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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000
COMMISSION FILE NUMBER 001-12335
BUTLER EMPLOYEE SAVINGS TRUST (BEST)
401(k) PLAN
BUTLER MANUFACTURING COMPANY
BMA TOWER
PENN VALLEY PARK
KANSAS CITY, MO 64108
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Retirement Administrative Committee of
Butler Manufacturing Company:
We have audited the accompanying statements of net assets available for benefits
of the Butler Manufacturing Company 401(k) Employee Savings Trust Plan as of
December 31, 2000 and 1999, and the related statements of changes in net assets
available for benefits for the years then ended. These financial statements and
the schedule referred to below are the responsibility of the Plan's management.
Our responsibility is to express an opinion on these financial statements and
schedule 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
audits 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 Plan as of
December 31, 2000 and 1999, 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.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets held
at end of year as of December 31,2000, is presented for the purpose of
additional analysis and is not a required part of the basic financial statements
but is 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. The supplemental schedule has been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ Arthur Andersen LLP
Kansas City, Missouri,
June 8, 2001
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BUTLER MANUFACTURING COMPANY
401(k) EMPLOYEE SAVINGS TRUST PLAN
Statements of net assets available for benefits
December 31, 2000 and 1999
2000 1999
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ASSETS:
Investments $94,455,659 $94,763,269
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Receivables-
Employee contributions receivable 827,690 618,060
Employer contributions receivable 1,654,832 1,595,753
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Total receivables 2,482,522 2,213,813
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Net assets available for benefits $96,938,181 $96,977,082
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The accompanying notes are an integral part of these financial statements.
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BUTLER MANUFACTURING COMPANY
401(k) EMPLOYEE SAVINGS TRUST PLAN
Statements of changes in net assets available for benefits
For the years ended December 31, 2000 and 1999
2000 1999
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CONTRIBUTIONS:
Employee $ 8,276,782 $ 7,992,661
Employer 1,654,832 1,595,753
Rollover 281,106 517,241
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Total contributions 10,212,720 10,105,655
INCOME:
Net change in fair value of investments (8,260,499) 3,704,747
Interest and dividends 5,674,742 7,210,570
OTHER INCREASES (DECREASES):
Distributions (7,577,060) (5,922,780)
Fees (71,578) (68,520)
Net transfers (to) from another employer-sponsored fund (17,226) 107
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Increase (decrease) in net assets available for plan benefits (38,901) 15,029,779
NET ASSETS AVAILABLE FOR BENEFITS, beginning of year 96,977,082 81,947,303
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NET ASSETS AVAILABLE FOR BENEFITS, end of year $96,938,181 $96,977,082
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The accompanying notes are an integral part of these financial statements.
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BUTLER MANUFACTURING COMPANY
401(k) EMPLOYEE SAVINGS TRUST PLAN
Notes to Financial Statements
December 31, 2000 and 1999
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General
Effective March 1, 1987, Butler Manufacturing Company (the Company) established
the 401(k) Employee Savings Trust Plan (the Plan), which is administered by the
administrative committee. The investments of the Plan are in the custody of
Fidelity Institutional Retirement Services Company (Custodian). The trustee of
the Plan is the Fidelity Management Trust Company (Fidelity) which has been
appointed by the administrative committee and thereby holds all assets of the
Plan in the Butler Master Savings Plan Trust (Master Trust).
The following brief description of the Plan is provided for general information
purposes only. Participants should refer to the plan document for more complete
information.
Basis of presentation
The accompanying financial statements have been prepared on the accrual basis of
accounting and present the net assets available for benefits and changes in net
assets available for benefits.
Fees and expenses
The expenses incurred by the administrative committee of the Plan in
administering plan activity and the expenses incurred by Fidelity in
administering the Plan may be paid from the assets of the Plan or by the
Company, as the Company elects.
Eligibility
All full-time salaried and nonunion hourly employees are eligible.
Vesting
All eligible employees participating in the Plan are immediately 100 percent
vested in employer and participant contributions.
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Termination
The Plan may be terminated at any time with the approval of the Company's board
of directors. If the Plan is terminated, each participant's account balance will
be, at the discretion of the Company, distributed in a lump sum or held in
trust to be distributed upon each participant's retirement, death, disability or
termination of employment.
Investment valuation and income recognition
The Plan's investments are stated at fair value, measured by quoted market
prices in an active market. Purchases and sales of securities are recorded on a
trade-date basis.
Use of estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires the plan administrator to make
estimates and assumptions that affect the reported amounts of net assets
available for benefits at the date of the financial statements and the reported
amounts of changes in net assets available for benefits during the reporting
period. Actual results could differ from those estimates.
Prior year amounts have been reclassed to conform with current year
presentation.
2. CONTRIBUTIONS
Employees may contribute to the Plan from 1 to 15 percent of their compensation
in 1 percent increments, subject to applicable IRS regulations. Participants may
direct investments of their contribution in 1 percent increments among the funds
established by the Company. At the discretion of the Company's board of
directors and based on the Company's profitability, participant's contributions
up to 6 percent of compensation will be matched 30 percent by the Company with
one-third of all company-matching contributions invested in the Butler Common
Stock Fund. Such investments shall remain in the Butler Common Stock Fund until
the participant's termination of employment. This match is applicable only to
employees who are active employees on December 31, except in cases of
retirement, disability or death.
