SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 2001
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ............ to ..............
Commission file number 1-4982
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
PARKER RETIREMENT SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
PARKER-HANNIFIN CORPORATION
6035 PARKLAND BOULEVARD
CLEVELAND, OHIO 44124-4141
PARKER RETIREMENT SAVINGS PLAN
INDEX OF FINANCIAL STATEMENTS
PAGE
----
Independent Auditors' Report 1
Financial Statements:
Statements of Net Assets Available for Benefits
at December 31, 2001 and 2000 2
Statements of Changes in Net Assets Available for Benefits
for the years ended December 31, 2001 and 2000 2
Notes to Financial Statements 3
Supplemental Schedules:
Schedule of Assets (Held at End of Year) 10
for the year ended December 31, 2001
Schedule of Reportable Transactions
for the year ended December 31, 2001 11
Independent Auditors' Report
To the Participants and Board of Directors
Parker-Hannifin Corporation
Parker Retirement Savings Plan
We have audited the accompanying statements of net assets available for
benefits of the Parker Retirement Savings Plan as of December 31, 2001 and 2000,
and the related statements of changes in net assets available for benefits for
the years then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Parker
Retirement Savings Plan as of December 31, 2001 and 2000, and the changes in net
assets available for benefits for the years then ended in conformity with
accounting principles generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules listed
in the accompanying index are presented for the purpose of additional analysis
and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These supplemental schedules are the responsibility of the
Plan's management. The supplemental schedules have been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
Hausser + Taylor LLP
Beachwood, Ohio
June 18, 2002
1
PARKER RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AT DECEMBER 31, 2001 AND 2000
(Dollars in Thousands)
2001 2000
------------- ------------
ASSETS
------
Investments (Notes 1, 6 & 8) $ 1,535,544 $ 1,367,188
Accrued interest and dividends 1,268 1,389
Other 2,124 1,987
----------- -----------
Total assets 1,538,936 1,370,564
----------- -----------
LIABILITIES
-----------
Notes payable (Note 5) 97,244 94,188
Other 3,662 4,343
----------- -----------
Total liabilities 100,906 98,531
----------- -----------
Net Assets Available for Benefits $ 1,438,030 $ 1,272,033
=========== ===========
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000
(Dollars in Thousands)
2001 2000
------------ ------------
ADDITIONS
---------
Participant contributions (Notes 1, 2 & 4) $ 72,253 $ 74,466
Employer contributions (Notes 1, 2 & 4) 33,415 29,942
Interest income 21,256 26,821
Dividend income 9,580 9,727
Transfers from other plans (Note 12) 132,961 -
----------- -----------
Total additions 269,465 140,956
----------- -----------
DEDUCTIONS
----------
Distributions to participants 78,332 65,385
Net depreciation in the fair
value of investments (Notes 1 & 6) 17,839 103,760
Interest expense 5,474 6,136
Trustee fees and expenses 1,823 1,677
----------- -----------
Total deductions 103,468 176,958
----------- -----------
Net increase (decrease) in Assets
Available for Benefits 165,997 (36,002)
Net Assets Available - Beginning of year 1,272,033 1,308,035
----------- -----------
Net Assets Available - End of year $ 1,438,030 $ 1,272,033
=========== ===========
The accompanying notes are an integral part of the financial statements.
2
NOTES TO FINANCIAL STATEMENTS
(Dollars in Thousands)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investment Valuation
The investments in Parker-Hannifin Corporation (the Company) common shares,
non-convertible corporate bonds, U.S. Government bonds, Key Trust Employee
Benefits Value Equity and Fixed Income Funds, PIMCO Total Return Fund,
Aetna Small Company Fund, Capital Guardian International Equity Fund, the
SSgA S&P 500 Index Fund, the Federated Equity Income Fund, the Janus Fund,
and the John Hancock Technology Fund are valued at quoted market prices as
of the last reported trade price on the last business day of the period.
