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Pensions
9 Months Ended
Sep. 30, 2011
Pensions [Abstract] 
Pensions

Note 7. Pensions

Effective January 20, 2011, the defined benefit pension plan covering the employees at our Eltmann Plant is under control of the bankruptcy trustee and has been or will be taken over by the German government’s pension security fund. The plan is no longer a responsibility of NN, resulting in a reduction of Accrued pension liabilities of $5,623 on January 20, 2011. We have no remaining pension obligations. (See Note 1 of the Notes to Condensed Consolidated Financial Statements).

Severance Indemnity

In accordance with Italian law, the Company has an unfunded severance plan covering our Pinerolo Plant employees under which all employees at that location are entitled to receive severance indemnities upon termination of their employment. The table below summarizes the changes to the severance indemnity, included in Other non-current liabilities, for the three and nine month periods ended September 30, 2011 and 2010:

 

                                 
     Three months  ended
September 30,		     Nine months  ended
September 30,		  

(In Thousands of Dollars)

   2011     2010     2011     2010  

Beginning balance

   $ 7,814     $ 7,993     $ 7,115     $ 8,015  

Amounts accrued

     277       337       928       912  

Payments to employees

     (56 )      (158 )      (190 )      (488 ) 

Payments to government managed plan

     (188 )      (243 )      (591 )      (630 ) 

Currency impacts

     (516 )      (549 )      69       (429 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance

   $ 7,331     $ 7,380     $ 7,331     $ 7,380  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

Service and Early Retirement Provisions

We have two plans that cover our Veenendaal Plant employees. One plan provides an award for employees who achieve 25 or 40 years of service and the other plan is an award for employees upon retirement. These plans are both unfunded and the benefits are based on years of service and rate of compensation at the time the award is paid. The table below summarizes the combined changes in the two plans, included in Other non-current liabilities, during the three and nine month periods ended September 30, 2011 and 2010.

 

                                 
     Three months  ended
September 30,		     Nine months  ended
September 30,		  

(In Thousands of Dollars)

   2011     2010     2011     2010  

Beginning balance

   $ 840     $ 719     $ 749     $ 805  

Service cost

     13       20       39       53  

Interest cost

     10       64       48       104  

Benefits paid

     (15 )      (36 )      (50 )      (75 ) 

Currency impacts

     (56 )      81       6       (39 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance

   $ 792     $ 848     $ 792     $ 848