3. DISTRIBUTIONS
If a participant retires on or after attaining age 55, becomes totally or
permanently disabled, dies or terminates employment for any other reason, the
full value of the account becomes distributable. If the value of the amount
distributable exceeds $5,000, the distribution cannot be made until the
participant reaches age 65 or gives consent to the distribution. All
distributions must be made prior to April 1 of the calendar year immediately
following the date the participant reaches age 70 1\2, even if still employed.
All distributions shall be made in a single payment of cash.
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Distributions payable to vested participants at December 31, 2000 and 1999, were
$832,203 and $638,112, respectively. These amounts are included in net assets
available for benefits in the accompanying financial statements and are shown as
a liability of the Plan for purposes of the Plan's Form 5500.
4. IN-SERVICE WITHDRAWALS
Employee contributions, in part or in total, may be withdrawn for extreme
financial hardships. Such financial hardships include college costs, excessive
medical expenses or the purchase of a principal residence, or to prevent
eviction from a principal residence.
5. LOANS TO PARTICIPANTS
At the discretion of the administrative committee, loans may be made to a
participant up to the lesser of $50,000 or 50 percent of the value of the
participant's account. No loan may be for an amount less than $1,000. Loans are
secured by an assignment of the participant's total account balance in the Plan.
Loan maturities may not be less than one year nor exceed five years, except for
home loans. Interest rates will be set by the administrative committee in
accordance with uniform procedures consistently applied in a manner, which does
not discriminate in favor of officers, shareholders or highly compensated
participants.
6. INVESTMENTS
The following presents investments that represent 5 percent or more of the
Plan's net assets as of December 31:
2000 1999
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Fidelity investment funds-
Managed Income Portfolio $ 9,474,209 $10,347,506
Puritan Fund 12,195,159 13,177,513
Magellan Fund 33,739,591 36,803,178
Equity Income Fund 12,371,815 13,736,095
Retirement Money Market Trust 10,909,628 7,336,531
During 2000 the Plan's investments (including gains and losses on investments
bought and sold, as well as held during the year) changed in value by
$(8,260,499) as follows:
Mutual funds $(8,553,906)
Butler common stock fund 293,407
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$(8,260,499)
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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 as of December
31 is as follows:
2000 1999
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Net assets-
Butler Common Stock Fund $ 2,458,813 $ 1,726,887
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Changes in net assets-
Contributions $ 780,390 $ 816,076
Interest and dividends 61,945 43,448
Net appreciation (depreciation) 293,407 (54,998)
Benefits paid to participants (145,460) (91,188)
Transfers (to) from participant-directed investments (191,741) (97,359)
Loan withdrawals (6,190) (7,645)
Administrative fee (60,425) (57,928)
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$ 731,926 $ 550,406
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8. INVESTMENT PORTFOLIO RISK
The plan provides for various investments, which, in general, are exposed to
various risks, such as interest rate, credit and overall market volatility
risks. Due to the level of risk associated with certain investment securities,
it is reasonably possible 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.
9. FEDERAL INCOME TAXES
The Plan has received a favorable determination letter, dated April 26, 1995,
from the IRS, qualifying the Plan under the Internal Revenue Code and exempting
the trust from federal income taxes. The Plan has not been amended since
receiving the determination letter, therefore, no provision for income taxes is
included in these financial statements.
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Form 5500 reconciliation
The reconciliation of the net assets available for benefits between the
financial statements and the Form 5500 as of December 31 is as follows
2000 1999
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Net assets available for benefits per the financial statements $ 96,938,181 $ 96,977,082
Benefit obligations currently payable 832,203 494,271
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Net assets available per the Form 5500 $ 96,105,978 $ 96,482,811
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Benefits paid to participants per the financial statements $ 7,577,060
Amounts currently payable at December 31, 2000 832,203
Amounts currently payable at December 31, 1999 (638,112)
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Benefits paid to participants per the Form 5500 $ 7,771,151
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BUTLER MANUFACTURING COMPANY
401(k) EMPLOYEE SAVINGS TRUST PLAN
Schedule H, line 4i - Schedule of assets (held at end of year)
December 31, 2000
Fair
Shares Description Value
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*Fidelity Management Trust Company-
9,474,209 Managed Income Portfolio $ 9,474,209
647,645 Puritan Fund 12,195,159
282,813 Magellan Fund 33,739,591
231,552 Equity Income Fund 12,371,815
10,909,628 Retirement Money Market Trust 10,909,628
133,792 Aggressive Growth 4,839,254
77,272 Diversified International 1,695,343
12,658 Fidelity Freedom Income 141,392
14,999,679 Fidelity Freedom 2000 177,146
54,954,549 Fidelity Freedom 2010 760,571
65,167 Fidelity Freedom 2020 948,836
40,548 Fidelity Freedom 2030 608,223
25,526 Spartan U.S. Equity Index 1,194,864
25,023 Fidelity U.S. Bond Index 264,992
345,825 *Butler Common Stock Fund 2,458,813
Participant loans outstanding, at interest
rates ranging from 9.0% to 10.0% 2,675,823
*Party-in-interest to the Plan
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SIGNATURE
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934,
the Administrative Committee of the Plan has duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly authorized.
BUTLER EMPLOYEE SAVINGS TRUST
Date: June 15, 2001 By: /s/ Larry C. Miller
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Larry C. Miller, Member of
the Administrative Committee
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EXHIBIT INDEX
Exhibit
Number Description
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23 Consent of Independent Public Accountants