e11vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
|
|
|
þ |
|
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2009
OR
|
|
|
o |
|
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 1-12981
Solidstate Controls, Inc.
Hourly Employees (CWA)
Retirement Plan
(Full title of the plan)
AMETEK, Inc.
37 North Valley Road, Building 4, P.O. Box 1764
Paoli, Pennsylvania 19301-0801
(Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office)
Solidstate Controls, Inc.
Hourly Employees (CWA) Retirement Plan
Financial Statements and Supplemental Schedule
Years Ended December 31, 2009 and 2008
Contents
|
|
|
|
|
Financial Statements (Unaudited): |
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
3 |
|
|
|
|
4 |
|
|
|
|
|
|
Supplemental Schedule: |
|
|
|
|
|
|
|
|
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
13 |
|
1
Solidstate Controls, Inc.
Hourly Employees (CWA) Retirement Plan
Statements of Assets Available for Benefits
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2009 |
|
|
2008 |
|
Assets: |
|
|
|
|
|
|
|
|
Investments |
|
$ |
1,515,558 |
|
|
$ |
1,399,095 |
|
Investment in the AMETEK, Inc. Master Trust |
|
|
278,965 |
|
|
|
|
|
|
|
|
|
|
|
|
Total investments, at fair value |
|
|
1,794,523 |
|
|
|
1,399,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables: |
|
|
|
|
|
|
|
|
Employer contributions |
|
|
109,569 |
|
|
|
106,954 |
|
Participant contributions |
|
|
4,904 |
|
|
|
6,339 |
|
|
|
|
|
|
|
|
Total receivables |
|
|
114,473 |
|
|
|
113,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets available for benefits, at fair value |
|
|
1,908,996 |
|
|
|
1,512,388 |
|
|
|
|
|
|
|
|
|
|
Adjustment from fair value to contract value for Common Collective Trust |
|
|
(7,805 |
) |
|
|
3,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets available for benefits |
|
$ |
1,901,191 |
|
|
$ |
1,516,259 |
|
|
|
|
|
|
|
|
See accompanying notes.
2
Solidstate Controls, Inc.
Hourly Employees (CWA) Retirement Plan
Statements of Changes in Assets Available for Benefits
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2009 |
|
|
2008 |
|
Additions, net of investment loss: |
|
|
|
|
|
|
|
|
Contributions: |
|
|
|
|
|
|
|
|
Employer |
|
$ |
109,569 |
|
|
$ |
106,954 |
|
Participant |
|
|
71,325 |
|
|
|
78,086 |
|
|
|
|
|
|
|
|
|
|
|
180,894 |
|
|
|
185,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income (loss): |
|
|
|
|
|
|
|
|
Net appreciation (depreciation) in fair value of investments |
|
|
137,727 |
|
|
|
(393,626 |
) |
Interest and dividend income |
|
|
47,486 |
|
|
|
51,763 |
|
Plan interest in the AMETEK, Inc. Master Trust |
|
|
52,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
237,987 |
|
|
|
(341,863 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total additions, net of investment loss |
|
|
418,881 |
|
|
|
(156,823 |
) |
|
|
|
|
|
|
|
|
|
Deductions: |
|
|
|
|
|
|
|
|
Benefits paid to participants |
|
|
(33,949 |
) |
|
|
(18,266 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) |
|
|
384,932 |
|
|
|
(175,089 |
) |
|
|
|
|
|
|
|
|
|
Assets available for benefits: |
|
|
|
|
|
|
|
|
Beginning of year |
|
|
1,516,259 |
|
|
|
1,691,348 |
|
|
|
|
|
|
|
|
End of year |
|
$ |
1,901,191 |
|
|
$ |
1,516,259 |
|
|
|
|
|
|
|
|
See accompanying notes.
3
Solidstate Controls, Inc.
Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2009
(Unaudited)
1. Description of the Plan
General
The following description of the Solidstate Controls, Inc. Hourly Employees (CWA) Retirement Plan
(the Plan) provides only summarized information. Participants should refer to the Plan document
for a more complete description of the Plans provisions, copies of which may be obtained from
AMETEK, Inc. (AMETEK, the Company or the Plan Sponsor).
The Plan is a tax-deferred 401(k) defined contribution savings plan which provides eligible
employees (whose employment is governed by the terms of a collective bargaining agreement with the
Communications Workers of America (CWA)) of Solidstate Controls, Inc., an opportunity to invest a
portion of their compensation, as defined by the Plan, in one or a combination of investment
programs. See Note 3.
