-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RnPpJ1wYR3gqgS0b03BYBLNiqwKaqFwv+MOxxH8uw5xL3IbtlLaOvVsmrxWWP+eV wWvSjaa8h05tkmEEy/VX2A== /in/edgar/work/20000628/0000950147-00-000980/0000950147-00-000980.txt : 20000920 0000950147-00-000980.hdr.sgml : 20000920 ACCESSION NUMBER: 0000950147-00-000980 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PHELPS DODGE CORP CENTRAL INDEX KEY: 0000078066 STANDARD INDUSTRIAL CLASSIFICATION: [3330 ] IRS NUMBER: 131808503 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-00082 FILM NUMBER: 662757 BUSINESS ADDRESS: STREET 1: 2600 NORTH CENTRAL AVE CITY: PHOENIX STATE: AZ ZIP: 85004-3089 BUSINESS PHONE: 6022348100 MAIL ADDRESS: STREET 1: 2600 NORTH CENTRAL AVENUE CITY: PHOENIX STATE: AZ ZIP: 85004-3089 11-K 1 0001.txt FORM 11-K OF PHELPS DODGE CORPORATION 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, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 1-82 PHELPS DODGE EMPLOYEE SAVINGS PLAN PHELPS DODGE CORPORATION 2600 NORTH CENTRAL AVENUE PHOENIX, ARIZONA 85004-3089 PHELPS DODGE EMPLOYEE SAVINGS PLAN INDEX DECEMBER 31, 1999 AND 1998 - -------------------------------------------------------------------------------- Page ---- Report of Independent Accountants 1 Statement of Net Assets Available for Benefits 2 Statement of Changes in Net Assets Available for Benefits 3 Notes to Financial Statements 4 Supplemental Information:* I. Schedule of Assets Held for Investment Purposes at End of Year 11 II. Schedule of Reportable Transactions for Year Ended December 31, 1999 23 * Other schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable REPORT OF INDEPENDENT ACCOUNTANTS To the Benefits Administration Committee and Participants of the Phelps Dodge Employee Savings Plan In our opinion, the financial statements listed in the accompanying index present fairly, in all material respects, the net assets available for benefits of the Phelps Dodge Employee Savings Plan at December 31, 1999 and 1998, and the changes in net assets available for benefits for the year ended December 31, 1999 in conformity with accounting principles generally accepted in the United States. These financial statements are the responsibility of the Benefits Administration Committee (the Committee); our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States, which 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, assessing the accounting principles used and significant estimates made by the Committee, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in Schedules I and II is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is additional information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Schedules I and II have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ PricewaterhouseCoopers LLP Phoenix, Arizona June 23, 2000 PHELPS DODGE EMPLOYEE SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1999 AND 1998 (IN THOUSANDS) - -------------------------------------------------------------------------------- 1999 1998 -------- -------- Assets Investments (see Note 3) $400,893 $342,920 Receivables: Employer contributions 282 9,502 Participant contributions 358 364 -------- -------- Net assets available for benefits $401,533 $352,786 ======== ======== The accompanying notes are an integral part of these financial statements. -2- PHELPS DODGE EMPLOYEE SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1999 (IN THOUSANDS) - -------------------------------------------------------------------------------- Additions: Additions to net assets attributed to: Investment income: Net appreciation in fair value of investments (see Note 3) $ 56,702 Interest and dividends 11,962 -------- 68,664 -------- Contributions: Employer contributions 5,723 Participant contributions 20,627 -------- 26,350 -------- Total additions 95,014 -------- Deductions: Deductions from net assets attributed to: Distributions to participants and beneficiaries 46,266 Administrative expenses 1 -------- Total deductions 46,267 -------- Increase in net assets 48,747 Net assets available for benefits at December 31, 1998 352,786 -------- Net assets available for benefits at December 31, 1999 $401,533 -------- The accompanying notes are an integral part of these financial statements. -3- PHELPS DODGE EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999 AND 1998 - -------------------------------------------------------------------------------- 1. DESCRIPTION OF PLAN GENERAL The Phelps Dodge Corporation Savings and Deferred Profit Sharing Plan (the Plan), a defined contribution plan, was established by Phelps Dodge Corporation (the Corporation) effective January 1, 1953, for the benefit of eligible salaried employees (the Participants). Hourly employees became eligible for the savings feature of the Plan on April 1, 1989. Subsequently, the Plan name was changed to Phelps Dodge Employee Savings Plan. The Plan is subject to certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA). A brief description of the Plan is included in the following paragraphs. Participants should refer to the Plan document for a complete description of Plan