Pensions

3 Months Ended

Mar. 31, 2012

Pensions [Abstract]

Pensions

Note 6. Pensions

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 month periods ended March 31, 2012 and 2011:

	Three months ended March 31,
(In Thousands of Dollars)	2012			2011
Beginning balance	$	(6,922	)	$	(7,115	)
Amounts accrued		(313	)		(340	)
Payments to employees		165			14
Payments to government managed plan		180			235
Currency impacts		(222	)		(452	)
Ending balance	$	(7,112	)	$	(7,658	)

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 month periods ended March 31, 2012 and 2011.

	Three months  ended March 31,
(In Thousands of Dollars)	2012			2011
Beginning balance	$	(783	)	$	(749	)
Service cost		(25	)		(20	)
Interest cost		(10	)		(21	)
Benefits paid		15			3
Currency impacts		(26	)		(48	)
Ending balance	$	(829	)	$	(835	)