Participant Eligibility
A Solidstate Controls, Inc. CWA employee, who is not specifically an ineligible employee as defined
by the Plan, shall become a participant in the Plan as of the first day of a fiscal quarter
beginning after the completion of one year of service.
Contributions
Each year, participants have an opportunity to invest up to 16% (maximum 6% before tax and maximum
10% after tax) of their annual compensation, as defined by the Plan, in multiples of one percent,
except for certain highly compensated participants who may be subject to certain regulatory
limitations. Certain groups of participants have an opportunity to invest catch-up contributions up
to Internal Revenue Service annual limits. Participants may also contribute amounts representing
rollovers from other qualified plans. Participants direct their elective contributions into various
investment options offered by the Plan and can change their investment options on a daily basis.
The Plan provides for AMETEK contributions equal to 50% of the before tax compensation contributed
by each participant, up to a maximum percentage ranging from 1% to 6% of the participants
compensation as determined by the terms of the collective bargaining agreement. Matching Company
contributions are credited to participants accounts typically on an annual lump sum basis and are
allocated in the same manner as that of the participants elections. However, the Company may make
its matching contribution payment to the Plan at any time prior to the due date prescribed by law
for filing the Companys federal income tax return for that Plan year.
The Plan has a retirement feature for eligible participants, whereby the Company makes
contributions to the Plan on behalf of such participants at a rate of $0.65 and $0.60 for each hour
that an active participant is paid compensation in 2009 and 2008, respectively. Participant
contributions under the retirement feature of the Plan are not permitted. Investment programs and
transfer and exchange privileges available under the retirement feature are the same as for the
savings feature under the Plan.
Forfeited Company contributions, which are insignificant in amount, are used to reduce future
employer retirement contributions or to pay Plan administrative expenses.
4
Solidstate Controls, Inc.
Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2009
(Unaudited)
1. Description of the Plan (continued)
Participant Accounts
Each participants account is credited with the participants contributions and allocations of (a)
the Companys contributions and (b) Plan net earnings. Allocations are based on participant
earnings and/or account balances, as defined. The benefit to which a participant is entitled is the
balance in the participants vested account.
Vesting
Participants are fully vested at all times in participant contributions. Employer matching
contributions and related earnings and employer retirement contributions and related earnings are
fully vested after three years of service.
Participant Loans
Participants may borrow a minimum of $1,000 or up to a maximum equal to the lesser of $50,000 or
50% of their account balance. Participants may have up to two loans outstanding at any time,
although only one loan may be for a primary residence, the sum of which may not exceed the maximum
allowable under the Plan. Repayment terms of the loans are generally limited to no longer than 60
months from inception or for a reasonable period of time in excess of 60 months for the purchase of
a principal residence, as fixed by the Companys Pension Investment Committee. The loans are
secured by the balance in the participants account and bear interest at rates established by the
Companys Pension Investment Committee, which approximate rates charged by commercial lending
institutions for comparable loans. Interest rates on loans outstanding at December 31, 2009 and
2008 ranged between 4.25% and 9.25% and between 5.00% and 9.25%, respectively.
Principal and interest is paid ratably through payroll deductions. Participant loans outstanding at
December 31, 2009 and 2008 totaled $131,551 and $117,912, respectively, and are included in
investments in the accompanying statements of assets available for benefits.
Payment of Benefits
On termination of service, death, disability or retirement, a participant may receive a qualified
joint and survivor annuity, a direct rollover or a lump-sum amount equal to his or her vested
account. When a participant attains age 591/2 while still an employee, he or she can elect to
withdraw a specified portion of his or her vested account balance without incurring an income tax
penalty. Also, in certain cases of financial hardship, a participant may elect to withdraw up to a
specified portion of his or her vested account balance, regardless of age. All plan withdrawals
and distributions require spousal consent.
Administrative Expenses
The expenses of administering the Plan are payable from the trust funds, unless the Company elects
to pay such expenses. From inception of the Plan to the present, the Company has elected to pay
such expenses directly.
5
Solidstate Controls, Inc.
Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2009
(Unaudited)
1. Description of the Plan (continued)
Plan Termination
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as
amended (ERISA). While the Company has not expressed any intent to terminate the Plan, it is free
to do so at any time subject to the provisions of ERISA and applicable labor agreements. In the
event of Plan termination, each participants account would become fully vested and each
participant will receive the value of his or her separate vested account.
