities as appropriate. There were no assets or liabilities requiring fair value measurement on January 2, 2016.

SELECTED QUARTERLY FINANCIAL IN

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Jan. 02, 2016
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract]
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	14. Selected Quarterly Financial Information (Unaudited) Selected quarterly financial information (unaudited) follows: 2015 First Second Third Fourth Year Net sales $ 36,876,842 $ 37,037,697 $ 36,239,500 $ 34,413,912 $ 144,567,951 Gross margin 7,335,178 7,912,161 9,033,843 8,100,044 32,381,226 Selling and administrative expenses 5,963,695 7,056,139 5,584,222 5,749,442 24,353,498 Net income 873,951 584,594 2,527,722 1,740,776 5,727,043 Net income per share: Basic $ .14 $ .09 $ .41 $ .28 $ .92 Diluted $ .14 $ .09 $ .41 $ .28 $ .92 Weighted average shares outstanding: Basic 6,244,088 6,244,051 6,245,099 6,246,571 6,245,057 Diluted 6,244,088 6,244,051 6,245,099 6,246,571 6,245,057 2014 First Second Third Fourth Year Net sales $ 35,849,126 $ 34,779,773 $ 35,803,405 $ 34,393,056 $ 140,825,360 Gross margin 7,513,406 7,776,304 8,461,473 8,555,221 32,486,404 Selling and administrative expenses 5,216,289 4,988,364 4,892,600 5,670,503 20,767,756 Net (loss)/income 1,502,885 1,693,503 2,431,817 2,033,271 7,661,476 Net (loss)/income per share: Basic $ .24 $ .27 $ .39 $ .33 $ 1.23 Diluted $ .24 $ .27 $ .39 $ .33 $ 1.23 Weighted average shares outstanding: Basic 6,222,213 6,222,676 6,223,140 6,231,729 6,225,068 Diluted 6,239,149 6,239,866 6,240,396 6,231,729 6,237,914 Fiscal 2015 consisted of four 13 week quarters totaling 52 weeks for the year. Fiscal 2014 consisted of 13 weeks for the first, second and third quarters, with the fourth quarter being 14 weeks, totaling 53 weeks for the year.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying accounts	12 Months Ended
	Jan. 02, 2016
Schedule II - Valuation and Qualifying accounts [Abstract]
Schedule II - Valuation and Qualifying accounts	The Eastern Company and Subsidiaries Schedule II – Valuation and Qualifying accounts COL. A COL. B COL. C COL. D COL. E ADDITIONS Description Balance at Beginning of Period (1) Charged to Costs and Expenses (2) Charged to Other Accounts-Describe Deductions – Describe Balance at End of Period Fiscal year ended January 2, 2016: Deducted from asset accounts: Allowance for doubtful accounts $ 414,000 $ 52,144 $ 16,144 (a) $ 450,000 Fiscal year ended January 3, 2015: Deducted from asset accounts: Allowance for doubtful accounts $ 410,000 $ 71,927 $ 67,927 (a) $ 414,000 Fiscal year ended December 28, 2013: Deducted from asset accounts: Allowance for doubtful accounts $ 487,000 $ 106,485 $ 183,485 (a) $ 410,000 (a) Uncollectible accounts written off, net of recoveries.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jan. 02, 2016
ACCOUNTING POLICIES [Abstract]
Estimates and Assumptions	Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fiscal Year	Fiscal Year The Company’s year ends on the Saturday nearest to December 31. Fiscal 2015 was a 52 week year, 2014 was a 53 week year and 2013 was a 52 week year.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions are eliminated.
Cash Equivalents and Concentrations of Credit Risk	Cash Equivalents and Concentrations of Credit Risk Highly liquid investments purchased with a maturity of three months or less are considered cash equivalents. The Company has deposits that exceed amounts insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, but the Company does not consider this a significant concentration of credit risk based on the strength of the financial institution.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net income.
Foreign Currency Translation	Foreign Currency Translation For foreign operations balance sheet accounts are translated at the current year-end exchange rate; income statement accounts are translated at the average exchange rate for the year. Resulting translation adjustments are made directly to a separate component of shareholders’ equity – “Accumulated other comprehensive income (loss) – Foreign currency translation”. Foreign currency exchange transaction gains and losses are not material in any year.
Recognition of Revenue and Accounts Receivable	Recognition of Revenue and Accounts Receivable Revenue and accounts receivable are recognized when persuasive evidence of an arrangement exists, the price is fixed and determinable, delivery has occurred, and there is a reasonable assurance of collection of the sales proceeds. The Company obtains written purchase authorizations from its customers for a specified amount of product at a specified price and delivery occurs at the time of shipment. Credit is extended based on an evaluation of each customer’s financial condition; collateral is not required. Accounts receivable are recorded net of applicable allowances. No customer exceeded 10% of total accounts receivable at year end 2015 or 2014.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company reviews the collectability of its receivables on an ongoing basis taking into account a combination of factors. The Company reviews potential problems, such as past due accounts, a bankruptcy filing or deterioration in the customer’s financial condition, to ensure the Company is adequately accrued for potential loss. Accounts are considered past due based on when payment was originally due. If a customer’s situation changes, such as a bankruptcy or creditworthiness, or there is a change in the current economic climate, the Company may modify its estimate of the allowance for doubtful accounts. The Company will write off accounts receivable after reasonable collection efforts have been made and the accounts are deemed uncollectible. Write-offs have been within management’s estimates.
Inventories	Inventories Inventories are valued at the lower of cost or market. Cost is determined by the last-in, first-out (LIFO) method in the U.S. ($31,601,408 for U.S. inventories at January 2, 2016) and by the first-in, first-out (FIFO) method for inventories outside the U.S. ($5,241,005 for inventories outside the U.S. at January 2, 2016). Current cost exceeds the LIFO carrying value by approximately $6,297,368 at January 2, 2016 and $6,886,000 at January 3, 2015. There was no material LIFO quantity liquidation in 2015, 2014 and 2013.
Property, Plant and Equipment and Related Depreciation	Property, Plant and Equipment and Related Depreciation Property, plant and equipment (including equipment under capital lease) are stated at cost. Depreciation ($3,460,516 in 2015, $3,237,426 in 2014, $3,592,263 in 2013) is computed generally using the straight-line method based on the following estimated useful lives of the assets: Buildings 10 to 39.5 years; Machinery and equipment 3 to 10 years.
Goodwill, Intangibles and Impairment of Long-Lived Assets	Goodwill, Intangibles and Impairment of Long-Lived Assets Patents are recorded at cost and are amortized using the straight-line method over the lives of the patents. Technology and licenses are recorded at cost and are generally amortized on a straight-line basis over periods ranging from 5 to 17 years. Non-compete agreements and customer relationships are being amortized using the straight-line method over a period of 5 years. Amortization expense in 2015, 2014 and 2013 was $460,922, $248,876 and $233,023, respectively. Total amortization expense for each of the next five years is estimated to be as follows: 2016 - $437,000; 2017 - $437,000; 2018 - $437,000; and 2019 - $379,000; and 2020 - $146,000. Trademarks are not amortized as their lives are deemed to be indefinite. The gross carrying amount and accumulated amortization of amortizable intangible assets: Industrial Hardware Segment Security Products Segment Metal Products Segment Total Weighted-Average Amortization Period (Years) 2015 Gross Amount Patents and developed technology $ 2,206,852 $ 1,029,181 $ — $ 3,236,033 15.9 Customer relationships — 449,706 — 449,706 5.0 Non-compete agreements — 407,000 — 407,000 5.0 Intellectual property — 307,370 — 307,370 5.0 Total Gross Intangibles $ 2,206,852 $ 2,193,257 $ — $ 4,400,109 12.6 2015 Accumulated Amortization Patents and developed technology $ 1,478,692 $ 575,026 $ — $ 2,053,718 Customer relationships — 89,941 — 89,941 Non-compete agreements — 81,400 — 81,400 Intellectual property — 61,474 — 61,474 Accumulated Amortization $ 1,478,692 $ 807,841 $ — $ 2,286,533 Net 2015 per Balance Sheet $ 728,160 $ 1,385,416 $ — $ 2,113,576 2014 Gross Amount Patents and developed technology $ 2,494,261 $ 1,025,303 $ — $ 3,519,564 15.7 Customer relationships — 449,706 — 449,706 5.0 Non-compete agreements — 407,000 — 407,000 5.0 Intellectual property — 307,370 — 307,370 5.0 Total Gross Intangibles $ 2,494,261 $ 2,189,379 $ — $ 4,683,640 12.7 2014 Accumulated Amortization Patents and developed technology $ 1,649,655 $ 535,415 $ — $ 2,185,070 Customer relationships — — — — Non-compete agreements — — — — Intellectual property — — — — Accumulated amortization 1,649,655 535,415 — 2,185,070 Net 2014 per Balance Sheet $ 844,606 $ 1,653,964 $ — $ 2,498,570 In the event that facts and circumstances indicate that the carrying value of long-lived assets, including definite life intangible assets, may be impaired, an evaluation is performed to determine if a write-down is required. No events or changes in circumstances have occurred to indicate that the carrying amount of such long-lived assets held and used may not be recovered. The Company performed qualitative assessments as of the end of fiscal 2015 and fiscal 2014 and determined it is more likely than not that no impairment of goodwill existed at the end of 2015 or 2014. The Company will perform annual qualitative assessments in subsequent years as of the end of each fiscal year. Additionally, the Company will perform interim analysis whenever conditions warrant. Goodwill or trademarks would be considered impaired whenever our historical carrying amount exceeds the fair value. Goodwill and trademarks were not impaired in 2015, 2014 or 2013. Should we reach a different conclusion in the future, additional work would be performed to determine the amount of the non-cash impairment charge to be recognized. The maximum future impairment of goodwill or trademarks that could occur is the amount recognized on our balance sheet. The following is a roll-forward of goodwill for 2015 and 2014: Industrial Hardware Segment Security Products Segment Metal Products Segment Total 2015 Beginning balance $ 1,901,312 $ 13,059,042 $ — $ 14,960,354 Foreign exchange (169,561 ) — — (169,561) Ending balance $ 1,731,751 $ 13,059,042 $ — $ 14,790,793 Industrial Hardware Segment Security Products Segment Metal Products Segment Total 2014 Beginning balance $ 2,008,231 $ 11,833,816 $ — $ 13,842,047 Acquisition of Argo Transdata — 1,225,226 — 1,225,226 Foreign exchange (106,919 ) — — (106,919 ) Ending balance $ 1,901,312 $ 13,059,042 $ — $ 14,960,354
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold reflects the cost of purchasing, manufacturing and preparing a product for sale. These costs generally represent the expenses to acquire or manufacture products for sale (including an allocation of depreciation and amortization) and are primarily comprised of direct materials, direct labor, and overhead, which includes indirect labor, facility and equipment costs, inbound freight, receiving, inspection, purchasing, warehousing and any other costs related to the purchasing, manufacturing or preparation of a product for sale.
Shipping and Handling Costs	Shipping and Handling Costs Shipping and handling costs are included in cost of goods sold.
Selling, General and Administrative Expenses	Selling, General and Administrative Expenses Selling, general and administrative expenses include all operating costs of the Company that are not directly related to the cost of purchasing, manufacturing and preparing a product for sale. These expenses generally represent the cost of selling or distributing the product once it is available for sale, as well as administrative expenses for support functions and related overhead.
Product Development Costs	Product Development Costs Product development costs, charged to expense as incurred, were $1,218,948 in 2015, $1,079,557 in 2014 and $991,286 in 2013.
Advertising Costs	Advertising Costs The Company expenses advertising costs as incurred. Advertising costs were $496,066 in 2015, $494,267 in 2014 and $486,027 in 2013.
Income Taxes	Income Taxes The Company accounts for uncertain tax positions pursuant to the provisions of FASB Accounting Standards Codification (“ASC”) 740 which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements. These provisions detail how companies should recognize, measure, present and disclose uncertain tax positions that have or are expected to be taken. As such, the financial statements will reflect expected future tax consequences of uncertain tax positions presuming the taxing authorities’ full knowledge of the position and all relevant facts. See Note 8 Income Taxes. The Company and its U.S. subsidiaries file a consolidated federal income tax return. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.
Earnings per Share	Earnings per Share The denominators used in the earnings per share computations follow: 2015 2014 2013 Basic: Weighted average shares outstanding 6,245,057 6,225,068 6,220,928 Diluted: Weighted average shares outstanding 6,245,057 6,225,068 6,220,928 Dilutive stock options — 12,846 16,830 Denominator for diluted earnings per share 6,245,057 6,237,914 6,237,758 There were no anti-dilutive stock options in 2015, 2014 or 2013.
Derivatives	Derivatives The Company does not maintain any derivatives as of the date of this report.
Stock Based Compensation	Stock Based Compensation The Company accounts for stock based compensation pursuant to the fair value recognition provisions of ASC 718. No stock options were granted in 2015, 2014 or 2013, and, since all outstanding options were fully vested in each year presented, there was no impact on the financial statements.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. The carrying amounts of financial instruments (cash and cash equivalents, accounts receivable, accounts payable and debt) as of January 2, 2016 and January 3, 2015, approximate fair value. Fair value was based on expected cash flows and current market conditions.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jan. 02, 2016
ACCOUNTING POLICIES [Abstract]
Gross carrying amount and accumulated amortization of amortizable intangible assets	The gross carrying amount and accumulated amortization of amortizable intangible assets: Industrial Hardware Segment Security Products Segment Metal Products Segment Total Weighted-Average Amortization Period (Years) 2015 Gross Amount Patents and developed technology $ 2,206,852 $ 1,029,181 $ — $ 3,236,033 15.9 Customer relationships — 449,706 — 449,706 5.0 Non-compete agreements — 407,000 — 407,000 5.0 Intellectual property — 307,370 — 307,370 5.0 Total Gross Intangibles $ 2,206,852 $ 2,193,257 $ — $ 4,400,109 12.6 2015 Accumulated Amortization Patents and developed technology $ 1,478,692 $ 575,026 $ — $ 2,053,718 Customer relationships — 89,941 — 89,941 Non-compete agreements — 81,400 — 81,400 Intellectual property — 61,474 — 61,474 Accumulated Amortization $ 1,478,692 $ 807,841 $ — $ 2,286,533 Net 2015 per Balance Sheet $ 728,160 $ 1,385,416 $ — $ 2,113,576 2014 Gross Amount Patents and developed technology $ 2,494,261 $ 1,025,303 $ — $ 3,519,564 15.7 Customer relationships — 449,706 — 449,706 5.0 Non-compete agreements — 407,000 — 407,000 5.0 Intellectual property — 307,370 — 307,370 5.0 Total Gross Intangibles $ 2,494,261 $ 2,189,379 $ — $ 4,683,640 12.7 2014 Accumulated Amortization Patents and developed technology $ 1,649,655 $ 535,415 $ — $ 2,185,070 Customer relationships — — — — Non-compete agreements — — — — Intellectual property — — — — Accumulated amortization 1,649,655 535,415 — 2,185,070 Net 2014 per Balance Sheet $ 844,606 $ 1,653,964 $ — $ 2,498,570
Roll-forward of goodwill	The following is a roll-forward of goodwill for 2015 and 2014: Industrial Hardware Segment Security Products Segment Metal Products Segment Total 2015 Beginning balance $ 1,901,312 $ 13,059,042 $ — $ 14,960,354 Foreign exchange (169,561 ) — — (169,561) Ending balance $ 1,731,751 $ 13,059,042 $ — $ 14,790,793 Industrial Hardware Segment Security Products Segment Metal Products Segment Total 2014 Beginning balance $ 2,008,231 $ 11,833,816 $ — $ 13,842,047 Acquisition of Argo Transdata — 1,225,226 — 1,225,226 Foreign exchange (106,919 ) — — (106,919 ) Ending balance $ 1,901,312 $ 13,059,042 $ — $ 14,960,354
Denominators used in the earnings per share computations	The denominators used in the earnings per share computations follow: 2015 2014 2013 Basic: Weighted average shares outstanding 6,245,057 6,225,068 6,220,928 Diluted: Weighted average shares outstanding 6,245,057 6,225,068 6,220,928 Dilutive stock options — 12,846 16,830 Denominator for diluted earnings per share 6,245,057 6,237,914 6,237,758

