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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2011
Employee Benefit Plans [Abstract] |
Employee Benefit Plans |
8) | Employee Benefit Plans
We have defined contribution 401(k) profit sharing plans covering substantially all U.S. employees. All employees are eligible for the plans on the first day of the month following their employment date. A participant may elect to contribute between 1% and 60% of their compensation to the plans, subject to Internal Revenue Service (“IRS”) dollar limitations. Participants age 50 and older may defer an additional amount up to the applicable IRS Catch Up Provision Limit. We provide a matching contribution which is determined on an individual, participating company basis. Currently, the matching contribution for U.S. employees of the Metal Bearing Components Segment is the greater of five hundred dollars or 50% of the first 4% of compensation contributed. The matching contributions for the Plastic and Rubber Components Segment locations are 25% of the first 6% of compensation contributed for the Lubbock Plant and 50% of the first 6% of compensation contributed for the Danielson Plant. The matching contribution for Precision Metal Components Segment employees is 25% of the first 5% of compensation contributed. All participant contributions are immediately vested at 100%. Contributions for the Metal Bearing Components Segment were $144, $117, and $112 in 2011, 2010, and 2009, respectively. Contributions for the Plastic and Rubber Components Segment were $94, $90, and $78 in 2011, 2010 and 2009, respectively. Contributions for the Precision Metal Components Segment employees were $96, $75, and $12 in 2011, 2010 and 2009, respectively. Prior to January 20, 2011, we had a defined benefit pension plan covering our Eltmann Plant. The benefits were based on the expected years of service. The plan was unfunded. 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 under this plan. (See Note 1 of the Notes to Consolidated Financial Statements). Following is a summary of the funded status and changes in the projected benefit obligation for the Eltmann defined benefit pension plan as of and during the years ended December 31, 2010 and 2009:
|  | 2010 |
Reconciliation of Funded Status: |  |  |  |
Benefit obligation |  | $ | (5,574 | )
Fair value of plan assets |  |  | — |
Funded status |  | $ | (5,574 | )
Net amount recognized under accrued pension |  | $ | (5,574 | )
Items not yet recognized as a component of net periodic pension cost: |  |  |  |
Unrecognized net actuarial loss |  | $ | 546 |
|  | 2010 |
Change in projected benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 5,488 |
Interest cost |  |  | 262 |
Benefits paid |  |  | (174 | )
Effect of currency translation |  |  | (394 | )
Actuarial loss |  |  | 392 |
Benefit obligation at December 31 |  | $ | 5,574 |
|  | 2010
Weighted-average assumptions as of December 31: |  |
Discount rate |  | 4.75%
Rate of compensation increase |  | 0% - 1.5%
Measurement date |  | 12/31/10
|  | 2010 |  |  | 2009 |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |
Interest cost on projected benefit obligation |  | $ | 262 |  |  | $ | 276 |
Amortization of net loss |  |  | — |  |  |  | — |
Net periodic pension benefit cost |  | $ | 262 |  |  | $ | 276 |
|  | 2010 |  |  | 2009 |
Amounts Recognized in Accumulated Other Comprehensive Income: |  |  |  |  |  |  |  |
Period actuarial loss |  | $ | 392 |  |  | $ | 315 |
Net periodic pension cost |  | $ | 392 |  |  | $ | 315 |
Severance Indemnity In accordance with Italian law, the Company has an unfunded severance plan under which all Italian employees are entitled to receive severance indemnities (Trattamento di Fine Rapporto or “TFR”) upon termination of their employment. Effective January 1, 2007, the amount payable based on salary paid is remitted to a pension fund managed by a third party. The severance indemnities paid to the pension fund accrue approximately at the rate of 1/13.5 of the gross salaries paid during the year. The amounts accrued become payable upon termination of the individual employee, for any reason, e.g., retirement, dismissal or reduction in work force. Employees are fully vested in TFR benefits after their first year of service. The amounts shown in the table below represent the actual liability at December 31, 2011 and 2010 reported under accrued pension in the Consolidated Balance Sheets.
|  | 2011 |  |  | 2010 |
Beginning balance |  | $ | (7,115 | ) |  | $ | (8,015 | )
Amounts accrued |  |  | (1,189 | ) |  |  | (899 | )
Payments to employees |  |  | 318 |  |  |  | 583 |
Payments to government managed plan |  |  | 835 |  |  |  | 636 |
Foreign currency impacts |  |  | 229 |  |  |  | 580 |
Ending balance |  | $ | (6,922 | ) |  | $ | (7,115 | )
Service and Early Retirement Provisions We have two plans that cover our Veenendaal Plant employees. One provides an award for employees who achieve 25 or 40 years of service and the other 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 changes in the two plans combined for the years ended December 31, 2011 and 2010.
|  | 2011 |  |  | 2010 |
Beginning balance |  | $ | (749 | ) |  | $ | (805 | )
Service cost |  |  | (52 | ) |  |  | (72 | )
Interest cost |  |  | (38 | ) |  |  | (18 | )
Benefits paid |  |  | 80 |  |  |  | 87 |
Foreign currency impacts |  |  | (24 | ) |  |  | 59 |
Ending balance |  | $ | (783 | ) |  | $ | (749 | )

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