11-K 1 d552694d11k.htm FORM 11-K Form 11-K
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 11-K

 

 

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2012

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number 033-57981 and 333-168421

 

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

WORTHINGTON INDUSTRIES, INC.

DEFERRED PROFIT SHARING PLAN

 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Worthington Industries, Inc.

200 Old Wilson Bridge Road

Columbus, OH 43085

 

 

 


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TABLE OF CONTENTS

The Financial Statements and Supplemental Schedule for the Worthington Industries, Inc. Deferred Profit Sharing Plan identified below are being filed with this Annual Report on Form 11-K:

 

     Page  

Signatures

     3   

Report of Independent Registered Public Accounting Firm

     5   

Financial Statements:

  

Statements of Net Assets Available for Benefits as of December 31, 2012 and 2011

     6   

Statements of Changes in Net Assets Available for Benefits for Years Ended December 31, 2012 and 2011

     7   

Notes to Financial Statements

     8   

Supplemental Schedule:

  

Schedule of Assets Held for Investment Purposes at End of Year as of December 31, 2012

     17   

Exhibit 23: Consent of Independent Registered Public Accounting Firm – Meaden & Moore, Ltd.

  

 

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SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

  WORTHINGTON INDUSTRIES, INC.

  DEFERRED PROFIT SHARING PLAN

  By:   Administrative Committee,
    Plan Administrator
  By:  

/s/ Dale T. Brinkman

Date: June 14, 2013     Dale T. Brinkman, Member

 

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WORTHINGTON INDUSTRIES, INC.

DEFERRED PROFIT SHARING PLAN

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

WITH

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

December 31, 2012 and 2011

 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Administrator

Worthington Industries, Inc. Deferred Profit Sharing Plan

Columbus, Ohio

We have audited the accompanying Statements of Net Assets Available for Benefits of the WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN (the “Plan”) and related Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2012 and 2011. These financial statements and supplemental schedule 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 the standards of the Public Company Accounting Oversight Board (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. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. 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 Worthington Industries, Inc. Deferred Profit Sharing Plan as of December 31, 2012 and 2011, and the changes in its 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 conducted for the purpose of forming an opinion on the financial statements as a whole. The supplemental schedule of Assets Held for Investment Purposes at End of Year as of December 31, 2012, referred to as “supplemental information,” is presented for the purpose of additional analysis and is not a required part of the 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. Such information is the responsibility of the Plan’s management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements taken as a whole.

/s/ MEADEN & MOORE, LTD.

Certified Public Accountants

June 14, 2013

Cleveland, Ohio

 

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STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

Worthington Industries, Inc.

Deferred Profit Sharing Plan

 

     December 31,  
     2012     2011  

ASSETS

    

Receivable - Employer Contributions

   $ 455,840      $ 386,869   

Notes Receivable from Participants

     8,033,379        6,771,568   
  

 

 

   

 

 

 

Total Receivables

     8,489,219        7,158,437   
  

 

 

   

 

 

 

Investments:

    

Plan’s Interest in Master Trust Assets at Fair Value

     312,341,921        255,272,145   

Other Investments

     43,208        42,950   
  

 

 

   

 

 

 

Total Investments

     312,385,129        255,315,095   
  

 

 

   

 

 

 

Total Assets

     320,874,348        262,473,532   

LIABILITIES

     —          —     
  

 

 

   

 

 

 

Net Assets Available for Benefits at Fair Value

     320,874,348        262,473,532   

Adjustment from Fair Value to Contract Value for Fully Benefit-Responsive Investment Contracts

     (754,183     (569,126
  

 

 

   

 

 

 

Net Assets Available for Benefits

   $ 320,120,165      $ 261,904,406   
  

 

 

   

 

 

 

See accompanying notes

 

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STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Worthington Industries, Inc.

Deferred Profit Sharing Plan

 

     Year ended December 31,  
     2012      2011  

Contributions:

     

Employer

   $ 11,077,098       $ 10,794,243   

Employee

     13,978,835         13,230,809   

Rollover

     2,568,528         1,062,344   
  

 

 

    

 

 

 

Total Contributions

     27,624,461         25,087,396   

Investment Income:

     

Interest and Other Income

     317,543         316,360   

Plan’s Interest in Master Trust Net Investment Gain (Loss)

     50,964,633         (6,492,414
  

 

 

    

 

 

 

Total Investment Income (Loss)

     51,282,176         (6,176,054

Deductions from Net Assets Attributed to:

     

Benefits Paid to Participants and Other Deductions

     20,466,997         17,137,219   

Administrative Expenses

     413,244         225,902   
  

 