2. Summary of Significant Accounting Policies
Basis of Financial Statements and Presentation Format
The accompanying financial statements are unaudited because the number of participants in the Plan
is fewer than the number of participants which would require audited financial statements under
ERISA. The accompanying financial statements have been prepared on the accrual basis of accounting,
in accordance with U.S. generally accepted accounting principles (GAAP).
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make
estimates and assumptions that affect amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates and assumptions.
Master Trust
Effective April 1, 2009, AMETEK has entered into the AMETEK, Inc. Master Trust (Master Trust)
agreement with the Vanguard Fiduciary Trust Company (Trustee). Under the Master Trust agreement,
the AMETEK Stock Fund of certain employee savings plans of AMETEK are combined. Participating
plans purchase units of participation in the AMETEK Stock Fund based on their contribution to such
fund along with income that the fund may earn, less distributions made to the plans participants.
See Note 3.
The Plans interest in the assets of the Master Trust was less than one percent at December 31,
2009. The value of the assets held by the Master Trust at December 31, 2009 was $36,130,454.
A summary of the investment income for the assets held by the Master Trust for the period April 1,
2009 to December 31, 2009 was as follows:
|
|
|
|
|
Net appreciation in fair value of investment |
|
$ |
6,721,141 |
|
Interest and dividend income on investment |
|
|
113,957 |
|
|
|
|
|
Total investment income |
|
$ |
6,835,098 |
|
|
|
|
|
6
Solidstate Controls, Inc.
Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2009
(Unaudited)
2. Summary of Significant Accounting Policies (continued)
Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various
risks such as interest rate, market fluctuation and credit risks. Due to the level of risk
associated with certain investment securities, it is at least reasonably possible that changes in
the values of investment securities will occur in the near term and that such changes could
materially affect participants account balances and the amounts reported in the statements of
assets available for benefits.
Investment Valuation and Income Recognition
Investments held by the Plan are stated at fair value. Fair value is defined as the exchange price
that would be received for an asset or paid to transfer a liability (an exit price) in the
principal or most advantageous market for the asset or liability in an orderly transaction between
market participants on the measurement date. See Note 4.
Investments in shares of registered investment companies are valued at quoted market prices, which
represent the net asset values of shares held by the Plan at year end. Money market and short-term
investments are carried at the fair value established by the issuer and/or the trustee. The AMETEK
Stock Fund is valued at its year end unit closing price. The participant loans are valued at their
outstanding book values, which approximates fair value.
The Plan invests in investment contracts through a common collective trust (Vanguard Retirement
Savings Trust). The statements of assets available for benefits present the fair value of the
Vanguard Retirement Savings Trust and the adjustment from fair value to contract value. The fair
value of the Plans interest in the Vanguard Retirement Savings Trust is based on information
reported by the issuer of the common collective trust at year end. The contract value of the
Vanguard Retirement Savings Trust represents contributions plus earnings, less participant
withdrawals and administrative expenses.
Purchases and sales of investments are reflected on trade dates. Realized gains and losses on
sales of investments are based on the average cost of such investments. Interest income is
recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Income from
other investments is recorded as earned.
The net appreciation or depreciation of investments represents the sum of the change in the
difference between year end market value and the cost of investments, and the difference between
the proceeds received and the cost of investments sold during the year.
7
Solidstate Controls, Inc.
Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2009
(Unaudited)
3. Investment Programs
At December 31, 2009 and 2008, the Vanguard Fiduciary Trust Company was the Trustee and a
party-in-interest to the Plan.
A participant may direct contributions (up to certain specified limits) in any of the following
investment options:
|
|
|
AMETEK Stock Fund |
|
|
|
|
Vanguard Retirement Savings Trust |
|
|
|
|
Registered investment companies: |
|
|
|
Vanguard Total Bond Market Index Fund |
|
|
|
|
Vanguard LifeStrategy Funds |
|
|
|
|
Vanguard Wellington Fund |
|
|
|
|
Vanguard Windsor II Fund* |
|
|
|
|
Vanguard PRIMECAP Fund* |
|
|
|
|
Vanguard Small-Cap Index Fund* |
|
|
|
|
Vanguard 500 Index Fund* |
|
|
|
|
Vanguard Prime Money Market |
|
|
|
|
Artio International Equity Fund |
|
|
|
|
BlackRock Small Cap Fund* |
|
|
|
|
Keeley Small Cap Value* |
|
|
|
* |
|
Represents Domestic Equities Level 1 investments. See Note 4. |
Participants may change their investment options or transfer existing account balances to other
investment options daily.
