SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
[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
Commission file number 1-13884
A. Full title of the Plan and the address of the Plan, if different from that
of the issuer named below:
INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR COOPER
CAMERON CORPORATION HOURLY EMPLOYEES, IAM,
AT THE SUPERIOR PLANT
B. Name of issuer of the securities held pursuant to the Plan and the address
of the principal executive office:
COOPER CAMERON CORPORATION
1333 West Loop South, Suite 1700
Houston, Texas 77027
INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR COOPER
CAMERON CORPORATION HOURLY EMPLOYEES, IAM,
AT THE SUPERIOR PLANT
Page
Report of Independent Auditors 1
Audited Financial Statements
Statements of Net Assets Available for Benefits 2
Statement of Changes in Net Assets Available for Benefits 4
Notes to Financial Statements 5
Signature 14
Consent of Independent Auditors 15
Report of Independent Auditors
Participants and Administrator
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
We have audited the accompanying statements of net assets available for benefits
of the Cooper Cameron Corporation Selected Individual Account Retirement Plans,
listed on page 2, as of December 31, 2001 and 2000, and the related statement of
changes in net assets available for benefits for the year ended December 31,
2001. These financial statements are the responsibility of the Plans'
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. 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 Plans at
December 31, 2001 and 2000, and the changes in their net assets available for
benefits for the year ended December 31, 2001, in conformity with accounting
principles generally accepted in the United States.
/s/ ERNST & YOUNG LLP
Houston, Texas
June 14, 2002
1
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Statements of Net Assets Available for Benefits
December 31, 2001
Plan Interest in Cooper
Cameron Corporation Net Assets
Plan Employer Contributions Master Trust for Defined Available for
No. Plan Name Receivable Contribution Plans Benefits
------------------------------------------------------------------------------------------------------------------------------------
005 Individual Account Retirement Plan for
Bargaining Unit Employees at the Cooper
Cameron Corporation Buffalo, New York Plant $ 25,621 $ 9,308,231 $ 9,333,852
006 Individual Account Retirement Plan for
Bargaining Unit Employees at the Cooper
Cameron Corporation Grove City Facility 1,470 4,732,686 4,734,156
008 Individual Account Retirement Plan for
Hourly-Paid Employees at the Cooper Cameron
Corporation Mount Vernon Plant - 3,038,289 3,038,289
010 Individual Account Retirement Plan for Cooper
Cameron Corporation Hourly Employees, IAM,
at the Superior Plant 713 897,961 898,674
See accompanying notes.
2
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Statements of Net Assets Available for Benefits (continued)
December 31, 2000
Plan Interest in Cooper
Cameron Corporation Net Assets
Plan Employer Contributions Master Trust for Defined Available for
No. Plan Name Receivable Contribution Plans Benefits
------------------------------------------------------------------------------------------------------------------------------------
005 Individual Account Retirement Plan for
Bargaining Unit Employees at the Cooper
Cameron Corporation Buffalo, New York Plant $ 39,104 $ 9,608,715 $ 9,647,819
006 Individual Account Retirement Plan for
Bargaining Unit Employees at the Cooper
Cameron Corporation Grove City Facility 2,077 6,611,339 6,613,416
008 Individual Account Retirement Plan for
Hourly-Paid Employees at the Cooper Cameron
Corporation Mount Vernon Plant 12,250 6,541,839 6,554,089
010 Individual Account Retirement Plan for Cooper
Cameron Corporation Hourly Employees, IAM,
at the Superior Plant 13,946 3,734,968 3,748,914
See accompanying notes.
3
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2001
Net Assets Available
for Benefits at Employer Employee Benefit
Plan No. Plan Name January 1, 2001 Contributions Contributions Payments
------------------------------------------------------------------------------------------------------------------------------------
005 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Buffalo, New York Plant $ 9,647,819 $ 332,954 $ 449,781 $ (94,106)
006 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Grove City Facility 6,613,416 1,470 22,485 (1,780,143)
008 Individual Account Retirement Plan for Hourly-Paid
Employees at the Cooper Cameron Corporation Mount
Vernon Plant 6,554,089 - 22,318 (3,155,289)
010 Individual Account Retirement Plan for Cooper Cameron
Corporation Hourly Employees, IAM, at the Superior
Plant 3,748,914 41,611 42,692 (2,805,705)
Net Investment
Loss from
Cooper Cameron
Corporation Master Net Assets
Trust for Defined Available for
Contribution Plans Other Changes in Benefits at
Plan No. Plan Name (Net of Expenses) Net Assets December 31, 2001
------------------------------------------------------------------------------------------------------------------------------------
005 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Buffalo, New York Plant $ (1,006,544) $ 3,948 $ 9,333,852
006 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Grove City Facility (114,541) (8,531) 4,734,156
008 Individual Account Retirement Plan for Hourly-Paid
Employees at the Cooper Cameron Corporation Mount
Vernon Plant (346,188) (36,641) 3,038,289
010 Individual Account Retirement Plan for Cooper Cameron
Corporation Hourly Employees, IAM, at the Superior
Plant (128,838) - 898,674
See accompanying notes.