provisions. ADMINISTRATION The Plan is sponsored by the Corporation and administered by the Benefits Administration Committee (the Committee) composed of six employees of the Corporation who are appointed by the Corporation's Board of Directors. Effective September 1, 1998, plan assets are held by a trust (the Trust) administered by UMB, n.a. (the Trustee or UMB) and J.P. Morgan/American Century Retirement Plan Services (the Recordkeeper) was appointed as the Recordkeeper of the Trust. Prior to September 1, 1998, plan assets were held by a trust administered by Marshall and Ilsley Trust Company of Arizona. Fees and expenses of the Trust, other than brokerage commissions and taxes paid in connection with security transactions, and other expenses relating to the administration of the Plan were paid by the Corporation. INVESTMENT OPTIONS The Plan has a combination of participant and self-directed funds. The Trust is comprised of the following participant directed investments at December 31, 1999: Interest Income Fund - common/collective fund investing in high quality government and corporate bonds, stable value and guaranteed investment contracts and money market instruments. -4- PHELPS DODGE EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999 AND 1998 - -------------------------------------------------------------------------------- 1. DESCRIPTION OF THE PLAN (CONTINUED) Income and Growth Fund - mutual fund investing in stocks of large-sized companies whose stock is expected to have a higher expected dividend yield and higher overall return potential than the S&P 500 Index. Equity Growth Fund - mutual fund investing in common stocks that fund management believes will have higher overall return potential than the S&P 500 Index. Enhanced Index Fund - mutual fund investing in approximately 350 large U.S. companies whose stock is expected to provide a higher total return potential than the S&P 500 Index. U.S. Small Company Fund - mutual fund investing in stocks of small-sized companies and seeks to outperform the Russell 2000 Index. EuroPacific Growth Fund - mutual fund investing in stocks of non-U.S. companies which appear to offer above average growth potential and whose objective is to provide long-term growth of capital. Conservative Investment Portfolio Fund - asset allocation portfolio composed of 60 percent of the Interest Income Fund and a 40 percent mix of the plan's mutual funds to provide a conservative investment return. Moderate Investment Portfolio Fund - asset allocation portfolio composed of a 60 percent mix of the plan's mutual funds and 40 percent of the Interest Income Fund to provide a moderate investment return. Aggressive Investment Portfolio Fund - asset allocation portfolio composed of an 80 percent mix of the plan's mutual funds and 20 percent of the Interest Income Fund to provide an aggressive investment return. Phelps Dodge Common Stock Fund - invests only in common stock of the Corporation. The following account allows for participants to self-direct these funds: Schwab Personal Choice Retirement Fund - enables participants to transfer funds from the above accounts to a wide range of investments, which includes mutual funds, over the counter stocks, short-term cash instruments and other investment options offered by Schwab. In addition, certain participants hold assets in the Occidental Petroleum Common Stock Fund as a result of the transfer of assets from the Columbian Chemicals Company plan. Participant loans are held in a separate Loan Fund. -5- PHELPS DODGE EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999 AND 1998 - -------------------------------------------------------------------------------- 1. DESCRIPTION OF PLAN (CONTINUED) CONTRIBUTIONS A profit sharing contribution made for certain salaried and Phelps Dodge Mercantile hourly employee participants by the Corporation (the Company Profit Sharing Contribution) is limited to the lesser of: 8 percent of consolidated net income of the Corporation; 7 1/2 percent of the aggregate eligible base pay of Participants; or the percentage of the total eligible pay that would have been allocated to employees who were Participants in the Plan and eligible for profit sharing on December 31, 1996, determined under the terms of the Plan on that date. The Company Profit Sharing Contribution can be made only to the extent that it does not reduce consolidated net income below $0.50 per common share for such year after provision for payment of preferred and preference share dividends. The Company did not make a profit sharing contribution in 1999. Participants are eligible to make pretax contributions (Pretax Contributions), subject to certain limitations, equal to 1 percent to 10 percent of their base pay and 1 percent to 15 percent of their base pay effective September 1, 1998. Pretax Contributions are eligible for a matching contribution from the Corporation (Company Matching Contribution) equal to 50 percent of the first 5 percent of the base pay deferred. Effective September 1, 1998, Participants are eligible to make contributions to the Plan after three months of