The fair values of individual investments that represent five percent or more of the Plans assets
are as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2009 |
|
|
2008 |
|
Vanguard Retirement Savings Trust (stated at contract value) |
|
$ |
353,167 |
|
|
$ |
300,100 |
|
Vanguard Total Bond Market Index Fund |
|
|
239,780 |
|
|
|
186,156 |
|
Vanguard 500 Index Fund |
|
|
164,859 |
|
|
|
122,051 |
|
Vanguard Wellington Fund |
|
|
136,720 |
|
|
|
97,377 |
|
Loan Fund |
|
|
131,551 |
|
|
|
117,912 |
|
Vanguard LifeStrategy Growth Fund* |
|
|
128,890 |
|
|
|
|
|
Vanguard LifeStrategy Conservative Growth Fund |
|
|
89,721 |
|
|
|
71,157 |
|
Vanguard LifeStrategy Moderate Growth Fund* |
|
|
76,203 |
|
|
|
|
|
AMETEK Stock Fund** |
|
|
|
|
|
|
223,027 |
|
|
|
|
* |
|
At December 31, 2008, this investment represented less than five percent of the fair value of
the Plans assets. |
|
** |
|
At December 31, 2009, this investment was held by the Master Trust. |
During 2009 and 2008, the Plans investments (including gains and losses on investments bought,
sold, as well as, held during the year) appreciated (depreciated) in value, as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2009 |
|
|
2008 |
|
Common stock |
|
$ |
7,022 |
|
|
$ |
(118,874 |
) |
Registered investment companies |
|
|
130,705 |
|
|
|
(274,752 |
) |
|
|
|
|
|
|
|
|
|
$ |
137,727 |
|
|
$ |
(393,626 |
) |
|
|
|
|
|
|
|
8
Solidstate Controls, Inc.
Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2009
(Unaudited)
4. Fair Value Measurements
The Plan utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to
measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or
liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets
or inputs that are observable for the asset or liability, either directly or indirectly through
market corroboration, for substantially the full term of the financial instrument. Level 3 inputs
are unobservable inputs based on the Plans own assumptions used to measure assets and liabilities
at fair value. A financial asset or liabilitys classification within the hierarchy is determined
based on the lowest level input that is significant to the fair value measurement.
The AMETEK Stock Fund held by the Master Trust is considered a level 2 investment within the fair
value hierarchy.
The following tables sets forth by level, within the fair value hierarchy, the Plans assets at
fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2009 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Vanguard Prime Money Market |
|
$ |
9,771 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
9,771 |
|
Vanguard Total Bond Market Index Fund |
|
|
239,780 |
|
|
|
|
|
|
|
|
|
|
|
239,780 |
|
Vanguard LifeStrategy Funds* |
|
|
294,814 |
|
|
|
|
|
|
|
|
|
|
|
294,814 |
|
Vanguard Wellington Fund** |
|
|
136,720 |
|
|
|
|
|
|
|
|
|
|
|
136,720 |
|
Mutual Funds Domestic Equities |
|
|
295,858 |
|
|
|
|
|
|
|
|
|
|
|
295,858 |
|
Artio International Equity Fund |
|
|
46,092 |
|
|
|
|
|
|
|
|
|
|
|
46,092 |
|
Vanguard Retirement Savings Trust |
|
|
|
|
|
|
360,972 |
|
|
|
|
|
|
|
360,972 |
|
Participant Loans |
|
|
|
|
|
|
|
|
|
|
131,551 |
|
|
|
131,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets at Fair Value |
|
$ |
1,023,035 |
|
|
$ |
360,972 |
|
|
$ |
131,551 |
|
|
$ |
1,515,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2008 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Registered Investment Company Mutual Funds |
|
$ |
761,927 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
761,927 |
|
Vanguard Retirement Savings Trust |
|
|
|
|
|
|
296,229 |
|
|
|
|
|
|
|
296,229 |
|
AMETEK Stock Fund |
|
|
|
|
|
|
223,027 |
|
|
|
|
|
|
|
223,027 |
|
Participant Loan Fund |
|
|
|
|
|
|
|
|
|
|
117,912 |
|
|
|
117,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets at Fair Value |
|
$ |
761,927 |
|
|
$ |
519,256 |
|
|
$ |
117,912 |
|
|
$ |
1,399,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
This category includes investments in highly diversified funds designed to remain
appropriate for investors in terms of risk throughout a variety of life circumstances. These
registered investment company funds share a common goal of first growing and then later
preserving principal and contain a mix of primarily U.S. and international stocks, plus U.S.