4
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements
December 31, 2001
1. Description of the Plans
The Cooper Cameron Corporation Selected Individual Account Retirement Plans (the
"Plans"), as listed on page 2, are profit sharing plans which provide payments
to eligible employees of Cooper Cameron Corporation and certain subsidiaries
(the "Company") at termination, retirement, death, or disability. The Plans are
subject to the provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
The Company contributes to each participant's account monthly based on hours
actively worked and specific contribution rates. This contribution is also paid
on each hour of overtime, vacation, or holiday, but excludes sick time for which
the employee may be paid. Company contributions are made to the fund option that
the employee elects. Vesting in employer contributions is on a graduated scale
with 100% at five years.
Amounts which are forfeited due to a participant's termination of employment
prior to vesting in employer contributions made on the participant's behalf are
used to reduce the required Company contribution in subsequent periods. Upon
termination of the Plans, all remaining forfeitures are to be allocated to the
participant accounts.
All Plans allow for employee contributions based on hours actively worked and
elected contribution rates. Electing to contribute is completely voluntary, and
these contributions are immediately 100% vested. Participants may elect to have
their contributions allocated in 1% increments to one or more of the investment
offered by the Plans. Allocations among the investment accounts may be changed
at the participant's discretion on a daily basis.
The Company has the right under the Plans to discontinue its contributions at
any time and to terminate the Plans subject to the provisions of ERISA. In the
event of Plan termination, participants would become 100% vested in their
employer contributions. Effective December 31, 2001, the Individual Account
Retirement Plan for Bargaining Unit Employees at the Cooper Cameron Corporation
Grove City Facility, the Individual Account Retirement Plan for Cooper Cameron
Corporation Hourly Employees, IAM, at the Superior Plant, and the Individual
Account Retirement Plan for Hourly-Paid Employees at the Cooper Cameron
Corporation Mount Vernon Plant were terminated due to the closure of facilities
covered by these Plans. Effective December 31, 2001, the participants of these
Plans became 100% vested and the Company is in the process of distributing the
participant accounts.
5
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
1. Description of the Plans (continued)
More detailed information about the Plans and the funding, vesting, and benefit
provisions is contained in each plan's Summary Plan Description. Copies of these
pamphlets are available at the Company's corporate office.
2. Significant Accounting Principles
Accounting Principles
The accompanying financial statements of the Plans have been prepared on the
accrual basis of accounting in accordance with accounting principles generally
accepted in the United States.
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
that affect amounts reported in the financial statements and accompanying notes.
Such estimates could change in the future as more information becomes known,
which could impact the amounts reported and disclosed herein.
Benefit payments to participants are recorded upon distribution.
Investments
The Plans' investments are held in the Cooper Cameron Corporation Master Trust
(the "Master Trust"). Nationwide Trust Company is the trustee. The following is
a summary of the investment accounts of the Master Trust and the Plans'
beneficial interests in the investment accounts as of December 31, 2001 and
2000.