service; however, these contributions are not eligible for Company Matching Contribution until after one year of service. All contributions are invested in one or more of the investment funds available within the Plan as elected by participants. Participants are fully vested in their total account balance. DISTRIBUTIONS Participants' interests in the Trust become distributable upon severance of their service with the Corporation or to their beneficiaries in the event of their death or upon attaining age 59 1/2. The distribution may be a single lump sum or a series of substantially equal annual, quarterly or monthly cash installments beginning no earlier than age 55 and continuing over a period not to exceed 10 years, at the election of the Participant or beneficiary. Cash distributions are based upon the underlying closing price of the funds, except for Phelps Dodge Common Stock or Occidental Petroleum Stock which are based upon the actual price at which the stock is liquidated in the market three days prior to the time of distribution. Distributions of the Phelps Dodge Common Stock Fund and Occidental Petroleum Stock Fund may be made in shares. Participants may withdraw their after-tax contributions and earnings thereon at any time. The Plan also provides, with certain limitations, for hardship withdrawals of employee Pretax, Company Matching and Company Profit Sharing Contributions; however, earnings on any of these contributions are ineligible for hardship withdrawal. Hardship withdrawals are not granted unless other financial resources are not reasonably available, including after-tax savings or a loan from the Plan. All withdrawals and distributions are made in accordance with procedures outlined in the Plan document. -6- PHELPS DODGE EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999 AND 1998 - -------------------------------------------------------------------------------- 1. DESCRIPTION OF PLAN (CONTINUED) LOANS Participants may borrow amounts as provided in the Plan. Loans are repayable over a maximum of 5 years with the exception of loans for the purchase of a primary residence which may extend to 15 years. The minimum loan is $1,000 and the maximum loan is an amount equal to $50,000 minus the Participant's highest outstanding loan balance during the past 12 months, limited to 50 percent of the Participant's vested account balance. Loans bear the prime interest rate as quoted in the Wall Street Journal plus 2 percent as of the first of each month. The prime rate at December 31, 1999 was 8.50 percent. Loans are repaid by payroll deduction and interest is credited to Participant accounts. Loans are secured by the Participant's previous contributions to the Plan. PLAN TERMINATION The Plan may be amended or terminated at any time by the Corporation. No such action may cause any portion of the Trust to revert to the Corporation or to be used or diverted for any purpose other than for the exclusive benefit of Participants or their beneficiaries. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Plan are prepared on the accrual basis of accounting. Plan investments, other than Guaranteed Investment Contracts (GIC's), are presented at fair value. The fair values of common stock, registered investment companies and common/collective fund shares are based upon the closing market price on the valuation date. The GIC's are recorded at contract value, which approximates fair value. Contract value is based upon the GIC's respective face values plus accrued interest on the valuation date. Participant loans are valued at cost, which approximates fair value. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include those regarding fair value. Actual results could differ from those estimates. -7- PHELPS DODGE EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999 AND 1998 - -------------------------------------------------------------------------------- 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Security transactions are recorded on a trade date basis. Expenses paid by the Plan in connection with such transactions include brokerage commissions and taxes which are included in the cost of securities purchased and deducted from the proceeds of securities sold. The net appreciation (depreciation) in the fair value of the Plan's investments consists of the realized gains (losses) and the unrealized appreciation (depreciation) on those investments. Dividend income is recognized on the ex-dividend date. Interest income is recognized as earned. Employer and participant contributions are recognized on the accrual basis. Benefits are recorded when paid. Benefit obligations for persons who have withdrawn from participation in the Plan are not recorded as liabilities in the accompanying financial statements. There were no benefit obligations outstanding at December 31, 1999 and December 31, 1998. For comparative purposes, certain prior year amounts have been reclassified to conform with the current year presentation. 