BUSINESS ACQUISITIONS (Tables)

BUSINESS ACQUISITIONS (Tables)	12 Months Ended
	Jan. 02, 2016
BUSINESS ACQUISITIONS [Abstract]
Business acquisition intangible assets	In connection with the above acquisition, the Company recorded the following intangible assets: Asset Class/Description Amount Weighted-average Amortization Period in Years Patents, technology, and licenses Customer relationships $ 449,706 5.0 Intellectual property 307,370 5.0 Non-compete agreements 407,000 5.0 $ 1,164,076 5.0

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Jan. 02, 2016
DEBT [Abstract]
Schedule of debt	Debt consists of: 2015 2014 Term loans $ 3,214,285 $ 4,285,714 Revolving credit loan — — 3,214,285 4,285,714 Less current portion 1,428,571 1,071,429 $ 1,785,714 $ 3,214,285
Scheduled annual principal maturities of long-term debt	As of January 3, 2015, scheduled annual principal maturities of long-term debt for each of the next five years follow: 2016 $ 1,428,571 2017 892,857 2018 714,286 2019 178,571 2020 — Thereafter — $ 3,214,285

STOCK OPTIONS AND AWARDS (Table

STOCK OPTIONS AND AWARDS (Tables)	12 Months Ended
	Jan. 02, 2016
STOCK OPTIONS AND AWARDS [Abstract]
Stock option activity	Information with respect to the Company’s stock option plans is summarized below: Shares Weighted Average Exercise Price Outstanding at December 29, 2012 21,000 $13.58 Exercised (1,000 ) 13.58 Outstanding at December 28, 2013 20,000 13.58 Exercised (20,000 ) 13.58 Outstanding at January 3, 2015 — Exercised — Outstanding at January 2, 2016 —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jan. 02, 2016
INCOME TAXES [Abstract]
Deferred income tax (assets) liabilities	Deferred income tax (assets) liabilities relate to: 2015 2014 2013 Property, plant and equipment $ 6,694,885 $ 6,503,597 $ 6,184,873 Other 99,989 92,531 208,938 Total deferred income tax liabilities 6,794,874 6,596,128 6,393,811 Other postretirement benefits (281,154 ) (1,030,203 ) (787,087 ) Inventories (807,061 ) (829,876 ) (848,364 ) Allowance for doubtful accounts (124,351 ) (105,296 ) (104,695 ) Intangible assets (299,137 ) (396,541 ) (373,482 ) Accrued compensation (252,297 ) (203,180 ) (158,866 ) Pensions (8,616,582 ) (9,275,949 ) (3,828,224 ) Total deferred income tax assets (10,380,582 ) (11,841,045 ) (6,100,718 ) Net deferred income tax (assets) liabilities $ (3,585,708 ) $ (5,244,917 ) $ 293,093
Income before income taxes	Income before income taxes consists of: 2015 2014 2013 Domestic $ 4,308,809 $ 8,087,552 $ 7,139,039 Foreign 3,712,166 3,441,211 2,974,856 $ 8,020,975 $ 11,528,763 $ 10,113,895
Provision for income taxes	The provision for income taxes follows: 2015 2014 2013 Current: Federal $ 1,337,417 $ 2,339,917 $ 1,942,271 Foreign 1,054,694 991,257 871,949 State 140,139 295,554 162,952 Deferred: Federal (223,530) 164,830 241,821 State (14,788 ) 75,729 (7,019 ) $ 2,293,932 $ 3,867,287 $ 3,211,974
Reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations	A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows: 2015 2014 2013 Amount Percent Amount Percent Amount Percent Income taxes using U.S. federal statutory rate $ 2,727,131 34 % $ 3,919,779 34 % $ 3,438,724 34 % State income taxes, net of federal benefit 82,987 1 249,324 2 99,245 1 Impact of foreign subsidiaries on effective tax rate (388,132 ) (5 ) (76,914 ) (1 ) (103,878 ) (1 ) Impact of manufacturers deduction on effective tax rate (91,018 ) (1 ) (185,993 ) (1 ) (138,127 ) (1 ) Other—net (37,036 ) - (38,909 ) - (83,990 ) (1 ) $ 2,293,932 29 % $ 3,867,287 34 % $ 3,211,974 32 %
Reconciliation of unrecognized tax benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows: 2015 2014 2013 Balance at beginning of year $ 248,645 $ 220,289 $ 499,624 Increases for positions taken during the current period 27,947 50,735 49,636 Decreases relating to settlements — — (263,856 ) Decreases resulting from the expiration of the statute of limitations (26,810 ) (22,379 ) (65,115 ) Balance at end of year $ 249,782 $ 248,645 $ 220,289

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Jan. 02, 2016
LEASES [Abstract]
Future minimum payments under non-cancelable operating leases	Future minimum payments under non-cancelable operating leases with initial or remaining terms in excess of one year during each of the next five years follow: 2016 $ 1,046,940 2017 992,680 2018 884,615 2019 397,186 2020 55,120 $ 3,376,541