 

    

 

 

 

Total Deductions

     20,880,241         17,363,121   
  

 

 

    

 

 

 

Net Increase Before Net Assets Transferred

     58,026,396         1,548,221   

Net Assets Transferred (To) From Other Qualified Plans

     189,363         (10,971,337
  

 

 

    

 

 

 

Net Increase (Decrease) in Net Assets

     58,215,759         (9,423,116

Net Assets Available for Benefits at Beginning of Year

     261,904,406         271,327,522   
  

 

 

    

 

 

 

Net Assets Available for Benefits at End of Year

   $ 320,120,165       $ 261,904,406   
  

 

 

    

 

 

 

See accompanying notes

 

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NOTES TO FINANCIAL STATEMENTS

Worthington Industries, Inc.

Deferred Profit Sharing Plan

 

1. Description of Plan

The following description of the Worthington Industries, Inc. Deferred Profit Sharing Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a complete description of the Plan’s provisions.

General:

The Plan is a defined contribution plan covering all non-union employees of Worthington Industries, Inc. (“Worthington”) and its subsidiaries who are participating employers under the Plan (collectively the “Company”) who meet the hour and age requirements. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). The trustee for the Plan is Fidelity Management Trust Company (the “Trustee”). Worthington is the Plan Sponsor.

The Plan is one of three plans within the Worthington Deferred Profit Sharing Plan Master Trust (the “Master Trust”). The other plans are the Worthington Industries, Inc. Retirement Savings Plan for Collectively Bargained Employees and the Dietrich Industries, Inc. Salaried Employees’ Profit Sharing Plan.

Eligibility:

All non-union, full-time employees of the Company age eighteen and older and who are employed for 90 days are eligible to participate in the Plan. These employees are eligible to participate in the employer contribution component of the Plan after six months of employment. All seasonal and part-time employees of the Company age eighteen and older who are employed for one year are eligible to participate in the Plan, and become eligible to participate in the employer contribution component of the Plan at that time as well.

Contributions:

Employee deferral - Participants may make contributions on a ROTH, or after-tax, basis. Accordingly, participants may make pre-tax and/or ROTH contributions up to a maximum of 90% of their annual compensation. Contributions are subject to annual addition and other limitations imposed by the Internal Revenue Code (“IRC”) as defined in the Plan document.

Employer contributions - The Company matches 50 cents on the dollar of voluntary contributions of the first 4% of such participants’ compensation. The Company also makes an employer contribution of 3% of compensation to eligible participants. This contribution is made each pay period. As a safe harbor plan, the Company guarantees a minimum contribution of at least 3% of participants’ eligible compensation.

Additional Company contributions may be contributed at the option of the Plan Sponsor and will be allocated based on the unit credit method. The unit credit method uses the employees’ years of service and compensation to allocate any additional contribution.

 

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Participant Accounts - Each participant’s account is credited with the participant’s contributions, employer matching contributions, employer contributions, earnings and losses thereon and an allocation of the Plan’s administrative expenses. Substantially all administrative fees are paid by the Plan, through allocation, both direct and indirect, to its participants.

Rollover contributions from other plans are also accepted, provided certain specified conditions are met.

Investment Options:

Participants direct their contributions among a choice of the Plan’s investment options. All contributions are allocated to the designated investment options according to each participant’s election, although, to the extent that a participant receiving a contribution made no allocation election, the participant’s contribution is invested in the applicable Fidelity Freedom Fund, as determined by the age of the participant.

Effective December 6, 2012, future contributions to the Worthington Industries, Inc. Common Stock fund are limited to not more than 25% of the participant’s total contribution to the Plan. A participant will be prohibited from making investment exchanges to the Worthington Industries, Inc. Common Stock fund if the participant’s investment in the fund equals or exceeds 25% of such person’s total accounts.

Vesting:

All participants are 100% vested in all contributions and related earnings credited to their accounts.

Notes Receivable from Participants:

Loans are permitted under certain circumstances and are subject to limitations. Participants may borrow from their fund accounts up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Loans are to be repaid over a period not to exceed 5 years, except when used for the purchase of a primary residence.

The loans are secured by the balances in the participants’ accounts and bear interest at rates established by the Trustee. Principal and interest are paid ratably through payroll deductions.

Other Plan Provisions:

Normal retirement age is 62, or when the sum of the participant’s age and years of service equals 70. The Plan also provides for early payment of benefits to in-service employees, with certain restrictions, after reaching age 59-1/2.

Payment of Benefits:

Upon termination of service due to death, disability, retirement or other reasons, a participant may receive the value of the vested interest in his or her account as a lump-sum distribution.