3. INVESTMENTS The following table presents the current value of investments that represent 5 percent or more of the Plan's net assets. December 31, ------------------- 1999 1998 ------- ------- (in thousands) J.P. Morgan Interest Income Fund $54,659 $53,870 American Century Income & Growth Fund 60,945 56,079 American Century Equity Growth Fund 78,343 75,215 J.P. Morgan Enhanced Index Fund 34,384 26,195 Moderate Investment Portfolio Fund 24,422 21,505 Aggressive Investment Portfolio Fund 29,362 21,617 Schwab Personal Choice Retirement Fund 22,192 13,808 Phelps Dodge Corporation Common Stock 44,943 33,263 -8- PHELPS DODGE EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999 AND 1998 - -------------------------------------------------------------------------------- 3. INVESTMENTS (CONTINUED) During 1999, the Plan's investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value as follows: For the year ended December 1999 -------------- (in thousands) Registered investment companies $36,228 Common stock 11,987 Common/collective funds 8,487 ------- $56,702 ======= The Plan's guaranteed investment contracts consisted of the following at December 31, 1999: Current value ------------- Principal Life Insurance Company - #4-09709, 5.06% matures 12/31/99 $1,678,941 Sun Life of Canada - #S-00864-G-001, 5.74% matures 6/00 4,342,876 4. RELATED PARTY TRANSACTIONS The Trustee invests in the Corporation's common stock in accordance with the provisions of the Plan. The following is a summary of transactions in the Corporation's common stock: For the year ended December 31, --------------------- 1999 1998 ------- ------- (in thousands) Cost of shares purchased $15,145 $13,344 Number of shares purchased 277 266 Proceeds from shares sold $12,927 $10,109 Number of shares sold 239 168 Value of shares distributed $ 1,258 $ 4,973 Number of shares distributed 23 82 -9- PHELPS DODGE EMPLOYEE SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999 AND 1998 - -------------------------------------------------------------------------------- 4. RELATED PARTY TRANSACTIONS (CONTINUED) Certain Plan investments are shares of Registered Investment Companies and Common/ Collective Trusts managed by American Century Investments and J.P. Morgan Investment Management. J.P. Morgan/American Century Retirement Plan Services, an affiliate, is the Recordkeeper as defined by the Plan and, therefore, these transactions qualify as party-in-interest. 5. TAX STATUS The Plan received a determination letter from the Internal Revenue Service (IRS) dated January 21, 2000, which stated that the Plan met the requirements of Section 401(a) of the Internal Revenue Code and that the earnings of the Trust are exempt from taxation under Section 501(a) of the Code. -10- PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I DECEMBER 31, 1999 - --------------------------------------------------------------------------------
Description of investment including maturity date, rate of interest, Party-in- Identity of issue, borrower, collateral, par or maturity value, Current interest lessor or similar party or number of shares Value - -------- ----------------------- ------------------- ------------ CASH AND SHORT-TERM INVESTMENTS Cash $ 250,228 Schwab Value Advantage Money Fund 226,834 226,834 Schwab U.S. Treasury Money Fund 1,489,487 1,489,487 Schwab Money Market Fund 59,352 59,352 Colonial Bank 5.70% Certificate of Dep 3/01/00 30,000 30,000 BankUnited 5.10 Certificate of Dep 2/28/00 22,000 22,000 US Treasury Bill 03/23/00 357,000 352,966 ------------ Total Cash and Short-Term Investments 2,430,867 COMMON/COLLECTIVE FUNDS: * J.P. Morgan Enhanced Index Fund 1,941,035 49,844,919 * J.P. Morgan Interest Income Fund 68,632,620 68,632,620 ------------ Total Common/Collective Funds 118,477,539 COMMON STOCKS: AMF Bowling Inc. 1,000 3,125 A T & T Corp. 479 24,322 Access Power Inc. 500 400 Action Performance Co. 80 920 Advanced Digital Info Corp. 50 2,431 Advanced Micro Devices 22 637 Alaire Corp. 17 2,487 Altera Corporation 600 29,738 Altigen Communications 1,000 10,313 Amazon Com Inc. 8 609 American Online Inc. Del 1,744 132,326 America West Holding Corporation Cl B 134 2,781 American Benefits Group Inc. 1,500 225 American Eco Corp. 1,000 688 American Home Products Corp. 200 7,850 Ameritrade Holding Corp. CL A 95 2,060 Amgen Incorporated 600 36,038 Amkor Technology Inc. 1,390 39,268 Amsouth Bancorp. 50 966 Analog Devices Inc. 171 15,903 Applebees International Inc. 10 295 Applied Digital Solution 250 1,875 Applied Materials Inc. 307 38,893 Ariba Inc. 200 35,475 Ariel Corp. 3,000 21,188
-11- PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I DECEMBER 31, 1999 - --------------------------------------------------------------------------------