Treasury and corporate bonds. There are currently no redemption restrictions on these
investments. |
|
** |
|
This category includes registered investment company funds that are designed to try and
outperform market returns with moderate movements in share values through a mix of primarily
fairly large, well-known U.S. stocks and U.S. Treasury bonds. There are currently no
redemption restrictions on these investments. |
9
Solidstate Controls, Inc.
Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2009
(Unaudited)
4. Fair Value Measurements (continued)
The following table sets forth a summary of changes in the fair value of the Plans level 3 assets
for the years ended December 31, 2009 and 2008:
|
|
|
|
|
|
|
Participant |
|
|
|
Loan Fund |
|
Balance, January 1, 2008 |
|
$ |
123,299 |
|
Unrealized gains (losses) relating to instruments still held at the reporting date |
|
|
|
|
Purchases, sales, issuances and settlements, net |
|
|
(5,387 |
) |
|
|
|
|
Balance, December 31, 2008 |
|
|
117,912 |
|
Unrealized gains (losses) relating to instruments still held at the reporting date |
|
|
|
|
Purchases, sales, issuances and settlements, net |
|
|
13,639 |
|
|
|
|
|
Balance, December 31, 2009 |
|
$ |
131,551 |
|
|
|
|
|
5. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service (IRS) dated June
10, 2010, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the
Code) and, therefore, the related trust is exempt from taxation. Subsequent to this
determination by the IRS, the Plan was amended and restated. Once qualified, the Plan is required
to operate in conformity with the Code to maintain its qualification. The Plan Sponsor believes
the Plan is being operated in compliance with the applicable requirements of the Code and therefore
believes the Plan is qualified and the related trust is tax-exempt.
6. Differences Between Financial Statements and Form 5500
The following is a reconciliation of assets available for benefits per the financial statements to
the Plans Form 5500:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2009 |
|
|
2008 |
|
Assets available for benefits per the financial statements |
|
$ |
1,901,191 |
|
|
$ |
1,516,259 |
|
Adjustment from contract value to fair value for Common Collective Trust |
|
|
7,805 |
|
|
|
(3,871 |
) |
|
|
|
|
|
|
|
Assets available for benefits per Form 5500 |
|
$ |
1,908,996 |
|
|
$ |
1,512,388 |
|
|
|
|
|
|
|
|
The following is a reconciliation of total additions per the financial statements to total income
per the Plans Form 5500 for the year ended December 31, 2009:
|
|
|
|
|
Total additions per the financial statements |
|
$ |
418,881 |
|
Add: Adjustment from contract value to fair value for Common
Collective Trust at December 31, 2009 |
|
|
7,805 |
|
Less: Adjustment from contract value to fair value for Common
Collective Trust at December 31, 2008 |
|
|
3,871 |
|
|
|
|
|
Total income per Form 5500 |
|
$ |
430,557 |
|
|
|
|
|
10
Solidstate Controls, Inc.
Hourly Employees (CWA) Retirement Plan
Notes to Financial Statements
December 31, 2009
(Unaudited)
7. Plan Amendments
Effective January 1, 2010, the Company will contribute to the Plan as follows:
|
|
|
Effective January 1, 2010, the Companys contribution will be increased by $0.05 per
hour to $0.70 per hour worked |
|
|
|
|
Effective January 1, 2011, the Companys contribution will be increased by $0.05 per
hour to $0.75 per hour worked |
8. Recent Accounting Pronouncements
In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards
Update (ASU) No. 2010-06, Fair value Measurements and Disclosures (ASU 2010-06). ASU 2010-06
provides amendments that clarify existing disclosures and require new disclosures related to fair
value measurements providing greater disaggregated information on each class of assets and
liabilities and more robust disclosures on transfers between levels 1 and 2 and activity in level 3
fair value measurements. The new disclosures and clarifications of existing disclosures are
effective for interim and annual reporting periods beginning after December 15, 2009, except for
the disclosures about activity in level 3 fair value measurements. Those disclosures are effective
for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal
years. The Plan is currently evaluating the impact of adopting ASU 2010-06 on our fair value
measurement disclosures.