RETIREMENT BENEFIT PLANS (Table

RETIREMENT BENEFIT PLANS (Tables)	12 Months Ended
	Jan. 02, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Funded status of pension benefit plans and postretirement benefit plan	As of January 2, 2016 and January 3, 2015, the status of the Company’s pension benefit plans and postretirement benefit plan was as follows: Pension Benefit Postretirement Benefit 2015 2014 2015 2014 Benefit obligation at beginning of year $ 90,516,922 $ 71,211,198 $ 4,055,112 $ 3,420,475 Change due to availability of final actual assets and census data — — 346 (56,516 ) Discount rate (4,121,170 ) 10,600,944 (87,748 ) 445,610 Mortality table — 2,808,383 — 75,047 Service cost 3,770,191 2,837,134 217,570 173,902 Interest cost 3,472,870 3,365,194 154,915 157,481 Actuarial (gain)/loss (3,316,552 ) 2,287,760 (2,235,904 ) (23,169 ) Benefits paid (2,894,492 ) (2,593,691 ) (122,947 ) (137,718 ) Benefit obligation at end of year $ 87,427,769 $ 90,516,922 $ 1,981,344 $ 4,055,112 Pension Benefit Postretirement Benefit 2015 2014 2015 2014 Fair value of plan assets at beginning of year $ 64,352,110 $ 60,350,987 $ 1,149,204 $ 1,187,603 Change due to availability of final actual assets and census data — — — (2,451 ) Actual return on plan assets (1,340,977 ) 3,731,262 39,085 22,434 Employer contributions 3,006,202 2,863,552 122,947 79,336 Benefits paid (2,894,492 ) (2,593,691 ) (122,947 ) (137,718 ) Fair value of plan assets at end of year $ 63,122,843 $ 64,352,110 $ 1,188,289 $ 1,149,204 Pension Benefit Postretirement Benefit Funded Status 2015 2014 2015 2014 Net amount recognized in the balance sheet $ (24,304,926 ) $ (26,164,812 ) $ (793,055 ) $ (2,905,908 )
Amounts recognized in accumulated other comprehensive income	Amounts recognized in accumulated other comprehensive income consist of: Pension Benefit Postretirement Benefit 2015 2014 2015 2014 Net (loss)/gain $ (32,220,482 ) $ (35,093,871 ) $ 1,658,406 $ (630,853 ) Prior service (cost) credit (376,685 ) (595,270 ) 63,731 87,620 $ (32,597,167 ) $ (35,689,141 ) $ 1,722,137 $ (543,233 )
Change in the components of accumulated other comprehensive income	Change in the components of accumulated other comprehensive income consist of: Pension Benefit Postretirement Benefit 2015 2014 2015 2014 Balance at beginning of period $ (35,689,141 ) $ (20,075,506 ) $ (543,233 ) $ (3,544 ) Change due to availability of final actual assets and census data — — (346 ) 54,065 Charged to net periodic benefit cost Prior service cost 218,585 218,585 (23,889 ) (23,888 ) Net loss (gain) 1,928,298 944,130 18,804 — Liability (gains)/losses Discount rate 4,121,170 (10,600,944 ) 87,748 (445,610 ) Mortality table — (2,808,383 ) — (75,047 ) Asset (gains)/losses deferred (2,813,796 ) (184,695 ) (52,851 ) (72,378 ) Other (362,283 ) (3,182,328 ) 2,235,904 23,169 Balance at end of period $ (32,597,167 ) $ (35,689,141 ) $ 1,722,137 $ (543,233 )
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 postretirement benefit plan for the fiscal year indicated were as follows: 2015 2014 Discount rate - Pension plans 4.24% - 4.28% 3.9 % - Supplemental pension plans 3.53 % 3.9 % - Postretirement plan 4.23 % 3.9 % Expected return on plan assets 8.0 % 8.0 % Rate of compensation increase 3.25 % 3.25 %
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: 2015 2014 Number of plans 6 6 Projected benefit obligation $ 87,427,769 $ 90,516,922 Accumulated benefit obligation 83,433,339 84,714,136 Fair value of plan assets 63,122,843 64,352,110 Net amount recognized in accrued benefit liability (24,304,926 ) (26,164,812 )
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 were as follows: 2015 2014 2013 Service cost $ 3,770,191 $ 2,837,134 $ 3,028,863 Interest cost 3,472,870 3,365,194 2,840,622 Expected return on plan assets (5,151,654 ) (4,810,524 ) (4,827,393 ) Amortization of prior service cost 218,585 218,585 256,459 Amortization of the net loss 1,928,298 944,130 1,844,139 Net periodic benefit cost $ 4,238,290 $ 2,554,519 $ 3,142,690
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: 2015 2014 2013 Discount rate 3.90% 4.80% 3.90% Expected return on plan assets 8.0% 8.0% 8.0% Rate of compensation increase 3.25% 3.25% 3.25%
Fair values of plans assets utilizing fair value hierarchy	The fair values of the company’s pension plans assets at January 2, 2016 and January 3, 2015, utilizing the fair value hierarchy discussed in Note 2, follow: January 2, 2016 Level 1 Level 2 Level 3 Total Cash and Equivalents: Common/collective trust funds $ — $ 236,209 $ — $ 236,209 Equities: The Eastern Company Common Stock 4,069,088 — — 4,069,088 Common/collective trust funds Russell Large Cap Defensive Equity Fund (a) — 6,685,388 — 6,685,388 Russell Equity II Fund (b) — 4,456,364 — 4,456,364 Russell Large Cap U.S. Equity Fund (c) — 5,575,535 — 5,575,535 Russell International Fund with Active Currency (d) — 7,796,625 — 7,796,625 Russell Emerging Markets Fund (e) — 3,350,136 — 3,350,136 Fixed Income: Common/collective trust funds Russell Fixed Income I Fund (f) — 8,504,086 — 8,504,086 Target Duration LDI Fixed Income Funds (g) · Russell 8 Year LDI Fixed Income Fund — 1,478,701 — 1,478,701 · Russell 10 Year LDI Fixed Income Fund — 1,840,616 — 1,840,616 · Russell 12 Year LDI Fixed Income Fund — 2,119,786 — 2,119,786 · Russell 14 Year LDI Fixed Income Fund — 3,795,220 — 3,795,220 · Russell 16 Year LDI Fixed Income Fund — 5,615,278 — 5,615,278 STRIPS Fixed Income Funds (h) · Russell 15 Year STRIPS Fixed Income Fund — 2,606,554 — 2,606,554 · Russell 10 Year STRIPS Fixed Income Fund — 1,411,574 — 1,411,574 · Russell 28 to 29 Year STRIPS Fixed Income Fund — 543,357 — 543,357 Insurance contracts — 3,038,326 — 3,038,326 Total $ 4,069,088 $ 59,053,755 $ — $ 63,122,843 January 3, 2015 Level 1 Level 2 Level 3 Total Cash and Equivalents: Common/collective trust funds $ — $ 1,201,073 $ — $ 1,201,073 Equities: The Eastern Company Common Stock 3,473,938 — — 3,473,938 Common/collective trust funds Russell Large Cap Defensive Equity Fund — 6,936,880 — 6,936,880 Russell Equity II Fund — 4,632,485 — 4,632,485 Russell Concentrated Equity Fund — 5,788,864 — 5,788,864 Russell International Fund with Active Currency — 7,606,489 — 7,606,489 Russell Emerging Markets Fund — 3,188,672 — 3,188,672 Fixed Income: Common/collective trust funds Russell Fixed Income I Fund — 17,013,171 — 17,013,171 Target Duration LDI Fixed Income Funds · Russell 6 Year LDI Fixed Income Fund — 226,826 — 226,826 · Russell 8 Year LDI Fixed Income Fund — 227,960 — 227,960 · Russell 10 Year LDI Fixed Income Fund — 343,712 — 343,712 · Russell 12 Year LDI Fixed Income Fund — 919,538 — 919,538 · Russell 14 Year LDI Fixed Income Fund — 1,212,739 — 1,212,739 · Russell 16 Year LDI Fixed Income Fund — 520,522 — 520,522 Russell Long Duration Fixed Income Fund (i) — 8,112,746 — 8,112,746 Insurance contracts — 2,946,495 — 2,946,495 Total $ 3,473,938 $ 60,878,172 $ — $ 64,352,110 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 Russell Large Cap Defensive Equity Fund is to outperform the Russell 1000 ® ® (b) The Russell Equity II Fund has an objective to provide a favorable total return primarily through capital appreciation. Aims to outperform the Russell 2500 ® (c) The investment objective of the Russell Large Cap U.S. Equity Fund (formerly the Russell Concentrated Equity Fund) is to outperform the Russell 1000 ® (d) The Russell International Fund with Active Currency seeks to provide long-term growth of Capital. Aims to outperform the Russell Development ex-U.S. Large Cap Index Net while managing volatility and maintaining diversification similar to the index over a full market cycle. The fund invests primarily in the equities of non-U.S. developing markets and currency of global markets. Employs multiple managers with distinct investment styles, which are intended to be complementary. Seeks to capitalize on the stock selection abilities of its active manager. The Fund typically has moderate country and sector weights relative to the index. Also believe active currency management is an attractive strategy with the potential to deliver excess return. (e) The Russell Emerging Markets Fund seeks to provide the potential for long-term growth of Capital. Aims to outperform the Russell Emerging Markets Index Net over a full market cycle. The fund invests in equity securities of companies located in, or are economically tied to, emerging market countries. Securities are denominated principally in foreign currencies and are typically held outside the U.S. The Fund employs a multi-style (growth, market-oriented and value) and multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles. (f) The Russell Fixed Income I Fund is designed to provide current income and capital appreciation through a variety of diversified strategies. The Fund seeks favorable returns comparable to the broad fixed income market, as measured by the Barclays U.S. Aggregate Bond Index. The fund primarily invests in fixed income securities representing diverse sectors and maturities. Advisors use diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds. It is actively managed with multiple advisors employing distinct yet complementary strategies and different technologies to insure prudent diversification over a broad spectrum of investments. (g) 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. (h) 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. (i) The Russell Long Duration Fixed Income Fund seeks to outperform the Barclays Capital Long Credit Index over a full market cycle. The fund seeks to provide current income, and as a secondary objective, capital appreciation through diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds. The fund will generally be used in combination with other bond funds, with the goal of reducing the mismatch between a plan’s assets and liabilities. In January 2015, the Trustee of the plan sold all of the assets of this fund. The proceeds were invested in the LDI Target funds and the STRIPS funds as of the end of 2015.
Postretirement 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 postretirement benefit plan were as follows: 2015 2014 2013 Service cost $ 217,570 $ 173,902 $ 202,568 Interest cost 154,915 157,481 142,086 Expected return on plan assets (91,936 ) (22,434 ) (73,920 ) Amortization of prior service cost (23,889 ) (23,888 ) (23,888 ) Amortization of the net loss 18,804 (72,378 ) (4,608 ) Net periodic benefit cost $ 275,464 $ 212,683 $ 242,238
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 postretirement plan for the fiscal year indicated were as follows: 2015 2014 2013 Discount rate 3.90% 4.80% 3.90% Expected return on plan assets 8.0% 8.0% 8.0%
Fair values of plans assets utilizing fair value hierarchy	The fair values of the Company’s postretirement plan assets at January 2, 2016 and January 3, 2015, utilizing the fair value hierarchy discussed in Note 2, follow: January 2, 2016 Level 1 Level 2 Level 3 Total Fixed Income: Insurance contracts $ — $ — $ 1,188,289 $ 1,188,289 Total $ — $ — $ 1,188,289 $ 1,188,289 January 3, 2015 Level 1 Level 2 Level 3 Total Fixed Income: Insurance contracts $ — $ — $ 1,149,204 $ 1,149,204 Total $ — $ — $ 1,149,204 $ 1,149,204
Analysis of the Level 3 assets of the Company's postretirement plan	An analysis of the Level 3 asset of the Company’s postretirement plan is as follows: 2015 2014 Fair value of Level 3 assets at beginning of year $ 1,149,204 $ 1,187,603 Change due to availability of final actual assets and census data — (2,451 ) Actual return on plan assets 39,085 22,434 Employer contributions 81,360 19,639 Benefits paid (81,360 ) (78,021 ) Fair value of Level 3 assets at end of year $ 1,188,289 $ 1,149,204
Effect of one-percentage-point change in assumed health care cost trend rates	A one-percentage-point change in assumed health care cost trend rates would have the following effects on the postretirement benefit plan: 1-Percentage Point Increase Decrease Effect on total of service and interest cost components $ 71,520 $ (57,039 ) Effect on postretirement benefit obligation $ — $ —