The Parker Retirement Savings Plan (the Plan) presents in the Statement of
Changes in Net Assets Available for Benefits the net appreciation
(depreciation) in the fair value of its investments which consists of the
realized gains or losses from the sale of investments and the unrealized
appreciation (depreciation) on investments held by the Plan.
Investments in the Key Trust Employee Benefits Money Market Fund are valued
at market, which approximates cost. Refer to Note 8 for information
relating to the Contract Income Fund.
Management believes that the Plan's investments are well diversified and do
not create a significant concentration of credit risk. Participants assume
all risk in connection with any decrease in the market price of any
securities in all the Funds. Although the annual rates of return with
respect to the contracts held in the Contract Income Fund are guaranteed by
major insurance and bank companies, the Company does not make any
representations as to the financial capability of such companies or their
ability to make payments under the contracts.
Contributions
Participants may make contributions on a before tax and/or after tax basis.
Contributions from employees and the Company are recorded in the period
that payroll deductions are made from Plan participants.
Company contributions are invested solely in a non-participant directed
ESOP Fund, which holds primarily Company stock.
Other
Purchases and sales of securities are reflected on a trade-date basis.
Dividend income is recorded on the ex-dividend date. Interest and other
income are recorded as earned on the accrual basis.
Costs incident to the purchase and sale of securities, such as brokerage
commissions and stock transfer taxes, as well as investment advisory fees,
are charged to the funds to which they relate and are netted against
interest income. Certain costs and expenses incurred in administering the
Plan are paid out of the Plan's assets and the Company pays the remainder.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Actual results
could differ from those estimates.
Benefits are recorded when paid.
3
NOTES TO FINANCIAL STATEMENTS, continued
(Dollars in Thousands)
2. DESCRIPTION OF PLAN
General
The following description of the Plan provides only general information.
Participants should refer to the Plan document or summary plan description
for a more complete description of the Plan's provisions.
The Plan is a defined contribution plan which is available to all U.S.
domestic regular, part-time non-union employees, and some union employees
(if negotiated). Employees are able to enroll in the Plan the first day of
the month following the date of hire. The Plan is subject to Sections 401(a)
and 401(k) of the Internal Revenue Code and the provisions of the Employee
Retirement Income Security Act (ERISA) of 1974, as amended. The Plan was
amended and restated effective January 1, 1999 to reflect certain
operational and administrative changes and to comply with tax legislative
changes.
Cash
The Plan maintains at a financial institution cash which exceeds federally
insured amounts at times and which may, at times, significantly differ from
balance sheet amounts due to outstanding checks.
Contributions and Transfers
Participants may elect to contribute, through payroll deductions, not less
than 1% nor more than 20% of their total compensation for a Plan year and
may change such percentage upon request. The amount which a highly
compensated employee may contribute may be limited in order to comply with
Internal Revenue Code Sections 401(k) and 401(m). Participants may suspend
their contributions at any time and may designate one or more of several
available funds in which their contributions are to be invested. Investment
elections may be changed at any time. Available funds are:
(a) Parker Hannifin Common Stock Fund - Invested primarily in common shares
of the Company purchased on the open market. A participant's
contribution is limited to 50% of the total amount invested.
(b) PIMCO Total Return Fund - Invested primarily in securities which have a
fixed rate of return such as U.S. government and corporate debt
securities, mortgage and other asset-backed securities, U.S. dollar and
foreign currency-denominated securities of foreign issuers, and money
market instruments.
(c) Equity Fund - Invested primarily in common stock of high-quality medium
and large capitalization companies other than the Company.
(d) Contract Income Fund - Invested primarily in high-quality fixed income
investments such as contracts issued by insurance companies and banks
which provide a return guaranteed by the issuer, and debt securities
such as notes and bonds issued by Federal agencies or mortgage backed
securities, with each of these investments typically providing a stable
rate of return for a specific period of time. Refer to Note 8 for a
further description of this fund.