Description of investment including maturity date, rate of interest, Party-in- Identity of issue, borrower, collateral, par or maturity value, Current interest lessor or similar party or number of shares Value - -------- ----------------------- ------------------- ------------ COMMON STOCKS: (CONTINUED) Aro Systems Inc. 2,500 $ 44,375 At Home Corp CL A 2,493 106,887 Autoweb.com Inc. 50 544 BE Inc. 130 2,966 B T Shipping Sp NE ADRF 2,000 1,000 Backweb Technologies Ltd. 1,000 42,125 Bank One Corp. 1,996 63,869 Battle Mountain Gold 1,000 2,063 Berkshire Hathaway CL B 27 49,410 Best Buy Inc. 700 35,175 Bethlehem Steel Corp. 600 5,025 Beverly Enterprises New 5,000 21,875 Bid Com International Inc. 200 838 Biocontrol Tech Inc. 45,000 2,295 Biomerica Inc. 100 294 Bimatrix Inc. 262 5,044 Boeing Co. 202 8,356 Bombardier Inc. CV CL B F 100 2,075 Boots & Coots/ Intl. Well 1,500 656 Briggs & Stratton Corp. 80 4,312 Bristol-Myers Squibb Co. 30 1,931 Broadcom Corp CL A 225 61,284 Broadvision Inc. 340 57,821 C B R L Group Inc. 555 5,389 C M G I Inc. 400 110,750 C T S Corp. 0 13 Cable & Wireless PLC ADRF 50 2,647 Calton Inc. New 1,000 1,625 Cambiex Exploration Inc. F 10,000 2,800 Canceroption.com Inc. 325 833 Capital Sr Living Corp. 1,000 5,063 Cardima Inc. 5,000 9,063 Cardstakes.com 84 0 Catellus Development Corp. 100 1,281 Caterpillar Inc. 89 4,191 Cendant Corp. 2,000 53,125 Centennial Cell CL A New 500 41,438 Centura Software Corp. 75 408 The Charles Schwab Corp. 580 22,185 China.com CL a 6 472 Charter Communications 170 3,719
-12- PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I DECEMBER 31, 1999 - --------------------------------------------------------------------------------
Description of investment including maturity date, rate of interest, Party-in- Identity of issue, borrower, collateral, par or maturity value, Current interest lessor or similar party or number of shares Value - -------- ----------------------- ------------------- ------------ COMMON STOCKS: (CONTINUED) Chesapeake Energy Corp. 100 $ 238 China Fund Inc. 500 5,313 Chirex Inc. 300 4,388 Ciena Corp. 1,000 57,500 Cis.com Inc. 999 40 Cisco Systems Inc. 3,375 361,547 Citigroup Inc. 270 15,036 Citrix Systems Inc. 500 61,500 Coca Cola Company 1,000 58,250 Coca Cola Enterprises 100 2,013 Cognizant Tech Sol CL A 60 6,559 Coherent Inc. 50 1,338 Comcast Corp. Spl CL A 510 25,787 Compac Compute corp. 2,316 62,675 Compudawn Inc. 6,000 38,250 Compucredit Corp. 250 9,625 Conoco Inc. CL a 102 2,511 Corel Corp. 950 14,369 Cox Communications CL a new 100 5,150 Coyote Network Sys Inc. 700 3,806 Cyberian Outpost Inc. 300 2,981 D C G R International Holdings New 999 10 DD Horton Co. 400 5,525 Data Race Inc. 12,500 33,985 Dayton-Hudson Corp. 500 36,719 Dayton Mining Corp. 1,000 94 Del Monte Foods Co. 100 1,231 Dell Computer Corp. 1,681 85,731 Detour Magazine Inc. 1,000 170 Diamonds Trust Series I 1 83 Digital Lightwave Inc. 37 2,368 Disney Walt Holding Co. 1,380 40,376 Dollar General Corp. 30 683 Dot Hill Systems Corp. 2,000 9,875 Du Pont E I De Nemour & Co. 1 73 Durban rdpt dp adr f 2,000 3,563 E-bidd.com ince mc Corp Mass 2,000 600 E M C Corp Mass 200 21,850 E.spire Communications Inc. 100 581 Eastman Kodak Company 17 1,126 Ebay Inc. 9 1,127
-13- PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I DECEMBER 31, 1999 - --------------------------------------------------------------------------------
Description of investment including maturity date, rate of interest, Party-in- Identity of issue, borrower, collateral, par or maturity value, Current interest lessor or similar party or number of shares Value - -------- ----------------------- ------------------- ------------ COMMON STOCKS: (CONTINUED) Egghead.com Inc. New 50 $ 809 Elcom International Inc. 125 4,250 E-Tek Dynamics Inc. 75 10,097 E-Trade Group Inc. 200 5,225 Ericsson Tel Adr B New F 100 6,569 Eshare Tech Inc. 1,000 17,063 Ethyl Corp. 1,000 3,500 Euro909.com A/S Spn Adrf 114 3,135 Euroweb International Corp. 100 1,156 Evolving Systems Inc. 12,100 102,850 Evision USA.Com Inc. 2,000 4,875 Exodus Communications Inc. 50 4,441 Exxon Mobil Corporation 61 4,884 F D X Corporation 1,300 53,219 Famous Fixins Inc. 400 100 Fannie Mae 30 1,881 Finova Group Inc. 503 17,841 First American Financial 300 3,731 Fiststar Corp New 30 634 Flashnet Communications 200 1,238 Fletcher Forestry Adr F 500 1,875 Fogdog Inc. 55 523 Fonix Corp. 10,000 2,900 Foundation Health Systems A 100 994 Fundtech Ltd. 3,000 61,500 Fusion Medial Tech New 300 3,900 Futurelink Corporation 200 5,200 Gap Inc. 150 6,905 Gateway Inc. 346 24,934 Gemstar International Group Ord F 200 14,250 General Cable CP De New 3,500 26,469 General Chemical Group Inc. 2,000 4,625 General Electric Company 827 127,942 General Magic Inc. 7,500 29,063 General Motors Corp. 15 1,090 Getthere.com 35 1,409 Global Crossing Ltd F 4,360 218,000 Global Games Corp. 2,300 115 Global Marine Inc. 100 1,663 Go Online Networks Corp. 10,000 1,800 Go.Com 200 4,750
-14- PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I DECEMBER 31, 1999 - --------------------------------------------------------------------------------