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	12 Months Ended
	Jan. 02, 2016
REPORTABLE SEGMENTS [Abstract]
Segment financial information	One customer of the Metal Products segment, Jennmar Corporation, accounted for 10.5% of total sales in 2014 and 11.5% of total sales in 2013. No other customer exceeded 10% of total sales in 2015, 2014 or 2013. 2015 2014 2013 Sales: Sales to unaffiliated customers: Industrial Hardware $ 61,338,812 $ 58,666,229 $ 60,367,209 Security Products 56,598,487 49,381,553 48,751,688 Metal Products 26,630,652 32,777,578 33,339,382 $ 144,567,951 $ 140,825,360 $ 142,458,279 Inter-segment Sales: Industrial Hardware $ 595,596 $ 984,192 $ 373,797 Security Products 2,813,576 2,565,733 2,558,127 Metal Products 16,804 — 11,540 $ 3,425,976 $ 3,549,925 $ 2,943,464 Income Before Income Taxes: Industrial Hardware $ 4,314,149 $ 5,063,786 $ 4,797,254 Security Products 3,798,115 4,058,554 2,780,403 Metal Products (84,536 ) 2,596,308 2,808,664 Operating Profit 8,027,728 11,718,648 10,386,321 Interest expense (185,475 ) (254,576 ) (322,731 ) Other income 178,722 64,691 50,305 $ 8,020,975 $ 11,528,763 $ 10,113,895 Geographic Information: Net Sales: United States $ 126,115,036 $ 117,478,557 $ 114,085,322 Foreign 18,452,915 23,346,803 28,372,957 $ 144,567,951 $ 140,825,360 $ 142,458,279 Foreign sales are primarily to customers in North America. Identifiable Assets: United States $ 106,662,743 $ 105,771,961 $ 96,289,200 Foreign 15,075,816 15,498,595 17,569,209 $ 121,738,559 $ 121,270,556 $ 113,858,409 Industrial Hardware $ 30,425,348 $ 29,660,695 $ 31,820,269 Security Products 52,688,497 51,573,251 43,582,088 Metal Products 20,931,863 21,037,058 19,282,393 104,045,708 102,271,004 94,684,750 General corporate 17,692,851 18,999,552 19,173,659 $ 121,738,559 $ 121,270,556 $ 113,858,409 2015 2014 2013 Depreciation and Amortization: Industrial Hardware $ 1,580,741 $ 1,631,521 $ 2,085,618 Security Products 1,010,262 621,501 592,555 Metal Products 1,330,435 1,233,280 1,147,113 $ 3,921,438 $ 3,486,302 $ 3,825,286 Capital Expenditures: Industrial Hardware $ 1,479,984 $ 1,929,022 $ 1,967,335 Security Products 388,377 973,365 469,669 Metal Products 632,016 664,851 3,002,556 2,500,377 3,567,238 5,439,560 Currency translation adjustment 25,020 10,347 (245 ) General corporate 12,839 55,580 84,427 $ 2,538,236 $ 3,633,165 $ 5,523,742

SELECTED QUARTERLY FINANCIAL 34

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Jan. 02, 2016
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract]
Selected quarterly financial information (unaudited)	Selected quarterly financial information (unaudited) follows: 2015 First Second Third Fourth Year Net sales $ 36,876,842 $ 37,037,697 $ 36,239,500 $ 34,413,912 $ 144,567,951 Gross margin 7,335,178 7,912,161 9,033,843 8,100,044 32,381,226 Selling and administrative expenses 5,963,695 7,056,139 5,584,222 5,749,442 24,353,498 Net income 873,951 584,594 2,527,722 1,740,776 5,727,043 Net income per share: Basic $ .14 $ .09 $ .41 $ .28 $ .92 Diluted $ .14 $ .09 $ .41 $ .28 $ .92 Weighted average shares outstanding: Basic 6,244,088 6,244,051 6,245,099 6,246,571 6,245,057 Diluted 6,244,088 6,244,051 6,245,099 6,246,571 6,245,057 2014 First Second Third Fourth Year Net sales $ 35,849,126 $ 34,779,773 $ 35,803,405 $ 34,393,056 $ 140,825,360 Gross margin 7,513,406 7,776,304 8,461,473 8,555,221 32,486,404 Selling and administrative expenses 5,216,289 4,988,364 4,892,600 5,670,503 20,767,756 Net (loss)/income 1,502,885 1,693,503 2,431,817 2,033,271 7,661,476 Net (loss)/income per share: Basic $ .24 $ .27 $ .39 $ .33 $ 1.23 Diluted $ .24 $ .27 $ .39 $ .33 $ 1.23 Weighted average shares outstanding: Basic 6,222,213 6,222,676 6,223,140 6,231,729 6,225,068 Diluted 6,239,149 6,239,866 6,240,396 6,231,729 6,237,914

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	12 Months Ended
	Jan. 02, 2016Segment
DESCRIPTION OF BUSINESS [Abstract]
Number of operating segments	3

ACCOUNTING POLICIES (Details)

ACCOUNTING POLICIES (Details)	3 Months Ended								12 Months Ended
	Jan. 02, 2016USD ($)shares	Oct. 03, 2015shares	Jul. 04, 2015shares	Apr. 04, 2015USD ($)shares	Jan. 03, 2015USD ($)shares	Sep. 27, 2014shares	Jun. 28, 2014shares	Mar. 29, 2014USD ($)shares	Jan. 02, 2016USD ($)Customershares	Jan. 03, 2015USD ($)Customershares	Dec. 28, 2013USD ($)shares
Cash Equivalents and Concentrations of Credit Risk [Abstract]
Amount of deposits insured by Federal Deposit Insurance Corporation (FDIC)	$ 250,000								$ 250,000
Inventories [Abstract]
LIFO inventory amount	31,601,408								31,601,408
FIFO inventory amount	5,241,005								5,241,005
Excess of current cost over LIFO carrying value	6,297,368				$ 6,886,000				6,297,368	$ 6,886,000
Property, Plant and Equipment [Line Items]
Depreciation									3,460,516	3,237,426	$ 3,592,263
Finite-Lived Intangible Assets [Line Items]
Amortization expense									460,922	248,876	233,023
Amortization expense fiscal year maturity [Abstract]
2,016	437,000								437,000
2,017	437,000								437,000
2,018	437,000								437,000
2,019	379,000								379,000
2,020	146,000								146,000
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	4,400,109				4,683,640				4,400,109	4,683,640
Accumulated Amortization	2,286,533				2,185,070				2,286,533	2,185,070
Net per Balance Sheet	2,113,576				2,498,570				$ 2,113,576	$ 2,498,570
Weighted-Average Amortization Period									12 years 7 months 6 days	12 years 8 months 12 days
Goodwill [Roll Forward]
Beginning balance				$ 14,960,354				$ 13,842,047	$ 14,960,354	$ 13,842,047
Acquisition of Argo Transdata										1,225,226
Foreign exchange									(169,561)	(106,919)
Ending balance	$ 14,790,793				$ 14,960,354				14,790,793	14,960,354	13,842,047
Product Development Costs [Abstract]
Product development costs									1,218,948	1,079,557	991,286
Advertising Costs [Abstract]
Advertising costs									$ 496,066	$ 494,267	$ 486,027
Basic [Abstract]
Weighted average shares outstanding (in shares) | shares	6,246,571	6,245,099	6,244,051	6,244,088	6,231,729	6,223,140	6,222,676	6,222,213	6,245,057	6,225,068	6,220,928
Diluted [Abstract]
Weighted average shares outstanding (in shares) | shares	6,246,571	6,245,099	6,244,051	6,244,088	6,231,729	6,223,140	6,222,676	6,222,213	6,245,057	6,225,068	6,220,928
Dilutive stock options (in shares) | shares									0	12,846	16,830
Denominator for diluted earnings per share (in shares) | shares	6,246,571	6,245,099	6,244,051	6,244,088	6,231,729	6,240,396	6,239,866	6,239,149	6,245,057	6,237,914	6,237,758
Anti-dilutive stock options (in shares) | shares									0	0	0
Industrial Hardware Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	$ 2,206,852				$ 2,494,261				$ 2,206,852	$ 2,494,261
Accumulated Amortization	1,478,692				1,649,655				1,478,692	1,649,655
Net per Balance Sheet	728,160				844,606				728,160	844,606
Goodwill [Roll Forward]
Beginning balance				$ 1,901,312				$ 2,008,231	1,901,312	2,008,231
Acquisition of Argo Transdata										0
Foreign exchange									(169,561)	(106,919)
Ending balance	1,731,751				1,901,312				1,731,751	1,901,312	$ 2,008,231
Security Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	2,193,257				2,189,379				2,193,257	2,189,379
Accumulated Amortization	807,841				535,415				807,841	535,415
Net per Balance Sheet	1,385,416				1,653,964				1,385,416	1,653,964
Goodwill [Roll Forward]
Beginning balance				13,059,042				11,833,816	13,059,042	11,833,816
Acquisition of Argo Transdata										1,225,226
Foreign exchange									0	0
Ending balance	13,059,042				13,059,042				13,059,042	13,059,042	11,833,816
Metal Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	0				0				0	0
Accumulated Amortization	0				0				0	0
Net per Balance Sheet	0				0				0	0
Goodwill [Roll Forward]
Beginning balance				$ 0				$ 0	0	0
Acquisition of Argo Transdata										0
Foreign exchange									0	0
Ending balance	0				0				$ 0	0	$ 0
Building [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of the assets									10 years
Building [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of the assets									39 years 6 months
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of the assets									3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of the assets									10 years
Technology and Licenses [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful lives of intangible assets									5 years
Technology and Licenses [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful lives of intangible assets									17 years
Patents and Developed Technology [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	3,236,033				3,519,564				$ 3,236,033	3,519,564
Accumulated Amortization	2,053,718				2,185,070				$ 2,053,718	$ 2,185,070
Weighted-Average Amortization Period									15 years 10 months 24 days	15 years 8 months 12 days
Patents and Developed Technology [Member] | Industrial Hardware Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	2,206,852				2,494,261				$ 2,206,852	$ 2,494,261
Accumulated Amortization	1,478,692				1,649,655				1,478,692	1,649,655
Patents and Developed Technology [Member] | Security Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	1,029,181				1,025,303				1,029,181	1,025,303
Accumulated Amortization	575,026				535,415				575,026	535,415
Patents and Developed Technology [Member] | Metal Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	0				0				0	0
Accumulated Amortization	0				0				0	0
Customer Relationships [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	449,706				449,706				449,706	449,706
Accumulated Amortization	89,941				0				$ 89,941	$ 0
Weighted-Average Amortization Period									5 years	5 years
Customer Relationships [Member] | Industrial Hardware Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	0				0				$ 0	$ 0
Accumulated Amortization	0				0				0	0
Customer Relationships [Member] | Security Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	449,706				449,706				449,706	449,706
Accumulated Amortization	89,941				0				89,941	0
Customer Relationships [Member] | Metal Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	0				0				0	0
Accumulated Amortization	0				0				$ 0	0
Non-Compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Useful lives of intangible assets									5 years
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	407,000				407,000				$ 407,000	407,000
Accumulated Amortization	81,400				0				$ 81,400	$ 0
Weighted-Average Amortization Period									5 years	5 years
Non-Compete Agreements [Member] | Industrial Hardware Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	0				0				$ 0	$ 0
Accumulated Amortization	0				0				0	0
Non-Compete Agreements [Member] | Security Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	407,000				407,000				407,000	407,000
Accumulated Amortization	81,400				0				81,400	0
Non-Compete Agreements [Member] | Metal Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	0				0				0	0
Accumulated Amortization	0				0				0	0
Intellectual Property [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	307,370				307,370				307,370	307,370
Accumulated Amortization	61,474				0				$ 61,474	$ 0
Weighted-Average Amortization Period									5 years	5 years
Intellectual Property [Member] | Industrial Hardware Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	0				0				$ 0	$ 0
Accumulated Amortization	0				0				0	0
Intellectual Property [Member] | Security Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	307,370				307,370				307,370	307,370
Accumulated Amortization	61,474				0				61,474	0
Intellectual Property [Member] | Metal Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	0				0				0	0
Accumulated Amortization	$ 0				$ 0				$ 0	$ 0
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Number of major customers | Customer									0	0
Threshold percentage of concentration risk									10.00%	10.00%
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares) | shares									0	0	0