(e) Balanced Fund - Invested primarily in securities which have a fixed rate
of return such as government and high-quality corporate bills, notes,
bonds, and/or invested in bonds, convertible securities, money market
investments, and common stocks of high-quality medium and large
capitalization companies other than the Company.
(f) Aetna Small Company Fund - Invested primarily in common stocks and
securities convertible into common stocks of companies with smaller
market capitalization who outperform the market over time. Effective
March 1, 2002 the Aetna Small Company Fund was changed to the ING Small
Company Fund.
(g) Capital Guardian International Equity Fund - Invested primarily in
common stocks, preferred stocks, warrants and rights to subscribe to
common stocks of non-U.S. issuers.
4
NOTES TO FINANCIAL STATEMENTS, continued
(Dollars in Thousands)
2. DESCRIPTION OF PLAN (cont'd)
(h) SSgA S&P 500 Index Fund - Invested in stocks which comprise the S&P 500
Index, most of which are listed on the New York Stock Exchange.
(i) Janus Fund - Invested primarily in common stocks of larger, more
established companies that are expected to have greater than average
earnings growth.
(j) Federated Equity Income Fund - Invested in equities and convertible
securities.
(k) John Hancock Technology Fund - Invested primarily in U.S. and foreign
technology companies whose stocks appear to be trading below their true
value.
Parker-Hannifin Corporation Contributions
The Company contributes an amount equal to 100% of the first 3% of the
monthly before-tax contributions and, effective May 1, 2001, an amount equal
to 50% of the 4th percent and 5th percent of the contribution. Prior to
May 1, 2001, the Company contributed an amount equal to 25% of the 4th
percent and 5th percent of the before-tax contribution. The Company may also
match after-tax contributions, but matches only 25% of the 4th percent and
5th percent of after tax contributions. Company contributions match the
before-tax contributions prior to the after-tax contributions. Company
contributions are invested solely in the ESOP Fund. A participant age 55 or
older, with 10 or more years of participation in the Plan, may transfer a
portion of the shares of stock in the ESOP Fund to any of the investment
funds within the Plan.
Participant Loans
The Plan has a loan provision which allows an active participant to borrow a
minimum of $500 (actual dollars) and up to the lesser of a) 50% of their
account balance or b) $50,000 (actual dollars) less the largest outstanding
loan balance he/she had in the last 12 months. The loan must be repaid, with
interest equal to the prime rate at the time the loan is entered into plus
1%, over a period from 1 year to 4 1/2 years for a general purpose loan and
up to ten years for a residential loan. Participant loans are valued at
cost, which approximates fair value.
Participant Accounts
The Plan utilizes the unit value method for allocating Plan earnings for all
funds. Unit values are determined on a daily basis and exclude contributions
receivable and benefits payable.
3. VESTING, WITHDRAWALS AND DISTRIBUTIONS
Participants are fully vested at all times. In general, a participant's
account is only paid out after termination of employment, but under certain
circumstances, a participant may withdraw in cash a portion of his/her
before and/or after tax contributions, subject to certain limitations and
restrictions.
After a participant terminates employment for any reason, all amounts are
distributable to the participant or if the participant is deceased, to the
participant's designated beneficiary. The distribution may be deferred until
the age of 70 1/2 if the participant's interest exceeds $5,000 (actual
dollars). Distribution is in cash either in a single payment, quarterly
installments or, by purchase of an annuity, except that amounts held in the
Company Stock Fund and ESOP Fund may be distributed in the form of common
shares or cash, as the participant elects.
Dividends received by the ESOP Fund with respect to allocated Company shares
are paid to participants at the end of each Plan year.
5
NOTES TO FINANCIAL STATEMENTS, continued
(Dollars in Thousands)
4. PLAN AMENDMENT
Participation in the 401(k)
During calendar year 2000, the Plan was amended to allow union employees at
Wickliffe, Ohio, Eastlake North, Ohio, Eastlake South, Ohio and Home Avenue,
Akron, Ohio to participate. During calendar year 2001, the Plan was amended
to allow union employees at Kalamazoo, Michigan, Springfield, Kentucky and
Minneapolis, Minnesota to participate.