Description of investment including maturity date, rate of interest, Party-in- Identity of issue, borrower, collateral, par or maturity value, Current interest lessor or similar party or number of shares Value - -------- ----------------------- ------------------- ------------ COMMON STOCKS: (CONTINUED) Goldman Sachs Group Inc. 100 $ 9,451 Ha-Lo Industries Inc. 350 2,625 Halliburton Co. Holding Co. 500 20,125 Harbinger Corp. 300 9,544 Harley Davidson Inc. 100 6,411 Harmony Gold Mining Sp Adr F 100 628 Harnischfeger Industries Inc. 142,835 58,034 Harris & Harris 500 5,750 Harrah's Entertainment Inc. 20 529 Hecla Mining Company 800 1,250 Heilig-Meyers Co. 100 275 Highlands Insurance Group 100 944 Home Depot Inc. 852 58,598 Homebase Inc. 500 1,531 Host Marriott Corp. REIT 102 844 Humana Inc. 100 819 I 2 Technologies Inc. 23 4,485 I R I International Corp. 100 400 Indo Pacific Energy Ltd F 550 189 Industrial Rubber Products 5,000 4,063 Infonet Services Corp. 1,576 41,370 Intel Corp. 1,099 90,497 Interactive Technologies 10 61 Interdigital Communications Corp. 1,000 75,000 International Business Machines 322 34,678 International Uranium Corp. 20,000 3,400 Internet America Inc. 1,108 13,088 Internet Capital Group 176 29,920 Intuit Inc. 50 2,997 Iomega Corp. 1,800 6,075 Ion Networks Inc. 300 6,713 Jaws Technologies Inc. 1,500 11,344 JDS Uniphase Corporation 80 12,905 Juno Online Services Inc. 10 355 K C S Energy Inc. 1,000 813 K L A Tencor Corp. 114 12,697 Kentex Energy Inc. New 2,000 23 Kismet Energy Corp. 1,000 250 Knight/Trimark Group Inc. A 980 45,080 Korea Thrunet Ltd CL A F 50 3,394
-15- PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I DECEMBER 31, 1999 - --------------------------------------------------------------------------------
Description of investment including maturity date, rate of interest, Party-in- Identity of issue, borrower, collateral, par or maturity value, Current interest lessor or similar party or number of shares Value - -------- ----------------------- ------------------- ------------ COMMON STOCKS: (CONTINUED) L G & E Energy Corp. 227 $ 3,950 Lanvision Systems Inc. 35 36 Laser Vision Centers Inc. 100 1,056 Learn2.com Inc. 1,000 3,281 Loch Harris Inc. New 975 517 Lockheed Martin Corp. 60 1,321 Lucent Technologies Inc. 2,346 175,963 Lycos Inc. 200 15,913 M C I Worldcom Inc. 1,793 95,141 M G I Properties 100 525 Madera International Inc. New 999 50 Magic Software Ent Ord F 200 12,400 Malaysia Fund Inc. 500 3,531 Manpower Inc. 20 753 Manugistics Group Inc. 25 808 Marimba Inc. 500 23,031 Maytag Corp. 80 3,840 McAffee.com Inc. CL A 30 1,350 Mc Donalds Corp. 1,000 40,313 McKesson HBOC Inc. 200 4,500 Medquist Inc. 100 2,581 Merck & Co. Inc. 350 23,544 Microage Inc. 487 1,705 Microsoft Corp. 570 66,548 Mikasa Inc. 89 896 Mindspring Ent Inc. 700 18,484 Modem Media Poppe Tyson 10 704 Momentum Business Applcations CL A 4 32 Morgan JP & Co. Inc. 9 1,140 N P C International Inc. 150 1,181 National Data Corp. 150 5,091 National Disc Brokers 100 2,625 Netlojix Communications Inc. 725 1,858 Network Appliance Inc. 200 16,613 Network Associates Inc. 200 5,338 Newbridge Networks Corp. F 50 1,128 Newell Rubbermaid Inc. 335 9,715 Nextel Communications A 160 16,500 Nokia Corp. ADR F 456 87,125 Nortel Networks Corp. 259 26,159
-16- PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I DECEMBER 31, 1999 - --------------------------------------------------------------------------------
Description of investment including maturity date, rate of interest, Party-in- Identity of issue, borrower, collateral, par or maturity value, Current interest lessor or similar party or number of shares Value - -------- ----------------------- ------------------- ------------ COMMON STOCKS: (CONTINUED) North American Resorts New 999 5 Novell Inc. 300 11,981 OCO Group Sacll Sr V Adrf 119 1,778 O M I Corp New 3,000 6,188 Occidental Pete Corp. 300 6,488 Office Max Inc. 4,000 21,750 Office Depot Inc. 100 1,100 Old Republic International Corp. 513 6,988 Oracle Corporation 1,109 124,277 Oxy Corp. 7,642 165,252 P G & E Corp 982 20,131 Pac Century Cybworks Ord F New 5,000 12,250 Paging Network Inc. 6,300 5,119 Pan American Silver Cp F 4,000 21,250 Parametric Technology CP 500 13,531 Patterson Energy Inc. 50 650 Perle Systems Ltd. 1,000 8,375 Petro Geo Services A/S Adr F 100 1,781 Petsmart Inc. 1,000 5,750 Pfizer Incorporated 5,114 165,870 Philip Morris Cos Inc. 4,000 92,000 Pinnacle Business Management 10,000 1,200 Platforms International Corp. 2,000 800 Polyvsion Inc. 950 2,316 Power Direct Inc. 30 9 Premiere Tech Inc. 100 700 Premisys Communications 100 991 Presstek Inc. 400 5,550 Preview Travel Inc. 11 573 Priceline.com 1,700 80,538 Priority Healthcare CP B 200 5,788 Pro Net Link Corp. 1,000 2,031 Procter & Gamble Co. 15 1,643 Public Service Co. New Mexico 100 1,625 Qualcomm Inc. 2,426 427,279 Quintus Corporation 60 2,753 Qwest Communications International Inc. 853 36,679 Rambus Inc. Del 100 6,744 Recordlab Dorp 1,998 4,995 Recoton Corp. 1,000 9,000
-17- PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I DECEMBER 31, 1999 - --------------------------------------------------------------------------------