BUSINESS ACQUISITIONS (Details)

BUSINESS ACQUISITIONS (Details)	Dec. 15, 2014USD ($)Technology	Jan. 02, 2016USD ($)	Jan. 03, 2015USD ($)	Dec. 28, 2013USD ($)
Business Acquisition [Line Items]
Number of technologies combination | Technology	3
Goodwill		$ 14,790,793	$ 14,960,354	$ 13,842,047
Argo Transdata Corporation [Member]
Business Acquisition [Line Items]
Cost of the acquisition	$ 5,034,000
Contingent earn-out	282,914	144,231
Business acquisition, current liabilities	63,000
Recognized earnings		$ 138,683
Goodwill	1,225,226
Intangible Assets Acquired [Abstract]
Assets acquired	$ 1,164,076
Weighted-average amortization period	5 years
Customer Relationships [Member] | Argo Transdata Corporation [Member]
Intangible Assets Acquired [Abstract]
Assets acquired	$ 449,706
Weighted-average amortization period	5 years
Intellectual Property [Member] | Argo Transdata Corporation [Member]
Intangible Assets Acquired [Abstract]
Assets acquired	$ 307,370
Weighted-average amortization period	5 years
Non-Compete Agreements [Member] | Argo Transdata Corporation [Member]
Intangible Assets Acquired [Abstract]
Assets acquired	$ 407,000
Weighted-average amortization period	5 years

CONTINGENCIES (Details)

CONTINGENCIES (Details)	12 Months Ended
	Jan. 02, 2016USD ($)
CONTINGENCIES [Abstract]
Estimated cost of remediation	$ 30,000
Total workforce subject to negotiated union contracts	26.00%

DEBT (Details)

DEBT (Details) - USD ($)	Jan. 23, 2014	Jan. 25, 2012	Jan. 29, 2010	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Schedule of debt [Abstract]
Term loans				$ 3,214,285	$ 4,285,714
Revolving credit loan				0	0
Total debt				3,214,285	4,285,714
Less current portion				1,428,571	1,071,429
Long term debt, less current portion				1,785,714	3,214,285
Debt instrument covenant minimum tangible net worth				55,000,000
Interest paid				$ 174,558	272,993	$ 319,760
Tangible net worth					52,800,000
Increase in tangible net worth each year				50.00%
Scheduled annual principal maturities of long-term debt [Abstract]
2,016				$ 1,428,571
2,017				892,857
2,018				714,286
2,019				178,571
2,020				0
Thereafter				0
Long term debt				3,214,285	$ 4,285,714
Minimum [Member]
Schedule of debt [Abstract]
Tangible net worth				$ 43,000,000
Revolving Credit Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 10,000,000
Maturity date of loan	Jul. 1, 2016	Jan. 31, 2014	Jan. 31, 2012
Basis spread on variable rate				2.25%
Revolving Credit Loan [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Revolving Credit Loan [Member] | People's Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Revolving Credit Loan [Member] | Floor Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				3.25%
Loan Agreement [Member]
Schedule of debt [Abstract]
Fixed charge coverage ratio as multiple, minimum				1.1
Leverage coverage ratio as multiple maximum				1.75
Term Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 5,000,000
Periodic payment of loan			$ 178,571
Term of loan			7 years
Maturity date of loan			Jan. 31, 2017
Revolving credit portion commitment fee			0.25%
Fixed rate of interest				4.98%
2012 Term Loan Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 5,000,000		$ 5,000,000
Periodic payment of loan		$ 178,571		$ 178,571
Term of loan		7 years		7 years
Maturity date of loan		Jan. 31, 2019		Jan. 31, 2019
Revolving credit portion commitment fee		0.25%		0.25%
Fixed rate of interest				3.90%

STOCK RIGHTS (Details)

STOCK RIGHTS (Details)	Jan. 02, 2016$ / sharesshares
STOCK RIGHTS [Abstract]
Stock rights outstanding (in shares) | shares	6,244,013
Stock rights, exercise price (in dollars per share)	$ 80
Stock rights, redemption price per share (in dollars per share)	$ 0.01

STOCK OPTIONS AND AWARDS (Detai

STOCK OPTIONS AND AWARDS (Details)	12 Months Ended
	Jan. 02, 2016USD ($)Planshares	Jan. 03, 2015USD ($)$ / sharesshares	Dec. 28, 2013$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans that have shares reserved for further issuance | Plan	1
Percentage of fair market value of stock on grant date for exercise price, minimum	100.00%
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0	0	0
Stock option activity [Roll Forward]
Outstanding at beginning of period (in shares)	0	20,000	21,000
Exercised (in shares)	0	(20,000)	(1,000)
Outstanding at end of period (in shares)	0	0	20,000
Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning of period (in dollars per share) | $ / shares		$ 13.58	$ 13.58
Exercised (in dollars per share) | $ / shares		$ 13.58	13.58
Outstanding at end of period (in dollars per share) | $ / shares			$ 13.58
Options exercisable (in shares)	0
Total intrinsic value of stock options exercised | $	$ 59,125	$ 1,590
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	0	0	0
2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (in shares)	500,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Components of Deferred Tax Assets and Liabilities [Abstract]
Property, plant and equipment	$ 6,694,885	$ 6,503,597	$ 6,184,873
Other	99,989	92,531	208,938
Total deferred income tax liabilities	6,794,874	6,596,128	6,393,811
Other postretirement benefits	(281,154)	(1,030,203)	(787,087)
Inventories	(807,061)	(829,876)	(848,364)
Allowance for doubtful accounts	(124,351)	(105,296)	(104,695)
Intangible assets	(299,137)	(396,541)	(373,482)
Accrued compensation	(252,297)	(203,180)	(158,866)
Pensions	(8,616,582)	(9,275,949)	(3,828,224)
Total deferred income tax assets	(10,380,582)	(11,841,045)	(6,100,718)
Net deferred income tax assets	(3,585,708)	(5,244,917)
Net deferred income tax liabilities			293,093
Income before income taxes [Abstract]
Domestic	4,308,809	8,087,552	7,139,039
Foreign	3,712,166	3,441,211	2,974,856
Income before income taxes	8,020,975	11,528,763	10,113,895
Current:
Federal	1,337,417	2,339,917	1,942,271
Foreign	1,054,694	991,257	871,949
State	140,139	295,554	162,952
Deferred:
Federal	(223,530)	164,830	241,821
State	(14,788)	75,729	(7,019)
Provision for income taxes	2,293,932	3,867,287	3,211,974
Reconciliation of income taxes computed using U.S. federal statutory rate to that reflected in operations [Abstract]
Income taxes using U.S. federal statutory rate, Amount	2,727,131	3,919,779	3,438,724
State income taxes, net of federal benefit, Amount	82,987	249,324	99,245
Impact of foreign subsidiaries on effective tax rate, Amount	(388,132)	(76,914)	(103,878)
Impact of manufacturers deduction on effective tax rate, Amount	(91,018)	(185,993)	(138,127)
Other-net, Amount	(37,036)	(38,909)	(83,990)
Provision for income taxes	$ 2,293,932	$ 3,867,287	$ 3,211,974
Income taxes using U.S. federal statutory rate, Percent	34.00%	34.00%	34.00%
State income taxes, net of federal benefit, Percent	1.00%	2.00%	1.00%
Impact of foreign subsidiaries on effective tax rate, Percent	(5.00%)	(1.00%)	(1.00%)
Impact of manufacturers deduction on effective tax rate, Percent	(1.00%)	(1.00%)	(1.00%)
Other-net, Percent	0.00%	0.00%	(1.00%)
Effective income tax rate	29.00%	34.00%	32.00%
Total income taxes paid	$ 2,348,865	$ 3,989,978	$ 2,568,708
Undistributed earnings of foreign subsidiaries	13,308,709
Tax benefit from exercise of non-qualified stock options and disqualifying dispositions of incentive stock options	0	8,882	0
Reconciliation of the beginning and ending amount of unrecognized tax benefits [Roll Forward]
Balance at beginning of year	248,645	220,289	499,624
Increases for positions taken during the current period	27,947	50,735	49,636
Decreases relating to settlements	0	0	(263,856)
Decreases resulting from the expiration of the statute of limitations	(26,810)	(22,379)	(65,115)
Balance at end of year	249,782	$ 248,645	$ 220,289
Income Tax Contingency [Line Items]
Unrecognized tax benefits that would affect the annual effective tax rate	164,856
Accrued interest related to unrecognized tax benefits	$ 37,000
U.S. federal [Member]
Income Tax Contingency [Line Items]
Open tax year	2,012
State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Open tax year	2,012
Foreign Jurisdiction [Member]
Income Tax Contingency [Line Items]
Open tax year	2,009

