GORMAN RUPP CO - 10-K filing on 2014-03-10

Note G - Pensions and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2013

	Pension Plan						Postretirement Plan
	2013			2012			2013			2012
Accumulated benefit obligation at end of year	$	57,632		$	65,427		$	19,794		$	23,794
Change in benefit obligation:
Benefit obligation at beginning of year	$	81,148		$	72,325		$	23,794		$	24,094
Service cost		3,144			3,188			1,153			1,156
Interest cost		2,851			2,803			724			871
Settlement		191			263			--			--
Benefits paid		(11,371	)		(6,974	)		(1,370	)		(1,324	)
Effect of foreign Exchange		--			--			(68	)		24
Actuarial (gain) Loss		(5,328	)		9,543			(4,439	)		(1,027	)
Benefit obligation at end of year	$	70,635		$	81,148		$	19,794		$	23,794

	Pension Plan						Postretirement Plan
	2013			2012			2013			2012

Change in plan assets:
Fair value of plan assets at beginning of year	$	73,631		$	65,754			--			--
Actual return on plan assets		4,429			7,651			--			--
Employer contributions		4,200			7,200			1,370			1,324
Benefits paid		(11,371	)		(6,974	)		(1,370	)		(1,324	)
Fair value of plan assets at end of year		70,889			73,631			--			--
Funded status at end of year	$	254		$	(7,517	)	$	(19,794	)	$	(23,794	)



Amounts recognized in the Consolidated Balance Sheets consist of:
Noncurrent assets	$	254		$	--		$	--		$	--
Total assets	$	254		$	--		$	--		$	--
Current liabilities	$	--		$	--		$	(1,401	)	$	(1,395	)
Noncurrent liabilities		--			(7,517	)		(18,393	)		(22,399	)
Total liabilities	$	--		$	(7,517	)	$	(19,794	)	$	(23,794	)

Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss (gain)	$	24,295		$	35,029		$	(11,871	)	$	(8,154	)
Deferred tax (benefit) expense		(9,496	)		(13,434	)		4,471			3,160
After tax actuarial loss (gain)	$	14,799		$	21,595		$	(7,400	)	$	(4,994	)



Components of net periodic benefit cost:
Service cost	$	3,144		$	3,188		$	1,153		$	1,156
Interest cost		2,851			2,803			724			871
Expected return on plan assets		(5,080	)		(4,591	)		--			--
Recognized actuarial loss (gain)		2,080			2,441			(723	)		(647	)
Settlement loss		4,169			2,935			--			--
Net periodic benefit cost	$	7,164		$	6,776		$	1,154		$	1,380



Other changes in plan assets and benefit obligations recognized in other comprehensive loss:
Net (gain) loss	$	(10,374	)	$	1,371		$	(3,717	)	$	(384	)
Total (income) expense recognized in net periodic benefit cost and other comprehensive income	$	(3,570	)	$	8,147		$	(2,563	)	$	996

	Pension Plan						Postretirement Plan
	2013			2012			2013			2012
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate		4.30	%		3.40	%		4.50	%		3.20	%
Rate of compensation increase		3.50	%		3.50	%		--			--
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate		4.30	%		4.00	%		3.20	%		3.76	%
Expected long-term rate of return on plan assets		7.00	%		7.00	%		--			--
Rate of compensation increase		3.50	%		3.50	%		--			--

2013		$	%
Level 1
Equity	$	21,795		31	%
Fixed Income		919		1	%
Mutual Funds		5,031		7	%
Money Fund		2,043		3	%
Cash		90		0	%
Total Level 1		29,878		42	%
Level 2
Fixed Income		35,540		50	%
Money Fund		5,471		8	%
Total Level 2		41,011		58	%
Level 3
Total Level 3		--		--
Total fair value of Plan assets	$	70,889		100	%

2012		$	%
Level 1
Equity	$	27,628		38	%
Fixed Income		39,778		54	%
Balanced		6,210		8	%
Cash		15		--
Total Level 1		73,631		100	%
Level 2
Total Level 2		--		--
Level 2
Total Level 3		--		--
Total fair value of Plan assets	$	73,631		100	%