Description of investment including maturity date, rate of interest, Party-in- Identity of issue, borrower, collateral, par or maturity value, Current interest lessor or similar party or number of shares Value - -------- ----------------------- ------------------- ------------ COMMON STOCKS: (CONTINUED) Redhat IC 30 $ 6,338 Reebok International Ltd. 200 1,638 Renal Care Group Inc. 700 16,363 Revlon Inc. Cl A 1,000 7,938 Ridgeview Inc. 2,000 3,250 Rite Aid Corporation 12,390 137,839 Safeway Inc. 1,358 48,549 Salon.com Inc. 100 500 Sanmina Corp. 50 4,994 Saraonline.com Inc. 700 0 Scientific Atlanta Inc. 100 5,596 Scios Inc. 5,000 20,938 Seagram Ltd. 21 940 Sensory Science Corp. 1,876 3,283 Seracare Inc. 1,000 3,500 Service Corp International 335 2,324 Seven Seas Petroleum 1,000 1,750 Shaman Pharmaceuticals New 30,025 330 Siebel Systems Inc. 775 65,100 Silicon Graphics Inc. 2,000 19,375 Silicon Valley Resh New 350 126 Solectron Corp. Del 122 11,605 Southwall Technologies 462 2,137 Southwest Airlines Co. 200 3,226 Sports Authority Inc. 6,000 12,000 Sprint PCS Group 217 22,243 Stamford International Inc. 1,500 21,188 Starbucks Corp. 300 7,275 Starmedia Network Inc. 26 1,042 Starnet Communications International Inc. 10,000 24,063 Sterling Commerce Inc. 200 6,800 Styling Technology Corp. 130 406 Sun Healthcare Group Inc. 1,500 60 Sun Microsystems Inc. 753 58,310 Sunrise Tech International Inc. 50 591 Symantec Corp. 75 4,397 Synopsys Inc. 200 13,350 System Soft Corp. 20,000 1,500 S3 Inc. New 158 1,827 TD Waterhouse Group 700 11,550
-18- PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I DECEMBER 31, 1999 - --------------------------------------------------------------------------------
Description of investment including maturity date, rate of interest, Party-in- Identity of issue, borrower, collateral, par or maturity value, Current interest lessor or similar party or number of shares Value - -------- ----------------------- ------------------- ------------ COMMON STOCKS: (CONTINUED) Tommy Hilfiger Corp. 50 $ 1,169 T C I Satellite Ent Cl A 1,000 16,000 Talk Visual Corporation 5,500 2,200 Talk.com Inc. 50 888 Team America Corporation 490 2,787 Tech Data Corp. 20 543 Tegal Corp. 1,000 8,844 Tellabs Inc. 700 44,931 Telefficiency Holding Cl A 7,000 5,688 Teleglobe Inc. 66 1,497 Texas Instruments Inc. 408 39,436 TheGlobe.com Inc. 1,000 8,375 Thermedicsinc 1,000 5,438 3Com Corp. 200 9,400 Tiffany & Co New 350 31,256 Tokheim Corporationcom 1,400 5,075 Trans Orient Pete Ltd F Canadian Shares 1,000 380 Transocian Sedco Forex F 200 6,738 Trend Micro Spon SDR F 1,000 24,250 Truetime Inc. 300 2,100 Tyco International Ltd New 550 21,450 U R S Corp. New 200 4,338 U S West NC 104 7,488 U S X Marthon Group 101 2,488 Union Pacific Corp. 52 2,272 United Parcel Service B 560 38,640 Untied States Cellular 200 20,188 United Technologies Corp. 30 1,963 Uslab.com Inc. Restricted Shares 230 690 V I S X Inc. Delaware 108 5,589 Valley Media Inc. 500 3,500 Virtualfund.com Inc. 750 3,633 Vista Gold Corp. 2,000 188 Vitesse Semiconductor CP 507 26,586 Wabash National Corp. 100 1,500 Wal-Mart Stores Inc. 2,840 196,326 Walgreen Company 300 8,789 Washington Homes Inc. 1,000 5,000 Watson Pharmaceuticals 200 7,163 Wave Systems Corp. CA A 2,000 23,875
-19- PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I DECEMBER 31, 1999 - --------------------------------------------------------------------------------
Description of investment including maturity date, rate of interest, Party-in- Identity of issue, borrower, collateral, par or maturity value, Current interest lessor or similar party or number of shares Value - -------- ----------------------- ------------------- ------------ COMMON STOCKS: (CONTINUED) Webb Interactive Services 100 $ 2,275 Webs Index Fund Japan F 790 12,887 Whittman Hart Inc. 100 5,363 Wind River Systems Inc. 500 18,313 Winstar Communications 100 7,525 Wireless Telecom Group 2,000 6,375 Wordcruncher Internet 200 1,150 World Wresting Federation Cl A 150 2,588 Worldwide Web NTWRKX Corp 300 1,688 Xerox Corp. 725 16,448 Xilinx Inc. 240 10,913 Yahoo! Inc. 38 16,442 Yesmail.com Inc. 100 3,381 Zap.com Corp. 2 12 Zapata Corporation New 100 463 Zitel Corp. 150 366 Golden St Bancorp 00 WTS 8/21/00 4,000 26,375 ------------ Total Common Stocks 6,791,681 REGISTERED INVESTMENT COMPANIES: * American Century Equity Growth Fund 3,285,747 86,173,637 * American Century Income & Growth Fund 2,018,327 68,712,535 American Europacific Fund 419,614 17,892,098 * JPM US Small Company Fund 972,542 17,003,979 Spectra Fund 614 8,245 Baron Growth Fund 72 2,424 Berburg Pincus Global Telecommunications 268 19,241 Berger Small Cap Value Fund - Investor Shs 1,239 26,818 * American Century Target 2025 Fund 110 2,721 Dodge & Cox Balanced Fund 17 1,135 Dreyfus Premier Technology Growth Cl A 224 11,924 Fidelity Capital & Income Fund 3,862 35,879 Fidelity Magellan Fund 59,700 8,156,852 Fidelity Dividend Growth Fund 354 10,277 Fidelity OTC Portfolio 435 29,581 Fidelity Select Biotechnology 98 6,565 Fidelity Select Electronics 374 33,243 Fidelity Select Technology Portfolio 22 3,417 Fidelity Select Utilities Growth 389 25,712
-20- PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I DECEMBER 31, 1999 - --------------------------------------------------------------------------------