LEASES (Details)

LEASES (Details) - USD ($)	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Future minimum payments under non-cancelable operating leases [Abstract]
Rent expense for all operating leases	$ 1,324,365	$ 1,151,749	$ 1,093,895
Non-Cancelable Leases [Member]
Future minimum payments under non-cancelable operating leases [Abstract]
2,016	1,046,940
2,017	992,680
2,018	884,615
2,019	397,186
2,020	55,120
Total	3,376,541
All Leases of All Kinds [Member] | Minimum [Member]
Future minimum payments under non-cancelable operating leases [Abstract]
2,016	1,100,000
2,017	1,100,000
2,018	1,100,000
2,019	1,100,000
2,020	1,100,000
All Leases of All Kinds [Member] | Maximum [Member]
Future minimum payments under non-cancelable operating leases [Abstract]
2,016	1,300,000
2,017	1,300,000
2,018	1,300,000
2,019	1,300,000
2,020	$ 1,300,000

RETIREMENT BENEFIT PLANS (Detai

RETIREMENT BENEFIT PLANS (Details)		12 Months Ended
		Jan. 02, 2016USD ($)Plan	Jan. 03, 2015USD ($)Plan		Dec. 28, 2013USD ($)	Jan. 02, 2016USD ($)shares		Jan. 03, 2015USD ($)shares
Funded status [Abstract]
Net amount recognized in the balance sheet						$ (24,304,926)		$ (26,164,812)
Amounts recognized in accumulated other comprehensive income [Abstract]
Total		$ 19,929,214	$ 23,387,274			$ 19,929,214		$ 23,387,274
Defined Benefit Plan, Change in components of accumulated other comprehensive income [Abstract]
Balance at beginning of period		23,387,274
Liability (gains)/losses [Abstract]
Balance at end of period		$ 19,929,214	$ 23,387,274
Assumptions used to determine the projected benefit obligations [Abstract]
Expected return on plan assets						8.00%		8.00%
Rate of compensation increase						3.25%		3.25%
Accumulated benefit obligation for all qualified and nonqualified defined benefit pension plans						$ 83,433,339		$ 84,714,136
Pension plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets [Abstract]
Number of plans | Plan		6	6	[1]
Projected benefit obligation						87,427,769		90,516,922
Accumulated benefit obligation						83,433,339		84,714,136
Fair value of plan assets						63,122,843		64,352,110
Net amount recognized in accrued benefit liability						$ (24,304,926)		$ (26,164,812)
Estimated future benefit payments to participants [Abstract]
Period of horizon for various asset classes used in calculating expected long term rates of return		10 years
Number of shares of employer common stock included plan assets (in shares) | shares						217,018		202,562
Value of employer common stock included plan assets						$ 4,069,938		$ 3,473,938
Dividends received from employer common stock		$ 92,743	$ 93,507
Health care cost trend rate for participants after January 1, 1991		0.00%
Ultimate health care cost trend rate		4.50%
Effect of one-percentage-point change in assumed health care cost trend rates on postretirement benefit plan [Abstract]
Percentage of voluntary contributions allowed to participants, maximum		100.00%
Employer contributions made		$ 232,399	186,545		$ 194,068
Equity Securities [Member]
Estimated future benefit payments to participants [Abstract]
Long-term target allocations for plan assets		50.00%
Fixed income [Member]
Estimated future benefit payments to participants [Abstract]
Long-term target allocations for plan assets		50.00%
Pension Benefits [Member]
Components of the net periodic benefit cost [Abstract]
Service cost		$ 3,770,191	2,837,134		3,028,863
Interest cost		3,472,870	3,365,194		2,840,622
Expected return on plan assets		(5,151,654)	(4,810,524)		(4,827,393)
Amortization of prior service cost		218,585	218,585		256,459
Amortization of the net loss		1,928,298	944,130		1,844,139
Net periodic benefit cost		$ 4,238,290	$ 2,554,519		$ 3,142,690
Assumptions used to determine net periodic benefit cost [Abstract]
Discount rate		3.90%	4.80%		3.90%
Expected return on plan assets		8.00%	8.00%		8.00%
Rate of compensation increase		3.25%	3.25%		3.25%
Change in benefit obligation [Roll Forward]
Benefit obligation at beginning of year		$ 90,516,922	$ 71,211,198
Change due to availability of final actual assets and census data		0	0
Discount rate		(4,121,170)	10,600,944
Mortality table		0	2,808,383
Service cost		3,770,191	2,837,134		$ 3,028,863
Interest cost		3,472,870	3,365,194		2,840,622
Actuarial (gain)/loss		(3,316,552)	2,287,760
Benefits paid		(2,894,492)	(2,593,691)
Benefit obligation at end of year		87,427,769	90,516,922		71,211,198
Change in fair value of plan assets [Roll Forward]
Fair value of plan assets at beginning of year		64,352,110	60,350,987
Change due to availability of final actual assets and census data		0	0
Actual return on plan assets		(1,340,977)	3,731,262
Employer contributions		3,006,202	2,863,552
Benefits paid		(2,894,492)	(2,593,691)
Fair value of plan assets at end of year		63,122,843	64,352,110		60,350,987
Funded status [Abstract]
Net amount recognized in the balance sheet						(24,304,926)		(26,164,812)
Amounts recognized in accumulated other comprehensive income [Abstract]
Net (loss)/gain						(32,220,482)		(35,093,871)
Prior service (cost) credit						(376,685)		(595,270)
Total		(35,689,141)	(35,689,141)		(20,075,506)	(32,597,167)		$ (35,689,141)
Defined Benefit Plan, Change in components of accumulated other comprehensive income [Abstract]
Balance at beginning of period		(35,689,141)	(20,075,506)
Change due to availability of final actual assets and census data		0	0
Charged to net periodic benefit cost [Abstract]
Prior service cost		218,585	218,585		256,459
Net loss (gain)		1,928,298	944,130		1,844,139
Liability (gains)/losses [Abstract]
Discount rate		4,121,170	(10,600,944)
Mortality table		0	(2,808,383)
Asset (gains)/losses deferred		(2,813,796)	(184,695)
Other		(362,283)	(3,182,328)
Balance at end of period		(32,597,167)	(35,689,141)		(20,075,506)
Amounts that will be amortized from accumulated other comprehensive income in next fiscal year [Abstract]
Net (loss) gain		1,837,738
Prior service cost (credit)		200,568
Assumptions used to determine the projected benefit obligations [Abstract]
Discount rate								3.90%
Pension plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets [Abstract]
Net amount recognized in accrued benefit liability						(24,304,926)		$ (26,164,812)
Estimated future benefit payments to participants [Abstract]
2,016						3,400,000
2,017						3,600,000
2,018						3,800,000
2,019						4,100,000
2,020						4,400,000
2021 through 2025						26,200,000
Contributions expected to be made by Company in next fiscal year		3,100,000
Fair value of plan assets						$ 63,122,843		$ 64,352,110
Number of shares of employer common stock included plan assets (in shares) | shares						14,456		8,938
Value of employer common stock included plan assets						$ 232,124		$ 146,712
Pension Benefits [Member] | Minimum [Member]
Assumptions used to determine the projected benefit obligations [Abstract]
Discount rate						4.24%
Pension Benefits [Member] | Maximum [Member]
Assumptions used to determine the projected benefit obligations [Abstract]
Discount rate						4.28%
Pension Benefits [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						$ 4,069,088		3,473,938
Pension Benefits [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						59,053,755		60,878,172
Pension Benefits [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0		0
Pension Benefits [Member] | Common/Collective Trust Funds [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						236,209		1,201,073
Pension Benefits [Member] | Common/Collective Trust Funds [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0		0
Pension Benefits [Member] | Common/Collective Trust Funds [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						236,209		1,201,073
Pension Benefits [Member] | Common/Collective Trust Funds [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0		0
Pension Benefits [Member] | The Eastern Company Common Stock [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						4,069,088		3,473,938
Pension Benefits [Member] | The Eastern Company Common Stock [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						4,069,088		3,473,938
Pension Benefits [Member] | The Eastern Company Common Stock [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0		0
Pension Benefits [Member] | The Eastern Company Common Stock [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0		0
Pension Benefits [Member] | Russell Large Cap Defensive Equity Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						6,685,388	[2]	6,936,880
Pension Benefits [Member] | Russell Large Cap Defensive Equity Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[2]	0
Pension Benefits [Member] | Russell Large Cap Defensive Equity Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						6,685,388	[2]	6,936,880
Pension Benefits [Member] | Russell Large Cap Defensive Equity Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[2]	0
Pension Benefits [Member] | Russell Equity II Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						4,456,364	[3]	4,632,485
Pension Benefits [Member] | Russell Equity II Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[3]	0
Pension Benefits [Member] | Russell Equity II Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						4,456,364	[3]	4,632,485
Pension Benefits [Member] | Russell Equity II Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[3]	0
Pension Benefits [Member] | Russell Large Cap U.S. Equity Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[4]					5,575,535
Pension Benefits [Member] | Russell Large Cap U.S. Equity Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[4]					0
Pension Benefits [Member] | Russell Large Cap U.S. Equity Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[4]					5,575,535
Pension Benefits [Member] | Russell Large Cap U.S. Equity Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[4]					0
Pension Benefits [Member] | Russell Concentrated Equity Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets								5,788,864
Pension Benefits [Member] | Russell Concentrated Equity Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets								0
Pension Benefits [Member] | Russell Concentrated Equity Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets								5,788,864
Pension Benefits [Member] | Russell Concentrated Equity Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets								0
Pension Benefits [Member] | Russell International Fund with Active Currency [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						7,796,625	[5]	7,606,489
Pension Benefits [Member] | Russell International Fund with Active Currency [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[5]	0
Pension Benefits [Member] | Russell International Fund with Active Currency [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						7,796,625	[5]	7,606,489
Pension Benefits [Member] | Russell International Fund with Active Currency [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[5]	0
Pension Benefits [Member] | Russell Emerging Markets Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						3,350,136	[6]	3,188,672
Pension Benefits [Member] | Russell Emerging Markets Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[6]	0
Pension Benefits [Member] | Russell Emerging Markets Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						3,350,136	[6]	3,188,672
Pension Benefits [Member] | Russell Emerging Markets Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[6]	0
Pension Benefits [Member] | Russell Fixed Income I Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						8,504,086	[7]	17,013,171
Pension Benefits [Member] | Russell Fixed Income I Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[7]	0
Pension Benefits [Member] | Russell Fixed Income I Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						8,504,086	[7]	17,013,171
Pension Benefits [Member] | Russell Fixed Income I Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[7]	0
Pension Benefits [Member] | Russell 6 Year LDI Fixed Income Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets								226,826
Pension Benefits [Member] | Russell 6 Year LDI Fixed Income Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets								0
Pension Benefits [Member] | Russell 6 Year LDI Fixed Income Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets								226,826
Pension Benefits [Member] | Russell 6 Year LDI Fixed Income Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets								0
Pension Benefits [Member] | Russell 8 Year LDI Fixed Income Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						1,478,701	[8]	227,960
Pension Benefits [Member] | Russell 8 Year LDI Fixed Income Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[8]	0
Pension Benefits [Member] | Russell 8 Year LDI Fixed Income Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						1,478,701	[8]	227,960
Pension Benefits [Member] | Russell 8 Year LDI Fixed Income Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[8]	0
Pension Benefits [Member] | Russell 10 Year LDI Fixed Income Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						1,840,616	[8]	343,712
Pension Benefits [Member] | Russell 10 Year LDI Fixed Income Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[8]	0
Pension Benefits [Member] | Russell 10 Year LDI Fixed Income Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						1,840,616	[8]	343,712
Pension Benefits [Member] | Russell 10 Year LDI Fixed Income Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[8]	0
Pension Benefits [Member] | Russell 12 Year LDI Fixed Income Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						2,119,786	[8]	919,538
Pension Benefits [Member] | Russell 12 Year LDI Fixed Income Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[8]	0
Pension Benefits [Member] | Russell 12 Year LDI Fixed Income Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						2,119,786	[8]	919,538