In September 2009, the FASB issued ASU 2009-12, Investments in Certain Entities That Calculate Net
Asset Value per Share (or Its Equivalent) (ASU 2009-12). ASU 2009-12 amended Accounting Standards
Codification (ASC) 820 to allow entities to use net asset value per share (or its equivalent), as
a practical expedient, to measure fair value when the investment does not have a readily
determinable fair value and the net asset value is calculated in a manner consistent with
investment company accounting. ASC 2009-12 was effective for interim and annual periods ending
after December 15, 2009. The adoption of ASC 2009-12 did not have a material impact on the Plans
financial statements. See Note 4.
In April 2009, the FASB issued ASC 820-10-65-4, Transition Related to FASB Staff Position FAS
157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have
Significantly Decreased and Identifying Transactions That Are Not Orderly (ASC 820-10-65-4). ASC
820-10-65-4 amends ASC 820, and provides additional guidance for estimating fair value in
accordance with ASC 820 when the volume and level of activity for the asset or liability have
significantly decreased and also includes guidance on identifying circumstances that indicate a
transaction is not orderly for fair value measurements. ASC 820-10-65-4 is applied prospectively
with retrospective application not permitted. ASC 820-10-65-4 was effective for interim and annual
periods ending after June 15, 2009. The adoption of ASC 820-10-65-4 did not have a material impact
on the Plans financial statements. See Note 4.
11
Solidstate Controls, Inc.
Hourly Employees (CWA) Retirement Plan
EIN 141682544 Plan #050
Schedule H, Line 4i Schedule of Assets (Held at End of Year)
December 31, 2009
(Unaudited)
|
|
|
|
|
|
|
|
|
Description of investment, |
|
|
|
|
|
including |
|
|
|
|
|
maturity date, rate of interest, |
|
Current |
|
Identity of issue, borrower, lessor or similar party |
|
collateral, par, or maturity value |
|
Value |
|
|
Vanguard Retirement Savings Trust* |
|
Common/Collective Trust |
|
$ |
360,972 |
|
Vanguard Total Bond Market Index Fund* |
|
Registered Investment Company |
|
|
239,780 |
|
Vanguard LifeStrategy Conservative Growth Fund* |
|
Registered Investment Company |
|
|
89,721 |
|
Vanguard LifeStrategy Growth Fund* |
|
Registered Investment Company |
|
|
128,890 |
|
Vanguard LifeStrategy Moderate Growth Fund* |
|
Registered Investment Company |
|
|
76,203 |
|
Vanguard Wellington Fund* |
|
Registered Investment Company |
|
|
136,720 |
|
Vanguard Windsor II Fund* |
|
Registered Investment Company |
|
|
34,829 |
|
Vanguard PRIMECAP Fund* |
|
Registered Investment Company |
|
|
55,191 |
|
Vanguard Small-Cap Index Fund* |
|
Registered Investment Company |
|
|
19,539 |
|
Vanguard 500 Index Fund* |
|
Registered Investment Company |
|
|
164,859 |
|
Vanguard Prime Money Market Fund* |
|
Registered Investment Company |
|
|
9,771 |
|
Artio International Equity Fund* |
|
Registered Investment Company |
|
|
46,092 |
|
BlackRock Small Cap Fund* |
|
Registered Investment Company |
|
|
11,226 |
|
Keeley Small Cap Value* |
|
Registered Investment Company |
|
|
10,214 |
|
Participant Loans* |
|
Interest rates ranging from 4.25% to 9.25% |
|
|
131,551 |
|
|
|
|
|
|
|
|
|
|
|
$ |
1,515,558 |
|
|
|
|
|
|
|
|
|
|
* |
|
Indicates partyininterest to the Plan. |
Historical
cost column is not included as all investments are participant directed.
12
Signatures
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Members of the
Pension Investment Committee have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
|
|
|
|
Solidstate Controls, Inc.
|
|
|
Hourly Employees (CWA) Retirement Plan
|
|
|
|
(Name of Plan) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date: June 22, 2010 |
By: |
/s/ John J. Molinelli
|
|
|
|
John J. Molinelli |
|
|
|
Member, Pension Investment Committee |
|
|
13