Description of investment including maturity date, rate of interest, Party-in- Identity of issue, borrower, collateral, par or maturity value, Current interest lessor or similar party or number of shares Value - -------- ----------------------- ------------------- ------------ REGISTERED INVESTMENT COMPANIES: (CONTINUED) Fidelity Select Leisure 58 $ 5,293 Fidelity Contrafund II 461 6,872 Fidelity Equity Income Fund 46,393 2,481,117 Fidelity Asset Manager Income 421 5,123 Invesco Telecommunications Fund 53 2,725 Investo Technology II Fund 452 36,527 Inv Millenium Fund Cl A 274 18,559 Gabelli Growth Fund 72 3,345 H & Q IPO & Emerging Company Fund - Common 662 9,389 Guinness Flight Internet.com 56 1,268 Janus Fund 7,818 344,394 Janus Olympus Fund 3,118 166,090 Janus Global Technology Fund 2,757 85,271 Janus Twenty Fund 4,597 383,498 Janus Mercury Fund 6,135 268,786 Janus Growth & Income Fund 813 34,111 Janus Balanced Fund 50 1,168 Janus Worldwide Fund 547 41,826 Janus Enterprise Fund 36 2,782 Janus Special Situations Fund 2,995 69,032 Amerindo Technology Fund 270 8,960 Profunds Ultraotc Fund - Investor Shs 205 20,221 Marisco Focus Fund 233 5,459 Mas Small Capitalization Growth Portfolio 332 16,546 Millenium Growth & Income Fund 508 9,925 Nicholas II Fund 128 4,600 Havellier Mid Cap Growth 2,880 86,982 Oakmark Fund - Harris Assoc Investment Tr 99 2,692 Oak Aggressive Stock Fund 155 8,337 PSHG Technology & Communications Fund 90 6,093 T Rowe Price Emerging Markets Stock Fund 452 7,016 T Rowe Price Mid Cap Growth 867 34,786 T Rowe Price New Asia Fund 502 5,000 T Rowe Price Latin America Fund 465 5,030 T Rowe Price Small Cap Value Fund 285 5,019 Rydex Energy Services Fund - Investor Class 3,326 23,313 Rs Emerging Growth Fund 1,041 63,132 Safeco Growth Fund Inc. 1,187 27,647 Scudder Greater Europe Growth 165 5,847 Internet Fund 27 1,359
-21- PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR SCHEDULE I DECEMBER 31, 1999 - --------------------------------------------------------------------------------
Description of investment including maturity date, rate of interest, Party-in- Identity of issue, borrower, collateral, par or maturity value, Current interest lessor or similar party or number of shares Value - -------- ----------------------- ------------------- ------------ REGISTERED INVESTMENT COMPANIES: (CONTINUED) Firsthand Technology Value Fund 473 $ 42,832 Firsthand Technology Leaders Fund 71 3,185 Firsthand Technology Innovators Fund 2,770 136,746 Firsthand Communications Fund 142 2,081 Firsthand E-Commerce Fund 136 2,016 * American Century Growth Fund 759 24,492 * American Century Ultra Fund 76 3,462 * American Century Emerging Markets Fund - Inv 163 1,141 Tweedy Browne Global Value Fund 99 1,993 Van Wagoner Technology Fund 44 2,563 Van Wagoner Emerging Growth Fund 361 15,482 Weitz Value Portfolio 310 10,257 Warburg Pincus Japan Growth Fund 180 6,211 Schwab International Index Fund 60 1,217 Schwab S&P 500 Investor Shs 103 2,317 Schwab S&P 500 Select Shares 3,583 81,144 Schwab 1000 Fund 66 2,642 Schwab Mkttrk Balanced 336 5,198 Schwab Mktmgr International 61 1,074 Schwab Mkttrk All Equity 141 1,783 Schwab Total Stk Mkt-Inv 1,175 27,146 Schwab Total be Mkt Index Fund 2 22 ------------ Total Registered Investment Companies 202,846,427 INSURANCE COMPANY GENERAL ACCOUNT: Principal Life Insurance Co. - # 4-09709 5.06% matures December 31, 1999 1,678,941 Sun Life of Canada - # S-00864-G-001 5.74% matures June 2000 4,342,876 ------------ Total Insurance Company General Account 6,021,817 EMPLOYER STOCK: * Phelps Dodge 667,155 44,952,530 ------------ Total Employer Stock 44,952,530 PARTICIPANT LOANS * Loans to various participants 8% - 12.5% maturing through 2014 19,371,709 ------------ Total Participant Loans 19,371,709 ============
-22- PHELPS DODGE EMPLOYEE SAVINGS PLAN SUPPLEMENTAL INFORMATION SCHEDULE OF REPORTABLE TRANSACTIONS SCHEDULE II YEAR ENDED DECEMBER 31, 1999 - --------------------------------------------------------------------------------
Current Expenses value on Identity of Description Purchase Selling Lease incurred with transaction party involved of asset price price Rental transaction Cost of asset date Net gain - -------------- -------- ----- ----- ------ ----------- ------------- ---- -------- Phelps Dodge Corporation Stock $15,144,817 $15,144,817 $15,144,817 $ -- Phelps Dodge Corporation Stock 15,327,224 14,185,362 15,327,224 1,141,862
* Transactions or series of transactions in excess of 5 percent of the current value of the Plan assets as of December 31, 1998 as defined in Section 2520.103-6 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA. -23- SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Committee has duly caused this Annual Report to be signed by the undersigned hereunto duly authorized. PHELPS DODGE EMPLOYEE SAVINGS PLAN Date: By: /s/ David L. Pulatie ---------- ------------------------------------ David L. Pulatie, Chairman Benefits Administration Committee EX-23 2 0002.txt CONSENT OF INDEPENDENT ACCOUNTANTS CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-26442) of Phelps Dodge Corporation of our report dated June 23, 2000 relating to the financial statements of the Phelps Dodge Employee Savings Plan, which appears in this Form 11-K. PricewaterhouseCoopers LLP Phoenix, Arizona June 26, 2000 -----END PRIVACY-ENHANCED MESSAGE-----