Pension Benefits [Member] | Russell 12 Year LDI Fixed Income Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[8]	0
Pension Benefits [Member] | Russell 14 Year LDI Fixed Income Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						3,795,220	[8]	1,212,739
Pension Benefits [Member] | Russell 14 Year LDI Fixed Income Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[8]	0
Pension Benefits [Member] | Russell 14 Year LDI Fixed Income Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						3,795,220	[8]	1,212,739
Pension Benefits [Member] | Russell 14 Year LDI Fixed Income Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[8]	0
Pension Benefits [Member] | Russell 16 Year LDI Fixed Income Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						5,615,278	[8]	520,522
Pension Benefits [Member] | Russell 16 Year LDI Fixed Income Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[8]	0
Pension Benefits [Member] | Russell 16 Year LDI Fixed Income Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						5,615,278	[8]	520,522
Pension Benefits [Member] | Russell 16 Year LDI Fixed Income Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0	[8]	0
Pension Benefits [Member] | Russell Long Duration Fixed Income Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[9]							8,112,746
Pension Benefits [Member] | Russell Long Duration Fixed Income Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[9]							0
Pension Benefits [Member] | Russell Long Duration Fixed Income Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[9]							8,112,746
Pension Benefits [Member] | Russell Long Duration Fixed Income Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[9]							0
Pension Benefits [Member] | Russell 15 Year STRIPS Fixed Income Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[10]					2,606,554
Pension Benefits [Member] | Russell 15 Year STRIPS Fixed Income Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[10]					0
Pension Benefits [Member] | Russell 15 Year STRIPS Fixed Income Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[10]					2,606,554
Pension Benefits [Member] | Russell 15 Year STRIPS Fixed Income Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[10]					0
Pension Benefits [Member] | Russell 10 Year STRIPS Fixed Income Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[10]					1,411,574
Pension Benefits [Member] | Russell 10 Year STRIPS Fixed Income Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[10]					0
Pension Benefits [Member] | Russell 10 Year STRIPS Fixed Income Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[10]					1,411,574
Pension Benefits [Member] | Russell 10 Year STRIPS Fixed Income Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[10]					0
Pension Benefits [Member] | Russell 28 to 29 Year STRIPS Fixed Income Fund [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[10]					543,357
Pension Benefits [Member] | Russell 28 to 29 Year STRIPS Fixed Income Fund [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[10]					0
Pension Benefits [Member] | Russell 28 to 29 Year STRIPS Fixed Income Fund [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[10]					543,357
Pension Benefits [Member] | Russell 28 to 29 Year STRIPS Fixed Income Fund [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets	[10]					0
Pension Benefits [Member] | Insurance Contracts [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						3,038,326		2,946,495
Pension Benefits [Member] | Insurance Contracts [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0		0
Pension Benefits [Member] | Insurance Contracts [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						3,038,326		2,946,495
Pension Benefits [Member] | Insurance Contracts [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0		0
Postretirement Benefits [Member]
Components of the net periodic benefit cost [Abstract]
Service cost		217,570	173,902		202,568
Interest cost		154,915	157,481		142,086
Expected return on plan assets		(91,936)	(22,434)		(73,920)
Amortization of prior service cost		(23,889)	(23,888)		(23,888)
Amortization of the net loss		18,804	72,378		(4,608)
Net periodic benefit cost		$ 275,464	$ 212,683		$ 242,238
Assumptions used to determine net periodic benefit cost [Abstract]
Discount rate		3.90%	4.80%		3.90%
Expected return on plan assets		8.00%	8.00%		8.00%
Change in benefit obligation [Roll Forward]
Benefit obligation at beginning of year		$ 4,055,112	$ 3,420,475
Change due to availability of final actual assets and census data		346	(56,516)
Discount rate		(87,748)	445,610
Mortality table		0	75,047
Service cost		217,570	173,902		$ 202,568
Interest cost		154,915	157,481		142,086
Actuarial (gain)/loss		(2,235,904)	(23,169)
Benefits paid		(122,947)	(137,718)
Benefit obligation at end of year		1,981,344	4,055,112		3,420,475
Change in fair value of plan assets [Roll Forward]
Fair value of plan assets at beginning of year		1,149,204	1,187,603
Change due to availability of final actual assets and census data		0	(2,451)
Actual return on plan assets		39,085	22,434
Employer contributions		122,947	79,336
Benefits paid		(122,947)	(137,718)
Fair value of plan assets at end of year		1,188,289	1,149,204		1,187,603
Funded status [Abstract]
Net amount recognized in the balance sheet						(793,055)		(2,905,908)
Amounts recognized in accumulated other comprehensive income [Abstract]
Net (loss)/gain						1,658,406		(630,853)
Prior service (cost) credit						63,731		87,620
Total		(543,233)	(543,233)		(3,544)	$ 1,722,137		$ (543,233)
Defined Benefit Plan, Change in components of accumulated other comprehensive income [Abstract]
Balance at beginning of period		(543,233)	(3,544)
Change due to availability of final actual assets and census data		(346)	54,065
Charged to net periodic benefit cost [Abstract]
Prior service cost		(23,889)	(23,888)		(23,888)
Net loss (gain)		18,804	72,378		(4,608)
Liability (gains)/losses [Abstract]
Discount rate		87,748	(445,610)
Mortality table		0	(75,047)
Asset (gains)/losses deferred		(52,851)	(72,378)
Other		2,235,904	23,169
Balance at end of period		1,722,137	(543,233)		(3,544)
Amounts that will be amortized from accumulated other comprehensive income in next fiscal year [Abstract]
Net (loss) gain		125,885
Prior service cost (credit)		23,889
Assumptions used to determine the projected benefit obligations [Abstract]
Discount rate						4.23%		3.90%
Pension plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets [Abstract]
Net amount recognized in accrued benefit liability						$ (793,055)		$ (2,905,908)
Estimated future benefit payments to participants [Abstract]
2,016						118,000
2,017						118,000
2,018						117,000
2,019						117,000
2,020						117,000
2021 through 2025						577,000
Contributions expected to be made by Company in next fiscal year		$ 118,000
Fair value of plan assets						1,188,289		1,149,204
Life insurance cost trend rate		1.00%
Effect of one-percentage-point change in assumed health care cost trend rates on postretirement benefit plan [Abstract]
Effect of 1-percentage point increase on total of service and interest cost components		$ 71,520
Effect of 1-percentage point decrease on total of service and interest cost components		(57,039)
Effect of 1-percentage point increase on postretirement benefit obligation		0
Effect of 1-percentage point decrease on postretirement benefit obligation		0
Postretirement Benefits [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0		0
Postretirement Benefits [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0		0
Postretirement Benefits [Member] | Level 3 [Member]
Change in benefit obligation [Roll Forward]
Benefits paid		(81,360)	(78,021)
Change in fair value of plan assets [Roll Forward]
Fair value of plan assets at beginning of year		1,149,204	1,187,603
Change due to availability of final actual assets and census data		0	(2,451)
Actual return on plan assets		39,085	22,434
Employer contributions		81,360	19,639
Benefits paid		(81,360)	(78,021)
Fair value of plan assets at end of year		$ 1,188,289	1,149,204		$ 1,187,603
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						1,188,289		1,149,204
Postretirement Benefits [Member] | Insurance Contracts [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						1,188,289		1,149,204
Postretirement Benefits [Member] | Insurance Contracts [Member] | Level 1 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0		0
Postretirement Benefits [Member] | Insurance Contracts [Member] | Level 2 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						0		0
Postretirement Benefits [Member] | Insurance Contracts [Member] | Level 3 [Member]
Estimated future benefit payments to participants [Abstract]
Fair value of plan assets						$ 1,188,289		$ 1,149,204
Supplemental Plans [Member]
Assumptions used to determine the projected benefit obligations [Abstract]
Discount rate						3.53%		3.90%
U.S. Non Union Employees [Member]
Effect of one-percentage-point change in assumed health care cost trend rates on postretirement benefit plan [Abstract]
Employer contributions made			$ 51,470
[1]	Information relating to one of the Company's pension plans is excluded from the above table as this plan was over-funded by approximately $70,000 at December 28, 2013.
[2]	The investment objective of the Russell Large Cap Defensive Equity Fund is to outperform the Russell 1000 Defensive Index while managing volatility and maintaining diversification similar to the Index over a full market cycle. The Fund invests in common stocks of large and medium cap U.S. companies, employing a multi-manager approach with advisors using distinct methods to identify medium to large cap U.S. stocks with positive excess return potential. The defensive style of investing emphasizes investments in equities of companies expected to have lower than average stock price volatility, higher financial quality and/or stable business fundamentals.
[3]	The Russell Equity II Fund has an objective to provide a favorable total return primarily through capital appreciation. Aims to outperform the Russell 2500 Index with above-average consistency while managing volatility and maintaining diversification similar to the Index over a full market cycle. The fund invests in common stocks of U.S. small cap companies. It employs a multi-style (growth and market-oriented, value), multi-manager approach. Advisors employ distinct yet complementary styles in their stock selection, focusing on factors such as: undervalued or under-researched companies, special situations, emerging growth, asset plays and turnarounds.
[4]	The investment objective of the Russell Large Cap U.S. Equity Fund (formerly the Russell Concentrated Equity Fund) is to outperform the Russell 1000 Index with above-average consistency over a full market cycle. The fund invests in common stocks of large and medium cap U.S. companies. Employs a multi-style, multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles. The number of advisors and number of stocks (150 - 200) is more concentrated than other Russell multi-style large cap U.S. funds.
[5]	The Russell International Fund with Active Currency seeks to provide long-term growth of Capital. Aims to outperform the Russell Development ex-U.S. Large Cap Index Net while managing volatility and maintaining diversification similar to the index over a full market cycle. The fund invests primarily in the equities of non-U.S. developing markets and currency of global markets. Employs multiple managers with distinct investment styles, which are intended to be complementary. Seeks to capitalize on the stock selection abilities of its active manager. The Fund typically has moderate country and sector weights relative to the index. Also believe active currency management is an attractive strategy with the potential to deliver excess return.
[6]	The Russell Emerging Markets Fund seeks to provide the potential for long-term growth of Capital. Aims to outperform the Russell Emerging Markets Index Net over a full market cycle. The fund invests in equity securities of companies located in, or are economically tied to, emerging market countries. Securities are denominated principally in foreign currencies and are typically held outside the U.S. The Fund employs a multi-style (growth, market-oriented and value) and multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles.
[7]	The Russell Fixed Income I Fund is designed to provide current income and capital appreciation through a variety of diversified strategies. The Fund seeks favorable returns comparable to the broad fixed income market, as measured by the Barclays U.S. Aggregate Bond Index. The fund primarily invests in fixed income securities representing diverse sectors and maturities. Advisors use diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds. It is actively managed with multiple advisors employing distinct yet complementary strategies and different technologies to insure prudent diversification over a broad spectrum of investments.
[8]	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.
[9]	The Russell Long Duration Fixed Income Fund seeks to outperform the Barclays Capital Long Credit Index over a full market cycle. The fund seeks to provide current income, and as a secondary objective, capital appreciation through diversified strategies including sector rotation, modest interest rate timing, security selection and tactical use of high yield and emerging market bonds. The fund will generally be used in combination with other bond funds, with the goal of reducing the mismatch between a plan's assets and liabilities. In January 2015, the Trustee of the plan sold all of the assets of this fund. The proceeds were invested in the LDI Target funds and the STRIPS funds as of the end of 2015.
[10]	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.