December 31
2001 2000
-----------------------------------
Plan 005:
Cooper Cameron Stock Fund 0.60% 0.59%
Fidelity Growth Company Fund 100.00 100.00
Vanguard Balanced Index Fund - 100.00
PRIMCO Stable Value Fund 2.74 2.19
6
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
2. Significant Accounting Principles (continued)
December 31
2001 2000
-------------------
Plan 005 (continued)
Deutsche Institutional Equity 500 Index Fund 1.33% 1.18%
PIMCO Total Return A Fund 4.20 3.38
Washington Mutual Investors Fund 3.88 3.22
MFS Massachusetts Investors Growth A Fund 2.44 1.90
Franklin Balance Sheet Investment A Fund 4.77 4.93
Lord Abbett Developing Growth A Fund 3.53 3.06
EuroPacific Growth Fund 3.86 3.09
Plan 006:
Cooper Cameron Stock Fund 0.13 0.48
PRIMCO Stable Value Fund 2.57 3.59
Deutsche Institutional Equity 500 Index Fund 1.29 1.38
PIMCO Total Return A Fund 2.60 3.39
Washington Mutual Investors Fund 3.07 3.68
MFS Massachusetts Investors Growth A Fund 1.47 1.50
Franklin Balance Sheet Investment A Fund 2.03 2.70
Lord Abbett Developing Growth A Fund 1.29 1.49
EuroPacific Growth Fund 1.10 0.98
7
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
2. Significant Accounting Principles (continued)
December 31
2001 2000
----------------------
Plan 008:
Cooper Cameron Stock Fund 0.42% 0.75%
PRIMCO Stable Value Fund 1.56 2.77
Duetsche Institutional Equity 500 Index Fund 0.81 1.65
PIMCO Total Return A Fund 1.73 3.37
Washington Mutual Investors Fund 1.35 2.91
MFS Massachusetts Investors Growth A Fund 1.01 1.82
Franklin Balance Sheet Investment A Fund 0.76 2.20
Lord Abbett Developing Growth A Fund 0.84 2.04
EuroPacific Growth Fund 1.01 1.88
Plan 010:
Cooper Cameron Stock Fund 0.10 0.43
PRIMCO Stable Value Fund 0.38 1.65
Deutsche Institutional Equity 500 Index Fund 0.12 0.40
PIMCO Total Return A Fund 0.47 2.00
Washington Mutual Investors Fund 0.55 1.95
MFS Massachusetts Investors Growth A Fund 0.47 1.04
Franklin Balance Sheet Investment A Fund 0.32 1.88
Lord Abbett Developing Growth A Fund 0.21 0.93
EuroPacific Growth Fund 0.30 1.11
The Master Trust's security transactions are accounted for on the date the
securities are purchased or sold. Interest income is recorded as earned.
Dividends are recorded as of the ex-dividend date.
8
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
2. Significant Accounting Principles (continued)
The Master Trust's investments in securities traded on the exchanges are valued
at the last reported sale price on the valuation date. Money market funds are
stated at cost, which approximates fair value.
Investment contracts within the PRIMCO Stable Value Fund, with varying contract
rates and maturity dates, are fully benefit responsive and are therefore stated
at contract value. Contract value represents cost plus accrued income. Although
it is management's intention to hold the investment contracts until maturity,
certain investment contracts provide for adjustments to contract value for
withdrawals made prior to maturity. The INVESCO Group Trust for Employee Benefit
Plans is a 103-12 investment entity, in which the assets of multiple qualified
plans are invested by the sponsor, PRIMCO Capital Management, and is comprised
of bank-issued synthetic contracts.
The Master Trust provides for various investments in common stock, mutual funds,
and investment contracts. Investment securities, in general, are exposed to
various risks, such as interest rate, credit, and overall market volatility
risk. Due to the level of risk associated with certain investment securities, it
is likely that changes in the values of investment securities will occur in the
near term and that such changes could materially affect the amounts reported in
the statements of net assets available for benefits and participant account
balances.
3. Separate Investment Accounts of the Cooper Cameron Corporation Master Trust
The purpose of the Master Trust is the collective investment of the assets of
participating employee benefit plans of the Company. The assets of the Master
Trust are allocated among participating plans by assigning to each plan those
transactions (primarily contributions, participant loan transactions, and
benefit payments) which can be specifically identified and by allocating among
all plans, in proportion to the fair value of the assets assigned to each plan,
the income and expenses resulting from the collective investment of the assets.
The Master Trust includes assets of other employee benefit plans in addition to
those included in these financial statements.