Participants may elect to contribute, through payroll deductions, not less
than 1% nor more than 20% of their total compensation for a Plan year and
may change such percentage upon request. Such contributions can be made on a
before tax basis only. The Company does not match the above contributions,
and does not provide for loan provisions, after tax withdrawals or automatic
enrollment.
5. NOTES PAYABLE
Notes payable at December 31, 2001 and 2000 consisted of the following:
2001 2000
---------- ----------
Amortizing Notes, 6.34% due 2008 $ 83,001 $ 94,188
Senior Notes, 7.08% due 2009 14,243 -
---------- ----------
$ 97,244 $ 94,188
========== ==========
The 6.34% Amortizing Notes are guaranteed by the Company and call for
payment of principal and interest semiannually through July 15, 2008. The
ESOP Fund uses company contributions and cash dividends received on
unallocated shares to repay the loan plus interest.
The 7.08% Senior Notes were transferred to the ESOP Fund on December 31,
2001 as part of the merger of the Commercial Intertech Employee Stock
Ownership Plan as discussed in Note 12. The 7.08% Senior Notes are
guaranteed by the Company and call for payment of interest semiannually on
June 30th and December 31st and the payment of principal annually on
December 31st . Company contributions and cash dividends received on
unallocated shares have been and will continue to be used to repay the loan
plus interest.
The shares purchased with the proceeds from these borrowings are held in
suspense in the ESOP Fund (referred to as unallocated shares), to be
released and allocated to participant's accounts periodically in full or
partial satisfaction of the Company's matching contribution obligations.
Principal amounts of the notes payable for the five years ending December
31, 2002 through 2006 are $12,678, $12,912, $13,183, $13,492 and $13,842,
respectively.
6
NOTES TO FINANCIAL STATEMENTS, continued
(Dollars in Thousands)
6. INVESTMENTS
The Plan investments at fair value (determined by quoted market price) at
December 31,:
2001 2000
----------- -----------
Cash and cash equivalents
Employee Benefits Money Market Fund $ 32,959 $ 27,060
Common Shares
Company Stock Fund 128,094 146,835
ESOP Fund - Allocated * 418,252 358,294
ESOP Fund - Unallocated * 126,803 110,270
Investment Contracts - estimated 201,925 149,287
Other Investments
Aetna Small Company Fund 63,988 57,043
Capital Guardian International Equity Fund 29,038 32,990
SSgA S&P 500 Index Fund 97,146 96,105
Employee Benefits Fixed Income Fund 36,710 33,324
Employee Benefits Value Equity Fund 233,108 247,837
Federated Equity Income Fund 8,255 4,031
Janus Fund 30,014 13,643
John Hancock Technology Fund 16,723 9,411
PIMCO Total Fund Return 66,600 -
U.S. Government Securities - 25,290
Corporate Debt Instruments - 12,657
----------- -----------
581,582 532,331
Participant Loans - estimated 45,929 43,111
----------- -----------
Total Assets Held for Investment $1,535,544 $1,367,188
=========== ===========
* Non-participant directed investments
The plan's investments appreciated (depreciated) in value during calendar
2001 and 2000 as follows:
2001 2000
----------- -----------
Company Stock Fund $ 9,589 $ (9,555)
ESOP Fund - Allocated 18,075 (54,488)
ESOP Fund - Unallocated 1,191 (23,349)
Bank Common/ Collective Trusts (20,571) 8,882
Mutual Funds (26,123) (25,250)
---------- ----------
$ (17,839) $ (103,760)
========== ==========
7. NONPARTICIPANT-DIRECTED INVESTMENTS
Information about the net assets and the significant components of the
changes in net assets relating to the nonparticipant directed investments at
December 31 is as follows:
2001 2000
----------- -----------
Net Assets:
ESOP Fund - Allocated $ 420,551 $ 362,112
ESOP Fund - Unallocated 27,964 14,260
----------- -----------
$ 448,515 $ 376,372
=========== ===========
7
NOTES TO FINANCIAL STATEMENTS, continued
(Dollars in Thousands)