 

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Hardship Withdrawals:

Hardship withdrawals are permitted in accordance with Internal Revenue Service (“IRS”) guidelines.

 

2. Summary of Significant Accounting Policies

Basis of Accounting:

The Plan’s transactions are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

As described in current accounting guidance, investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. As required by U.S. GAAP, the Statements of Net Assets Available for Benefits present the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The Statements of Changes in Net Assets Available for Benefits are prepared on a contract value basis.

Investment Valuation and Income Recognition:

The Master Trust’s investments are stated at fair value as of year-end. Fair values for mutual funds and Worthington Industries, Inc. Common Stock are determined by the respective quoted market prices. Fair value of the common collective trust is determined by dividing the trust’s net assets at fair value by its units outstanding at the valuation dates. Fair value of investments in wrapper contracts within the common collective trust are measured using a discounted cash flow model, which considers recent fee bids as determined by recognized dealers, discount rates and the duration of the underlying fund securities.

Life insurance contracts held by the Plan are valued at their cash surrender value.

Purchases and sales of securities are recorded on a trade-date basis using fair market value, except for those investments in investment contracts which are transacted at contract value. Dividends are recorded on the ex-dividend date. Interest is recorded on the accrual basis.

Use of Estimates:

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

Plan Termination:

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.

 

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Plan-to-Plan Transfers:

Participants within the Plan are permitted to transfer their account to another plan provided by the Company in the event they change employers within the affiliate group. This activity is shown, net, on the Statements of Changes in Net Assets Available for Benefits.

On May 9, 2011, the Company executed an agreement with International Tooling Solutions, LLC to combine certain assets of its automotive body panels subsidiary, The Gerstenslager Company, in a newly-formed joint venture, ArtiFlex Manufacturing, LLC. As a result of this transaction, effective August 16, 2011, assets of the Plan with a fair value of $11,815,127 were transferred to the ArtiFlex Manufacturing Gerstco Division Profit Sharing Plan.

 

3. Tax Status

The Plan received a determination letter from the IRS dated November 25, 2002, stating that the Plan is qualified under Section 401(a) of the IRC, and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Plan Sponsor believes the Plan is being operated in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax-exempt. In January 2011, the Plan applied for a new determination letter from the IRS.

U.S. GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken uncertain tax positions that more-likely-than-not would not be sustained upon examination by applicable taxing authorities. The Plan administrator has analyzed tax positions taken by the Plan and has concluded that, as of December 31, 2012, there are no uncertain tax positions taken, or expected to be taken, that would require recognition of a liability or that would require disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. However, currently no audits for any tax periods are in progress. The Plan administrator believes that the Plan is no longer subject to income tax examinations for years prior to December 31, 2009.

 

4. Investments

The Plan’s share of the investments held by the Master Trust was approximately 90% and 86% at December 31, 2012 and 2011, respectively. Each participating retirement plan has a specific interest in the Master Trust. Net investment income for the Plan is based upon its actual holdings of the net assets of the Master Trust.

Investments of Master Trust at Fair Value:

 

      2012      2011  

Mutual Funds

   $ 256,775,578       $ 213,238,226   

Common Collective Trust

     46,421,657         42,584,067   

Worthington Industries, Inc. Common Stock

     44,681,006         39,287,248   
  

 

 

    

 

 

 

Total

   $ 347,878,241       $ 295,109,541   
  

 

 

    

 

 

 

 

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Investment Income (Loss) for the Master Trust:

 

      2012      2011  

Interest and Dividend Income

   $ 9,780,402       $ 5,976,207   

Net Appreciation (Depreciation) in Fair Value of Investments as Determined by Quoted Market Price:

     

Mutual Funds

     23,641,871         (10,483,559

Worthington Industries, Inc. Common Stock

     21,459,340         (2,348,260
  

 

 

    

 

 

 

Total

   $ 54,881,613       $ (6,855,612
  

 

 

    

 

 

 

At December 31, 2012 and 2011 the Master Trust held 1,719,041 and 2,398,302 common shares of Worthington, respectively. The Master Trust received cash dividends from Worthington of $1,342,188 and $876,184 for the years ended December 31, 2012 and 2011, respectively.