9
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
3. Separate Investment Accounts of the Cooper Cameron Corporation Master Trust
(continued)
The following table presents the fair value of investments for the separate
investment accounts of the Master Trust in which the Plans participate:
Cooper Washington MFS
Cameron Mutual PRIMCO Massachusetts
Stock Investors Stable Value Investors
December 31, 2001 Fund Fund Fund Growth A Fund
-------------------------------------------------------------
Assets:
Cash $ 49,730 $ - $ - $ -
Net unsettled sales of investments 747,156 - - -
Investments at fair value as determined by quoted market prices:
Money market funds 485,323 - - -
Cash Management Trust of America - - 2,947,173 -
Cooper Cameron Corporation Common Stock 72,431,025 - - -
Washington Mutual Investors Fund - 30,792,886 - -
MFS Massachusetts Investors Growth A Fund - - - 32,313,985
Deutsche Institutional Equity 500 Index Fund - - - -
PIMCO Total Return A Fund - - - -
Franklin Balance Sheet Investment A Fund - - - -
Lord Abbett Developing Growth A Fund - - - -
EuroPacific Growth Fund - - - -
Fidelity Growth Company Fund - - - -
Investments at estimated fair value or contract value:
Investment contracts - - 37,651,137 -
INVESCO Group Trust for Employee Benefit Plans - - 14,935,985 -
-------------------------------------------------------------
Total investments 72,916,348 30,792,886 55,534,295 32,313,985
-------------------------------------------------------------
Total assets 73,713,234 30,792,886 55,534,295 32,313,985
-------------------------------------------------------------
Liabilities:
Net unsettled purchases of investments (365,228) - - -
-------------------------------------------------------------
Net assets available to participating plans $ 73,348,006 $ 30,792,886 $ 55,534,295 $ 32,313,985
=============================================================
Deutsche Franklin
Institutional Balance Sheet
Equity 500 PIMCO Total Investment A
Index Fund Return A Fund Fund
December 31, 2001 ---------------------------------------------------------
Assets:
Cash $ - $ - $ -
Net unsettled sales of investments - - -
Investments at fair value as determined by quoted market prices:
Money market funds - - -
Cash Management Trust of America - - -
Cooper Cameron Corporation Common Stock - - -
Washington Mutual Investors Fund - - -
MFS Massachusetts Investors Growth A Fund - - -
Deutsche Institutional Equity 500 Index Fund 29,951,207 - -
PIMCO Total Return A Fund - 33,186,711 -
Franklin Balance Sheet Investment A Fund - - 13,824,686
Lord Abbett Developing Growth A Fund - - -
EuroPacific Growth Fund - - -
Fidelity Growth Company Fund - - -
Investments at estimated fair value or contract value:
Investment contracts - - -
INVESCO Group Trust for Employee Benefit Plans - - -
---------------------------------------------------------
Total investments 29,951,207 33,186,711 13,824,686
---------------------------------------------------------
Total assets 29,951,207 33,186,711 13,824,686
Liabilities:
Net unsettled purchases of investments - - -
---------------------------------------------------------
Net assets available to participating plans $ 29,951,207 $ 33,186,711 $ 13,824,686
=========================================================
Lord Abbett Fidelity
Developing EuroPacific Growth
Growth A Growth Company
Fund Fund Fund
December 31, 2001 ----------------------------------------------------
Assets:
Cash $ - $ - $ -
Net unsettled sales of investments - - -
Investments at fair value as determined by quoted market prices:
Money market funds - - -
Cash Management Trust of America - - -
Cooper Cameron Corporation Common Stock - - -
Washington Mutual Investors Fund - - -
MFS Massachusetts Investors Growth A Fund - - -
Deutsche Institutional Equity 500 Index Fund - - -
PIMCO Total Return A Fund - - -
Franklin Balance Sheet Investment A Fund - - -
Lord Abbett Developing Growth A Fund 9,611,825 - -
EuroPacific Growth Fund - 12,221,450 -
Fidelity Growth Company Fund - - 2,100,096
Investments at estimated fair value or contract value:
Investment contracts - - -
INVESCO Group Trust for Employee Benefit Plans - - -
----------------------------------------------------
Total investments 9,611,825 12,221,450 2,100,096
----------------------------------------------------
Total assets 9,611,825 12,221,450 2,100,096
Liabilities:
Net unsettled purchases of investments - - -
----------------------------------------------------
Net assets available to participating plans $ 9,611,825 $ 12,221,450 $ 2,100,096
====================================================
10
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
3. Separate Investment Accounts of the Cooper Cameron Corporation Master Trust