7. NONPARTICIPANT-DIRECTED INVESTMENTS (cont'd)
Year ended December 31, 2001 Year ended December 31, 2000
--------------------------------- -------------------------------------
ESOP Fund ESOP Fund ESOP Fund ESOP Fund
Allocated Unallocated Allocated Unallocated
--------- ----------- --------- -----------
Changes in Net Assets:
Contributions $ 18,185 $ 15,229 $ 14,287 $ 15,653
Transfers from (to) other plan
funds 38,864 1,099 10,424 (13,429)
Interest income 71 51 106 76
Dividend income 5,971 1,608 5,481 1,761
Net appreciation (depreciation) 18,075 1,191 (54,488) (23,349)
Benefits paid to participants (20,039) (19,468)
Interest expense (5,474) (6,136)
Disbursements in kind (2,688)
------------ ------------ ------------ -----------
$ 58,439 $ 13,704 $(43,658) $ (25,424)
============ ============ ============ ===========
8. CONTRACT INCOME FUND
Reported in aggregate for the Contract Income Fund (including cash and cash
equivalents) at December 31:
2001 2000
---------- ----------
Contract Value of Assets $ 220,078 $ 172,029
Fair Value of Assets $ 224,404 $ 173,055
Average Yield of Assets 5.68% 6.56%
Return on assets for the 12 months ended December 31 6.17% 6.48%
Duration 2.49 Years 2.38 Years
The above information does not include investment contracts with a fair
value of $11,671 held in a common-collective trust.
The above information is provided in compliance with the AICPA Statement of
Position 94-4 (SOP 94-4). SOP 94-4 requires that fair value be based upon
the standard discounted cash flow methodology as referred to in the
Statement of Financial Accounting Standards No. 107. To arrive at the above
aggregate fair value, comparable duration Wall Street Journal Guaranteed
Investment Contract (GIC) Index rates were used as the discount factor
within the discounted cash flow formula. A standard present value
calculation has been employed to arrive at a current value for each cash
flow within a contract. The sum of the present values for each contract's
cash flows is the estimated total fair value for that contract. All of the
contract fair values are then added together to arrive at the above
aggregate fair value for the portfolio.
The Contract Income Fund contains indexed synthetic GIC's. This is a
portfolio of collective bond fund units owned by the fund and a
benefit-responsive, book-value "wrap" contract associated with the
portfolio. The wrap contract amortizes gains and losses of the portfolio
units over the duration of the portfolio's average life and assures that
book-value, benefit-responsive payments can be made for participant
withdrawals. The indexed synthetic GIC's (which exceeded 5% of the Plan's
net assets) included in the above amounts at December 31, 2001 and 2000 had
a book value of $88,328 and $53,874, while the fair value was $90,541 and
$54,346, respectively.
Certain employer initiated events (e.g., layoffs, bankruptcy, plant
closings, plan termination, mergers, early retirement incentives) are not
eligible for book value disbursements even from fully benefit responsive
contracts. These events may cause liquidation of all or a portion of a
contract at a market value adjustment.
8
NOTES TO FINANCIAL STATEMENTS, continued
(Dollars in Thousands)
9. TAX STATUS
The Internal Revenue Service has determined and informed the Company by
letter dated May 2, 2002, that the Plan and related trust are designed in
accordance with applicable sections of the Internal Revenue Code (IRC).
Since receiving the determination letter the Plan has been amended to
provide for various administrative changes including adding additional
investment funds and furnishing daily valuations. The Plan administrator and
the Plan's tax counsel believe that the Plan continues to be designed and
operated in compliance with the applicable provisions of the IRC.
Contributions matched by the Company and all earnings generally are not
taxable until distributed to the participants.
10. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company, by action of
its Board of Directors, without further approval by the shareholders, has
the right to amend, modify, suspend, or terminate the Plan in its entirety,
or as to any subsidiary or operating location. No amendment, modification,
suspension, or termination may permit assets held in trust by the Trustee to
be used for or diverted to purposes other than for the exclusive benefit of
participants or their beneficiaries. If the Plan is terminated, the Company
contributions credited to each affected participant will continue to be
fully vested.
11. PARTY-IN-INTEREST
Certain plan investments are units of common/collective trusts managed by
Key Bank. Key Bank is the trustee as defined by the Plan and, therefore,
these transactions qualify as party-in-interest.
12. TRANSFERS FROM OTHER PLANS
During calendar year 2001, the net assets of the plans identified below were
transferred to the Plan. The value of the individual participant accounts
was not changed as a result of the transfer. Each participant is eligible to
receive the benefits of the Plan as of the date of transfer.
Net Assets
Plan Name Date of Transfer Transferred
Commercial Intertech Employee Stock Ownership Plan 12/31/01 $ 48,886
Commercial Intertech Retirement Plan 12/31/01 39,256
Commercial Intertech 401(k) Plan 12/31/01 9,410
Retirement Savings and Thrift Plan for Hourly Employees at
the Gresen Hydraulics Division - Minneapolis Plant 12/31/01 5,012
Wynn's 401(k) Plan 08/01/01 10,626
Wilkerson Corporation Associates 401(k) Thrift Plan
and Trust 10/01/01 5,598
Employes' Savings and Profit Sharing Fund Of Miller Fluid
Power 10/01/01 14,173
---------
$ 132,961
=========
9
PARKER RETIREMENT SAVINGS PLAN
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
FOR THE YEAR ENDED DECEMBER 31, 2001
EIN 34-0451060
(Dollars in Thousands)
(a) (b) (c) (d) (e)
Identity of issue, borrower, lessor, Description of investment including maturity date, Current
or similar party rate of interest, collateral, par, or maturity value Cost value
--------------------------------------------------------------------------------------------------------------------------------
* Employee Benefits Money Market
Fund Cash and cash equivalents $ 32,959 $ 32,959
* Parker Hannifin Corporation 2,790,109 Common Shares 98,316 128,094
* ESOP - Allocated 9,110,263 Common Shares 204,059 418,252
* ESOP - Unallocated 2,761,992 Common Shares 106,948 126,803
Aetna Aetna Small Company Fund 65,066 63,988
Federated Federated Equity Income Fund 8,899 8,255
Janus Janus Fund 36,998 30,014
John Hancock John Hancock Technology Fund 20,750 16,723
Capital Guardian Capital Guardian International Equity Fund 30,554 29,038
SSgA SSgA S&P 500 Index Fund 107,176 97,146
PIMCO PIMCO Total Return Fund 66,596 66,600
* Key Bank Employee Benefits Fixed Income Fund 29,847 36,710
* Key Bank Employee Benefits Value Equity Fund 148,589 233,108
* Participant Loans Participant loans - 7.00% -10.50% 45,929
Investment Contracts Cost Value
-------------------- ------------ ------------
Ohio National Life GIC #GA5825 7.12% Due 06/15/2002 4,221 4,221
Caisse Des Depots Et Consignat GIC #BR-24802 6.51% Due 01/15/02 4,054 4,054
Protective Life Insurance Co GAC #1374 6.89% Due 09/15/2002 2,039 2,039
Safeco Life Insurance Co LP 1058943-0102 7.04% 12/15/2002 1,840 1,840
