XML 47 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Pensions and Other Post-Employment Liabilities
 9 Months Ended
Sep. 30, 2012
Pensions and Other Post-Employment Liabilities [Abstract]  
Pensions and Other Post-Employment Liabilities
Note 6. Pensions and Other Post-Employment Liabilities

Effective January 20, 2011, the defined benefit pension plan covering the employees at our Eltmann Plant came under the 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, we have 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, 2012 and 2011:

 

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

(In Thousands of Dollars)

   2012     2011     2012     2011  

Beginning balance

   $ (6,450 )    $ (7,814 )    $ (6,922 )    $ (7,115 ) 

Amounts accrued

     (196 )      (277 )      (824 )      (928 ) 

Payments to employees

     151       56       811       190  

Payments to government managed plan

     87       188       348       591  

Currency impacts

     (171 )      516       8       (69 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance

   $ (6,579 )    $ (7,331 )    $ (6,579 )    $ (7,331 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Service and Early Retirement Provisions

We have certain plans that cover our Veenendaal Plant employees. A plan provides an award for employees who achieve 25 or 40 years of service and another 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 plans, included in Other non-current liabilities, during the three month and nine month periods ended September 30, 2012 and 2011:

 

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

(In Thousands of Dollars)

   2012     2011     2012     2011  

Beginning balance

   $ (755 )    $ (840 )    $ (783 )    $ (749 ) 

Service cost

     (7 )      (13 )      (37 )      (39 ) 

Interest cost

     (3 )      (10 )      (20 )      (48 ) 

Benefits paid

     10       15       64       50  

Currency impacts

     (20 )      56       1       (6 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance

   $ (775 )    $ (792 )    $ (775 )    $ (792 )