Investments of the Plan that represented more than 5% of the net assets of the Plan at December 31, 2012 and 2011 were as follows:

 

     2012      2011  

Worthington Industries, Inc. Common Stock

   $ 43,789,152       $ 38,167,494   

Fidelity Balanced Fund

     40,302,103         37,634,686   

Mellon Stable Value

     34,114,122         —     

Harbor Capital Appreciation R Fund

     28,992,325         25,071,687   

PIM Total RT Inst

     28,518,041         17,649,498   

Fidelity Diversified International Fund

     25,969,390         22,582,804   

Dodge & Cox Stock Fund

     21,917,204         18,378,599   

Fidelity Managed Income Portfolio Fund

     —           21,136,395   

 

5. Benefit-Responsive Contracts

The Plan held one stable value investment contract with the Trustee as of December 31, 2012, the Mellon Bank Stable Value Fund, and two stable value investment contracts with the Trustee as of December 31, 2011: 1) the Fidelity Managed Income Portfolio and 2) the Schwab Stable Value Fund (collectively, the “portfolios”). The portfolios are open-end commingled pools that invest in underlying assets, typically fixed-income securities or bond funds and enter into “wrapper” contracts issued by third parties. The Plan is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The wrapper contract issuer agrees to pay an amount sufficient to cover unit holder redemptions and certain other payments (such as portfolio expenses), provided all the terms of the wrapper contract have been met. Wrappers are normally purchased from issuers rated in the top three long-term ratings categories (equaling A- or above).

As described above, because the stable value investment contracts are fully benefit-responsive, contract value is the relevant measurement attribute for that portion of the net assets available for benefits attributable to the stable value investment contracts, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.

There are no reserves against contract value for credit risk of the wrapper contract issuer. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less

 

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than zero percent. Such interest rates are reviewed for resetting on a periodic (at least semi-annual) basis for the Mellon Bank Stable Value Fund, on a quarterly basis for the Fidelity Managed Income Portfolio and on a monthly basis for the Schwab Stable Value Fund. Certain events limit the ability of the Plan to transact at contract value with the issuer. However, the Plan Administrator does not believe that the occurrence of any such event would limit the Plan’s ability to transact at contract value with participants. The issuer may terminate the contract for cause at any time.

Mellon Stable Value Fund

 

      December 31,  
     2012           2011        

Investments at Fair Value

   $ 34,868,305      $ —     

Adjustments to Contract Value

     (754,183     —     
  

 

 

   

 

 

 

Investments at Contract Value

   $ 34,114,122      $ —     
  

 

 

   

 

 

 

Average Yield on Actual Earnings

     1.58     N/A      

Crediting Interest Rate

     1.38     N/A   

Fidelity Managed Income Portfolio

 

      December 31,  
           2012           2011  

Investments at Fair Value

   $ —        $ 21,136,395   

Adjustments to Contract Value

     —          (521,306
  

 

 

   

 

 

 

Investments at Contract Value

   $ —        $ 20,615,089   
  

 

 

   

 

 

 
      June 30,
2012
    December 31,
2011
 

Average Yield on Actual Earnings

     0.74     1.92

Crediting Interest Rate

     1.83     1.39

Schwab Stable Value Fund

 

      December 31,  
           2012           2011  

Investments at Fair Value

   $ —        $ 6,929,983   

Adjustments to Contract Value

     —          (47,820
  

 

 

   

 

 

 

Investments at Contract Value

   $ —        $ 6,882,163   
  

 

 

   

 

 

 
      April 30,
2012
    December 31,
2011
 

Average Yield on Actual Earnings

     1.22     1.53

Crediting Interest Rate

     1.22     4.59

The average yield on actual earnings and the crediting interest rate as of April 30, 2012 for the Schwab Stable Value Fund is equal to actual investment income divided by average net assets as of the liquidation date.

 

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6. Party-in-Interest Transactions

Certain Plan investments are shares of mutual funds managed by the Trustee; therefore, transactions involving these funds qualify as party-in-interest transactions.

The Plan offers common shares of Worthington as an investment option. As a result, Worthington qualifies as a party-in-interest.

The Company provides certain administrative and accounting services at no cost to the Plan and may pay for the cost of services incurred in the operation of the Plan.

 

7. Risks and Uncertainties

The Plan provides for various investment options. These investments are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is possible that changes in the near or long term could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits and the statements of changes in net assets available for benefits.

 

8. Reconciliation

The following table reconciles net assets available for benefits per the financial statements at December 31, 2012 and 2011 to the Form 5500 filed with the IRS. Form 5500 reports net assets at fair value and the financial statements report at contract value.