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details)	3 Months Ended								12 Months Ended
	Jan. 02, 2016USD ($)	Oct. 03, 2015USD ($)	Jul. 04, 2015USD ($)	Apr. 04, 2015USD ($)	Jan. 03, 2015USD ($)	Sep. 27, 2014USD ($)	Jun. 28, 2014USD ($)	Mar. 29, 2014USD ($)	Jan. 02, 2016USD ($)	Jan. 03, 2015USD ($)Customer	Dec. 28, 2013USD ($)Customer
Segment Reporting Information [Line Items]
Sales	$ 34,413,912	$ 36,239,500	$ 37,037,697	$ 36,876,842	$ 34,393,056	$ 35,803,405	$ 34,779,773	$ 35,849,126	$ 144,567,951	$ 140,825,360	$ 142,458,279
Operating Profit									8,027,728	11,718,648	10,386,321
Interest expense									(185,475)	(254,576)	(322,731)
Other income									178,722	64,691	50,305
Income before income taxes									8,020,975	11,528,763	10,113,895
Assets	121,738,559				121,270,556				121,738,559	121,270,556
Depreciation and amortization									3,921,438	3,486,302	3,825,286
Capital expenditures before currency translation adjustment									2,500,377	3,567,238	5,439,560
Currency translation adjustment									25,020	10,347	(245)
Total capital expenditures									2,538,236	3,633,165	5,523,742
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating Profit									8,027,728	11,718,648	10,386,321
Assets	104,045,708				102,271,004				104,045,708	102,271,004	94,684,750
Operating Segments [Member] | Industrial Hardware [Member]
Segment Reporting Information [Line Items]
Sales									61,338,812	58,666,229	60,367,209
Operating Profit									4,314,149	5,063,786	4,797,254
Assets	30,425,348				29,660,695				30,425,348	29,660,695	31,820,269
Depreciation and amortization									1,580,741	1,631,521	2,085,618
Capital expenditures before currency translation adjustment									1,479,984	1,929,022	1,967,335
Operating Segments [Member] | Security Products [Member]
Segment Reporting Information [Line Items]
Sales									56,598,487	49,381,553	48,751,688
Operating Profit									3,798,115	4,058,554	2,780,403
Assets	52,688,497				51,573,251				52,688,497	51,573,251	43,582,088
Depreciation and amortization									1,010,262	621,501	592,555
Capital expenditures before currency translation adjustment									388,377	973,365	469,669
Operating Segments [Member] | Metal Products [Member]
Segment Reporting Information [Line Items]
Sales									26,630,652	32,777,578	33,339,382
Operating Profit									(84,536)	2,596,308	2,808,664
Assets	20,931,863				21,037,058				20,931,863	21,037,058	19,282,393
Depreciation and amortization									1,330,435	1,233,280	1,147,113
Capital expenditures before currency translation adjustment									632,016	664,851	3,002,556
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Sales									3,425,976	3,549,925	2,943,464
Intersegment Eliminations [Member] | Industrial Hardware [Member]
Segment Reporting Information [Line Items]
Sales									595,596	984,192	373,797
Intersegment Eliminations [Member] | Security Products [Member]
Segment Reporting Information [Line Items]
Sales									2,813,576	2,565,733	2,558,127
Intersegment Eliminations [Member] | Metal Products [Member]
Segment Reporting Information [Line Items]
Sales									16,804	0	11,540
General Corporate [Member]
Segment Reporting Information [Line Items]
Assets	17,692,851				18,999,552				17,692,851	18,999,552	19,173,659
Total capital expenditures									12,839	55,580	84,427
Reportable Geographical Components [Member]
Segment Reporting Information [Line Items]
Sales									144,567,951	140,825,360	142,458,279
Assets	121,738,559				121,270,556				121,738,559	121,270,556	113,858,409
Reportable Geographical Components [Member] | United States [Member]
Segment Reporting Information [Line Items]
Sales									126,115,036	117,478,557	114,085,322
Assets	106,662,743				105,771,961				106,662,743	105,771,961	96,289,200
Reportable Geographical Components [Member] | Foreign [Member]
Segment Reporting Information [Line Items]
Sales									18,452,915	23,346,803	28,372,957
Assets	$ 15,075,816				$ 15,498,595				$ 15,075,816	$ 15,498,595	$ 17,569,209
Sales Revenue [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Number of major customers | Customer										1	1
Sales Revenue [Member] | Customer Concentration Risk [Member] | Metal Products [Member]
Concentration Risk [Line Items]
Threshold percentage of customer exceeded 10% of total revenue										10.50%	11.50%

FINANCIAL INSTRUMENTS AND FAI46

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details) - Customer	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015
Term Loan [Member]
Interest Rate Risk [Abstract]
Fixed rate of interest	4.98%
2012 Term Loan Member]
Interest Rate Risk [Abstract]
Fixed rate of interest	3.90%
Revolving Credit Loan [Member]
Interest Rate Risk [Abstract]
Description of variable rate basis	LIBOR
Basis spread on variable rate	2.25%
Credit Concentration Risk [Member]
Credit Risk [Abstract]
Number of customers that represented more than 10% of trade receivables	0	0

SELECTED QUARTERLY FINANCIAL 47

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Jan. 02, 2016	Oct. 03, 2015	Jul. 04, 2015	Apr. 04, 2015	Jan. 03, 2015	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract]
Net sales	$ 34,413,912	$ 36,239,500	$ 37,037,697	$ 36,876,842	$ 34,393,056	$ 35,803,405	$ 34,779,773	$ 35,849,126	$ 144,567,951	$ 140,825,360	$ 142,458,279
Gross margin	8,100,044	9,033,843	7,912,161	7,335,178	8,555,221	8,461,473	7,776,304	7,513,406	32,381,226	32,486,404	30,147,520
Selling and administrative expenses	5,749,442	5,584,222	7,056,139	5,963,695	5,670,503	4,892,600	4,988,364	5,216,289	24,353,498	20,767,756	19,761,199
Net (loss)/income	$ 1,740,776	$ 2,527,722	$ 584,594	$ 873,951	$ 2,033,271	$ 2,431,817	$ 1,693,503	$ 1,502,885	$ 5,727,043	$ 7,661,476	$ 6,901,921
Net (loss)/income per share [Abstract]
Basic (in dollars per share)	$ 0.28	$ 0.41	$ 0.09	$ 0.14	$ 0.33	$ 0.39	$ 0.27	$ 0.24	$ 0.92	$ 1.23	$ 1.11
Diluted (in dollars per share)	$ 0.28	$ 0.41	$ 0.09	$ 0.14	$ 0.33	$ 0.39	$ 0.27	$ 0.24	$ 0.92	$ 1.23	$ 1.11
Weighted average shares outstanding [Abstract]
Basic (in shares)	6,246,571	6,245,099	6,244,051	6,244,088	6,231,729	6,223,140	6,222,676	6,222,213	6,245,057	6,225,068	6,220,928
Diluted (in shares)	6,246,571	6,245,099	6,244,051	6,244,088	6,231,729	6,240,396	6,239,866	6,239,149	6,245,057	6,237,914	6,237,758

Schedule II - Valuation and Q48

Schedule II - Valuation and Qualifying accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($)		12 Months Ended
		Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period		$ 414,000	$ 410,000	$ 487,000
Charged to Costs and Expenses		$ 52,144	$ 71,927	$ 106,485
Charged to Other Accounts
Deductions	[1]	$ 16,144	$ 67,927	$ 183,485
Balance at End of Period		$ 450,000	$ 414,000	$ 410,000
[1]	Uncollectible accounts written off, net of recoveries.