(continued)
The following table presents the fair value of investments for the separate
investment accounts of the Master Trust in which the Plans participate:
Cooper Washington MFS
Cameron Mutual PRIMCO Massachusetts
Stock Investors Stable Value Investors
December 31, 2000 Fund Fund Fund Growth A Fund
--------------------------------------------------------------
Assets:
Cash $ 894,457 $ - $ - $ -
Income receivable - - 7,158 -
Net unsettled sales of investments 1,217,856 - - -
Investments at fair value as determined by quoted market prices:
Money market funds 48,516 - - -
Cash Management Trust of America - - 3,984,937 -
Cooper Cameron Corporation Common Stock 100,842,527 - - -
Washington Mutual Investors Fund - 31,264,706 - -
MFS Massachusetts Investors Growth A Fund - - - 47,309,768
Deutsche Institutional Equity 500 Index Fund - - - -
PIMCO Total Return A Fund - - - -
Franklin Balance Sheet Investment A Fund - - - -
Lord Abbett Developing Growth A Fund - - - -
EuroPacific Growth Fund - - - -
Vanguard Balanced Index Fund - - - -
Fidelity Growth Company Fund - - - -
Investments at estimated fair value or contract value:
Investment contracts - - 40,586,774 -
INVESCO Group Trust for Employee Benefit Plans - - 14,025,827 -
Promissory note - - 96,250 -
--------------------------------------------------------------
Total investments 100,891,043 31,264,706 58,693,788 47,309,768
--------------------------------------------------------------
Total assets 103,003,356 31,264,706 58,700,946 47,309,768
Liabilities:
Net unsettled purchases of investments 1,495,531 - - -
--------------------------------------------------------------
Net assets available to participating plans $101,507,825 $ 31,264,706 $ 58,700,946 $ 47,309,768
--------------------------------------------------------------
Deutsche Franklin
Vanguard Institutional Balance Sheet
Balanced Equity 500 PIMCO Total Investment A
December 31, 2000 Index Fund Index Fund Return A Fund Fund
--------------------------------------------------------------
Assets:
Cash $ - $ - $ - $ -
Income receivable - - - -
Net unsettled sales of investments - - - -
Investments at fair value as determined by quoted market prices:
Money market funds - - - -
Cash Management Trust of America - - - -
Cooper Cameron Corporation Common Stock - - - -
Washington Mutual Investors Fund - - - -
MFS Massachusetts Investors Growth A Fund - - - -
Deutsche Institutional Equity 500 Index Fund - 38,419,019 - -
PIMCO Total Return A Fund - - 30,120,194 -
Franklin Balance Sheet Investment A Fund - - - 11,246,448
Lord Abbett Developing Growth A Fund - - - -
EuroPacific Growth Fund - - - -
Vanguard Balanced Index Fund 357 - - -
Fidelity Growth Company Fund - - - -
Investments at estimated fair value or contract value:
Investment contracts - - - -
INVESCO Group Trust for Employee Benefit Plans - - - -
Promissory note - - - -
--------------------------------------------------------------
Total investments 357 38,419,019 30,120,194 11,246,448
--------------------------------------------------------------
Total assets 357 38,419,019 30,120,194 11,246,448
Liabilities:
Net unsettled purchases of investments - - - -
--------------------------------------------------------------
Net assets available to participating plans $ 357 $ 38,419,019 $ 30,120,194 $ 11,246,448
==============================================================
Lord Abbett Fidelity
Developing EuroPacific Growth
December 31, 2000 Growth A Growth Company
Fund Fund Fund
--------------------------------------------------
Assets:
Cash $ - $ - $ -
Income receivable - - -
Net unsettled sales of investments - - -
Investments at fair value as determined by quoted market prices:
Money market funds - - -
Cash Management Trust of America - - -
Cooper Cameron Corporation Common Stock - - -
Washington Mutual Investors Fund - - -
MFS Massachusetts Investors Growth A Fund - - -
Deutsche Institutional Equity 500 Index Fund - - -
PIMCO Total Return A Fund - - -
Franklin Balance Sheet Investment A Fund - - -
Lord Abbett Developing Growth A Fund 10,790,367 - -
EuroPacific Growth Fund - 14,156,301 -
Vanguard Balanced Index Fund - - -
Fidelity Growth Company Fund - - 3,018,978
Investments at estimated fair value or contract value:
Investment contracts - - -
INVESCO Group Trust for Employee Benefit Plans - - -
Promissory note - - -
--------------------------------------------------
Total investments 10,790,367 14,156,301 3,018,978
--------------------------------------------------
Total assets 10,790,367 14,156,301 3,018,978
Liabilities:
Net unsettled purchases of investments - - -
--------------------------------------------------
Net assets available to participating plans $ 10,790,367 $ 14,156,301 $ 3,018,978