 

     2012      2011  

Net Assets Available for Benefits Per the Financial Statements

   $ 320,120,165       $ 261,904,406   

Adjustment From Contract Value to Fair Value for Fully Benefit-Responsive Investment Contracts

     —           569,126   
  

 

 

    

 

 

 

Net Assets Available for Benefits Per Form 5500

   $ 320,120,165       $ 262,473,532   
  

 

 

    

 

 

 

The following table reconciles changes in net assets available for benefits, per the financial statements, for the year ended December 31, 2012 to the Form 5500 filed with the IRS for the 2012 Plan Year. The difference is due to interest and earnings transactions being recorded on the Form 5500 at fair value while the financial statements report interest and earnings at contract value.

 

     2012  

Net Increase in Net Assets Per the Financial Statements, Before Net Assets Transferred

   $ 58,026,396   

Change From Prior Year in the Adjustment From Fair Value to Contract Value for Fully Benefit-Responsive Investment Contracts

     (569,126
  

 

 

 

Net Income Per Form 5500

   $ 57,457,270   
  

 

 

 

 

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9. Fair Value

As defined in current authoritative accounting guidance, fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. In determining fair value, the Plan utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Plan utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the examination of the inputs used in the valuation techniques, the Plan is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

 

  Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

 

  Level 2: Inputs to the valuation methodology include:

 

       Quoted prices for similar assets or liabilities in active markets;

 

       Quoted prices for identical or similar assets or liabilities in inactive markets; and

 

       Inputs other than quoted prices that are observable for the asset or liability.

 

       Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

 

  Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. See the description within Footnote 2, “Summary of Significant Accounting Policies,” as to the investment valuation methodology for each class of assets noted in the below table.

 

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The following table shows the assets of the Plan measured at fair value on a recurring basis, as of December 31, 2012:

 

            Fair Value Measurements at Reporting Date Using:  

Description

   Total      Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
     Significant Other
Observable Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 

Plan’s Interest in Master Trust Assets:

           

Mutual Funds:

           

Balanced Funds

   $ 40,302,103       $ 40,302,103       $ —         $ —     

Fixed Income Funds

     28,518,041         28,518,041         —           —     

Growth Funds

     94,080,925         94,080,925         —           —     

Index Funds

     11,093,894         11,093,894         —           —     

Lifecycle Funds

     59,689,501         59,689,501         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Mutual Funds

     233,684,464         233,684,464         —           —     

Common Collective Trust

     34,868,305         —           34,868,305         —     

Worthington Industries, Inc. Common Stock

     43,789,152         43,789,152         —           —     

Other Investments

     43,208         —           43,208         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 312,385,129       $ 277,473,616       $ 34,911,513       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

The following table shows the assets of the Plan measured at fair value on a recurring basis, as of December 31, 2011:

 

            Fair Value Measurements at Reporting Date Using:  

Description

   Total      Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
     Significant Other
Observable Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 

Plan’s Interest in Master Trust Assets:

           

Mutual Funds:

           

Balanced Funds

   $ 37,634,686       $ 37,634,686       $ —         $ —     

Fixed Income Funds

     17,649,498         17,649,498         —           —     

Growth Funds

     81,415,314         81,415,314         —           —     

Index Funds

     7,916,343         7,916,343         —           —     

Lifecycle Funds

     44,422,432         44,422,432         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Mutual Funds

     189,038,273         189,038,273         —           —     

Common Collective Trust

     28,066,378         —           28,066,378         —     

Worthington Industries, Inc. Common Stock

     38,167,494         38,167,494         —           —     

Other Investments

     42,950         —           42,950         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 255,315,095       $ 227,205,767       $ 28,109,328       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

 

10. Subsequent Events

Management evaluates events occurring subsequent to the date of the financial statements in determining the accounting for and disclosure of transactions and events that affect the financial statements. Subsequent events have been evaluated through the filing date of this Form 11-K.

 

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Table of Contents

SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR

Form 5500, Schedule H, Part IV, Line 4i

Worthington Industries, Inc.

Deferred Profit Sharing Plan

EIN 31-1189815, Plan Number 333

December 31, 2012

 

(a)    (b)    (c)    (d)      (e)  
    

Identity of Issue,

Borrower, Lessor,

or Similar Party

  

Description of Investment Including

Maturity Date, Rate of Interest,

Collateral, Par or Maturity Date

   Cost      Current
Value
 
*   

Worthington Deferred Profit Sharing Plan Master Trust

  

Master Trust

     N/A       $ 312,341,921   
  

Mass Mutual Life Insurance Company

  

Life Insurance contracts

     N/A         43,208   
*   

Participant Loans

  

Interest Rates Ranging From 4.25% to 10.50%

     N/A         8,033,379   
           

 

 

 
            $ 320,418,508   
           

 

 

 

 

* Party-in-Interest to the Plan

 

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