Safeco Life Insurance Co GIC #LP1058943-03-04 Dtd 10/02/97 6.49% Due 11/15/02 2,540 2,540
Jackson National Life Ins Co GIC #G 1179 Dtd 03/31/98 Fl Rt% Due 03/31/03 3,012 3,012
Transamerica GIC #76872 Dtd 10/26/98 5.527% Due 04/06/02 826 826
GE Life And Annuity Assurance Co GIC #GS 3214 Dtd 11/30/98 5.63% Due 08/15/02 1,184 1,184
Bank Of America SS GIC #99004 Dtd 01/29/99 5.49% Due 10/15/03 3,008 3,008
Bank Of America SS GIC #99015 Dtd 03/01/99 5.88% Due 11/15/05 2,984 2,984
Monumental/Peoples Security GIC #ADA00034TR-4 Dtd 03/30/99 5.774% Due 03/01/05 3,564 3,564
Bank Of America SS GIC # 98-034 Dtd 04/07/99 5.81% Due 03/25/05 2,978 2,978
Bank Of America SS GIC #99079 Dtd 04/30/99 5.8% Due 01/15/05 4,032 4,032
Monumental Life Insurance Co GIC #ADA00034TR-E Dtd 05/10/99 6.004% Due 03/15/06 2,491 2,491
Hartford Life Insurance Co GIC #GA 10430 Dtd 05/17/99 6.2% Due 11/17/03 4,684 4,684
Security Life Of Denver Ins Co GIC #FA 0774 Dtd 06/03/99 6.36% Due 11/17/03 5,862 5,862
Caisse Des Depots Et Consignat GIC #BR-248-03 Dtd 06/30/99 6.77% Due 07/15/04 5,154 5,154
Bank Of America GIC # 99-201 Dtd 08/24/99 6.93% Due 03/25/05 3,004 3,004
UBS AG Synth GIC #2699 Dtd 09/16/99 6.82% Due 07/15/06 4,904 4,904
Canada Life Assurance Co GIC #P 46051 Dtd 11/23/99 7.25% Due 04/15/05 4,204 4,204
Hartford Life Insurance Co GIC #GA-10453 Dtd 12/20/99 7.32% Due 06/15/05 4,617 4,617
Monumental Life GIC #ADA00034TR-6 Dtd 12/15/00 6.422% Due 07/15/05 4,974 4,974
Pacific Life Insurance Co GIC #G26640.01 Dtd 02/20/01 6.31% Due 03/15/06 5,270 5,270
GE Life And Annuity Assurance Co GIC #GS 3549 Dtd 04/09/01 6.00% Due 09/15/06 7,305 7,305
Security Life Of Denver GIC #SA 0254 Dtd 04/11/01 5.00% Due 04/06/06 3,033 3,033
John Hancock Mutual Life Ins Co GAC #15238 Dtd 08/13/01 5.83% Due 12/15/06 5,111 5,111
Principal Mutual Life Ins Co GIC #4-10394-2 Dtd 11/06/01 4.08% Due 10/16/06 5,031 5,031
Monumental Life Ins GIC #MDA 00378TR Dtd 12/01/01 6.10% 46,173 46,173
Bank Of America GIC #01-209 Dtd 12/01/01 6.22% 42,155 42,155
Certus Asset Advisors Held in a common-collective trust in the 11,671 11,671
Contract Income Fund
--------------------------
Total Investment Contracts 201,925 201,925
Total Assets Held for Investment $ 1,158,682 $ 1,535,544
==========================
* Denotes Party-in-Interest
10
THE PARKER RETIREMENT SAVINGS PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 2001
EIN 34-0451060
(Dollars in Thousands)
The following schedule represents Plan transactions in excess of 5% of current
value of Plan assets for the year ended December 31, 2001.
(b) (c) (h) (g) (i)
# of Purchase Cost of
Description Transactions Price Proceeds Asset Gain
------------------------------ ------------------------ ---------------- ----------------- ---------------- ------------
Contract Income Fund
Bankers Trust Synthetic GIC 1 $ 83,874 $ 83,874
NOTE: There is no separate determination of expenses related to the above
transactions.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Administrator of the Plan has duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
PARKER RETIREMENT SAVINGS PLAN
BY: /s/ Michael J. Hiemstra
-----------------------
Michael J. Hiemstra
Executive Vice President-Finance and
Administration and Chief Financial
Officer
June 25, 2002
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