==================================================
11
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
3. Separate Investment Accounts of the Cooper Cameron Corporation Master Trust
(continued)
Investment income and net appreciation (depreciation) in fair value of
investments (including gains and losses on investments bought and sold as well
as held during the year) for the separate investment accounts of the Master
Trust in which these Plans participate are as follows:
Net Appreciation Interest and
Year ended December 31, 2001 (Depreciation) Dividends
-------------------------------
Cooper Cameron Stock Fund $(40,145,246) $ 10,888
Fidelity Growth Company Fund (758,893) 6,762
PRIMCO Stable Value Fund - 3,079,861
Deutsche Institutional Equity 500 Index Fund (5,312,478) 794,529
PIMCO Total Return A Fund 161,247 2,558,563
Washington Mutual Investors Fund (842,431) 1,264,731
MFS Massachusetts Investors Growth A Fund (11,499,407) -
Franklin Balance Sheet Investment A Fund 1,496,966 621,112
Lord Abbett Developing Growth A Fund (887,512) -
EuroPacific Growth Fund (2,005,334) 291,857
PRIMCO Stable Value Fund ("Stable Value Fund")
The Stable Value Fund invests in actively managed synthetic bank and insurance
company investment contracts ("SICs") and in guaranteed investment contracts
("GICs"). The GICs are promises by insurance companies or banks to repay the
principal plus accrued income at contract maturity. SICs differ from GICs in
that the assets supporting the SICs are owned by the Master Trust. A bank or
insurance company issues a wrapper contract that allows participant-directed
transactions to be made at contract value. Wrapper contracts are valued as the
difference between the fair value of the supporting assets and the contract
value. The assets supporting the SICs owned by the Master Trust are comprised
primarily of corporate bonds, asset-backed securities, government agency
securities, and 103-12 investment entities with a total fair value of
$47,655,056 and $52,434,269 at December 31, 2001 and 2000, respectively. The
contract values of the SICs at December 31, 2001 and 2000 were $46,659,277 and
$52,743,892, respectively.
12
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Notes to Financial Statements (continued)
3. Separate Investment Accounts of the Cooper Cameron Corporation Master Trust
(continued)
Interest crediting rates on the GICs in the Stable Value Fund are generally
determined at the time of purchase. Interest crediting rates on the SICs are
reset periodically based on the yields of the supporting assets. At December 31,
2001, the interest crediting rates for all contracts ranged from 3.08% to 9.52%.
At December 31, 2000, the interest crediting rates for all contracts ranged from
4.38% to 9.52%.
For 2001 and 2000, the average annual yield for the investment contracts in the
Stable Value Fund was 5.75% and 6.69%, respectively. At December 31, 2001 and
2000, fair value of the investment contracts in the Fund was estimated to be
approximately 102% and 99% of contract value, respectively. Fair value of the
GICs was estimated by discounting the weighted average of the Stable Value
Fund's cash flows at the then-current interest crediting rate for a comparable
maturity investment contract. Fair value of the SICs was based on the market
value of the assets supporting the SICs.
4. Income Tax Status
The Plans have been designed to meet the requirements of the Internal Revenue
Code ("IRC") under Sections 401(a) and 501(a) and, therefore, are not subject to
tax under present income tax laws. Once qualified, the Plans are required to
operate in conformity with the IRC to maintain their qualifications. A favorable
determination has been obtained for each of the Plans in which the Internal
Revenue Service stated that each Plan, as then designed, was in compliance with
the applicable requirements of the IRC. All Plans have been amended since
receiving their determination letters and new determination letters have been
requested but not received. However, the Company believes that the Plans, as
amended, are currently designed and being operated in compliance with the
applicable requirements of the IRC.
5. Other Changes in Net Assets
For the year ended December 31, 2001, net asset admissions and withdrawls
represent the net transfer of participant balances to/from other qualified plans
sponsored by the Company.
13
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the members of the Plan Administration Committee have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR COOPER
CAMERON CORPORATION HOURLY EMPLOYEES, IAM,
AT THE SUPERIOR PLANT
/s/ Jane L. Crowder
----------------------------------
By: Jane L. Crowder
Member of the Plan Administration
Committee
Date: June 28, 2002
14